id
stringlengths 7
10
| query
stringlengths 200
23.1k
| answer
stringlengths 80
25.4k
| text
stringlengths 80
23k
| src_lang
stringclasses 2
values | trg_lang
stringclasses 4
values |
|---|---|---|---|---|---|
DOLFIN7200 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# WHAT ARE THE COSTS?
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 taken from your investment to cover the different types of cost. These amounts depend on how much you invest, how long you hold the product, and the return on the product. The amounts given here are illustrations based on a sample investment 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
| Investment: €10,000 |
| --- |
| Scenarios | If you exit after 1 year | If you exit at maturity (31/12/2028) |
| Total costs | €573.76 | €1,665.01 |
| Annual cost impact* | 5.81% | 2.58% |
*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 4.94% before costs and 2.35% after costs.
We may share part of the costs with the person selling you the product to cover the services they provide to you. They will inform you of the amount.
## COMPOSITION OF COSTS
The table below indicates the impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period, and the meaning of the different cost categories.
| One-off costs upon entry or exit | If you exit after: 1 year |
| --- | --- |
| Entry costs | Entry costs represent the maximum amount that may be paid at the time of subscription. 4.00% is the most you will pay; it may be that you pay less. The person selling you the product will inform you of the actual costs. | Up to €400.00 |
| Exit costs | We do not charge any exit costs for this product, but the person who sells you the product might. | Up to €0.00 |
| Ongoing costs [taken each year] | |
| Management fees and other administrative or operating costs | These represent the unavoidable costs of running the product and any payments, including remuneration, to parties connected to the product and providing services. 1.25% of the value of your investment per year. This is an estimate based on actual costs over the last year. | €120.00 |
| Transaction costs | 0.56% 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. | €53.76 |
| Incidental costs taken under specific conditions | |
| Performance-related fees | Impact of performance-related fees. The management company does not take any performance-related fees. There is no performance-related fee for this share. | €0.00 | | # WELCHE KOSTEN ENTSTEHEN?
Die Person, die Ihnen dieses Produkt verkauft oder Sie dazu berät, kann Ihnen weitere Kosten berechnen. Sollte dies der Fall sein, teilt diese Person Ihnen diese Kosten mit und legt dar, wie sich diese Kosten auf Ihre Anlage auswirken werden.
## KOSTEN IM ZEITVERLAUF
In den Tabellen werden Beträge dargestellt, die zur Deckung verschiedener Kostenarten von Ihrer Anlage entnommen werden. Diese Beträge hängen davon ab, wie viel Sie anlegen, wie lange Sie das Produkt halten und wie gut sich das Produkt entwickelt. Die hier dargestellten Beträge veranschaulichen einen beispielhaften Anlagebetrag und verschiedene mögliche Anlagezeiträume.
Wir haben folgende Annahme zugrunde gelegt:
- Im ersten Jahr würden Sie den angelegten Betrag zurückerhalten (0% Jahresrendite). Für die anderen Halteperioden haben wir angenommen, dass sich das Produkt wie im mittleren Szenario dargestellt entwickelt.
- 10.000 EUR werden angelegt
| Anlage: 10.000 EUR |
| --- |
| Szenarien | Wenn Sie nach 1 Jahr aussteigen | Wenn Sie zum Ablaufdatum des Produkts (31.12.2028) aussteigen |
| Kosten insgesamt | 573,76 EUR | 1.665,01 EUR |
| Jährliche Auswirkungen der Kosten* | 5,81% | 2,58% |
* Diese Angaben veranschaulichen, wie die Kosten Ihre Rendite pro Jahr während der Haltedauer verringern. Wenn Sie beispielsweise zum Ende der empfohlenen Haltedauer aussteigen, wird Ihre durchschnittliche Rendite pro Jahr voraussichtlich 4,94% vor Abzug der Kosten und 2,35% nach Abzug der Kosten betragen.
Wir können einen Teil der Kosten zwischen uns und der Person aufteilen, die Ihnen das Produkt verkauft, um die für Sie erbrachten Dienstleistungen zu decken. Der Betrag wird Ihnen mitgeteilt.
## ZUSAMMENSETZUNG DER KOSTEN
Die Tabelle unten zeigt, wie sich die verschiedenen Arten von Kosten jedes Jahr auf die Anlagerendite auswirken, die Sie am Ende der empfohlenen Haltedauer erhalten könnten, und was die verschiedenen Kostenkategorien beinhalten.
| Einmalige Kosten bei Ein- oder Ausstieg | Wenn Sie aussteigen nach: 1 Jahr |
| --- | --- |
| Einstiegskosten | Die Einstiegskosten stellen den Höchstbetrag dar, der bei der Zeichnung zahlbar sein kann. 4,00% ist der Höchstbetrag, der Ihnen berechnet wird; möglicherweise zahlen Sie weniger. Die Person, die Ihnen das Produkt verkauft, teilt Ihnen die tatsächliche Gebühr mit. | Bis 400,00 EUR |
| Ausstiegskosten | Wir berechnen keine Ausstiegsgebühr für dieses Produkt, die Person, die Ihnen das Produkt verkauft, kann jedoch eine Gebühr berechnen. | Bis 0,00 EUR |
| Laufende Kosten [pro Jahr] | |
| Verwaltungsgebühren und sonstige Verwaltungs- und Betriebskosten | Diese Kosten stellen die unvermeidlichen Betriebskosten des Produkts dar und beinhalten alle Zahlungen, einschließlich Vergütungen, an Parteien, die mit dem Produkt verbunden sind und Dienstleistungen dafür erbringen. 1,25% des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung auf der Grundlage der tatsächlichen Kosten des letzten Jahres. | 120,00 EUR |
| Transaktionskosten | 0,56% des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung der Kosten, die anfallen, wenn wir die zugrunde liegenden Anlagen für das Produkt kaufen oder verkaufen. Der tatsächliche Betrag hängt davon ab, wie viel wir kaufen und verkaufen. | 53,76 EUR |
| Zusätzliche Kosten unter bestimmten Bedingungen | |
| Erfolgsgebühren | Die Auswirkung der Erfolgsgebühren. Die Verwaltungsgesellschaft erhebt keine Erfolgsgebühren. Für diese Aktie werden keine Erfolgsgebühren berechnet. | 0,00 EUR | | # WHAT ARE THE COSTS?
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 taken from your investment to cover the different types of cost. These amounts depend on how much you invest, how long you hold the product, and the return on the product. The amounts given here are illustrations based on a sample investment 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
| Investment: €10,000 |
| --- |
| Scenarios | If you exit after 1 year | If you exit at maturity (31/12/2028) |
| Total costs | €573.76 | €1,665.01 |
| Annual cost impact* | 5.81% | 2.58% |
*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 4.94% before costs and 2.35% after costs.
We may share part of the costs with the person selling you the product to cover the services they provide to you. They will inform you of the amount.
## COMPOSITION OF COSTS
The table below indicates the impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period, and the meaning of the different cost categories.
| One-off costs upon entry or exit | If you exit after: 1 year |
| --- | --- |
| Entry costs | Entry costs represent the maximum amount that may be paid at the time of subscription. 4.00% is the most you will pay; it may be that you pay less. The person selling you the product will inform you of the actual costs. | Up to €400.00 |
| Exit costs | We do not charge any exit costs for this product, but the person who sells you the product might. | Up to €0.00 |
| Ongoing costs [taken each year] | |
| Management fees and other administrative or operating costs | These represent the unavoidable costs of running the product and any payments, including remuneration, to parties connected to the product and providing services. 1.25% of the value of your investment per year. This is an estimate based on actual costs over the last year. | €120.00 |
| Transaction costs | 0.56% 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. | €53.76 |
| Incidental costs taken under specific conditions | |
| Performance-related fees | Impact of performance-related fees. The management company does not take any performance-related fees. There is no performance-related fee for this share. | €0.00 | | en | de |
DOLFIN7201 | 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 3 years at https://www.mirabaud-am.com/uploads/tx_mirabaudmam/ funds/legal/PRIIP-PP/KID_annex_PP_LU1957154088_en.pdf and to previous performance scenario calculations at https://www.mirabaud-am.com/ uploads/tx_mirabaudmam/funds/legal/PRIIP-PS/KID_annex_PS_LU1957154088_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 3 anni all'indirizzo https://www.mirabaud-am.com/uploads/ tx_mirabaudmam/funds/legal/PRIIP-PP/KID_annex_PP_LU1957154088_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_LU1957154088_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 3 years at https://www.mirabaud-am.com/uploads/tx_mirabaudmam/ funds/legal/PRIIP-PP/KID_annex_PP_LU1957154088_en.pdf and to previous performance scenario calculations at https://www.mirabaud-am.com/ uploads/tx_mirabaudmam/funds/legal/PRIIP-PS/KID_annex_PS_LU1957154088_en.pdf. | en | it |
DOLFIN7202 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
If you exit after 1 year If you exit after 5 years
Total costs 193 CHF 964 CHF
Annual cost impact (*) 2.0% 2.1% each year
(*) 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 10.9% before costs and 8.8% after costs. | Wenn Sie nach 1 Jahr aussteigen Wenn Sie nach 5 Jahren aussteigen
Kosten insgesamt 193 CHF 964 CHF
Jährliche Auswirkungen der Kosten (*) 2,0% 2,1% pro Jahr
(*) Diese Angaben veranschaulichen, wie die Kosten Ihre Rendite pro Jahr während der Haltedauer verringern. Wenn Sie beispielsweise zum Ende der empfohlenen Haltedauer aussteigen, wird Ihre durchschnittliche Rendite pro Jahr voraussichtlich 10,9 % vor Kosten und 8,8 % nach Kosten betragen. | If you exit after 1 year If you exit after 5 years
Total costs 193 CHF 964 CHF
Annual cost impact (*) 2.0% 2.1% each year
(*) 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 10.9% before costs and 8.8% after costs. | en | de |
DOLFIN7203 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Composition of costs |
| --- |
| One-off costs upon entry or exit | If you exit after 1 year |
| Entry costs | 3.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 300 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.62 % of the value of your investment per year. | 76 EUR |
| Portfolio transaction costs | 0.85 % 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. | 86 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | We do not charge a performance fee for this product. | 0 EUR | | | Composizione dei costi |
| --- |
| Costi una tantum di ingresso o di uscita | In caso di vendita dell’investimento dopo 1 anno |
| Costi di ingresso | 3,00 % dell'importo che paghi quando entri in questo investimento. Questo è il massimo che ti verrà addebitato. La persona che ti vende il prodotto ti informerà dell'effettivo addebito. | 300 EUR |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto. | 0 EUR |
| Costi correnti | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0,62 % del valore dell’investimento all’anno. | 76 EUR |
| Costi di transazione del portafoglio | 0,85 % 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. | 86 EUR |
| Oneri accessori sostenuti in determinate condizioni | |
| Commissioni di performance | Non addebitiamo una commissione di performance per questo prodotto. | 0 EUR | | | Composition of costs |
| --- |
| One-off costs upon entry or exit | If you exit after 1 year |
| Entry costs | 3.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 300 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.62 % of the value of your investment per year. | 76 EUR |
| Portfolio transaction costs | 0.85 % 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. | 86 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | We do not charge a performance fee for this product. | 0 EUR | | en | it |
DOLFIN7204 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Costs and expenses relating to updating the Prospectus may be amortised over five years.
The charges and costs relating to opening a specific Sub-Fund may be amortised over five years exclusively in relation to the assets of such new Sub-Fund.
Any expenses and costs not directly attributable to a specific Sub-Fund will be charged equally among the various Sub- Funds or, where the amount of expenses and costs so requires, will be allocated among the Sub-Funds proportionate to their respective net assets.
Under the conditions set down in the Law of 2010, the legal, advisory or administrative costs associated with preparing and carrying out the merger of one or more Sub-Funds of the SICAV may not be charged to the respective Sub-Funds / the SICAV.
The charges and costs relating to opening a new Sub-Fund may be amortized over five years exclusively in relation to the assets of this new Sub-Fund.
Other expenses and costs not directly attributable to a specific Sub-Fund will be allocated to the various Sub-Funds proportionate to their respective net assets.
In certain jurisdictions where the shares of the SICAV are authorized for marketing, costs might be charged by any local paying agent in remuneration for the services provided.
-
### Information to shareholders
-
#### Publication of the net asset value | Die Kosten und Aufwendungen für Aktualisierungen des Prospekts können über fünf Jahre abgeschrieben werden.
Die Kosten und Aufwendungen für die Auflegung eines bestimmten Teilfonds können über fünf Jahre (ausschließlich auf das Vermögen des betreffenden neuen Teilfonds) abgeschrieben werden.
