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DOLFIN7100 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of environmental, social and governance (“ESG”) focused investing.
The Fund invests globally at least 70% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
In addition to the investment criteria set out above, the Investment Adviser (IA) will seek to invest in sustainable investments and will consider certain ESG characteristics (https://www.blackrock.com/baselinescreens) when selecting the securities to be held directly by the Fund and the IA may use data provided by external ESG research providers and proprietary models.
The fixed income securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development).
At least 70% of the Fund’s total assets will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The remainder may include investments with a relatively low credit rating or which are unrated.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the Bloomberg Global Aggregate USD Hedged Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the credit rating requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Sterling. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, de forma coherente con los principios medioambientales, sociales y de gobierno corporativo («ESG») aplicados a la inversión.
El Fondo invierte a escala mundial al menos el 70 % de sus activos totales en valores de renta fija. Entre estos están los bonos y los instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo).
Además de los criterios de inversión indicados anteriormente, el Asesor de Inversiones (AI) buscará invertir en inversiones sostenibles y tendrá en cuenta ciertas características ESG (https://www.blackrock.com/baselinescreens) a la hora de seleccionar los valores que el Fondo mantendrá directamente en su cartera y, al hacerlo, el AI podrá utilizar los datos facilitados por proveedores externos de clasificaciones ESG y modelos propios.
Los valores de renta fija podrán estar emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento).
Al menos el 70% de los activos totales del Fondo tendrán la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia) en el momento de la adquisición. Las inversiones restantes podrían tener una calificación de solvencia relativamente baja, o carecer de calificación.
El asesor de inversiones (AI) puede utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo y/o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo, a través de los IFD, podrá generar distintos niveles de apalancamiento del mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al Bloomberg Global Aggregate USD Hedged Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su potestad para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, los requisitos de calificación de solvencia del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los inversores deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en libras esterlinas. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of environmental, social and governance (“ESG”) focused investing.
The Fund invests globally at least 70% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
In addition to the investment criteria set out above, the Investment Adviser (IA) will seek to invest in sustainable investments and will consider certain ESG characteristics (https://www.blackrock.com/baselinescreens) when selecting the securities to be held directly by the Fund and the IA may use data provided by external ESG research providers and proprietary models.
The fixed income securities may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development).
At least 70% of the Fund’s total assets will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The remainder may include investments with a relatively low credit rating or which are unrated.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the Bloomberg Global Aggregate USD Hedged Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the credit rating requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Sterling. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN7101 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Any financial guarantees or collateral received shall also, in accordance with regulations, comply with the following:
- liquidity, valuation (at least daily and assets which do not offer high volatility unless adequate discounts can be obtained), issuer creditworthiness, correlation (independence vis-à-vis the counterparty) and diversification (with a maximum exposure to a given issuer of 20% of net assets) criteria,
- it shall be held by the Custodian of the Fund or any third party, in a segregated account, subject to prudential supervision and which has no connection with the provider of the financial guarantees;
- financial guarantees received must be available for full execution by the Fund at any time without consulting the counterparty or the counterparty's consent;
- financial guarantees received as cash shall only be placed as deposits with eligible institutions or invested in top-tier government bonds or used in reverse repurchase transactions (provided that such transactions are concluded with credit institutions subject to prudential supervision and on the condition that the Fund is in a position to recall the total cash amount at any time, accounting for accrued interest) or invested in short-term money market UCIs;
- the financial guarantees shall not be reused. | ###### Toute garantie financière ou collatérale reçue respectera conformément à la réglementation les éléments suivants :
- les critères de liquidité, d’évaluation (au moins au quotidienne et actifs n’affichant pas une haute volatilité sauf à obtenir des décotes suffisantes), de qualité de crédit des émetteurs, de corrélation (indépendance par rapport à la contrepartie) et de diversification avec une exposition à un émetteur donné de maximum 20% de l’actif net,
- elle est détenue par le Dépositaire du Fonds ou tout tiers, sur un compte ségrégué, faisant l'objet d'une surveillance prudentielle et qui n'a aucun lien avec le fournisseur des garanties financières,
- les garanties financières reçues doivent pouvoir donner lieu à une pleine exécution par le Fonds à tout moment et sans consultation de la contrepartie ni approbation de celle-ci,
- les garanties financières en espèces seront uniquement placées en dépôts auprès d’entités éligible ou investies dans des obligations d’Etat de haute qualité ou utilisées aux fins de transactions de prise en pension (à condition que ces transactions soient conclues avec des établissements de crédit faisant l’objet d’une surveillance prudentielle et que le Fonds puisse rappeler à tout moment le montant total des liquidités en tenant compte des intérêts courus) ou en OPC monétaire court terme,
- les garanties financières ne seront pas réutilisées. | ###### Any financial guarantees or collateral received shall also, in accordance with regulations, comply with the following:
- liquidity, valuation (at least daily and assets which do not offer high volatility unless adequate discounts can be obtained), issuer creditworthiness, correlation (independence vis-à-vis the counterparty) and diversification (with a maximum exposure to a given issuer of 20% of net assets) criteria,
- it shall be held by the Custodian of the Fund or any third party, in a segregated account, subject to prudential supervision and which has no connection with the provider of the financial guarantees;
- financial guarantees received must be available for full execution by the Fund at any time without consulting the counterparty or the counterparty's consent;
- financial guarantees received as cash shall only be placed as deposits with eligible institutions or invested in top-tier government bonds or used in reverse repurchase transactions (provided that such transactions are concluded with credit institutions subject to prudential supervision and on the condition that the Fund is in a position to recall the total cash amount at any time, accounting for accrued interest) or invested in short-term money market UCIs;
- the financial guarantees shall not be reused. | en | fr |
DOLFIN7102 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Minimum | You could lose some or all of your investment. |
| --- | --- |
| Stress | What you might get back after costs | €5500 | €6630 |
| Average return each year | -45.02% | -12.82% |
| Unfavourable | What you might get back after costs | €9030 | €8790 |
| Average return each year | -9.75% | -4.20% |
| Moderate | What you might get back after costs | €10590 | €11650 |
| Average return each year | 5.88% | 5.23% |
| Favourable | What you might get back after costs | €12750 | €14040 |
| Average return each year | 27.45% | 11.98% | | | Mínimo | Podría perder parte o la totalidad de su inversión. |
| --- | --- |
| Tensión | Lo que podría recibir tras deducir los costes | €5500 | €6630 |
| Rendimiento medio cada año | -45.02% | -12.82% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €9030 | €8790 |
| Rendimiento medio cada año | -9.75% | -4.20% |
| Moderado | Lo que podría recibir tras deducir los costes | €10590 | €11650 |
| Rendimiento medio cada año | 5.88% | 5.23% |
| Favorable | Lo que podría recibir tras deducir los costes | €12750 | €14040 |
| Rendimiento medio cada año | 27.45% | 11.98% | | | Minimum | You could lose some or all of your investment. |
| --- | --- |
| Stress | What you might get back after costs | €5500 | €6630 |
| Average return each year | -45.02% | -12.82% |
| Unfavourable | What you might get back after costs | €9030 | €8790 |
| Average return each year | -9.75% | -4.20% |
| Moderate | What you might get back after costs | €10590 | €11650 |
| Average return each year | 5.88% | 5.23% |
| Favourable | What you might get back after costs | €12750 | €14040 |
| Average return each year | 27.45% | 11.98% | | en | es |
DOLFIN7103 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In the semi-annual report as at 31 December 2017, the sub-funds merged or liquidated during this period were shown separately in the Statement of Operations and Changes in Net Assets and were included in the combined figures.
The objective of Amundi Funds Protect 90 is to provide a participation in financial markets evolution while also providing permanent partial protection of your investment over any given 3-year period. Specifically, the sub-fund is designed to ensure that its share price does not fall below 90% of the highest net asset value it has ever achieved.
- Cross Sub-Funds investments - As at 31 December 2017, the value of the investments made by sub-funds in other sub-funds of the SICAV amounts to EUR 701,571,015 corresponding to of 2.05% the total net asset value. Therefore, the total combined NAV at period end without those cross investments would amount to EUR 33,561,907,487.
- Securities portfolio - Transferable securities listed on a Stock Exchange or on a regulated market are valued at their last known price. When these prices are not representative or when securities are not listed, they are valued at their reasonably probable realisation value, determined with care and in good faith by the Board of Directors.
- Conversion of items expressed in foreign currencies - The Fund’s financial statements are expressed in Euro (EUR). Net assets of each sub-fund expressed in foreign currencies are therefore converted and combined in EUR at the exchange rate in force at the close of the financial period. | En el informe semestral a 31 de diciembre de 2017, los subfondos fusionados o liquidados durante dicho ejercicio financiero se mostraron de forma independiente en el Estado de operaciones y variaciones en el patrimonio neto y se incluyeron en las cifras consolidadas.
El objetivo de Amundi Funds Protect 90 es brindar la oportunidad de participar en la evolución de los mercados financieros, al tiempo que brinda una protección parcial permanente de su inversión en cualquier periodo de tres años. Específicamente, el subfondo está concebido para garantizar que el precio de sus acciones no caiga por debajo del 90% del valor liquidativo máximo que haya registrado nunca.
- Inversiones cruzadas entre subfondos - A 31 de diciembre de 2017, el valor de las inversiones de los subfondos en otros de la SICAV asciende a 701,571,015 EUR, lo que supone el 2.05% del valor liquidativo total. Por lo tanto, el VL consolidado total al cierre del ejercicio menos las inversiones cruzadas ascendería a 33,561,907,487 EUR.
- Cartera de títulos - Los valores mobiliarios cotizados en una Bolsa de valores o en un mercado regulado se valoran a su último precio conocido. Cuando tales precios no son representativos o en caso de que los valores no coticen, se valoran a su valor de realización probable dentro de unos límites razonables, determinado con precaución y de buena fe por el Consejo de administración.
- Conversión de partidas expresadas en divisas extranjeras - Los estados financieros del Fondo se expresan en euros (EUR). Por tanto, el patrimonio neto de cada subfondo expresado en divisas extranjeras se convierte y consolida en euros al tipo de cambio vigente al cierre del periodo financiero. | In the semi-annual report as at 31 December 2017, the sub-funds merged or liquidated during this period were shown separately in the Statement of Operations and Changes in Net Assets and were included in the combined figures.
The objective of Amundi Funds Protect 90 is to provide a participation in financial markets evolution while also providing permanent partial protection of your investment over any given 3-year period. Specifically, the sub-fund is designed to ensure that its share price does not fall below 90% of the highest net asset value it has ever achieved.
- Cross Sub-Funds investments - As at 31 December 2017, the value of the investments made by sub-funds in other sub-funds of the SICAV amounts to EUR 701,571,015 corresponding to of 2.05% the total net asset value. Therefore, the total combined NAV at period end without those cross investments would amount to EUR 33,561,907,487.
- Securities portfolio - Transferable securities listed on a Stock Exchange or on a regulated market are valued at their last known price. When these prices are not representative or when securities are not listed, they are valued at their reasonably probable realisation value, determined with care and in good faith by the Board of Directors.
- Conversion of items expressed in foreign currencies - The Fund’s financial statements are expressed in Euro (EUR). Net assets of each sub-fund expressed in foreign currencies are therefore converted and combined in EUR at the exchange rate in force at the close of the financial period. | en | es |
DOLFIN7104 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Interprétation de l'Indicateur de Risque et de Rendement : L'Indicateur de Risque et de Rendement prend en compte les données historiques, lesquelles ne sont pas une indication fiable de l'avenir. La catégorie de risque a été calculée sur la base des données de performance passées correspondantes et peut ne pas être un indicateur fiable du profil de risque futur du Fonds. La catégorie de risque du Fonds ne constitue ni un objectif ni une garantie de stabilité dans le temps. Une catégorie de risque 1 n'est pas synonyme d'investissement sans risque.
Pourquoi ce Fonds est-il dans cette catégorie? Le Fonds est classé dans la catégorie de risque 7 car il investit essentiellement dans des titres de capital asiatiques. De nombreux marchés asiatiques sont considérés comme des marchés émergents et peuvent connaître d'importantes variations de valeur (« volatilité »). Les variations de valeur marquées peuvent entraîner d'importantes variations de la valeur nette d'inventaire du Fonds.
Existe-t-il d'autres risques particuliers que vous devriez prendre en considération? L'Indicateur de Risque et de Rendement ne constitue pas une indication du profil de risque global du Fonds, et n'intègre pas non plus tous les risques liés à l'investissement dans le Fonds. Les risques que vous devriez prendre en compte incluent : le risque de marché, le risque de taux d’intérêt, le risque de change, le risque de règlement, le risque de valorisation, le risque de crédit, le risque de contrepartie, le risque de liquidité, le risque de conformité, le risque de garde, le risque opérationnel, le risque politique, le risque juridique, le risque régional et de pays, le risque inhérent à l’investissement dans des Actions A chinoises ainsi que les risques associés aux plus petites entreprises et le risque lié aux actions de croissance. Les investissements dans des marchés financiers moins développés peuvent exposer le Fonds à un risque opérationnel, juridique et politique accru. Le fait pour le Gestionnaire d’investissement de prendre les facteurs ESG en compte dans ses décisions d’investissement peut avoir un impact positif ou négatif sur la performance relative du Fonds. Pour davantage de précisions sur les risques, veuillez vous reporter à la section « Facteurs de risque » du Prospectus du Fonds, disponible sur global.matthewsasia.com/prospectus. | Interpretación del indicador de riesgo y remuneración: El indicador de riesgo y remuneración toma en cuenta datos históricos que no constituyen una indicación fiable de los resultados futuros. La categoría de riesgo se calculó utilizando los correspondientes datos de rentabilidad histórica, que puede no constituir una indicación fiable del futuro perfil de riesgo de los fondos. La categoría de riesgo del fondo no constituye un objetivo ni se garantiza su estabilidad en el tiempo. La categoría de riesgo 1 no significa que la inversión esté exenta de riesgos.
¿Por qué está este fondo en esta categoría? El fondo se encuentra en la categoría de riesgo 7 debido a que invierte principalmente en valores de renta variable asiáticos. Muchos mercados asiáticos son considerados mercados emergentes y pueden experimentar fuertes cambios en su valoración («volatilidad»). En general, los cambios pronunciados en la valoración generan cambios similares en el valor de inventario neto del fondo.
¿Existen otros riesgos concretos que debería considerar? El indicador de riesgo y remuneración no proporciona un perfil general de riesgo del fondo, ni refleja plenamente todos los riesgos que comporta invertir en él. Entre los riesgos que debe considerar se incluyen: riesgo de mercado, riesgo de tipo de interés, riesgo cambiario, riesgo de liquidación, riesgo de valoración, riesgo de crédito, riesgo de contraparte, riesgo de liquidez, riesgo de cumplimiento, riesgo de custodia, riesgo operativo, riesgo político, riesgo jurídico, riesgo regional y nacional, riesgo de invertir en acciones A de China, riesgos relacionados con la inversión en pequeñas empresas y riesgo de invertir en acciones de crecimiento. Las inversiones en mercados financieros menos desarrollados pueden exponer al Fondo a un mayor riesgo operativo, jurídico y político. La consideración de los factores ASG por parte del Gestor de inversiones para adoptar sus decisiones de inversión puede afectar positiva o negativamente a la rentabilidad relativa del Fondo. Si desea más información sobre los riesgos, consulte la sección «Consideraciones sobre riesgos» del folleto del fondo que está disponible en global.matthewsasia.com/prospectus. | Interprétation de l'Indicateur de Risque et de Rendement : L'Indicateur de Risque et de Rendement prend en compte les données historiques, lesquelles ne sont pas une indication fiable de l'avenir. La catégorie de risque a été calculée sur la base des données de performance passées correspondantes et peut ne pas être un indicateur fiable du profil de risque futur du Fonds. La catégorie de risque du Fonds ne constitue ni un objectif ni une garantie de stabilité dans le temps. Une catégorie de risque 1 n'est pas synonyme d'investissement sans risque.
Pourquoi ce Fonds est-il dans cette catégorie? Le Fonds est classé dans la catégorie de risque 7 car il investit essentiellement dans des titres de capital asiatiques. De nombreux marchés asiatiques sont considérés comme des marchés émergents et peuvent connaître d'importantes variations de valeur (« volatilité »). Les variations de valeur marquées peuvent entraîner d'importantes variations de la valeur nette d'inventaire du Fonds.
Existe-t-il d'autres risques particuliers que vous devriez prendre en considération? L'Indicateur de Risque et de Rendement ne constitue pas une indication du profil de risque global du Fonds, et n'intègre pas non plus tous les risques liés à l'investissement dans le Fonds. Les risques que vous devriez prendre en compte incluent : le risque de marché, le risque de taux d’intérêt, le risque de change, le risque de règlement, le risque de valorisation, le risque de crédit, le risque de contrepartie, le risque de liquidité, le risque de conformité, le risque de garde, le risque opérationnel, le risque politique, le risque juridique, le risque régional et de pays, le risque inhérent à l’investissement dans des Actions A chinoises ainsi que les risques associés aux plus petites entreprises et le risque lié aux actions de croissance. Les investissements dans des marchés financiers moins développés peuvent exposer le Fonds à un risque opérationnel, juridique et politique accru. Le fait pour le Gestionnaire d’investissement de prendre les facteurs ESG en compte dans ses décisions d’investissement peut avoir un impact positif ou négatif sur la performance relative du Fonds. Pour davantage de précisions sur les risques, veuillez vous reporter à la section « Facteurs de risque » du Prospectus du Fonds, disponible sur global.matthewsasia.com/prospectus. | fr | es |
DOLFIN7105 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Information
AMSelect (the “Company”) is an open-ended investment company (Sociétéd’InvestissementàCapitalVariable - abbreviated to SICAV), incorporated under Luxembourg law on 27 May 2021 under the name of “AMSelect” for an indefinite period.
The Company is currently governed by the provisions of Part I of the Law of 17 December 2010, as amended, governing Undertakings for Collective Investment as well as by the European Council Directive 2009/65/EC (UCITS IV), as amended by the Directive 2014/91/EC (UCITS V).
The Articles of Association of the Company have been filed with the clerk of the Trade and Companies Registrar of Luxembourg, where any interested person may examine them or obtain a copy. They were published in the Mémorial,RecueilSpécialdesSociétésetAssociations(the“Mémorial”) on 17 June 2021.
The Company is registered with the Luxembourg Trade Register under the number B 25 5860.
For each day of the week on which banks are open for business in Luxembourg (a “Valuation Day”), there is a corresponding NAV which is dated the same day.
As to Net Asset Values and Dividends, the Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered.
This information is also available on the website www.bnpparibas-am.com.
The Articles of Association, the Prospectus, the KIID and periodic reports may be consulted at the Company’s registered office and at the establishments responsible for the Company’s financial service. Copies of the Articles of Association and the annual and interim reports are available upon request.
Except for the newspaper publications required by Law, the official media to obtain any notice to shareholders will be our website www.bnpparibas-am.com.
The documents and information are also available on the website: www.bnpparibas-am.com. | ## Informazioni
AMSelect (la "Società") è una società di investimento a capitale variabile (Sociétéd'InvestissementàCapitalVariable, SICAV) costituita il 27 maggio 2021 ai sensi della legge lussemburghese con la denominazione di "AMSelect" per una durata illimitata.
Attualmente la Società è disciplinata dalla Parte I della Legge del 17 dicembre 2010, e successive modifiche, in materia di organismi di investimento collettivo del risparmio e dalla Direttiva del Consiglio europeo 2009/65/CE (UCITS IV), come modificata dalla Direttiva 2014/91/CE (UCITS V).
Lo Statuto della Società è stato depositato presso la cancelleria del Registro del commercio e delle imprese del Lussemburgo, dove chiunque sia interessato può consultarlo e richiederne una copia. È stato pubblicato un avviso nel Mémorial,RecueilSpécialdesSociétésetAssociations(il"Mémorial") il 17 giugno 2021.
La Società è iscritta al Registro delle imprese del Lussemburgo con il numero B 25 5860.
Per ogni giorno della settimana di apertura delle banche in Lussemburgo (un "Giorno di valutazione"), vi è un NAV corrispondente datato lo stesso giorno.
Per quanto concerne il valore patrimoniale netto e i dividendi, la Società pubblica le informazioni previste dalla legge nel Granducato di Lussemburgo e in tutti gli altri paesi in cui le azioni sono offerte al pubblico.
Tali informazioni sono altresì disponibili sul sito internet: www.bnpparibas-am.com.
Lo Statuto, il Prospetto informativo, il KIID e le relazioni periodiche possono essere consultati presso la sede legale della Società e presso gli istituti responsabili del servizio finanziario della Società. Copie dello Statuto e delle relazioni annuali e semestrali sono disponibili su richiesta.
Fatta eccezione per la pubblicazione sui quotidiani richiesta dalla legge, il canale ufficiale di comunicazione dove reperire gli avvisi agli azionisti è costituito dal sito internet www.bnpparibas-am.com.
I documenti e le informazioni sono altresì disponibili sul sito internet www.bnpparibas-am.com. | ## Information
AMSelect (the “Company”) is an open-ended investment company (Sociétéd’InvestissementàCapitalVariable - abbreviated to SICAV), incorporated under Luxembourg law on 27 May 2021 under the name of “AMSelect” for an indefinite period.
The Company is currently governed by the provisions of Part I of the Law of 17 December 2010, as amended, governing Undertakings for Collective Investment as well as by the European Council Directive 2009/65/EC (UCITS IV), as amended by the Directive 2014/91/EC (UCITS V).
The Articles of Association of the Company have been filed with the clerk of the Trade and Companies Registrar of Luxembourg, where any interested person may examine them or obtain a copy. They were published in the Mémorial,RecueilSpécialdesSociétésetAssociations(the“Mémorial”) on 17 June 2021.
The Company is registered with the Luxembourg Trade Register under the number B 25 5860.
For each day of the week on which banks are open for business in Luxembourg (a “Valuation Day”), there is a corresponding NAV which is dated the same day.
As to Net Asset Values and Dividends, the Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered.
This information is also available on the website www.bnpparibas-am.com.
The Articles of Association, the Prospectus, the KIID and periodic reports may be consulted at the Company’s registered office and at the establishments responsible for the Company’s financial service. Copies of the Articles of Association and the annual and interim reports are available upon request.
Except for the newspaper publications required by Law, the official media to obtain any notice to shareholders will be our website www.bnpparibas-am.com.
The documents and information are also available on the website: www.bnpparibas-am.com. | en | it |
DOLFIN7106 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
This Product is an investment fund under Luxembourg law (Société d'Investissement à Capital Variable - SICAV), a UCITS.
## Term
The Product has an investment horizon of at least 1 year.
## Objectives
The objective of the compartment (hereinafter, the "Product") is to achieve a return and/or a capital gain over a 12-month period, without aiming to preserve capital, through the management of a portfolio composed mainly of fixed or variable income debt instruments with a maturity of less than 1 year, with no restrictions on geography, currency, sector, maturity date or issuer quality.
The net assets of the Product will be invested primarily in bonds or other debt instruments, including convertible bonds and contingent convertible bonds. The minimum average rating for bonds and debt securities will be BB-. No more than 15% of net assets may be invested in unrated securities. Up to 20% of the net assets may be invested in contingent convertible bonds. The Product may invest without limit in high-yield debt securities, with a maximum of 10% of the net assets invested in securities of issuers that have a rating below B-.
The Product may invest up to 10% of net assets in money market and bond UCITS, particularly ETFs.
Within the limits of the investment restrictions as described in the Prospectus, the Product may make use of futures or options contracts, as well as interest rate and/or credit derivatives, either for hedging or asset exposure purposes.
For each Share Class, the Product is authorised to hedge exchange rate risk as part of its asset management approach. The Product aims to outperform its benchmark index, specifically the €STR (ESTRON Index).
The Product is actively managed, meaning that it may significantly differ from the benchmark index without restrictions.
The Product promotes environmental and/or social characteristics, among others, pursuant to Article 8 of the SFDR Regulation, as supplemented by the Taxonomy Regulation. For more information, shareholders are requested to consult Annex II: Pre-contractual documents for compartments falling under Article 8 or Article 9 SFDR.
The base currency for the Product is the Euro.
The investor may purchase or sell units of the Product on a daily basis (full banking days in Luxembourg and France).
## Intended Retail Investor
The Product has an investment horizon of at least 1 year and is suitable for institutional investors prepared to assume a low risk of loss of their original capital in their investment portfolio.
## Practical Information
Depositary: CACEIS Bank, Luxembourg Branch
The latest prospectus and the latest periodical regulatory documents, as well as all other practical information, are available in French free of charge from CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Grand Duchy of Luxembourg.
The net asset value is available upon simple request from the Management Company and on the websites www.fundsquare.net and www.ca-indosuez-am.com.
Details of the updated remuneration policy, including, in particular, a description of the method used to calculate remuneration and benefits, and the identity of the persons responsible for the allocation of remuneration and benefits, including the composition of the remuneration committee, when such a committee exists, are available at http://www.ca-indosuez-am.com/En/compliance. A paper copy of the remuneration policy will be provided free of charge on request.
The ISIN code LU1073899624 (P EUR) represents the following unit: LU1073899897 (PX EUR)
For accumulation units, dividends are reinvested; for distribution units, dividends are distributed. | # Cos’è questo Prodotto?
## Tipo
Questo Prodotto è un fondo d’investimento di diritto lussemburghese Société d’Investissement à Capital Variable (SICAV), un OICVM.
## Durata
Il Prodotto ha un orizzonte di investimento di almeno 1 anno.
## Obiettivi
L’obiettivo del comparto (di seguito “il Prodotto”) consiste nell’ottenere un rendimento e/o una plusvalenza da capitale con un orizzonte di 12 mesi, senza prefiggersi quale finalità la conservazione del capitale, attraverso la gestione di un portafoglio costituito principalmente da titoli di credito a reddito fisso o variabile con scadenza inferiore a 1 anno, senza limitazioni dal punto di vista geografico, monetario o settoriale, né in termini di qualità dell’emittente.
Il patrimonio netto del Prodotto sarà investito prevalentemente in obbligazioni o altri titoli credito, incluse le obbligazioni convertibili e i contingent convertible bond. Il rating medio minimo delle obbligazioni e dei titoli di credito sarà BB-. I titoli privi di rating non rappresenteranno più del 15% del patrimonio netto. L’investimento in contingent convertible bond rappresenterà al massimo il 20% del patrimonio netto. Il Prodotto potrà investire senza limiti in titoli di credito ad alto rendimento, non superando il 10% del patrimonio netto in titoli di emittenti con un rating inferiore a B-.
Il Prodotto potrà investire al massimo il 10% del patrimonio netto in OICVM di tipo monetario e obbligazionario, in particolare ETF.
Nel rispetto dei limiti d’investimento illustrati nel Prospetto, il Prodotto può ricorrere a contratti a termine o opzioni, oltre che a derivati di tasso e/o di credito, sia a fini di copertura che di esposizione degli attivi.
Per ciascuna Classe di Azioni, il Prodotto è autorizzato a coprire i rischi di cambio nell’ambito della gestione dei propri attivi. L’obiettivo di sovraperformance del Prodotto è rapportato al suo indice di riferimento, vale a dire l’€STR (ESTRON Index). Il Prodotto è gestito attivamente, pertanto può divergere significativamente dall’indice di riferimento e senza limiti.
Il Prodotto promuove, tra le altre, caratteristiche ambientali e/o sociali ai sensi della sezione 8 del Regolamento SFDR, integrato dal Regolamento sulla tassonomia. Per ulteriori informazioni, gli azionisti sono invitati a consultare l’Allegato II: Documenti precontrattuali per i comparti che rientrano nell’articolo 8 o nell’articolo 9 dell’SFDR.
La valuta di riferimento del Prodotto è l’euro.
L’investitore può acquistare o vendere quote del Prodotto con una frequenza giornaliera (giorno lavorativo bancario completo in Lussemburgo e in Francia).
## Investitori al dettaglio cui si intende commercializzare il prodotto
Il Prodotto ha un orizzonte di investimento di almeno 1 anno ed è adatto agli investitori istituzionali disposti ad assumere un basso rischio di perdita del capitale iniziale nell’ambito del loro portafoglio d’investimento.
## Informazioni pratiche
Banca depositaria: CACEIS Bank, Luxembourg Branch
L’ultimo prospetto e gli ultimi documenti informativi periodici regolamentari, così come tutte le altre informazioni pratiche, sono disponibili gratuitamente presso CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Granducato del Lussemburgo.
Il valore patrimoniale netto è disponibile su semplice richiesta alla società di gestione e sui siti Internet: www.fundsquare.net e www.ca-indosuez-am.com.
La descrizione della politica sulle remunerazioni aggiornata comprese, in particolare, le modalità di calcolo delle remunerazioni e dei benefit, l’identità delle persone responsabili della loro attribuzione, con la composizione del comitato per le remunerazioni, qualora esso esista, è consultabile al sito Internet http://www.ca-indosuez-am.com/It/compliance ed è possibile richiederne gratuitamente una copia cartacea.
Il codice ISIN LU1073899624 (P EUR) rappresenta la seguente quota:
LU1073899897 (PX EUR)
Per le quote a capitalizzazione il dividendo viene reinvestito e per le quote a distribuzione il dividendo viene distribuito. | # What is this product?
## Type
This Product is an investment fund under Luxembourg law (Société d'Investissement à Capital Variable - SICAV), a UCITS.
## Term
The Product has an investment horizon of at least 1 year.
## Objectives
The objective of the compartment (hereinafter, the "Product") is to achieve a return and/or a capital gain over a 12-month period, without aiming to preserve capital, through the management of a portfolio composed mainly of fixed or variable income debt instruments with a maturity of less than 1 year, with no restrictions on geography, currency, sector, maturity date or issuer quality.
The net assets of the Product will be invested primarily in bonds or other debt instruments, including convertible bonds and contingent convertible bonds. The minimum average rating for bonds and debt securities will be BB-. No more than 15% of net assets may be invested in unrated securities. Up to 20% of the net assets may be invested in contingent convertible bonds. The Product may invest without limit in high-yield debt securities, with a maximum of 10% of the net assets invested in securities of issuers that have a rating below B-.
The Product may invest up to 10% of net assets in money market and bond UCITS, particularly ETFs.
Within the limits of the investment restrictions as described in the Prospectus, the Product may make use of futures or options contracts, as well as interest rate and/or credit derivatives, either for hedging or asset exposure purposes.
For each Share Class, the Product is authorised to hedge exchange rate risk as part of its asset management approach. The Product aims to outperform its benchmark index, specifically the €STR (ESTRON Index).
The Product is actively managed, meaning that it may significantly differ from the benchmark index without restrictions.
The Product promotes environmental and/or social characteristics, among others, pursuant to Article 8 of the SFDR Regulation, as supplemented by the Taxonomy Regulation. For more information, shareholders are requested to consult Annex II: Pre-contractual documents for compartments falling under Article 8 or Article 9 SFDR.
The base currency for the Product is the Euro.
The investor may purchase or sell units of the Product on a daily basis (full banking days in Luxembourg and France).
## Intended Retail Investor
The Product has an investment horizon of at least 1 year and is suitable for institutional investors prepared to assume a low risk of loss of their original capital in their investment portfolio.
## Practical Information
Depositary: CACEIS Bank, Luxembourg Branch
The latest prospectus and the latest periodical regulatory documents, as well as all other practical information, are available in French free of charge from CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Grand Duchy of Luxembourg.
The net asset value is available upon simple request from the Management Company and on the websites www.fundsquare.net and www.ca-indosuez-am.com.
Details of the updated remuneration policy, including, in particular, a description of the method used to calculate remuneration and benefits, and the identity of the persons responsible for the allocation of remuneration and benefits, including the composition of the remuneration committee, when such a committee exists, are available at http://www.ca-indosuez-am.com/En/compliance. A paper copy of the remuneration policy will be provided free of charge on request.
The ISIN code LU1073899624 (P EUR) represents the following unit: LU1073899897 (PX EUR)
For accumulation units, dividends are reinvested; for distribution units, dividends are distributed. | en | it |
DOLFIN7107 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Temporary suspension of redemptions
The right of any shareholder to apply for redemptions from the SICAV will be suspended during any period in which the calculation of the net asset value per share is suspended by the SICAV by virtue of the powers described in the section entitled "Temporary suspension of the calculation of the net asset value" in the Prospectus. Any shareholders offering shares for redemption will be notified of this suspension and the end of the suspension. The shares in question will be redeemed on the first bank business day in Luxembourg following the lifting of the suspension.
If the suspension continues for more than one month from the notification of the redemption application, the application may be cancelled by giving written notice to RBC Investor Services Bank S.A., provided this notice reaches RBC Investor Services Bank S.A. before the end of the suspension.
If the total redemption orders* received for a sub-fund on a given valuation date concern more than 10% of the total net assets of the sub-fund in question, the Board of Directors or Management Company may decide on behalf of the fund to defer all or some of these orders for a period deemed by the Board of Directors or Management Company to be in the best interests of the sub-fund although not in principle more than ten (10) working days for each pending redemption. | ### Suspension temporaire des rachats
Le droit de tout actionnaire de demander le rachat à la SICAV sera suspendu pendant toute période durant laquelle le calcul de la valeur de l’actif net par action est suspendu par la SICAV en vertu des pouvoirs décrits au chapitre « Suspension temporaire du calcul de la valeur de l’actif net » du Prospectus. Chaque actionnaire offrant des actions au rachat sera avisé de cette suspension et de la fin de celle-ci. Les actions en question seront rachetées le premier jour ouvrable à Luxembourg suivant la cessation de la suspension.
Si la durée de la suspension continue à courir plus d’un mois après la notification de la demande de rachat, celle-ci pourra être annulée par avis écrit, envoyé à RBC Investor Services Bank S.A., à condition que cet avis parvienne à RBC Investor Services Bank S.A. avant la cessation de la suspension.
Si le total des demandes de rachat(*) reçues, pour un compartiment, à un jour d’évaluation donné, porte sur plus de 10% des actifs nets totaux du compartiment concerné, le Conseil d’Administration ou la Société de Gestion pour compte du fonds, peut décider de différer tout ou partie de ces demandes pour une période que le Conseil d’Administration ou la Société de Gestion considère être dans le meilleur intérêt du compartiment, sans toutefois dépasser en principe dix (10) jours ouvrables pour chaque rachat en suspens. | ### Temporary suspension of redemptions
The right of any shareholder to apply for redemptions from the SICAV will be suspended during any period in which the calculation of the net asset value per share is suspended by the SICAV by virtue of the powers described in the section entitled "Temporary suspension of the calculation of the net asset value" in the Prospectus. Any shareholders offering shares for redemption will be notified of this suspension and the end of the suspension. The shares in question will be redeemed on the first bank business day in Luxembourg following the lifting of the suspension.
If the suspension continues for more than one month from the notification of the redemption application, the application may be cancelled by giving written notice to RBC Investor Services Bank S.A., provided this notice reaches RBC Investor Services Bank S.A. before the end of the suspension.
If the total redemption orders* received for a sub-fund on a given valuation date concern more than 10% of the total net assets of the sub-fund in question, the Board of Directors or Management Company may decide on behalf of the fund to defer all or some of these orders for a period deemed by the Board of Directors or Management Company to be in the best interests of the sub-fund although not in principle more than ten (10) working days for each pending redemption. | en | fr |
DOLFIN7108 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | | If you exit after 5 year(s) |
| --- | --- | --- |
| Entry costs | This includes distribution costs of 5% of amount invested. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 500.00 EUR |
| Exit costs | This is the charge that may be taken from your investment when you choose to sell. We do not charge an exit fee for this product, but the person selling you the product may choose to do so. | 0.00 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.05% of the value of your investment per year. This is the ongoing charges incurred and includes the annual management charge and operating costs. | 105.00 EUR |
| Transaction costs | 0.37% 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. | 37.50 EUR |
| Incidental costs taken under specific conditions |
| Performance fees and carried interests | No performance fee charged | | | | Costi una tantum di ingresso o di uscita | | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi di ingresso | Sono compresi i costi di distribuzione del 5% dell’importo investito. Questa è la cifra massima che può essere addebitata. La persona che vende il prodotto vi informerà del costo effettivo. | 500.00 EUR |
| Costi di uscita | Questa è la commissione che può essere prelevata dall'investimento nel caso in cui l'investitore decida di vendere. Non addebitiamo una commissione di uscita per questo prodotto ma la persona che vende il prodotto può farlo. | 0.00 EUR |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1,05% del valore dell'investimento all'anno. Si tratta delle spese correnti sostenute e comprende la commissione di gestione annuale e i costi operativi. | 105.00 EUR |
| Costi di transazione | 0,37% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 37.50 EUR |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance e carried interest | Non viene addebitata alcuna commissione di performance | | | | One-off costs upon entry or exit | | If you exit after 5 year(s) |
| --- | --- | --- |
| Entry costs | This includes distribution costs of 5% of amount invested. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 500.00 EUR |
| Exit costs | This is the charge that may be taken from your investment when you choose to sell. We do not charge an exit fee for this product, but the person selling you the product may choose to do so. | 0.00 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.05% of the value of your investment per year. This is the ongoing charges incurred and includes the annual management charge and operating costs. | 105.00 EUR |
| Transaction costs | 0.37% 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. | 37.50 EUR |
| Incidental costs taken under specific conditions |
| Performance fees and carried interests | No performance fee charged | | | en | it |
DOLFIN7109 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Putnam Total Return Fund
Supplement VII to the Prospectus for Putnam World Trust dated 22 December 2021 (the “Prospectus”)
This Supplement contains specific information in relation to the Putnam Total Return Fund (the “Fund”), a Fund of Putnam World Trust (the “Trust”). The Trust is an open-ended umbrella unit trust established pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (S.I. No. 352 of 2011) and any regulations made thereunder.
This Supplement forms part of and should be read in conjunction with all the information contained within the Prospectus, including the general descriptions of:
- the Trust and its management and administration;
- its general management and Trust charges;
- the taxation of the Trust and of its Unitholders; and
- its risk factors. | Putnam Total Return Fund
Ergänzung VII zum Prospekt für den Putnam World Trust vom 22. Dezember 2021 (der „Prospekt“)
Diese Ergänzung enthält spezifische Informationen über den Putnam Total Return Fund (nachstehend der „Teilfonds“), einen Teilfonds des Putnam World Trust (nachstehend der „Fonds“). Der Fonds ist ein offener Umbrella-Investmentfonds gemäß den Vorschriften von 2011 über Organismen für gemeinsame Anlagen in übertragbaren Wertpapieren der Europäischen Gemeinschaften, in der jeweils gültigen Fassung, (Durchführungsverordnung Nr. 352 von 2011) und allen darauf beruhenden Regelungen.
Diese Ergänzung ist ein Bestandteil des Prospekts und sollte in Zusammenhang mit demselben und den darin enthaltenen Informationen gelesen werden, einschließlich der allgemeinen Beschreibungen von:
- dem Fonds und dessen Führung und Verwaltung,
- dessen allgemeinen Verwaltungs- und Fondsgebühren,
- der Besteuerung des Fonds und dessen Anteilsinhaber und
- seinen Risikofaktoren. | Putnam Total Return Fund
Supplement VII to the Prospectus for Putnam World Trust dated 22 December 2021 (the “Prospectus”)
This Supplement contains specific information in relation to the Putnam Total Return Fund (the “Fund”), a Fund of Putnam World Trust (the “Trust”). The Trust is an open-ended umbrella unit trust established pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (S.I. No. 352 of 2011) and any regulations made thereunder.
This Supplement forms part of and should be read in conjunction with all the information contained within the Prospectus, including the general descriptions of:
- the Trust and its management and administration;
- its general management and Trust charges;
- the taxation of the Trust and of its Unitholders; and
- its risk factors. | en | de |
DOLFIN7110 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 5 ans Exemple d'investissement: 10000 CHF Si vous sortez Si vous sortez après 1 an après 5 ans Scénarios |
| --- |
| Minimum | Il n'existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 7990 CHF | 7530 CHF |
| Rendement annuel moyen | -20.10% | -5.52% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7990 CHF | 7530 CHF |
| Rendement annuel moyen | -20.10% | -5.52% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9850 CHF | 9550 CHF |
| Rendement annuel moyen | -1.50% | -0.92% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 10530 CHF | 9770 CHF |
| Rendement annuel moyen | 5.30% | -0.46% | | | Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: 10000 CHF En caso de salida En caso de salida después de 1 año después de 5 años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 7990 CHF | 7530 CHF |
| Rendimiento medio cada año | -20.10% | -5.52% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7990 CHF | 7530 CHF |
| Rendimiento medio cada año | -20.10% | -5.52% |
| Moderado | Lo que podría recibir tras deducir los costes | 9850 CHF | 9550 CHF |
| Rendimiento medio cada año | -1.50% | -0.92% |
| Favorable | Lo que podría recibir tras deducir los costes | 10530 CHF | 9770 CHF |
| Rendimiento medio cada año | 5.30% | -0.46% | | | Période de détention recommandée: 5 ans Exemple d'investissement: 10000 CHF Si vous sortez Si vous sortez après 1 an après 5 ans Scénarios |
| --- |
| Minimum | Il n'existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 7990 CHF | 7530 CHF |
| Rendement annuel moyen | -20.10% | -5.52% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7990 CHF | 7530 CHF |
| Rendement annuel moyen | -20.10% | -5.52% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9850 CHF | 9550 CHF |
| Rendement annuel moyen | -1.50% | -0.92% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 10530 CHF | 9770 CHF |
| Rendement annuel moyen | 5.30% | -0.46% | | fr | es |
DOLFIN7111 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations détaillées sur le Fonds
## Gérant du fonds
## Jonathan Rawicz, Haichuan Yu
## Date de lancement
## 08 mai 2015
## AUM (millions)
## USD 450,2
## Monnaie de base
## USD
## Publication des prix
## Financial Times, Bloomberg, Morningstar
## Indice de référence
## MSCI AC World Net USD
## Gestionnaire
## EFG Asset Management (UK) Limited
## Souscription/Rachat
## Quotidiennement 16:00 (Heure irlandaise)
## Période comptable
## 30 juin
## 140
## 120 | # Datos del Fondo
## Gestor del Fondo
## Jonathan Rawicz, Haichuan Yu
## Fecha de creación
## 08 mayo 2015
## Patrimonio
## USD 450,2
## Moneda base
## USD
## Publicación del precio
## Financial Times, Bloomberg, Morningstar
## Índice de referencia
## MSCI AC World Net USD
## Gestor de inversiones
## EFG Asset Management (UK) Limited
## Suscripción/Reembolso
## Diaria 16:00 (hora de Irlanda)
## Periodo contable
## 30 junio
## 140
## 120 | # Informations détaillées sur le Fonds
## Gérant du fonds
## Jonathan Rawicz, Haichuan Yu
## Date de lancement
## 08 mai 2015
## AUM (millions)
## USD 450,2
## Monnaie de base
## USD
## Publication des prix
## Financial Times, Bloomberg, Morningstar
## Indice de référence
## MSCI AC World Net USD
## Gestionnaire
## EFG Asset Management (UK) Limited
## Souscription/Rachat
## Quotidiennement 16:00 (Heure irlandaise)
## Période comptable
## 30 juin
## 140
## 120 | fr | es |
DOLFIN7112 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to achieve income with the potential for some capital growth.
- The fund will invest at least 70% in the shares of companies globally. The Investment Manager will target investments which it believes offer attractive dividend yields in addition to price appreciation.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of its investment universe after excluding at least 20% of assets with the lowest ESG ratings.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, (for example, by the writing of covered call options on securities, generating extra income in return for agreeing a strike price above which potential capital growth in a specified period is sold), including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed and aims to provide potential for some capital growth. Income will typically be in excess of MSCI ACWI Index (Net) (the "Index"). The fund’s performance can be assessed against its Index. The Index constituents are representative of the type of companies the fund invests in. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El Subfondo tiene como objetivo generar ingresos, y el potencial de lograr un cierto crecimiento del capital.
- El Subfondo invertirá como mínimo un 70 % en acciones de empresas de todo el mundo. El Gestor de Inversiones seleccionará aquellas inversiones que, en su opinión, ofrezcan una atractiva rentabilidad por dividendos, además de un incremento del precio.
- El Subfondo utiliza una estrategia centrada en la sostenibilidad en la que, como mínimo, un 70 % de su patrimonio neto se invertirá en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- Tendrá siempre en cuenta un amplio abanico de características medioambientales y sociales, como la mitigación del cambio climático y la adaptación al mismo, la gestión del agua y los residuos, la biodiversidad, la seguridad de los productos, la cadena de suministro, la salud y seguridad y los Derechos Humanos. El Subfondo trata de promocionar estas características adhiriéndose al Marco de la Familia Sostenible de Fidelity.
- El Subfondo evalúa las características sostenibles de al menos el 90 % de sus activos. La calificación media de ESG del Subfondo será superior a la calificación media de ESG del universo de inversión del Subfondo una vez excluido, como mínimo, el 20 % de los activos con calificaciones ESG más bajas.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El Subfondo invertirá menos del 30 % directa o indirectamente en acciones A y B de China de forma conjunta.
- El Subfondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El Subfondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, (por ejemplo, mediante la suscripción de opciones de compra cubiertas sobre los valores, lo que genera ingresos extra a cambio de acordar un precio de ejercicio, por encima del cual se vende el posible crecimiento del capital en un periodo concreto), además de con fines de inversión, de acuerdo con el perfil de riesgo del mismo.
- El Subfondo se gestiona de manera activa y tiene como objetivo ofrecer posibilidades de crecimiento del capital. Normalmente, los ingresos superarán a los generados por el MSCI ACWI Index (Net) (el "Índice"). La rentabilidad del Subfondo puede compararse con la de su Índice. Las empresas que forman parte de dicho Índice representan el tipo de empresas en el que invierte el Subfondo. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países, sectores y valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to achieve income with the potential for some capital growth.
- The fund will invest at least 70% in the shares of companies globally. The Investment Manager will target investments which it believes offer attractive dividend yields in addition to price appreciation.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of its investment universe after excluding at least 20% of assets with the lowest ESG ratings.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, (for example, by the writing of covered call options on securities, generating extra income in return for agreeing a strike price above which potential capital growth in a specified period is sold), including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed and aims to provide potential for some capital growth. Income will typically be in excess of MSCI ACWI Index (Net) (the "Index"). The fund’s performance can be assessed against its Index. The Index constituents are representative of the type of companies the fund invests in. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN7113 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les Portefeuilles promeuvent actuellement des caractéristiques environnementales au sens de l’Article 8 du Règlement (UE) 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (« SFDR »). En raison des modifications apportées aux Portefeuilles et à compter de la Date d’effet, les Portefeuilles ne promouvront plus les caractéristiques environnementales décrites ci-dessus.
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# Goldman Sachs US Real Estate Balanced Portfolio (Supplément I) | Actualmente, las Carteras promueven características medioambientales de conformidad con lo establecido en el artículo 8 del Reglamento (UE) 2019/2088 del Parlamento Europeo y del Consejo, de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (el “SFDR”). A raíz de los cambios en las Carteras y a partir de la Fecha Efectiva, las Carteras dejarán de promover las características medioambientales descritas anteriormente.
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# Goldman Sachs US Real Estate Balanced Portfolio (Suplemento I) | Les Portefeuilles promeuvent actuellement des caractéristiques environnementales au sens de l’Article 8 du Règlement (UE) 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (« SFDR »). En raison des modifications apportées aux Portefeuilles et à compter de la Date d’effet, les Portefeuilles ne promouvront plus les caractéristiques environnementales décrites ci-dessus.
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# Goldman Sachs US Real Estate Balanced Portfolio (Supplément I) | fr | es |
DOLFIN7114 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Under current law and practice, the Trust qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.
The Trust will be regarded as resident in Ireland for tax purposes if the Depositary is resident in lreland or a majority of the trustees (if more than one) are resident in Ireland. It is the intention of the Manager that the business of the Trust will be conducted in such a manner as to ensure that it is Irish Resident for tax purposes.
Irish tax can arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to Unitholders or any encashment, redemption, cancellation or transfer of Units and the holding of Units at the end of each eight year period beginning with the acquisition of such Units.