Gebühren und Kosten, die nicht direkt einem bestimmten Teilfonds zugeordnet werden können, werden zu gleichen Teilen auf die verschiedenen Teilfonds verteilt oder, sofern die Höhe der Gebühren und Kosten dies verlangt, den Teilfonds im Verhältnis ihres jeweiligen Nettovermögens zugewiesen.
Gemäß den Bestimmungen des Gesetzes von 2010 können Rechts-, Beratungs- oder Verwaltungskosten für die Vorbereitung und Durchführung einer Verschmelzung eines oder mehrerer Teilfonds der SICAV den betreffenden Teilfonds bzw. der SICAV nicht belastet werden.
Die Kosten und Aufwendungen für die Auflegung eines neuen Teilfonds können über fünf Jahre (ausschließlich auf das Vermögen des betreffenden neuen Teilfonds) abgeschrieben werden.
Sonstige Aufwendungen und Kosten, die nicht direkt einem bestimmten Teilfonds zugeordnet werden können, werden anteilig zu ihrem jeweiligen Nettovermögen auf die verschiedenen Teilfonds verteilt.
In bestimmten Ländern, in denen die Anteile der SICAV vertrieben werden, können die lokalen Zahlstellen Kosten als Vergütung für ihre Tätigkeit erheben.
-
### Informationen für Anteilinhaber
-
#### Veröffentlichung des Nettoinventarwerts | Costs and expenses relating to updating the Prospectus may be amortised over five years.
The charges and costs relating to opening a specific Sub-Fund may be amortised over five years exclusively in relation to the assets of such new Sub-Fund.
Any expenses and costs not directly attributable to a specific Sub-Fund will be charged equally among the various Sub- Funds or, where the amount of expenses and costs so requires, will be allocated among the Sub-Funds proportionate to their respective net assets.
Under the conditions set down in the Law of 2010, the legal, advisory or administrative costs associated with preparing and carrying out the merger of one or more Sub-Funds of the SICAV may not be charged to the respective Sub-Funds / the SICAV.
The charges and costs relating to opening a new Sub-Fund may be amortized over five years exclusively in relation to the assets of this new Sub-Fund.
Other expenses and costs not directly attributable to a specific Sub-Fund will be allocated to the various Sub-Funds proportionate to their respective net assets.
In certain jurisdictions where the shares of the SICAV are authorized for marketing, costs might be charged by any local paying agent in remuneration for the services provided.
-
### Information to shareholders
-
#### Publication of the net asset value | en | de |
DOLFIN7205 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### and to outperform the benchmark MSCI ® World Micro Cap - Net Return Index (the “Index”) .
The Sub-Fund invests at least 75% of its net assets (excluding cash) in sustainable securities, as described in the previous section entitled “§ XXI - Consideration of non-financial criteria - Inclusion of sustainability risks”. The Sub-Fund takes account of a wide range of environmental and social characteristics as well as good governance practices. Environmental characteristics include, but are not limited to, climate change mitigation and adaptation measures, water and waste management, and biodiversity; social characteristics include product safety, supply chain, health and safety, and human rights. ESG characteristics are analysed and rated by the Management Company's analysts.
The Sub-Fund takes account of sustainability risks and ESG characteristics as part of its selection process. In this regard, the Sub-Fund promotes environmental or social characteristics within the meaning of Article 8 of the SFDR Regulation. | #### capitalisations sur les marchés développés au niveau mondial et de réaliser une performance supérieure à celle de l’indice de référence MSCI ® World Micro Cap – Net Return (l' « Indice »).
Le Compartiment investit au moins 75 % de son actif net (hors liquidités) dans des titres présentant des caractéristiques durables, telles que décrites dans la section précédente intitulée « § XXI – Prise en compte des critères extra-financiers – Intégration des risques de durabilité ». Le Compartiment tient compte d’un large éventail de caractéristiques environnementale et sociales ainsi que de bonnes pratiques de gouvernance. Les caractéristiques environnementales comprennent, sans pour autant s’y limiter, les mesures d’atténuation et d’adaptation au changement climatique, la gestion de l’eau et des déchets, et la biodiversité, tandis que les caractéristiques sociales englobent, entre autres, la sécurité des produits, la chaîne d’approvisionnement, la santé et la sécurité, et les droits de l’homme. Les caractéristiques ESG sont analysées et notées par les analystes de la Société de Gestion.
Le Compartiment prend en compte les risques de durabilité et les caractéristiques ESG dans le cadre de sa procédure de sélection. A cet égard, le Compartiment promeut des caractéristiques environnementales ou sociales au sens de l’article 8 du Règlement SFDR. | #### and to outperform the benchmark MSCI ® World Micro Cap - Net Return Index (the “Index”) .
The Sub-Fund invests at least 75% of its net assets (excluding cash) in sustainable securities, as described in the previous section entitled “§ XXI - Consideration of non-financial criteria - Inclusion of sustainability risks”. The Sub-Fund takes account of a wide range of environmental and social characteristics as well as good governance practices. Environmental characteristics include, but are not limited to, climate change mitigation and adaptation measures, water and waste management, and biodiversity; social characteristics include product safety, supply chain, health and safety, and human rights. ESG characteristics are analysed and rated by the Management Company's analysts.
The Sub-Fund takes account of sustainability risks and ESG characteristics as part of its selection process. In this regard, the Sub-Fund promotes environmental or social characteristics within the meaning of Article 8 of the SFDR Regulation. | en | fr |
DOLFIN7206 | 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 |
| --- |
| Subscription fee | 3.00% |
| Redemption fee | 2.00% |
| Conversion fee | 1.00% |
| 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 fund over a year |
| Ongoing charges | 1.31% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | None | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 3.00% |
| Gastos de salida | 2.00% |
| Comisión de cambio | 1.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1.31% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Ninguna | | | One-off charges taken before or after you invest |
| --- |
| Subscription fee | 3.00% |
| Redemption fee | 2.00% |
| Conversion fee | 1.00% |
| 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 fund over a year |
| Ongoing charges | 1.31% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | None | | en | es |
DOLFIN7207 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Company may, for each sub-fund, for the purpose of efficient portfolio management of the assets of the respective sub-fund and/or to protect its assets and commitments, employ certain techniques and instruments as set out hereunder. In no case whatsoever must recourse to transactions involving derivatives or other financial techniques and instruments cause the Company to depart from the investment objectives set out in the prospectus.
-
# Transactions involving the use of derivative instruments
- Use of derivativesThe Company may enter into derivative transactions for investment purposes, for efficient portfolio management purposes as well as for hedging purposes. Hedging techniques will only be applied for the purposes of hedging currency exposure in the sub-fund where the calculation of the index return hedges currency exposure back to the base currency of the sub-fund. | La Société peut, pour chaque compartiment, à des fins de gestion de portefeuille efficace des actifs de ce compartiment et/ou de protection de ses actifs et engagements, employer certaines techniques et certains instruments tels qu'exposés ci-dessous. En aucun cas, quel qu'il soit, le recours à des opérations impliquant des dérivés ou autres techniques et instruments financiers ne peut amener la Société à s'écarter des objectifs d'investissement exposés dans le prospectus.
-
# Opérations impliquant l'utilisation d'instruments dérivés
- Utilisation d'instruments dérivésLa Société peut engager des opérations portant sur des instruments dérivés à des fins d'investissement, de gestion efficace de portefeuille, mais aussi de couverture. Des techniques de couverture ne seront appliquées qu'à des fins de couverture du risque de change au sein du compartiment, lorsque le calcul du rendement de l'indice couvre l'exposition au risque de change dans la devise de base du compartiment. | The Company may, for each sub-fund, for the purpose of efficient portfolio management of the assets of the respective sub-fund and/or to protect its assets and commitments, employ certain techniques and instruments as set out hereunder. In no case whatsoever must recourse to transactions involving derivatives or other financial techniques and instruments cause the Company to depart from the investment objectives set out in the prospectus.
-
# Transactions involving the use of derivative instruments
- Use of derivativesThe Company may enter into derivative transactions for investment purposes, for efficient portfolio management purposes as well as for hedging purposes. Hedging techniques will only be applied for the purposes of hedging currency exposure in the sub-fund where the calculation of the index return hedges currency exposure back to the base currency of the sub-fund. | en | fr |
DOLFIN7208 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| The table shows the impact on return per year | Annual cost impact if you exit after 7 years |
| --- | --- |
| One-off costs upon entry or exit | Entry costs | We do not charge an entry fee. | EUR 0 |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | EUR 0 |
| Ongoing costs taken each year | Management fees and other administrative or operating costs | 1.30% of the value of your investment per year. This is an estimate based on actual costs over the last year. | EUR 130 |
| Transaction costs | 0.02% of the value of your investment per year. This is an estimate of the cost 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. | EUR 1.5 |
| Incidental costs taken under specific conditions | Performance fees and carried interest | There is no performance fee for this product. | EUR 0 | | | La tabella mostra l'impatto annuale sul rendimento | Impatto dei costi annuale in caso di uscita dopo 7 anni |
| --- | --- |
| Costi una tantum all'ingresso o all'uscita | Costi di sottoscrizione | Non è prevista una commissione di sottoscrizione. | EUR 0 |
| Costi di uscita | Noi non addebitiamo alcuna commissione di uscita per questo prodotto, tuttavia la persona che lo vende agli investitori potrebbe applicarla. | EUR 0 |
| Spese correnti sostenute ogni anno | Commissioni di gestione e altri costi amministrativi od operativi | 1,30% del valore dell'investimento annuo. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | EUR 130 |
| Costi di transazione | 0,02% del valore dell'investimento annuo. Si tratta di una stima dei costi sostenuti all'acquisto e alla vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varia a seconda dell’importo di acquisto o vendita. | EUR 1,5 |
| Costi accidentali sostenuti in condizioni specifiche | Commissioni legate al rendimento e carried interest | Non è prevista alcuna commissione legata al rendimento per questo prodotto. | EUR 0 | | | The table shows the impact on return per year | Annual cost impact if you exit after 7 years |
| --- | --- |
| One-off costs upon entry or exit | Entry costs | We do not charge an entry fee. | EUR 0 |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | EUR 0 |
| Ongoing costs taken each year | Management fees and other administrative or operating costs | 1.30% of the value of your investment per year. This is an estimate based on actual costs over the last year. | EUR 130 |
| Transaction costs | 0.02% of the value of your investment per year. This is an estimate of the cost 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. | EUR 1.5 |
| Incidental costs taken under specific conditions | Performance fees and carried interest | There is no performance fee for this product. | EUR 0 | | en | it |
DOLFIN7209 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# ISIN: LU1164024165 Class: EU1d Distribution EUR Objectives and Investment Policy (The Sub-Fund is actively managed)
## Objectives
## We aim to provide you with an increase in your capital over the long term. This Sub-Fund may be suitable for Investors adhering to sustainability principle.
## Investment Policy
We invest in shares of European companies that are dealt in on a stock exchange and which adopted a sustainable development approach following the ESG investment policy of the Investment Manager Alken Asset Management Ltd, please refer to https://www.alken-am.com/esg.
## Investment Process
We take investment decisions on the basis of our analysis of companies' financial figures and management conditions. This analysis allows us to buy companies that are likely to experience an increase in their value or companies whose share price is undervalued in comparison to their intrinsic value.
## Use of Derivatives
The Sub-Fund may use complex financial instruments (“derivatives”) such as futures, options, forwards and swaps to optimise the management of your portfolio or protect its value against adverse movements in financial markets.
## Benchmark
The Sub-Fund follows an active management approach and seeks to outperform the STOXX Europe 600 Net Return EUR Index. The Sub- Fund's Benchmark plays a role for the Sub-Fund’s performance objectives and measures. Although our deviation from the investment universe, weightings, and risk characteristics of the Benchmark is likely to be material in our own discretion, most of the Sub-Fund's investments may consist of components of the Benchmark.
## Dealing Frequency
## You can buy and sell shares of this class on any business day in Luxembourg.
## Distribution Policy
## The share class may distribute a dividend.
You can find more detail on the investment objective and policy of the Sub-Fund in the “Investment Objective” and “Investment Policy” sections of the Prospectus. | # ISIN: LU1164024165 Classe: EU1d Distribution EUR Obiettivi e politica d’investimento (Il Comparto è gestito in modo attivo)
## Obiettivi
L’obiettivo del Comparto consiste nell’offrire agli investitori una crescita del capitale in un’ottica di lungo termine. Questo Comparto può essere adatto agli investitori che aderiscono ai principi di sostenibilità.
## Politica d’investimento
Investiamo in azioni di società europee quotate in borsa e che adottano un approccio di sviluppo sostenibile conforme alla politica di investimento ESG della società di gestione Alken Asset Management Ltd, consultabile all’indirizzo https://www.alken-am.com/esg.
## Processo d’investimento
Le decisioni d'investimento vengono assunte in base all'analisi dei dati finanziari e delle condizioni di gestione delle società. Tale analisi ci permette di acquistare titoli di società il cui valore è presumibilmente destinato ad aumentare o la cui quotazione azionaria è sottovalutata rispetto al relativo valore intrinseco.
## Utilizzo di derivati
Il Comparto può utilizzare strumenti finanziari complessi ("derivati") quali futures, opzioni, contratti a termine e swap, al fine di ottimizzare la gestione del portafoglio degli investitori o proteggerne il valore da andamenti sfavorevoli dei mercati finanziari.
## Benchmark
Il Comparto segue un approccio di gestione attiva e mira a sovraperformare l’indice STOXX Europe 600 Net Return EUR. L’indice di riferimento del Comparto svolge un ruolo negli obiettivi e nelle misure di performance del Comparto. Sebbene il nostro scostamento rispetto all’universo di investimento, alle ponderazioni e alle caratteristiche di rischio dell’indice di riferimento possa essere significativo a nostra discrezione, la maggior parte degli investimenti del Comparto può essere costituita da componenti dell’indice di riferimento.
## Frequenza di negoziazione
## Le azioni di questa classe possono essere acquistate e vendute in qualsiasi giorno lavorativo in Lussemburgo.
## Politica di distribuzione
## La classe di azioni ha la facoltà di distribuire un dividendo.
## Per maggiori informazioni in merito all’obiettivo e alla politica d’investimento del Comparto si rimanda alle sezioni “Obiettivo d’investimento” e “Politica d’investimento” del Prospetto. | # ISIN: LU1164024165 Class: EU1d Distribution EUR Objectives and Investment Policy (The Sub-Fund is actively managed)
## Objectives
## We aim to provide you with an increase in your capital over the long term. This Sub-Fund may be suitable for Investors adhering to sustainability principle.
## Investment Policy
We invest in shares of European companies that are dealt in on a stock exchange and which adopted a sustainable development approach following the ESG investment policy of the Investment Manager Alken Asset Management Ltd, please refer to https://www.alken-am.com/esg.
## Investment Process
We take investment decisions on the basis of our analysis of companies' financial figures and management conditions. This analysis allows us to buy companies that are likely to experience an increase in their value or companies whose share price is undervalued in comparison to their intrinsic value.
## Use of Derivatives
The Sub-Fund may use complex financial instruments (“derivatives”) such as futures, options, forwards and swaps to optimise the management of your portfolio or protect its value against adverse movements in financial markets.
## Benchmark
The Sub-Fund follows an active management approach and seeks to outperform the STOXX Europe 600 Net Return EUR Index. The Sub- Fund's Benchmark plays a role for the Sub-Fund’s performance objectives and measures. Although our deviation from the investment universe, weightings, and risk characteristics of the Benchmark is likely to be material in our own discretion, most of the Sub-Fund's investments may consist of components of the Benchmark.
## Dealing Frequency
## You can buy and sell shares of this class on any business day in Luxembourg.
## Distribution Policy
## The share class may distribute a dividend.
You can find more detail on the investment objective and policy of the Sub-Fund in the “Investment Objective” and “Investment Policy” sections of the Prospectus. | en | it |
DOLFIN7210 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Si les souscriptions nettes et les rachats nets basés sur la dernière VNI disponible de tout Jour de valorisation dépassent un certain seuil de la valeur d'un Compartiment ou d'une Classe d’Actions ce Jour de valorisation, tel que défini et contrôlé périodiquement par la société de gestion, la VNI pourra être ajustée respectivement à la hausse ou à la baisse afin de refléter les frais de transaction et autres coûts pouvant être réputés avoir été encourus dans le cadre de l'achat ou de la vente d'actifs en vue d'honorer les transactions quotidiennes nettes. La société de gestion peut appliquer un mécanisme de swing pricing à tout Compartiment ou à toute Classe d’Actions. L'ampleur de l'ajustement du prix sera fixée par la société de gestion et n'excédera pas 2% de la VNI.
-
## Impôt sur les plus-values | Si las suscripciones y los reembolsos netos basados en el último VL disponible en cualquier Día de Valoración superan un determinado umbral de valor de un Subfondo o una Clase de Acciones en dicho Día de Valoración, según determine o revise periódicamente la sociedad gestora, el VL se puede ajustar al alza o a la baja, respectivamente, para que refleje los costes de negociación o de otra índole en los que se considere haber incurrido al comprar o vender activos para satisfacer las operaciones diarias netas. La sociedad gestora puede aplicar un mecanismo de ajuste por dilución en cualquier Subfondo o Clase de Acciones. La magnitud del ajuste de precios será la que establezca la sociedad gestora y no superará el 2% del VL.
-
## Impuesto sobre las plusvalías del capital | Si les souscriptions nettes et les rachats nets basés sur la dernière VNI disponible de tout Jour de valorisation dépassent un certain seuil de la valeur d'un Compartiment ou d'une Classe d’Actions ce Jour de valorisation, tel que défini et contrôlé périodiquement par la société de gestion, la VNI pourra être ajustée respectivement à la hausse ou à la baisse afin de refléter les frais de transaction et autres coûts pouvant être réputés avoir été encourus dans le cadre de l'achat ou de la vente d'actifs en vue d'honorer les transactions quotidiennes nettes. La société de gestion peut appliquer un mécanisme de swing pricing à tout Compartiment ou à toute Classe d’Actions. L'ampleur de l'ajustement du prix sera fixée par la société de gestion et n'excédera pas 2% de la VNI.
-
## Impôt sur les plus-values | fr | es |
DOLFIN7211 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 Exemple d’investissement : 10 000 EUR Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans (PDR) |
| --- | --- | --- |
| Minimum | Vous pourriez perdre tout ou partie de votre investissement |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 4 989 EUR | 3 350 EUR |
| Rendement annuel moyen | -50,11 % | -19,65 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 6 780 EUR | 5 747 EUR |
| Rendement annuel moyen | -32,20 % | -10,49 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 11 213 EUR | 17 854 EUR |
| Rendement annuel moyen | 12,13 % | 12,29 % |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 18 045 EUR | 24 124 EUR |
| Rendement annuel moyen | 80,45 % | 19,26 % | | | Período de mantenimiento recomendado: 5 Ejemplo de inversión: 10 000 EUR Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Mínimo | Podría perder parte o la totalidad de su inversión |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 4.989 EUR | 3.350 EUR |
| Rendimiento medio cada año | -50,11 % | -19,65 % |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 6.780 EUR | 5.747 EUR |
| Rendimiento medio cada año | -32,20 % | -10,49 % |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 11.213 EUR | 17.854 EUR |
| Rendimiento medio cada año | 12,13 % | 12,29 % |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 18.045 EUR | 24.124 EUR |
| Rendimiento medio cada año | 80,45 % | 19,26 % | | | Période de détention recommandée : 5 Exemple d’investissement : 10 000 EUR Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans (PDR) |
| --- | --- | --- |
| Minimum | Vous pourriez perdre tout ou partie de votre investissement |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 4 989 EUR | 3 350 EUR |
| Rendement annuel moyen | -50,11 % | -19,65 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 6 780 EUR | 5 747 EUR |
| Rendement annuel moyen | -32,20 % | -10,49 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 11 213 EUR | 17 854 EUR |
| Rendement annuel moyen | 12,13 % | 12,29 % |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 18 045 EUR | 24 124 EUR |
| Rendement annuel moyen | 80,45 % | 19,26 % | | fr | es |
DOLFIN7212 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quel est le risque et qu’est-ce que cela pourrait me rapporter ?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
| Rendements généralement plus faibles Rendements généralement plus élevés Risque plus faible Risque plus élevé L’indicateur de risque suppose que vous conservez le produit pendant 5 ans. Le risque réel peut varier considérablement si vous en sortez à un stade précoce et si vous pouvez récupérer moins. Il se peut que vous ne puissiez pas vendre facilement votre produit ou que vous deviez vendre à un prix qui influe considérablement sur le montant que vous obtenez. |
L’indicateur synthétique de risque est un guide du niveau de risque de ce produit par rapport à d’autres produits. Il montre la probabilité que le produit perde de l’argent en raison de mouvements sur les marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce produit dans la catégorie 5 sur 7, qui est une catégorie de risque moyen à élevé.
La valeur du Fonds peut être affectée par des risques non inclus dans L’ISR, y compris la défaillance d’une contrepartie, d’un dépositaire, d’un émetteur ou d’un fournisseur d’indice et l’utilisation de produits dérivés. | # ¿Qué riesgos corro y qué podría obtener a cambio?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
| Por lo general, remuneración menor Por lo general, remuneración mayor Menor riesgo Mayor riesgo El indicador de riesgo supone que conserva el producto durante 5 años. El riesgo real puede variar significativamente si liquida su inversión en una etapa temprana y es posible que reciba menos. Es posible que no pueda vender su producto fácilmente o que tenga que venderlo a un precio que afecte significativamente a la cantidad que reciba. |
El indicador resumido de riesgo es indicativo del nivel de riesgo de este producto en comparación con otros productos. Muestra la probabilidad de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto como clase 5 de 7, que es una clase de riesgo medio-alto.
El valor del Fondo puede verse afectado por riesgos que no capta el indicador resumido de riesgo, como el impago de una contraparte, el custodio o el emisor, los riesgos relativos al proveedor del índice y los propios del uso de derivados. | # Quel est le risque et qu’est-ce que cela pourrait me rapporter ?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
| Rendements généralement plus faibles Rendements généralement plus élevés Risque plus faible Risque plus élevé L’indicateur de risque suppose que vous conservez le produit pendant 5 ans. Le risque réel peut varier considérablement si vous en sortez à un stade précoce et si vous pouvez récupérer moins. Il se peut que vous ne puissiez pas vendre facilement votre produit ou que vous deviez vendre à un prix qui influe considérablement sur le montant que vous obtenez. |
L’indicateur synthétique de risque est un guide du niveau de risque de ce produit par rapport à d’autres produits. Il montre la probabilité que le produit perde de l’argent en raison de mouvements sur les marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce produit dans la catégorie 5 sur 7, qui est une catégorie de risque moyen à élevé.
La valeur du Fonds peut être affectée par des risques non inclus dans L’ISR, y compris la défaillance d’une contrepartie, d’un dépositaire, d’un émetteur ou d’un fournisseur d’indice et l’utilisation de produits dérivés. | fr | es |
DOLFIN7213 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: Refinitiv Global Focus Hedged (USD) Convertible Bond Index, calculated with net coupons reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES R USD
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class F of the French Edmond de Rothschild GLOBAL CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class F of the Absorbed Sub-Fund. | ## Índice de referencia: Refinitiv Global Focus Hedged (USD) Convertible Bond Index, calculado con cupones netos reinvertidos
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES R USD
Índice de referencia
A: El Subfondo y la Clase se crearon el 1 de febrero de 2016 tras la fusión por absorción de la Clase F del fondo francés Edmond de Rothschild GLOBAL CONVERTIBLES (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase F del Subfondo absorbido. | ## Benchmark: Refinitiv Global Focus Hedged (USD) Convertible Bond Index, calculated with net coupons reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES R USD
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class F of the French Edmond de Rothschild GLOBAL CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class F of the Absorbed Sub-Fund. | en | es |
DOLFIN7214 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Following the Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector, as may be amended from time to time (“SFDR”), the Fund classifies its Sub-Funds in accordance with SFDR, and further discloses (a) the manner in which Sustainability Risks are integrated into investment decisions; and (b) the results of the assessment of the likely impacts of Sustainability Risks on the returns of the Sub- Funds.
Further details of the Investment Manager’s Responsible Investment and Stewardship Policy and its Sustainable Investment Policy can be found at [https://global.matthewsasia.com/responsible- investment.]
As of the date of this Prospectus, the following classifications are made with respect to the Sub-Funds: | Según el 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 («SFDR»), en su versión vigente, el Fondo clasifica sus Subfondos con arreglo a este y divulga además información sobre: a) la manera en que se integran los Riesgos de sostenibilidad en las decisiones de inversión; y b) los resultados de la evaluación de las posibles repercusiones de los Riesgos de sostenibilidad en la rentabilidad de los Subfondos.
Para obtener más información sobre la Política administrativa y de gestión responsable y la Política de inversión sostenible del Gestor de inversiones, consulte [https://global.matthewsasia.com/responsible- investment].
En la fecha del presente Folleto se realizan las clasificaciones que se detallan a continuación con relación a los Subfondos: | Following the Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector, as may be amended from time to time (“SFDR”), the Fund classifies its Sub-Funds in accordance with SFDR, and further discloses (a) the manner in which Sustainability Risks are integrated into investment decisions; and (b) the results of the assessment of the likely impacts of Sustainability Risks on the returns of the Sub- Funds.