No Irish tax will arise on the Trust in respect of “chargeable events” in respect of:
- a Unitholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997 (of Ireland), as amended, are held by the Trust or the Trust has been authorised by the Irish Revenue to make gross Payments in the absence of appropriate declarations; and
- certain exempted Irish tax resident Unitholders who have provided the Trust with the necessary signed statutory declarations. | Gemäß den geltenden Gesetzen und Praktiken ist der Fonds ein Anlageorganismus im Sinne von Section 739B des Taxes Consolidation Act von 1997, in der jeweils gültigen Fassung. Er unterliegt daher hinsichtlich seiner Erträge und Kapitalgewinne nicht der irischen Steuerpflicht.
Für Steuerzwecke gilt, dass der Fonds seinen Sitz in Irland hat, wenn die Verwahrstelle ihren Sitz in Irland hat oder die Treuhänder (sofern mehr als einer) mehrheitlich dort ansässig sind. Es entspricht der Absicht der Verwaltungsgesellschaft, das Geschäft des Fonds in einer Weise zu führen, die gewährleistet, dass er für Steuerzwecke seinen Sitz in Irland hat.
Eine Steuerpflicht in Irland kann sich bei Eintritt eines „steuerpflichtigen Ereignisses“ ergeben. Zu den steuerpflichtigen Ereignissen zählen alle Ausschüttungen an Anteilsinhaber oder Einlösungen, Rücknahmen, Stornierungen oder Übertragungen von Anteilen sowie das Halten von Anteilen am Ende jedes Achtjahreszeitraums, der mit dem Erwerb der jeweiligen Anteile beginnt.
Bei Eintritt eines steuerpflichtigen Ereignisses fallen für den Fonds keine irischen Steuern an, wenn die folgenden Personengruppen betroffen sind:
- Anteilsinhaber, die zum Zeitpunkt des steuerpflichtigen Ereignisses für steuerliche Zwecke weder in Irland ansässig sind noch ihren gewöhnlichen Wohnsitz in Irland haben, vorausgesetzt, dem Fonds liegen die erforderlichen gültigen Erklärungen gemäß den Bestimmungen des Steuerkonsolidierungsgesetzes von 1997 in seiner jeweils gültigen Fassung vor, oder der Fonds wurde bei Nichtvorliegen entsprechender Erklärungen von der irischen Steuerbehörde (Irish Revenue) zur Leistung von Bruttozahlungen ermächtigt; und
- bestimmte in Irland ansässige steuerbefreiter Anteilsinhaber, die dem Fonds die erforderlichen unterzeichneten gesetzlichen Erklärungen eingereicht haben. | Under current law and practice, the Trust qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.
The Trust will be regarded as resident in Ireland for tax purposes if the Depositary is resident in lreland or a majority of the trustees (if more than one) are resident in Ireland. It is the intention of the Manager that the business of the Trust will be conducted in such a manner as to ensure that it is Irish Resident for tax purposes.
Irish tax can arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to Unitholders or any encashment, redemption, cancellation or transfer of Units and the holding of Units at the end of each eight year period beginning with the acquisition of such Units.
No Irish tax will arise on the Trust in respect of “chargeable events” in respect of:
- a Unitholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997 (of Ireland), as amended, are held by the Trust or the Trust has been authorised by the Irish Revenue to make gross Payments in the absence of appropriate declarations; and
- certain exempted Irish tax resident Unitholders who have provided the Trust with the necessary signed statutory declarations. | en | de |
DOLFIN7115 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- The Fund may hold distressed securities (which the Investment Adviser(s) define(s) as having a credit rating lower than CCC- by Standard & Poor’s or equivalent), as a result of a rating downgrade. Distressed securities shall not exceed 10% in total of the net assets of the Fund. If a security satisfies the Fund’s credit rating criteria at the time of purchase and subsequently is downgraded to a rating which would result in the security being classified as a “distressed security”, the Investment Adviser(s) will consider what action is in the best interest of the Fund, its Shareholders and in line with the relevant Fund investment objective and the Fund will not be required to dispose of such security.
- The Fund may invest in ABS/MBS which will not exceed 40% of the net assets of the Fund. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities such as government issued bonds. MBS and ABS are typically composed of multiple tranches, usually spanning from the equity tranche, which represents the highest risk, to the senior tranche, which represents the lowest risk. The performance of each tranche is determined by the performance of the underlying assets which may include loans, leases or receivables. The Fund will only invest in the senior and mezzanine tranches.
The types of MBS in which the Fund may invest are CMBS, CMO, RMBS and TBA contracts. The Fund will generally invest in Investment Grade MBS, such as commercial and residential mortgage securities issued typically by US government agencies and government sponsored entities, as well as by private entities. The types of ABS in which the Fund may invest include securities backed by loans, leases or receivables, CDO and CLO. CDO and CLO together will not exceed 10% of the net assets of the Fund. The Fund will generally invest in Investment Grade ABS, with underlying assets such as credit card receivables and consumer loans, typically issued by financial institutions. - The percentages of ABS/MBS and distressed securities may in total account for up to 50% of the net assets of the Fund. The proportion of securities may vary depending on market conditions which fluctuate, sometimes rapidly or unpredictably, due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations as well as the Investment Adviser’s assessment of their relative attractiveness as investment opportunities.The Fund may use, whether for investment purposes, hedging and/or efficient portfolio management, certain type of derivatives including interest rate swaps, forward contracts, CDX, CDS, futures and options on futures as described in more detail in the main part of the Prospectus under the “Risk Warnings” section and in Annex 1.
- The Fund may invest up to 10% in Equity and contingent convertible bonds.
- The Fund may invest on the China Interbank Bond Market up to 20% of the net assets of the Fund, either directly or via Bond Connect.
| | - Le Fonds peut détenir des titres en difficulté (que le ou les Conseillers en Investissement définissent comme ayant une notation de crédit inférieure à CCC- selon Standard & Poor’s ou équivalent), à la suite d’une dégradation de la notation. Les titres en difficulté ne dépasseront pas 10 % du total de l’actif net du Fonds. Si un titre satisfait aux critères de notation de crédit du Fonds au moment de l’achat et est ensuite dégradé à une notation qui entraînerait la classification du titre comme « Titre en difficulté », le ou les Conseillers en Investissement examineront quelle mesure est la meilleure dans l’intérêt du Fonds, de ses Actionnaires et conformément à l’objectif d’investissement du Fonds concerné et le Fonds ne sera pas tenu de céder ce titre.
- Le Fonds peut investir dans des TAA/TAH qui n’excéderont pas 40 % de son actif net. Ces titres comportent souvent des risques différents ou plus graves que les risques associés à l’investissement dans d’autres types de titres de créance tels que les obligations d’État. Les TAH et TAA comportent généralement plusieurs tranches, allant souvent de la tranche actions, qui représente le risque le plus élevé, à la tranche senior, qui représente le risque le plus faible. La performance de chaque tranche est déterminée par la performance des actifs sous-jacents qui peuvent inclure des prêts, des contrats de location ou des créances. Le Fonds n’investira que dans les tranches senior et mezzanine.
Les types de TAH dans lesquels le Fonds peut investir sont les contrats TACHC, CMO, TACHR et TBA. Le Fonds investira généralement dans des TAH de qualité Investment Grade, tels que des titres hypothécaires commerciaux et résidentiels émis généralement par des agences gouvernementales américaines et des entités parrainées par le gouvernement, ainsi que par des entités privées. Les types de TAA dans lesquels le Fonds peut investir comprennent des titres adossés à des prêts, des contrats de location ou des créances, des CDO et des CLO. Le total des CDO et CLO ne dépassera pas 10 % de l’actif net du Fonds. Le Fonds investira généralement dans des TAA de qualité Investment Grade, avec des actifs sous-jacents tels que des créances sur cartes de crédit et des prêts à la consommation, généralement émis par des institutions financières. - Les pourcentages de TAA/TAH et de titres en difficulté peuvent représenter au total jusqu’à 50 % de l’actif net du Fonds. La proportion de titres peut varier en fonction des conditions du marché qui fluctuent, parfois rapidement ou de manière imprévisible, en raison de divers facteurs, notamment des événements ou des conditions affectant l’économie générale ou des industries particulières ; les changements globaux du marché, l’instabilité politique, sociale ou économique, à l’échelle locale, régionale ou mondiale ; les réponses des gouvernements, des agences gouvernementales ou des banques centrales aux conditions économiques ; et les fluctuations des taux de change, des taux d’intérêt et des prix des produits de base, ainsi que l’évaluation par le Conseiller en Investissement de leur attractivité relative en tant qu’opportunités d’investissement.Le Fonds peut utiliser, que ce soit à des fins d’investissement, de couverture et/ou de gestion efficace de portefeuille, certains types d’instruments dérivés, notamment des swaps de taux d’intérêt, des contrats à terme, des CDX, des CDS, des contrats à terme et des options sur contrats à terme, comme décrit plus en détail dans la partie principale du Prospectus de la section « Avertissements relatifs aux risques » et en Annexe 1.
- Le Fonds peut investir jusqu’à 10 % de ses actifs dans des obligations convertibles contingentes et dans des actions.
- Le Fonds peut investir sur le Marché Obligataire Interbancaire Chinois jusqu’à 20 % de son actif net, directement ou via Bond Connect.
| | - The Fund may hold distressed securities (which the Investment Adviser(s) define(s) as having a credit rating lower than CCC- by Standard & Poor’s or equivalent), as a result of a rating downgrade. Distressed securities shall not exceed 10% in total of the net assets of the Fund. If a security satisfies the Fund’s credit rating criteria at the time of purchase and subsequently is downgraded to a rating which would result in the security being classified as a “distressed security”, the Investment Adviser(s) will consider what action is in the best interest of the Fund, its Shareholders and in line with the relevant Fund investment objective and the Fund will not be required to dispose of such security.
- The Fund may invest in ABS/MBS which will not exceed 40% of the net assets of the Fund. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities such as government issued bonds. MBS and ABS are typically composed of multiple tranches, usually spanning from the equity tranche, which represents the highest risk, to the senior tranche, which represents the lowest risk. The performance of each tranche is determined by the performance of the underlying assets which may include loans, leases or receivables. The Fund will only invest in the senior and mezzanine tranches.
The types of MBS in which the Fund may invest are CMBS, CMO, RMBS and TBA contracts. The Fund will generally invest in Investment Grade MBS, such as commercial and residential mortgage securities issued typically by US government agencies and government sponsored entities, as well as by private entities. The types of ABS in which the Fund may invest include securities backed by loans, leases or receivables, CDO and CLO. CDO and CLO together will not exceed 10% of the net assets of the Fund. The Fund will generally invest in Investment Grade ABS, with underlying assets such as credit card receivables and consumer loans, typically issued by financial institutions. - The percentages of ABS/MBS and distressed securities may in total account for up to 50% of the net assets of the Fund. The proportion of securities may vary depending on market conditions which fluctuate, sometimes rapidly or unpredictably, due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations as well as the Investment Adviser’s assessment of their relative attractiveness as investment opportunities.The Fund may use, whether for investment purposes, hedging and/or efficient portfolio management, certain type of derivatives including interest rate swaps, forward contracts, CDX, CDS, futures and options on futures as described in more detail in the main part of the Prospectus under the “Risk Warnings” section and in Annex 1.
- The Fund may invest up to 10% in Equity and contingent convertible bonds.
- The Fund may invest on the China Interbank Bond Market up to 20% of the net assets of the Fund, either directly or via Bond Connect.
| | en | fr |
DOLFIN7116 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Total currency exposure over time (1 year rolling) 2
- EUR USD CHF GBP JPY NOK Others
- Bonds, incl. bond ETFs 60.3 %
- Equities, incl. equity ETFs 17.2 %— Equities, net 17.2 %100 %80 %60 %40 %20 %0 %-20 %-40 %Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 Dec 22 | ## Esposizione valutaria totale nel tempo (1 anno rolling) 2
- EUR USD CHF GBP JPY NOK Altri
- Obbligazioni, incl. ETFs obbligazioni 60,3 %
- Azioni, incl. ETFs azionari 17,2 %— Azioni, nette 17,2 %100 %80 %60 %40 %20 %0 %-20 %-40 %dic 21 gen 22 feb 22 mar 22 apr 22 mag 22 giu 22 lug 22 ago 22 set 22 ott 22 nov 22 dic 22 | ## Total currency exposure over time (1 year rolling) 2
- EUR USD CHF GBP JPY NOK Others
- Bonds, incl. bond ETFs 60.3 %
- Equities, incl. equity ETFs 17.2 %— Equities, net 17.2 %100 %80 %60 %40 %20 %0 %-20 %-40 %Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22 Dec 22 | en | it |
DOLFIN7117 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
This Prospectus does not constitute an offer or solicitation in respect of any US Person. The Shares may not be offered, sold, transferred or delivered, directly or indirectly, in the United States of America, its territories or possessions or to US Persons. Neither the Shares nor any interest therein may be beneficially owned by any other US Person. Any re-offer or resale of any of the Shares in the United States or to US Persons is prohibited.
Each applicant for the Shares must certify that it is not a US person as defined in Regulation S under the US Securities Act and United States Commodity Futures Trading Commission (CFTC) Rule 4.7 and not a US resident within the meaning of the United States Investment Company Act of 1940, as amended.
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# WITHDRAWAL OF REQUESTS FOR SUBSCRIPTION | Dieser Prospekt stellt kein Angebot und keine Aufforderung für US-Personen dar. Die Anteile dürfen weder direkt noch indirekt in den USA, ihren Territorien oder Besitzungen oder US-Personen angeboten, verkauft, übertragen oder ausgehändigt werden. Weder die Anteile noch irgendwelche Beteiligungen daran dürfen sich im wirtschaftlichen Eigentum einer US-Person befinden. Das Angebot oder der Weiterverkauf von Anteilen in den Vereinigten Staaten oder an US- Personen ist verboten.
Jeder Anteilszeichner muss nachweisen, dass er keine US-Person gemäß Definition in Regulation S im Rahmen des US Securities Act und der United States Commodity Futures Trading Commission (CFTC) Rule 4.7 und keine in den USA ansässige Person im Sinne des United States Investment Company Act von 1940 in der jeweils geltenden Fassung ist.
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# WIDERRUF VON ZEICHNUNGSANTRÄGEN | This Prospectus does not constitute an offer or solicitation in respect of any US Person. The Shares may not be offered, sold, transferred or delivered, directly or indirectly, in the United States of America, its territories or possessions or to US Persons. Neither the Shares nor any interest therein may be beneficially owned by any other US Person. Any re-offer or resale of any of the Shares in the United States or to US Persons is prohibited.
Each applicant for the Shares must certify that it is not a US person as defined in Regulation S under the US Securities Act and United States Commodity Futures Trading Commission (CFTC) Rule 4.7 and not a US resident within the meaning of the United States Investment Company Act of 1940, as amended.
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# WITHDRAWAL OF REQUESTS FOR SUBSCRIPTION | en | de |
DOLFIN7118 | 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 ?
Durée : Le Compartiment est de type ouvert.
Objectifs :
L’objectif d’investissement du Compartiment consiste à rechercher une appréciation du capital avec des rendements supérieurs à l’EURIBOR. L’EURIBOR se base sur les taux d’intérêt moyens établis par un panel d’environ 50 banques européennes qui se prêtent et s’empruntent les unes aux autres.
Investisseur de détail visé : Ce produit est destiné aux investisseurs ayant une connaissance moyenne et une certaine expérience de l’investissement
dans des fonds et qui sont prêts à assumer un niveau de risque élevé sur leur capital d’origine.
Informations complémentaires : Vous pouvez obtenir de plus amples informations sur ce Compartiment, y compris le prospectus, les derniers rapports annuel et semestriel dans les langues du prospectus, gratuitement sur demande auprès de : Amundi Asset Management, au 91-93 boulevard Pasteur, 75015 Paris - France.
La valeur nette des actifs du Compartiment est disponible sur www.amundi.ie.
Dépositaire : Société Générale S.A., succursale de Dublin. | # ¿Qué es este producto?
Plazo: El Subfondo es de capital variable.
Objetivos:
El objetivo de inversión del Subfondo es obtener una revalorización del capital con un rendimiento superior al del EURIBOR. El EURIBOR se basa en los tipos de interés medios establecidos por un grupo de cerca de 50 bancos europeos que se otorgan préstamos entre sí.
Inversor minorista al que va dirigido: Este producto está destinado a inversores con un conocimiento medio y algo de experiencia en inversiones
en fondos, y que estén dispuestos a asumir un nivel de riesgo alto respecto a su capital original.
Más información: Puede obtener más información sobre el Subfondo y solicitar el folleto y los informes anuales y semestrales más recientes, que están disponibles en los idiomas del folleto y de forma gratuita a petición a través de: Amundi Asset Management, 91-93 boulevard Pasteur, 75015 París, Francia.
El valor liquidativo del Subfondo está disponible en www.mundi.ie.
Depositario: Société Générale S.A., Dublin Branch. | # En quoi consiste ce produit ?
Durée : Le Compartiment est de type ouvert.
Objectifs :
L’objectif d’investissement du Compartiment consiste à rechercher une appréciation du capital avec des rendements supérieurs à l’EURIBOR. L’EURIBOR se base sur les taux d’intérêt moyens établis par un panel d’environ 50 banques européennes qui se prêtent et s’empruntent les unes aux autres.
Investisseur de détail visé : Ce produit est destiné aux investisseurs ayant une connaissance moyenne et une certaine expérience de l’investissement
dans des fonds et qui sont prêts à assumer un niveau de risque élevé sur leur capital d’origine.
Informations complémentaires : Vous pouvez obtenir de plus amples informations sur ce Compartiment, y compris le prospectus, les derniers rapports annuel et semestriel dans les langues du prospectus, gratuitement sur demande auprès de : Amundi Asset Management, au 91-93 boulevard Pasteur, 75015 Paris - France.
La valeur nette des actifs du Compartiment est disponible sur www.amundi.ie.
Dépositaire : Société Générale S.A., succursale de Dublin. | fr | es |
DOLFIN7119 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Generally, an exchange of Class T Shares is only permissible between the corresponding Classes T Shares.
A Shareholder of a Class T Shares in one Fund can exchange those Shares only for the corresponding Class T Shares of another Fund at relative net asset values, although the Class currency may differ. Exchanges may also be made for the purpose of effecting a change in the dividend policy applicable to the Shareholder’s investment, if available.
Shareholders of Class T that exchange all or part of their shareholdings to another Class T in the same Fund or a different Fund will not trigger CDSC during the holding period. In such cases, the CDSC holding period of the original Class T Shares is transferred to the receiving Class T Shares at the point of switch and associated rights are preserved
No exchange of Share will generally be permitted from any other Class of Shares into Class T Shares or from Class T Shares into any other Class of Shares.
In determining the three year period, each Fund assumes for each shareholder that Shares held the longest are exchanged first.
Exchange orders may be made on any Business Day. Exchange orders will not be processed until receipt and acceptance by or on behalf of the Transfer Agent or the Company and/or the Manager. For the avoidance of doubt, all exchange orders relating to the Emerging Markets Leaders Fund must be received prior to the Trade Cut-Off Time for the Emerging Markets Leaders Fund.
Class T Shares will automatically be exchanged for Class A Shares in the same Fund within one month of the third anniversary of Class T Shares to each relevant Shareholder. The methodology for the calculation of the three year holding period and the number of Class A Shares to be issued to each relevant Shareholder at the end of the three year holding period is outlined in the Articles of Association. | ###### Généralement, un échange d’Actions de Catégorie T n’est possible qu’entre Actions de Catégorie T équivalentes.
Un Actionnaire de la Catégorie d’Actions T d’un Fonds peut seulement échanger ces Actions contre des Actions de Catégorie T équivalentes d’un autre Fonds à leur valeur liquidative relative, bien que la devise de la Catégorie puisse être différente. Des échanges peuvent également être effectués dans le but de modifier la politique de dividende relative aux investissements de l’Actionnaire, le cas échéant.
Les Actionnaires de la Catégorie d'Actions T qui échangent tout ou partie de leurs Actions contre une autre Catégorie d'Actions T du même Fonds ou d'un Fonds différent ne sont pas soumis à un CDSC durant la période de détention. Dans ce cas, la période de détention liée aux CDSC des Actions de Catégorie T initiales est transférée aux Actions de Catégorie T réceptrices au moment de la substitution et les droits associés sont préservés.
Généralement, aucun échange d’Actions ne sera permis à partir de toute autre Catégorie d’Actions vers la Catégorie d’Actions T ou de la Catégorie d’Actions T vers toute autre Catégorie d’Actions.
Pour calculer la période de trois ans, chaque Fonds suppose, pour chaque actionnaire, que les Actions détenues depuis la plus longue période sont échangées en premier.
Les ordres d’échange peuvent être effectués n’importe quel Jour Ouvré. Les ordres d’échange ne seront pas traités avant d’être reçus et acceptés par ou pour le compte de l’Agent de transfert ou de la Société et/ou du Gestionnaire. Pour éviter toute équivoque, tous les ordres d’échange relatifs au Fonds Emerging Markets Leaders Fund doivent être reçus avant les Heures limites de réception des ordres pour ce Fonds.
Les Actions de Catégorie T seront automatiquement échangées contre des Actions de Catégorie A du même Fonds dans le mois qui suit le troisième anniversaire des Actions de Catégorie T de chaque Actionnaire concerné. La méthode de calcul de la période de détention de trois ans et du nombre d'Actions de Catégorie A à émettre pour chaque Actionnaire concerné à la fin de la période de détention de trois ans est décrite dans les Statuts. | ###### Generally, an exchange of Class T Shares is only permissible between the corresponding Classes T Shares.
A Shareholder of a Class T Shares in one Fund can exchange those Shares only for the corresponding Class T Shares of another Fund at relative net asset values, although the Class currency may differ. Exchanges may also be made for the purpose of effecting a change in the dividend policy applicable to the Shareholder’s investment, if available.
Shareholders of Class T that exchange all or part of their shareholdings to another Class T in the same Fund or a different Fund will not trigger CDSC during the holding period. In such cases, the CDSC holding period of the original Class T Shares is transferred to the receiving Class T Shares at the point of switch and associated rights are preserved
No exchange of Share will generally be permitted from any other Class of Shares into Class T Shares or from Class T Shares into any other Class of Shares.
In determining the three year period, each Fund assumes for each shareholder that Shares held the longest are exchanged first.
Exchange orders may be made on any Business Day. Exchange orders will not be processed until receipt and acceptance by or on behalf of the Transfer Agent or the Company and/or the Manager. For the avoidance of doubt, all exchange orders relating to the Emerging Markets Leaders Fund must be received prior to the Trade Cut-Off Time for the Emerging Markets Leaders Fund.
Class T Shares will automatically be exchanged for Class A Shares in the same Fund within one month of the third anniversary of Class T Shares to each relevant Shareholder. The methodology for the calculation of the three year holding period and the number of Class A Shares to be issued to each relevant Shareholder at the end of the three year holding period is outlined in the Articles of Association. | en | fr |
DOLFIN7120 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | €10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimal garanti si vous sortez avant 5 années. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €7760 | €7700 |
| Rendement annuel moyen | -22.40% | -5.09% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8570 | €8560 |
| Rendement annuel moyen | -14.30% | -3.06% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10450 | €9980 |
| Rendement annuel moyen | 4.50% | -0.04% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €11900 | €14450 |
| Rendement annuel moyen | 19.00% | 7.64% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | €10000 |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €7760 | €7700 |
| Rendimiento medio cada año | -22.40% | -5.09% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €8570 | €8560 |
| Rendimiento medio cada año | -14.30% | -3.06% |
| Moderado | Lo que podría recibir tras deducir los costes | €10450 | €9980 |
| Rendimiento medio cada año | 4.50% | -0.04% |
| Favorable | Lo que podría recibir tras deducir los costes | €11900 | €14450 |
| Rendimiento medio cada año | 19.00% | 7.64% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | €10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimal garanti si vous sortez avant 5 années. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €7760 | €7700 |
| Rendement annuel moyen | -22.40% | -5.09% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8570 | €8560 |
| Rendement annuel moyen | -14.30% | -3.06% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10450 | €9980 |
| Rendement annuel moyen | 4.50% | -0.04% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €11900 | €14450 |
| Rendement annuel moyen | 19.00% | 7.64% | | fr | es |
DOLFIN7121 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs?
manufacturer of this product has no obligation to pay out since the product design does not contemplate any such payment being made. However, investors may suffer loss if the Fund or the depositary is unable to pay out. There is no compensation or guarantee scheme in place which may offset, all or any of, your loss.
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- in the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- € 10,000 is invested.
| Example Investment € 10,000 | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | € 860 | € 1,923 |
| Annual cost impact* | 8.6% | 4.2% |
(*) 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 -2.1% before costs and -3.2% after costs.
## Composition of costs
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | 500 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 | 2.57% of the value of your investment per year. This includes a stock lending fee. This is an estimate based on actual costs over the last year. | 257 EUR |
| Transaction costs | 0.53% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 53 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | 0.00% a year of any returns this Share Class achieves above the benchmark. Under the claw-back model a performance fee can typically be charged even if the Share Class performance is negative, so long as the benchmark has decreased more than the NAV. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | 0 EUR |
A switching charge not exceeding 1% of the Net Asset Value of the shares in the new Share Class may be charged. | # ¿Cuáles son los costes?
puesto que el diseño del producto no prevé la realización de dichos pagos. No obstante, los inversores podrían sufrir pérdidas si el Fondo o el depositario no pueden pagar. No existe ningún régimen de compensación o garantía que pueda contrarrestar la totalidad o parte de sus pérdidas.
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. 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 periodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado.
- Se invierten € 10.000.
| Ejemplo de inversión € 10.000 | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | € 860 | € 1.923 |
| Incidencia anual de los costes* | 8,6% | 4,2% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del periodo de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del -2,1% antes de deducir los costes y del -3,2% después de deducir los costes.
## Composición de los costes
| Costes únicos de entrada o salida | Incidencia anual de los costes en caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 5,00% del importe que pagará usted al realizar esta inversión. | 500 EUR |
| Costes de salida | 0,50% de su inversión antes de que se le pague. | 50 EUR |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 2,57% del valor de su inversión al año. Esto incluye una comisión de préstamo de valores. Se trata de una estimación basada en los costes reales del último año. | 257 EUR |
| Costes de operación | 0,53% 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. | 53 EUR |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento | 0,00% anual de cualquier rentabilidad que esta Clase de Acciones logre por encima del índice de referencia. Conforme al mecanismo de recuperación («claw back»), por regla general puede aplicarse una comisión de éxito aunque la rentabilidad de la Clase de Acciones sea negativa, siempre y cuando el índice de referencia haya retrocedido más que el Valor liquidativo. El importe real variará en función de lo buenos que sean los resultados de su inversión. La estimación de los costes agregados anterior incluye la media de los últimos 5 años. | 0 EUR |
Puede aplicarse una comisión de canje no superior al 1% del Valor liquidativo de las acciones de la nueva Clase de Acciones. | # What are the costs?
manufacturer of this product has no obligation to pay out since the product design does not contemplate any such payment being made. However, investors may suffer loss if the Fund or the depositary is unable to pay out. There is no compensation or guarantee scheme in place which may offset, all or any of, your loss.
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- in the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- € 10,000 is invested.
| Example Investment € 10,000 | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | € 860 | € 1,923 |
| Annual cost impact* | 8.6% | 4.2% |
(*) 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 -2.1% before costs and -3.2% after costs.
## Composition of costs
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | 500 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 | 2.57% of the value of your investment per year. This includes a stock lending fee. This is an estimate based on actual costs over the last year. | 257 EUR |
| Transaction costs | 0.53% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 53 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | 0.00% a year of any returns this Share Class achieves above the benchmark. Under the claw-back model a performance fee can typically be charged even if the Share Class performance is negative, so long as the benchmark has decreased more than the NAV. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | 0 EUR |
A switching charge not exceeding 1% of the Net Asset Value of the shares in the new Share Class may be charged. | en | es |
DOLFIN7122 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Capital Group New Perspective Fund (LUX)
| Launch Date | 30 October 2015 | |
| --- | --- | --- |
| Investment Objective | The Fund’s investment objective is to provide long-term growth of capital. The Fund seeks to take advantage of investment opportunities generated by changes in international trade patterns and economic and political relationships by investing in common stocks of companies located around the world. In pursuing its investment objective, the Fund invests primarily in common stocks that the Investment Adviser believes have the potential for growth. |
| Profile of the typical investor | The Fund is particularly suitable for investors seeking long-term capital growth through investments in global Equities. |
| Eligible Investment Countries | Any country. | |
| Specific Investment Guidelines and Restrictions | - The Fund may invest up to 10% of its assets in nonconvertible debt securities rated Baa1 or below and BBB+ or below by NRSROs designated by the Investment Adviser or unrated but determined by the Investment Adviser to be of equivalent quality. If rating agencies differ, securities will be considered to have received the highest of these ratings.
- The Fund may invest up to 5% of its assets in nonconvertible debt securities rated Ba1 or below and BB+ or below by NRSROs designated by the Investment Adviser or unrated but determined by the Investment Adviser to be of equivalent quality.
- The Fund may invest in contingent convertible bonds which will not exceed 5% of the net assets of the Fund.
|
| Specific Risks | Equities, Emerging Markets, contingent convertible bonds | |
| Investment Adviser | CRMC. CRMC may manage other funds and accounts with similar names, investment objectives and strategies (collectively, “portfolios”). The investment results of such portfolios may vary depending on a number of factors, including, but not limited to, fees and expenses, portfolio size, transaction costs, cash flows, currencies, securities pricing time, taxes, and portfolio holdings and any applicable investment limitations. Policies and procedures have been designed to ensure that portfolios with similar names, objectives and strategies are each treated fairly, including the allocation of securities transactions. |
| Base Currency | USD | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which any market(s) representing a meaningful portion of the Fund’s portfolio is closed. For the purpose of this paragraph, the market to be considered is the market where the relevant instrument is traded. (A list of such dates is available on capitalgroup.com/international) |
| Calculation method of the risk exposure | The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. |
| Hedged Equivalent Classes | The Fund will aim at hedging, with a reasonable margin of tolerance, the main currency exposure of the Fund back into the currency referred to in the relevant Class’s designation. It is expected that the resulting effective hedge ratio (i.e. the percentage exposure in the currency of the hedged share class) will typically be in the range of 80% to 100%. The list of available Hedged Equivalent Classes can be found online on the Management Company’s webpage at capitalgroup.com/international |
| Cut-Off Time | 1:00pm Luxembourg time on every Valuation Date | |
| Fiscal year-end | 31 December in each year | |
| Fees and charges1 | Fund Administration Fee2 | 0.15% maximum |
| | Depositary and Custody Fees3 | 0.05% maximum |
- Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KIID and the Company’s annual report for details.
- Effective rate varies with the total assets of the Fund up to the indicated maximum.
- Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum. | # Capital Group New Perspective Fund (LUX)
| Auflagedatum | 30. Oktober 2015 | |
| --- | --- | --- |
| Anlageziel | Das Anlageziel des Fonds besteht darin, für langfristiges Kapitalwachstum zu sorgen. Der Fonds zielt darauf ab, von Anlagechancen zu profitieren, die sich aus Veränderungen der internationalen Handelsmuster und ökonomischen wie politischen Beziehungen ergeben, indem er weltweit in Stammaktien von Unternehmen anlegt. Bei der Verfolgung seines Anlageziels legt der Fonds vorwiegend in Stammaktien an, die nach Ansicht des Anlageberaters über ein Wachstumspotenzial verfügen. |
| Profil des typischen Anlegers | Der Fonds eignet sich besonders für Anleger, die langfristiges Kapitalwachstum durch die vorwiegende Anlage in globale Aktien anstreben. |
| Qualifizierte Anlageländer | Alle Länder. | |
| Spezifische Anlageleitlinien und Beschränkungen | - Der Fonds kann bis zu 10 % seiner Vermögenswerte in nicht wandelbare Schuldtitel investieren, die von durch den Anlageberater bestimmten NRSROs mit einer Bonität von Baa1 oder niedriger und BBB+ oder niedriger bewertet wurden oder kein Rating erhielten, aber durch den Anlageberater ähnlich eingeschätzt wurden. Bei abweichenden Einschätzungen durch die Ratingagenturen wird davon ausgegangen, dass die Wertpapiere das jeweils höchste dieser Ratings erhalten haben.
- Der Fonds kann bis zu 5 % seiner Vermögenswerte in nicht wandelbare Schuldtitel investieren, die von durch den Anlageberater bestimmten NRSROs mit einer Bonität von Ba1 oder niedriger und BB+ oder niedriger bewertet wurden oder kein Rating erhielten, aber durch den Anlageberater ähnlich eingeschätzt wurden.
- Der Fonds kann bis zu 5 % seines Nettovermögens in bedingte Pflichtwandelanleihen anlegen.
|
| Besondere Risiken | Aktien, Schwellenmärkte, bedingte Pflichtwandelanleihen | |
| Anlageberater | CRMC. CRMC kann andere Fonds und Konten mit ähnlichen Namen, Anlagezielen und Strategien verwalten (zusammen die „Portfolios“). Die Anlageergebnisse dieser Portfolios können jedoch in Abhängigkeit von verschiedenen Faktoren variieren, einschließlich, aber nicht beschränkt auf Gebühren und Aufwendungen, Portfoliogröße, Transaktionskosten, Cashflows, Währungen, Pricing-Zeitpunkt der Wertpapiere, Steuern, Portfoliobeteiligungen sowie geltender Anlagebeschränkungen. Es wurden Leitlinien und Verfahren konzipiert, um sicherzustellen, dass Portfolios mit ähnlichen Namen, Zielen und Strategien jeweils fair behandelt werden, einschließlich der Zuordnung von Wertpapiertransaktionen. |
| Basiswährung | USD | |
| Bewertungstag | Jeder Geschäftstag, mit Ausnahme von Tagen (festgelegt durch den Verwaltungsrat oder die Kapitalverwaltungsgesellschaft nach eigenem Ermessen), an denen ein Markt oder mehrere Märkte, der/die für einen erheblichen Teil des Portfolios des Fonds steht/stehen, geschlossen ist/sind. Für die Zwecke dieses Absatzes ist der zu berücksichtigende Markt der Markt, an dem das maßgebliche Instrument gehandelt wird. (Eine Liste dieser Daten ist erhältlich unter capitalgroup.com/international) |
| Methode zur Berechnung des Risikos | Die angewandte Methode zur Berechnung des Gesamtrisikos, das sich aus der Nutzung von derivativen Finanzinstrumenten ergibt, ist der Commitment-Ansatz gemäß dem CSSF-Rundschreiben 11/512. |
| Äquivalente Hedged- Anteilsklassen | Der Fonds zielt mit einer angemessenen Toleranzmarge darauf ab, das wesentliche Währungsrisiko des Fonds in der Währung abzusichern, die in der Bezeichnung der jeweiligen Anteilsklasse angegeben ist. Es wird davon ausgegangen, dass die daraus resultierende effektive Hedge-Kennzahl (d. h. das prozentuale Investment in der Währung der abgesicherten Anteilsklasse) in der Regel bei 80 % bis 100 % liegt. Eine Liste der verfügbaren äquivalenten Hedged-Anteilsklassen ist online auf der Webseite der Kapitalverwaltungsgesellschaft unter capitalgroup.com/international verfügbar |
| Handelsschluss | 13:00 Luxemburger Zeit an jedem Bewertungstag | |
| Ende des Geschäftsjahres | 31. Dezember in jedem Jahr | |
| Gebühren und Aufwendungen1 | Fondsverwaltungsgebühr2 | 0,15 % Maximum |
| | Verwahrungs- und Depotgebühren3 | 0,05 % Maximum |
- Fondsverwaltungs-, Verwahrungs- und Depotgebühren, die in die Total Expense Ratio (TER), die je nach Fonds und Anteilsklasse unterschiedlich ausfällt, einbezogen werden, können teilweise von der Verwaltungsgesellschaft der jeweiligen Anteilsklasse zugerechnet werden. Weitere Angaben entnehmen Sie bitte den jeweiligen KIID und dem Jahresbericht der Gesellschaft.
- Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds, bis zum angegebenen Maximum.
- Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds und der Länderaufschlüsselung im Portfolio, bis zum angegebenen Maximum. | # Capital Group New Perspective Fund (LUX)
| Launch Date | 30 October 2015 | |
| --- | --- | --- |
| Investment Objective | The Fund’s investment objective is to provide long-term growth of capital. The Fund seeks to take advantage of investment opportunities generated by changes in international trade patterns and economic and political relationships by investing in common stocks of companies located around the world. In pursuing its investment objective, the Fund invests primarily in common stocks that the Investment Adviser believes have the potential for growth. |
| Profile of the typical investor | The Fund is particularly suitable for investors seeking long-term capital growth through investments in global Equities. |
| Eligible Investment Countries | Any country. | |
| Specific Investment Guidelines and Restrictions | - The Fund may invest up to 10% of its assets in nonconvertible debt securities rated Baa1 or below and BBB+ or below by NRSROs designated by the Investment Adviser or unrated but determined by the Investment Adviser to be of equivalent quality. If rating agencies differ, securities will be considered to have received the highest of these ratings.
- The Fund may invest up to 5% of its assets in nonconvertible debt securities rated Ba1 or below and BB+ or below by NRSROs designated by the Investment Adviser or unrated but determined by the Investment Adviser to be of equivalent quality.
- The Fund may invest in contingent convertible bonds which will not exceed 5% of the net assets of the Fund.
|
| Specific Risks | Equities, Emerging Markets, contingent convertible bonds | |
| Investment Adviser | CRMC. CRMC may manage other funds and accounts with similar names, investment objectives and strategies (collectively, “portfolios”). The investment results of such portfolios may vary depending on a number of factors, including, but not limited to, fees and expenses, portfolio size, transaction costs, cash flows, currencies, securities pricing time, taxes, and portfolio holdings and any applicable investment limitations. Policies and procedures have been designed to ensure that portfolios with similar names, objectives and strategies are each treated fairly, including the allocation of securities transactions. |
| Base Currency | USD | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which any market(s) representing a meaningful portion of the Fund’s portfolio is closed. For the purpose of this paragraph, the market to be considered is the market where the relevant instrument is traded. (A list of such dates is available on capitalgroup.com/international) |
| Calculation method of the risk exposure | The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. |
| Hedged Equivalent Classes | The Fund will aim at hedging, with a reasonable margin of tolerance, the main currency exposure of the Fund back into the currency referred to in the relevant Class’s designation. It is expected that the resulting effective hedge ratio (i.e. the percentage exposure in the currency of the hedged share class) will typically be in the range of 80% to 100%. The list of available Hedged Equivalent Classes can be found online on the Management Company’s webpage at capitalgroup.com/international |
| Cut-Off Time | 1:00pm Luxembourg time on every Valuation Date | |
| Fiscal year-end | 31 December in each year | |
| Fees and charges1 | Fund Administration Fee2 | 0.15% maximum |
| | Depositary and Custody Fees3 | 0.05% maximum |
- Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KIID and the Company’s annual report for details.
- Effective rate varies with the total assets of the Fund up to the indicated maximum.
- Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum. | en | de |
DOLFIN7123 | 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 | 0.00% The impact of the costs you pay when entering your investment. This is the most you will pay, and you could pay less. The impact of costs are already included in the price. This includes the costs of distribution of your product. | 0 EUR |
| Exit costs | 0.00% The Impact of the costs of exiting your investment when it matures. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 0.18% The impact of the costs that we take each year for managing your investments. This will include the costs of borrowing money to invest but not any income or capital benefits of doing so, the ongoing costs of running the company, but not the income derived from it, and the ongoing costs of any underlying investments in funds within the Company's portfolio. | 18 EUR |
| Transaction costs | 0.01% The impact of the costs of us buying and selling underlying investments for the product. | 1 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | The impact of performance fees. There is no performance fee for this Fund. | 0 EUR | | | Costi una tantum di ingresso o di uscita | Incidenza annuale dei costi in caso di uscita dopo 1 anno |
| --- | --- |
| Costi di ingresso | 0,00% L'impatto dei costi sostenuti al momento della sottoscrizione dell'investimento. Questo è l’importo massimo che l’investitore pagherà, anche se potrebbe pagare di meno. L'impatto dei costi è già compreso nel prezzo. Sono inclusi i costi di distribuzione del prodotto. | 0 EUR |
| Costi di uscita | 0,00% L'impatto dei costi di uscita dall'investimento alla scadenza. | 0 EUR |
| Costi correnti registrati ogni anno | Incidenza annuale dei costi in caso di uscita dopo 1 anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0,18% L'impatto dei costi che preleviamo ogni anno per la gestione degli investimenti. Ciò comprenderà i costi per l'assunzione di prestiti da investire, ma non i redditi o i benefici in termini di capitale legati a tali operazioni, i costi correnti di gestione della società, ma non il reddito da essa derivante, e i costi correnti di eventuali investimenti sottostanti in fondi del portafoglio della Società. | 18 EUR |
| Costi di transazione | 0,01% L’impatto dei costi di acquisto e vendita degli investimenti sottostanti per il prodotto. | 1 EUR |
| Oneri accessori sostenuti in determinate condizioni | Incidenza annuale dei costi in caso di uscita dopo 1 anno |
| Commissioni di gestione | L’impatto delle commissioni di performance. Per questo Fondo non si applicano le commissioni di performance. | 0 EUR | | | One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00% The impact of the costs you pay when entering your investment. This is the most you will pay, and you could pay less. The impact of costs are already included in the price. This includes the costs of distribution of your product. | 0 EUR |
| Exit costs | 0.00% The Impact of the costs of exiting your investment when it matures. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 0.18% The impact of the costs that we take each year for managing your investments. This will include the costs of borrowing money to invest but not any income or capital benefits of doing so, the ongoing costs of running the company, but not the income derived from it, and the ongoing costs of any underlying investments in funds within the Company's portfolio. | 18 EUR |
| Transaction costs | 0.01% The impact of the costs of us buying and selling underlying investments for the product. | 1 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | The impact of performance fees. There is no performance fee for this Fund. | 0 EUR | | en | it |
DOLFIN7124 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Key Information Document
Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Product
RAM (LUX) SYSTEMATIC FUNDS - GLOBAL EQUITIES SUSTAINABLE ALPHA
a sub-fund of RAM (LUX) SYSTEMATIC FUNDS
classe U
H
(CHF) - LU0935267590 | Document d’informations clés
Objectif
Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d’un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits.
Produit
RAM (LUX) SYSTEMATIC FUNDS - GLOBAL EQUITIES SUSTAINABLE ALPHA
un compartiment de RAM (LUX) SYSTEMATIC FUNDS
classe U
H
(CHF) - LU0935267590 | Key Information Document
Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Product
RAM (LUX) SYSTEMATIC FUNDS - GLOBAL EQUITIES SUSTAINABLE ALPHA
a sub-fund of RAM (LUX) SYSTEMATIC FUNDS
classe U
H
(CHF) - LU0935267590 | en | fr |
DOLFIN7125 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Conversion fee
Fee paid for the transfer of shares of one unit/ share class to another unit/share class.
Standard deviation and annualised volatility Annualised volatility is a risk indicator showing the extent of the price fluctuations of a security or fund unit compared to its average price over a given period. The higher the volatility, the greater the fluctuations. | ### Commissione di conversione
Commissione pagata per il trasferimento di azioni di una classe di quote/azioni a un'altra classe di quote/azioni.
Deviazione standard e volatilità annualizzata La volatilità annualizzata è un indicatore di rischio che mostra la portata delle variazioni di prezzo di un titolo o una quota di un fondo rispetto al suo prezzo medio in un determinato
periodo. Quanto più elevata è la volatilità, tanto maggiori sono le fluttuazioni. | ### Conversion fee
Fee paid for the transfer of shares of one unit/ share class to another unit/share class.
Standard deviation and annualised volatility Annualised volatility is a risk indicator showing the extent of the price fluctuations of a security or fund unit compared to its average price over a given period. The higher the volatility, the greater the fluctuations. | en | it |
DOLFIN7126 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Prevention of Money Laundering and Terrorist Financing
In accordance with international regulations and Luxembourg laws and regulations (including, but not limited to, the amended Law of 12 November 2004 on the fight against money laundering and financing of terrorism), the Grand Ducal Regulation dated 1 February 2010, CSSF Regulation 12-02 of 14 December 2012, CSSF Circulars 13/556, 15/609 and 17/650 concerning the fight against money laundering and terrorist financing, and any respective amendments or replacements, obligations have been imposed on all professionals of the financial sector in order to prevent undertakings for collective investment from money laundering and financing of terrorism purposes. As result of such provisions, the registrar and transfer agent of a Luxembourg UCI must ascertain the identity of the subscriber in accordance with Luxembourg laws and regulations. The Registrar and Transfer Agent may require subscribers to provide any document it deems necessary to effect such identification. In addition, the Registrar and Transfer Agent, as delegate of the Fund, may require any other information that the Fund may require in order to comply with its legal and regulatory obligations, including but not limited to the CRS Law.
In case of delay or failure by an applicant to provide the required documentation, the subscription request will not be accepted and in case of redemption, payment of redemption proceeds delayed. Neither the undertaking for collective investment nor the Registrar and Transfer Agent will be held responsible for said delay or failure to process deals resulting from the failure of the applicant to provide documentation or incomplete documentation.
From time to time, Shareholders may be asked to supply additional or updated identification documents in accordance with on-going due diligence obligations according to the relevant laws and regulations.
In accordance with the Luxembourg law of 13 January 2019 establishing a register of beneficial owners, Shareholders are informed that the Fund may need to communicate certain information to the register of beneficial owners in Luxembourg. The relevant authorities as well as the general public can access the register and the relevant information of the beneficial owners of the Fund, including the name, the month and year of birth, the country of residence and nationality. This law defines beneficial owners as a reference to economic beneficiaries under the amended Law of 12 November 2004 on the fight against money laundering and financing of terrorism as the Shareholders who own more than 25% of the shares of the Fund or who otherwise control the Fund. | ## Prevenzione del riciclaggio e del finanziamento del terrorismo
In conformità alle norme internazionali e alle leggi e regolamenti lussemburghesi (inclusa, in via non limitativa, la Legge modificata del 12 novembre 2004 in materia di contrasto al riciclaggio e al finanziamento del terrorismo), del Regolamento granducale datato 1° febbraio 2010, del Regolamento CSSF 12-02 del 14 dicembre 2012, delle Circolari CSSF 13/556, 15/609 e 17/650 concernenti la lotta al riciclaggio e al finanziamento del terrorismo, e rispettive modifiche o sostituzioni, sono stati imposti obblighi a carico di tutti gli operatori professionali del settore finanziario al fine di impedire il ricorso a organismi d’investimento collettivo per finalità di riciclaggio e finanziamento del terrorismo. Alla luce di tali disposizioni, il conservatore del registro e agente per i trasferimenti di un OIC lussemburghese deve accertare l’identità del sottoscrittore in conformità alle leggi e ai regolamenti lussemburghesi. Il Conservatore del registro e Agente per i trasferimenti può richiedere ai sottoscrittori di fornire qualunque documento a suo giudizio necessario per consentire tale identificazione. Il Conservatore del registro e Agente per i trasferimenti, in veste di delegato del Fondo, può inoltre richiedere qualunque altra informazione eventualmente necessaria al Fondo per rispettare gli obblighi giuridici e normativi inclusa, in via non limitativa, la Legge CRS.
Qualora un sottoscrittore ritardi oppure ometta di presentare i documenti richiesti, la domanda di sottoscrizione non sarà accettata e, nel caso di rimborso, il pagamento dei relativi proventi subirà ritardi. Né l’organismo di investimento collettivo né il Conservatore del registro e Agente per i trasferimenti saranno ritenuti responsabili di tali ritardi o mancati espletamenti di operazioni dovuti al fatto che il sottoscrittore non ha presentato la documentazione ovvero ha presentato una documentazione incompleta.
Agli Azionisti può essere di volta in volta richiesto di presentare documenti di identificazione aggiuntivi o aggiornati ai sensi dei vigenti obblighi in materia di due diligence conformemente alle leggi e ai regolamenti pertinenti.