Further details of the Investment Manager’s Responsible Investment and Stewardship Policy and its Sustainable Investment Policy can be found at [https://global.matthewsasia.com/responsible- investment.]
As of the date of this Prospectus, the following classifications are made with respect to the Sub-Funds: | en | es |
DOLFIN7215 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### The fund is also subject to the risk that the counterparty will not execute the transaction as agreed, due to a discrepancy in the terms of the
contract (irrespective of whether or not it is in good faith) or due to a credit or liquidity problem. This may result in losses for the respective fund. This counterparty risk increases for contracts with a longer maturity period, as events may prevent a settlement, or if the fund has focused its transactions on a single counterparty or a small group of counterparties.
If the counterparty defaults, the fund may be subjected to opposing market movements during the execution of substitute transactions. The fund may conclude a transaction with any coun- terparty. It can also conclude an unlimited num- ber of transactions with a single counterparty.
The ability of the fund to conclude transactions with any counterparty, the lack of a meaningful and independent evaluation of the counterparty’s financial characteristics and the absence of a regulated market for concluding agreements can increase the fund’s loss potential. | ##### Le fonds est en outre soumis au risque que la contrepartie n’exécute pas la transaction comme
convenu en raison d’un désaccord portant sur les conditions contractuelles (négligeable ou agis- sant de bonne foi ou non) ou en raison d’un problème de crédit ou de liquidité. Ceci peut entraîner des pertes pour le fonds en question. Ce risque de contrepartie augmente dans le cas de contrats ayant une longue période d’échéance vu que ces évènements peuvent empêcher l’accord, ou si le fonds a orienté ses transactions sur une seule contrepartie ou un groupe restreint de contreparties.
En cas de défaillance de la contrepartie et pen- dant l’exécution des opérations de substitution, le fonds peut faire l’objet d’évolutions du marché contraires. Le fonds peut réaliser une transaction avec chaque contrepartie. Il peut aussi réaliser un nombre illimité de transactions uniquement avec une contrepartie. La possibilité donnée au fonds de réaliser des transactions avec chaque contre- partie, l’absence d’évaluation pertinente et indépendante des propriétés financières des contreparties ainsi que l’absence d’un marché régulier pour la conclusion d’un accord, peuvent augmenter la perte potentielle du fonds. | ##### The fund is also subject to the risk that the counterparty will not execute the transaction as agreed, due to a discrepancy in the terms of the
contract (irrespective of whether or not it is in good faith) or due to a credit or liquidity problem. This may result in losses for the respective fund. This counterparty risk increases for contracts with a longer maturity period, as events may prevent a settlement, or if the fund has focused its transactions on a single counterparty or a small group of counterparties.
If the counterparty defaults, the fund may be subjected to opposing market movements during the execution of substitute transactions. The fund may conclude a transaction with any coun- terparty. It can also conclude an unlimited num- ber of transactions with a single counterparty.
The ability of the fund to conclude transactions with any counterparty, the lack of a meaningful and independent evaluation of the counterparty’s financial characteristics and the absence of a regulated market for concluding agreements can increase the fund’s loss potential. | en | fr |
DOLFIN7216 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Key Information Document
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.
zCapital Swiss Small & Mid Cap Fund A Klasse
ISIN: CH0045341648 | Basisinformationsblatt
Dieses Informationsblatt stellt Ihnen wesentliche Informationen über dieses Anlageprodukt zur Verfügung. Es handelt sich nicht um Werbematerial. Diese Informationen sind gesetzlich vorgeschrieben, um Ihnen dabei zu helfen, die Art, das Risiko, die Kosten sowie die möglichen Gewinne und Verluste dieses Produkts zu verstehen, und Ihnen dabei zu helfen, es mit anderen Produkten zu vergleichen.
zCapital Swiss Small & Mid Cap Fund A Klasse
ISIN: CH0045341648 | Key Information Document
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.
zCapital Swiss Small & Mid Cap Fund A Klasse
ISIN: CH0045341648 | en | de |
DOLFIN7217 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
For non-quoted assets or assets not traded or dealt in on any stock exchange or other regulated market, as well as for quoted or non-quoted assets on such other market for which no valuation price is available, or assets for which the quoted prices are not representative of the fair market value, the value thereof shall be determined prudently and in good faith by the Management Company on the basis of foreseeable purchase and sale prices.
Money market instruments with a remaining maturity of less than ninety days at the time of purchase or securities which applicable interest rate or reference interest rate is adjusted at least every ninety days are valued on the basis of their nominal value plus accrued interest thereon based on the number of business days which have elapsed.
In the case of a discount or a premium fixed income instrument, the value of the instrument, based on the net acquisition cost, is gradually adjusted upward or downward, as the case may be, to the redemption price, considering the business days within the period plus accrued interest, if any.
Liquid assets are valued at their nominal value plus accrued interest or on an amortised cost basis.
Units in open-ended Undertakings for Collective Investments are valued at their last determined available price.
- Net realised appreciation/(depreciation) on sales of securitiesThe net realised appreciation/(depreciation) on sales of securities is calculated on the basis of the average cost of the securities sold.
- Foreign exchange translationsThe combined financial statements are expressed in US Dollars and the financial statements of the Funds are expressed in the relevant base currency. The net assets of a Fund that is denominated in another currency than US Dollars is translated into US Dollars at the exchange rate prevailing at the financial period end. The average exchange rate for the period is used to translate the foreign currency amounts in the statement of operations and changes in net assets into US Dollars for the combined financial statements. | Pour les titres non cotés ou les actifs non négociés en bourse ou sur un autre marché réglementé, ainsi que pour les actifs cotés ou non cotés sur un tel autre marché pour lequel aucun prix de valorisation n’est disponible, ou pour les actifs pour lesquels les prix cotés ne sont pas représentatifs de leur juste valeur de marché, la valeur sera déterminée avec prudence et de bonne foi par la Société de gestion sur la base des prix d’achat et de vente probables.
Les instruments du marché monétaire, dont l’échéance résiduelle est inférieure à quatre-vingt-dix jours au moment de l’achat ou les titres dont le taux d’intérêt applicable ou le taux d’intérêt de référence est révisé au moins tous les quatre-vingt-dix jours, sont valorisés sur la base de leur valeur nominale majorée des intérêts courus en fonction du nombre de jours ouvrables écoulés.
Dans le cas d’un instrument à revenu fixe coté au-dessus ou en dessous du pair, sa valeur basée sur le coût d’acquisition net est ajustée progressivement, à la hausse ou à la baisse, selon le cas, au prix de rachat en tenant compte des jours ouvrables de la période et le cas échéant des intérêts courus.
Les actifs liquides sont valorisés à leur valeur nominale majorée des intérêts courus ou sur la base du coût amorti.
Les parts d’organismes de placement collectif de type ouvert sont valorisées sur la base de la dernière valeur déterminée.
- Plus-value/(moins-value) nette réalisée sur la vente de titresLa plus-value/(moins-value) nette réalisée sur la vente de titres est déterminée sur la base du coût moyen des titres vendus.
- Opérations de changeLes états financiers combinés sont exprimés en dollar américain et les états financiers des Compartiments sont exprimés dans leur devise de référence respective. L’actif net d’un Compartiment libellé dans une devise autre que le dollar américain est converti en dollar américain au taux de change en vigueur à la fin de la période financière. Le taux de change moyen pour la période est utilisé pour convertir les montants exprimés en devises étrangères dans l’état des opérations et des variations de l’actif net en dollars américains pour les états financiers. | For non-quoted assets or assets not traded or dealt in on any stock exchange or other regulated market, as well as for quoted or non-quoted assets on such other market for which no valuation price is available, or assets for which the quoted prices are not representative of the fair market value, the value thereof shall be determined prudently and in good faith by the Management Company on the basis of foreseeable purchase and sale prices.
Money market instruments with a remaining maturity of less than ninety days at the time of purchase or securities which applicable interest rate or reference interest rate is adjusted at least every ninety days are valued on the basis of their nominal value plus accrued interest thereon based on the number of business days which have elapsed.
In the case of a discount or a premium fixed income instrument, the value of the instrument, based on the net acquisition cost, is gradually adjusted upward or downward, as the case may be, to the redemption price, considering the business days within the period plus accrued interest, if any.
Liquid assets are valued at their nominal value plus accrued interest or on an amortised cost basis.
Units in open-ended Undertakings for Collective Investments are valued at their last determined available price.
- Net realised appreciation/(depreciation) on sales of securitiesThe net realised appreciation/(depreciation) on sales of securities is calculated on the basis of the average cost of the securities sold.
- Foreign exchange translationsThe combined financial statements are expressed in US Dollars and the financial statements of the Funds are expressed in the relevant base currency. The net assets of a Fund that is denominated in another currency than US Dollars is translated into US Dollars at the exchange rate prevailing at the financial period end. The average exchange rate for the period is used to translate the foreign currency amounts in the statement of operations and changes in net assets into US Dollars for the combined financial statements. | en | fr |
DOLFIN7218 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## KEY FUND RISKS
ABS and MBS - Asset-Backed Securities (ABS) and Mortgage-Backed Securities (MBS) may be subject to greater liquidity, credit, default and interest rate risk compared to other bonds. They are often exposed to extension and prepayment risk. China Interbank Bond Market - The China Interbank Bond Market may subject the fund to additional liquidity, volatility, regulatory, settlement procedure and counterparty risks. The fund may incur significant trading and realisation costs. Convertible bond - Convertible bonds contain an embedded equity option which exposes them to risks linked to equity as well as fixed income. They may be subject to higher market and liquidity risk. Country (China) - Chinese investments may be subject to higher levels of risks such as liquidity, currency, regulatory and legal risks due to the structure of the local
market. Credit - Credit risk arises when an issuer's financial health deteriorates and/or it fails to fulfill its financial obligations to the fund. Currency - Currency exchange rate movements could reduce investment gains or increase investment losses. Default - Default risk may occur if the issuers of certain bonds become unable or unwilling to make payments on their bonds. Derivatives - derivatives may result in losses that are significantly greater than the cost of the derivative. Emerging markets - Emerging markets are less established than developed markets and therefore involve higher risks. High yield bond - High yield debt securities are generally subject to greater risk of issuer debt restructuring or default, higher liquidity risk and greater sensitivity to market conditions. Interest rate - Interest rate risk is the potential for losses in fixed-income investments as a result of unexpected changes in interest rates. Issuer concentration - Issuer concentration risk may result in performance being more strongly atfected by any business, industry, economic, financial or market conditions atfecting those issuers in which the fund's assets are concentrated. Liquidity - Liquidity risk may result in securities becoming hard to value or trade within a desired timeframe at a fair price.