In conformità alla legge lussemburghese del 13 gennaio 2019 che istituisce un registro dei titolari effettivi, gli Azionisti sono a conoscenza del fatto che il Fondo potrebbe essere tenuto a trasmettere determinate informazioni a detto registro in Lussemburgo. Le autorità pertinenti e il pubblico in generale possono accedere al registro e alle relative informazioni sui titolari effettivi del Fondo inclusi nome, mese e anno di nascita, paese di residenza e nazionalità. Questa legge definisce i titolari effettivi, con riferimento ai beneficiari economici ai sensi della Legge modificata del 12 novembre 2004 relativa | ## Prevention of Money Laundering and Terrorist Financing
In accordance with international regulations and Luxembourg laws and regulations (including, but not limited to, the amended Law of 12 November 2004 on the fight against money laundering and financing of terrorism), the Grand Ducal Regulation dated 1 February 2010, CSSF Regulation 12-02 of 14 December 2012, CSSF Circulars 13/556, 15/609 and 17/650 concerning the fight against money laundering and terrorist financing, and any respective amendments or replacements, obligations have been imposed on all professionals of the financial sector in order to prevent undertakings for collective investment from money laundering and financing of terrorism purposes. As result of such provisions, the registrar and transfer agent of a Luxembourg UCI must ascertain the identity of the subscriber in accordance with Luxembourg laws and regulations. The Registrar and Transfer Agent may require subscribers to provide any document it deems necessary to effect such identification. In addition, the Registrar and Transfer Agent, as delegate of the Fund, may require any other information that the Fund may require in order to comply with its legal and regulatory obligations, including but not limited to the CRS Law.
In case of delay or failure by an applicant to provide the required documentation, the subscription request will not be accepted and in case of redemption, payment of redemption proceeds delayed. Neither the undertaking for collective investment nor the Registrar and Transfer Agent will be held responsible for said delay or failure to process deals resulting from the failure of the applicant to provide documentation or incomplete documentation.
From time to time, Shareholders may be asked to supply additional or updated identification documents in accordance with on-going due diligence obligations according to the relevant laws and regulations.
In accordance with the Luxembourg law of 13 January 2019 establishing a register of beneficial owners, Shareholders are informed that the Fund may need to communicate certain information to the register of beneficial owners in Luxembourg. The relevant authorities as well as the general public can access the register and the relevant information of the beneficial owners of the Fund, including the name, the month and year of birth, the country of residence and nationality. This law defines beneficial owners as a reference to economic beneficiaries under the amended Law of 12 November 2004 on the fight against money laundering and financing of terrorism as the Shareholders who own more than 25% of the shares of the Fund or who otherwise control the Fund. | en | it |
DOLFIN7127 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le choix des investissements n'est pas limité par zone géographique (y
compris les marchés émergents) ou secteur économique, ni en termes des devises dans lesquelles les investissements seront libellés. Toutefois, en fonction des conditions du marché financier, l'accent pourra être mis sur un ou plusieurs pays et/ou sur une devise et/ou un secteur économique particulier. Par ailleurs, aucune pondération particulière ou prédéfinie ne sera fixée pour l'un des types susmentionnés de classes d'actifs.
Les produits dérivés sont utilisés à des fins d'investissement et de gestion du profil de risque du Compartiment.
La valeur nette d'inventaire de cette Catégorie est calculée chaque Jour ouvrable sur la base des prix des actifs sous-jacents à la fermeture des marchés chaque jour de la semaine précédent. Les opérations sur cette Catégorie se font le mercredi de chaque semaine et le dernier jour de chaque mois civil. L'heure limite de soumission des ordres de souscription et/ou de rachat est 16h00, heure de Luxembourg, le Jour ouvré au Luxembourg précédant le Jour de valorisation concerné (donc généralement le mardi et le Jour ouvré précédant le dernier Jour ouvré du mois).
La Classe est à capitalisation. Aucun dividende ne sera normalement distribué. La devise de la Classe est GBP.
Le Compartiment peut convenir aux investisseurs qui visent à mettre leur capital de côté pendant au moins 5 ans. | La selección de inversiones no estará limitada por regiones geográficas (incluidos los mercados emergentes), por sector económico ni por las divisas
en que estén denominadas las inversiones. No obstante, dependiendo de las condiciones del mercado financiero, las inversiones podrán concentrarse en un solo país (o varios países) y/o en una sola divisa y/o en un solo sector económico. Además, no se asignará ninguna ponderación particular o predeterminada en ninguno de los tipos de clases de activos mencionados.
Se utilizan derivados con fines de inversión y para gestionar el perfil de riesgo del Compartimento.
El valor de inventario neto de la Clase se calcula cada Día Hábil en base a los precios de los activos subyacentes al cierre de operaciones del día natural previo. La Clase opera semanalmente, cada miércoles y en el último día natural de cada mes. La hora límite para presentar solicitudes de suscripción y/o reembolso es a las 16:00 (hora de Luxemburgo) del día hábil de Luxemburgo previo al Día de Valoración pertinente (normalmente un martes y el día hábil anterior al último día hábil del mes).
La Clase es de capitalización. Por lo general, no habrá repartos de dividendos. La divisa de la Clase es GBP.
El Compartimento podría resultar adecuado para inversores que busquen apartar su capital durante un mínimo de 5 años. | Le choix des investissements n'est pas limité par zone géographique (y
compris les marchés émergents) ou secteur économique, ni en termes des devises dans lesquelles les investissements seront libellés. Toutefois, en fonction des conditions du marché financier, l'accent pourra être mis sur un ou plusieurs pays et/ou sur une devise et/ou un secteur économique particulier. Par ailleurs, aucune pondération particulière ou prédéfinie ne sera fixée pour l'un des types susmentionnés de classes d'actifs.
Les produits dérivés sont utilisés à des fins d'investissement et de gestion du profil de risque du Compartiment.
La valeur nette d'inventaire de cette Catégorie est calculée chaque Jour ouvrable sur la base des prix des actifs sous-jacents à la fermeture des marchés chaque jour de la semaine précédent. Les opérations sur cette Catégorie se font le mercredi de chaque semaine et le dernier jour de chaque mois civil. L'heure limite de soumission des ordres de souscription et/ou de rachat est 16h00, heure de Luxembourg, le Jour ouvré au Luxembourg précédant le Jour de valorisation concerné (donc généralement le mardi et le Jour ouvré précédant le dernier Jour ouvré du mois).
La Classe est à capitalisation. Aucun dividende ne sera normalement distribué. La devise de la Classe est GBP.
Le Compartiment peut convenir aux investisseurs qui visent à mettre leur capital de côté pendant au moins 5 ans. | fr | es |
DOLFIN7128 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
Management objective: The aim of the sub-fund, over its recommended investment period, is to provide partial exposure to the performance of eurozone equity markets, while hedging the equity risk at all times, completely or in part, on futures and options markets, in line with the manager's expectations. The aforementioned companies are selected on the basis of an analysis that combines financial profitability and compliance with non-financial criteria. 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 and overall market exposure. The sub-fund's "equities" investment universe is comparable to that of the MSCI EMU NR index.
Benchmark index: 56% MSCI EMU (NR), net dividends reinvested + 44% Capitalised €STR
Investment policy: The sub-fund uses an active selection strategy, by investing, directly or through UCIs, a minimum of 75% of its net assets in eurozone equities eligible for the equity savings plan (PEA), irrespective of stock market capitalisation (including small and mid-caps), while managing exposure to equity risk for between 0% and 90% of its net assets by implementing hedging or exposure strategies via trading on futures and options markets. The ESG investment universe includes listed companies from developed eurozone countries with market capitalisation of over €1 billion. The management company may select securities from outside this ESG universe. However, it will ensure that the chosen ESG universe offers a relevant comparison for the sub-fund's ESG rating.
Securities are selected based on the combined use of financial criteria for selecting eurozone securities as well as non-financial criteria, in order to meet the requirements of Socially Responsible Investment. Shares will be selected in accordance with the following strategy. Various filters will be applied to the investment universe in order to define those securities that will be considered eligible and therefore subject to further analyses. The first category of filters, based on non-financial analysis, will reduce the investment universe according to the individual ESG ratings of the securities. A second category of filters allows securities to be selected on the basis of financial ratios, focusing in particular on style bias (discounted stocks, quality stocks, growth stocks, etc.). The sub-fund will not be exposed to the equities of emerging countries. The analysis of non-financial criteria is designed to allow securities to be rated based on the Management Company's own ESG rating grid, which evaluates securities according to the company's Environmental, Social and Governance criteria. To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the management company, the latter carries out research to produce an internal ESG rating on a scale of 7, ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid. In the absence of an internal rating, the Manager relies on an ESG rating supplied by the Management Company's external ratings provider.
The ratings methodology used by the Management Company's external ratings provider may not be identical to the approach used to calculate proprietary ratings. The manager is responsible for selecting securities that comply with the non-financial criteria that are most suited to the Management Company's approach. At least 90% of portfolio companies receive either an internal ESG rating or a rating supplied by an external rating agency. Once this process has been applied, the investment universe will be reduced by 20% by eliminating the poorer non-financial ratings. The aim of using derivative instruments is to reduce exposure to European equity markets. The sub-fund may invest up to 25% of its assets in debt securities and money market instruments denominated in euros. The sub-fund will target issues from European public or private issuers with a maximum residual maturity of 397 days, rated Investment Grade (i.e. with a rating of BBB- or above according to Standard & Poor's, or any other equivalent rating assigned by another independent agency, or an internal rating deemed equivalent and assigned by the Investment Manager). The sub-fund may be exposed to an ancillary currency risk by holding UCIs and investment funds. Subject to a limit of 100% of its assets, the sub-fund may use, for hedging and/or exposure purposes, derivative instruments traded over the counter or financial contracts traded on regulated markets in the eurozone. The sub-fund may invest in callable and puttable bonds up to a limit of 25% of its assets. In addition, the sub-fund may invest up to a maximum of 10% of its net assets in UCI units or shares or other eligible investment funds. The sub-fund may enter into reverse repurchase agreements involving transferable securities or financial market instruments, up to a limit of 25% of its assets. The UCI may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on equities, equity indices and/or equity baskets up to a limit of 50% of its assets. The expected proportion of assets under management is 15%.
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French equity markets are closed (pursuant to the official calendar of Euronext Paris S.A.) and days on which the European derivatives markets are closed (pursuant to the official calendar of EUREX), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day's net asset value.
The UCITS stopped issuing PC EUR shares at 12.30 p.m. on 30 June 2017. It has not been possible to subscribe to these shares since this date.
A redemption cap mechanism (known as "Gates") may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Distribution
Allocation of net realised gains: Accumulation and/or Distribution and/or Carried forward
Other information: The sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, the "Disclosure Regulation" or "SFDR", and is subject to sustainability risks as defined in the risk profile of the prospectus.
Recommended investment period: more than 3 years | # Objetivos y política de inversión
Objetivo de gestión: El objetivo del subfondo, en el horizonte de inversión recomendado, es participar parcialmente en la evolución de los mercados de la zona del euro, estableciendo al mismo tiempo una cobertura permanente, total o parcial, contra el riesgo de renta variable en los mercados de futuros y opciones, en función de las previsiones del gestor. Las sociedades anteriormente mencionadas se seleccionan sobre la base de un análisis tanto de rentabilidad financiera como de cumplimiento de criterios extrafinancieros. El subfondo se gestiona de forma activa, lo que significa que el Gestor toma decisiones de inversión con el propósito de lograr el objetivo y cumplir con la política de inversión del subfondo. Esta gestión activa conlleva tomar decisiones relativas a la selección de activos y el nivel general de exposición al mercado. El universo de inversión en acciones del subfondo es comparable al del índice MSCI EMU NR. Índice de referencia: 56% MSCI EMU (NR) dividendos netos reinvertidos + 44% €STR capitalizado
Política de inversión: El subfondo podrá recurrir a una estrategia de selección activa, invirtiendo, directamente o mediante OIC, en acciones de la zona del euro con un mínimo del 75% elegible en el Plan de Ahorro en Acciones (PEA), sin tener en cuenta la capitalización bursátil (incluidas capitalizaciones pequeñas y medianas), a la vez que mantiene la exposición al riesgo de renta variable entre el 0% y el 90% del patrimonio neto mediante la implementación de estrategias de cobertura o exposición por medio de la intervención en los mercados de futuros y opciones. El universo de inversión ESG incluye empresas cotizadas de países desarrollados de la zona del euro, con una capitalización bursátil superior a los mil millones de euros. La Sociedad Gestora puede seleccionar valores ajenos a este universo de inversión ESG. No obstante, se asegurará de que el universo de inversión ESG empleado sea un elemento comparativo relevante para la calificación ESG del subfondo.
La selección de acciones se basa en el uso combinado de criterios financieros para seleccionar las acciones de la zona del euro y en los criterios extrafinancieros para cumplir con los requisitos de Inversión Socialmente Responsable. Las acciones se seleccionarán de acuerdo con la siguiente estrategia. A partir del universo de inversión se aplicarán distintos filtros que permitirán definir qué valores se considerarán admisibles y serán objeto de análisis complementarios. Una primera categoría de filtros, basada en el análisis extrafinanciero, reducirá el universo de inversión según las calificaciones ESG individuales de los valores. Una segunda categoría de filtros permitirá seleccionar los valores en función de las relaciones financieras, centradas concretamente en el sesgo de estilo (valores con descuentos, valores de calidad, valores de crecimiento, etc.). El subfondo no estará expuesto a acciones de países emergentes. El análisis de los criterios extrafinancieros permite calificar las acciones según una tabla de calificación ESG específica de la sociedad gestora, que evalúa los valores de acuerdo con los criterios medioambientales, sociales y de gobierno corporativo de la empresa. Para determinar si la empresa analizada incorpora las características de la empresa responsable y sostenible definidas por la Sociedad gestora, esta última lleva a cabo un estudio que resulta en una calificación ESG interna en una escala de siete graduaciones que van desde AAA a CCC. La calificación es la suma de los resultados obtenidos en los criterios ESG de la tabla de calificación. A falta de calificación interna, el Gestor podrá emplear una calificación ESG de una agencia de calificación extrafinanciera.
La méthodologie de notations utilisée par l’agence de notation externe utilisée par la Société de Gestion pourrait ne pas être identique à l’approche méthodologique de calcul des notations propriétaires. El gestor es responsable de seleccionar los valores que cumplan los criterios extrafinancieros que mejor se adapten al enfoque de la sociedad gestora. Como mínimo el 90% de las sociedades en cartera se benefician de una calificación ESG interna o proporcionada por una agencia de calificación externa. Tras aplicar este proceso, el universo de inversión se reducirá al menos en un 20% al eliminar las peores calificaciones extrafinancieras. Recurrir a los instrumentos derivados tendrá el objetivo de reducir la exposición a los mercados de renta variable europeos. El subfondo puede invertir hasta el 25% de su patrimonio en títulos de deuda e instrumentos del mercado monetario denominados en euros. El subfondo buscará emisiones de emisores públicos o privados europeos, con un vencimiento residual de 397 días como máximo, con una calificación de “Investment Grade” (es decir, con una calificación superior o equivalente a BBB- según Standard & Poor's, cualquier otra calificación que les atribuya otra agencia independiente o una calificación interna considerada equivalente que les atribuya el Gestor de inversiones). El subfondo puede estar expuesto al riesgo de cambio de forma accesoria, mediante la posesión de OIC y fondos de inversión. Con un límite del 100% de su patrimonio, el subfondo podrá recurrir a instrumentos derivados negociados de modo extrabursátil o a contratos financieros negociados en mercados regulados de la zona del euro, con fines de cobertura o exposición. El subfondo podrá invertir en bonos rescatables o con opción de venta hasta el 25% de su patrimonio. Asimismo, el subfondo puede invertir, con un límite máximo del 10% de su patrimonio neto, en participaciones o acciones de OIC o de otros fondos de inversión elegibles. El subfondo puede suscribir pactos de recompra inversa relativos a títulos transferibles o a instrumentos de los mercados financieros, dentro del límite del 25% del patrimonio. El IIC podrá recurrir a contratos de permuta a plazo negociados de modo extrabursátil en forma de “Total Return Swaps” (TRS) en acciones, índices de acciones y/o cestas de acciones hasta el 50% de su patrimonio. La proporción esperada del activo bajo gestión es del 15%.
Frecuencia de compra o venta de acciones: Todos los días, a excepción de los días festivos o los días de cierre de los mercados de renta variable franceses (calendario oficial de Euronext Paris S.A.), y los días en que los mercados de derivados europeos están cerrados (calendario oficial de EUREX), para las órdenes recibidas por el centralizador cada día de cálculo del valor liquidativo antes de las 12:30 horas, en función del valor liquidativo del día.
El OICVM dejó de emitir acciones PC EUR el 30 de junio de 2017 a las 12:30 horas. Estas acciones ya no se pueden suscribir a partir de esa fecha.
La sociedad gestora podrá aplicar un mecanismo de limitación de los reembolsos (conocido como “Gates”). Las modalidades de funcionamiento se describen en el Folleto y en los Estatutos del Fondo.
Asignación de los ingresos: Distribución
Asignación de las plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento
Otra información: El subfondo fomenta los criterios medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) en el sentido del artículo 8 del Reglamento (UE) 2019/2088, denominado “Reglamento de Divulgación” o “SFDR”, y está sujeto al riesgo de sostenibilidad, tal y como se define en el perfil de riesgo del folleto.
Duración de la participación recomendada superior a 3 años | # Objectives and investment policy
Management objective: The aim of the sub-fund, over its recommended investment period, is to provide partial exposure to the performance of eurozone equity markets, while hedging the equity risk at all times, completely or in part, on futures and options markets, in line with the manager's expectations. The aforementioned companies are selected on the basis of an analysis that combines financial profitability and compliance with non-financial criteria. 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 and overall market exposure. The sub-fund's "equities" investment universe is comparable to that of the MSCI EMU NR index.
Benchmark index: 56% MSCI EMU (NR), net dividends reinvested + 44% Capitalised €STR
Investment policy: The sub-fund uses an active selection strategy, by investing, directly or through UCIs, a minimum of 75% of its net assets in eurozone equities eligible for the equity savings plan (PEA), irrespective of stock market capitalisation (including small and mid-caps), while managing exposure to equity risk for between 0% and 90% of its net assets by implementing hedging or exposure strategies via trading on futures and options markets. The ESG investment universe includes listed companies from developed eurozone countries with market capitalisation of over €1 billion. The management company may select securities from outside this ESG universe. However, it will ensure that the chosen ESG universe offers a relevant comparison for the sub-fund's ESG rating.
Securities are selected based on the combined use of financial criteria for selecting eurozone securities as well as non-financial criteria, in order to meet the requirements of Socially Responsible Investment. Shares will be selected in accordance with the following strategy. Various filters will be applied to the investment universe in order to define those securities that will be considered eligible and therefore subject to further analyses. The first category of filters, based on non-financial analysis, will reduce the investment universe according to the individual ESG ratings of the securities. A second category of filters allows securities to be selected on the basis of financial ratios, focusing in particular on style bias (discounted stocks, quality stocks, growth stocks, etc.). The sub-fund will not be exposed to the equities of emerging countries. The analysis of non-financial criteria is designed to allow securities to be rated based on the Management Company's own ESG rating grid, which evaluates securities according to the company's Environmental, Social and Governance criteria. To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the management company, the latter carries out research to produce an internal ESG rating on a scale of 7, ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid. In the absence of an internal rating, the Manager relies on an ESG rating supplied by the Management Company's external ratings provider.
The ratings methodology used by the Management Company's external ratings provider may not be identical to the approach used to calculate proprietary ratings. The manager is responsible for selecting securities that comply with the non-financial criteria that are most suited to the Management Company's approach. At least 90% of portfolio companies receive either an internal ESG rating or a rating supplied by an external rating agency. Once this process has been applied, the investment universe will be reduced by 20% by eliminating the poorer non-financial ratings. The aim of using derivative instruments is to reduce exposure to European equity markets. The sub-fund may invest up to 25% of its assets in debt securities and money market instruments denominated in euros. The sub-fund will target issues from European public or private issuers with a maximum residual maturity of 397 days, rated Investment Grade (i.e. with a rating of BBB- or above according to Standard & Poor's, or any other equivalent rating assigned by another independent agency, or an internal rating deemed equivalent and assigned by the Investment Manager). The sub-fund may be exposed to an ancillary currency risk by holding UCIs and investment funds. Subject to a limit of 100% of its assets, the sub-fund may use, for hedging and/or exposure purposes, derivative instruments traded over the counter or financial contracts traded on regulated markets in the eurozone. The sub-fund may invest in callable and puttable bonds up to a limit of 25% of its assets. In addition, the sub-fund may invest up to a maximum of 10% of its net assets in UCI units or shares or other eligible investment funds. The sub-fund may enter into reverse repurchase agreements involving transferable securities or financial market instruments, up to a limit of 25% of its assets. The UCI may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on equities, equity indices and/or equity baskets up to a limit of 50% of its assets. The expected proportion of assets under management is 15%.
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French equity markets are closed (pursuant to the official calendar of Euronext Paris S.A.) and days on which the European derivatives markets are closed (pursuant to the official calendar of EUREX), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day's net asset value.
The UCITS stopped issuing PC EUR shares at 12.30 p.m. on 30 June 2017. It has not been possible to subscribe to these shares since this date.
A redemption cap mechanism (known as "Gates") may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Distribution
Allocation of net realised gains: Accumulation and/or Distribution and/or Carried forward
Other information: The sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, the "Disclosure Regulation" or "SFDR", and is subject to sustainability risks as defined in the risk profile of the prospectus.
Recommended investment period: more than 3 years | en | es |
DOLFIN7129 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Management Company, its agents, representatives or any other entity of the same group and other service providers may conduct transactions in which they have, directly or indirectly, an interest which may involve a risk of conflict with the interests of the Fund or its Sub-funds.
These conflicts of interest include in particular management of other funds, purchases and sales of shares of the Sub-funds or other entities, brokerage services, securities deposit and custodian services and acting as a director, manager, adviser or representative of other funds or companies, including companies in which a Sub-fund might invest.
The Management Company and each of its agents will ensure that their respective obligations are not compromised by the above- mentioned involvements.
More specifically, the Management Company, by virtue of the rules of conduct applicable to it, must try to avoid conflicts of interest and, when they cannot be avoided, ensure that its clients (including the Fund) are treated equitably.
-
### FATCA requirements | La Società di Gestione, i suoi agenti, rappresentanti o qualsiasi altra entità appartenente al gruppo e i prestatori di servizi sono chiamati a svolgere operazioni nelle quali, direttamente o indirettamente, possono avere interessi che possono essere in conflitto con l’interesse della SICAV e dei suoi Comparti.
Tali conflitti d’interesse includono in particolare la gestione di altri fondi, l’acquisto o la vendita di titoli dei Comparti o di altre entità, i servizi d’intermediazione, i servizi di deposito o di custodia di titoli e il fatto di operare in qualità di amministratore, direttore, consulente o mandatario di altri fondi e società, incluse le società nelle quali un Comparto potrebbe investire.
La Società di Gestione e ognuna delle parti interessate avrà cura che i rispettivi obblighi non abbiano a risentire delle summenzionate implicazioni.
In particolare, in virtù delle regole di condotta alle quali è soggetta, la Società di Gestione deve evitare i conflitti d’interesse e, qualora non possano essere evitati, assicurare un equo trattamento dei propri clienti (compresa la SICAV).
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### Requisiti FATCA | The Management Company, its agents, representatives or any other entity of the same group and other service providers may conduct transactions in which they have, directly or indirectly, an interest which may involve a risk of conflict with the interests of the Fund or its Sub-funds.
These conflicts of interest include in particular management of other funds, purchases and sales of shares of the Sub-funds or other entities, brokerage services, securities deposit and custodian services and acting as a director, manager, adviser or representative of other funds or companies, including companies in which a Sub-fund might invest.
The Management Company and each of its agents will ensure that their respective obligations are not compromised by the above- mentioned involvements.
More specifically, the Management Company, by virtue of the rules of conduct applicable to it, must try to avoid conflicts of interest and, when they cannot be avoided, ensure that its clients (including the Fund) are treated equitably.
-
### FATCA requirements | en | it |
DOLFIN7130 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
How long should I hold it and can I take money out early? Recommended holding period: 4 years.
The recommended holding period is based on our assessment of the risk and reward characteristics and costs of the product.
Order Processing: Requests to buy, exchange or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5. | ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada? Período de mantenimiento recomendado: 4 año(s).
El periodo de tenencia recomendado se basa en nuestra evaluación de las características de riesgo y recompensa y los costes del producto.
Tramitación de órdenes: Las solicitudes de compra, intercambio o venta de acciones del fondo que la Sociedad Gestora reciba y acepte antes de las 16.00 horas CET (15.00 horas en el Reino Unido) en cualquier fecha de valoración se tramitan de forma ordinaria al VL de esa fecha de valoración. La liquidación se suele producir en los 3 días hábiles posteriores a la recepción de instrucciones cursadas por escrito, y, en cualquier caso, nunca más tarde de los 5 días hábiles posteriores. | How long should I hold it and can I take money out early? Recommended holding period: 4 years.
The recommended holding period is based on our assessment of the risk and reward characteristics and costs of the product.
Order Processing: Requests to buy, exchange or sell fund shares that are received and accepted by the Management Company by 1:00 PM CET (12:00 PM UK time) on any Valuation Day are ordinarily processed at the NAV for that Valuation Day. Settlement occurs within 3 business days after receipt of written instructions, and in case of redemptions no later than 5. | en | es |
DOLFIN7131 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| | 10 principales positions (%) | |
| --- | --- | --- |
| 69,9 | Libellé de la position | % |
| 65,8 | | |
| | Bristol-Myers Squibb Co | 4,2 |
| 17,6 11,2 | UnitedHealth Group Inc | 4,0 |
| 5,1 | Roche Holding AG | 3,9 | | | | 10 principales posiciones largas (%) | |
| --- | --- | --- |
| 69,9 | Nombre de la posición | % |
| 65,8 | | |
| | Bristol-Myers Squibb Co | 4,2 |
| 17,6 11,2 | UnitedHealth Group Inc | 4,0 |
| 5,1 | Roche Holding AG | 3,9 | | | | 10 principales positions (%) | |
| --- | --- | --- |
| 69,9 | Libellé de la position | % |
| 65,8 | | |
| | Bristol-Myers Squibb Co | 4,2 |
| 17,6 11,2 | UnitedHealth Group Inc | 4,0 |
| 5,1 | Roche Holding AG | 3,9 | | fr | es |
DOLFIN7132 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Notes to the statement of assets and liabilities as at 31 May 2022
### Taxation
| In Luxembourg, the sub-funds must pay a capital tax ("subscription levy") on their respective net assets at a rate of 0.01% p.a. for units of classes with registered share capital "IA" and "IT" (institutional investors) and 0.05% p.a. for units of Classes with registered share capital "PA" and "PT" (retail investors) as well as "DT", "FA" and "FT". Interest income on net assets is not subject to any separate taxation in Luxembourg. |
| --- |
| The tax mentioned is payable quarterly on the net fund assets reported at the end of each quarter. |
### Publications
| The issue and redemption prices of each sub-fund are available for information purposes at the registered office of the capital management company, the custodian and the paying agents of the fund abroad and are published in accordance with the legal provisions of each country in which the units are authorised for public distribution and on the website of the capital management company (www.bantleon.com). The net asset value of each sub-fund can be obtained from the registered office of the capital management company and is also published on the capital management company's website. |
| --- |
| Other publications or notices addressed to shareholders will be published in at least one Luxembourg daily newspaper and in accordance with the laws of each country in which the Equities are authorised for public distribution. |
### Changes in the securities portfolio
The changes in the securities portfolio during the reporting period are available, free of charge, at the registered office of the capital management company, through the custodian and through any paying agent.
### Information in accordance to Regulation (EU) 2015/2365 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 - disclosure according to Section A
| For all sub-funds, with the exception of the sub-fund Bantleon Event Driven Equities, there were no securities financing transactions and total return swaps in accordance with the aforementioned legal provision. |
| --- |
| The relevant information for the sub-fund Bantleon Event Driven Equities is contained in the relevant sub-sections of this report under "Additional Disclosures in accordance with Regulation (EU) 2015/2365 on securities financing transactions". |
| The consolidated statement of assets, the consolidated statement of operations and the consolidated statement of changes in net assets are made up of the total of all sub-funds. The Bantleon Diversified Markets sub-fund will be converted from USD to EUR at the exchange rate as on the reporting date of 31/05/2022. |
| --- |
| Consolidated statement of assets as at 31/05/2022 |
| Daily value in EUR | % share of fund assets *) |
| --- | --- |
| Assets | | |
| --- | --- | --- |
| Equities | 211,868,567.56 | 15.53 |
| Bonds | 1,065,637,960.29 | 78.12 |
| Certificates | 23,633,747.89 | 1.73 |
| Other equity securities | 6,844,265.06 | 0.50 |
| Other securities | 36,905.00 | 0.00 |
| Investment units | 6,870,197.32 | 0.50 |
| Derivatives | 2,860,364.66 | 0.21 |
| Bank balances | 52,121,197.05 | 3.82 |
| Other assets | 5,239,467.98 | 0.38 |
| Total assets | 1,375,112,672.81 | 100.81 |
| Equity and liabilities | | |
| --- | --- | --- |
| Loan liabilities | -9,649,640.80 | -0.71 |
| Interest payable | -39,644.39 | -0.00 |
| All-in fee liabilities | -1,275,869.54 | -0.09 |
| Subscription levy (taxe d'abonnement) liabilities | -31,013.83 | -0.00 |
| Other liabilities | -8,763.52 | -0.00 |
| Total liabilities | -11,004,932.08 | -0.81 |
| Fund assets | 1,364,107,740.71 | 100.00 |
| --- | --- | --- |
### *) Small rounding differences may exist due to rounding of percentage figures.
| I. Income |
| --- |
| - Dividends |
| - Interest from securities |
| - Interest from profit participation certificates |
| - Interest from liquidity investments *) |
| - Income from investment units |
| Total income |
| II. Expenses |
| - Interest from short-term borrowing |
| - Management fee |
| - Custodian fee |
| - Taxe d'abonnement |
| - Foreign withholding tax |
| - Compensation of expenses |
| - Other expenses | | # Erläuterungen zur Vermögensaufstellung zum 31. Mai 2022
### Besteuerung
| In Luxemburg müssen die Teilfonds auf das jeweilige Nettovermögen eine Kapitalsteuer („Abonnementsabgabe”) in Höhe von 0,01% p.a. für Aktien der Klassen mit Namensbestandteil „IA” und „IT” (institutionelle Anleger) und 0,05% p.a. für Aktien der Klassen mit Namensbestandteil „PA” und „PT” (Privatanleger) sowie „DT”, „FA” und „FT” entrichten. Zinseinkünfte des Nettovermögens unterliegen in Luxemburg keiner gesonderten Besteuerung. |
| --- |
| Die genannte Steuer ist vierteljährlich auf das jeweils am Quartalsende ausgewiesene Netto-Fondsvermögen zahlbar. |
### Veröffentlichungen
| Die Ausgabe- und Rücknahmepreise eines jeden Teilfonds sind jeweils am Sitz der Kapitalverwaltungsgesellschaft, der Verwahrstelle und der Zahlstellen des Fonds im Ausland zur Information verfügbar und werden gemäß den gesetzlichen Bestimmungen eines jeden Landes, in dem die Anteile zum öffentlichen Vertrieb berechtigt sind, sowie auf der Internetseite der Kapitalverwaltungsgesellschaft (www.bantleon.com), veröffentlicht. Der Inventarwert eines jeden Teilfonds kann am Sitz der Kapitalverwaltungsgesellschaft angefragt werden und wird ebenfalls auf der Internetseite der Kapitalverwaltungsgesellschaft veröffentlicht. |
| --- |
| Sonstige Veröffentlichungen oder Bekanntmachungen, die sich an die Aktionäre richten, werden in mindestens einer luxemburgischen Tageszeitung sowie gemäß den gesetzlichen Bestimmungen eines jeden Landes veröffentlicht, in dem die Aktien zum öffentlichen Vertrieb berechtigt sind. |
### Veränderungen im Wertpapierbestand
### Die Veränderung des Wertpapierbestandes im Berichtszeitraum ist kostenlos am Geschäftssitz der Kapitalverwaltungsgesellschaft, über die Verwahrstelle sowie über jede Zahlstelle erhältlich.
Angaben gemäß Verordnung (EU) 2015/2365 über die Transparenz von Wertpapierfinanzierungsgeschäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 - Ausweis nach Abschnitt A
| Für alle Teilfonds, außer dem Teilfonds Bantleon Event Driven Equities, lagen keine Wertpapierfinanzierungsgeschäfte und Gesamtrendite-Swaps gemäß der oben genannten rechtlichen Bestimmung vor. |
| --- |
| Die diesbezüglichen Angaben für den Teilfonds Bantleon Event Driven Equities sind in den entsprechenden Unterabschnitten dieses Berichts unter „Zusätzliche Anhangsangaben gemäß der Verordnung (EU) 2015/2365 betreffend Wertpapierfinanzierungsgeschäfte“ enthalten. |
| Die konsolidierte Vermögensaufstellung, die konsolidierte Ertrags- und Aufwandsrechnung und die konsolidierte Entwicklung des Fondsvermögens setzt sich aus der Summe aller Teilfonds zusammen. Der Teilfonds Bantleon Diversified Markets wird mit dem Kurs zum Stichtag 31.05.2022 von USD in EUR umgewandelt. |
| --- |
| Konsolidierte Vermögensaufstellung zum 31.05.2022 |
| Tageswert in EUR | % Anteil am Fondsvermögen *) |
| --- | --- |
| Aktiva | | |
| --- | --- | --- |
| Aktien | 211.868.567,56 | 15,53 |
| Anleihen | 1.065.637.960,29 | 78,12 |
| Zertifikate | 23.633.747,89 | 1,73 |
| Sonstige Beteiligungswertpapiere | 6.844.265,06 | 0,50 |
| Andere Wertpapiere | 36.905,00 | 0,00 |
| Investmentanteile | 6.870.197,32 | 0,50 |
| Derivate | 2.860.364,66 | 0,21 |
| Bankguthaben | 52.121.197,05 | 3,82 |
| Sonstige Vermögensgegenstände | 5.239.467,98 | 0,38 |
| Gesamtaktiva | 1.375.112.672,81 | 100,81 |
| Passiva | | |
| --- | --- | --- |
| Verbindlichkeiten aus Kreditaufnahme | -9.649.640,80 | -0,71 |
| Zinsverbindlichkeiten | -39.644,39 | -0,00 |
| Verbindlichkeiten aus Pauschalkommission | -1.275.869,54 | -0,09 |
| Verbindlichkeiten aus taxe d‘abonnement | -31.013,83 | -0,00 |
| Sonstige Verbindlichkeiten | -8.763,52 | -0,00 |
| Gesamtpassiva | -11.004.932,08 | -0,81 |
| Fondsvermögen | 1.364.107.740,71 | 100,00 |
| --- | --- | --- |
### *) Durch Rundung der Prozent-Anteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein. | # Notes to the statement of assets and liabilities as at 31 May 2022
### Taxation
| In Luxembourg, the sub-funds must pay a capital tax ("subscription levy") on their respective net assets at a rate of 0.01% p.a. for units of classes with registered share capital "IA" and "IT" (institutional investors) and 0.05% p.a. for units of Classes with registered share capital "PA" and "PT" (retail investors) as well as "DT", "FA" and "FT". Interest income on net assets is not subject to any separate taxation in Luxembourg. |
| --- |
| The tax mentioned is payable quarterly on the net fund assets reported at the end of each quarter. |
### Publications
| The issue and redemption prices of each sub-fund are available for information purposes at the registered office of the capital management company, the custodian and the paying agents of the fund abroad and are published in accordance with the legal provisions of each country in which the units are authorised for public distribution and on the website of the capital management company (www.bantleon.com). The net asset value of each sub-fund can be obtained from the registered office of the capital management company and is also published on the capital management company's website. |
| --- |
| Other publications or notices addressed to shareholders will be published in at least one Luxembourg daily newspaper and in accordance with the laws of each country in which the Equities are authorised for public distribution. |
### Changes in the securities portfolio
The changes in the securities portfolio during the reporting period are available, free of charge, at the registered office of the capital management company, through the custodian and through any paying agent.
### Information in accordance to Regulation (EU) 2015/2365 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 - disclosure according to Section A
| For all sub-funds, with the exception of the sub-fund Bantleon Event Driven Equities, there were no securities financing transactions and total return swaps in accordance with the aforementioned legal provision. |
| --- |
| The relevant information for the sub-fund Bantleon Event Driven Equities is contained in the relevant sub-sections of this report under "Additional Disclosures in accordance with Regulation (EU) 2015/2365 on securities financing transactions". |
| The consolidated statement of assets, the consolidated statement of operations and the consolidated statement of changes in net assets are made up of the total of all sub-funds. The Bantleon Diversified Markets sub-fund will be converted from USD to EUR at the exchange rate as on the reporting date of 31/05/2022. |
| --- |
| Consolidated statement of assets as at 31/05/2022 |
| Daily value in EUR | % share of fund assets *) |
| --- | --- |
| Assets | | |
| --- | --- | --- |
| Equities | 211,868,567.56 | 15.53 |
| Bonds | 1,065,637,960.29 | 78.12 |
| Certificates | 23,633,747.89 | 1.73 |
| Other equity securities | 6,844,265.06 | 0.50 |
| Other securities | 36,905.00 | 0.00 |
| Investment units | 6,870,197.32 | 0.50 |
| Derivatives | 2,860,364.66 | 0.21 |
| Bank balances | 52,121,197.05 | 3.82 |
| Other assets | 5,239,467.98 | 0.38 |
| Total assets | 1,375,112,672.81 | 100.81 |
| Equity and liabilities | | |
| --- | --- | --- |
| Loan liabilities | -9,649,640.80 | -0.71 |
| Interest payable | -39,644.39 | -0.00 |
| All-in fee liabilities | -1,275,869.54 | -0.09 |
| Subscription levy (taxe d'abonnement) liabilities | -31,013.83 | -0.00 |
| Other liabilities | -8,763.52 | -0.00 |
| Total liabilities | -11,004,932.08 | -0.81 |
| Fund assets | 1,364,107,740.71 | 100.00 |
| --- | --- | --- |
### *) Small rounding differences may exist due to rounding of percentage figures.
| I. Income |
| --- |
| - Dividends |
| - Interest from securities |
| - Interest from profit participation certificates |
| - Interest from liquidity investments *) |
| - Income from investment units |
| Total income |
| II. Expenses |
| - Interest from short-term borrowing |
| - Management fee |
| - Custodian fee |
| - Taxe d'abonnement |
| - Foreign withholding tax |
| - Compensation of expenses |
| - Other expenses | | en | de |
DOLFIN7133 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# FUND OBJECTIVE
The fund aims to increase the value of your shares through a combination of growth and income from investments in high yield bonds (debt securities). High yield bonds have a lower credit rating because they carry a higher risk of not being paid back. High yield bonds typically offer a higher income to make them attractive to investors. The fund invests primarily in high yield bonds issued by US corporations and non-US corporations which conduct a majority of their activity in the US. The fund may also invest in securities of companies and governments located in emerging market (less developed) countries. The fund systematically applies Environmental, Social and Governance ("ESG") criteria in the selection of securities. | # OBIETTIVO DEL FONDO
Il fondo punta ad accrescere il valore delle vostre azioni mediante una combinazione di crescita e reddito proveniente dagli investimenti in obbligazioni high yield (titoli di debito). Le obbligazioni high yield hanno rating creditizi inferiori perché comportano maggiori rischi di mancato rimborso. Di norma, le obbligazioni high yield offrono redditi più elevati per risultare appetibili agli investitori. Il fondo investe principalmente in obbligazioni high yield emesse da aziende statunitensi e da aziende non statunitensi che svolgono gran parte della propria attività negli Stati Uniti. Il fondo può altresì investire in titoli di società e governi dei paesi dei mercati emergenti (meno sviluppati). Il fondo applica sistematicamente i criteri ESG (ambientali, sociali e di governance) alla selezione dei titoli. | # FUND OBJECTIVE
The fund aims to increase the value of your shares through a combination of growth and income from investments in high yield bonds (debt securities). High yield bonds have a lower credit rating because they carry a higher risk of not being paid back. High yield bonds typically offer a higher income to make them attractive to investors. The fund invests primarily in high yield bonds issued by US corporations and non-US corporations which conduct a majority of their activity in the US. The fund may also invest in securities of companies and governments located in emerging market (less developed) countries. The fund systematically applies Environmental, Social and Governance ("ESG") criteria in the selection of securities. | en | it |
DOLFIN7134 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The respective Board of Directors considers the Mergers to be expedient for reasons of optimization of the investment structure, more efficient and more cost-effective management of the investments and improved positioning of the Absorbing Subfund.
-
# Comparison between the Absorbed Subfund and the Absorbing Subfund | Die Verschmelzung erachtet der jeweilige Verwaltungsrat aus Gründen der Optimierung der Anlagestruktur, der effizienteren und kostengünstigeren Verwaltung der Anlagen sowie der verbesserten Positionierung des übernehmenden Subfonds als sinnvoll.
-
# Vergleich zwischen dem übertragenden und dem übernehmendem Subfonds | The respective Board of Directors considers the Mergers to be expedient for reasons of optimization of the investment structure, more efficient and more cost-effective management of the investments and improved positioning of the Absorbing Subfund.
-
# Comparison between the Absorbed Subfund and the Absorbing Subfund | en | de |
DOLFIN7135 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Product Features
- Designed for investors looking for high dividend income from their equity portfolios.
- Designed to identify financially robust companies.
- Invested in a diversified portfolio of companies from emerging markets. | ### Caratteristiche del prodotto
- Studiato per investitori azionari che cercano un elevato reddito da dividendo dai rispettivi portafogli azionari.
- Studiato per individuare aziende finanziariamente solide.
- Investito in un portafoglio diversificato di aziende dei mercati emergenti. | ### Product Features
- Designed for investors looking for high dividend income from their equity portfolios.
- Designed to identify financially robust companies.
- Invested in a diversified portfolio of companies from emerging markets. | en | it |
DOLFIN7136 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Le Fonds a adopté des mesures de protection contre les pratiques de late trading et de market timing, telles que requises par la Circulaire 04/146 de la CSSF.
Le late trading est défini comme l’acceptation d’un ordre de souscription, conversion ou rachat après l’heure limite concernée et l’exécution de cet ordre à la Valeur nette d’inventaire applicable aux ordres reçus avant l’heure limite. Le late trading est strictement interdit et le Fonds a mis en place des mesures raisonnables pour veiller à ce qu’il n’y ait pas de pratiques de late trading. L’efficacité de ces mesures est étroitement surveillée.
Le market timing signifie une technique d’arbitrage par laquelle un investisseur souscrit et rachète ou convertit systématiquement des parts ou actions d’un même organisme de placement collectif dans un court laps de temps en exploitant les décalages horaires et/ou les imperfections ou déficiences du système de détermination de la Valeur nette d’inventaire de l’organisme de placement collectif.
Les pratiques de market timing ne peuvent être admises car elles peuvent diminuer la performance du Fonds à travers une hausse des coûts et/ou une dilution de la Valeur nette d’inventaire. Le Fonds n’est
pas destiné aux investisseurs ayant un horizon d’investissement à court terme et, de ce fait, les activités susceptibles d’avoir un effet négatif sur les intérêts des Actionnaires (par exemple, qui perturbent les stratégies d’investissement ou influent sur les frais) comme le market timing ou l’utilisation du Fonds comme un véhicule à court terme ou excessif ne sont pas autorisées.
Par conséquent, si le Fonds établit qu’un Actionnaire réalise ou suspecte un Actionnaire de réaliser ce type d’activités, le Fonds peut suspendre, annuler, rejeter ou traiter autrement les demandes de souscription ou de conversion dudit Actionnaire et prendre toute mesure appropriée ou nécessaire pour protéger le Fonds et ses Actionnaires. Veuillez noter que le Fonds possède une capacité limitée quant au contrôle de l’activité de négociation au sein des comptes omnibus des intermédiaires financiers, dans la mesure où certains intermédiaires financiers sont susceptibles de ne pas pouvoir ou de ne pas vouloir fournir les informations d’activité actionnariale sous-jacente au Fonds. | ## El Fondo ha adoptado medidas de protección contra las operaciones fuera de plazo y el market timing, tal como se exige en la Circular 04/146 de la CSSF.
Las operaciones fuera de plazo se definen como la aceptación de una orden de suscripción, canje o reembolso tras la hora límite correspondiente y la ejecución de dicha orden en función del Valor Liquidativo aplicable a las órdenes recibidas antes de dicha hora límite. Las operaciones fuera de plazo están prohibidas y el Fondo ha implementado las medidas razonables para garantizar que no se realicen operaciones fuera de plazo. La eficacia de estas medidas se supervisa de cerca.
La sincronización de las operaciones con el mercado (market timing) se define como un método de arbitraje a través del cual un inversor suscribe, reembolsa o canjea sistemáticamente participaciones o Acciones del mismo organismo de inversión colectiva en un corto periodo de tiempo sacando partido de las diferencias horarias y/o de las imperfecciones o deficiencias del método de cálculo del Valor Liquidativo de los subfondos del organismo de inversión colectiva.
Las prácticas de market timing no son aceptables ya que pueden afectar a la rentabilidad del Fondo mediante un incremento en los costes y/o una dilución en el Valor Liquidativo. El Fondo no está pensado para inversores con perspectivas de inversión a corto plazo, y como tal, las actividades que pueden perjudicar los intereses de los Accionistas (por ejemplo, que perturban las estrategias de inversión o influyen en los gastos), como las de market timing o la utilización del Fondo como un instrumento abusivo o de negociación a corto plazo, no están permitidas.
Por consiguiente, si el Fondo determina o sospecha que un Accionista ha participado en dichas actividades, puede suspender, cancelar, rechazar o procesar de otro modo las solicitudes de suscripción o de canje de dicho Accionista y tomar las acciones o medidas correspondientes o necesarias para proteger al Fondo y a sus Accionistas. Tenga en cuenta que el Fondo está limitado en su capacidad para controlar la actividad de negociación en cuentas combinadas de intermediarios financieros, debido a que algunos intermediarios financieros podrían no ser capaces o no estar dispuestos a brindar información sobre la actividad de accionistas subyacentes al Fondo | ## Le Fonds a adopté des mesures de protection contre les pratiques de late trading et de market timing, telles que requises par la Circulaire 04/146 de la CSSF.
Le late trading est défini comme l’acceptation d’un ordre de souscription, conversion ou rachat après l’heure limite concernée et l’exécution de cet ordre à la Valeur nette d’inventaire applicable aux ordres reçus avant l’heure limite. Le late trading est strictement interdit et le Fonds a mis en place des mesures raisonnables pour veiller à ce qu’il n’y ait pas de pratiques de late trading. L’efficacité de ces mesures est étroitement surveillée.
Le market timing signifie une technique d’arbitrage par laquelle un investisseur souscrit et rachète ou convertit systématiquement des parts ou actions d’un même organisme de placement collectif dans un court laps de temps en exploitant les décalages horaires et/ou les imperfections ou déficiences du système de détermination de la Valeur nette d’inventaire de l’organisme de placement collectif.
Les pratiques de market timing ne peuvent être admises car elles peuvent diminuer la performance du Fonds à travers une hausse des coûts et/ou une dilution de la Valeur nette d’inventaire. Le Fonds n’est
pas destiné aux investisseurs ayant un horizon d’investissement à court terme et, de ce fait, les activités susceptibles d’avoir un effet négatif sur les intérêts des Actionnaires (par exemple, qui perturbent les stratégies d’investissement ou influent sur les frais) comme le market timing ou l’utilisation du Fonds comme un véhicule à court terme ou excessif ne sont pas autorisées.
Par conséquent, si le Fonds établit qu’un Actionnaire réalise ou suspecte un Actionnaire de réaliser ce type d’activités, le Fonds peut suspendre, annuler, rejeter ou traiter autrement les demandes de souscription ou de conversion dudit Actionnaire et prendre toute mesure appropriée ou nécessaire pour protéger le Fonds et ses Actionnaires. Veuillez noter que le Fonds possède une capacité limitée quant au contrôle de l’activité de négociation au sein des comptes omnibus des intermédiaires financiers, dans la mesure où certains intermédiaires financiers sont susceptibles de ne pas pouvoir ou de ne pas vouloir fournir les informations d’activité actionnariale sous-jacente au Fonds. | fr | es |
DOLFIN7137 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
To the extent an issuer is a legal entity with multiple sub-funds where the assets of a sub-fund are exclusively reserved to the investors in such sub-fund and to those creditors whose claim has arisen in connection with the creation, operation and liquidation of that sub-fund, each sub-fund is to be considered as a separate issuer for the purpose of the application of the risk spreading rules described under items (1) to (5), (7) to (9) and (12) to (14) hereunder.
- Transferable Securities and Money Market Instruments
- No Sub-Fund may purchase additional Transferable Securities and Money Market Instruments of any single issuer if
- upon such purchase more than 10% of its net assets would consist of Transferable Securities and Money Market Instruments of one single issuer or
- the total value of all Transferable Securities and Money Market Instruments of issuers in which it invests more than 5% of its net assets would exceed 40% of the value of its net assets. This limitation does not apply to deposits and OTC derivative transactions (including TRS) made with financial institutions subject to prudential supervision. | Dans la mesure où un émetteur est une personne morale à plusieurs Compartiments dont les actifs sont exclusivement réservés aux investisseurs de ce Compartiment et aux créanciers dont la créance a pris naissance en liaison avec la création, le fonctionnement et la liquidation de ce Compartiment, chaque Compartiment doit être considéré comme un émetteur distinct aux fins de l’application des règles de répartition des risques décrites aux points (1) à (5), (7) à (9) et (12) à (14) ci-dessous.
- Valeurs mobilières et instruments du marché monétaire
- Aucun Compartiment ne peut acheter de valeurs mobilières négociables et d’instruments du marché monétaire supplémentaires auprès d’un même émetteur si :
- lors de cet achat, plus de 10 % de ses actifs nets seraient constitués de valeurs mobilières et d’instruments du marché monétaire d’un seul émetteur ; ou
- la valeur totale de toutes les valeurs mobilières et instruments du marché monétaire des émetteurs dans lesquels il investit plus de 5 % de ses actifs nets dépasserait 40 % de la valeur de ses actifs nets. Cette limitation ne s’applique pas aux dépôts et transactions sur dérivés de gré à gré (dont les TRS) effectués avec des établissements financiers soumis à une surveillance prudentielle. | To the extent an issuer is a legal entity with multiple sub-funds where the assets of a sub-fund are exclusively reserved to the investors in such sub-fund and to those creditors whose claim has arisen in connection with the creation, operation and liquidation of that sub-fund, each sub-fund is to be considered as a separate issuer for the purpose of the application of the risk spreading rules described under items (1) to (5), (7) to (9) and (12) to (14) hereunder.
- Transferable Securities and Money Market Instruments
- No Sub-Fund may purchase additional Transferable Securities and Money Market Instruments of any single issuer if
- upon such purchase more than 10% of its net assets would consist of Transferable Securities and Money Market Instruments of one single issuer or
- the total value of all Transferable Securities and Money Market Instruments of issuers in which it invests more than 5% of its net assets would exceed 40% of the value of its net assets. This limitation does not apply to deposits and OTC derivative transactions (including TRS) made with financial institutions subject to prudential supervision. | en | fr |
DOLFIN7138 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
| Fund’s Depositary and Administrative Agent: Brown Brothers Harriman (Luxembourg) S.C.A. 80, route d’Esch L-1470 Luxembourg | Management Company: Natixis Investment Managers S.A. 2, rue Jean Monnet L-2180 Luxembourg |
| --- | --- |
| Cut-off Deadline: D at 13h30 (Luxembourg time) | |
Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent.
Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV.
This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser.
Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company.
| | Additional Information |
| --- | --- |
| | Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| | RE/A(USD) RE/A(EUR) | LU0477157175 LU0477157092 | Retail Investors Retail Investors | U.S. dollar Euro | None None | None None | Accumulation Accumulation | 2.70% p.a. 2.70% p.a. |
**or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency
Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier.
Natixis Investment Managers S.A. is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 18 February 2021. | # Información práctica
| Depositario y agente administrativo del fondo: Brown Brothers Harriman (Luxembourg) S.C.A. 80, route d’Esch L-1470 Luxembourg | Sociedad de gestión: Natixis Investment Managers S.A. 2, rue Jean Monnet L-2180 Luxembourg |
| --- | --- |
| Hora límite para instrucciones: D a las 13:30 h (hora de Irlanda) |
Puede obtenerse información adicional gratuita sobre la SICAV y el fondo (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la sociedad de gestión o del depositario y el agente administrativo. El precio por acción del fondo puede obtenerse en im.natixis.com o en el domicilio social de la sociedad de gestión o del agente administrativo.
Los activos y pasivos de cada subfondo están segregados, por lo que los derechos de los inversores y los acreedores respecto a un subfondo se limitan a los activos de ese subfondo, salvo que en los documentos de constitución de la SICAV se indique algo distinto.
El fondo puede estar sujeto a tratamiento fiscal específico en Luxemburgo. Según cuál sea su país de residencia, esto podría afectar a su inversión. Para conocer más detalles, consúltese a un asesor.
Los detalles de la política de remuneración actual de la sociedad de gestión, que describe cómo se calculan y otorgan la remuneración y los beneficios, pueden consultarse en el siguiente sitio web: https://im.natixis.com/intl/regulatory-information. También se encuentra disponible una copia impresa de la política de remuneración, sin cargo alguno, previa solicitud a la sociedad de gestión.
| Información adicional |
| --- |
| Clase de acciones | ISIN | Tipo de inversores | Moneda | Inversión inicial mínima** | Tenencia mínima** | Política de dividendos | TER |
| RE/A(USD) RE/A(EUR) | LU0477157175 LU0477157092 | Inversores minoristas Inversores minoristas | Dólar estadounidense Euro | Ninguna Ninguna | Ninguna Ninguna | Acumulación Acumulación | 2,70% anual 2,70% anual |
**o equivalente en la divisa de la clase de acciones correspondiente, en caso de que la inversión inicial mínima/tenencia mínima se exprese como un importe de una divisa.
Natixis Investment Managers S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo.
Este fondo está autorizado en Luxemburgo y regulado por la Commission de Surveillance du Secteur Financier.
Natixis Investment Managers S.A. está autorizada en Luxemburgo y regulada por la Commission de Surveillance du Secteur Financier. Los presentes datos fundamentales para el inversor son exactos a 18 febrero 2021. | # Practical Information
| Fund’s Depositary and Administrative Agent: Brown Brothers Harriman (Luxembourg) S.C.A. 80, route d’Esch L-1470 Luxembourg | Management Company: Natixis Investment Managers S.A. 2, rue Jean Monnet L-2180 Luxembourg |
| --- | --- |
| Cut-off Deadline: D at 13h30 (Luxembourg time) | |
Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent.
Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV.
This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser.
Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company.
| | Additional Information |
| --- | --- |
| | Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| | RE/A(USD) RE/A(EUR) | LU0477157175 LU0477157092 | Retail Investors Retail Investors | U.S. dollar Euro | None None | None None | Accumulation Accumulation | 2.70% p.a. 2.70% p.a. |
**or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency
Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
The Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier.
Natixis Investment Managers S.A. is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 18 February 2021. | en | es |
DOLFIN7139 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Market outlook: an in-depth analysis by industry is carried out, concerning the outlook for the credit quality of a large universe of issuers within the different portfolios. Each industry is assessed independently according to its economic cycle.
- Intrinsic value of the issuer: the Research team prepares an assessment of the issuer’s intrinsic value based on quantitativefactors linked to the issuer and its industry, as well as on qualitative factors such as the quality of the management team.
- Event risk: the Research team assesses the probability and potential impact of events that may have a positive, neutral or negative effect on the credit quality in three months’ time.
- Expected credit rating: 18-month projection of the credit rating, using the S&P scale and based on ratings awarded by external rating agencies.
- Credit rating floor: 18-month projection of the credit rating in a significantly adverse scenario, using the S&P scale and based on ratings awarded by external rating agencies. The expected rating and the rating floor are assessed for products that are sensitive to changes in the rating and may be considered as an indicator of credit rating downgrade risk.
- Static analysis: the “stability” ratingThe static assessment is complementary to the prospective analysis and is applied to issuers with an investment grade rating. The static rating should be combined with the issuer’s intrinsic value to get a more complete picture of the credit risk because it is a forward-looking view.
- Assessment by the Risk departmentThe Credit Risk Management team primarily uses the internal ratings produced by the Credit Research team, but also those established by ratings agencies or other external accounts analysis providers, to eventually produce a ratings overview using the Risk team’s proprietary concordance table. | - Marktaussichten: Es wird eine sorgfältige Analyse für jede Branche durchgeführt, die die Entwicklungsaussichten der Bonität eines großen Universums von Emittenten in den verschiedenen Portfolios abdeckt. Jede Branche wird unter Berücksichtigung ihres eigenen Konjunkturzyklus unabhängig beurteilt.
- Substanzwert des Emittenten: Das Research-Team erarbeitet eine Einschätzung des Substanzwerts des Emittenten auf der Grundlage von quantitativen Faktoren im Zusammenhang mit dem Emittenten und seiner Branche sowie von qualitativen Faktoren wie die Kompetenzen des Managements.
- Ereignisrisiko: Das Research-Team bewertet die Wahrscheinlichkeit und die mögliche Auswirkung von Ereignissen, die sich positiv, neutral oder negativ auf die Bonität auswirken könnten, über einen Zeitraum von drei Monaten.
- Erwartetes Rating: Prognose für das Rating auf der Skala von S&P und auf der Basis der von anderen externen Rating- Agenturen vergebenen Ratings über einen Zeitraum von 18 Monaten.
- Niedrigstes Rating: Prognose für das Rating in einem sehr ungünstigen Szenario auf der Skala von S&P und auf der Basis der von anderen externen Rating-Agenturen vergebenen Ratings über einen Zeitraum von 18 Monaten. Das erwartete Rating und das niedrigste Rating werden für Produkte eingeschätzt, die für die Entwicklung des Ratings empfindlich sind, und können als Risikoindikator für die Verschlechterung des Ratings betrachtet werden.
- Statische Analyse: das „Soliditäts“-RatingDie statische Beurteilung ergänzt die vorausschauenden Analysen und wird auf Emittenten angewendet, die ein Investment-Grade-Rating haben. Das statische Rating muss mit dem Substanzwert des Emittenten kombiniert werden, um das Verständnis des Kreditrisikos zu vervollständigen, da es sich um eine vorausschauende Einschätzung handelt.
- Beurteilung durch die RisikoabteilungDas Risikocontrolling für Anleihen stützt sich im Wesentlichen auf die internen Ratings, die vom Kredit-Research-Team erstellt werden, aber auch auf die der Rating-Agenturen oder anderer externer Anbieter, die Abschlussanalysen zur Verfügung stellen, um schließlich anhand einer eigenen Tabelle der Risikoabteilung eine Zusammenfassung der Ratings zu erstellen. | - Market outlook: an in-depth analysis by industry is carried out, concerning the outlook for the credit quality of a large universe of issuers within the different portfolios. Each industry is assessed independently according to its economic cycle.
- Intrinsic value of the issuer: the Research team prepares an assessment of the issuer’s intrinsic value based on quantitativefactors linked to the issuer and its industry, as well as on qualitative factors such as the quality of the management team.
- Event risk: the Research team assesses the probability and potential impact of events that may have a positive, neutral or negative effect on the credit quality in three months’ time.
- Expected credit rating: 18-month projection of the credit rating, using the S&P scale and based on ratings awarded by external rating agencies.
- Credit rating floor: 18-month projection of the credit rating in a significantly adverse scenario, using the S&P scale and based on ratings awarded by external rating agencies. The expected rating and the rating floor are assessed for products that are sensitive to changes in the rating and may be considered as an indicator of credit rating downgrade risk.
- Static analysis: the “stability” ratingThe static assessment is complementary to the prospective analysis and is applied to issuers with an investment grade rating. The static rating should be combined with the issuer’s intrinsic value to get a more complete picture of the credit risk because it is a forward-looking view.
- Assessment by the Risk departmentThe Credit Risk Management team primarily uses the internal ratings produced by the Credit Research team, but also those established by ratings agencies or other external accounts analysis providers, to eventually produce a ratings overview using the Risk team’s proprietary concordance table. | en | de |
DOLFIN7140 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Other relevant information
The prospectus, the articles of incorporation as well as the annual report of the Fund may be obtained free of charge from the Fund's registered office, the Management Company, the Fund's representatives and distributors in countries where the Fund is authorized for public distribution, or under www.mirabaud-am.com . These documents are available in English and French.
The complete response to the SRI Transparency Policy can be viewed on the Mirabaud Asset Management website https://www.mirabaud-am.com/ en/responsibly-sustainable.
You can find information related to the Product past performance on the last 8 years at https://www.mirabaud-am.com/uploads/tx_mirabaudmam/ funds/legal/PRIIP-PP/KID_annex_PP_LU0963987432_en.pdf and to previous performance scenario calculations at https://www.mirabaud-am.com/ uploads/tx_mirabaudmam/funds/legal/PRIIP-PS/KID_annex_PS_LU0963987432_en.pdf. | ## Altre informazioni pertinenti
Il prospetto informativo, lo statuto e la relazione annuale del Fondo sono reperibili gratuitamente presso la sede legale del Fondo, la Società di Gestione, i rappresentanti e i distributori del Fondo nei paesi in cui il Fondo è autorizzato per la pubblica distribuzione, o all'indirizzo www.mirabaud- am.com. Tali documenti sono disponibili in inglese e francese.
La risposta completa alla Politica di trasparenza SRI può essere consultata sul sito Web di Mirabaud Asset Management all'indirizzo https:// www.mirabaud-am.com/en/responsibly-sustainable.
È possibile trovare informazioni relative alla performance passata del prodotto negli ultimi 8 anni all'indirizzo https://www.mirabaud-am.com/uploads/ tx_mirabaudmam/funds/legal/PRIIP-PP/KID_annex_PP_LU0963987432_en.pdf e ai calcoli degli scenari di performance precedenti all'indirizzo https://www.mirabaud-am.com/uploads/tx_mirabaudmam/funds/legal/PRIIP-PS/KID_annex_PS_LU0963987432_en.pdf. | ## Other relevant information
The prospectus, the articles of incorporation as well as the annual report of the Fund may be obtained free of charge from the Fund's registered office, the Management Company, the Fund's representatives and distributors in countries where the Fund is authorized for public distribution, or under www.mirabaud-am.com . These documents are available in English and French.
The complete response to the SRI Transparency Policy can be viewed on the Mirabaud Asset Management website https://www.mirabaud-am.com/ en/responsibly-sustainable.
You can find information related to the Product past performance on the last 8 years at https://www.mirabaud-am.com/uploads/tx_mirabaudmam/ funds/legal/PRIIP-PP/KID_annex_PP_LU0963987432_en.pdf and to previous performance scenario calculations at https://www.mirabaud-am.com/ uploads/tx_mirabaudmam/funds/legal/PRIIP-PS/KID_annex_PS_LU0963987432_en.pdf. | en | it |
DOLFIN7141 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# CREDIT QUALITY DISTRIBUTION
- U.S. Treasury 10.0%
- Agency 0.0%
- AAA 22.7%
- AA 4.2%
- A 17.3%
- BBB 35.8%
- <BBB 8.5%
- Not Rated 1.5%Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. | # VERTEILUNG DER KREDITQUALITÄT
- U.S. Treasury 10,0%
- Agentur 0,0%
- AAA 22,7%
- AA 4,2%
- A 17,3%
- BBB 35,8%
- <BBB 8,5%
- Ohne Rating 1,5%Ratings (außer US-Treasuries oder von US-Agenturen begebene oder besicherte Wertpapiere) von Standard & Poor's, Moody's und Fitch. Für bestimmte Wertpapiere, für die kein Rating von einer dieser drei Agenturen vorliegt, können Ratings von anderen Agenturen verwendet werden. Wird ein Wertpapier von den Ratingagenturen unterschiedlich bewertet, verwendet Lord Abbett das durchschnittliche Rating auf Basis der jedem Rating zugewiesenen numerischen Werte. | # CREDIT QUALITY DISTRIBUTION
- U.S. Treasury 10.0%
- Agency 0.0%
- AAA 22.7%
- AA 4.2%
- A 17.3%
- BBB 35.8%
- <BBB 8.5%
- Not Rated 1.5%Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. | en | de |
DOLFIN7142 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les actifs détenus par le Fonds sont détenus en garde pour le compte du Fonds par un dépositaire qui est également réglementé par la CSSF. Le Dépositaire peut confier la garde des actifs du Fonds à des dépositaires délégués sur les marchés sur lesquels le Fonds investit. Le droit luxembourgeois prévoit que la responsabilité du Dépositaire ne sera pas impactée par le fait qu’il ait confié les actifs du Fonds à des tiers. La CSSF impose au Dépositaire de s’assurer qu’il existe une séparation légale des actifs autres qu’en espèces détenus en garde et que des registres soit maintenus, qui identifient clairement la nature et le montant de tous les actifs en garde, la propriété de chaque actif et l’endroit où les titres de propriété relatifs à ces actifs sont situés. Lorsque le Dépositaire engage un dépositaire délégué, la CSSF demande à ce que le Dépositaire s’assure que le dépositaire délégué applique ces normes et la responsabilité du Dépositaire ne sera pas affectée par le fait qu’il ait confié à un dépositaire délégué tout ou partie des actifs du Fonds.
Cependant, certaines juridictions ont des règles différentes relatives à la propriété et la garde des actifs de manière générale et la reconnaissance des intérêts d’un propriétaire réel tel qu’un Compartiment. Il existe un risque que si le Dépositaire ou le dépositaire délégué devient insolvable, le propriétaire réel des actifs du Compartiment en question ne soit pas reconnu dans des juridictions étrangères et que les créanciers du Dépositaire ou du dépositaire délégué cherchent à avoir recours aux actifs du Compartiment. Dans des juridictions où le propriétaire réel du Compartiment est finalement reconnu, le Compartiment peut subir un retard pour récupérer ses actifs, en attendant la résolution de l’insolvabilité en question ou des procédures de faillite.
Eu égard aux actifs en numéraire, la situation générale est que tout compte en numéraire sera inscrit à l’ordre du Dépositaire au bénéfice du Compartiment concerné. Toutefois, en raison de la nature fongible du numéraire, il sera détenu sur le bilan de la banque auprès de laquelle ces comptes en numéraire sont détenus (qu’il s’agisse d’un dépositaire délégué ou d’une banque tierce) et ne sera pas protégé en cas de faillite de ladite banque. Un Compartiment sera donc exposé au risque de contrepartie à l’égard de cette banque. Sous réserve de tout accord d’assurance ou de garantie d’État en vigueur au titre des dépôts bancaires ou des dépôts en numéraire, lorsqu’un dépositaire délégué ou une banque tierce détient des actifs en numéraire et devient par la suite insolvable, le Compartiment devra prouver la dette tout comme les autres créanciers ordinaires. Le Compartiment surveillera constamment son exposition eu égard à ces actifs en numéraire.
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## Risque de suspension du marché | Los activos que posee el Fondo se mantienen depositados por cuenta del Fondo en un Depositario que también está regulado por la CSSF. El Depositario puede confiar la custodia de los activos del Fondo a subdepositarios de los mercados en los que invierte el Fondo. El Derecho luxemburgués establece que la responsabilidad del Depositario no se verá afectada por el hecho de que haya confiado los activos del Fondo a terceros. La CSSF exige que el Depositario garantice que existe una separación jurídica de los activos no monetarios bajo su custodia y que mantenga un registro en el que se identifique claramente la naturaleza y el importe de todos los activos bajo su custodia, la titularidad de cada uno de los activos y el lugar en el que se encuentran los documentos de propiedad de dichos activos. Cuando el Depositario utiliza un subdepositario, la CSSF exige que el Depositario se asegure de que el subdepositario satisfaga estos mismos requisitos y la responsabilidad del primero no se verá afectada por el hecho de que haya confiado a un subdepositario parte o la totalidad de los activos del Fondo.
Sin embargo, determinadas jurisdicciones cuentan con normas diferentes por lo que respecta a la propiedad y la custodia de los activos en general y al reconocimiento de los intereses de un beneficiario efectivo como un Subfondo. Existe el riesgo de que, en caso de que el Depositario o el subdepositario se declare insolvente, el correspondiente Subfondo no sea reconocido como beneficiario efectivo de los activos en jurisdicciones extranjeras y que los acreedores del Depositario o del subdepositario intenten recurrir a los activos del Subfondo. En las jurisdicciones en las que se reconoce al correspondiente Subfondo como beneficiario efectivo último, es posible que el Subfondo tarde un tiempo en recuperar sus activos, hasta que se resuelva el correspondiente procedimiento de insolvencia o quiebra.
Con respecto a los activos monetarios, la postura general es que todas las cuentas de efectivo se gestionarán por orden del Depositario en beneficio del correspondiente Subfondo. Sin embargo, debido a la naturaleza fungible del efectivo, se mantendrá en el balance del banco en el que se mantengan dichas cuentas de efectivo (sea un subdepositario o un banco tercero) y no estará protegido frente a la quiebra de dicho banco. Por tanto, un Subfondo estará sujeto al riesgo de exposición a la contrapartida con respecto a dicho banco. Con sujeción a cualquier acuerdo de seguro o garantía pública aplicable a los depósitos bancarios o en efectivo, cuando un subdepositario o banco tercero mantenga activos en efectivo y posteriormente se declare insolvente, el Subfondo podrá estar obligado a demostrar la deuda junto con otros acreedores no asegurados. El Subfondo controlará su exposición con respecto a dichos activos en efectivo de forma constante.
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## Riesgo de suspensión del mercado | Les actifs détenus par le Fonds sont détenus en garde pour le compte du Fonds par un dépositaire qui est également réglementé par la CSSF. Le Dépositaire peut confier la garde des actifs du Fonds à des dépositaires délégués sur les marchés sur lesquels le Fonds investit. Le droit luxembourgeois prévoit que la responsabilité du Dépositaire ne sera pas impactée par le fait qu’il ait confié les actifs du Fonds à des tiers. La CSSF impose au Dépositaire de s’assurer qu’il existe une séparation légale des actifs autres qu’en espèces détenus en garde et que des registres soit maintenus, qui identifient clairement la nature et le montant de tous les actifs en garde, la propriété de chaque actif et l’endroit où les titres de propriété relatifs à ces actifs sont situés. Lorsque le Dépositaire engage un dépositaire délégué, la CSSF demande à ce que le Dépositaire s’assure que le dépositaire délégué applique ces normes et la responsabilité du Dépositaire ne sera pas affectée par le fait qu’il ait confié à un dépositaire délégué tout ou partie des actifs du Fonds.
Cependant, certaines juridictions ont des règles différentes relatives à la propriété et la garde des actifs de manière générale et la reconnaissance des intérêts d’un propriétaire réel tel qu’un Compartiment. Il existe un risque que si le Dépositaire ou le dépositaire délégué devient insolvable, le propriétaire réel des actifs du Compartiment en question ne soit pas reconnu dans des juridictions étrangères et que les créanciers du Dépositaire ou du dépositaire délégué cherchent à avoir recours aux actifs du Compartiment. Dans des juridictions où le propriétaire réel du Compartiment est finalement reconnu, le Compartiment peut subir un retard pour récupérer ses actifs, en attendant la résolution de l’insolvabilité en question ou des procédures de faillite.
Eu égard aux actifs en numéraire, la situation générale est que tout compte en numéraire sera inscrit à l’ordre du Dépositaire au bénéfice du Compartiment concerné. Toutefois, en raison de la nature fongible du numéraire, il sera détenu sur le bilan de la banque auprès de laquelle ces comptes en numéraire sont détenus (qu’il s’agisse d’un dépositaire délégué ou d’une banque tierce) et ne sera pas protégé en cas de faillite de ladite banque. Un Compartiment sera donc exposé au risque de contrepartie à l’égard de cette banque. Sous réserve de tout accord d’assurance ou de garantie d’État en vigueur au titre des dépôts bancaires ou des dépôts en numéraire, lorsqu’un dépositaire délégué ou une banque tierce détient des actifs en numéraire et devient par la suite insolvable, le Compartiment devra prouver la dette tout comme les autres créanciers ordinaires. Le Compartiment surveillera constamment son exposition eu égard à ces actifs en numéraire.
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## Risque de suspension du marché | fr | es |
DOLFIN7143 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Company may after consultation with the Depositary, having regard to the best interests of the Shareholders, temporarily suspend the calculation of the NAV per Share of each Sub-Fund or Share Class as well as any dealing in any Shares upon the occurrence of any of the following:
- during any period (with the exception of regular bank holidays) in which any of the principal stock exchanges or other markets on which a substantial portion of the assets of a Sub-Fund is listed or dealt in is closed, or during any period in which trade on such an exchange or market is restricted or suspended, provided that such closure, restriction or suspension affects the valuation of the assets of the Sub-Fund in question listed on such exchange or market; or
- during any period in which, in the view of the Directors, there is an emergency, the result of which is that the sale or valuation of assets of a certain Sub-Fund or Share Class cannot, for all practical purposes, be carried out; or
- at times when there is a breakdown in the means of communication or calculation normally used on an exchange or other market to determine the price or the value of investments of a Sub-Fund or Share Class or to determine the current price or value of investments of the respective Sub-Fund or Share Class; or
- if, for any other reason, the prices for assets of the Company attributable to the Sub-Fund in question or a Share Class cannot be determined rapidly or precisely; or
- during any period in which it is not possible for the Company to repatriate the necessary funds for the redemption of Shares, or in which the transfer of funds from the sale or for the acquisition of investments or for payments resulting from redemptions of Shares cannot be carried out, in the view of the Board, at normal exchange rates; or
- from the time of the announcement of a call by investors for an extraordinary meeting of Shareholders for the purpose of liquidating the Company or for the purpose of carrying out a merger of the Company, a Sub-Fund or a Share Class, or for the purpose of informing investors of the decision by the Board to liquidate Sub-Funds or Share Classes or for the purpose of merging Sub-Funds or Share Classes; or
- during any period in which the valuation of the currency hedges of Sub-Funds or Share Classes whose respective investment objectives and policies make hedging of currencies at the Share Class or Sub-Fund level desirable cannot be adequately carried out or cannot be carried out at all. | La Sociedad, tras consultarlo con el Depositario, teniendo en cuenta el mejor interés de los Accionistas, puede suspender temporalmente el cálculo del valor liquidativo por acción de cada Compartimento o Clase de Acciones, así como cualquier negociación con cualquier tipo de Acciones si ocurriera alguna de las siguientes circunstancias:
- durante un periodo de tiempo (excluidos los días festivos ordinarios) en los que una de las bolsas principales o uno del resto de los mercados en los que cotiza o se negocia una gran parte de los activos de un Compartimento de la Sociedad estén cerrados, o durante un periodo de tiempo en el que la negociación en dicho mercado o dicha bolsa esté limitada o suspendida, siempre y cuando dicho cierre, limitación o suspensión afecten a la valoración de los activos del Compartimento que se coticen o negocien en dichos lugares; o
- durante un periodo de tiempo en el que, a juicio de los Consejeros, se dé una emergencia que impida ejecutar de forma práctica la venta o la valoración de activos de un determinado Compartimento o Clase de Acciones, o
- en casos de una interrupción de los medios de comunicación o del cálculo que normalmente se emplean para la determinación del precio o del valor de las inversiones de un Compartimento o una Clase de Acciones o para la fijación del precio o del valor actual de las inversiones del Compartimento o la Clase de Acciones correspondientes en una bolsa u otro mercado, o
- si, por cualquier otro motivo, no pueden fijarse con precisión y puntualidad los precios de los activos de la Sociedad imputables al Compartimento en cuestión o una Clase de Accione, o
- durante un periodo de tiempo en el que a la Sociedad le sea imposible recuperar los fondos necesarios para el reembolso de Acciones o en el que no se pueda ejecutar la transferencia de fondos derivados de la enajenación o la adquisición de inversiones o, en el caso de pagos por reembolso de Acciones, los fondos se puedan transferir pero no a un tipo de cambio normal, a juicio del Consejo, o
- a partir del momento en el que se haga pública la convocatoria de una junta general extraordinaria de Accionistas para la disolución de la Sociedad, para la ejecución de la fusión de la Sociedad, un Compartimento o una Clase de Acciones o para informar a los accionistas acerca de la decisión del Consejo de disolver o fusionar Compartimentos o Clases de Acciones, o
- durante un periodo de tiempo en el que no se pueda realizar, o no se pueda realizar adecuadamente, una valoración de las posiciones de cobertura de divisas de Compartimentos o Clases de Acciones cuyos objetivos y políticas de inversión relativos al Compartimento o la Clase de Acciones hacen deseable una cobertura de divisas. | The Company may after consultation with the Depositary, having regard to the best interests of the Shareholders, temporarily suspend the calculation of the NAV per Share of each Sub-Fund or Share Class as well as any dealing in any Shares upon the occurrence of any of the following:
- during any period (with the exception of regular bank holidays) in which any of the principal stock exchanges or other markets on which a substantial portion of the assets of a Sub-Fund is listed or dealt in is closed, or during any period in which trade on such an exchange or market is restricted or suspended, provided that such closure, restriction or suspension affects the valuation of the assets of the Sub-Fund in question listed on such exchange or market; or
- during any period in which, in the view of the Directors, there is an emergency, the result of which is that the sale or valuation of assets of a certain Sub-Fund or Share Class cannot, for all practical purposes, be carried out; or
- at times when there is a breakdown in the means of communication or calculation normally used on an exchange or other market to determine the price or the value of investments of a Sub-Fund or Share Class or to determine the current price or value of investments of the respective Sub-Fund or Share Class; or
- if, for any other reason, the prices for assets of the Company attributable to the Sub-Fund in question or a Share Class cannot be determined rapidly or precisely; or
- during any period in which it is not possible for the Company to repatriate the necessary funds for the redemption of Shares, or in which the transfer of funds from the sale or for the acquisition of investments or for payments resulting from redemptions of Shares cannot be carried out, in the view of the Board, at normal exchange rates; or
- from the time of the announcement of a call by investors for an extraordinary meeting of Shareholders for the purpose of liquidating the Company or for the purpose of carrying out a merger of the Company, a Sub-Fund or a Share Class, or for the purpose of informing investors of the decision by the Board to liquidate Sub-Funds or Share Classes or for the purpose of merging Sub-Funds or Share Classes; or
- during any period in which the valuation of the currency hedges of Sub-Funds or Share Classes whose respective investment objectives and policies make hedging of currencies at the Share Class or Sub-Fund level desirable cannot be adequately carried out or cannot be carried out at all. | en | es |
DOLFIN7144 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 5,570 | EUR 6,980 |
| | Average return each year % | -44.30% | -11.29% |
| Unfavourable scenario | What you might get back after costs | EUR 7,910 | EUR 7,790 |
| | Average return each year % | -20.90% | -7.99% |
| Moderate scenario | What you might get back after costs | EUR 10,190 | EUR 10,580 |
| | Average return each year % | 1.90% | 1.90% |
| Favourable scenario | What you might get back after costs | EUR 10,950 | EUR 11,400 |
| | Average return each year % | 9.50% | 4.46% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 5.570 | EUR 6.980 |
| | Rendimiento medio cada año | -44,30% | -11,29% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 7.910 | EUR 7.790 |
| | Rendimiento medio cada año | -20,90% | -7,99% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.190 | EUR 10.580 |
| | Rendimiento medio cada año | 1,90% | 1,90% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 10.950 | EUR 11.400 |
| | Rendimiento medio cada año | 9,50% | 4,46% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 5,570 | EUR 6,980 |
| | Average return each year % | -44.30% | -11.29% |
| Unfavourable scenario | What you might get back after costs | EUR 7,910 | EUR 7,790 |
| | Average return each year % | -20.90% | -7.99% |
| Moderate scenario | What you might get back after costs | EUR 10,190 | EUR 10,580 |
| | Average return each year % | 1.90% | 1.90% |
| Favourable scenario | What you might get back after costs | EUR 10,950 | EUR 11,400 |
| | Average return each year % | 9.50% | 4.46% | | en | es |
DOLFIN7145 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## 2 The investment objective of the Fund is to achieve long term capital growth.
2 The Fund seeks to achieve this objective by investment primarily in open ended collective investment schemes which gain exposure to equities (e. g. shares), Fixed Income Securities (with no restriction on the minimum credit rating), property, commodities and currencies.
2 It is intended that the Fund will maintain a bias towards growth and may invest up to 100% of net assets in equities. The Funds exposure to Fixed Income Securities, property, commodities and currencies may be on an ancillary basis.
## 2 Macro considerations will be used in determining the allocation of investments in order to achieve the Fund's investment objective.
2 The Fund is considered to be actively managed in reference to Lipper Global Mixed Asset GBP Flexible/ Average 1 month deposit rate (the “Benchmarks”) by virtue of the fact that it uses the Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not
## constituents of the Benchmarks.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within five years. | # Objetivos y política de inversión
## 2 El objetivo de inversión del Fondo es conseguir el crecimiento del capital a largo plazo.
2 El Fondo tratará de lograr este objetivo principalmente mediante la inversión en organismos de inversión colectiva de capital variable que adquieran exposición a la renta variable (por ejemplo, acciones), valores de renta fija (sin restricciones sobre el rating crediticio mínimo), inmuebles, materias primas y divisas.
2 Está previsto que el Fondo mantenga un sesgo a favor del crecimiento y podrá invertir hasta el 100% del los activos netos en valores de renta variable. El Fondo podrá tener una exposición a Títulos de Renta Fija, activos inmobiliarios, materias primas y divisas podrá con carácter accesorio.
## 2 A la hora de determinar la asignación de las inversiones, y con vistas a lograr el objetivo de inversión del Fondo, se tendrá en cuenta la situación macroeconómica.
2 Se considera que el Fondo está gestionado activamente con referencia al Lipper Global Mixed Asset GBP Flexible/ Average 1 month deposit rate (los «Índices de referencia»), dado que utiliza los Índices de referencia en la moneda pertinente a efectos de comparación de la rentabilidad. No obstante, no se recurre a los Índices de referencia para determinar la
## composición de la cartera del Fondo y, por lo tanto, el Fondo podrá invertir en su totalidad en valores que no forman parte de los Índices de referencia.
## 2 Las Acciones del Fondo pueden comprarse y venderse diariamente (cada Día Hábil del Fondo).
## 2 El Fondo cuenta con varias clases de acciones. Estas pueden diferir en materia de comisiones, importe mínimo de inversión, divisas, utilización de los ingresos y cualificación de los inversores.
## 2 Los rendimientos derivados de esta Clase de Acciones se capitalizarán. Otras clases de acciones del Fondo podrían repartir los rendimientos.
## 2 El gestor del Fondo puede gestionar las inversiones de este a su entera discreción.
2 El Fondo podrá emplear diversos instrumentos derivados complejos con fines de inversión y/o de una gestión eficaz de la cartera. Podrá hallar más información sobre el uso de derivados por parte del Fondo en el apartado «Derivados» del Suplemento del Fondo. Aunque el uso de derivados puede generar exposición adicional, dicha exposición adicional no superará el patrimonio neto del Fondo.
## 2 Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cinco años. | # Objectives and investment policy
## 2 The investment objective of the Fund is to achieve long term capital growth.
2 The Fund seeks to achieve this objective by investment primarily in open ended collective investment schemes which gain exposure to equities (e. g. shares), Fixed Income Securities (with no restriction on the minimum credit rating), property, commodities and currencies.
2 It is intended that the Fund will maintain a bias towards growth and may invest up to 100% of net assets in equities. The Funds exposure to Fixed Income Securities, property, commodities and currencies may be on an ancillary basis.
## 2 Macro considerations will be used in determining the allocation of investments in order to achieve the Fund's investment objective.
2 The Fund is considered to be actively managed in reference to Lipper Global Mixed Asset GBP Flexible/ Average 1 month deposit rate (the “Benchmarks”) by virtue of the fact that it uses the Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not
## constituents of the Benchmarks.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within five years. | en | es |
DOLFIN7146 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
*Including all taxes.
For this activity, the Management Company has not opted for VAT.
(1) Performance fee
Performance fees are payable to the Management Company in accordance with the following procedure:
Benchmark index: FTSE Gold Mines, net dividends reinvested, expressed in US dollars for A and BR units and in euros for B, CR, E, I and R units.
The outperformance fee is calculated by comparing the UCITS’ performance with that of an indexed reference asset. The indexed reference asset reproduces the performance of the UCITS’ benchmark index, adjusted for subscriptions and redemptions.
When the UCITS outperforms its benchmark, a provision of 15% net of tax will be applied to the outperformance. The reference periods shall end with the last net asset value for the month of September.
A provision for performance fees will be made each time the net asset value is calculated.
This performance fee is payable annually after the last net asset value for the reference period has been calculated. No performance fee will be charged if the UCITS underperforms its benchmark index over the calculation period.
In the event of underperformance, the performance fee provision is reduced by provision reversals capped at the level of the allocations. When units are redeemed, the Management Company receives the portion of the outperformance fee corresponding to the units redeemed.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the UCITS will be repaid to the UCITS. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any trailer fees collected by the UCITS.
In the exceptional case that a sub-custodian applies a transaction fee not described in the provisions mentioned above for a specific transaction, a description of the transaction and the transaction fees charged will be provided in the management report of the UCITS.
Procedure for selecting intermediaries:
In accordance with the AMF General Regulations, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties. The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website at www.edram.com.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and any equivalent transaction under foreign law:
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The costs and expenses linked to these transactions are borne by the UCITS. Income generated by the transaction is paid in full to the UCITS.
-
### COMMERCIAL INFORMATION | * TTC = todos los impuestos incluidos.
En esta actividad, la Sociedad de gestión no ha optado por el IVA.
(1) Comisión de rentabilidad
Se pagarán comisiones de rentabilidad superior a la Sociedad gestora según las siguientes modalidades:
Índice de referencia: FTSE Gold Mines, calculado con cupones netos reinvertidos y expresado en dólares estadounidenses para las participaciones «A», «BR» y en euros para las participaciones «B», «CR», «E», «I» y «R».
La comisión de rentabilidad superior se calcula comparando la rentabilidad del OICVM con la del activo de referencia indexado. El activo de referencia indexado reproduce la rentabilidad del índice de referencia del OICVM, las suscripciones y los reembolsos ajustados
Siempre que el OICVM supere al índice de referencia, se aplicará una provisión del 15 %, neta de impuestos, sobre la rentabilidad superior. Los períodos de referencia se cierran con el último valor liquidativo del mes de septiembre.
Las comisiones de rentabilidad superior serán objeto de una provisión en el momento del cálculo del valor liquidativo.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del período de referencia.
Si la rentabilidad del OICVM es inferior a la de su índice de referencia durante el período de cálculo, no se pagará ninguna comisión de rentabilidad superior.
En caso de baja rentabilidad, la provisión para la comisión de rentabilidad superior se reducirá mediante la limitación de las recuperaciones de provisión al importe de las dotaciones constituidas.
En caso de reembolso de participaciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las participaciones reembolsadas se revertirá a la Sociedad gestora.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el OICVM revertirán en el OICVM. La tasa de gastos de gestión de las IIC y fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el OICVM.
Excepcionalmente, en la medida en que un subdepositario se vea obligado, para una operación concreta, a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión del OICVM.
Procedimiento de elección de intermediarios:
De acuerdo con el Reglamento General de la AMF, la empresa de gestión ha puesto en marcha una "Política de Mejor Selección/Mejor Ejecución" para intermediarios y contrapartes. El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos, así como en cualquier otra operación equivalente en derecho extranjero:
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el OICVM. Los ingresos generados por la operación se asignan íntegramente al OICVM.
-
### INFORMACIÓN COMERCIAL | *Including all taxes.
For this activity, the Management Company has not opted for VAT.
(1) Performance fee
Performance fees are payable to the Management Company in accordance with the following procedure:
Benchmark index: FTSE Gold Mines, net dividends reinvested, expressed in US dollars for A and BR units and in euros for B, CR, E, I and R units.
The outperformance fee is calculated by comparing the UCITS’ performance with that of an indexed reference asset. The indexed reference asset reproduces the performance of the UCITS’ benchmark index, adjusted for subscriptions and redemptions.
When the UCITS outperforms its benchmark, a provision of 15% net of tax will be applied to the outperformance. The reference periods shall end with the last net asset value for the month of September.
A provision for performance fees will be made each time the net asset value is calculated.
This performance fee is payable annually after the last net asset value for the reference period has been calculated. No performance fee will be charged if the UCITS underperforms its benchmark index over the calculation period.
In the event of underperformance, the performance fee provision is reduced by provision reversals capped at the level of the allocations. When units are redeemed, the Management Company receives the portion of the outperformance fee corresponding to the units redeemed.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the UCITS will be repaid to the UCITS. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any trailer fees collected by the UCITS.
In the exceptional case that a sub-custodian applies a transaction fee not described in the provisions mentioned above for a specific transaction, a description of the transaction and the transaction fees charged will be provided in the management report of the UCITS.
Procedure for selecting intermediaries:
In accordance with the AMF General Regulations, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties. The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website at www.edram.com.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and any equivalent transaction under foreign law:
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The costs and expenses linked to these transactions are borne by the UCITS. Income generated by the transaction is paid in full to the UCITS.
-
### COMMERCIAL INFORMATION | en | es |
DOLFIN7147 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria chosen by the Investment Manager. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor.
Please refer to Appendix II for more details on sustainability risks.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
Risks related to emerging markets investments can be found under “Emerging and Less Developed Markets Securities Risk” in Appendix II of this Prospectus.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted. | ##### Risikohinweise
Besondere Risikohinweise
Shanghai-Hong Kong Stock Connect und Shenzhen-Hong Kong Stock Connect sind Wertpapierhandels- und Clearing- Programme, die von The Stock Exchange of Hong Kong Limited, der Shanghai/Shenzhen Stock Exchange, Hong Kong Securities Clearing Company Limited und China Securities Depository and Clearing Corporation Limited entwickelt wurden, um einen gemeinsamen Aktienmarktzugang zwischen der Volksrepublik China (ohne Hongkong, Macao und Taiwan) und Hongkong zu schaffen. Eine ausführliche Beschreibung der Programme sowie der hiermit verbundenen Risiken ist Anhang II dieses Verkaufsprospekts zu entnehmen.
Der Fonds hat ökologische und/oder soziale Merkmale (im Sinne von Artikel 8 SFDR). Ein Fonds mit diesen Merkmalen kann infolgedessen ein begrenztes Engagement in einigen Unternehmen, Branchen oder Sektoren haben, und der Fonds kann auf bestimmte Anlagemöglichkeiten verzichten oder bestimmte Beteiligungen veräußern, die nicht den vom Anlageverwalter festgelegten Nachhaltigkeitskriterien entsprechen. Da Anleger unterschiedliche Ansichten darüber haben können, was nachhaltige Anlagen ausmacht, kann der Fonds auch in Unternehmen investieren, die nicht die Überzeugungen und Werte eines bestimmten Anlegers widerspiegeln. Weitere Einzelheiten zu den Nachhaltigkeitsrisiken finden Sie in Anhang II.
Die Angabe in der Anlagepolitik, dass ein Fonds zwei Drittel seines Vermögens auf eine bestimmte Art und Weise investiert, gilt unter normalen Marktbedingungen. Für nähere Informationen wird auf Absatz (A) zu Beginn dieses Anhangs verwiesen.
Risiken im Zusammenhang mit Schwellenländern sind dem Abschnitt „Risiken in Verbindung mit Wertpapieren der Schwellen- und Entwicklungsländer“ in Anhang II dieses Verkaufsprospekts zu entnehmen.
Die Höhe der Vertriebskosten in bestimmten Ländern kann sich auf die Fähigkeit des Anlageverwalters auswirken, nach Abzug der Gebühren das Anlageziel des Fonds in allen Anteilsklassen zu erreichen. | ##### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The Fund has environmental and/or social characteristics (within the meaning of Article 8 SFDR). A Fund with these characteristics may have limited exposure to some companies, industries or sectors as a result and the Fund may forego certain investment opportunities, or dispose of certain holdings, that do not align with its sustainability criteria chosen by the Investment Manager. As Investors may differ in their views of what constitutes sustainable investing, the Fund may also invest in companies that do not reflect the beliefs and values of any particular Investor.
Please refer to Appendix II for more details on sustainability risks.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
Risks related to emerging markets investments can be found under “Emerging and Less Developed Markets Securities Risk” in Appendix II of this Prospectus.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted. | en | de |
DOLFIN7148 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Risque le plus faible Risque le plus élevé
L'ISR part de l'hypothèse que vous conservez le produit 3 ans.
Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour. | El riesgo más bajo El riesgo más alto
El IRR supone que usted conserva el producto 3años.
El riesgo real puede ser diferente si decide salir antes del vencimiento, y podría recibir menos a cambio. | Risque le plus faible Risque le plus élevé
L'ISR part de l'hypothèse que vous conservez le produit 3 ans.
Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour. | fr | es |
DOLFIN7149 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In addition, up to 25% of the sub-fund’s assets can be invested in equities of listed companies domiciled in an OECD country. The total of direct investments in equities and long positions via equity index futures may not exceed 25% of the sub-fund‘s assets. In addition, the sub- fund may sell up to maximum 25% of the sub-fund’s assets in equity index futures.
These investments may entail currency risks in CHF, USD, JPY, GBP, AUD, CAD and HKD, which are largely hedged. Unhedged foreign currency positions may make up no more than 10% of the sub-fund’s assets. This Sub-Fund promotes environmental and/or social characteristics within the meaning of Article 8 of the Disclosure Regulation (Regulation (EU) 2019/2088). Further information can be found in the Annex »Information on Sub-Funds under Article 8 EU Disclosure Regulation« of the fund's prospectus.
Derivatives transactions may be entered into for the purpose of hedging or efficient portfolio management or to generate additional returns. The sub-fund is actively managed. It is not managed in reference to a benchmark. Income shall remain in the sub-fund (or: in this unit class) and shall increase the value of the shares. This key investor information document describes a sub-fund of a fund. The Prospectus and the annual and semi-annual report are prepared for the entire fund. The assets and liabilities of each sub-fund are segregated from those of the other sub-funds of the fund. The shareholder has the right to switch his shares in one sub-fund into shares of another sub- fund. For further information about how to exercise that right, please refer to the detailed description in the prospectus. Investors who already hold shares in another sub-fund of the umbrella fund and/or shares in another share class of this sub-fund may convert to this share class. In the event of a conversion, a conversion fee may be payable up to a maximum of the subscription fee of the share class of a sub-fund into which the conversion is made. Due to legal restrictions, it may not be possible for all investors to convert into the share class of this sub-fund. Depositary of the sub-fund is UBS Europe SE, Luxembourg Branch. The prospectus and current reports, the current share prices and further information about the sub-fund or further share classes of the sub-fund can be found free of charge in German or English language on our homepage www.bantleon.com/en/private-investors/downloads // www.bantleon.com/en/private-investors/fund- prices.
The fund is designed for investors who are capable of assessing the risks and value of the investment. The investor must be prepared and able to accept significant fluctuations in the value of the shares, and the potential of a significant loss of capital. The assessment of the company should not be considered investment advice; instead, it is intended to provide the investor with an initial point of reference for determining whether the fund is appropriate for their investing experience, risk tolerance and investment horizon. | Hasta el 25% del patrimonio del subfondo también pueden invertirse en acciones de empresas cotizadas domiciliadas en un país de la OCDE. El total de las inversiones directas en acciones y de las posiciones largas derivadas de contratos de futuros sobre índices de acciones no podrá superar el 25% del patrimonio del subfondo. Además, el subfondo podrá vender hasta un máximo del 25% del patrimonio del subfondo en contratos de futuros sobre índices de acciones.
Estas inversiones pueden acarrear riesgos cambiarios en CHF, USD, JPY, GBP, AUD, CAD y HKD, que serán cubiertos en gran medida. La cuota de posiciones en moneda extranjera no cubiertas se limita a un máximo del 10% del patrimonio del subfondo.