Prepayment and extension - Mortgage- and asset-backed securities could increase the fund's sensitivity to unexpected changes in interest rates. Sector concentration - Sector concentration risk may result in performance being more strongly atfected by any business, industry, economic, financial or market conditions atfecting a particular sector in which the fund's assets are concentrated. Total return swap - Total return
swap contracts may expose the fund to additional risks, including market, counterparty and operational risks as well as risks linked to the use of collateral arrangements. | ## PRINCIPALI RISCHI DEL FONDO
Rischio associati agli ABS/MBS - I titoli garantiti da attivi (ABS) e i titoli garantiti da ipoteca (MBS) sono potenzialmente esposti a maggiori rischi di liquidità, di credito, di insolvenza e di tasso di interesse rispetto ad altre obbligazioni. Sono spesso esposti al rischio di proroga e di rimborso anticipato. Rischio del mercato obbligazionario interbancario cinese - Il China Interbank Bond Market può esporre il fondo a ulteriori rischi di liquidità, di volatilità, di controparte, normativi e associati alle procedure di regolamento. Il fondo può andare incontro a notevoli costi di negoziazione e di realizzo. Rischio associati alle obbligazioni convertibili - Le obbligazioni convertibili contengono un'opzione azionaria incorporata che le espone ai rischi connessi sia alle azioni che alle obbligazioni. Possono essere soggette a un rischio di mercato e di liquidità più elevato. Rischio paese (Cina) - Rischio paese – Cina Gli investimenti cinesi possono essere esposti a rischi di liquidità, di cambio, normativi e giuridici più elevati a causa della struttura del mercato locale. Rischio di credito
- Il rischio di credito insorge quando la salute finanziaria di un emittente si deteriora e/o tale soggetto diventa incapace di adempiere i propri obblighi finanziari nei confronti del fondo. Rischio valutario - Le oscillazioni dei tassi di cambio possono ridurre i profitti o amplificare le perdite degli investimenti. Rischio di default - Gli emittenti di alcune obbligazioni potrebbero perdere la capacità o la volontà di etfettuare i pagamenti previsti su tali titoli. Rischio associato ai derivati - Gli strumenti derivati possono essere utilizzati per creare leva, il che potrebbe esporre il fondo a maggiore volatilità e/o a perdite sostanzialmente superiori al costo del derivato stesso. Rischio associato ai mercati emergenti - I mercati emergenti sono meno consolidati di quelli sviluppati e pertanto comportano rischi maggiori. Rischio delle obbligazioni high yield - Obbligazioni ad alto rendimento I titoli di debito ad alto rendimento sono in genere esposti a un maggiore rischio di ristrutturazione del debito o di insolvenza dell’emittente, a un maggiore rischio di liquidità e a una maggiore sensibilità alle condizioni di mercato. Rischio tasso di interesse - Il rischio tassi d'interesse consiste nella possibilità di subire perdite su investimenti obbligazionari a seguito di variazioni inattese dei tassi d'interesse. Rischio di concentrazione dell’emittente - Il rischio di concentrazione per emittente può determinare una maggiore dipendenza della performance dalle condizioni aziendali, settoriali, economiche, finanziarie o di mercato che influenzano gli emittenti in cui sono concentrati gli asset del fondo. Rischio di liquidità - Il rischio di liquidità può comportare difficoltà di valutazione o di negoziazione dei titoli a un prezzo equo e nei tempi desiderati. Rischio di pagamento anticipato e proroga - I titoli garantiti da mutui e da asset possono accentuare la sensibilità del fondo alle variazioni inattese dei tassi d'interesse. Rischio di concentrazione settoriale - Il rischio di concentrazione settoriale può determinare una maggiore dipendenza della performance dalle condizioni aziendali, settoriali, economiche, finanziarie o di mercato vigenti in un determinato settore in cui sono concentrati gli asset del fondo. Rischio Total Return Swap - I contratti Total Return Swap possono esporre il comparto a rischi aggiuntivi, tra cui quelli di mercato, di controparte e operativi, nonché a rischi associati all’utilizzo di contratti di garanzia. | ## KEY FUND RISKS
ABS and MBS - Asset-Backed Securities (ABS) and Mortgage-Backed Securities (MBS) may be subject to greater liquidity, credit, default and interest rate risk compared to other bonds. They are often exposed to extension and prepayment risk. China Interbank Bond Market - The China Interbank Bond Market may subject the fund to additional liquidity, volatility, regulatory, settlement procedure and counterparty risks. The fund may incur significant trading and realisation costs. Convertible bond - Convertible bonds contain an embedded equity option which exposes them to risks linked to equity as well as fixed income. They may be subject to higher market and liquidity risk. Country (China) - Chinese investments may be subject to higher levels of risks such as liquidity, currency, regulatory and legal risks due to the structure of the local
market. Credit - Credit risk arises when an issuer's financial health deteriorates and/or it fails to fulfill its financial obligations to the fund. Currency - Currency exchange rate movements could reduce investment gains or increase investment losses. Default - Default risk may occur if the issuers of certain bonds become unable or unwilling to make payments on their bonds. Derivatives - derivatives may result in losses that are significantly greater than the cost of the derivative. Emerging markets - Emerging markets are less established than developed markets and therefore involve higher risks. High yield bond - High yield debt securities are generally subject to greater risk of issuer debt restructuring or default, higher liquidity risk and greater sensitivity to market conditions. Interest rate - Interest rate risk is the potential for losses in fixed-income investments as a result of unexpected changes in interest rates. Issuer concentration - Issuer concentration risk may result in performance being more strongly atfected by any business, industry, economic, financial or market conditions atfecting those issuers in which the fund's assets are concentrated. Liquidity - Liquidity risk may result in securities becoming hard to value or trade within a desired timeframe at a fair price.
Prepayment and extension - Mortgage- and asset-backed securities could increase the fund's sensitivity to unexpected changes in interest rates. Sector concentration - Sector concentration risk may result in performance being more strongly atfected by any business, industry, economic, financial or market conditions atfecting a particular sector in which the fund's assets are concentrated. Total return swap - Total return
swap contracts may expose the fund to additional risks, including market, counterparty and operational risks as well as risks linked to the use of collateral arrangements. | en | it |
DOLFIN7219 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Investment management delegations:
Company name: H2O MONACO S.A.M.
Legal form: a Monaco société anonyme (public limited company), authorised by the Commission de contrôle des activités financières (Commission for the Control of Financial Activities – Monaco) under number SAF 2017-04
Registered office: 24, boulevard Princesse Charlotte Monte Carlo, 98000 Monaco
The delegated investment manager will help with the investment management of the Fund alongside the Management Company.
Company name: H2O AM ASIA PTE LTD
Legal form: private company limited by shares, authorised by the MAS [Monetary Authority of Singapore], the financial regulatory authority of Singapore, under number 201827907K
Registered office: 20 Collyer Quay, #10-01, Singapore (049319)
The delegation of financial management covers the management of Asian bonds.
The Management Company has not identified any conflicts of interest that may arise from such arrangements.
- | # Délégations de la gestion financière :
Dénomination ou raison sociale : H2O MONACO S.A.M.
Forme juridique : société anonyme monégasque agréée par la Commission de contrôle des activités financières de Monaco sous le numéro SAF 2017-04
Siège social : 24, boulevard Princesse Charlotte Monte-Carlo, 98000 Monaco
Le délégataire de la gestion financière contribuera partiellement à la gestion financière aux côtés de la société de gestion.
Dénomination ou raison sociale : H2O AM ASIA PTE LTD
Forme juridique : private company limited by shares agréée par la MAS, l’autorité des marchés financiers de Singapour sous le numéro 201827907K
Siège social : 20 Collyer Quay, #10-01, Singapore (049319)
La délégation de la gestion financière porte sur la gestion obligataire asiatique.
La société de gestion n’a pas identifié de conflit d’intérêt susceptible de découler de ces délégations.
- | # Investment management delegations:
Company name: H2O MONACO S.A.M.
Legal form: a Monaco société anonyme (public limited company), authorised by the Commission de contrôle des activités financières (Commission for the Control of Financial Activities – Monaco) under number SAF 2017-04
Registered office: 24, boulevard Princesse Charlotte Monte Carlo, 98000 Monaco
The delegated investment manager will help with the investment management of the Fund alongside the Management Company.
Company name: H2O AM ASIA PTE LTD
Legal form: private company limited by shares, authorised by the MAS [Monetary Authority of Singapore], the financial regulatory authority of Singapore, under number 201827907K
Registered office: 20 Collyer Quay, #10-01, Singapore (049319)
The delegation of financial management covers the management of Asian bonds.
The Management Company has not identified any conflicts of interest that may arise from such arrangements.
- | en | fr |
DOLFIN7220 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Fair treatment of investors
The Company must treat the investors in the Feeder Fund fairly. When controlling its liquidity risk and redeeming units, it may not place the interests of one investor or a group of investors over the interests of another investor or another investor group. The procedures used by the Company to ensure fair treatment of investors are described in the sections entitled “Pricing for subscription and redemption of units” and “Liquidity management”.
The Company and/or the depositary may, for the purpose of compliance with the Foreign Account Tax Compliance provisions of the US Hiring Incentives to Restore Employment Act (“FATCA”), be required to disclose personal data relating to certain US persons and/or non- participant FFIs to the US Internal Revenue Service or local tax authorities. | ## Faire Behandlung von Anlegern
Die Gesellschaft hat die Anleger des Feederfonds fair zu behandeln. Sie darf im Rahmen der Steuerung ihres Liquiditätsrisikos und der Rücknahme von Anteilen die Interessen eines Anlegers oder einer Gruppe von Anlegern nicht über die Interessen eines anderen Anlegers oder einer anderen Anlegergruppe stellen. Die Verfahren, mit denen die Gesellschaft die faire Behandlung der Anleger sicherstellt, sind in den Abschnitten „Abrechnung bei Anteilausgabe und –rücknahme“ sowie „Liquiditätsmanagement“ dargelegt.
Die Gesellschaft und/oder die Verwahrstelle können zwecks Einhaltung der Foreign Account Tax Compliance-Bestimmungen des US- Gesetzes Hiring Incentives to Restore Employment Act („FATCA“) verpflichtet sein, personenbezogene Daten über bestimmte US-Personen und/oder nicht teilnehmende ausländische Finanzinstitutionen (FFI) dem US Internal Revenue Service oder den örtlichen Steuerbehörden gegenüber offenzulegen. | ## Fair treatment of investors
The Company must treat the investors in the Feeder Fund fairly. When controlling its liquidity risk and redeeming units, it may not place the interests of one investor or a group of investors over the interests of another investor or another investor group. The procedures used by the Company to ensure fair treatment of investors are described in the sections entitled “Pricing for subscription and redemption of units” and “Liquidity management”.
The Company and/or the depositary may, for the purpose of compliance with the Foreign Account Tax Compliance provisions of the US Hiring Incentives to Restore Employment Act (“FATCA”), be required to disclose personal data relating to certain US persons and/or non- participant FFIs to the US Internal Revenue Service or local tax authorities. | en | de |
DOLFIN7221 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Type
The Fund is a sub-fund of Partners Group Direct Equity ELTIF S.C.A., SICAV-SIF, an investment company with variable share capital (société d'investissement à capital variable - SICAV) organised as an umbrella fund (fonds d'investissement à compartiments multiples), established pursuant to Luxembourg law of February 13, 2007 on specialized investment funds in the form of a corporate partnership limited by shares (société en commandite par actions - SCA) in ac- cordance with the provisions of the 2007 Law and the 1915 Law. The Fund qualifies as an alternative investment fund ("AIF") within the meaning of the Al- ternative Investment Fund Managers and amending Directives ("AIFMD"). The Fund also qualifies as a European long-term investment fund (fonds d'invest- issement européen à long-terme - ELTIF) pursuant to the Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds (the "ELTIF Regulation").
The Fund, unless dissolved earlier or terminated as provided in the articles, will terminate ten years after the final share offering provided that the general partner may extend such term for up to two additional one-year periods. This term constitutes the end of life within the meaning of the ELTIF Regulation.The Fund may, at any time, be liquidated by a resolution of the general meeting of shareholders taken in the same conditions that are required by law to amend the articles. The general partner may propose at any time to the shareholders to liquidate the Fund. | ## Tipo
Il Fondo è un comparto di Partners Group Direct Equity ELTIF S.C.A., SICAV-SIF, una società d'investimento con capitale variabile (société d'investissement à capital variable - SICAV) costituita quale fondo multicomparto (fonds d'investissement à compartiments multiples) ai sensi della legge lussemburghese del 13 febbraio 2007 in materia di fondi d'investimento specializzati sotto forma di società in accomandita per azioni (société en commandite par actions - SCA) in conformità alle disposizioni della Legge del 2007 e della Legge del 1915. Il Fondo si qualifica in quanto fondo d'investimento alternativo ("FIA") secondo la definizione della Direttiva sui gestori di fondi d'investimento alternativi e direttive di modifica ("AIFMD"). Il Fondo si qualifica inoltre quale fondo d'investimento europeo a lungo termine (fonds d'investissement européen à long-terme - ELTIF) ai sensi del Regolamento (UE) 2015/760 del Parlamento europeo e del Consiglio del 29 aprile 2015 sui fondi d'investimento europei a lungo termine (il "Regolamento ELTIF").
Fatto salvo in caso di scioglimento o di cessazione anticipati secondo quanto previsto dallo statuto, il Fondo cesserà di esistere dieci anni dopo l'ultima emissione di azioni, fermo restando che il socio accomandatario potrà prorogare tale termine per un massimo di due ulteriori periodi di un anno. Tale termine costituisce la fine del ciclo di vita ai sensi del Regolamento ELTIF. Il Fondo potrà essere liquidato in qualunque momento mediante delibera dell'assemblea generale degli azionisti convocata secondo le stesse condizioni previste ai sensi di legge ai fini della modifica dello statuto. Il socio accomandatario potrà proporre in qualunque momento agli azionisti di liquidare il Fondo. | ## Type
The Fund is a sub-fund of Partners Group Direct Equity ELTIF S.C.A., SICAV-SIF, an investment company with variable share capital (société d'investissement à capital variable - SICAV) organised as an umbrella fund (fonds d'investissement à compartiments multiples), established pursuant to Luxembourg law of February 13, 2007 on specialized investment funds in the form of a corporate partnership limited by shares (société en commandite par actions - SCA) in ac- cordance with the provisions of the 2007 Law and the 1915 Law. The Fund qualifies as an alternative investment fund ("AIF") within the meaning of the Al- ternative Investment Fund Managers and amending Directives ("AIFMD"). The Fund also qualifies as a European long-term investment fund (fonds d'invest- issement européen à long-terme - ELTIF) pursuant to the Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds (the "ELTIF Regulation").
The Fund, unless dissolved earlier or terminated as provided in the articles, will terminate ten years after the final share offering provided that the general partner may extend such term for up to two additional one-year periods. This term constitutes the end of life within the meaning of the ELTIF Regulation.The Fund may, at any time, be liquidated by a resolution of the general meeting of shareholders taken in the same conditions that are required by law to amend the articles. The general partner may propose at any time to the shareholders to liquidate the Fund. | en | it |
DOLFIN7222 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The Company may suspend the determination of the net asset value per share of any particular Sub-Fund and the issue, redemption and conversion of its shares:
- during any period when any of the principal stock exchanges or other markets on which a substantial portion of the investments of the Company attributable to such Sub-Fund from time to time is quoted or dealt in is closed otherwise than for ordinary holidays, or during which dealings therein are restricted or suspended; or
- during the existence of any state of affairs which constitutes an emergency in the opinion of the board of directors as a result of which disposal or valuation of assets owned by the Company attributable to such Sub-Fund would be impraticable; or
- during any breakdown in the means of communication or computation normally employed in determining the price or value of any of the investments of such Sub-Fund or the current price or value on any stock exchange or other market in respect of the assets attributable to such Sub-Fund; or
- during any period when the Company is unable to repatriate funds for the purpose of making payments on the redemption of the shares of such Sub-Fund or during which any transfer of funds involved in the realisation or acquisition of investments or payments due on redemption of shares cannot in the opinion of the board of directors be effected at normal rates of exchange; or
- when for any other reason the prices of any investments owned by the Company attributable to any Sub-Fund cannot promptly or accurately be ascertained; or
- upon the publication of a notice convening a general meeting of shareholders for the purpose of resolving the winding-up of the Company.
Any such suspension shall be publicised, if appropriate, by the Company and may be notified to shareholders having made an application for subscription, redemption or conversion of shares for which the calculation of the net asset value has been suspended. | # La Société peut suspendre le calcul de la valeur nette d’inventaire par action d’un Compartiment déterminé ainsi que l’émission, le rachat et la conversion de ses actions:
- pendant toute période durant laquelle l’une des principales bourses de valeurs ou autres marchés sur lesquels une partie substantielle des investissements de la Société attribuable à un Compartiment donné est cotée ou négociée, est fermé pour une raison autre que pour les congés normaux ou pendant toute période durant laquelle les opérations y sont restreintes ou suspendues; ou
- lorsque de l’avis du conseil d’administration, il existe une situation d’urgence par suite de laquelle la Société ne peut pas disposer de ses avoirs attribuables à un Compartiment ou ne peut les évaluer; ou
- lorsque les moyens de communication ou de calcul normalement utilisés pour déterminer le prix ou la valeur des investissements d’un Compartiment ou les cours en bourse ou sur d’autres marchés des avoirs d’un Compartiment sont hors de service; ou
- lors de toute période pendant laquelle la Société est incapable de rapatrier des fonds dans le but d’accomplir des paiements pour le rachat d’actions d’un Compartiment ou pendant laquelle les transferts de fonds impliqués dans la réalisation ou l’acquisition d’investissements ou de paiements dus pour le rachat d’actions ne peuvent, de l’avis du conseil d’administration, être effectués à des taux de change normaux; ou
- lorsque, pour toute autre raison, le prix de tout investissement appartenant à la Société attribuable à un Compartiment ne peut être déterminé rapidement ou avec exactitude; ou
- dès la publication de la convocation d’une assemblée générale extraordinaire des actionnaires visant à se prononcer sur la liquidation de la Société.
Pareille suspension sera publiée par la Société, si cela est approprié, et sera notifiée aux actionnaires ayant fait une demande de souscription, de rachat ou de conversion d’actions pour lesquelles le calcul de la valeur nette d’inventaire a été suspendu. | # The Company may suspend the determination of the net asset value per share of any particular Sub-Fund and the issue, redemption and conversion of its shares:
- during any period when any of the principal stock exchanges or other markets on which a substantial portion of the investments of the Company attributable to such Sub-Fund from time to time is quoted or dealt in is closed otherwise than for ordinary holidays, or during which dealings therein are restricted or suspended; or
- during the existence of any state of affairs which constitutes an emergency in the opinion of the board of directors as a result of which disposal or valuation of assets owned by the Company attributable to such Sub-Fund would be impraticable; or
- during any breakdown in the means of communication or computation normally employed in determining the price or value of any of the investments of such Sub-Fund or the current price or value on any stock exchange or other market in respect of the assets attributable to such Sub-Fund; or
- during any period when the Company is unable to repatriate funds for the purpose of making payments on the redemption of the shares of such Sub-Fund or during which any transfer of funds involved in the realisation or acquisition of investments or payments due on redemption of shares cannot in the opinion of the board of directors be effected at normal rates of exchange; or
- when for any other reason the prices of any investments owned by the Company attributable to any Sub-Fund cannot promptly or accurately be ascertained; or
- upon the publication of a notice convening a general meeting of shareholders for the purpose of resolving the winding-up of the Company.
Any such suspension shall be publicised, if appropriate, by the Company and may be notified to shareholders having made an application for subscription, redemption or conversion of shares for which the calculation of the net asset value has been suspended. | en | fr |
DOLFIN7223 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Fund manager's report
Equity markets continued their rally in November, with the initial signs of a turnaround in inflation and the downturn in US macroeconomic indicators raising hopes that interest rate hikes might be smaller in magnitude. Although the ECB reiterated that its priority is the fight against inflation despite the risk of recession in the eurozone, the Fed began to talk about the possibility of slowing down the rate of increases. This hoped-for turnaround in monetary policy was reflected in a return of risk appetite. On top of that, in China, the possibility of a reduction in health restrictions and an easing of the zero-COVID policy fuelled the markets’ optimism, as did the measures taken to boost the property sector. Against this background, the dollar depreciated against other currencies, and oil prices remained below $85 per barrel.
Over the month, the FTSE Italia All Share NT climbed 8.84%. This return of optimism and the prospect of a slowdown in terms of rate hikes penalised the defensive sectors such as healthcare and telecoms. On the other hand, utilities and technology profited from the lull on the bond market. The more cyclical sectors such as materials, consumer discretionary (especially luxury goods stocks) and financials benefited from the good state of the market, as did the retail sector.
However, once again this month, investors were more focused on large caps, with the Star mid-caps index lagging by more than 2% at 6.69%. This brings the gap accumulated by mid caps to almost 13 percentage points over four months.
In this context, the fund also posted a strong increase but was penalised by its PIR component, which requires the fund to hold more than 21% in small and mid caps. Thus, among the 10 stocks that posted the weakest performance over the month, there are no large caps. ERG was the biggest negative contributor, with a downturn of more than 4%, due to its removal from the mid-cap index, where it was the highest weighting. At the end of the month the group joined the main index of the Milan stock exchange but with a limited weighting.
During the month, we took advantage of the increase of more than 16% posted by CNH to reduce our position. Conversely, we increased in Reply, ERG, Intesa, Wiit and Enel.
With the year-end approaching, equity markets could remain on the right track, boosted by the prospect of a turnaround of the Fed’s monetary tightening policy in the near future.
Ultimately, as expected at the beginning of 2022, under the effect of rising interest rates market valuation multiples have fallen to below their long-term average.
However, this compression is mainly due to the strong growth of corporate earnings in 2022 and marginally to the decline observed in the financial markets since the beginning of the year.
So, while we understand the recent rebound, we believe that there are still many uncertainties – the weather in particular will determine gas consumption and needs – and that it is therefore not too early to be optimistic.
Although changes in interest rates could have less influence on valuation multiples, it is still too early to know what will be the scale of downward revisions of company results for 2023. It is difficult to imagine that they could be revised upwards, in any case.
Once again, we believe it is important to maintain good diversification. We are sticking to our investment strategy, focusing on companies that combine the ability to adjust prices with visibility and/or growth prospects via exposure to long-term themes and a solid financial structure.
Source(s): AXA Investment Managers - MSCI as at 30/11/2022 Editor: AXA Investment Managers Paris | # Relazione del gestore
A novembre i mercati azionari hanno proseguito la loro ascesa; i primi segni di una distensione sul fronte inflazionistico e un deterioramento dei dati macroeconomici statunitensi fanno infatti sperare in aumenti dei tassi di minore entità. Mentre la BCE ha ribadito che, nonostante il rischio di recessione nell'eurozona, la lotta all'inflazione resta la sua priorità, la Fed ha iniziato a evocare un possibile rallentamento del ciclo rialzista. Questa auspicata svolta delle politiche monetarie si è tradotta in un ritorno della propensione al rischio. Inoltre, in Cina la questione di una revoca parziale delle restrizioni sanitarie e di un allentamento della politica zero-Covid ha alimentato l'ottimismo dei mercati, oltre alle misure adottate in favore del settore immobiliare. In questo contesto, il dollaro si è deprezzato rispetto alle altre valute e il prezzo del petrolio è rimasto sotto gli 85 dollari al barile.
Nel mese l'indice Ftse Italia All Share NT avanza dell'8,84%. Questo rinnovato ottimismo e la prospettiva di un innalzamento più contenuto dei tassi hanno penalizzato i settori difensivi come la sanità e le telecomunicazioni. Per contro, le utility e la tecnologia beneficiano della tregua sul versante obbligazionario. I settori più ciclici come i materiali, i consumi discrezionali (in particolare i titoli del lusso) e i finanziari hanno sfruttato il pregevole andamento del mercato, al pari della distribuzione.
Al contrario, anche questo mese gli investitori hanno ampiamente privilegiato le grandi capitalizzazioni, con l'indice Star delle mid cap che è arretrato di oltre il 2% al 6,69%. Di conseguenza il ritardo accumulato dalle medie capitalizzazioni in 4 mesi si attesta ora a circa 13 punti percentuali.
In tale scenario, anche il fondo chiude in forte progressione, ma è sanzionato dalla componente PIR, che impone la detenzione di oltre il 21% di small e mid cap. Pertanto, tra i 10 titoli che conseguono le performance più scadenti nel mese non ci sono grandi capitalizzazioni. Il contributo più negativo è giunto da ERG, in calo di oltre il 4%, a causa della sua uscita dall'indice delle mid cap di cui era la maggiore ponderazione. Alla fine del mese il gruppo è entrato a far parte dell'indice principale della Borsa di Milano, ma con una ponderazione limitata.
Nel corso del mese abbiamo approfittato del rialzo superiore al 16% di CNH per ridurre la nostra posizione. Abbiamo invece rafforzato Reply, Erg, Intesa, Wiit ed Enel.
Con l'avvicinarsi della fine dell'anno, i mercati azionari potrebbero restare ben orientati, favoriti dalla prospettiva di un'imminente inversione della stretta monetaria da parte della Fed.
Infine, come previsto all'inizio del 2022, i multipli di valutazione dei mercati sono diminuiti su livelli inferiori alla loro media di lungo termine, sotto il peso dei tassi in ascesa.
Tuttavia, questa compressione è imputabile essenzialmente alla forte crescita degli utili aziendali nel 2022 e in misura minima al calo dei mercati finanziari osservato dall'inizio dell'anno.
Di conseguenza, pur comprendendo il recente rimbalzo, riteniamo che le incertezze siano ancora numerose, nello specifico le condizioni meteorologiche determineranno il consumo e il fabbisogno di gas, e che quindi sia probabilmente prematuro tornare a essere ottimisti.
Per quanto l'evoluzione dei tassi possa avere un'influenza minore sui multipli di valutazione, è ancora troppo presto per sapere quale sarà l'entità delle revisioni al ribasso dei risultati aziendali per il 2023. In ogni caso, è difficile immaginare che possano essere rivisti al rialzo.
Siamo sempre convinti che sia importante mantenere una buona diversificazione. Restiamo fedeli alla nostra strategia di investimento, concentrandoci su imprese che combinano capacità di rivedere i prezzi, visibilità e/o prospettive di crescita tramite l'esposizione a tematiche di lungo termine e solida struttura finanziaria.
Fonti : AXA Investment Managers - MSCI al 30/11/2022 Prodotto da : AXA Investment Managers Paris. | # Fund manager's report
Equity markets continued their rally in November, with the initial signs of a turnaround in inflation and the downturn in US macroeconomic indicators raising hopes that interest rate hikes might be smaller in magnitude. Although the ECB reiterated that its priority is the fight against inflation despite the risk of recession in the eurozone, the Fed began to talk about the possibility of slowing down the rate of increases. This hoped-for turnaround in monetary policy was reflected in a return of risk appetite. On top of that, in China, the possibility of a reduction in health restrictions and an easing of the zero-COVID policy fuelled the markets’ optimism, as did the measures taken to boost the property sector. Against this background, the dollar depreciated against other currencies, and oil prices remained below $85 per barrel.