Este subfondo promueve características ambientales y/o sociales en el sentido del artículo 8 del Reglamento de Divulgación (Reglamento (UE) 2019/2088). Para más información, consulte el anexo »Información sobre los subfondos según el artículo 8 del Reglamento de Divulgación de la UE« del folleto de venta. Las operaciones con derivados pueden realizarse con fines de cobertura, gestión eficiente de la cartera y para generar rendimientos adicionales. El subfondo está gestionado activamente. No se gestiona con referencia a un punto de referencia. El subfondo (cuando proceda.: clases de acciones) capitalizará los beneficios, incrementándose el valor de las participaciones. El Documento de Datos Fundamentales del Inversor se refiere a un subfondo de un fondo. El Folleto y el informe anual y semestral conciernen al fondo en su totalidad. El patrimonio y las responsabilidades están segregadas por cada subfondo respecto de otro subfondo del fondo. El accionista tiene derecho a convertir sus acciones de un subfondo en acciones de otro subfondo. Para obtener más información sobre como ejercer este derecho, consulte la descripción detallada en el folleto. Los inversores que ya posean acciones de otro subfondo del fondo paraguas y/o acciones de otra clase de acciones de este subfondo podrán convertirse a esta clase de acciones. En caso de canje, podrá abonarse una comisión de canje hasta un máximo de la prima de emisión de la clase de acciones de un subfondo en el que se efectúe el canje. Debido a restricciones legales, es posible que no todos los inversores puedan convertirse en la clase de acciones de este subfondo. El depositario del subfondo es UBS Europe SE, Luxembourg Branch. El folleto y los informes periódicos, los precios actuales de las participaciones y demás información sobre el subfondo o sobre el resto de clases de participaciones del subfondo podrán consultarse de forma gratuita en lengua inglesa y alemán nuestra página web: www.bantleon.com/en/private-investors/downloads // www.bantleon.com/en/private-investors/fund-prices.
El fondo está destinado a inversores capaces de evaluar los riesgos y el valor de la inversión. El inversor debe estar dispuesto y en situación de poder asumir fluctuaciones sustanciales en el valor de las acciones y, en su caso, una pérdida sustancial de capital. La evaluación de la sociedad no constituye un asesoramiento en materia de inversión, sino que pretende ofrecer a los inversores una primera indicación sobre si el fondo es adecuado para su experiencia de inversión, su disposición al riesgo y su horizonte de inversión. | In addition, up to 25% of the sub-fund’s assets can be invested in equities of listed companies domiciled in an OECD country. The total of direct investments in equities and long positions via equity index futures may not exceed 25% of the sub-fund‘s assets. In addition, the sub- fund may sell up to maximum 25% of the sub-fund’s assets in equity index futures.
These investments may entail currency risks in CHF, USD, JPY, GBP, AUD, CAD and HKD, which are largely hedged. Unhedged foreign currency positions may make up no more than 10% of the sub-fund’s assets. This Sub-Fund promotes environmental and/or social characteristics within the meaning of Article 8 of the Disclosure Regulation (Regulation (EU) 2019/2088). Further information can be found in the Annex »Information on Sub-Funds under Article 8 EU Disclosure Regulation« of the fund's prospectus.
Derivatives transactions may be entered into for the purpose of hedging or efficient portfolio management or to generate additional returns. The sub-fund is actively managed. It is not managed in reference to a benchmark. Income shall remain in the sub-fund (or: in this unit class) and shall increase the value of the shares. This key investor information document describes a sub-fund of a fund. The Prospectus and the annual and semi-annual report are prepared for the entire fund. The assets and liabilities of each sub-fund are segregated from those of the other sub-funds of the fund. The shareholder has the right to switch his shares in one sub-fund into shares of another sub- fund. For further information about how to exercise that right, please refer to the detailed description in the prospectus. Investors who already hold shares in another sub-fund of the umbrella fund and/or shares in another share class of this sub-fund may convert to this share class. In the event of a conversion, a conversion fee may be payable up to a maximum of the subscription fee of the share class of a sub-fund into which the conversion is made. Due to legal restrictions, it may not be possible for all investors to convert into the share class of this sub-fund. Depositary of the sub-fund is UBS Europe SE, Luxembourg Branch. The prospectus and current reports, the current share prices and further information about the sub-fund or further share classes of the sub-fund can be found free of charge in German or English language on our homepage www.bantleon.com/en/private-investors/downloads // www.bantleon.com/en/private-investors/fund- prices.
The fund is designed for investors who are capable of assessing the risks and value of the investment. The investor must be prepared and able to accept significant fluctuations in the value of the shares, and the potential of a significant loss of capital. The assessment of the company should not be considered investment advice; instead, it is intended to provide the investor with an initial point of reference for determining whether the fund is appropriate for their investing experience, risk tolerance and investment horizon. | en | es |
DOLFIN7150 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investor information
Investors may submit complaints free of charge. Complaints may be sent by post or (e-mail) to the Management Company. Investors will find free information on the processing of complaints on the Management Company’s website www.universal-investment.com.
Information on contributions that the Management Company receives from third parties or pays to third parties, as well as the method for calculating these contributions, may be found free of charge on www.universal-investment.com. Upon request of the investor, further details on contributions may be given.
Investors may find a brief description of the strategies regarding the use of voting rights by the Management Company free of charge on the website www.universal-investment.com.
In addition, the Best Execution Principles may also be found on the website www.universal- investment.com.
In cases where disputed claims are asserted for the Fund in or out of court, the Management Company may charge a fee of up to 5% of the amounts collected for the Fund, after deducting and offsetting the expenses incurred by the Fund as a result of these proceedings.
The Management Company shall inform investors of the fact that an investor may only assert investor rights in their entirety directly against the UCITS if the investor has been entered into the investment register of the UCITS in his own name. In cases where an investor has invested in a UCI or UCITS via an intermediary agent, which makes the investment in its own name but on behalf of the investor, the investor may not necessarily be able to assert all the investor rights directly against the UCIT(S). Investors are advised to be aware of their rights. | # Anlegerinformationen
Das Einlegen von Beschwerden des Anlegers ist kostenfrei. Beschwerden können auf dem Postweg sowie auch elektronisch (via E-Mail) an die Verwaltungsgesellschaft übermittelt werden. Informationen über die Verfahren zur Bearbeitung von Beschwerden kann der Anleger auf der Internetseite der Verwaltungsgesellschaft www.universal-investment.com kostenfrei abrufen.
Informationen über Zuwendungen, die die Verwaltungsgesellschaft von Dritten erhält bzw. an Dritte zahlt sowie die Art und Weise der Berechnung der Zuwendungen können kostenlos auf der Internetseite www.universal-investment.com abgerufen werden. Falls der Anleger es wünscht, können ihm weitere Einzelheiten über Zuwendungen offengelegt werden.
Eine Kurzbeschreibung der Strategien im Hinblick auf die Ausübung von Stimmrechten durch die Verwaltungsgesellschaft können die Anleger kostenlos auf der Internetseite www.universal- investment.com abrufen.
Zusätzlich kann der Anleger die Grundsätze zur bestmöglichen Ausführung auf der Internetseite www.universal-investment.com einsehen.
Die Verwaltungsgesellschaft kann in den Fällen, in denen für den Fonds gerichtlich oder außergerichtlich streitige Ansprüche durchgesetzt werden, eine Vergütung von bis zu 5 % der für den Fonds – nach Abzug und Ausgleich der aus diesem Verfahren für den Fonds entstandenen Kosten – vereinnahmten Beträge berechnen.
Die Verwaltungsgesellschaft weist die Investoren auf die Tatsache hin, dass jeglicher Investor seine Investorenrechte in ihrer Gesamtheit unmittelbar gegen den OGAW nur dann geltend machen kann, wenn der Investor selber und mit seinem eigenen Namen in dem Anlegerregister des OGAW eingeschrieben ist. In den Fällen, wo ein Investor über eine Zwischenstelle in einen OGA(W) investiert hat, welche die Investition in seinem Namen aber im Auftrag des Investors unternimmt, können nicht unbedingt alle Investorenrechte unmittelbar durch den Investor gegen den OGA(W) geltend gemacht werden. Investoren wird geraten, sich über Ihre Rechte zu informieren. | # Investor information
Investors may submit complaints free of charge. Complaints may be sent by post or (e-mail) to the Management Company. Investors will find free information on the processing of complaints on the Management Company’s website www.universal-investment.com.
Information on contributions that the Management Company receives from third parties or pays to third parties, as well as the method for calculating these contributions, may be found free of charge on www.universal-investment.com. Upon request of the investor, further details on contributions may be given.
Investors may find a brief description of the strategies regarding the use of voting rights by the Management Company free of charge on the website www.universal-investment.com.
In addition, the Best Execution Principles may also be found on the website www.universal- investment.com.
In cases where disputed claims are asserted for the Fund in or out of court, the Management Company may charge a fee of up to 5% of the amounts collected for the Fund, after deducting and offsetting the expenses incurred by the Fund as a result of these proceedings.
The Management Company shall inform investors of the fact that an investor may only assert investor rights in their entirety directly against the UCITS if the investor has been entered into the investment register of the UCITS in his own name. In cases where an investor has invested in a UCI or UCITS via an intermediary agent, which makes the investment in its own name but on behalf of the investor, the investor may not necessarily be able to assert all the investor rights directly against the UCIT(S). Investors are advised to be aware of their rights. | en | de |
DOLFIN7151 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investment limits for transferable securities and money market instru- ments, including the use of derivatives and bank deposits
## General investment limits
The Company may invest up to 10% of the Fund's value in transferable securities and money market instruments of the same issuer (borrower). The total value of the transferable securities and money market instruments from such issuers (borrowers) must not exceed 40% of the Fund. In addition, the Company may invest a maximum of 5% of the Fund's assets in transferable securities and money mar- ket instruments of the same issuer.
The Company may not invest more than 20% of the Fund's assets in bank deposits held by a single credit institution.
## Investment limit for bonds with special cover funds
The Company may invest up to 25% of the Fund's assets in mortgage bonds, public-sector bonds or bonds issued by a credit institution which has its registered office in an EU Member State or in another State that is party to the EEA Agreement. This is subject to the condition that the funds received with the bonds are invested so as to cover the liabilities of the bonds over their entire term and that they are primarily allocated to the payment of principal and interest in case of default of the bond issuer. If the Fund invests more than 5% of its assets in such bonds from a single issuer, the total value of such bonds must not exceed 80% of the value of the Fund.
## Investment limits for public issuers
The Company may invest up to 35% of the Fund's assets in bonds, borrower's note loans and money market instruments that are issued by specific national and supranational public issuers. These public issuers include the German federal government, German states, EU Member States and their local au- thorities, third countries, and supranational public bodies to which one or more Member States belong.
## Combination of investment limits
The Company shall not invest more than 20% of the Fund's value in a combination of the following assets:
- transferable securities or money market instruments issued by a single body;
- deposits with such a body, i.e. bank balances;
- attributable amounts for the counterparty risk of transactions entered into with that body in deriv- atives.
The relevant individual upper limits remain unaffected by this.
## Investment limits from the use of derivatives
The amounts of transferable securities and money market instruments of any individual issuer taken into account for the limits specified above may be reduced by the use of counter-market derivatives with transferable securities or money market instruments of this same issuer as their underlying assets. As a result, transferable securities or money market instruments of a single issuer may be purchased for the Fund in excess of said limits, provided the increased issuer risk is reduced by appropriate hedging transactions. | # Anlagegrenzen für Wertpapiere und Geldmarktinstrumente auch unter Einsatz von Derivaten sowie Bankguthaben
## Allgemeine Anlagegrenzen
Die Gesellschaft darf in Wertpapiere und Geldmarktinstrumente desselben Emittenten (Schuldners) bis zu 10 % des Wertes des Fonds anlegen. Dabei darf der Gesamtwert der Wertpapiere und Geldmarktin- strumente dieser Emittenten (Schuldner) 40 % des Fonds nicht übersteigen. Darüber hinaus darf die Gesellschaft lediglich jeweils 5 % des Wertes des Fonds in Wertpapiere und Geldmarktinstrumente desselben Emittenten anlegen.
Die Gesellschaft darf nur bis zu 20 % des Wertes des Fonds in Bankguthaben bei je einem Kreditinstitut anlegen.
## Anlagegrenze für Schuldverschreibungen mit besonderer Deckungsmasse
Die Gesellschaft darf jeweils bis zu 25 % des Wertes des Fonds in Pfandbriefe, Kommunalschuldver- schreibungen sowie Schuldverschreibungen anlegen, die ein Kreditinstitut mit Sitz in einem Mitglied- staat der EU oder in einem anderen Vertragsstaat des Abkommens über den EWR ausgegeben hat. Voraussetzung ist, dass die mit den Schuldverschreibungen aufgenommenen Mittel so angelegt wer- den, dass sie die Verbindlichkeiten der Schuldverschreibungen über deren ganze Laufzeit decken und vorranging für die Rückzahlungen und die Zinsen bestimmt sind, wenn der Emittent der Schuldver- schreibungen ausfällt. Sofern in solche Schuldverschreibungen desselben Emittenten mehr als 5 % des Wertes des Fonds angelegt werden, darf der Gesamtwert solcher Schuldverschreibungen 80 % des Wertes des Fonds nicht übersteigen.
## Anlagegrenzen für öffentliche Emittenten
In Schuldverschreibungen, Schuldscheindarlehen und Geldmarktinstrumente besonderer nationaler und supranationaler öffentlicher Emittenten darf die Gesellschaft jeweils bis zu 35 % des Wertes des Fonds anlegen. Zu diesen öffentlichen Emittenten zählen der Bund, die Bundesländer, Mitgliedstaaten der EU oder deren Gebietskörperschaften, Drittstaaten sowie supranationale öffentliche Einrichtungen denen mindestens ein EU-Mitgliedstaat angehört.
## Kombination von Anlagegrenzen
Die Gesellschaft darf höchstens 20 % des Wertes des Fonds in eine Kombination der folgenden Ver- mögensgegenstände anlegen:
- von ein und derselben Einrichtung begebene Wertpapiere oder Geldmarktinstrumente,
- Einlagen bei dieser Einrichtung, d.h. Bankguthaben,
- Anrechnungsbeträge für das Kontrahentenrisiko der mit dieser Einrichtung eingegangenen Ge- schäfte in Derivaten.
Die jeweiligen Einzelobergrenzen bleiben unberührt.
## Anlagegrenzen unter Einsatz von Derivaten
Die Beträge von Wertpapieren und Geldmarktinstrumenten eines Emittenten, die auf die vorstehend genannten Grenzen angerechnet werden, können durch den Einsatz von marktgegenläufigen Deriva- ten reduziert werden, welche Wertpapiere oder Geldmarktinstrumente desselben Emittenten zum Ba- siswert haben. Für Rechnung des Fonds dürfen also über die vorgenannten Grenzen hinaus Wertpa- piere oder Geldmarktinstrumente eines Emittenten erworben werden, wenn das dadurch gesteigerte Emittentenrisiko durch Absicherungsgeschäfte wieder gesenkt wird. | # Investment limits for transferable securities and money market instru- ments, including the use of derivatives and bank deposits
## General investment limits
The Company may invest up to 10% of the Fund's value in transferable securities and money market instruments of the same issuer (borrower). The total value of the transferable securities and money market instruments from such issuers (borrowers) must not exceed 40% of the Fund. In addition, the Company may invest a maximum of 5% of the Fund's assets in transferable securities and money mar- ket instruments of the same issuer.
The Company may not invest more than 20% of the Fund's assets in bank deposits held by a single credit institution.
## Investment limit for bonds with special cover funds
The Company may invest up to 25% of the Fund's assets in mortgage bonds, public-sector bonds or bonds issued by a credit institution which has its registered office in an EU Member State or in another State that is party to the EEA Agreement. This is subject to the condition that the funds received with the bonds are invested so as to cover the liabilities of the bonds over their entire term and that they are primarily allocated to the payment of principal and interest in case of default of the bond issuer. If the Fund invests more than 5% of its assets in such bonds from a single issuer, the total value of such bonds must not exceed 80% of the value of the Fund.
## Investment limits for public issuers
The Company may invest up to 35% of the Fund's assets in bonds, borrower's note loans and money market instruments that are issued by specific national and supranational public issuers. These public issuers include the German federal government, German states, EU Member States and their local au- thorities, third countries, and supranational public bodies to which one or more Member States belong.
## Combination of investment limits
The Company shall not invest more than 20% of the Fund's value in a combination of the following assets:
- transferable securities or money market instruments issued by a single body;
- deposits with such a body, i.e. bank balances;
- attributable amounts for the counterparty risk of transactions entered into with that body in deriv- atives.
The relevant individual upper limits remain unaffected by this.
## Investment limits from the use of derivatives
The amounts of transferable securities and money market instruments of any individual issuer taken into account for the limits specified above may be reduced by the use of counter-market derivatives with transferable securities or money market instruments of this same issuer as their underlying assets. As a result, transferable securities or money market instruments of a single issuer may be purchased for the Fund in excess of said limits, provided the increased issuer risk is reduced by appropriate hedging transactions. | en | de |
DOLFIN7152 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The investment objective of the Sub–Fund is to achieve a total return in excess of the the iBoxx Euro Corporates Index, by investing in a portfolio of investment grade-rated fixed income securities while taking into account ESG considerations.
The Sub-Fund invests at least two-thirds of its net assets in fixed income securities rated investment grade and issued by entities domiciled within European countries whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to one-third of its net assets in investment grade rated fixed income securities issued by entities domiciled in non-European countries whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to 15% of its net assets in fixed income securities rated below investment grade provided that such securities are not rated below B-/B3. At least two-thirds of the net assets of the Sub-Fund will be denominated in the currencies of European Union countries and the UK. The Sub-Fund may invest up to one-third of its net assets in securities denominated in currencies of other countries whose sovereign long term debt rating is investment grade.
In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices, but does not have Sustainable Investment as its objective. The Sub-Fund promotes ESG characteristics by following an ESG Oriented approach as referred in the Prospectus' section “Environmental, Social and Governance Framework”. Specifically, the Sub-Fund favours investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
The Investment Manager’s ESG evaluation applies to all fixed income securities held and Sustainability Factors applied by the Sub-Fund are binding independent of any investment materiality. The Sub-Fund aims to only invest in fixed income securities which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
The Sub-Fund is designed for investors with a medium to long-term horizon (3 to 5 years) looking for an actively managed portfolio of investment grade-rated fixed income securities.
-
#### BlueBay Funds - BlueBay Impact - Aligned Bond Fund | El objetivo de inversión del Subfondo consiste en lograr una rentabilidad total superior a la del índice iBoxx Euro Corporates invirtiendo en una cartera de valores de renta fija con calificación investment grade, teniendo en cuenta al mismo tiempo los factores ambientales, sociales y de gobierno corporativo (ASG).
El Subfondo invertirá al menos dos tercios de su patrimonio neto en valores de renta fija con calificación investment grade emitidos por entidades con domicilio en países europeos cuya deuda soberana a largo plazo tenga calificación investment grade. El Subfondo podrá invertir hasta un tercio de su patrimonio neto en valores de renta fija con calificación investment grade emitidos por entidades con domicilio en países no europeos cuya deuda soberana a largo plazo tenga calificación investment grade. El Subfondo podrá invertir hasta un 15% de su patrimonio neto en valores de renta fija con una calificación crediticia inferior a investment grade siempre y cuando dicha calificación no sea inferior a B-/B3. Al menos dos tercios del patrimonio neto del Subfondo estarán denominados en divisas de los países de la Unión Europea y del Reino Unido. El Subfondo podrá invertir hasta un tercio de su patrimonio neto en valores denominados en divisas de otros países cuya deuda soberana a largo plazo tenga calificación investment grade.
De conformidad con el artículo 8 del SFDR, el Subfondo promueve características ambientales y sociales, así como inversiones que observan buenas prácticas de gobernanza, pero no tiene como objetivo inversiones sostenibles. El Subfondo promueve características ASG mediante la adopción de un enfoque orientado a los factores ASG, según se describe en el artículo del Folleto titulado «Marco ambiental, social y de gobierno corporativo». En concreto, el Subfondo privilegia la inversión en emisores cuyas actividades o conducta se ajustan a un enfoque ASG apropiado y responsable.
La evaluación ASG de la Gestora de inversiones se aplica a todos los valores de renta fija en cartera, y los factores de sostenibilidad adoptados por el Subfondo son vinculantes, con independencia de la materialidad de la inversión. El Subfondo pretende invertir exclusivamente en valores de renta fija que contribuyan al logro de las características ASG promovidas por el Subfondo. El índice de referencia del Subfondo no tiene en cuenta ninguno de los criterios ASG específicos que se aplican al Subfondo y, por lo tanto, solo se utiliza a efectos de comparación de la rentabilidad.
El Subfondo ha sido concebido para inversores con un horizonte de inversión de medio a largo plazo (de 3 a 5 años) que busquen una cartera gestionada activamente de valores de renta fija con calificación investment grade.
-
#### BlueBay Funds - BlueBay Impact - Aligned Bond Fund | The investment objective of the Sub–Fund is to achieve a total return in excess of the the iBoxx Euro Corporates Index, by investing in a portfolio of investment grade-rated fixed income securities while taking into account ESG considerations.
The Sub-Fund invests at least two-thirds of its net assets in fixed income securities rated investment grade and issued by entities domiciled within European countries whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to one-third of its net assets in investment grade rated fixed income securities issued by entities domiciled in non-European countries whose sovereign long term debt rating is investment grade. The Sub-Fund may invest up to 15% of its net assets in fixed income securities rated below investment grade provided that such securities are not rated below B-/B3. At least two-thirds of the net assets of the Sub-Fund will be denominated in the currencies of European Union countries and the UK. The Sub-Fund may invest up to one-third of its net assets in securities denominated in currencies of other countries whose sovereign long term debt rating is investment grade.
In accordance with Article 8 of SFDR, the Sub-Fund promotes environmental and social characteristics and investments which follow good governance practices, but does not have Sustainable Investment as its objective. The Sub-Fund promotes ESG characteristics by following an ESG Oriented approach as referred in the Prospectus' section “Environmental, Social and Governance Framework”. Specifically, the Sub-Fund favours investment in issuers whose business activities and/or conduct take an appropriate and responsible approach to ESG.
The Investment Manager’s ESG evaluation applies to all fixed income securities held and Sustainability Factors applied by the Sub-Fund are binding independent of any investment materiality. The Sub-Fund aims to only invest in fixed income securities which contribute to the attainment of the ESG characteristics promoted by the Sub-Fund. The Sub-Fund’s benchmark does not implement any of the ESG specific considerations which apply to the Sub-Fund and is therefore used for performance comparison only.
The Sub-Fund is designed for investors with a medium to long-term horizon (3 to 5 years) looking for an actively managed portfolio of investment grade-rated fixed income securities.
-
#### BlueBay Funds - BlueBay Impact - Aligned Bond Fund | en | es |
DOLFIN7153 | 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
### Ce produit est une-- SHARE_CLASS.ACC_OR_DIST Is Empty -- classe d’actions du Fonds libellée en EUR.
L’OPCVM est une société d’investissement à capital variable qui constitue un organisme de placement collectif en valeurs mobilières, conformément à la directive 2009/65/CE du Parlement européen et du Conseil du 13 juillet 2009, telle que modifiée en temps que de besoin.
## Durée
Le Fonds et la classe d’actions ont été constitués pour une période indéterminée. L’initiateur ne peut pas liquider ce produit unilatéralement. Seul le conseil d’administration de l’OPCVM ou une assemblée générale des actionnaires peut décider de liquider ce produit.
## Objectif
### Objectif d’investissement :
### L’objectif d’investissement du Fonds est de viser une croissance sur le moyen à long terme en répliquant un indice d’actions de sociétés américaines. Le Fonds fait l’objet d’une gestion passive et :
- répliquera la performance de l’indice suivant (nette de frais) : Scientific Beta United States HFI Multi Beta Multi Strategy Six Factor EW Market Beta Adjusted (Leverage) Net Return, libellé en EUR (l’« Indice ») ;
- est un fonds indiciel coté (Exchange Traded Fund ou ETF), ce qui signifie qu’il peut être acheté et vendu en bourse.
### Politique d’investissement :
L’Indice est conçu pour procurer aux investisseurs une exposition diversifiée à des actions (ou instruments assimilables à des actions) émises par des sociétés comptant parmi les 500 entreprises cotées aux Etats-Unis les plus grandes et les plus liquides. Plutôt que de sélectionner les entreprises sur la base de leur valeur de marché, l’Indice répartit son allocation entre six sous-indices, chacun dédié à un style d’investissement particulier, à savoir :
- Valeur - sélection d’entreprises dont la valeur comptable (book value) est élevée par rapport à la valeur de marché de leurs actions.
- Taille (capitalisation moyenne) - sélection d’entreprises dont la valeur de marché totale se situe dans une fourchette donnée.
- Faible volatilité - sélection d'entreprises dont le cours de l'action est susceptible de fluctuer dans une moindre mesure que leurs pairs.
- Momentum - sélection d’entreprises dont le cours de l'action a enregistré de bonnes performances par rapport à leurs pairs.
- Faible investissement - sélection d’entreprises dont les actifs ont augmenté plus lentement par rapport à leurs pairs.
- Haute rentabilité - sélection d’entreprises qui présentent un niveau de rentabilitéélevé par rapport à leurs actifs.
### Chaque style d’investissement est équipondéré au sein de l’Indice.
### Pour de plus amples informations sur l’Indice, rendez-vous sur : https://www.scientificbeta.com/#/content/SciBeta-US-HFI-MBMS-6F-E-W-MBA-Lev- Index-EUR-NR.
Le Fonds investira au travers d'un contrat conclu avec Morgan Stanley. En vertu de ce contrat, qui procure une exposition à un actif financier (un produit dérivé), Morgan Stanley est tenu de payer le rendement de l’Indice au Fonds. Les investisseurs sont priés de noter que ce contrat intègre certains coûts qui auront pour effet de diminuer le rendement du Fonds.
### Principales parties prenantes :
- FundLogic SAS est le gestionnaire d’investissement.
- Morgan Stanley fait référence à Morgan Stanley & Co. International plc et ses sociétés affiliées.
Rachat et négociation : Les investisseurs peuvent acheter et vendre des actions chaque jour ouvrable aux États-Unis d’Amérique, en Irlande, en France et au Royaume-Uni, à l’exception du 24 et du 31 décembre.
### Politique de distribution : Les investisseurs peuvent acheter et/ou revendre leurs actions chaque jour. Le revenu du Fonds sera réinvesti et le fonds ne versera pas de dividendes.
## Investisseurs de détail visés
### Le Fonds convient aux investisseurs qui :
- cherchent un rendement à medium terme
- acceptent les risques associés à ce type d’investissement, tels qu’indiqués dans la section « Facteurs de risque » du prospectusDépositaire : Northern Trust Fiduciary Services (Ireland) LimitedAutres informations :Le prospectus et les rapports périodiques sont établis pour l’ensemble de l’OPCVM. Les actifs et les passifs de chaque fonds sont séparés en vertu de la loi, ce qui signifie que les passifs affectés à un fonds ne peuvent pas avoir d'impact sur les autres compartiments. Les actionnaires peuvent convertir leurs actions en actions d’un autre fonds/d’une autre classe du fonds, comme indiqué à la section « Échange d’actions » du prospectus.
Des exemplaires du prospectus ainsi que des derniers rapports annuel et semestriel relatifs à l’ensemble du Fonds ainsi que d’autres informations pratiques, notamment le dernier prix des actions, peuvent être obtenus gratuitement auprès de : MSIM Fund Management (Ireland) Limited, The Observatory, 7-11 Sir John Rogerson’s Quay, Dublin 2, D02 VC42, Irlande ; Northern Trust International Fund Administration Services (Ireland) Limited, George's Court, 54-62 Townsend Street, Dublin 2, Irlande ; et sur https://www.fundlogic.morganstanley.com. Le prix des actions est également disponible sur Bloomberg.
### SciBeta HFE US Equity 6F EW UCITS ETF, un compartiment de FundLogic Alternatives plc – ETF Acc EUR (IE00BDBRDW33) | # ¿Qué es este producto?
## Tipo
### Este producto es una-- SHARE_CLASS.ACC_OR_DIST Is Empty -- clase de participaciones del Fondo denominada en EUR.
El OICVM es una sociedad de inversión de capital variable y cumple los requisitos de un organismo de inversión colectiva en valores mobiliarios sujeto a la Directiva 2009/65/CE del Parlamento Europeo y del Consejo, de 13 de julio de 2009, en su versión oportunamente modificada.
## Plazo
El Fondo y la clase de participaciones se constituyeron por un período indefinido. El productor no puede rescindir este producto unilateralmente. Solo el consejo de administración del OICVM o una junta general de partícipes pueden resolver rescindir este producto.
## Objetivo
### Objetivo de inversión:
El objetivo de inversión del fondo es lograr la revalorización a medio y largo plazo mediante el seguimiento de un índice de acciones de empresas estadounidenses. El fondo se gestiona de forma pasiva y:
- replicará la rentabilidad del siguiente índice (una vez deducidas las comisiones): Scientific Beta United States HFI Multi Beta Multi Strategy Six Factor EW Market Beta Adjusted (Leverage) Net Return, denominado en euros (el "índice");
- es un fondo cotizado ("ETF"), lo que significa que puede comprarse y venderse en un mercado de valores.
### Política de inversión:
El índice ha sido concebido para ofrecer a los inversores una exposición diversificada a acciones o instrumentos similares a las acciones seleccionados de entre las 500 empresas más grandes y más líquidas cotizadas en Estados Unidos. En lugar de realizar una asignación sobre la base del valor de mercado de las empresas, el índice asigna a seis subíndices, cada uno de los cuales representa un estilo de inversión específico, a saber:
- Valor ("Value"): selección de compañías con un elevado valor contable con respecto al valor de mercado de sus acciones.
- Tamaño ("Size") (mediana capitalización): selección de compañías cuyo valor de mercado total oscila en un rango concreto.
- Reducida volatilidad ("Low Volatility"): selección de compañías cuya cotización probablemente fluctuará en menor medida en comparación con compañías similares.
- Momentum elevado ("High Momentum"): selección de compañías cuya cotización ha evolucionado de forma satisfactoria en comparación con compañías similares.
- Reducida inversión ("Low Investment"): selección de compañías cuyos activos han experimentado un crecimiento más lento en comparación con compañías similares.
- Elevada rentabilidad ("High Profitability"): selección de compañías con un elevado nivel de rentabilidad en comparación con sus activos.
### Cada uno de estos estilos de inversión tiene una asignación idéntica en el índice.
### Para obtener más información sobre el índice, consulte: https://www.scientificbeta.com/#/content/SciBeta-US-HFI-MBMS-6F-E-W-MBA-Lev- Index-EUR-NR.
El fondo invertirá a través de un acuerdo contractual con Morgan Stanley. Conforme a este acuerdo, que ofrece exposición a un activo financiero (conocido como "derivado"), Morgan Stanley se encarga de abonar las rentabilidades del índice al fondo. Los inversores deben tener en cuenta que este acuerdo contractual tiene costes implícitos que reducirán la rentabilidad del fondo.
### Partes principales:
- FundLogic SAS es el gestor de inversiones.
- Morgan Stanley hace referencia a Morgan Stanley & Co. International plc y sus entidades afiliadas.
### Reembolso y negociación: Los inversores pueden comprar y vender participaciones cualquier día hábil en Estados Unidos, Irlanda, Francia y el Reino Unido, excepto el 24 y el 31 de diciembre.
### Política de distribución: Los inversores pueden comprar y/o vender sus participaciones a diario. Las rentas del Fondo se reinvertirán y el Fondo no pagará dividendos.
## Inversor minorista al que va dirigido
### El Fondo es adecuado para inversores que:
- Busquen rentabilidad a medium plazo
- Acepten los riesgos asociados a este tipo de inversión, que se detallan en el apartado «Factores de riesgo» del folletoDepositario: Northern Trust Fiduciary Services (Ireland) LimitedInformación suplementaria:El folleto del OICVM y los informes periódicos son preparados para el OICVM en conjunto. El activo y el pasivo de cada Fondo está segregado por ley, lo que significa que el pasivo asignado a un Fondo no puede afectar al otro subfondo. Los partícipes tienen derecho a convertir sus participaciones en participaciones de otro Fondo/otra clase del fondo, tal como se describe en el apartado «Canje de participaciones» del folleto.
Pueden obtenerse, gratuitamente, ejemplares del folleto, los informes anual y semestral más recientes del Fondo en su conjunto y otra información práctica, como el precio más reciente de las participaciones, en: MSIM Fund Management (Ireland) Limited, The Observatory, 7-11 Sir John Rogerson’s Quay, Dublin 2, D02 VC42, Irlanda; Northern Trust International Fund Administration Services (Ireland) Limited, George's Court, 54-62 Townsend Street, Dublin 2, Irlanda; y en https://www.fundlogic.morganstanley.com. Los precios de las participaciones también están disponibles en Bloomberg.
### SciBeta HFE US Equity 6F EW UCITS ETF, un subfondo de FundLogic Alternatives plc – ETF Acc EUR (IE00BDBRDW33) | # En quoi consiste ce produit?
## Type
### Ce produit est une-- SHARE_CLASS.ACC_OR_DIST Is Empty -- classe d’actions du Fonds libellée en EUR.
L’OPCVM est une société d’investissement à capital variable qui constitue un organisme de placement collectif en valeurs mobilières, conformément à la directive 2009/65/CE du Parlement européen et du Conseil du 13 juillet 2009, telle que modifiée en temps que de besoin.
## Durée
Le Fonds et la classe d’actions ont été constitués pour une période indéterminée. L’initiateur ne peut pas liquider ce produit unilatéralement. Seul le conseil d’administration de l’OPCVM ou une assemblée générale des actionnaires peut décider de liquider ce produit.
## Objectif
### Objectif d’investissement :
### L’objectif d’investissement du Fonds est de viser une croissance sur le moyen à long terme en répliquant un indice d’actions de sociétés américaines. Le Fonds fait l’objet d’une gestion passive et :
- répliquera la performance de l’indice suivant (nette de frais) : Scientific Beta United States HFI Multi Beta Multi Strategy Six Factor EW Market Beta Adjusted (Leverage) Net Return, libellé en EUR (l’« Indice ») ;
- est un fonds indiciel coté (Exchange Traded Fund ou ETF), ce qui signifie qu’il peut être acheté et vendu en bourse.
### Politique d’investissement :
L’Indice est conçu pour procurer aux investisseurs une exposition diversifiée à des actions (ou instruments assimilables à des actions) émises par des sociétés comptant parmi les 500 entreprises cotées aux Etats-Unis les plus grandes et les plus liquides. Plutôt que de sélectionner les entreprises sur la base de leur valeur de marché, l’Indice répartit son allocation entre six sous-indices, chacun dédié à un style d’investissement particulier, à savoir :
- Valeur - sélection d’entreprises dont la valeur comptable (book value) est élevée par rapport à la valeur de marché de leurs actions.
- Taille (capitalisation moyenne) - sélection d’entreprises dont la valeur de marché totale se situe dans une fourchette donnée.
- Faible volatilité - sélection d'entreprises dont le cours de l'action est susceptible de fluctuer dans une moindre mesure que leurs pairs.
- Momentum - sélection d’entreprises dont le cours de l'action a enregistré de bonnes performances par rapport à leurs pairs.
- Faible investissement - sélection d’entreprises dont les actifs ont augmenté plus lentement par rapport à leurs pairs.
- Haute rentabilité - sélection d’entreprises qui présentent un niveau de rentabilitéélevé par rapport à leurs actifs.
### Chaque style d’investissement est équipondéré au sein de l’Indice.
### Pour de plus amples informations sur l’Indice, rendez-vous sur : https://www.scientificbeta.com/#/content/SciBeta-US-HFI-MBMS-6F-E-W-MBA-Lev- Index-EUR-NR.
Le Fonds investira au travers d'un contrat conclu avec Morgan Stanley. En vertu de ce contrat, qui procure une exposition à un actif financier (un produit dérivé), Morgan Stanley est tenu de payer le rendement de l’Indice au Fonds. Les investisseurs sont priés de noter que ce contrat intègre certains coûts qui auront pour effet de diminuer le rendement du Fonds.
### Principales parties prenantes :
- FundLogic SAS est le gestionnaire d’investissement.
- Morgan Stanley fait référence à Morgan Stanley & Co. International plc et ses sociétés affiliées.
Rachat et négociation : Les investisseurs peuvent acheter et vendre des actions chaque jour ouvrable aux États-Unis d’Amérique, en Irlande, en France et au Royaume-Uni, à l’exception du 24 et du 31 décembre.
### Politique de distribution : Les investisseurs peuvent acheter et/ou revendre leurs actions chaque jour. Le revenu du Fonds sera réinvesti et le fonds ne versera pas de dividendes.
## Investisseurs de détail visés
### Le Fonds convient aux investisseurs qui :
- cherchent un rendement à medium terme
- acceptent les risques associés à ce type d’investissement, tels qu’indiqués dans la section « Facteurs de risque » du prospectusDépositaire : Northern Trust Fiduciary Services (Ireland) LimitedAutres informations :Le prospectus et les rapports périodiques sont établis pour l’ensemble de l’OPCVM. Les actifs et les passifs de chaque fonds sont séparés en vertu de la loi, ce qui signifie que les passifs affectés à un fonds ne peuvent pas avoir d'impact sur les autres compartiments. Les actionnaires peuvent convertir leurs actions en actions d’un autre fonds/d’une autre classe du fonds, comme indiqué à la section « Échange d’actions » du prospectus.
Des exemplaires du prospectus ainsi que des derniers rapports annuel et semestriel relatifs à l’ensemble du Fonds ainsi que d’autres informations pratiques, notamment le dernier prix des actions, peuvent être obtenus gratuitement auprès de : MSIM Fund Management (Ireland) Limited, The Observatory, 7-11 Sir John Rogerson’s Quay, Dublin 2, D02 VC42, Irlande ; Northern Trust International Fund Administration Services (Ireland) Limited, George's Court, 54-62 Townsend Street, Dublin 2, Irlande ; et sur https://www.fundlogic.morganstanley.com. Le prix des actions est également disponible sur Bloomberg.
### SciBeta HFE US Equity 6F EW UCITS ETF, un compartiment de FundLogic Alternatives plc – ETF Acc EUR (IE00BDBRDW33) | fr | es |
DOLFIN7154 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# BIL Invest Equities Japan
| Geographical breakdown |
| --- |
| Luxembourg 61.35 |
| Ireland 37.26 |
| 98.61 |
Geographical and economic breakdown of investments as at June 30, 2023 (expressed as a percentage of net assets)
| Economic breakdown |
| --- |
| Investment funds 98.61 |
| 98.61 | | # BIL Invest Equities Japan
| Répartition géographique |
| --- |
| Luxembourg 61,35 |
| Irlande 37,26 |
| 98,61 |
Répartition géographique du portefeuille-titres au 30 juin 2023 (en pourcentage de l’actif net)
| Répartition économique |
| --- |
| Fonds d’investissement 98,61 |
| 98,61 | | # BIL Invest Equities Japan
| Geographical breakdown |
| --- |
| Luxembourg 61.35 |
| Ireland 37.26 |
| 98.61 |
Geographical and economic breakdown of investments as at June 30, 2023 (expressed as a percentage of net assets)
| Economic breakdown |
| --- |
| Investment funds 98.61 |
| 98.61 | | en | fr |
DOLFIN7155 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d’investissement
- Le Compartiment vise à fournir aux investisseurs une croissance du capital à long terme, en investissant dans un portefeuille diversifié faisant l’objet d’une gestion active.
- Le Compartiment est un Compartiment ISR qui intègre systématiquement et simultanément des critères environnementaux, sociaux et de gouvernance (ESG) contraignants dans le cadre de son processus d’investissement. Il promeut une combinaison de caractéristiques ESG. Il s’agit d’un produit qui relève de l’Article 8 du SFDR. Ce Compartiment a reçu le label ISR en France.
- Le Compartiment investit au moins 75 % de ses actifs dans les actions de sociétés émettrices dont le siège social est situé dans l’Espace économique européen.
- Le Compartiment choisit des entreprises dotées de modèles économiques uniques ou possédant une part de marché importante au niveau mondial, ou bien des entreprises ayant une exposition spécifique au secteur technologique ou sur le plan géographique, et dont l’objectif est de fournir une croissance rentable à long terme.
- Le Compartiment investit principalement dans les entreprises à petite ou moyenne capitalisation, mais il peut investir jusqu’à 15 % du total de ses actifs dans les actions d’entreprises à forte capitalisation.
- Nous attirons l’attention de l’investisseur sur le fait que son investissement dans le Compartiment ne génère pas d’impact direct sur l’environnement ou la société, mais que le Compartiment cherche à sélectionner et investir dans des entreprises qui répondent aux critères précis définis dans la politique d’investissement.
- L’objectif extra-financier principal du Compartiment est d’investir dans des sociétés appliquant de bonnes pratiques en matière d’ESG (dites « best in universe ») ou des sociétés en voie d’améliorer leurs pratiques ESG (dites « best efforts ») tout en excluant celles qui n’obtiendraient pas une note minimum absolue de 40/100. Le Compartiment vise également à aider les sociétés à améliorer leurs pratiques en maintenant un dialogue régulier avec leur direction et en discutant avec celle-ci des domaines à améliorer concernant certains thèmes ESG.
- Le Compartiment met en œuvre plusieurs approches durables telles que définies par la Global Sustainable Investment Alliance : exclusions sectorielles et normatives, sélection ESG positive (c.-à-d., stratégie « best-in-universe » ou « best efforts »).
- À partir de cet univers des « Leaders » qui lui est propre, le processus d’investissement du Compartiment compte trois étapes : 1/ Niveau de liquidité et notation ESG ; 2/ Exclusion stricte de cet univers d’investissement initial de sociétés ayant un impact négatif significatif sur des facteurs ESG spécifiques. Le Compartiment réduit son univers d’investissement ESG de 20 % par rapport à son univers d’investissement initial (c.-à-d., après l’élimination des 20 % d’émetteurs dotés des plus mauvais scores) ; 3/ Analysefondamentale de chaque société considérée à des fins d’investissement.
- Les principales limites méthodologiques sont décrites dans le prospectus.
- Le Compartiment fait l’objet d’une gestion active et sa performance est comparée à l’indice de référence Stoxx Europe Small 200 (Net Return). Néanmoins, la Société de gestion est libre de sélectionner des titres indépendamment de leur appartenance à l’Indice de référence, ce qui lui laisse toute latitude dans ses décisions d’investissement. En conséquence, les positions du Compartiment et la pondération des titres dans le portefeuille s’écarteront de la composition de l’Indice de référence.
- L’Indice de référence n’intègre pas les facteurs ESG pris en compte par le Compartiment. La stratégie d’investissement peut induire des biais sectoriels par rapport à l’Indice de référence (surpondération ou sous-pondération de certains secteurs).
- L’Indice de référence a été choisi en interne à des fins de comparaison de performance (en incluant le calcul des commissions de performance) et d’évaluation du risque. Le fournisseur de l’Indice de référence est agréé par l’ESMA.
- L’Indice de référence est un indice à composantes fixes créé pour fournir une représentation des entreprises de petite capitalisation en Europe.
- Le Compartiment ne conclura pas d’opérations de prêt de titres.
- Le Compartiment peut recourir aux Instruments financiers dérivés (« IFD ») tels que des futures sur indice ou sectoriels, en options sur titres (y compris, entre autres, des options sur actions et sur obligations) et éventuellement en CFD (y compris, notamment, des CFD sur actions) à des fins de couverture. Cela ne doit impérativement pas avoir d’effet de distorsion de manière significative ou durable sur la politique ESG du Compartiment.
- La vente d’actions du Compartiment peut avoir lieu n’importe quel jour ouvrable.
- La Catégorie d’actions ne prévoit pas de distribuer des dividendes. Tout revenu résultant des investissements du Compartiment est réinvesti et traduit dans la valeur de cette Catégorie d’actions.
- Recommandation : ce Compartiment peut ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant cinq ans. | # Objetivos y política de inversión
- El Fondo aspira a ofrecer a los inversores la revalorización del capital a largo plazo invirtiendo en una cartera diversificada con gestión activa.
- El Fondo es un Fondo de inversión socialmente responsable (ISR), ya que su proceso de gestión de inversiones integra de forma sistemática y simultánea criterios vinculantes en materia ambiental, social y de gobierno corporativo (ASG). Promueve una combinación de características ASG. Se trata de un producto incluido en el ámbito de aplicación del artículo 8 del Reglamento sobre divulgación de finanzas sostenibles (SFDR). Este Fondo dispone de la etiqueta ISR en Francia.
- El Fondo invierte al menos un 75% de sus activos en renta variable de empresas con domicilio en el Espacio Económico Europeo.
- El Fondo selecciona empresas con modelos de negocio únicos o cuotas de mercado globales significativas o empresas con exposición tecnológica o geográfica específica y que tienen como objetivo lograr un crecimiento rentable a largo plazo.
- El Fondo invierte principalmente en empresas de pequeña y mediana capitalización, pero puede invertir hasta el 15% de su patrimonio total en acciones de empresas de gran capitalización.
- Los inversores deben ser conscientes de que su inversión en el Fondo no genera un impacto directo sobre el medio ambiente y la sociedad, sino que el Fondo trata de seleccionar e invertir en empresas que satisfacen los criterios concretos que se definen en la política de inversión.
- El principal objetivo no financiero del Fondo consiste en invertir en empresas que aplican buenas prácticas ASG (es decir, las mejores del universo de inversión) o aquellas que se encuentran en un proceso de mejora con respecto a dichas prácticas (es decir, mejor esfuerzo), al tiempo que excluyen las que no alcanzarían una puntuación ASG absoluta mínima (40/100). El Fondo también trata de ayudar a las empresas a mejorar sus prácticas ASG entablando un diálogo regular con estas y compartiendo con las áreas aspectos de mejora sobre temas ASG concretos.
- El Fondo aplica varios enfoques sostenibles, conforme a la definición de la Alianza Global de Inversión Sostenible (GSIA): selección excluyente, selección basada en normas, selección positiva por criterios ASG (es decir “mejor del universo de inversión” o “mejor esfuerzo”).
- Dentro del universo propio “Leaders”, el proceso de inversión del Fondo consta de tres pasos: 1/ Filtro de liquidez y puntuación ASG; 2/ Exclusión estricta de este universo de inversión inicial de aquellas empresas que tengan un importante impacto negativo en factores ASG concretos. El Fondo reduce su universo ASG en el que puede invertir con respecto a su universo de inversión inicial en al menos un 20% (es decir, se eliminan el20% de peores emisores); 3/ Análisis fundamental de cada empresa considerada a efectos de inversión.
- Los principales límites metodológicos se describen en el folleto.
- El Fondo se gestiona de forma activa por referencia al Índice de referencia Stoxx Europe Small 200 Net Return EUR. Sin embargo, las decisiones de inversión de la Sociedad gestora no están limitadas por el Índice de referencia correspondiente, sino que puede seleccionar libremente los valores con independencia de que formen parte de este. Por consiguiente, las posiciones y las ponderaciones de los valores en cartera del Fondo se apartarán de la composición del índice de referencia correspondiente.
- El Índice de referencia correspondiente no está armonizado con los factores ASG considerados para el Fondo. La estrategia de inversión puede generar sesgos sectoriales en comparación con el Índice de referencia correspondiente (sobreponderaciones o infraponderaciones de algunos sectores).
- A nivel interno se ha elegido el Índice de referencia correspondiente a efectos de comparar su rentabilidad, incluyendo el cálculo de las comisiones de rentabilidad, y de medir el riesgo. El proveedor del Índice de referencia correspondiente está autorizado por la ESMA.
- El Índice de referencia correspondiente es un índice con componentes fijos diseñado para ofrecer una representación de las empresas de pequeña capitalización en Europa.
- El Fondo no realizará operaciones de préstamo de valores.
- El Fondo puede emplear Instrumentos financieros derivados (IFD) como son futuros de un índice o sector, opciones sobre valores (incluidas opciones sobre renta variable y renta fija, entre otros) y posiblemente CFD (incluidos CFD sobre acciones y valores, entre otros), con fines de cobertura. Esto no puede tener la consecuencia de distorsionar la política ASG del Fondo de forma significativa o duradera.
- Las acciones del Fondo se pueden vender cualquier día hábil.
- La Clase de acciones no tiene previsto distribuir dividendos. Todos los ingresos procedentes de las inversiones del Fondo se reinvierten y se reflejan en el valor de esta Clase de acciones.
- Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cinco años. | # Objectifs et politique d’investissement
- Le Compartiment vise à fournir aux investisseurs une croissance du capital à long terme, en investissant dans un portefeuille diversifié faisant l’objet d’une gestion active.
- Le Compartiment est un Compartiment ISR qui intègre systématiquement et simultanément des critères environnementaux, sociaux et de gouvernance (ESG) contraignants dans le cadre de son processus d’investissement. Il promeut une combinaison de caractéristiques ESG. Il s’agit d’un produit qui relève de l’Article 8 du SFDR. Ce Compartiment a reçu le label ISR en France.