Over the month, the FTSE Italia All Share NT climbed 8.84%. This return of optimism and the prospect of a slowdown in terms of rate hikes penalised the defensive sectors such as healthcare and telecoms. On the other hand, utilities and technology profited from the lull on the bond market. The more cyclical sectors such as materials, consumer discretionary (especially luxury goods stocks) and financials benefited from the good state of the market, as did the retail sector.
However, once again this month, investors were more focused on large caps, with the Star mid-caps index lagging by more than 2% at 6.69%. This brings the gap accumulated by mid caps to almost 13 percentage points over four months.
In this context, the fund also posted a strong increase but was penalised by its PIR component, which requires the fund to hold more than 21% in small and mid caps. Thus, among the 10 stocks that posted the weakest performance over the month, there are no large caps. ERG was the biggest negative contributor, with a downturn of more than 4%, due to its removal from the mid-cap index, where it was the highest weighting. At the end of the month the group joined the main index of the Milan stock exchange but with a limited weighting.
During the month, we took advantage of the increase of more than 16% posted by CNH to reduce our position. Conversely, we increased in Reply, ERG, Intesa, Wiit and Enel.
With the year-end approaching, equity markets could remain on the right track, boosted by the prospect of a turnaround of the Fed’s monetary tightening policy in the near future.
Ultimately, as expected at the beginning of 2022, under the effect of rising interest rates market valuation multiples have fallen to below their long-term average.
However, this compression is mainly due to the strong growth of corporate earnings in 2022 and marginally to the decline observed in the financial markets since the beginning of the year.
So, while we understand the recent rebound, we believe that there are still many uncertainties – the weather in particular will determine gas consumption and needs – and that it is therefore not too early to be optimistic.
Although changes in interest rates could have less influence on valuation multiples, it is still too early to know what will be the scale of downward revisions of company results for 2023. It is difficult to imagine that they could be revised upwards, in any case.
Once again, we believe it is important to maintain good diversification. We are sticking to our investment strategy, focusing on companies that combine the ability to adjust prices with visibility and/or growth prospects via exposure to long-term themes and a solid financial structure.
Source(s): AXA Investment Managers - MSCI as at 30/11/2022 Editor: AXA Investment Managers Paris | en | it |
DOLFIN7224 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Opportunities
- The fund’s investment and research process is focused ongenerating consistently strong returns through careful issuer selection.
- Provides exposure to a diversified portfolio of corporate bonds from key fixed income markets across the globe.
- Managed by a multi-disciplinary team with experience of a broad range of market conditions.
- Exceptional breadth and depth of issuer and securities coverage from a global investment grade credit research team.
- Investment grade bonds offer attractive diversification potential for investment portfolios as they generally have a low correlation with equities. | Opportunités
- Le processus d'investissement et de recherche du fonds se concentre sur la création de rendements solides dans le temps par le biais d'une sélection d'émetteurs minutieuse.
- Fournit une exposition à un portefeuille diversifié d'obligations d'entreprise des plus importants marchés à revenu fixe du monde entier.
- Géré par une équipe pluridisciplinaire suffisamment expérimentée pour faire face à des conditions de marché diverses et variées.
- Largeur et profondeur d'émetteur et couverture de titres exceptionnelles par une équipe de recherche d'obligations investment grade du monde entier.
- Les obligations investment grade offrent un potentiel de diversification attrayant pour les portefeuilles d'investissement car elles ont généralement une faible corrélation avec les actions. | Opportunities
- The fund’s investment and research process is focused ongenerating consistently strong returns through careful issuer selection.
- Provides exposure to a diversified portfolio of corporate bonds from key fixed income markets across the globe.
- Managed by a multi-disciplinary team with experience of a broad range of market conditions.
- Exceptional breadth and depth of issuer and securities coverage from a global investment grade credit research team.
- Investment grade bonds offer attractive diversification potential for investment portfolios as they generally have a low correlation with equities. | en | fr |
DOLFIN7225 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
High Water Mark (HWM) means the highest NAV of the sub-fund/category/class as at the end of any previous financial year on which performance fees becomes payable, after deducting any performance fee.
Performance Fees are payable to the Management Company and will be calculated daily on the basis of the unswung (see Swing Pricing) NAV and provision will be adjusted on each valuation day during the financial year.
If shares are redeemed during the financial year, the fraction of the provisioned performance fee that corresponds to the total amount redeemed shall be granted definitively to the Management Company. | Le High Water Mark (HWM) correspond à la VNI la plus élevée du compartiment, de la catégorie ou classe à la fin de tout exercice antérieur au cours duquel des commissions de performance sont dues, après déduction de toute commission de performance éventuelle.
Les commissions de performance sont dues à la Société de gestion et seront calculées quotidiennement sur la base de la VNI non swinguée (voir Swing Pricing) et la provision sera ajustée lors de chaque jour d’évaluation au cours de l’exercice.
Si des actions sont rachetées au cours de l’exercice considéré, la fraction de la commission de performance provisionnée correspondant au montant total du rachat sera définitivement acquise à la Société de gestion. | High Water Mark (HWM) means the highest NAV of the sub-fund/category/class as at the end of any previous financial year on which performance fees becomes payable, after deducting any performance fee.
Performance Fees are payable to the Management Company and will be calculated daily on the basis of the unswung (see Swing Pricing) NAV and provision will be adjusted on each valuation day during the financial year.
If shares are redeemed during the financial year, the fraction of the provisioned performance fee that corresponds to the total amount redeemed shall be granted definitively to the Management Company. | en | fr |
DOLFIN7226 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Remuneration Policies and Practices
The Manager has established, implemented and maintains a remuneration policy which meets the requirements of, and complies with the principles set out in UCITS V and the ESMA Remuneration Guidelines relating to same (the “Remuneration Guidelines”) and ensures that the Investment Manager has an appropriate remuneration policy in place which is in compliance with the Remuneration Guidelines. The Manager will ensure that the remuneration policy will be consistent with:
- sound and effective risk management and will not encourage risk-taking which is inconsistent with the risk profile of the ICAV and the Instrument of Incorporation;
- the Remuneration Guidelines; and
- the business strategy, objectives, values and interests of the ICAV, the Sub-Funds and the Shareholders, and includes measures to ensure that all relevant conflicts of interest can be managed appropriately to at all times avoid conflicts of interests. | ## Vergütungspolitik und -praktiken
Die Verwaltungsgesellschaft hat eine Vergütungspolitik festgelegt und eingeführt, die den Anforderungen und Grundsätzen der OGAW-V-Richtlinie und der sich darauf beziehenden ESMA-Vergütungsleitlinien (die "Vergütungsrichtlinien") entspricht, und stellt sicher, dass der Anlageverwalter über eine angemessene Vergütungspolitik verfügt, die den Vergütungsrichtlinien entspricht. Die Verwaltungsgesellschaft stellt sicher, dass die Vergütungspolitik mit folgenden Punkten im Einklang ist:
- einem soliden und effektiven Risikomanagement, ohne Anreiz zu einer Risikobereitschaft zu bieten, die mit dem Risikoprofil des ICAV und der Satzung nicht vereinbar ist;
- den Vergütungsrichtlinien; und
- der Geschäftsstrategie, den Zielen, Werten und Interessen des ICAV, der Teilfonds und der Anteilsinhaber, und Maßnahmen umfasst, die sicherstellen, dass alle relevanten Interessenkonflikte jederzeit angemessen vermieden werden können. | ## Remuneration Policies and Practices
The Manager has established, implemented and maintains a remuneration policy which meets the requirements of, and complies with the principles set out in UCITS V and the ESMA Remuneration Guidelines relating to same (the “Remuneration Guidelines”) and ensures that the Investment Manager has an appropriate remuneration policy in place which is in compliance with the Remuneration Guidelines. The Manager will ensure that the remuneration policy will be consistent with:
- sound and effective risk management and will not encourage risk-taking which is inconsistent with the risk profile of the ICAV and the Instrument of Incorporation;
- the Remuneration Guidelines; and
- the business strategy, objectives, values and interests of the ICAV, the Sub-Funds and the Shareholders, and includes measures to ensure that all relevant conflicts of interest can be managed appropriately to at all times avoid conflicts of interests. | en | de |
DOLFIN7227 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Composition of costs |
| --- |
| One-off costs upon entry or exit | If you exit after 1 year |
| Entry costs | 5.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 500 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 1.10 % of the value of your investment per year. | 146 EUR |
| Portfolio transaction costs | 0.22 % 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. | 22 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | We do not charge a performance fee for this product. | 0 EUR | | | Composizione dei costi |
| --- |
| Costi una tantum di ingresso o di uscita | In caso di vendita dell’investimento dopo 1 anno |
| Costi di ingresso | 5,00 % dell'importo che paghi quando entri in questo investimento. Questo è il massimo che ti verrà addebitato. La persona che ti vende il prodotto ti informerà dell'effettivo addebito. | 500 EUR |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto. | 0 EUR |
| Costi correnti | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1,10 % del valore dell’investimento all’anno. | 146 EUR |
| Costi di transazione del portafoglio | 0,22 % 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. | 22 EUR |
| Oneri accessori sostenuti in determinate condizioni | |
| Commissioni di performance | Non addebitiamo una commissione di performance per questo prodotto. | 0 EUR | | | Composition of costs |
| --- |
| One-off costs upon entry or exit | If you exit after 1 year |
| Entry costs | 5.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 500 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 1.10 % of the value of your investment per year. | 146 EUR |
| Portfolio transaction costs | 0.22 % 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. | 22 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | We do not charge a performance fee for this product. | 0 EUR | | en | it |
DOLFIN7228 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
This Fund is actively managed. The benchmark MSCI China 10/40 (NR) is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark.
The Fund seeks to increase the value of its assets over the medium term by investing in shares issued by Chinese, Hong Kong or Taiwanese companies, or companies operating in those countries.
It may be invested in Mainland China shares restricted to foreign investors such as China A shares which can be listed on a Stock Connect or through a use of a specific license (RQFII) granted by the Chinese authorities.
Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making.
Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 5 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # UM WELCHE ART VON PRODUKT HANDELT ES SICH?
## Art
Dieses Produkt ist ein Organismus für gemeinsame Anlagen in Wertpapieren (OGAW). Es ist ein Teilfonds von BNP Paribas Funds, einer offenen Investmentgesellschaft (Société d'Investissement à Capital variable, „SICAV“), die den Bestimmungen von Teil I des Gesetzes von 17. Dezember 2010 über Organismen für gemeinsame Anlagen sowie der OGAW-Richtlinie 2009/65 unterliegt.
## Laufzeit
Dieses Produkt hat kein Fälligkeitsdatum.
BNP PARIBAS ASSET MANAGEMENT Luxembourg ist nicht zu einer einseitigen Kündigung des Produkts berechtigt. Der Verwaltungsrat ist befugt, über die Zusammenlegung, Aufteilung, Liquidation oder Schließung des Teilfonds zu entscheiden. Darüber hinaus kann die SICAV durch Beschluss einer außerordentlichen Hauptversammlung der Anteilinhaber aufgelöst werden.
## Ziele
Der Fonds wird aktiv verwaltet. Der Referenzindex MSCI China 10/40 (NR) wird nur für den Vergleich der Wertentwicklung verwendet. Der Fonds ist benchmarkunabhängig und seine Wertentwicklung kann erheblich von der des Referenzindex abweichen.
Ziel des Fonds ist die mittelfristige Wertsteigerung seiner Vermögenswerte durch Anlagen in Aktien von in China, Hongkong oder Taiwan ansässigen oder tätigen Unternehmen.
Er kann in Aktien vom chinesischen Festland investieren, wie beispielsweise chinesische A-Aktien, auf die ausländische Anleger begrenzten Zugriff haben, die über Stock Connect notiert sein können oder durch die Nutzung einer speziellen, von den chinesischen Behörden gewährten Lizenz zugänglich sind.
ESG-Kriterien (Umwelt, Soziales und Unternehmensführung) tragen zur Entscheidungsfindung des Managers bei, sind aber kein ausschlaggebender Faktor.
Die Erträge werden grundsätzlich reinvestiert.
Anleger können ihre Anteile täglich (an Bankarbeitstagen in Luxemburg) zurückgeben, wie im Verkaufsprospekt beschrieben.