- Le Compartiment investit au moins 75 % de ses actifs dans les actions de sociétés émettrices dont le siège social est situé dans l’Espace économique européen.
- Le Compartiment choisit des entreprises dotées de modèles économiques uniques ou possédant une part de marché importante au niveau mondial, ou bien des entreprises ayant une exposition spécifique au secteur technologique ou sur le plan géographique, et dont l’objectif est de fournir une croissance rentable à long terme.
- Le Compartiment investit principalement dans les entreprises à petite ou moyenne capitalisation, mais il peut investir jusqu’à 15 % du total de ses actifs dans les actions d’entreprises à forte capitalisation.
- Nous attirons l’attention de l’investisseur sur le fait que son investissement dans le Compartiment ne génère pas d’impact direct sur l’environnement ou la société, mais que le Compartiment cherche à sélectionner et investir dans des entreprises qui répondent aux critères précis définis dans la politique d’investissement.
- L’objectif extra-financier principal du Compartiment est d’investir dans des sociétés appliquant de bonnes pratiques en matière d’ESG (dites « best in universe ») ou des sociétés en voie d’améliorer leurs pratiques ESG (dites « best efforts ») tout en excluant celles qui n’obtiendraient pas une note minimum absolue de 40/100. Le Compartiment vise également à aider les sociétés à améliorer leurs pratiques en maintenant un dialogue régulier avec leur direction et en discutant avec celle-ci des domaines à améliorer concernant certains thèmes ESG.
- Le Compartiment met en œuvre plusieurs approches durables telles que définies par la Global Sustainable Investment Alliance : exclusions sectorielles et normatives, sélection ESG positive (c.-à-d., stratégie « best-in-universe » ou « best efforts »).
- À partir de cet univers des « Leaders » qui lui est propre, le processus d’investissement du Compartiment compte trois étapes : 1/ Niveau de liquidité et notation ESG ; 2/ Exclusion stricte de cet univers d’investissement initial de sociétés ayant un impact négatif significatif sur des facteurs ESG spécifiques. Le Compartiment réduit son univers d’investissement ESG de 20 % par rapport à son univers d’investissement initial (c.-à-d., après l’élimination des 20 % d’émetteurs dotés des plus mauvais scores) ; 3/ Analysefondamentale de chaque société considérée à des fins d’investissement.
- Les principales limites méthodologiques sont décrites dans le prospectus.
- Le Compartiment fait l’objet d’une gestion active et sa performance est comparée à l’indice de référence Stoxx Europe Small 200 (Net Return). Néanmoins, la Société de gestion est libre de sélectionner des titres indépendamment de leur appartenance à l’Indice de référence, ce qui lui laisse toute latitude dans ses décisions d’investissement. En conséquence, les positions du Compartiment et la pondération des titres dans le portefeuille s’écarteront de la composition de l’Indice de référence.
- L’Indice de référence n’intègre pas les facteurs ESG pris en compte par le Compartiment. La stratégie d’investissement peut induire des biais sectoriels par rapport à l’Indice de référence (surpondération ou sous-pondération de certains secteurs).
- L’Indice de référence a été choisi en interne à des fins de comparaison de performance (en incluant le calcul des commissions de performance) et d’évaluation du risque. Le fournisseur de l’Indice de référence est agréé par l’ESMA.
- L’Indice de référence est un indice à composantes fixes créé pour fournir une représentation des entreprises de petite capitalisation en Europe.
- Le Compartiment ne conclura pas d’opérations de prêt de titres.
- Le Compartiment peut recourir aux Instruments financiers dérivés (« IFD ») tels que des futures sur indice ou sectoriels, en options sur titres (y compris, entre autres, des options sur actions et sur obligations) et éventuellement en CFD (y compris, notamment, des CFD sur actions) à des fins de couverture. Cela ne doit impérativement pas avoir d’effet de distorsion de manière significative ou durable sur la politique ESG du Compartiment.
- La vente d’actions du Compartiment peut avoir lieu n’importe quel jour ouvrable.
- La Catégorie d’actions ne prévoit pas de distribuer des dividendes. Tout revenu résultant des investissements du Compartiment est réinvesti et traduit dans la valeur de cette Catégorie d’actions.
- Recommandation : ce Compartiment peut ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant cinq ans. | fr | es |
DOLFIN7156 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Sub-Fund is actively managed and will measure its performance against the Bloomberg Barclays China Treasury Total Return Index CNY (the “Index”) solely for comparison purposes. The Investment Adviser has discretion over the composition of the portfolio of the Sub-Fund subject to the Investment Objectives and Investment Policies of the Sub-Fund. For the avoidance of doubt, the Investment Adviser may select securities not included in the Index, and may be wholly invested in securities which are not consistent with the Index.
The Fund may at any time change the reference index for a Sub-Fund where, for reasons outside its control, the Index has been replaced, or another index may reasonably be considered by the Fund to have become the appropriate standard for the relevant exposure. In such circumstances, any change in index will be disclosed in the annual or half-yearly report of the Sub-Fund issued subsequent to such change.
Although the Sub-Fund will measure performance against the Index, which performance will be disclosed in the relevant KIID, there exists no index outperformance target for the Sub-Fund. Similarly, the Sub- Fund does not have any specified limits on index tracking errors or other constraints that may limit the performance of the Sub-Fund versus the Index. Whilst the Investment Adviser does not employ a defined strategy to align with the Index during periods of volatility, it will take account of market environment and perceived risks at any given time and will employ its investment discretion as described in the investment policies accordingly.
-
### Profile of a Typical Investor | Le Compartiment est géré de manière active et mesurera sa performance par rapport à l'indice Bloomberg Barclays China Treasury Total Return Index CNY (« l’Indice ») uniquement à des fins de comparaison. Le Conseiller en Investissements est investi d'un pouvoir discrétionnaire en ce qui concerne la composition du portefeuille du Compartiment sous réserve des Objectifs d'investissement et des Politiques d'investissement du Compartiment. Afin de dissiper toute équivoque, le Conseiller en Investissements est susceptible de sélectionner des titres non inclus dans l'Indice et peut investir la totalité des actifs du Compartiment dans des titres qui n’entrent pas dans la composition de l'Indice.
Le Fonds peut à tout moment modifier l'indice de référence d'un Compartiment lorsque, pour des raisons indépendantes de sa volonté, l'Indice a été remplacé ou un autre indice peut raisonnablement être considéré par le Fonds comme étant devenu la norme appropriée pour l'exposition concernée. Dans de telles circonstances, une éventuelle modification d'indice sera indiquée dans le rapport annuel ou semestriel du Compartiment publié consécutivement à ce changement.
Bien que le Compartiment mesurera la performance par rapport à l'Indice, dont la performance sera communiquée dans le KIID concerné, il n'existe aucun objectif assigné au Compartiment de réaliser une quelconque surperformance par rapport à un indice. Dans le même ordre d'idées, le Compartiment n'a pas de limites spécifiées en ce qui concerne les erreurs de suivi d'indice (tracking errors) ou d'autres contraintes susceptibles de limiter la performance du Compartiment par rapport à l'Indice. Bien que le Conseiller en Investissements n’applique pas une stratégie déterminée en vue de s'aligner sur l'Indice pendant les périodes de volatilité, il tiendra compte de l'environnement de marché et des risques perçus à tout moment et utilisera le pouvoir discrétionnaire qui lui est conféré en matière d'investissement tel que décrit dans les politiques d'investissement à cet effet.
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### Profil d'un investisseur type | The Sub-Fund is actively managed and will measure its performance against the Bloomberg Barclays China Treasury Total Return Index CNY (the “Index”) solely for comparison purposes. The Investment Adviser has discretion over the composition of the portfolio of the Sub-Fund subject to the Investment Objectives and Investment Policies of the Sub-Fund. For the avoidance of doubt, the Investment Adviser may select securities not included in the Index, and may be wholly invested in securities which are not consistent with the Index.
The Fund may at any time change the reference index for a Sub-Fund where, for reasons outside its control, the Index has been replaced, or another index may reasonably be considered by the Fund to have become the appropriate standard for the relevant exposure. In such circumstances, any change in index will be disclosed in the annual or half-yearly report of the Sub-Fund issued subsequent to such change.
Although the Sub-Fund will measure performance against the Index, which performance will be disclosed in the relevant KIID, there exists no index outperformance target for the Sub-Fund. Similarly, the Sub- Fund does not have any specified limits on index tracking errors or other constraints that may limit the performance of the Sub-Fund versus the Index. Whilst the Investment Adviser does not employ a defined strategy to align with the Index during periods of volatility, it will take account of market environment and perceived risks at any given time and will employ its investment discretion as described in the investment policies accordingly.
-
### Profile of a Typical Investor | en | fr |
DOLFIN7157 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- business strategy and its execution
- risk management
- environmental and social concerns
- corporate governance issues such as board com- position, the election of independent directors, and executive remuneration and its structuring,
- compliance, culture and ethics
- performance and capital structureOther monitoring activities may include reviewing CSAM’s positions in investee companies during regu- lar investment meetings.
- Exercise of voting rights: The Portfolio Manager or proxies appointed by the Portfolio Manager exercise voting rights at shareholder meetings of the invested companies according to the defined ESG characteris- tics in order to improve the environmental, social and corporate governance behavior of the companies. | - Geschäftsstrategie und deren Umsetzung
- Risikomanagement
- ökologische und soziale Belange
- Corporate-Governance-Fragen, wie z. B. die Zu- sammensetzung des Boards, die Wahl unabhängi- ger Direktoren sowie die Vergütung von Führungs- kräften und deren Strukturierung,
- Compliance, Unternehmenskultur und -ethik
- Leistung und KapitalstrukturZu den weiteren Überwachungsaktivitäten kann die Überprüfung der Positionen der CSAM in den Beteili- gungsunternehmen während der regelmässigen In- vestitionssitzungen gehören.
- Ausübung von Stimmrechten: Der Portfoliomana- ger oder von ihm beauftragte Stimmrechtsvertreter üben bei Aktionärsversammlungen der investierten Unternehmen die Stimmrechte entsprechend der de- finierten ESG-Merkmale aus um das Verhalten der Unternehmen in den Bereichen Umwelt, Soziales und Unternehmensführung zu verbessern. | - business strategy and its execution
- risk management
- environmental and social concerns
- corporate governance issues such as board com- position, the election of independent directors, and executive remuneration and its structuring,
- compliance, culture and ethics
- performance and capital structureOther monitoring activities may include reviewing CSAM’s positions in investee companies during regu- lar investment meetings.
- Exercise of voting rights: The Portfolio Manager or proxies appointed by the Portfolio Manager exercise voting rights at shareholder meetings of the invested companies according to the defined ESG characteris- tics in order to improve the environmental, social and corporate governance behavior of the companies. | en | de |
DOLFIN7158 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 3 ans Investissement de 10 000 EUR Si vous sortez après 1 an Si vous sortez après 3 ans Scénarios |
| --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 7 604,49 EUR | 5 145,33 EUR |
| Rendement annuel moyen | -24,0 % | -19,9 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 013,17 EUR | 5 145,33 EUR |
| Rendement annuel moyen | -19,9 % | -19,9 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 225,12 EUR | 10 871,81 EUR |
| Rendement annuel moyen | 2,3 % | 2,8 % |
| Favorable` | Ce que vous pourriez obtenir après déduction des coûts | 11 118,91 EUR | 12 220,82 EUR |
| Rendement annuel moyen | 11,2 % | 6,9 % | | | Período de mantenimiento recomendado : 3 años Inversión 10.000EUR En caso de salida después de 1 En caso de salida después de 3 Escenarios año años |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que puede recibir una vez deducidos los costes | 7.604,49 EUR | 5.145,33 EUR |
| Rendimento medio cada año | -24,0 % | -19,9 % |
| Desfavorable | Lo que puede recibir una vez deducidos los costes | 8.013,17 EUR | 5.145,33 EUR |
| Rendimento medio cada año | -19,9 % | -19,9 % |
| Moderado | Lo que puede recibir una vez deducidos los costes | 10.225,12 EUR | 10.871,81 EUR |
| Rendimento medio cada año | 2,3 % | 2,8 % |
| Favorable` | Lo que puede recibir una vez deducidos los costes | 11.118,91 EUR | 12.220,82 EUR |
| Rendimento medio cada año | 11,2 % | 6,9 % | | | Période de détention recommandée : 3 ans Investissement de 10 000 EUR Si vous sortez après 1 an Si vous sortez après 3 ans Scénarios |
| --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 7 604,49 EUR | 5 145,33 EUR |
| Rendement annuel moyen | -24,0 % | -19,9 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 013,17 EUR | 5 145,33 EUR |
| Rendement annuel moyen | -19,9 % | -19,9 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 225,12 EUR | 10 871,81 EUR |
| Rendement annuel moyen | 2,3 % | 2,8 % |
| Favorable` | Ce que vous pourriez obtenir après déduction des coûts | 11 118,91 EUR | 12 220,82 EUR |
| Rendement annuel moyen | 11,2 % | 6,9 % | | fr | es |
DOLFIN7159 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Brookfield Asset Management PIC Canada, L.P. is required to produce and publish this document by Regulation (EU) 1286/2014 of the European Parliament and the Council on key information documents for packaged retail and insurance-based investment products, as amended by Regulation (EU) 2021/2268 (the “Regulation”). The AIFM is required to follow the Regulation’s prescribed methodology in preparing the document, including for the determination of the Summary Risk Indicator. The AIFM believes that the methodology prescribed by the Regulation for the preparation of the information in this document and is primarily designed for packaged retail investment products rather than shares in this type of fund and, in the case of this specific product, produces results which, in the AIFM’s view, could significantly differ from the fund’s results. | # Zweck
Das vorliegende Dokument enthält wesentliche Informationen über dieses Anlageprodukt. Es handelt sich nicht um Marketingmaterial. Diese Informationen sind gesetzlich vorgeschrieben, um Ihnen die Wesensart, die Risiken, die Kosten sowie die potenziellen Gewinne und Verluste dieses Produkts zu erläutern und Ihnen dabei zu helfen, es mit anderen Produkten zu vergleichen.
Brookfield Asset Management PIC Canada, L.P. ist gemäß der Verordnung (EU) Nr. 1286/2014 des Europäischen Parlaments und des Rates über Basisinformationsblätter für verpackte Anlageprodukte für Kleinanleger und Versicherungsnehmer in der durch die Verordnung (EU) Nr. 2021/2268 geänderten Fassung (die „Verordnung“) zur Erstellung und Veröffentlichung dieses Dokuments verpflichtet. Der Verwalter alternativer Investmentfonds (AIFM) ist verpflichtet, bei der Erstellung des Dokuments die in der Verordnung vorgeschriebene Methodik zu befolgen, einschließlich für die Bestimmung des Gesamtrisikoindikators. Der AIFM ist der Ansicht, dass die in der Verordnung vorgeschriebene Methodik für die Erstellung der Informationen in diesem Dokument in erster Linie für verpackte Anlageprodukte für Kleinanleger (PRIIP) und nicht für Anteile an dieser Fondsart konzipiert ist und im Falle dieses spezifischen Produkts Ergebnisse liefert, die nach Ansicht des AIFM erheblich von den Ergebnissen des Fonds abweichen könnten. | # Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Brookfield Asset Management PIC Canada, L.P. is required to produce and publish this document by Regulation (EU) 1286/2014 of the European Parliament and the Council on key information documents for packaged retail and insurance-based investment products, as amended by Regulation (EU) 2021/2268 (the “Regulation”). The AIFM is required to follow the Regulation’s prescribed methodology in preparing the document, including for the determination of the Summary Risk Indicator. The AIFM believes that the methodology prescribed by the Regulation for the preparation of the information in this document and is primarily designed for packaged retail investment products rather than shares in this type of fund and, in the case of this specific product, produces results which, in the AIFM’s view, could significantly differ from the fund’s results. | en | de |
DOLFIN7160 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Liquidation of a fund or share class
Any share class or fund may be compulsorily liquidated based on either of the following:
- a resolution passed by the board, in particular when it believes that a fund’s assets have fallen below a level where operation is economically efficient or that circumstances otherwise exist that make it no longer possible for the fund to be managed in the interests of the shareholders;
- a resolution passed by the general meeting of shareholders of the fund in question where no quorum is required and the decision is taken at the simple majority of the validly cast votes at such meeting. | ##### Liquidation eines Fonds oder einer Anteilsklasse
Eine Anteilsklasse oder ein Fonds können zwangsweise auf der Grundlage einer der folgenden Voraussetzungen liquidiert werden:
- durch Beschluss des Verwaltungsrats, insbesondere wenn er der Ansicht ist, dass die Vermögenswerte eines Fonds unter einen Stand gesunken sind, bei dem der Betrieb wirtschaftlich effizient ist, oder dass es sonstige Umstände gibt, die eine Verwaltung des Fonds im Interesse der Anteilinhaber nicht mehr ermöglichen,
- durch Beschluss der Hauptversammlung der Anteilinhaber des betreffenden Fonds, bei der keine Mindestbeteiligung für die Beschlussfähigkeit erforderlich ist und die Entscheidung mit einfacher Mehrheit der bei dieser Versammlung abgegebenen Stimmen getroffen wird. | ##### Liquidation of a fund or share class
Any share class or fund may be compulsorily liquidated based on either of the following:
- a resolution passed by the board, in particular when it believes that a fund’s assets have fallen below a level where operation is economically efficient or that circumstances otherwise exist that make it no longer possible for the fund to be managed in the interests of the shareholders;
- a resolution passed by the general meeting of shareholders of the fund in question where no quorum is required and the decision is taken at the simple majority of the validly cast votes at such meeting. | en | de |
DOLFIN7161 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## COUTS 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 (le cas échéant). Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles. Nous avons supposé :
— qu'au cours de la première année, vous récupéreriez le montant que vous avez investi (rendement annuel de 0 %). Pour les autres périodes de détention, nous avons supposé que le produit évoluerait de la manière indiquée dans le scénario intermédiaire ; | ## COSTES A LO LARGO DEL TIEMPO
Los cuadros muestran los importes deducidos de su inversión para cubrir diversos tipos de costes. Estos importes dependen de la cantidad que invierta, del tiempo que mantenga el producto y del rendimiento de dicho producto. Los importes aquí indicados son ejemplos de importes de inversión y de varios periodos de inversión posibles. Hemos partido del siguiente supuesto:
— En el primer año, usted recuperaría la cantidad invertida (0% de rentabilidad anual). Para el otro periodo de mantenimiento, hemos supuesto que el producto evoluciona como se muestra en el escenario moderado; | ## COUTS 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 (le cas échéant). Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles. Nous avons supposé :
— qu'au cours de la première année, vous récupéreriez le montant que vous avez investi (rendement annuel de 0 %). Pour les autres périodes de détention, nous avons supposé que le produit évoluerait de la manière indiquée dans le scénario intermédiaire ; | fr | es |
DOLFIN7162 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# SECRÉTAIRE
- Le Secrétaire sera nommé par les Administrateurs. Toute tâche devant ou pouvant être effectuée par le Secrétaire pourra être assurée, en cas de vacance du poste ou si le Secrétaire est pour quelque autre raison dans l’incapacité d’assumer sa fonction, par tout assistant ou secrétaire délégué ou s’il n’existe pas d’assistant ou de délégué, par tout dirigeant de la Société autorisé de manière générale ou spécifique à ces fins par les Administrateurs, SOUS RÉSERVE QUE les dispositions des présentes exigeant ou autorisant qu’un acte soit acquitté par un Administrateur ou un Secrétaire ne seront pas satisfaites si ledit acte est acquitté par ou en faveur de la même personne agissant à la fois en qualité d’Administrateur et en qualité ou en lieu et place du Secrétaire.
- | # SECRETARIO
- El Secretario será nombrado por el Consejo. Todos los actos que el Secretario esté obligado o autorizado a efectuar, podrán, si quedara vacante el cargo o no se contara, por cualquier otro motivo, con un Secretario capaz de actuar, ser realizados por un Secretario adjunto o Vicesecretario, o si no se dispusiera de un Secretario adjunto o Vicesecretario capaz de actuar, por cualquier directivo de la Sociedad autorizado, con carácter general o particular, a tal efecto por el Consejo, BIEN ENTENDIDO, QUE las disposiciones de los presentes Estatutos que exijan o autoricen la realización de un acto por parte de un Consejero y del Secretario no se considerarán cumplidas si el acto lo realiza la misma persona tanto en calidad de Consejero como en calidad de Secretario, o en sustitución de este.
- | # SECRÉTAIRE
- Le Secrétaire sera nommé par les Administrateurs. Toute tâche devant ou pouvant être effectuée par le Secrétaire pourra être assurée, en cas de vacance du poste ou si le Secrétaire est pour quelque autre raison dans l’incapacité d’assumer sa fonction, par tout assistant ou secrétaire délégué ou s’il n’existe pas d’assistant ou de délégué, par tout dirigeant de la Société autorisé de manière générale ou spécifique à ces fins par les Administrateurs, SOUS RÉSERVE QUE les dispositions des présentes exigeant ou autorisant qu’un acte soit acquitté par un Administrateur ou un Secrétaire ne seront pas satisfaites si ledit acte est acquitté par ou en faveur de la même personne agissant à la fois en qualité d’Administrateur et en qualité ou en lieu et place du Secrétaire.
- | fr | es |
DOLFIN7163 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related
combined value of readily available shares compared to other companies. A company's weighting in the index depends on its relative size but cannot exceed 10% of the index at each quarterly review date. The index is reviewed and rebalanced on a quarterly basis. The index is calculated on a gross total return basis which means that all dividends and distributions by the companies are reinvested in the shares on a gross basis. To achieve the aim, the fund will enter into financial contracts (derivatives) with one or more swap counterparties to swap most subscription proceeds for the return on the index. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index is constructed to track the performance of a negative (known as a short) position on the Underlying index, meaning that the level of the index should rise when the Underlying index falls and fall when the Underlying index rises. The index is designed to do this on a daily basis only which should not be equated with seeking a short position for periods longer than a day. The performance of the fund over periods longer than one day may not be inversely proportional or symmetrical with the returns of the Underlying index. The fund is intended for investors who wish to take a very short term view on the Underlying index and whose investments are not intended as buy and hold investments. The derivative used to gain exposure to the index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los derivados utilizados. El fondo podría suscribir uno o más derivados con una o más contrapartes. Si alguna de las contrapartes no efectúa los pagos (por ejemplo, si deviene insolvente), esto podría provocar que su inversión sufriera pérdidas. Las entidades de DWS y sus empresas vinculadas
disponibilidad en comparación con otras empresas. La ponderación de una empresa en el índice depende de su tamaño relativo pero no puede superar el 10% del índice en cada fecha de revisión trimestral. El índice se revisa y se reajusta cada trimestre. El índice se calcula a partir de una base de rentabilidad total bruta, lo que implica la reinversión de todos los dividendos y repartos de las empresas en las acciones a su valor bruto. Para lograr el objetivo, el fondo suscribirá contratos financieros (derivados) con una o más contrapartes de swaps con el fin de intercambiar la mayoría de las ganancias de la suscripción por la rentabilidad del índice. La moneda del subfondo es EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El índice se construye para replicar el rendimiento de una posición negativa (denominada posición corta) en el índice Subyacente, lo que implica que el nivel del índice debería incrementarse cuando el índice Subyacente disminuye, y disminuir cuando el índice Subyacente se incrementa. El índice está diseñado para replicar el rendimiento a diario, lo cual no es equiparable con buscar una posición corta por períodos superiores a un día. El rendimiento del fondo en períodos superiores a un día podría no ser inversamente proporcional o simétrico a los rendimientos del índice Subyacente. El fondo está dirigido a inversores que deseen asumir una posición a muy corto plazo sobre el índice Subyacente y cuyas inversiones no estén sujetas a una estrategia de comprar y mantener (buy and hold). El derivado empleado para tener más exposición al índice puede ser ajustado para reflejar determinados gastos relativos a impuestos y/o costes de compraventa, préstamo, financiación o custodia. Estos costes de réplica podrían provocar que tanto el fondo como su inversión sufran pérdidas.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related
combined value of readily available shares compared to other companies. A company's weighting in the index depends on its relative size but cannot exceed 10% of the index at each quarterly review date. The index is reviewed and rebalanced on a quarterly basis. The index is calculated on a gross total return basis which means that all dividends and distributions by the companies are reinvested in the shares on a gross basis. To achieve the aim, the fund will enter into financial contracts (derivatives) with one or more swap counterparties to swap most subscription proceeds for the return on the index. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index is constructed to track the performance of a negative (known as a short) position on the Underlying index, meaning that the level of the index should rise when the Underlying index falls and fall when the Underlying index rises. The index is designed to do this on a daily basis only which should not be equated with seeking a short position for periods longer than a day. The performance of the fund over periods longer than one day may not be inversely proportional or symmetrical with the returns of the Underlying index. The fund is intended for investors who wish to take a very short term view on the Underlying index and whose investments are not intended as buy and hold investments. The derivative used to gain exposure to the index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN7164 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The fund management company exercises the membership and creditors’ rights associated with the investments of the funds it manages independently and exclusively in the interests of the investors. The fund management company will, upon request, provide the investors with information on exercising of membership and creditors’ rights.
In the case of scheduled routine transactions, the fund management company is free to exercise membership and creditors’ rights itself or to delegate their exercise to the custodian bank or a third party.
In the case of all other events that might have a lasting impact on the interests of the investors, such as, in particular, the exercise of membership and creditors’ rights the fund management company holds as a shareholder or creditor of the custodian bank or another related legal entity, the fund management company will exercise the voting rights itself or issue explicit instructions. In such cases, it may base its actions on information it receives from the custodian bank, the portfolio manager, the company or of voting advisors or from other third parties or learns from the media. | Die Fondsleitung übt die mit den Anlagen der verwalteten Fonds verbundenen Mitgliedschafts- und Gläubigerrechte unabhängig und ausschliesslich im Interesse der Anleger aus. Die Anleger erhalten auf Wunsch bei der Fondsleitung Auskunft über die Ausübung der Mitgliedschafts- und Gläubigerrechte.
Bei anstehenden Routinegeschäften ist es der Fondsleitung freigestellt, die Mitgliedschafts- und Gläubigerrechte selber auszuüben oder die Ausübung an die Depotbank oder von Stimmrechtsberatern und weiteren Dritte zu delegieren.
Bei allen sonstigen Traktanden, welche die Interessen der Anleger nachhaltig tangieren könnten, wie namentlich bei der Ausübung von Mitgliedschafts- und Gläubigerrechten, welche der Fondsleitung als Aktionärin oder Gläubigerin der Depotbank oder sonstiger ihr nahestehender juristischer Personen zustehen, übt die Fondsleitung das Stimmrecht selber aus oder erteilt ausdrückliche Weisungen. Sie darf sich dabei auf Informationen abstützen, die sie von der Depotbank, dem Portfolio Manager, der Gesellschaft oder von Stimmrechtsberatern und weiteren Dritten erhält oder aus der Presse erfährt. | The fund management company exercises the membership and creditors’ rights associated with the investments of the funds it manages independently and exclusively in the interests of the investors. The fund management company will, upon request, provide the investors with information on exercising of membership and creditors’ rights.
In the case of scheduled routine transactions, the fund management company is free to exercise membership and creditors’ rights itself or to delegate their exercise to the custodian bank or a third party.
In the case of all other events that might have a lasting impact on the interests of the investors, such as, in particular, the exercise of membership and creditors’ rights the fund management company holds as a shareholder or creditor of the custodian bank or another related legal entity, the fund management company will exercise the voting rights itself or issue explicit instructions. In such cases, it may base its actions on information it receives from the custodian bank, the portfolio manager, the company or of voting advisors or from other third parties or learns from the media. | en | de |
DOLFIN7165 | Translate the following text in en into it. 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,
- 10,000 EUR per year is invested. | #### Si è ipotizzato quanto segue:
- nel primo anno recupero dell’importo investito (rendimento annuo dello 0%). Per gli altri periodi di detenzione si è ipotizzato che il prodotto abbia la performance indicata nello scenario moderato,
- 10.000 EUR viene investito ogni anno. | #### 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,
- 10,000 EUR per year is invested. | en | it |
DOLFIN7166 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## “INTEGRATION OF SUSTAINABILITY RISK INTO INVESTMENT DECISION MAKING
The management of sustainability risk (being the risk that the value of a Sub-Fund could be materially negatively impacted by an ESG Event, defined below) (“Sustainability Risk”) forms part of the due diligence process implemented by the Investment Adviser for the Sub-Funds. The extent to which Sustainability Risk forms part of the due diligence process implemented by the Investment Adviser for a particular Sub-Fund is described in further detail in the Sub-Fund Information Card relating to that Sub- Fund.
To the extent that it is assessing the sustainability risk associated with underlying investments, the Investment Adviser is assessing the risk that the value of such underlying investments could be materially negatively impacted by an environmental, social or governance event or condition (“ESG Event”).
To the extent that it is assessing the Sustainability Risk associated with underlying investments, Sustainability Risk is identified, monitored and managed by the Investment Adviser in the following manner using both quantitative and qualitative processes:
- Prior to acquiring investments on behalf of a Sub-Fund, the Investment Adviser uses ESG metrics of third party data providers (“Data Providers”) to assess how an issuer takes account of ESG factors in the way it structures its activities, and in turn, how susceptible the issuer might be to Sustainability Risk. This process incorporates applying both an exclusion policy (whereby potential investments are removed from the investment universe on the basis that they pose too great a Sustainability Risk to the Sub-Fund) and positive screening whereby those investments which have a low Sustainability Risk rating as well as strong financial performance are included in the investment universe. The Investment Adviser also conducts fundamental analysis on each potential investment in order to allow it to assess the adequacy of ESG programmes and practices of an issuer to manage the Sustainability Risk it faces. The information gathered from the fundamental analysis conducted will be taken into account by the Investment Adviser in deciding whether to acquire a holding in an issuer and may, in certain circumstances, result in the Investment Adviser investing in an issuer which has a lower ESG rating where it believes that the relevant existing ESG rating does not fully capture recent positive sustainability-related changes which have been implemented by the relevant issuer.
- During the life of the investment, Sustainability Risk is monitored through review of ESG data published by the issuer (where relevant) or selected Data Providers to determine whether the level of Sustainability Risk has changed since the initial assessment has been conducted. This review is conducted on a quarterly basis. Where the Sustainability Risk associated with a particular investment has increased beyond the ESG risk appetite for the relevant Sub- Fund, the Investment Adviser will consider selling or reducing the Sub-Fund’s exposure to the relevant investment, taking into account the best interests of the Unitholders of the Sub-Fund. | ## « INTÉGRATION DU RISQUE EN MATIÈRE DE DÉVELOPPEMENT DURABLE DANS LA PRISE DE DÉCISION D'INVESTISSEMENT
La gestion du risque en matière de développement durable (c'est-à-dire le risque que la valeur d'un Compartiment puisse être significativement impactée négativement par un Événement ESG [événement relatif à des questions environnementales, sociales et de gouvernance], défini ci-dessous) (« Risque en matière de Développement Durable ») fait partie intégrante du processus de diligence raisonnable appliqué par le Conseiller en Investissements pour les Compartiments. La mesure dans laquelle le Risque en matière de Développement Durable fait partie intégrante du processus de diligence raisonnable appliqué par le Conseiller en Investissements pour un Compartiment particulier est décrite plus en détail dans la Fiche d'informations de Compartiment se rapportant à ce Compartiment.
Dans la mesure où il évalue le risque en matière de développement durable associé aux investissements sous-jacents, le Conseiller en Investissements évalue le risque que la valeur de ces investissements sous-jacents puisse être significativement impactés négativement par un événement ou une condition de nature environnementale, sociale ou de gouvernance (« Événement ESG »).
Dans la mesure où il évalue le Risque en matière de Développement Durable associé aux investissements sous-jacents, ce risque est identifié, surveillé et géré par le Conseiller en Investissements de la manière suivante en ayant recours à la fois à des processus quantitatifs et des processus qualitatifs :
- Avant d'acquérir des investissements pour le compte d'un Compartiment, le Conseiller en Investissements utilise des paramètres de mesure ESG de fournisseurs de données tiers (« Fournisseurs de données ») pour évaluer dans quelle mesure un émetteur prend en compte les facteurs ESG dans la manière dont il structure ses activités, et alternativement, la sensibilité de l'émetteur au Risque en matière de Développement Durable. Ce processus comprend l'application à la fois d'une politique d'exclusion (dans laquelle les investissements potentiels sont retirés de l'univers d'investissement en tenant compte du fait qu'ils présentent un Risque en matière de Développement Durable trop élevé pour le Compartiment) et d’un filtrage positif en vertu duquel il est inclus dans l'univers d'investissement les investissements présentant une notation faible en ce qui concerne leRisque en matière de Développement Durable parallèlement à une forte performance financière. Le Conseiller en Investissements procède également à une analyse fondamentale de chaque investissement potentiel afin de lui permettre d'évaluer l'adéquation des programmes et pratiques ESG d'un émetteur pour gérer le Risque en matière de Développement Durable auquel il est confronté. Les informations recueillies à partir de l'analyse fondamentale réalisée seront prises en compte par le Conseiller en Investissements pour décider d'acquérir ou non une participation dans un émetteur et peuvent, dans certaines circonstances, conduire le Conseiller en Investissements à investir dans un émetteur dont la notation ESG est inférieure lorsque il estime que la notation ESG existante applicable ne rend pas pleinement compte des récentes évolutions positives se rapportant au développement durable qui ont été mises en œuvre par l'émetteur concerné.
- Pendant la durée de l'investissement, le Risque en matière de Développement Durable est surveillé par l'examen des données ESG publiées par l'émetteur (le cas échéant) ou par des Fournisseurs de Données sélectionnés afin de déterminer si le niveau de Risque en matière de Développement Durable s’est modifié depuis l'évaluation initiale. Cet examen est effectué sur une base trimestrielle. Lorsque le Risque en matière de Développement Durable associé à un investissement particulier a augmenté au-delà de la disposition à prendre des risques ESG du Compartiment concerné, le Conseiller en Investissements envisagera de vendre ou de réduire l'exposition du Compartiment à l'investissement concerné, en tenant compte des meilleurs intérêts des Détenteurs de Parts du Compartiment. | ## “INTEGRATION OF SUSTAINABILITY RISK INTO INVESTMENT DECISION MAKING
The management of sustainability risk (being the risk that the value of a Sub-Fund could be materially negatively impacted by an ESG Event, defined below) (“Sustainability Risk”) forms part of the due diligence process implemented by the Investment Adviser for the Sub-Funds. The extent to which Sustainability Risk forms part of the due diligence process implemented by the Investment Adviser for a particular Sub-Fund is described in further detail in the Sub-Fund Information Card relating to that Sub- Fund.
To the extent that it is assessing the sustainability risk associated with underlying investments, the Investment Adviser is assessing the risk that the value of such underlying investments could be materially negatively impacted by an environmental, social or governance event or condition (“ESG Event”).
To the extent that it is assessing the Sustainability Risk associated with underlying investments, Sustainability Risk is identified, monitored and managed by the Investment Adviser in the following manner using both quantitative and qualitative processes:
- Prior to acquiring investments on behalf of a Sub-Fund, the Investment Adviser uses ESG metrics of third party data providers (“Data Providers”) to assess how an issuer takes account of ESG factors in the way it structures its activities, and in turn, how susceptible the issuer might be to Sustainability Risk. This process incorporates applying both an exclusion policy (whereby potential investments are removed from the investment universe on the basis that they pose too great a Sustainability Risk to the Sub-Fund) and positive screening whereby those investments which have a low Sustainability Risk rating as well as strong financial performance are included in the investment universe. The Investment Adviser also conducts fundamental analysis on each potential investment in order to allow it to assess the adequacy of ESG programmes and practices of an issuer to manage the Sustainability Risk it faces. The information gathered from the fundamental analysis conducted will be taken into account by the Investment Adviser in deciding whether to acquire a holding in an issuer and may, in certain circumstances, result in the Investment Adviser investing in an issuer which has a lower ESG rating where it believes that the relevant existing ESG rating does not fully capture recent positive sustainability-related changes which have been implemented by the relevant issuer.
- During the life of the investment, Sustainability Risk is monitored through review of ESG data published by the issuer (where relevant) or selected Data Providers to determine whether the level of Sustainability Risk has changed since the initial assessment has been conducted. This review is conducted on a quarterly basis. Where the Sustainability Risk associated with a particular investment has increased beyond the ESG risk appetite for the relevant Sub- Fund, the Investment Adviser will consider selling or reducing the Sub-Fund’s exposure to the relevant investment, taking into account the best interests of the Unitholders of the Sub-Fund. | en | fr |
DOLFIN7167 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Company shall in each year hold a general meeting as its Annual General Meeting in addition to any other meeting in that year and specify the meeting as such in the notices calling it. Not more than fifteen months shall elapse between the date of one Annual General Meeting of the Company and that of the next PROVIDED THAT so long as the Company holds its first Annual General Meeting within eighteen months of its incorporation it need not hold it in the year of its incorporation or in the following year. Subsequent Annual General Meetings shall be held once in each year.
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## Extraordinary General Meetings. | La Sociedad celebrará cada año una Junta General Ordinaria además de cualquier otra junta que celebre ese año, y especificará en su convocatoria que se convoca con dicho carácter. Entre dos Juntas Generales Ordinarias de la Sociedad no deberán transcurrir más de quince meses CON LA SALVEDAD de que, mientras la Sociedad celebre su primera Junta General Ordinaria en un plazo de dieciocho meses a partir de su constitución, no vendrá obligada a celebrar otra junta en el año de su constitución o durante el año siguiente. Las Juntas Generales Ordinarias subsiguientes se celebrarán una vez al año.
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## Juntas Generales Extraordinarias. | The Company shall in each year hold a general meeting as its Annual General Meeting in addition to any other meeting in that year and specify the meeting as such in the notices calling it. Not more than fifteen months shall elapse between the date of one Annual General Meeting of the Company and that of the next PROVIDED THAT so long as the Company holds its first Annual General Meeting within eighteen months of its incorporation it need not hold it in the year of its incorporation or in the following year. Subsequent Annual General Meetings shall be held once in each year.
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## Extraordinary General Meetings. | en | es |
DOLFIN7168 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## All revenues arising from total return swaps, net of direct and indirect operational costs and fees, will be returned to the Sub-Fund.
Authorised counterparties to over-the counter derivative transactions, including total return swaps, are reputable financial institutions that specialise in these types of transactions and are subject to prudential supervision and belonging to categories approved by the CSSF. Counterparties will typically have a public credit rating which is investment grade, meaning rated BBB- or above by Standard & Poor’s or Fitch or Baa3 or above by Moody’s. While there are no predetermined legal status or geographic criteria applied in the selection of the counterparties, these elements are typically taken into account in the selection process. The counterparties will have no discretion over the composition or management of the relevant Sub-Fund’s portfolio or over the underlying of the financial derivative instruments. The identity of the counterparties will be disclosed in the annual report.
Where a Sub-Fund uses total return swaps, the maximum and the expected proportion of assets that could be subject to these instruments will be expressed as the notional of the total return swaps entered by the Sub-Fund divided by its net asset value and set out in the relevant table of Appendix 1 “Investment Objectives, Policies, Fees and Additional Information for Sub-Funds”.
The Depositary will verify the ownership of the OTC derivatives of the Sub-Funds and the Depositary will maintain an updated record of such OTC derivatives in accordance with the terms of the Depositary Agreement. | ## Tutti i redditi derivanti dai total return swap, al netto di costi operativi e commissioni diretti e indiretti, saranno restituiti al Comparto.
Le controparti autorizzate ad eseguire transazioni in strumenti derivati OTC, ivi compresi i total return swap, sono istituzioni finanziarie di buona reputazione specializzate in queste tipologie di transazioni e sono soggette alla vigilanza prudenziale della CSSF e rientrano nelle categorie dalla stessa approvate. Le controparti avranno di norma un rating di credito pubblico pari a investment grade, ossia pari o superiore a BBB- secondo Standard & Poor’s o Fitch oppure pari o superiore a Baa3 secondo Moody’s. Sebbene non siano previsti criteri definiti sullo status giuridico o in termini geografici per la selezione delle controparti, tali elementi sono normalmente considerati nel processo di selezione. Le controparti non godranno di alcuna discrezionalità in merito alla composizione o alla gestione del portafoglio del relativo Comparto o in merito al sottostante degli strumenti finanziari derivati. L’identità delle controparti sarà resa pubblica nella relazione annuale.
Laddove un Comparto ricorra all’uso di total return swap, la percentuale massima e la percentuale prevista di attivi che possono essere assoggettati a tali strumenti sarà espressa come valore nominale dei total return swap sottoscritti dal Comparto diviso il valore patrimoniale netto e indicato nella relativa tabella dell’Appendice 1 “Obiettivi e politiche d’investimento, commissioni e altre informazioni sui Comparti”.
Il Depositario verificherà la proprietà degli strumenti derivati OTC da parte dei Comparti e terrà un registro aggiornato di tali strumenti derivati OTC in conformità ai termini del Contratto di deposito. | ## All revenues arising from total return swaps, net of direct and indirect operational costs and fees, will be returned to the Sub-Fund.
Authorised counterparties to over-the counter derivative transactions, including total return swaps, are reputable financial institutions that specialise in these types of transactions and are subject to prudential supervision and belonging to categories approved by the CSSF. Counterparties will typically have a public credit rating which is investment grade, meaning rated BBB- or above by Standard & Poor’s or Fitch or Baa3 or above by Moody’s. While there are no predetermined legal status or geographic criteria applied in the selection of the counterparties, these elements are typically taken into account in the selection process. The counterparties will have no discretion over the composition or management of the relevant Sub-Fund’s portfolio or over the underlying of the financial derivative instruments. The identity of the counterparties will be disclosed in the annual report.
Where a Sub-Fund uses total return swaps, the maximum and the expected proportion of assets that could be subject to these instruments will be expressed as the notional of the total return swaps entered by the Sub-Fund divided by its net asset value and set out in the relevant table of Appendix 1 “Investment Objectives, Policies, Fees and Additional Information for Sub-Funds”.
The Depositary will verify the ownership of the OTC derivatives of the Sub-Funds and the Depositary will maintain an updated record of such OTC derivatives in accordance with the terms of the Depositary Agreement. | en | it |
DOLFIN7169 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Company is not liable to any Luxembourg taxes on income or on realised or unrealised capital gains, nor to any Luxembourg withholding tax. The sub-funds are subject to an annual subscription tax of 0.05%, calculated and payable quarterly on the net assets of the sub-funds on the last day of each calendar quarter. The reduced tax rate of 0.01% per annum of the net assets will be applicable to classes of Shares which are only sold or held by institutional investors within the meaning of Article 174 of the amended Law of 17 December 2010. Capital gains, dividends and interest on securities may be subject to capital gains and withholding taxes or other taxes imposed by the country of origin concerned and such taxes may not be recoverable by the Company or its Shareholders.
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### Equalisation | La Società non è soggetta ad alcuna imposta lussemburghese sui redditi o sulle plusvalenze realizzate o non realizzate, né a ritenute fiscali lussemburghesi. I comparti sono soggetti a un’imposta di sottoscrizione annua dello 0,05% calcolata e dovuta trimestralmente sull’attivo netto dei comparti l’ultimo giorno di ogni trimestre di calendario. L’aliquota d’imposta ridotta dello 0,01% annuo del patrimonio netto sarà applicabile unicamente alle classi di Azioni vendute o detenute da investitori istituzionali ai sensi dell’articolo 174 della Legge del 17 dicembre 2010 (e successive integrazioni e modificazioni). Plusvalenze, dividendi e interessi su titoli possono essere soggetti a imposte sulle plusvalenze e a ritenute fiscali o altre tasse previste dal paese di origine in questione e tali imposte possono non essere recuperabili dalla Società o dai suoi Azionisti.
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### Perequazione | The Company is not liable to any Luxembourg taxes on income or on realised or unrealised capital gains, nor to any Luxembourg withholding tax. The sub-funds are subject to an annual subscription tax of 0.05%, calculated and payable quarterly on the net assets of the sub-funds on the last day of each calendar quarter. The reduced tax rate of 0.01% per annum of the net assets will be applicable to classes of Shares which are only sold or held by institutional investors within the meaning of Article 174 of the amended Law of 17 December 2010. Capital gains, dividends and interest on securities may be subject to capital gains and withholding taxes or other taxes imposed by the country of origin concerned and such taxes may not be recoverable by the Company or its Shareholders.
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### Equalisation | en | it |
DOLFIN7170 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Risk of redemption suspension
Investors may, in principle, request the redemption of their units from the Management Company on any valuation day. However, the management company may temporarily suspend the redemption of units under exceptional circumstances and buy back the units at a later point at the price valid at that time (see Article 7 of the management regulations, “Suspension of calculation of the unit value”, and Article 10 of the management regulations, “Redemption and exchange of units”). This price may be lower than it was before redemption was suspended.
The Management Company may also be forced to suspend redemption in particular if one or more target funds whose units were acquired for a sub-fund suspend(s) the redemption of their units and such units make up a significant proportion of the net sub-fund assets. | ### Risque de suspension des rachats
Les investisseurs peuvent en principe demander le rachat de leurs parts à la société de gestion chaque jour d’évaluation. La société de gestion peut toutefois suspendre provisoirement le rachat des parts au vu de circonstances exceptionnelles et ne procéder au rachat des parts qu’à une date ultérieure, au cours en vigueur à ladite date (voir à cet égard également l’article 7 du règlement de gestion intitulé « Suspension du calcul de la valeur unitaire des parts » et l’article 10 du règlement de gestion intitulé « Rachat et conversion de parts »). Ce prix peut être inférieur à celui en vigueur avant la suspension du rachat.
La société de gestion peut également être contrainte de suspendre les rachats lorsqu’un ou plusieurs fonds cibles dont les parts ont été achetées pour le compte d’un compartiment suspendent le rachat de leurs propres parts et que ces dernières constituent une portion importante de l’actif net du compartiment concerné. | ### Risk of redemption suspension
Investors may, in principle, request the redemption of their units from the Management Company on any valuation day. However, the management company may temporarily suspend the redemption of units under exceptional circumstances and buy back the units at a later point at the price valid at that time (see Article 7 of the management regulations, “Suspension of calculation of the unit value”, and Article 10 of the management regulations, “Redemption and exchange of units”). This price may be lower than it was before redemption was suspended.
The Management Company may also be forced to suspend redemption in particular if one or more target funds whose units were acquired for a sub-fund suspend(s) the redemption of their units and such units make up a significant proportion of the net sub-fund assets. | en | fr |
DOLFIN7171 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Bonds and other securitised debt instruments (debt instruments)
- All other marketable securities that entitle the holder to acquire se- curities by subscription or exchange with the exception of the tech- niques and instruments referred to in Article 42 of the Law of 2010.
| | - obligations et autres titres de créance (titres de créance)
- toutes les autres valeurs négociables qui permettent l’acquisition de valeurs mobilières par souscription ou conversion, à l’exception des techniques et instruments mentionnés à l’Article 42 de la loi de 2010
| | - Bonds and other securitised debt instruments (debt instruments)
- All other marketable securities that entitle the holder to acquire se- curities by subscription or exchange with the exception of the tech- niques and instruments referred to in Article 42 of the Law of 2010.
| | en | fr |
DOLFIN7172 | 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 EUR. Past performance was calculated in EUR.
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 EUR.
La rentabilidad pasada se calculó en EUR.
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: July 16, 2012.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
10%
5%
0%
-5% | en | es |
DOLFIN7173 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Market development
After a somewhat strong start of the year, March turned out to be a bit more tumultuous, with two big events driving market sentiment. The collapse of Silicon Valley Bank and the situation around Credit Suisse and the acquisition by UBS with guarantees from the Swiss government caused some turmoil in the market. That eventually led to fears regarding a broader contagion around the banking system and especially the legitimacy of the Additional Tier-1 space. This risk-off sentiment combined with markets anticipating that central banks might call it a day on their current hiking cycles, resulted in the Treasury curve seeing its largest steepening, with a decline of more than 30 bps in the 2-year intraday on 13 March. By the end of the month, markets returned to calmer waters, as the focus shifted from systemic banking risk to the longer-term implications on growth. Capital market activity also collapsed, with not a single US HY bond deal materializing over a period of three weeks. Spreads moved 39 bps wider for the month and yields tightened 9 bps to 452 bps and 8.21% respectively. | # Evolución del mercado
Tras un comienzo de año algo fuerte, marzo resultó un poco más tumultuoso, con dos grandes acontecimientos que impulsaron el sentimiento del mercado. La quiebra de Silicon Valley Bank y la situación en torno a Credit Suisse y su adquisición por UBS, con garantías del Gobierno suizo, causaron cierta agitación en el mercado. Ello hizo temer un contagio más amplio en torno al sistema bancario y, especialmente, a la legitimidad del espacio adicional Tier-1. Este sentimiento de aversión al riesgo, combinado con la anticipación de los mercados de que los bancos centrales podrían poner fin a sus actuales ciclos de subidas, dio lugar a que la curva del Tesoro experimentara su mayor inclinación, con un descenso de más de 30 pb en el intradía a 2 años, el 13 de marzo. A finales del mes, los mercados volvieron a aguas más tranquilas, ya que la atención se desplazó del riesgo bancario sistémico a las implicaciones a más largo plazo sobre el crecimiento. La actividad de los mercados de capitales también se desplomó, sin que se materializara ni una sola operación de bonos HY estadounidenses en un periodo de tres semanas. Los diferenciales se ampliaron 39 pb durante el mes y los rendimientos se estrecharon 9 pb, hasta los 452 pb y el 8,21%, respectivamente. | # Market development
After a somewhat strong start of the year, March turned out to be a bit more tumultuous, with two big events driving market sentiment. The collapse of Silicon Valley Bank and the situation around Credit Suisse and the acquisition by UBS with guarantees from the Swiss government caused some turmoil in the market. That eventually led to fears regarding a broader contagion around the banking system and especially the legitimacy of the Additional Tier-1 space. This risk-off sentiment combined with markets anticipating that central banks might call it a day on their current hiking cycles, resulted in the Treasury curve seeing its largest steepening, with a decline of more than 30 bps in the 2-year intraday on 13 March. By the end of the month, markets returned to calmer waters, as the focus shifted from systemic banking risk to the longer-term implications on growth. Capital market activity also collapsed, with not a single US HY bond deal materializing over a period of three weeks. Spreads moved 39 bps wider for the month and yields tightened 9 bps to 452 bps and 8.21% respectively. | en | es |
DOLFIN7174 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 2.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the UCITS over a year |
| Ongoing charges | 1.73% |
| Charges taken from the UCITS under certain specific conditions |
| Performance fee Not applicable | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 2,00% |
| Gastos de salida | No procede |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión/antes de que se le distribuyan los ingresos de su inversión. |
| Gastos detraídos del OICVM a lo largo de un año |
| Gastos corrientes | 1,73% |
| Gastos detraídos del OICVM en determinadas condiciones específicas |
| Comisión de rentabilidad No aplicable | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 2.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the UCITS over a year |
| Ongoing charges | 1.73% |
| Charges taken from the UCITS under certain specific conditions |
| Performance fee Not applicable | | en | es |
DOLFIN7175 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Schedule of Significant Portfolio Changes for SPDR MSCI Europe Value UCITS ETF (unaudited)
Listed below are the largest cumulative investment purchases and sales during the financial year ended 31 March 2022 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
| Portfolio Purchases | Cost EUR |
| --- | --- |
| British American Tobacco | 1,271,931 |
| SAP | 822,429 |
| Roche Holding | 695,184 |
| Deutsche Post | 644,191 |
| Rio Tinto | 624,991 |
| Daimler | 594,015 |
| Novartis | 548,430 |
| Cie de Saint-Gobain | 546,647 |
| BNP Paribas | 479,605 |
| Imperial Tobacco Group | 436,434 |
| Koninklijke Ahold Delhaize | 430,146 |
| BAE Systems | 427,892 |
| Stellantis | 405,171 |
| Engie | 387,555 |
| Anglo American | 386,019 |
| Sanofi | 384,169 |
| Volvo (Class B) | 363,156 |
| Barclays Bank | 349,940 |
| AXA | 344,474 |
| AP Moller - Maersk (Class B) | 326,776 |
| Capgemini | 312,467 |
| GlaxoSmithKline | 309,504 |
| RWE | 307,374 |
| Novo Nordisk | 300,887 |
| Volkswagen | 288,052 |
| Total | 280,271 |
| Vodafone Group | 268,337 |
| Shell | 263,510 |
| Ferguson | 254,415 |
| Bhp Group | 252,631 |
| Bayer | 246,151 |
| Bayerische Motoren Werke | 234,393 |
| Portfolio Sales | Proceeds EUR |
| Siemens | 1,101,049 |
| British American Tobacco | 629,690 |
| Roche Holding | 575,275 |
| Capgemini | 479,920 |
| Banco Santander | 472,185 |
| Koninklijke Ahold Delhaize | 452,876 | | # Tableau des mouvements importants du portefeuille du Compartiment SPDR MSCI Europe Value UCITS ETF (non audité)
La liste ci-dessous contient les plus grandes acquisitions et cessions cumulées réalisées pendant l’exercice financier clôturé le 31 mars 2022, dont le montant dépasse 1 % des acquisitions totales ou 1 % des cessions totales. Les 20 principaux achats et les 20 principales ventes au minimum doivent être communiqués, ou le total des achats et des ventes s’il est inférieur à 20.
| Achats du Portefeuille | Coût EUR |
| --- | --- |
| British American Tobacco | 1 271 931 |
| SAP | 822 429 |
| Roche Holding | 695 184 |
| Deutsche Post | 644 191 |
| Rio Tinto | 624 991 |
| Daimler | 594 015 |
| Novartis | 548 430 |
| Cie de Saint-Gobain | 546 647 |
| BNP Paribas | 479 605 |
| Imperial Tobacco Group | 436 434 |
| Koninklijke Ahold Delhaize | 430 146 |
| BAE Systems | 427 892 |
| Stellantis | 405 171 |
| Engie | 387 555 |
| Anglo American | 386 019 |
| Sanofi | 384 169 |
| Volvo (Class B) | 363 156 |
| Barclays Bank | 349 940 |
| AXA | 344 474 |
| AP Moller - Maersk (Class B) | 326 776 |
| Capgemini | 312 467 |
| GlaxoSmithKline | 309 504 |
| RWE | 307 374 |
| Novo Nordisk | 300 887 |
| Volkswagen | 288 052 |
| Total | 280 271 |
| Vodafone Group | 268 337 |
| Shell | 263 510 |
| Ferguson | 254 415 |
| Bhp Group | 252 631 |
| Bayer | 246 151 |
| Bayerische Motoren Werke | 234 393 |
| Ventes du Portefeuille | Produits EUR |
| Siemens | 1 101 049 |
| British American Tobacco | 629 690 |
| Roche Holding | 575 275 |
| Capgemini | 479 920 |
| Banco Santander | 472 185 |
| Koninklijke Ahold Delhaize | 452 876 | | # Schedule of Significant Portfolio Changes for SPDR MSCI Europe Value UCITS ETF (unaudited)
Listed below are the largest cumulative investment purchases and sales during the financial year ended 31 March 2022 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
| Portfolio Purchases | Cost EUR |
| --- | --- |
| British American Tobacco | 1,271,931 |
| SAP | 822,429 |
| Roche Holding | 695,184 |
| Deutsche Post | 644,191 |
| Rio Tinto | 624,991 |
| Daimler | 594,015 |
| Novartis | 548,430 |
| Cie de Saint-Gobain | 546,647 |
| BNP Paribas | 479,605 |
| Imperial Tobacco Group | 436,434 |
| Koninklijke Ahold Delhaize | 430,146 |
| BAE Systems | 427,892 |
| Stellantis | 405,171 |
| Engie | 387,555 |
| Anglo American | 386,019 |
| Sanofi | 384,169 |
| Volvo (Class B) | 363,156 |
| Barclays Bank | 349,940 |
| AXA | 344,474 |
| AP Moller - Maersk (Class B) | 326,776 |
| Capgemini | 312,467 |
| GlaxoSmithKline | 309,504 |
| RWE | 307,374 |
| Novo Nordisk | 300,887 |
| Volkswagen | 288,052 |
| Total | 280,271 |
| Vodafone Group | 268,337 |
| Shell | 263,510 |
| Ferguson | 254,415 |
| Bhp Group | 252,631 |
| Bayer | 246,151 |
| Bayerische Motoren Werke | 234,393 |
| Portfolio Sales | Proceeds EUR |
| Siemens | 1,101,049 |
| British American Tobacco | 629,690 |
| Roche Holding | 575,275 |
| Capgemini | 479,920 |
| Banco Santander | 472,185 |
| Koninklijke Ahold Delhaize | 452,876 | | en | fr |
DOLFIN7176 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Fund is actively managed and seeks to hold a limited number of securities.
The Investment Manager uses a bottom-up approach that seeks to identify companies with attractive fundamentals, such as long-term historical growth in revenue and earnings, and/or a strong probability for superior future growth. The Investment Manager’s investment process seeks companies that are industry leaders with strengthening competitive advantages; corporate cultures emphasizing strong, quality and experienced management; low or no debt; and attractive relative valuations. The Investment Manager also considers other factors including political risk, monetary policy risk, and regulatory risk in selecting securities.
On an ancilliary basis, the Fund may use derivatives for hedging and investment purporses. The Fund may also enter into securities lending and borrowing transactions as well as repurchase aggrements and reverse repurchase aggreements. | # El fondo se gestiona activamente y trata de mantener un número reducido de títulos.
El gestor de inversiones adopta un enfoque ascendente con atractivas variables fundamentales, como el crecimiento histórico a largo plazo de los ingresos y los beneficios y/o una importante probabilidad de registrar un crecimiento superior en el futuro. El proceso de inversión del gestor de inversiones busca empresas que son líderes en su sector y con unas ventajas competitivas cada vez más sólidas; culturas corporativas que prestan especial atención a una gestión sólida, de calidad y experimentada; un nivel de endeudamiento escaso o nulo; y unas valoraciones relativas atractivas. A la hora de seleccionar títulos, el gestor de inversiones tiene asimismo en cuenta otros factores, entre ellos el riesgo político, el riesgo de la política monetaria y el riesgo normativo.
De forma complementaria, el fondo puede usar derivados a efectos de cobertura y de inversión. El fondo también puede realizar operaciones de préstamo de valores y toma en préstamo de valores, además de pactos de recompra y pactos de recompra inversos. | # The Fund is actively managed and seeks to hold a limited number of securities.
The Investment Manager uses a bottom-up approach that seeks to identify companies with attractive fundamentals, such as long-term historical growth in revenue and earnings, and/or a strong probability for superior future growth. The Investment Manager’s investment process seeks companies that are industry leaders with strengthening competitive advantages; corporate cultures emphasizing strong, quality and experienced management; low or no debt; and attractive relative valuations. The Investment Manager also considers other factors including political risk, monetary policy risk, and regulatory risk in selecting securities.
On an ancilliary basis, the Fund may use derivatives for hedging and investment purporses. The Fund may also enter into securities lending and borrowing transactions as well as repurchase aggrements and reverse repurchase aggreements. | en | es |
DOLFIN7177 | 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 produit est un compartiment UCITS - Teil 1 d'une SICAV de droit luxembourgeois.
### Durée
Ce produit est un fonds de type ouvert sans échéance prédéfinie. Pour plus d'informations sur les possibilités de remboursement, veuillez vous reporter à la section « Combien de temps dois-je le conserver et puis-je retirer mon argent plus tôt ? ». Le produit peut être remboursé par anticipation dans certaines circonstances, tel que stipulé dans le prospectus de vente. La classe d'actions LC du fonds DWS Invest Chinese Equities a été lancée en 2006.
### Objectifs
Le fonds est géré de façon active. Le fonds est géré par rapport à un indice de référence. L'objectif de la politique de placement est de réaliser une plus-value récurrente face à l'indice de référence (MSCI China 10/40 (EUR)). Pour atteindre cet objectif, le fonds investit majoritairement dans des actions d'émetteurs dont le siège social est établi en Chine ou d'émetteurs dont le siège social n'est pas établi en Chine mais dont l’essentiel des activités s’effectue en Chine. Les valeurs mobilières émises par ces sociétés peuvent être cotées sur des bourses chinoises ou d'autres bourses étrangères, ou être négociées sur d'autres marchés reconnus, réglementés, ouverts au public et en fonctionnement régulier dans un État membre de l'Organisation de coopération et de développement économiques (OCDE). La sélection des différents placements incombe à l'équipe de gestion du fonds. Le rendement du produit découle de la valeur liquidative calculée quotidiennement et du montant de la distribution éventuelle. La majorité des titres du fonds ou leurs émetteurs sont considérés comme des composants de l'indice de référence. L'équipe de gestion du fonds investira de façon discrétionnaire dans des actions et des secteurs qui ne sont pas inclus dans l'indice de référence en vue de tirer profit d'opportunités d'investissement spécifiques. Le portefeuille devrait avoir une pondération similaire à celle de l'indice de référence. Le positionnement du compartiment peut différer sensiblement par rapport à son indice de référence (par exemple, en raison d'un positionnement hors de l'indice de référence ou du fait de sous-pondérations et surpondérations) et la marge de manœuvre réelle est généralement relativement faible. Outre le fait que le fonds vise à surpasser les performances de l'indice de référence, la surperformance potentielle peut être limitée par le contexte du marché actuel (par ex. une volatilité moindre du marché) ou son positionnement réel par rapport à l'indice de référence. La devise du compartiment est EUR. Les revenus et plus-values ne sont pas distribués, ils sont réinvestis dans le fonds. Ce fond est un compartiment de DWS Invest pour lequel le prospectus de vente et les rapports réguliers sont établis globalement. Les actifs et les engagements de chaque compartiment sont séparés en vertu de la loi. En conséquence, les actifs d'un compartiment ne sont pas disponibles en cas de réclamations ou d'insolvabilité d'un autre compartiment. D'autres classes d'actions peuvent être disponibles pour ce fonds. Veuillez consulter la rubrique correspondante du prospectus de vente pour plus de détails. Il est possible d'échanger dans de nombreux cas les actions par des actions d'une autre classe d'actions du même compartiment ou d'un autre compartiment de la SICAV DWS Invest. Vous trouverez des détails à ce sujet dans la rubrique « Échange des actions » du prospectus de vente. La banque dépositaire est State Street Bank International GmbH, Zweign. Luxemburg. Des informations plus détaillées sur ce fonds, telles que le prospectus ainsi que le dernier rapport annuel et semestriel, sont disponibles gratuitement en ligne à l'adresse www.dws.com/fundinformation/. Ces documents sont disponibles en anglais ou en allemand. Les documents ainsi que d’autres informations (y compris les derniers cours des actions) sont disponibles gratuitement.
### Investisseurs de détail visés
Le compartiment s'adresse aux investisseurs privés à long terme possédant une expérience / des connaissances de base et capables de supporter des moins-values. Il est possible d'utiliser le compartiment à des fins d'accumulation de capital. | # ¿Qué es este producto?
### Tipo
### El producto es un subfondo UCITS - Teil 1 de una SICAV con arreglo a la legislación luxemburguesa.
### Plazo
Este producto es un fondo abierto sin vencimiento prefijado. Para conocer más información acerca de las opciones de reembolso, consulte la sección “¿Cuánto tiempo debo mantener la inversión, y puedo retirar el dinero de manera anticipada?”. Este producto puede reembolsarse anticipadamente en determinadas circunstancias que se indican en el folleto de venta. La clase de acciones LC de DWS Invest Chinese Equities se constituyó en 2006.
### Objetivos
El fondo se gestiona activamente. El fondo se gestiona utilizando una referencia. El objetivo de la política de inversión consiste en obtener una revalorización duradera en comparación con la escala de referencia (MSCI China 10/40 (EUR)). Para lograr este objetivo, el fondo invierte mayoritariamente en acciones de emisores cuyo domicilio social se encuentre en China o de emisores que tengan su domicilio social fuera de China, pero que desarrollen su actividad económica principalmente en China. Los valores de estos emisores pueden cotizar oficialmente en bolsas chinas o extranjeras, o negociarse en otros mercados organizados reconocidos que se encuentren abiertos al público y cuyo funcionamiento se desarrolle de forma ortodoxa y se trate de un país perteneciente a la Organización para la Cooperación y el Desarrollo Económico (OCDE). La selección de las inversiones concretas queda a discreción de la gestión del fondo. La rentabilidad del producto queda reflejada en el valor liquidativo por participación, calculado diariamente, y el importe de los posibles dividendos. Se espera que la mayoría de los valores del fondo o de sus emisores formen parte de la referencia. La gestión del fondo invertirá de forma discrecional en valores y sectores no incluidos en la referencia con objeto de aprovechar oportunidades de inversión específicas. Se prevé que la cartera presente una ponderación similar a la referencia. El posicionamiento del subfondo puede diferir en cierta medida de la referencia (por ejemplo, manteniendo posiciones no incluidas en la referencia o con una infraponderación o sobreponderación) y el margen de maniobra real normalmente es bastante escaso. A pesar de que el fondo tiene como objetivo superar el rendimiento de la referencia, la potencial diferencia positiva podría estar limitada en función del entorno del mercado existente (p. ej. un entorno del mercado menos volátil) y del posicionamiento real versus referencia. La moneda del subfondo es EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Este fondo es un subfondo de DWS Invest, para el cual se redactan de forma global los informes periódicos y el folleto de venta. La ley establece la segregación de los activos y pasivos de cada subfondo. En consecuencia, los activos de un subfondo no se ven afectados por las reclamaciones contra otro subfondo o la insolvencia de este. para más información, consulte la sección correspondiente del suplemento. En muchos casos, es posible efectuar un canje por acciones de otras clases de acciones del mismo subfondo o de otro subfondo de DWS Invest SICAV. El apartado “Canje de acciones” del folleto de venta contiene más información al respecto. La entidad depositaria es State Street Bank International GmbH, Zweign. Luxemburg. Puede obtener de forma gratuita información más detallada sobre este fondo, como el folleto y los últimos informes anual y semestral, en la página web www.dws.com/fundinformation/. Estos documentos están disponibles en inglés o alemán. Tanto los documentos como el resto de información (incluidos los últimos precios de las acciones) pueden consultarse sin coste.
### Inversor minorista al que va dirigido
Este subfondo se dirige a inversores minoristas con un horizonte a largo plazo y experiencia o conocimientos básicos que puedan soportar pérdidas. El subfondo puede emplearse para la acumulación general de capital. | # En quoi consiste ce produit?
### Type
### Le produit est un compartiment UCITS - Teil 1 d'une SICAV de droit luxembourgeois.
### Durée
Ce produit est un fonds de type ouvert sans échéance prédéfinie. Pour plus d'informations sur les possibilités de remboursement, veuillez vous reporter à la section « Combien de temps dois-je le conserver et puis-je retirer mon argent plus tôt ? ». Le produit peut être remboursé par anticipation dans certaines circonstances, tel que stipulé dans le prospectus de vente. La classe d'actions LC du fonds DWS Invest Chinese Equities a été lancée en 2006.
### Objectifs
Le fonds est géré de façon active. Le fonds est géré par rapport à un indice de référence. L'objectif de la politique de placement est de réaliser une plus-value récurrente face à l'indice de référence (MSCI China 10/40 (EUR)). Pour atteindre cet objectif, le fonds investit majoritairement dans des actions d'émetteurs dont le siège social est établi en Chine ou d'émetteurs dont le siège social n'est pas établi en Chine mais dont l’essentiel des activités s’effectue en Chine. Les valeurs mobilières émises par ces sociétés peuvent être cotées sur des bourses chinoises ou d'autres bourses étrangères, ou être négociées sur d'autres marchés reconnus, réglementés, ouverts au public et en fonctionnement régulier dans un État membre de l'Organisation de coopération et de développement économiques (OCDE). La sélection des différents placements incombe à l'équipe de gestion du fonds. Le rendement du produit découle de la valeur liquidative calculée quotidiennement et du montant de la distribution éventuelle. La majorité des titres du fonds ou leurs émetteurs sont considérés comme des composants de l'indice de référence. L'équipe de gestion du fonds investira de façon discrétionnaire dans des actions et des secteurs qui ne sont pas inclus dans l'indice de référence en vue de tirer profit d'opportunités d'investissement spécifiques. Le portefeuille devrait avoir une pondération similaire à celle de l'indice de référence. Le positionnement du compartiment peut différer sensiblement par rapport à son indice de référence (par exemple, en raison d'un positionnement hors de l'indice de référence ou du fait de sous-pondérations et surpondérations) et la marge de manœuvre réelle est généralement relativement faible. Outre le fait que le fonds vise à surpasser les performances de l'indice de référence, la surperformance potentielle peut être limitée par le contexte du marché actuel (par ex. une volatilité moindre du marché) ou son positionnement réel par rapport à l'indice de référence. La devise du compartiment est EUR. Les revenus et plus-values ne sont pas distribués, ils sont réinvestis dans le fonds. Ce fond est un compartiment de DWS Invest pour lequel le prospectus de vente et les rapports réguliers sont établis globalement. Les actifs et les engagements de chaque compartiment sont séparés en vertu de la loi. En conséquence, les actifs d'un compartiment ne sont pas disponibles en cas de réclamations ou d'insolvabilité d'un autre compartiment. D'autres classes d'actions peuvent être disponibles pour ce fonds. Veuillez consulter la rubrique correspondante du prospectus de vente pour plus de détails. Il est possible d'échanger dans de nombreux cas les actions par des actions d'une autre classe d'actions du même compartiment ou d'un autre compartiment de la SICAV DWS Invest. Vous trouverez des détails à ce sujet dans la rubrique « Échange des actions » du prospectus de vente. La banque dépositaire est State Street Bank International GmbH, Zweign. Luxemburg. Des informations plus détaillées sur ce fonds, telles que le prospectus ainsi que le dernier rapport annuel et semestriel, sont disponibles gratuitement en ligne à l'adresse www.dws.com/fundinformation/. Ces documents sont disponibles en anglais ou en allemand. Les documents ainsi que d’autres informations (y compris les derniers cours des actions) sont disponibles gratuitement.
### Investisseurs de détail visés
Le compartiment s'adresse aux investisseurs privés à long terme possédant une expérience / des connaissances de base et capables de supporter des moins-values. Il est possible d'utiliser le compartiment à des fins d'accumulation de capital. | fr | es |
DOLFIN7178 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 Scenarios | 1 year | 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress scenario | What you might get back after costs | 2,510.00 USD | 2,360.00 USD |
| | Average return each year | -74.88% | -25.06% |
| Unfavourable scenario | What you might get back after costs | 6,530.00 USD | 7,320.00 USD |
| | Average return each year | -34.73% | -6.05% |
| Moderate scenario | What you might get back after costs | 10,240.00 USD | 12,440.00 USD |
| | Average return each year | 2.38% | 4.47% |
| Favourable scenario | What you might get back after costs | 15,540.00 USD | 16,870.00 USD |
| | Average return each year | 55.36% | 11.03% | | | Investimento: 10.000 USD Scenari | 1 anno | 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Minimo | Non è previsto un rendimento minimo garantito. Potreste perdere il vostro intero investimento o parte di esso. |
| Scenario di stress | Possibile rimborso al netto dei costi | 2,510.00 USD | 2,360.00 USD |
| | Rendimento medio per ciascun anno | -74.88% | -25.06% |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 6,530.00 USD | 7,320.00 USD |
| | Rendimento medio per ciascun anno | -34.73% | -6.05% |
| Scenario moderato | Possibile rimborso al netto dei costi | 10,240.00 USD | 12,440.00 USD |
| | Rendimento medio per ciascun anno | 2.38% | 4.47% |
| Scenario favorevole | Possibile rimborso al netto dei costi | 15,540.00 USD | 16,870.00 USD |
| | Rendimento medio per ciascun anno | 55.36% | 11.03% | | | Investment USD 10,000 Scenarios | 1 year | 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress scenario | What you might get back after costs | 2,510.00 USD | 2,360.00 USD |
| | Average return each year | -74.88% | -25.06% |
| Unfavourable scenario | What you might get back after costs | 6,530.00 USD | 7,320.00 USD |
| | Average return each year | -34.73% | -6.05% |
| Moderate scenario | What you might get back after costs | 10,240.00 USD | 12,440.00 USD |
| | Average return each year | 2.38% | 4.47% |
| Favourable scenario | What you might get back after costs | 15,540.00 USD | 16,870.00 USD |
| | Average return each year | 55.36% | 11.03% | | en | it |
DOLFIN7179 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Aside from this exception, the fund is open to all investors.
The amount that is appropriate to invest in this Fund depends on your personal situation. To determine their level of investment, investors are invited to seek professional advice in order to diversify their investments and to determine the proportion of their financial portfolio or their assets to be invested in this fund relative to, more specifically, the recommended investment period and exposure to the aforementioned risks, their personal assets, needs and own objectives. | # Salvo esta excepción, el fondo está abierto a todo tipo de suscriptores.
La inversión considerada adecuada en este fondo dependerá de su situación personal. Para determinarla, se recomienda al partícipe que solicite asesoramiento profesional con el fin de diversificar sus inversiones y determinar la proporción de la cartera financiera o de su patrimonio que vaya a invertir en este fondo con respecto, en particular, del horizonte de inversión recomendado y la exposición a los riesgos anteriormente mencionada, de su patrimonio personal, de sus necesidades y de sus propios objetivos. | # Aside from this exception, the fund is open to all investors.
The amount that is appropriate to invest in this Fund depends on your personal situation. To determine their level of investment, investors are invited to seek professional advice in order to diversify their investments and to determine the proportion of their financial portfolio or their assets to be invested in this fund relative to, more specifically, the recommended investment period and exposure to the aforementioned risks, their personal assets, needs and own objectives. | en | es |
DOLFIN7180 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement de 10 000 EUR | Si vous en sortez après 1 an | Si vous en sortez après 5 ans (PDR) |
| --- | --- | --- |
| Coûts totaux | 376 EUR | 1 868 EUR |
| Incidence sur les coûts* | 3,79 % | 2,48 % | | | Inversión de 10 000 EUR | Si lo vende después de 1 año | Si lo vende después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 376 EUR | 1.868 EUR |
| Incidencia de los costes* | 3,79 % | 2,48 % | | | Investissement de 10 000 EUR | Si vous en sortez après 1 an | Si vous en sortez après 5 ans (PDR) |
| --- | --- | --- |
| Coûts totaux | 376 EUR | 1 868 EUR |
| Incidence sur les coûts* | 3,79 % | 2,48 % | | fr | es |
DOLFIN7181 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 3 ans Investissement de 10 000 EUR Si vous sortez après 1 an Si vous sortez après 3 ans Scénarios |
| --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 7 873,42 EUR | 5 140,08 EUR |
| Rendement annuel moyen | -21,3 % | -19,9 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 010,45 EUR | 5 140,08 EUR |
| Rendement annuel moyen | -19,9 % | -19,9 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 232,68 EUR | 10 871,81 EUR |
| Rendement annuel moyen | 2,3 % | 2,8 % |
| Favorable` | Ce que vous pourriez obtenir après déduction des coûts | 11 118,91 EUR | 12 220,82 EUR |
| Rendement annuel moyen | 11,2 % | 6,9 % | | | Período de mantenimiento recomendado : 3 años Inversión 10.000EUR En caso de salida después de 1 En caso de salida después de 3 Escenarios año años |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que puede recibir una vez deducidos los costes | 7.873,42 EUR | 5.140,08 EUR |
| Rendimento medio cada año | -21,3 % | -19,9 % |
| Desfavorable | Lo que puede recibir una vez deducidos los costes | 8.010,45 EUR | 5.140,08 EUR |
| Rendimento medio cada año | -19,9 % | -19,9 % |
| Moderado | Lo que puede recibir una vez deducidos los costes | 10.232,68 EUR | 10.871,81 EUR |
| Rendimento medio cada año | 2,3 % | 2,8 % |
| Favorable` | Lo que puede recibir una vez deducidos los costes | 11.118,91 EUR | 12.220,82 EUR |
| Rendimento medio cada año | 11,2 % | 6,9 % | | | Période de détention recommandée : 3 ans Investissement de 10 000 EUR Si vous sortez après 1 an Si vous sortez après 3 ans Scénarios |
| --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 7 873,42 EUR | 5 140,08 EUR |
| Rendement annuel moyen | -21,3 % | -19,9 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 010,45 EUR | 5 140,08 EUR |
| Rendement annuel moyen | -19,9 % | -19,9 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 232,68 EUR | 10 871,81 EUR |
| Rendement annuel moyen | 2,3 % | 2,8 % |
| Favorable` | Ce que vous pourriez obtenir après déduction des coûts | 11 118,91 EUR | 12 220,82 EUR |
| Rendement annuel moyen | 11,2 % | 6,9 % | | fr | es |
DOLFIN7182 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Derivative exposure
### As at 30 June 2020, there was the following derivative exposure.
| Berenberg European Micro Cap | 2.13 |
| --- | --- |
| Key risk data |
| --- |
| General |
| The Value at Risk for the Fund was calculated using a historic simulation based on the individual securities. A one-year observation period, a confidence interval of 99% and a holding period of one day were chosen for the calculation. |
| The calculations comply with the regulatory requirements of the CSSF pursuant to the Law of 17 December 2010 and Circular no. 11/512. |
| Method of determining overall risk | |
| --- | --- |
| The relative Value at Risk approach was used for monitoring overall risk during the period from 01 January 2020 to 30 June 2020. In the relative VaR approach, the VaR (99% confidence level, one-day holding period, one-year period under consideration) of the Fund may not exceed an amount equal to twice the VaR of a derivative-free reference asset. Here, in principle, the reference asset should be approximate to the investment policy of the Fund. |
| Derivative-free reference assets as at 30 June 2020: 50% MSCI Europe + 50% MSCI Europe Micro Cap |
| The following VaR key figures were determined in the reporting period: |
| Lowest VaR: | 77.13% |
| Highest VaR: | 118.39% |
| Average VaR: | 100.78% |
| The leverage is calculated according to Guideline CESR/10-788 based on the sum of notionals method, excluding any netting and hedging effects. In this context, a portfolio with 100% leverage is considered unleveraged. |
| The average leverage of the Fund during the reporting period was 100.19%. |
| Remuneration policy of the Management Company (unaudited) |
| Information on employee remuneration (as at 30 September 2019) is listed below: | | |
| --- | --- | --- |
| Total employee remuneration paid during the company's last completed financial year | 10.40 | EUR million |
| - of which fixed remuneration | 8.98 | EUR million |
| - of which variable remuneration | 1.42 | EUR million |
| Number of company employees | 103.2 | Full-time equivalent |
| Amount of carried interest paid | n/a | |
| Total risk taker remuneration paid during the company's last completed financial year | 1.38 | EUR million |
| - of which managers | 1.38 | EUR million |
| - of which other risk takers | 0.00 | EUR million |
| The remuneration system of the Management Company can be found on the website of Universal-Investment-Gesellschaft mbH at http://www.universal-investment.com/de/permanent-seiten/profil/luxemburg/regulatorische- informationen/verguetungssystem-luxemburg and in the Sales Prospectus. |
| The remuneration committee verifies compliance with the remuneration policy once a year. This includes the alignment with the business strategy, the goals, values and interests of Universal-Investment-Luxembourg S.A. and the funds it manages, and measures to avoid conflicts of interest. There were no findings that would have required an adjustment. |
| No changes were made to the remuneration system compared to the previous year. | | | | # Derivateexposure
### Für den 30. Juni 2020 gab es folgendes Exposure für Derivate.
| Berenberg European Micro Cap | 2,13 |
| --- | --- |
| Risikokennzahlen |
| --- |
| Allgemein |
| Die Value-at-Risk Berechnung des Fonds erfolgte nach der historischen Simulation auf Basis der Einzeltitel. Für die Kalkulation wurde ein Beobachtungszeitraum von einem Jahr, ein Konfidenzintervall von 99% und eine Halteperiode von einem Tag gewählt. |
| Die Berechnungen stehen im Einklang mit den regulatorischen Anforderungen der CSSF nach dem Gesetz vom 17. Dezember 2010 und dem Rundschreiben 11/512. |
| Methode zur Ermittlung des Gesamtrisikos | |
| --- | --- |
| Im Berichtszeitraum vom 1. Januar 2020 bis zum 30. Juni 2020 wurde der relative Value-at-Risk Ansatz zur Überwachung des Gesamtrisikos verwendet. Bei dem relativen VaR-Ansatz darf der VaR (99% Konfidenzniveau, 1 Tag Haltedauer, Beobachtungszeitraum 1 Jahr) des Fonds den VaR eines derivatefreien Vergleichsvermögens nicht um mehr als das Doppelte übersteigen. Dabei ist das Vergleichsvermögen grundsätzlich ein annäherndes Abbild der Anlagepolitik des Fonds. |
| Derivatefreies Vergleichsvermögen zum 30. Juni 2020: 50% MSCI Europe + 50% MSCI Europe Micro Cap |
| Folgende VaR Kennzahlen wurden im Berichtszeitraum ermittelt: |
| Niedrigster VaR: | 77,13% |
| Höchster VaR: | 118,39% |
| Durchschnittlicher VaR: | 100,78% |
| Die Hebelwirkung wird nach der Methode Sum of Notionals gemäß Vorgabe der CESR/10-788 Richtlinie, ohne Berücksichtigung von etwaigen Netting- und Hedging-Effekten, berechnet. In diesem Zusammenhang ist eine Hebelwirkung von 100% als ungehebeltes Portfolio zu verstehen. |
| Die durchschnittliche Hebelwirkung des Fonds betrug im Berichtszeitraum 100,19%. |
| Vergütungspolitik der Verwaltungsgesellschaft (ungeprüft) |
| Nachfolgend sind die Angaben zur Mitarbeitervergütung (Stand 30. September 2019) aufgeführt: | | |
| --- | --- | --- |
| Gesamtsumme der im abgelaufenen Wirtschaftsjahr der Gesellschaft gezahlten Mitarbeitervergütung | 10,40 | Mio. EUR |
| - davon feste Vergütung | 8,98 | Mio. EUR |
| - davon variable Vergütung | 1,42 | Mio. EUR |
| Zahl der Mitarbeiter der Gesellschaft | 103,2 | Vollzeitäquivalent |
| Höhe des gezahlten Carried Interest | n/a | |
| Gesamtsumme der im abgelaufenen Wirtschaftsjahr der Gesellschaft gezahlten Vergütung an Risktaker | 1,38 | Mio. EUR |
| - davon Führungskräfte | 1,38 | Mio. EUR |
| - davon andere Risktaker | 0,00 | Mio. EUR |
| Das Vergütungssystem der Verwaltungsgesellschaft ist auf der Homepage der Universal-Investment-Gesellschaft mbH unter http://www.universal-investment.com/de/permanent-seiten/profil/luxemburg/regulatorische- informationen/verguetungssystem-luxemburg sowie im Verkaufsprospekt zu finden. |
| Der Vergütungsausschuss überprüft einmal im Jahr die Einhaltung der Vergütungspolitik. Dies beinhaltet die Ausrichtung an der Geschäftsstrategie, den Zielen, Werten und Interessen der Universal-Investment-Luxembourg S.A. bzw. der von ihr verwalteten Fonds sowie Maßnahmen zur Vermeidung von Interessenkonflikten. Es ergaben sich keine Feststellungen, die eine Anpassung erfordert hätten. |
| Gegenüber dem Vorjahr wurde keine Änderung des Vergütungssystems vorgenommen. | | | | # Derivative exposure
### As at 30 June 2020, there was the following derivative exposure.
| Berenberg European Micro Cap | 2.13 |
| --- | --- |
| Key risk data |
| --- |
| General |
| The Value at Risk for the Fund was calculated using a historic simulation based on the individual securities. A one-year observation period, a confidence interval of 99% and a holding period of one day were chosen for the calculation. |
| The calculations comply with the regulatory requirements of the CSSF pursuant to the Law of 17 December 2010 and Circular no. 11/512. |
| Method of determining overall risk | |
| --- | --- |
| The relative Value at Risk approach was used for monitoring overall risk during the period from 01 January 2020 to 30 June 2020. In the relative VaR approach, the VaR (99% confidence level, one-day holding period, one-year period under consideration) of the Fund may not exceed an amount equal to twice the VaR of a derivative-free reference asset. Here, in principle, the reference asset should be approximate to the investment policy of the Fund. |
| Derivative-free reference assets as at 30 June 2020: 50% MSCI Europe + 50% MSCI Europe Micro Cap |
| The following VaR key figures were determined in the reporting period: |
| Lowest VaR: | 77.13% |
| Highest VaR: | 118.39% |
| Average VaR: | 100.78% |
| The leverage is calculated according to Guideline CESR/10-788 based on the sum of notionals method, excluding any netting and hedging effects. In this context, a portfolio with 100% leverage is considered unleveraged. |
| The average leverage of the Fund during the reporting period was 100.19%. |
| Remuneration policy of the Management Company (unaudited) |
| Information on employee remuneration (as at 30 September 2019) is listed below: | | |
| --- | --- | --- |
| Total employee remuneration paid during the company's last completed financial year | 10.40 | EUR million |
| - of which fixed remuneration | 8.98 | EUR million |
| - of which variable remuneration | 1.42 | EUR million |
| Number of company employees | 103.2 | Full-time equivalent |
| Amount of carried interest paid | n/a | |
| Total risk taker remuneration paid during the company's last completed financial year | 1.38 | EUR million |
| - of which managers | 1.38 | EUR million |
| - of which other risk takers | 0.00 | EUR million |
| The remuneration system of the Management Company can be found on the website of Universal-Investment-Gesellschaft mbH at http://www.universal-investment.com/de/permanent-seiten/profil/luxemburg/regulatorische- informationen/verguetungssystem-luxemburg and in the Sales Prospectus. |
| The remuneration committee verifies compliance with the remuneration policy once a year. This includes the alignment with the business strategy, the goals, values and interests of Universal-Investment-Luxembourg S.A. and the funds it manages, and measures to avoid conflicts of interest. There were no findings that would have required an adjustment. |
| No changes were made to the remuneration system compared to the previous year. | | | | en | de |
DOLFIN7183 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# 2 The class PHARMA/wHEALTH SICAV - Sub-fund One R (USD) was launched on November 21, 1993 and merged with the share class Variopartner SICAV - PHARMA/ wHEALTH P USD on August 31, 2018. The performance before this date was therefore achieved under circumstances that no longer apply.
Practical information
2 The fund's depositary is RBC Investor Services Bank S.A.
2 You can find the sales prospectus, up-to-date semi-annual and annual reports, share prices as well as other practical information on the fund in English and German free of charge at: www.sectoral.com.
2 To obtain the documents, you can also contact Vontobel Asset Management S.A., 18, rue Erasme, L-1468 Luxembourg.
2 The fund is subject to Luxembourg tax law. This may have an impact on your investment in the fund, depending on where you live. If you have any questions in this regard, please contact your tax advisor.
2 Information re. the current remuneration policy, including a description of how remuneration and benefits are calculated and the identities of persons responsible for awarding the remuneration and benefits, is available at www.vontobel.com/AM/remuneration-policy.pdf and will be provided for free in hardcopy upon request.
2 This sub-fund is part of an umbrella fund. The various sub-funds are not liable for one another, i.e. only the gains and losses of this sub-fund are relevant for you as a shareholder. You can request the conversion of some or all of your shares in the sub-fund in accordance with the rules set out in the sales prospectus.
2 Vontobel Asset Management S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the fund.
This fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF).
Vontobel Asset Management S.A. is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This key investor information is accurate as at 11/11/2020. | # 2 La classe di quote PHARMA/wHEALTH SICAV - Sub-fund One R (USD) è stata lanciata il 21 novembre 1993 e fusa il 31 agosto 2018 con la classe di quote Variopartner SICAV - PHARMA/wHEALTH P USD. Le performance precedenti tale data sono state conseguite in condizioni attualmente non più valide.
Informazioni pratiche
2 La banca depositaria del fondo è RBC Investor Services Bank S.A.
2 Il prospetto di vendita, le ultime relazioni annuali e semestrali e i prezzi delle quote nonché altre informazioni pratiche sono disponibili gratuitamente, in tedesco e inglese, al sito www.sectoral.com.
2 Per richiedere la documentazione rivolgersi a Vontobel Asset Management S.A., 18, rue Erasme, L-1468 Lussemburgo.
2 Il fondo è soggetto alla legislazione fiscale del Lussemburgo. A seconda del paese di residenza dell'investitore, ciò può avere un impatto sul suo investimento nel fondo. Per ulteriori precisazioni rivolgersi al proprio consulente fiscale.
2 Le informazioni relative alle presenti politiche di remunerazione, inclusa la descrizione delle modalità di calcolo di tali remunerazioni e benefici e l'identità delle persone responsabili della relativa assegnazione, sono disponibili al sito www.vontobel.com/AM/remuneration-policy.pdf. Inoltre, tali informazioni sono disponibili gratuitamente in forma cartacea previa richiesta.
2 Questo comparto fa parte di un fondo a ombrello. I vari comparti non si garantiscono reciprocamente, ovvero per i detentori di quote di questo comparto sono rilevanti solo ed esclusivamente gli utili e le perdite di tale comparto. Ogni detentore di quote può, conformemente alle regole descritte nel prospetto di vendita, richiedere lo scambio di tutte o di una parte delle sue quote.
2 Vontobel Asset Management S.A. può essere ritenuta responsabile unicamente sulla base delle affermazioni contenute nel presente documento che risultano fuorvianti, inesatte o incoerenti rispetto alle corrispondenti parti del prospetto del fondo.
Questo fondo è autorizzato in Lussemburgo ed è regolamentato dalla Commission de Surveillance du Secteur Financier (CSSF).
Vontobel Asset Management S.A. è autorizzata in Lussemburgo ed è regolamentata dalla Commission de Surveillance du Secteur Financier (CSSF).
Le informazioni chiave per gli investitori qui riportate sono esatte alla data del 11/11/2020. | # 2 The class PHARMA/wHEALTH SICAV - Sub-fund One R (USD) was launched on November 21, 1993 and merged with the share class Variopartner SICAV - PHARMA/ wHEALTH P USD on August 31, 2018. The performance before this date was therefore achieved under circumstances that no longer apply.
Practical information
2 The fund's depositary is RBC Investor Services Bank S.A.
2 You can find the sales prospectus, up-to-date semi-annual and annual reports, share prices as well as other practical information on the fund in English and German free of charge at: www.sectoral.com.
2 To obtain the documents, you can also contact Vontobel Asset Management S.A., 18, rue Erasme, L-1468 Luxembourg.
2 The fund is subject to Luxembourg tax law. This may have an impact on your investment in the fund, depending on where you live. If you have any questions in this regard, please contact your tax advisor.
2 Information re. the current remuneration policy, including a description of how remuneration and benefits are calculated and the identities of persons responsible for awarding the remuneration and benefits, is available at www.vontobel.com/AM/remuneration-policy.pdf and will be provided for free in hardcopy upon request.
2 This sub-fund is part of an umbrella fund. The various sub-funds are not liable for one another, i.e. only the gains and losses of this sub-fund are relevant for you as a shareholder. You can request the conversion of some or all of your shares in the sub-fund in accordance with the rules set out in the sales prospectus.
2 Vontobel Asset Management S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the fund.
This fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF).
Vontobel Asset Management S.A. is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This key investor information is accurate as at 11/11/2020. | en | it |
DOLFIN7184 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Summary of fund objective
The Fund is actively managed.
The Fund aims to achieve long-term capital growth. The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of equities or equity-related securities of companies: with their registered office in a European country or exercising their business activities predominantly in European countries which are listed on recognised European stock exchanges and which meet the Fund’s environmental, social and governance (ESG) criteria with a particular focus on environmental issues. For the full objectives and investment policy please consult the current prospectus. | ### Sintesi degli obiettivi e delle politiche di investimento
Il fondo è gestito attivamente.
L’obiettivo del fondo è conseguire una crescita del capitale nel lungo termine. Il fondo si propone di raggiungere il suo obiettivo investendo principalmente in un portafoglio diversificato di azioni e titoli correlati ad azioni di società: con sede legale in un paese europeo o che esercitano le loro attività commerciali prevalentemente in paesi europei che sono quotati in borse europee riconosciute, e che soddisfano i criteri ambientali, sociali e di governance (ESG) del fondo, con particolare attenzione alle questioni ambientali. Per gli obiettivi e la politica d’investimento completi, si rimanda al Prospetto corrente. | ### Summary of fund objective
The Fund is actively managed.
The Fund aims to achieve long-term capital growth. The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of equities or equity-related securities of companies: with their registered office in a European country or exercising their business activities predominantly in European countries which are listed on recognised European stock exchanges and which meet the Fund’s environmental, social and governance (ESG) criteria with a particular focus on environmental issues. For the full objectives and investment policy please consult the current prospectus. | en | it |
DOLFIN7185 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Further Specific Explanations
This share class is only available to a sophisticated investor that has sufficient investing experience and knowledge to weigh the risks of an investment in this fund. The minimum investment in this share class is EUR 10’000.- or equivalent.
Disclaimer
This document is for information and promotional purposes only, is intended for distribution in Germany, and is not addressed to persons in other countries or to any person who by domicile or nationality is prohibited to receive such information according to applicable law.
Every investment involves risks, especially in terms of fluctuations in value and return. Past performance and returns are no guarantee of future investment success. The per- formance data have been calculated without taking account of the costs and commissions charged at the time of the issue and redemption of units. The total expense ratio (TER) refers to the commissions regularly charged to the fund assets (operating expenses) and is expressed as a percentage of the fund's assets. The figure quoted relates to the level of the TER in the past financial year or half-year and does not guarantee that the level will be similar in the future.
Swisscanto has taken all reasonable care in the preparation of this document. However, Swisscanto does not provide any guarantee with regard to the correctness or com- pleteness of the information the document contains and waives any liability for losses arising from its use. This document is neither an offer to enter into an agreement nor an invitation to submit an offer for services. It does not constitute an offer or a recommendation for the subscription or redemption or for the acquisition, holding or sale of financial instruments. The recipient, if need be with the assistance of a consultant, is recommended to assess the information in consideration of their personal situation with regard to legal, regulatory, tax and other consequences that might be invoked. This document is neither a prospectus nor key investor information.
The products and services described in this document are not available to US persons in accordance with the applicable regulations.
The fund is an undertaking for collective investment in transferable securities (UCITS) within the meaning of the EU Directive 2009/65/EC, which is subject to oversight from the Luxembourg Supervisory Authority (CSSF). The fund is registered for distribution in Germany with the relevant German regulatory authority (BaFin).
The current fund documents (prospectus, contractual terms, key investor information documents (KIID) and annual/half-yearly reports) can be obtained free of charge from swisscanto.com or in paper form from DekaBank, Deutsche Girozentrale, Mainzer Landstrasse 16, D-60325 Frankfurt am Main (paying and information agent in Germany). | ### Weiterführende spezifische Erläuterungen
Diese Anteilsklasse steht ausschliesslich versierten Anlegern offen, die über genügend Anlageerfahrung verfügen um die Risiken einer Anlage in diesen Teilfonds abschätzen zu können. Der Mindestzeichnungsbetrag für diese Anteilsklasse beträgt EUR 10'000.- oder Gegenwert.
Rechtlicher Hinweis
Das vorliegende Dokument dient ausschliesslich Informations- und Werbezwecken, ist für die Verbreitung in Deutschland bestimmt, und richtet sich nicht an Personen in an- deren Ländern und an Personen, deren Nationalität oder Wohnsitz den Zugang zu solchen Informationen aufgrund der geltenden Gesetzgebung verbieten.
Jede Investition ist mit Risiken, insbesondere denjenigen von Wert- und Ertragsschwankungen, verbunden. Wertentwicklungen und Renditen der Vergangenheit sind keine Garantie für den zukünftigen Anlageerfolg. Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Anteile erhobenen Kommissionen und Kosten unberück- sichtigt. Die Total Expense Ratio (TER) bezeichnet die Kommissionen, die laufend dem Fondsvermögen belastet werden (Betriebsaufwand), und wird in einem Prozentsatz des Fondsvermögens ausgedrückt. Die Angabe entspricht der Höhe der TER im zuletzt abgeschlossenen Geschäftsjahr bzw. Halbjahr und bietet keine Gewähr für eine entspre- chende Höhe in der Zukunft.
Dieses Dokument wurde von Swisscanto mit geschäftsüblicher Sorgfalt erstellt. Diese bietet jedoch keine Gewähr für die Richtigkeit und Vollständigkeit der darin enthaltenen Informationen und lehnt jede Haftung für Schäden ab, die sich aus der Verwendung des Dokumentes ergeben. Dieses Dokument ist weder ein Angebot zum Abschluss eines Vertrages noch eine Einladung zur Angebotsabgabe für Dienstleistungen. Es stellt kein Angebot und keine Empfehlung zur Zeichnung oder Rücknahme bzw. für den Erwerb, das Halten oder den Verkauf von Finanzinstrumenten dar. Dem Empfänger wird empfohlen, die Informationen – allenfalls unter Beizug eines Beraters – in Bezug auf ihre Ver- einbarkeit mit seinen persönlichen Verhältnissen auf juristische, regulatorische, steuerliche und andere Konsequenzen zu prüfen. Dieses Dokument ist kein Verkaufsprospekt und keine wesentliche Anlegerinformation.
Die in diesem Dokument beschriebenen Produkte und Dienstleistungen sind für US-Personen gemäss den einschlägigen Regulierungen nicht verfügbar.
Der Fonds ist ein Organismus für gemeinsame Anlagen in Wertpapieren (OGAW) im Sinne der EU Richtlinie 2009/65/EG, der der Aufsicht der luxemburgischen Aufsichtsbe- hörde (CSSF) untersteht. Der Fonds ist zum Vertrieb in Deutschland bei der dafür zuständigen deutschen Aufsichtsbehörde (Bafin) gemeldet.
Die aktuellen Fondsdokumente (Verkaufsprospekt, Vertragsbedingungen, wesentliche Anlegerinformationen sowie Jahres- und Halbjahresberichte) können unter swisscan- to.com oder in Papierform bei DekaBank, Deutsche Girozentrale, Mainzer Landstrasse 16, D-60325 Frankfurt am Main (Zahl- und Informationsstelle in Deutschland), kosten- los bezogen werden. | ### Further Specific Explanations
This share class is only available to a sophisticated investor that has sufficient investing experience and knowledge to weigh the risks of an investment in this fund. The minimum investment in this share class is EUR 10’000.- or equivalent.
Disclaimer
This document is for information and promotional purposes only, is intended for distribution in Germany, and is not addressed to persons in other countries or to any person who by domicile or nationality is prohibited to receive such information according to applicable law.
Every investment involves risks, especially in terms of fluctuations in value and return. Past performance and returns are no guarantee of future investment success. The per- formance data have been calculated without taking account of the costs and commissions charged at the time of the issue and redemption of units. The total expense ratio (TER) refers to the commissions regularly charged to the fund assets (operating expenses) and is expressed as a percentage of the fund's assets. The figure quoted relates to the level of the TER in the past financial year or half-year and does not guarantee that the level will be similar in the future.
Swisscanto has taken all reasonable care in the preparation of this document. However, Swisscanto does not provide any guarantee with regard to the correctness or com- pleteness of the information the document contains and waives any liability for losses arising from its use. This document is neither an offer to enter into an agreement nor an invitation to submit an offer for services. It does not constitute an offer or a recommendation for the subscription or redemption or for the acquisition, holding or sale of financial instruments. The recipient, if need be with the assistance of a consultant, is recommended to assess the information in consideration of their personal situation with regard to legal, regulatory, tax and other consequences that might be invoked. This document is neither a prospectus nor key investor information.
The products and services described in this document are not available to US persons in accordance with the applicable regulations.
The fund is an undertaking for collective investment in transferable securities (UCITS) within the meaning of the EU Directive 2009/65/EC, which is subject to oversight from the Luxembourg Supervisory Authority (CSSF). The fund is registered for distribution in Germany with the relevant German regulatory authority (BaFin).
The current fund documents (prospectus, contractual terms, key investor information documents (KIID) and annual/half-yearly reports) can be obtained free of charge from swisscanto.com or in paper form from DekaBank, Deutsche Girozentrale, Mainzer Landstrasse 16, D-60325 Frankfurt am Main (paying and information agent in Germany). | en | de |
DOLFIN7186 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Board of Directors, respectively the Management Company, is authorized to suspend temporarily the calculation of the Net asset value of one or more Sub-fund(s) or one or more Class(es), as well as the issue, redemption and switching of Shares in the following cases:
- throughout any period during which one of the main markets or one of the main securities exchanges on which a substantial portion of the investments of one or more Sub-fund(s) or one or more Class(es) is listed is closed, except on usual closing days, or during which trading is subject to major restrictions or is suspended;
- when the political, economic, military, monetary or social situation or any act of force majeure which is beyond the responsibility or control of the Fund renders it impossible to dispose of its assets by reasonable and normal means without seriously harming the shareholders’ interests;
- during any breakdown in the means of communication normally used to determine the price of any investment of the Fund or of ordinary prices on any market or stock exchange whatsoever;
- when exchange-control or capital-transfer restrictions prevent transactions from being carried out on behalf of the Fund or when the purchase or sale transactions concerning the assets of the Fund cannot be conducted at normal exchange rates or when the payments due for redemption or switching of Shares in the Fund cannot, in the Board of Directors’ opinion, be conducted at normal exchange rates;
- as soon as a general meeting of shareholders has been convened at which it will be proposed that the Fund be wound up.
- when the calculation of the net asset value of a UCITS/UCI in which the Fund has invested a substantial portion of the assets of one or more Sub-fund(s) or one or more Class(es) is suspended or unavailable or when the issue, redemption or switching of the units of this UCITS or other UCI is suspended or restricted. | Der Verwaltungsrat bzw. die Verwaltungsgesellschaft ist befugt, die Berechnung des Nettoinventarwerts eines oder mehrerer Teilfonds bzw. einer oder mehrerer Klasse(n) sowie die Ausgabe, die Rücknahme und den Tausch von Anteilen in folgenden Fällen vorübergehend aussetzen:
- während eines Zeitraums, in dem einer der wichtigen Märkte oder Wertpapierbörsen, an dem ein wesentlicher Teil der Anlagen eines oder mehrerer Teilfonds oder einer oder mehrerer Klasse(n) notiert sind, geschlossen ist (mit Ausnahme von Tagen, an denen diese(r) gewöhnlich geschlossen ist) oder der Handel wesentlichen Beschränkungen unterliegt oder ausgesetzt ist;
- wenn aufgrund politischer, wirtschaftlicher, militärischer, geldpolitischer oder sozialer Umstände oder höherer Gewalt, die ausserhalb der Verantwortung oder Kontrolle des Fonds liegen, die Veräusserung von Vermögenswerten auf angemessenem und normalem Wege nicht möglich ist, ohne den Interessen der Anteilseigner erheblich zu schaden;
- wenn die Kommunikationsmittel, die für gewöhnlich zur Ermittlung des Preises von Anlagen des Fonds oder der markt- oder börsenüblichen Preise verwendet werden, ausfallen;
- wenn Transaktionen aufgrund von Devisenkontroll- oder Kapitalverkehrsbeschränkungen auf Rechnung des Fonds nicht ausgeführt werden können oder wenn der Kauf oder Verkauf von Vermögenswerten des Fonds nicht zu den üblichen Wechselkursen durchgeführt werden kann oder die bei Rücknahme oder Tausch von Anteilen des Fonds fälligen Zahlungen nach Ermessen des Verwaltungsrats nicht zu normalen Wechselkursen durchgeführt werden können;
- sobald eine Generalversammlung der Anteilseigner einberufen wurde, bei der die Auflösung des Fonds beschlossen wird.
- wenn die Berechnung des Nettoinventarwerts eines OGAW/OGA, in den der Fonds einen substanziellen Anteil des Vermögens einer oder mehrerer Teilfonds bzw. einer oder mehrerer Klasse(n) investiert hat, ausgesetzt wurde oder nicht verfügbar ist oder wenn die Ausgabe, die Rücknahme oder der Tausch der Anteile des entsprechenden OGAW oder sonstiger OGA ausgesetzt oder beschränkt wurde. | The Board of Directors, respectively the Management Company, is authorized to suspend temporarily the calculation of the Net asset value of one or more Sub-fund(s) or one or more Class(es), as well as the issue, redemption and switching of Shares in the following cases:
- throughout any period during which one of the main markets or one of the main securities exchanges on which a substantial portion of the investments of one or more Sub-fund(s) or one or more Class(es) is listed is closed, except on usual closing days, or during which trading is subject to major restrictions or is suspended;
- when the political, economic, military, monetary or social situation or any act of force majeure which is beyond the responsibility or control of the Fund renders it impossible to dispose of its assets by reasonable and normal means without seriously harming the shareholders’ interests;
- during any breakdown in the means of communication normally used to determine the price of any investment of the Fund or of ordinary prices on any market or stock exchange whatsoever;
- when exchange-control or capital-transfer restrictions prevent transactions from being carried out on behalf of the Fund or when the purchase or sale transactions concerning the assets of the Fund cannot be conducted at normal exchange rates or when the payments due for redemption or switching of Shares in the Fund cannot, in the Board of Directors’ opinion, be conducted at normal exchange rates;
- as soon as a general meeting of shareholders has been convened at which it will be proposed that the Fund be wound up.
- when the calculation of the net asset value of a UCITS/UCI in which the Fund has invested a substantial portion of the assets of one or more Sub-fund(s) or one or more Class(es) is suspended or unavailable or when the issue, redemption or switching of the units of this UCITS or other UCI is suspended or restricted. | en | de |
DOLFIN7187 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Fund Strategy
The Invesco Responsible Global Real Assets Fund aims to achieve long-term capital growth. The Fund seeks to achieve its objective by investing primarily in equities of real asset companies globally that meet high environmental, social and governance (ESG) standards. Real assets are characterized by having physical attributes, including real estate, infrastructure, natural resources and timber.
Past performance does not predict future returns. Each period starts at the end of the indicated month. The first indicated month may not represent a full month and may start only on the launch/restructuring date indicated in the headline. | ### Strategia del fondo
L’obiettivo di Invesco Responsible Global Real Assets Fund è conseguire una crescita del capitale nel lungo termine. Il fondo si propone di raggiungere l’obiettivo investendo principalmente in titoli di società immobiliari di tutto il mondo che soddisfino elevati standard ambientali, sociali e di governance (ESG). I real asset - quali immobili, infrastrutture, risorse naturali e legname - sono caratterizzati dal possesso di attributi fisici.
I rendimenti passati non forniscono previsioni sui rendimenti futuri. Ogni periodo ha inizio alla fine del mese indicato. Il primo mese indicato può non includere tutti i giorni di calendario ma aver inizio nella data di lancio/ristrutturazione del fondo indicata nel titolo. | ### Fund Strategy
The Invesco Responsible Global Real Assets Fund aims to achieve long-term capital growth. The Fund seeks to achieve its objective by investing primarily in equities of real asset companies globally that meet high environmental, social and governance (ESG) standards. Real assets are characterized by having physical attributes, including real estate, infrastructure, natural resources and timber.
Past performance does not predict future returns. Each period starts at the end of the indicated month. The first indicated month may not represent a full month and may start only on the launch/restructuring date indicated in the headline. | en | it |
DOLFIN7188 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | €770 | €1,010 |
| Annual cost impact (*) | 7.7% each year | 3.3% each year | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 3 anni |
| --- | --- | --- |
| Costi totali | €770 | €1.010 |
| Incidenza annuale dei costi (*) | 7,7% ogni anno | 3,3% ogni anno | | | | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | €770 | €1,010 |
| Annual cost impact (*) | 7.7% each year | 3.3% each year | | en | it |
DOLFIN7189 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies
the aim, the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is GBP. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund invests in a large number of mid-sized companies, which potentially involves greater risks compared to investing in larger companies. The shares may have less liquidity and could experience more price swings (or volatility) which could adversely affect the value of your investment. A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas
Para lograr el objetivo, el fondo intentará replicar el índice comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es GBP. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo invierte en numerosas empresas de mediano tamaño, lo que puede acarrear mayores riesgos que la inversión en empresas más grandes. Las acciones pueden presentar una menor liquidez y experimentar más fluctuaciones en los precios (o volatilidad), lo que podría perjudicar el valor de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies
the aim, the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is GBP. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund invests in a large number of mid-sized companies, which potentially involves greater risks compared to investing in larger companies. The shares may have less liquidity and could experience more price swings (or volatility) which could adversely affect the value of your investment. A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN7190 | Translate the following text in en into de. 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 3 out of 7, which is a medium-low risk class.
Investing in emerging market corporate bonds will expose the Fund to any political, social and economic instability in the relevant countries. Changes to interest rates will have a significant impact on bond prices and the Fund’s value.
The value of the Fund may be affected by risks not in the SRI, including failure of a counterparty, custodian, issuer or index provider and derivative use.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Be aware of currency risk. You may receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator
shown above.
The Fund is not covered by an investor compensation scheme. | Der Gesamtrisikoindikator hilft Ihnen, das mit diesem Produkt verbundene Risiko im Vergleich zu anderen Produkten einzuschätzen. Er zeigt, wie hoch die Wahrscheinlichkeit ist, dass Sie bei diesem Produkt Geld verlieren, weil
sich die Märkte in einer bestimmten Weise entwickeln oder wir nicht in der Lage sind, Sie auszubezahlen.
Wir haben dieses Produkt auf einer Skala von 1 bis 7 in die Risikoklasse 3 eingestuft, wobei 3 einer mittelniedrigen Risikoklasse entspricht.
Durch Anlagen in Unternehmensanleihen aus aufstrebenden Märkten ist der Fonds gegebenenfalls der politischen, sozialen und wirtschaftlichen Instabilität der betreffenden Länder ausgesetzt. Zinsänderungen haben erhebliche Auswirkungen auf die Anleihenkurse und den Wert des Fonds.
Der Wert des Fonds kann durch Risiken beeinträchtigt werden, die nicht im Gesamtrisikoindikator abgebildet sind, darunter der Ausfall einer Gegenpartei, einer Depotbank, eines Emittenten oder eines Indexanbieters sowie der Einsatz von Derivaten.
Dieses Produkt beinhaltet keinen Schutz vor künftigen Marktentwicklungen, so dass Sie das angelegte Kapital ganz oder teilweise verlieren könnten.
Seien Sie sich des Währungsrisikos bewusst. Sie können Zahlungen in einer anderen Währung erhalten, so dass die endgültige Rendite vom Wechselkurs zwischen den beiden Währungen abhängt. Dieses Risiko wird in dem oben angegebenen Indikator nicht berücksichtigt.
Der Fonds ist nicht durch ein Anlegerentschädigungssystem abgedeckt. | 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 3 out of 7, which is a medium-low risk class.
Investing in emerging market corporate bonds will expose the Fund to any political, social and economic instability in the relevant countries. Changes to interest rates will have a significant impact on bond prices and the Fund’s value.
The value of the Fund may be affected by risks not in the SRI, including failure of a counterparty, custodian, issuer or index provider and derivative use.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Be aware of currency risk. You may receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator
shown above.
The Fund is not covered by an investor compensation scheme. | en | de |
DOLFIN7191 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# MARKET REVIEW
- In October, most fixed income spread sectors posted positive excess returns, supported by UK political stability, declining gas prices in Europe, and a shift in expectations away from rapid interest rate hikes by major central banks.
- Global sovereign yields ended mixed. In the US, nominal yields ended higher led by inflation breakevens while real yields declined over the month. US inflation surprised to the upside. In UK, the appointment of the new Prime Minister contributed to a decline in gilt yields to levels last seen before the ill-fated mini-budget. The bund yield curve flattened as the European Central Bank hiked rates and projected sustained hikes to fight inflation. Italian spreads to bunds tightened amid the possibility of further common EU issuance and deferral of quantitative tightening announcement.
- Global credit markets outperformed duration-equivalent government bonds over the month. Industrials and utilities generated positive excess returns, while financials posted negative excess returns. Broadly, municipal bonds outperformed duration-equivalent Treasuries. Within the securitized sectors, agency mortgage-backed securities performed in line with duration-equivalent government bonds, while commercial mortgage-backed securities and asset-backed securities underperformed duration-equivalent government bonds.
- Major central banks continued to raise rates, though select banks scaled back the magnitude of hikes. In the US, Fed rhetoric of future policy was perceived as an indication of a potential pivot. In the UK, the new Chancellor reversed the tax cuts plan of his predecessor. | # ANALISI DEL MERCATO
- Nel mese di ottobre, la maggior parte dei settori a spread del reddito fisso ha sovraperformato, sostenuti dalla stabilità politica del Regno Unito, dal calo dei prezzi del gas in Europa e da uno spostamento delle aspettative rispetto a un rapido aumento dei tassi di interesse da parte delle principali banche centrali.
- I titoli governativi globali hanno riportato risultati diversi. Negli Stati Uniti, i rendimenti nominali hanno chiuso in rialzo, trainati dai breakeven dell'inflazione, mentre i rendimenti reali sono diminuiti nel corso del mese. L'inflazione statunitense ha sorpreso al rialzo. Nel Regno Unito, la nomina del nuovo Primo Ministro ha contribuito a far scendere i rendimenti dei gilt ai livelli visti l'ultima volta prima dello sfortunato mini-budget. La curva dei rendimenti dei bund si è appiattita in seguito al rialzo dei tassi da parte della Banca Centrale Europea e alla previsione di rialzi prolungati per contrastare l'inflazione. Gli spread italiani rispetto ai bund si sono inaspriti a causa della possibilità di ulteriori emissioni comuni dell'UE e del rinvio dell'annuncio del quantitative tightening.
- Nel corso del mese, i mercati del credito globali hanno sovraperformato i titoli di Stato di duration equivalente. I servizi di pubblica utilità e gli industriali hanno sovraperformato, mentre i finanziari hanno sottoperformato. In linea generale, le obbligazioni municipali hanno sovraperformato i Treasury di duration equivalente. Nell'ambito delle cartolarizzazioni, i titoli garantiti da ipoteche emessi da agenzie hanno registrato una performance in linea con i titoli di Stato di duration equivalente, mentre i titoli garantiti da ipoteche commerciali (CMBS) e i titoli garantiti da attività (ABS) hanno sottoperformato i titoli di Stato di duration equivalente.
- Le principali banche centrali hanno continuato ad aumentare i tassi, anche se alcuni istituti hanno ridotto l'entità dei rialzi. Negli Stati Uniti, la retorica della Fed sulla politica monetaria futura è stata percepita come un'indicazione di un potenziale cambio di rotta. Nel Regno Unito, il nuovo Cancelliere ha invertito il piano di tagli fiscali del suo predecessore. | # MARKET REVIEW
- In October, most fixed income spread sectors posted positive excess returns, supported by UK political stability, declining gas prices in Europe, and a shift in expectations away from rapid interest rate hikes by major central banks.
- Global sovereign yields ended mixed. In the US, nominal yields ended higher led by inflation breakevens while real yields declined over the month. US inflation surprised to the upside. In UK, the appointment of the new Prime Minister contributed to a decline in gilt yields to levels last seen before the ill-fated mini-budget. The bund yield curve flattened as the European Central Bank hiked rates and projected sustained hikes to fight inflation. Italian spreads to bunds tightened amid the possibility of further common EU issuance and deferral of quantitative tightening announcement.
- Global credit markets outperformed duration-equivalent government bonds over the month. Industrials and utilities generated positive excess returns, while financials posted negative excess returns. Broadly, municipal bonds outperformed duration-equivalent Treasuries. Within the securitized sectors, agency mortgage-backed securities performed in line with duration-equivalent government bonds, while commercial mortgage-backed securities and asset-backed securities underperformed duration-equivalent government bonds.
- Major central banks continued to raise rates, though select banks scaled back the magnitude of hikes. In the US, Fed rhetoric of future policy was perceived as an indication of a potential pivot. In the UK, the new Chancellor reversed the tax cuts plan of his predecessor. | en | it |
DOLFIN7192 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Distressed securities
Some Funds may invest in distressed securities (which we define as having a credit rating lower than CCC- by Standard & Poor’s or equivalent) at the time of purchase, as specified in the relevant Fund Information Sheet in Annex 2. Such securities may be regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and principal or meet other obligations contained in an indenture or credit agreement. These Funds may also invest in debt securities on which the issuer is not currently making interest payments (defaulted debt securities). Distressed and defaulted debt securities may be unsecured and/or subordinated to other outstanding liabilities of the issuer. Whilst holders of distressed or defaulted securities may benefit from certain legal protections applicable to such securities, these protections may be outweighed by other legal or economic risks. Therefore, a Fund may lose its entire investment, may receive cash or securities (including equity securities) with a value less than its original investment and/or may be required to accept payment over an extended period of time. Efforts to maximize the value of these securities may involve additional cost for the relevant Fund. It may also be more difficult to dispose of, and to determine the value of, distressed and defaulted securities as compared to higher rated debt securities.
Notwithstanding the above paragraph, if a security satisfies the Fund’s credit rating criteria at the time of purchase and subsequently is downgraded to a rating which would result in the security being classified as a “distressed security”, the Fund will not be required to dispose of such security. If such a downgrade occurs, the Investment Adviser(s) will consider what action is in the best interest of the Fund, its Shareholders and in line with the relevant Fund investment objective. | ## Titres en détresse
Certains Fonds peuvent investir dans des titres en détresse (que nous définissons comme ayant une notation de crédit inférieure à CCC- selon Standard & Poor’s ou une agence de notation équivalente) au moment de l’achat, comme spécifié dans la Fiche d’information sur le Fonds pertinente reprise à l’Annexe 2. Ces titres peuvent être perçus comme de nature principalement spéculative s’agissant de la capacité de l’émetteur à payer les intérêts et à rembourser le capital ou à honorer d’autres obligations énoncées dans un engagement ou une convention de crédit. Ces Fonds peuvent également investir dans des titres de créance sur lesquels l’émetteur ne verse actuellement aucun intérêt (titres de créance en défaut). Les titres de créance en détresse et en défaut peuvent ne pas être garantis et/ou être subordonnés à d’autres éléments de passif en circulation de l’émetteur. Si les détenteurs de titres en détresse ou en défaut peuvent tirer parti de certaines protections juridiques applicables à ces titres, ces protections peuvent être compensées par d’autres risques juridiques ou économiques. Un Fonds peut par conséquent perdre l’intégralité de son investissement, recevoir des liquidités ou des titres (y compris de participation) d’une valeur inférieure à son investissement initial et/ou être tenu d’accepter un paiement sur une période plus longue. Les efforts destinés à maximiser la valeur de ces titres peuvent impliquer un coût supplémentaire pour le Fonds concerné. Il peut également être plus difficile de céder des titres en détresse et en défaut et d’en déterminer la valeur que pour des titres de créance assortis d’une notation plus élevée.
Nonobstant le paragraphe précédent, si un titre satisfait aux critères de notation de crédit du Fonds au moment de l’achat mais voit ensuite sa notation abaissée à une notation qui le classe en « titre en détresse », le Fonds ne sera pas tenu de le céder. En cas de déclassement, le(s) Conseiller(s) en Investissement envisage(nt) les actions qui sont dans l’intérêt du Fonds et de ses Actionnaires et conformes avec l’objectif d’investissement du Fonds concerné. | ## Distressed securities
Some Funds may invest in distressed securities (which we define as having a credit rating lower than CCC- by Standard & Poor’s or equivalent) at the time of purchase, as specified in the relevant Fund Information Sheet in Annex 2. Such securities may be regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and principal or meet other obligations contained in an indenture or credit agreement. These Funds may also invest in debt securities on which the issuer is not currently making interest payments (defaulted debt securities). Distressed and defaulted debt securities may be unsecured and/or subordinated to other outstanding liabilities of the issuer. Whilst holders of distressed or defaulted securities may benefit from certain legal protections applicable to such securities, these protections may be outweighed by other legal or economic risks. Therefore, a Fund may lose its entire investment, may receive cash or securities (including equity securities) with a value less than its original investment and/or may be required to accept payment over an extended period of time. Efforts to maximize the value of these securities may involve additional cost for the relevant Fund. It may also be more difficult to dispose of, and to determine the value of, distressed and defaulted securities as compared to higher rated debt securities.
Notwithstanding the above paragraph, if a security satisfies the Fund’s credit rating criteria at the time of purchase and subsequently is downgraded to a rating which would result in the security being classified as a “distressed security”, the Fund will not be required to dispose of such security. If such a downgrade occurs, the Investment Adviser(s) will consider what action is in the best interest of the Fund, its Shareholders and in line with the relevant Fund investment objective. | en | fr |
DOLFIN7193 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to a benchmark. The Sub-Fund aims to generate long-term capital growth. It takes long and short exposure to stocks issued by companies worldwide (including Emerging Markets), as well as in cash. The Investment Manager implements its strategy by investing in companies that it believes to be undervalued and by using derivative instruments to seek negative exposure to companies that it believes to be overvalued. The investment approach applied by the Investment Manager to select securities will be based on proprietary responsible criteria which includes environmental, social, ethical and/or corporate governance factors. In addition to these selection criteria, the Investment Manager may apply a screen to exclude certain companies from the investment universe based on a specific environmental, social, ethical and/or corporate governance scoring methodology of companies. The sub-fund may be net long or short. The sub-fund may invest in other financial instruments (including bonds and convertible bonds). Derivatives may be used to achieve the investment objective and to reduce risk or manage the fund more efficiently. The Sub-Fund is a
product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El subfondo se gestiona de forma activa. El subfondo no se gestiona con referencia a un índice. El objetivo del subfondo es generar revalorización del capital a largo plazo. Adopta exposición larga y corta a acciones emitidas por empresas de todo el mundo (incluidos los mercados emergentes), así como relacionada con efectivo. El gestor de inversiones aplica su estrategia invirtiendo en empresas que cree que están infravaloradas y utilizando instrumentos derivados para conseguir exposición negativa a empresas que cree que están sobrevaloradas. El enfoque de inversión aplicado por el gestor de inversiones para seleccionar los títulos se basará en criterios de responsabilidad propios que incluyen factores sociales, medioambientales, éticos y/o de gobierno corporativo. Además de estos criterios de selección, el gestor de inversiones puede aplicar un filtro para excluir a determinadas empresas del universo de inversión en función de una metodología específica de calificación medioambiental, social, ética y/o de gobierno corporativo de las empresas. El subfondo puede tener posiciones netas largas o cortas. El subfondo puede invertir en otros instrumentos financieros (incluidos bonos y bonos convertibles). Pueden emplearse derivados para lograr el objetivo de inversión y reducir el riesgo o para gestionar el fondo con
mayor eficiencia. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de dichas características, a los efectos del Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional hacia la forma en que analiza el perfil de sostenibilidad de las inversiones del subfondo (incluidas la selección y puntuación, exclusiones, restricciones y revisiones cualitativas y cuantitativas centradas en la sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to a benchmark. The Sub-Fund aims to generate long-term capital growth. It takes long and short exposure to stocks issued by companies worldwide (including Emerging Markets), as well as in cash. The Investment Manager implements its strategy by investing in companies that it believes to be undervalued and by using derivative instruments to seek negative exposure to companies that it believes to be overvalued. The investment approach applied by the Investment Manager to select securities will be based on proprietary responsible criteria which includes environmental, social, ethical and/or corporate governance factors. In addition to these selection criteria, the Investment Manager may apply a screen to exclude certain companies from the investment universe based on a specific environmental, social, ethical and/or corporate governance scoring methodology of companies. The sub-fund may be net long or short. The sub-fund may invest in other financial instruments (including bonds and convertible bonds). Derivatives may be used to achieve the investment objective and to reduce risk or manage the fund more efficiently. The Sub-Fund is a
product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN7194 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d'investissement
Le compartiment, géré activement, investit essentiellement dans des obligations convertibles et autres titres convertibles d'émetteurs publics et privés, à l'échelle mondiale. Le compartiment vise à accroître la valeur des placements. Le compartiment adopte une stratégie opportuniste. À l'inverse d'une stratégie défensive, une stratégie opportuniste accepte de prendre des risques plus élevés et recherche ainsi un rendement plus important.
Le compartiment investit 10% maximum de ses actifs dans des actions.
10% maximum des actifs du compartiment peuvent être investis dans des titres non négociés sur un marché réglementé.
Le compartiment peut avoir recours à des instruments dérivés à des fins de couverture et de gestion efficace de portefeuille.
Le gestionnaire peut, à sa discrétion, prendre des décisions de placement au nom du compartiment, sous réserve des directives de placement exposées ci- dessus. Le compartiment est aligné sur l'indice de référence Refinitiv Global Focus Hedged EUR à des fins de comparaison de la performance. Une partie des investissements du compartiment correspondra aux composantes de l'indice de référence. Toutefois, le gestionnaire peut, à sa discrétion, investir dans des titres qui ne sont pas inclus dans l'indice de référence. Le profil de risque et de rendement du compartiment est comparable à celui de l'indice de référence. Les normes d'investissement de la Directive UCITS V sont d'application. | # Objetivos y política de inversión
El subfondo gestionado activamente invierte a escala mundial principalmente en bonos convertibles y otros valores convertibles de emisores públicos y privados. El objetivo de inversión del subfondo consiste en conseguir una revalorización del capital invertido. El subfondo sigue una estrategia oportunista. Este tipo de estrategia acepta un mayor riesgo y, por consiguiente, trata de alcanzar una rentabilidad más alta que una estrategia defensiva.
El subfondo puede invertir hasta un 10% del patrimonio en valores de renta variable.
Puede invertirse hasta un 10% del patrimonio en instrumentos de inversión que no se negocien en un mercado regulado.
El subfondo puede recurrir a instrumentos derivados para una gestión eficaz de la cartera, así como con fines de cobertura.
El gestor de carteras puede realizar inversiones para el subfondo a su discreción conforme a las directrices de inversión establecidas. El subfondo emplea el índice de referencia Refinitiv Global Focus Hedged EUR a efectos de comparación de rentabilidades. Una parte de las inversiones del subfondo corresponderá a los componentes del índice de referencia. Sin embargo, el gestor de carteras podrá, a su discreción, invertir en valores que no estén incluidos en el índice de referencia pertinente. El perfil de riesgo y remuneración del subfondo es similar al del índice de referencia.
Por otra parte, se aplican las directrices de inversión estándar conforme a la Directiva UCITS V. | # Objectifs et politique d'investissement
Le compartiment, géré activement, investit essentiellement dans des obligations convertibles et autres titres convertibles d'émetteurs publics et privés, à l'échelle mondiale. Le compartiment vise à accroître la valeur des placements. Le compartiment adopte une stratégie opportuniste. À l'inverse d'une stratégie défensive, une stratégie opportuniste accepte de prendre des risques plus élevés et recherche ainsi un rendement plus important.
Le compartiment investit 10% maximum de ses actifs dans des actions.
10% maximum des actifs du compartiment peuvent être investis dans des titres non négociés sur un marché réglementé.
Le compartiment peut avoir recours à des instruments dérivés à des fins de couverture et de gestion efficace de portefeuille.
Le gestionnaire peut, à sa discrétion, prendre des décisions de placement au nom du compartiment, sous réserve des directives de placement exposées ci- dessus. Le compartiment est aligné sur l'indice de référence Refinitiv Global Focus Hedged EUR à des fins de comparaison de la performance. Une partie des investissements du compartiment correspondra aux composantes de l'indice de référence. Toutefois, le gestionnaire peut, à sa discrétion, investir dans des titres qui ne sont pas inclus dans l'indice de référence. Le profil de risque et de rendement du compartiment est comparable à celui de l'indice de référence. Les normes d'investissement de la Directive UCITS V sont d'application. | fr | es |
DOLFIN7195 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Delegation of powers
By virtue of the Law of 2010 and the Custodian Agreement, the Custodian delegates the custody of the Assets Under Custody in the SICAV to one or more delegated third parties appointed by the Custodian.
The Custodian shall demonstrate care and diligence in the selection, appointment and monitoring of delegated third parties, to ensure that each delegated third party meets the requirements of the Law of 2010. The Custodian’s liability is not affected by the fact that it has entrusted all or part of the SICAV’s assets in its custody to these delegated third parties.
In the event of the loss of an Asset Under Custody, the Custodian will return a financial instrument of the same kind or the corresponding sum to the SICAV without undue delay, unless this loss is the result of an external event beyond the reasonable control of the Custodian, the consequences of which would have been inevitable despite all reasonable efforts taken to prevent them.
Under the Law of 2010, when the law of a third country requires that some of the SICAV’s financial instruments be held by a local entity and there is no local entity in this third country which is subject to effective prudential supervision and regulation (including capital requirements), the delegation of custody tasks for these financial instruments to a local entity is subject to (i) an instruction by the SICAV to the Custodian to delegate the custody of these financial instruments to a local entity, and
(ii) provided that the SICAV investors are duly informed prior to their investment that this delegation is required due to the legal restrictions of the laws of the third country, and of the circumstances justifying the delegation and the risks inherent to this delegation. It is the responsibility of the SICAV and/or the Management Company to fulfil condition (ii) above, it being understood that the Custodian may validly refuse to accept custody of the financial instruments in question until it receives both the instruction referred to in point (i) above and written confirmation from the SICAV and/or the Management Company that condition (ii) above has been met. | #### Délégation de fonctions
En vertu des dispositions de la Loi de 2010 et du Contrat de Dépositaire, le Dépositaire délègue la conservation des Actifs Conservés de la SICAV à un ou plusieurs tiers délégués nommés par le Dépositaire.
Le Dépositaire fera preuve de soin et de diligence lors de la sélection, de la désignation et du suivi des tiers délégués afin de s’assurer que chaque tiers délégué satisfait aux exigences de la Loi de 2010. La responsabilité du Dépositaire n'est pas affectée par le fait qu’il ait confié tout ou partie des avoirs de la SICAV dont il a la garde à ces tiers délégués.
En cas de perte d’un Actif Conservé, le Dépositaire restituera un instrument financier de type identique ou le montant correspondant à la SICAV sans retard inutile, sauf si cette perte résulte d’un évènement extérieur échappant au contrôle raisonnable du Dépositaire et dont les conséquences auraient été inévitables malgré tous les efforts raisonnables déployés pour les éviter.
Selon la Loi de 2010, lorsque le droit d'un pays tiers exige que certains instruments financiers de la SICAV soient conservés par une entité locale et qu'il n’y a aucune entité locale dans ce pays tiers qui soit soumise à une règlementation et à une surveillance prudentielles efficaces (y compris à des exigences de fonds propres), la délégation des tâches de conservation de ces instruments financiers à une telle entité locale est soumise à (i) une instruction par la SICAV à l’attention du Dépositaire de déléguer la conservation de ces instruments financiers à une telle entité locale, et (ii) à la condition que les investisseurs de la SICAV soient dûment informés, avant leur investissement, du fait que cette délégation est rendue nécessaire par les contraintes juridiques de la législation du pays tiers, ainsi que des circonstances justifiant la délégation et des risques inhérents à cette délégation. Il est de la responsabilité de la SICAV et/ou de la Société de Gestion de remplir la condition (ii) ci-dessus, étant entendu que le Dépositaire peut valablement refuser d’accepter les instruments financiers concernés pour conservation en attendant de recevoir à la fois l’instruction référée au point (i) ci- dessus et la confirmation écrite de la SICAV et/ou de la Société de Gestion que la condition (ii) ci- dessus est remplie. | ##### Delegation of powers
By virtue of the Law of 2010 and the Custodian Agreement, the Custodian delegates the custody of the Assets Under Custody in the SICAV to one or more delegated third parties appointed by the Custodian.
The Custodian shall demonstrate care and diligence in the selection, appointment and monitoring of delegated third parties, to ensure that each delegated third party meets the requirements of the Law of 2010. The Custodian’s liability is not affected by the fact that it has entrusted all or part of the SICAV’s assets in its custody to these delegated third parties.
In the event of the loss of an Asset Under Custody, the Custodian will return a financial instrument of the same kind or the corresponding sum to the SICAV without undue delay, unless this loss is the result of an external event beyond the reasonable control of the Custodian, the consequences of which would have been inevitable despite all reasonable efforts taken to prevent them.
Under the Law of 2010, when the law of a third country requires that some of the SICAV’s financial instruments be held by a local entity and there is no local entity in this third country which is subject to effective prudential supervision and regulation (including capital requirements), the delegation of custody tasks for these financial instruments to a local entity is subject to (i) an instruction by the SICAV to the Custodian to delegate the custody of these financial instruments to a local entity, and
(ii) provided that the SICAV investors are duly informed prior to their investment that this delegation is required due to the legal restrictions of the laws of the third country, and of the circumstances justifying the delegation and the risks inherent to this delegation. It is the responsibility of the SICAV and/or the Management Company to fulfil condition (ii) above, it being understood that the Custodian may validly refuse to accept custody of the financial instruments in question until it receives both the instruction referred to in point (i) above and written confirmation from the SICAV and/or the Management Company that condition (ii) above has been met. | en | fr |
DOLFIN7196 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund and its sub-funds are subject to Luxembourg law.
In Luxembourg, the sub-funds must pay a capital tax in the amount of 0.01% p.a. for shares of the classes designated by the letters »IA« and »IT« (institutional investors) and 0.05% p.a. for shares of the classes designated by the letters »PA« and »PT« (private investors) as well as »DT«, »FA«, »FT«, »RA« and »RT« on the relevant net assets (»Taxe d’Abonnement«). This tax is payable quarterly on the net fund assets reported at the end of each quarter. Insofar as sub-fund assets are invested in other Luxembourg funds (target funds) that are already subject to the »taxe d’abonnement«, the sub-fund assets invested in such Luxembourg funds are exempt from the tax.
The specific sub-fund’s earnings are not taxed in the Grand Duchy of Luxembourg. However, such income may be subject to taxation at source or assessment taxation in countries in which the sub-fund assets are invested. In such cases, neither the Custodian nor the Management Company is obliged to collect tax certificates.
Interested parties and investors are advised to inform themselves about laws and regulations applicable to the taxation of fund assets, the purchase, holding and redemption of shares.
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## Taxation of investors | Der Fonds bzw. die Teilfonds unterliegen Luxemburger Recht. In Luxemburg müssen die Teilfonds auf das jeweilige Nettovermögen eine Kapitalsteuer in Höhe von 0,01% p.a. für Anteile der Klassen mit Namensbestandteil »IA« und »IT« (institutionelle Anleger) und 0,05% p.a. für Anteile der Klassen mit Namensbestandteil »PA« und »PT« (Privatanleger) sowie »DT«, »FA«, »FT«, »RA« und »RT« entrichten (»Taxe d’Abonnement«). Die genannte Steuer ist vierteljährlich auf das jeweils am Quartalsende ausgewiesene Netto- Fondsvermögen zahlbar. Soweit das Teilfondsvermögen in anderen Luxemburger Fonds (Zielfonds) angelegt ist, die ihrerseits bereits der »Taxe d'Abonnement« unterliegen, entfällt diese Steuer für den Teil des jeweiligen Teilfondsvermögens, welcher in solche Luxemburger Fonds angelegt ist.
Die Einkünfte des jeweiligen Teilfonds werden im Grossherzogtum Luxemburg nicht besteuert. Allerdings können diese Einkünfte in Ländern, in denen das Fondsvermögen investiert ist, einer Quellenbesteuerung oder Veranlagungsbesteuerung unterworfen sein. In solchen Fällen sind weder die Verwahrstelle noch die Kapitalverwaltungsgesellschaft zur Einholung von Steuerbescheinigungen verpflichtet.
Interessenten und Anlegern wird empfohlen, sich über Gesetze und Verordnungen, die auf die Besteuerung des Fondsvermögens, den Kauf, den Besitz und die Rücknahme von Anteilen Anwendung finden, zu informieren.
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## Besteuerung der Anleger | The Fund and its sub-funds are subject to Luxembourg law.
In Luxembourg, the sub-funds must pay a capital tax in the amount of 0.01% p.a. for shares of the classes designated by the letters »IA« and »IT« (institutional investors) and 0.05% p.a. for shares of the classes designated by the letters »PA« and »PT« (private investors) as well as »DT«, »FA«, »FT«, »RA« and »RT« on the relevant net assets (»Taxe d’Abonnement«). This tax is payable quarterly on the net fund assets reported at the end of each quarter. Insofar as sub-fund assets are invested in other Luxembourg funds (target funds) that are already subject to the »taxe d’abonnement«, the sub-fund assets invested in such Luxembourg funds are exempt from the tax.
The specific sub-fund’s earnings are not taxed in the Grand Duchy of Luxembourg. However, such income may be subject to taxation at source or assessment taxation in countries in which the sub-fund assets are invested. In such cases, neither the Custodian nor the Management Company is obliged to collect tax certificates.
Interested parties and investors are advised to inform themselves about laws and regulations applicable to the taxation of fund assets, the purchase, holding and redemption of shares.
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## Taxation of investors | en | de |
DOLFIN7197 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 7 because its share price may fluctuate very strongly and the likelihood of both losses and gains may therefore be very high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related
the Underlying Index depends on its relative size based on the combined value of a company’s readily available shares compared to other companies on the stock markets. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. To achieve the aim, the fund will enter into financial contracts (derivatives) with one or more swap counterparties to swap most subscription proceeds for the return on the index. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index is constructed to track the performance of an increased (leveraged) exposure to the Underlying index, meaning that a fall in value of the Underlying index can result in a greater reduction in the level of the index. The index is designed to do this on a daily basis only which should not be equated with seeking a leveraged position for periods longer than a day. The performance of the fund over periods longer than one day will not be correlated or symmetrical with the returns of the Underlying index. The fund is intended for investors who wish to take a very short term view on the Underlying index and whose investments are not intended as buy and hold investments. The derivative used to gain exposure to the index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 7, dado que su precio por acción puede fluctuar con una gran intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser muy elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los derivados utilizados. El fondo podría suscribir uno o más derivados con una o más contrapartes. Si alguna de las contrapartes no efectúa los pagos (por ejemplo, si deviene insolvente), esto podría provocar que su inversión sufriera pérdidas. Las entidades de DWS y sus empresas vinculadas
el valor combinado de las acciones de mayor disponibilidad de una empresa en comparación con otras empresas de los mercados de renta variable. El índice se calcula con una base de rentabilidad total neta, es decir, todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar los impuestos. Para lograr el objetivo, el fondo suscribirá contratos financieros (derivados) con una o más contrapartes de swaps con el fin de intercambiar la mayoría de las ganancias de la suscripción por la rentabilidad del índice. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El índice se construye para replicar el rendimiento de una exposición (apalancada) al índice Subyacente, lo que implica que un descenso en el valor del índice Subyacente puede provocar una mayor reducción del nivel del índice. El índice está diseñado para replicar el rendimiento a diario, lo cual no es equiparable con buscar una posición apalancada por períodos superiores a un día. El rendimiento del fondo en períodos superiores a un día no será correlacionado ni simétrico a la rentabilidad del índice Subyacente. El fondo está dirigido a inversores que deseen asumir una posición a muy corto plazo sobre el índice Subyacente y cuyas inversiones no estén sujetas a una estrategia de comprar y mantener (buy and hold). El derivado empleado para tener más exposición al índice puede ser ajustado para reflejar determinados gastos relativos a impuestos y/o costes de compraventa, préstamo, financiación o custodia. Estos costes de réplica podrían provocar que tanto el fondo como su inversión sufran pérdidas.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 7 because its share price may fluctuate very strongly and the likelihood of both losses and gains may therefore be very high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related
the Underlying Index depends on its relative size based on the combined value of a company’s readily available shares compared to other companies on the stock markets. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. To achieve the aim, the fund will enter into financial contracts (derivatives) with one or more swap counterparties to swap most subscription proceeds for the return on the index. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index is constructed to track the performance of an increased (leveraged) exposure to the Underlying index, meaning that a fall in value of the Underlying index can result in a greater reduction in the level of the index. The index is designed to do this on a daily basis only which should not be equated with seeking a leveraged position for periods longer than a day. The performance of the fund over periods longer than one day will not be correlated or symmetrical with the returns of the Underlying index. The fund is intended for investors who wish to take a very short term view on the Underlying index and whose investments are not intended as buy and hold investments. The derivative used to gain exposure to the index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN7198 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Notwithstanding the limits set out in 2), in accordance with Article 44 of the Law, each Fund is authorised to invest up to 20% of its net assets in shares and/or debt securities issued by the same body when such Funds’ investment policy is to replicate the composition of a certain equity or debt securities index which is recognised by the CSSF on the following basis:
- its composition is sufficiently diversified,
- the index represents an adequate benchmark for the market to which it refers,
- it is published in an appropriate manner. | Ungeachtet der unter 2) festgelegten Grenzen ist jeder Fonds gemäß Artikel 44 des Gesetzes berechtigt, bis zu 20 % seines Nettovermögens in Anteile und/oder Schuldtitel anzulegen, die von derselben Körperschaft ausgegeben wurden, wenn die Anlagepolitik des Fonds darin besteht, die Zusammensetzung eines bestimmten Aktien- oder Schuldtitelindex nachzuahmen, der von der CSSF auf folgender Basis anerkannt wurde:
- seine Anlagen sind ausreichend gestreut,
- der Index eine adäquate Bezugsgrundlage für den Markt darstellt, auf den er sich bezieht,
- der Index in angemessener Weise veröffentlicht wird. | Notwithstanding the limits set out in 2), in accordance with Article 44 of the Law, each Fund is authorised to invest up to 20% of its net assets in shares and/or debt securities issued by the same body when such Funds’ investment policy is to replicate the composition of a certain equity or debt securities index which is recognised by the CSSF on the following basis:
- its composition 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 |
DOLFIN7199 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The attention of investors is drawn to the sections of the Prospectus headed “General Risk Factors” which may all be applicable to the Fund and “Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques” for information on risks relating to those securities, instruments and markets which form part of the Fund’s investment policy as outlined in the “Investment Objective and Policies” section above. Specifically, we draw the attention of investors to certain risks associated with this Fund, as outlined in the sections above, which include, but are not limited to Credit Risk, Derivatives Risk, Interest Rate Risk, Currency Risk, Liquidity Risk and Secondary Market Trading Risk.
Please refer to the synthetic risk and reward indicator (the “SRRI”) as disclosed in the “Risk and reward profile” section of the Key Investor Information Document for the relevant share class in which you are invested in or proposed to invest in. The SRRI is based on the volatility of the Fund calculated in accordance with UCITS requirements. The higher the risk grading in the SRRI may mean that the net asset value of the Fund is likely to experience higher levels of volatility.
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## General | L’attention des investisseurs est attirée sur les sections du Prospectus intitulées « Facteurs de risque généraux » qui peuvent être applicables au Fonds et « Caractéristiques et risques associés aux titres, produits dérivés, autres investissements et techniques d’investissement » pour plus d’informations sur les risques liés à ces titres, instruments et marchés qui font partie de la politique d’investissement du Fonds, comme indiqué dans la section « Objectif et politiques d’investissement » ci-dessus. Nous attirons particulièrement l’attention des investisseurs sur certains risques associés à ce Fonds, tels qu’indiqués dans les sections ci-dessus, qui incluent, sans limitation aucune, le Risque de crédit, le Risque lié aux instruments dérivés, le Risque lié au taux d’intérêt, le Risque de change, le Risque de liquidité et le Risque de négociation sur le marché secondaire.
Veuillez vous reporter à l’indicateur synthétique de risque et de rendement (l’« ISSR ») tel que présenté dans la section intitulée « Profil de risque et de rendement » du Document d’information clé pour l’investisseur correspondant à la catégorie d’actions dans laquelle vous avez investi ou vous envisagez d’investir. L’ISSR repose sur la volatilité du Fonds calculée conformément aux dispositions de la Réglementation OPCVM. Plus la note du risque indiquée par l’ISRR est élevée, plus la valeur nette d’inventaire du Fonds est exposée à la volatilité.
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## Généralités | The attention of investors is drawn to the sections of the Prospectus headed “General Risk Factors” which may all be applicable to the Fund and “Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques” for information on risks relating to those securities, instruments and markets which form part of the Fund’s investment policy as outlined in the “Investment Objective and Policies” section above. Specifically, we draw the attention of investors to certain risks associated with this Fund, as outlined in the sections above, which include, but are not limited to Credit Risk, Derivatives Risk, Interest Rate Risk, Currency Risk, Liquidity Risk and Secondary Market Trading Risk.
Please refer to the synthetic risk and reward indicator (the “SRRI”) as disclosed in the “Risk and reward profile” section of the Key Investor Information Document for the relevant share class in which you are invested in or proposed to invest in. The SRRI is based on the volatility of the Fund calculated in accordance with UCITS requirements. The higher the risk grading in the SRRI may mean that the net asset value of the Fund is likely to experience higher levels of volatility.
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## General | en | fr |
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