## Kleinanleger-Zielgruppe
Dieses Produkt ist für Kleinanleger konzipiert, die weder über Finanzexpertise noch über spezifische Kenntnisse verfügen, um das Produkt zu verstehen, aber dennoch einen vollständigen Kapitalverlust verkraften können. Es ist für Kunden geeignet, die Kapitalwachstum anstreben. Potenzielle Anleger sollten einen Anlagehorizont von mindestens 5 Jahren haben.
## Praktische Informationen
Verwahrstelle: BNP PARIBAS, Luxembourg Branch
Dieses Basisinformationsblatt wurde für die oben genannte Anteilsklasse erstellt und beschreibt einen Teilfonds des BNP Paribas Funds Fonds. Weitere Informationen über das Produkt sind im Prospekt und in den regelmäßigen Berichten enthalten, die auf der Ebene der SICAV herausgegeben werden. Nach luxemburgischem Recht haften die Teilfonds getrennt voneinander, d. h. die Vermögenswerte eines Teilfonds können nicht dazu verwendet werden, die Ansprüche eines Gläubigers oder einer dritten Partei gegenüber einem anderen Teilfonds zu erfüllen.
Anleger können Anteile zwischen den Teilfonds der SICAVs umschichten. Einzelheiten hierzu erfahren Sie im Verkaufsprospekt oder von Ihrem Finanzberater. Weitere Informationen zum Produkt, einschließlich des aktuellen Prospekts, des Basisinformationsblatts, der Nettoinventarwerte, der zuletzt veröffentlichten Anteilspreise, des Jahresberichts und der Anlagebeschreibung sind kostenfrei in englischer Sprache bei BNP PARIBAS ASSET MANAGEMENT Luxembourg oder online unter www.bnpparibas-am.com erhältlich. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
This Fund is actively managed. The benchmark MSCI China 10/40 (NR) is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark.
The Fund seeks to increase the value of its assets over the medium term by investing in shares issued by Chinese, Hong Kong or Taiwanese companies, or companies operating in those countries.
It may be invested in Mainland China shares restricted to foreign investors such as China A shares which can be listed on a Stock Connect or through a use of a specific license (RQFII) granted by the Chinese authorities.
Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making.
Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 5 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | de |
DOLFIN7229 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### The main activities of the custodian are retail banking and the securities business.
The custodian bank may delegate the safekeeping of the fund’s assets to third-party custodians and central securities depositaries in Switzerland or abroad to the extent that this is in the interest of proper safekeeping.
Within the meaning of the above paragraph, the transfer for financial instruments may only be undertaken to monitored third-party or central depositaries. An exception is made for the mandatory safekeeping at a location, where the transfer to monitored third-party or collective custodians is not possible as especially in the case of mandatory legal regulations or the modalities of the investment product.
The third-party and central depositaries entail that the fund management company no longer has the sole ownership but rather the co-ownership of the deposited securities. If the third-party and central depositaries are moreover not supervised, they shall not satisfy the requirements organizationally which are demanded for Swiss banks.
The custodian bank is liable for damages caused by the delegated party to the extent that custodian bank cannot prove that it applied due diligence in the selection, instruction and monitoring necessary for the circumstances.
With the United States tax authorities, the custodian bank is registered as a participating foreign financial institution under the terms of sections 1471-1474 of the United States Internal Revenue code (Foreign Account Tax Compliance Act, including related decrees, FATCA). | ### Les activités principales de la banque se concentrent dans les domaines de la banque privée et du commerce des valeurs mobilières.
La banque dépositaire peut confier la garde de la fortune du fonds à un tiers ou à un dépositaire central de titres en Suisse et à l’étranger pour autant qu’une garde appropriée soit ainsi assurée. Pour ce qui est des instruments financiers, leur garde ne peut être confiée qu’à des dépositaires tiers ou centraux soumis à la surveillance. Fait exception à cette règle la garde impérative en un lieu où la délégation à un tiers ou à un dépositaire central de titres soumis à la surveillance est impossible, notamment en raison de prescriptions légales contraignantes ou des modalités du produit de placement.
La garde collective et par des tiers a pour effet que la direction du fonds n'a plus la propriété individuelle sur les titres déposés, mais seulement la copropriété sur ceux-ci. Par ailleurs, si les dépositaires tiers et centraux ne sont pas soumis à la surveillance, ils n’ont pas à satisfaire les exigences organisationnelles qui sont imposées aux banques suisses.
La banque dépositaire est responsable des dommages causés par les mandataires dans la mesure où elle ne peut démontrer avoir fait preuve de la diligence requise par les circonstances dans ses tâches de sélection, d’instruction et de surveillance.
La banque dépositaire est inscrite auprès des autorités fiscales américaines en tant que Participating Foreign Financial Institution au sens des sections 1471 – 1474 de l’Internal Revenue Code américain (Foreign Account Tax Compliance Act, incluant les textes à ce sujet, ci-après «FATCA»). | ### The main activities of the custodian are retail banking and the securities business.
The custodian bank may delegate the safekeeping of the fund’s assets to third-party custodians and central securities depositaries in Switzerland or abroad to the extent that this is in the interest of proper safekeeping.
Within the meaning of the above paragraph, the transfer for financial instruments may only be undertaken to monitored third-party or central depositaries. An exception is made for the mandatory safekeeping at a location, where the transfer to monitored third-party or collective custodians is not possible as especially in the case of mandatory legal regulations or the modalities of the investment product.
The third-party and central depositaries entail that the fund management company no longer has the sole ownership but rather the co-ownership of the deposited securities. If the third-party and central depositaries are moreover not supervised, they shall not satisfy the requirements organizationally which are demanded for Swiss banks.
The custodian bank is liable for damages caused by the delegated party to the extent that custodian bank cannot prove that it applied due diligence in the selection, instruction and monitoring necessary for the circumstances.
With the United States tax authorities, the custodian bank is registered as a participating foreign financial institution under the terms of sections 1471-1474 of the United States Internal Revenue code (Foreign Account Tax Compliance Act, including related decrees, FATCA). | en | fr |
DOLFIN7230 | 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
## Daisy Li, Chris Chan
## Date de lancement
## 20 août 2012
## AUM (millions)
## USD 75,52
## Monnaie de base
## USD
## Publication des prix
## Financial Times, Bloomberg, Morningstar
## Indice de référence
## MSCI China All Shares Net Total Return
## Gestionnaire
## EFG Asset Management (UK) Limited
## Souscription/Rachat
## Quotidiennement 10:00 (Heure irlandaise)
## Période comptable
## 30 juin
## 120
## 100 | # Datos del Fondo
## Gestor del Fondo
## Daisy Li, Chris Chan
## Fecha de creación
## 20 agosto 2012
## Patrimonio
## USD 75,52
## Moneda base
## USD
## Publicación del precio
## Financial Times, Bloomberg, Morningstar
## Índice de referencia
## MSCI China All Shares Net Total Return
## Gestor de inversiones
## EFG Asset Management (UK) Limited
## Suscripción/Reembolso
## Diaria 10:00 (hora de Irlanda)
## Periodo contable
## 30 junio
## 120
## 100 | # Informations détaillées sur le Fonds
## Gérant du fonds
## Daisy Li, Chris Chan
## Date de lancement
## 20 août 2012
## AUM (millions)
## USD 75,52
## Monnaie de base
## USD
## Publication des prix
## Financial Times, Bloomberg, Morningstar
## Indice de référence
## MSCI China All Shares Net Total Return
## Gestionnaire
## EFG Asset Management (UK) Limited
## Souscription/Rachat
## Quotidiennement 10:00 (Heure irlandaise)
## Période comptable
## 30 juin
## 120
## 100 | fr | es |
DOLFIN7231 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# DESTRUCTION OF DOCUMENTS
- The Company may destroy:-
- any dividend mandate or share allotment request form or any variation or cancellation thereof or any notification of change of name or address at any time after the expiry of two years from the date such mandate, request variation, cancellation or notification was recorded by the Company;
- any instrument of transfer of shares which has been registered at any time after the expiry of six years from the date of registration there of; and
- any other document on the basis of which an entry in the Register is made at any time after the expiry of ten years from the date an entry in the Register was first made in respect of it;and it shall conclusively be presumed in favour of the Company that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document hereinbefore mentioned so destroyed was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company PROVIDED ALWAYS that:-
- the foregoing provisions of this Article shall apply only to the destruction of a document in good faith and without express notice to the Company that the preservation of such document was relevant to a claim;
- nothing contained in this Article shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (i) above are not fulfilled; and
- references in this Article to the destruction of any document includes references to its disposal in any manner.
- | # VERNICHTUNG VON UNTERLAGEN
- Die Gesellschaft darf folgende Unterlagen vernichten:
- Formulare mit Dividenden-Überweisungsaufträgen oder Aufforderungen zur Anteilszuteilung sowie Änderungen oder Aufhebungen solcher Formulare und jegliche Mitteilung über die Änderung eines Namens oder einer Anschrift jederzeit nach Ablauf von zwei Jahren nach dem Datum, an dem der Überweisungsauftrag, die gewünschte Änderung, die Aufhebung oder Mitteilung von der Gesellschaft registriert wurde;
- jede Übertragungsurkunde für Anteile, die registriert wurde, zu einem beliebigen Zeitpunkt nach Ablauf von sechs Jahren nach dem Registrierungsdatum; und
- jegliche sonstigen Unterlagen, auf deren Grundlage eine Eintragung in das Register durchgeführt wurde, nach Ablauf von zehn Jahren nachdem Tag, an dem erstmals in Bezug darauf eine Eintragung in das Register vorgenommen wurde;und es wird zugunsten der Gesellschaft angenommen, dass jede vernichtete Übertragungsurkunde eine ordnungsgemäß registrierte, gültige und wirksame Urkunde war und dass jedes sonstige Dokument, welches vorstehend genannt ist und vernichtet wurde, eine gültige und wirksame Urkunde mit dem in den Büchern oder Aufzeichnungen der Gesellschaft verzeichneten Inhalt war, wobei:
- die vorstehenden Bestimmungen dieses Artikels nur für die gutgläubige Vernichtung eines Dokuments ohne ausdrückliche Erklärung gegenüber der Gesellschaft, dass die Aufbewahrung des Dokuments für eine Forderung von Bedeutung war, gelten;
- nichts in diesem Artikel dahingehend auszulegen ist, dass der Gesellschaft irgendeine Haftung in Bezug auf die Vernichtung von Unterlagen zu einer früheren Zeit als vorstehend bestimmt oder in einem Fall, in dem die Bedingungen in vorstehender Bestimmung (i) nicht erfüllt sind, auferlegt wird; und
- Bezugnahmen in diesem Artikel auf die Vernichtung eines Dokuments auch Bezugnahmen auf die sonstige Verfügung darüber in irgendeiner Weise umfassen.
- | # DESTRUCTION OF DOCUMENTS
- The Company may destroy:-
- any dividend mandate or share allotment request form or any variation or cancellation thereof or any notification of change of name or address at any time after the expiry of two years from the date such mandate, request variation, cancellation or notification was recorded by the Company;
- any instrument of transfer of shares which has been registered at any time after the expiry of six years from the date of registration there of; and
- any other document on the basis of which an entry in the Register is made at any time after the expiry of ten years from the date an entry in the Register was first made in respect of it;and it shall conclusively be presumed in favour of the Company that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document hereinbefore mentioned so destroyed was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company PROVIDED ALWAYS that:-
- the foregoing provisions of this Article shall apply only to the destruction of a document in good faith and without express notice to the Company that the preservation of such document was relevant to a claim;
- nothing contained in this Article shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (i) above are not fulfilled; and
- references in this Article to the destruction of any document includes references to its disposal in any manner.
- | en | de |
DOLFIN7232 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Product
What is this product?
Type
The Fund was incorporated as a société anonyme, an open-ended fund formed under the amended law of 17 December 2010 on undertakings for collective investment. It is an umbrella fund with multiple compartments, the Sub-Fund being one of these compartments. The Shares are a class of shares in the Sub-Fund.
Objective
This actively managed Sub-Fund aims to achieve the highest possible capital growth in EUR. It promotes environmental and social characteristics within the meaning of Article 8 SFDR and invests in issuers that the Investment Manager considers well-prepared to handle financially material environmental and social challenges. The Sub-Fund focuses on the theme of the ongoing energy transition from carbon to renewable energy with its sub-themes “Alternative Energy Materials”, “Alternative Energy Generation” and “Energy Storage”. Issuers will be selected based on the Investment Manager's ESG framework. More details can be found in the prospectus.
The Sub-Fund mainly invests in equities and equity-like securities (including transferable securities that are qualified as closed-ended real estate investment trusts, participation certificates) issued by companies worldwide (including emerging markets). It may invest up to 20% via Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in China A-Shares.
Type of approach: The Sub-Fund invests in the theme of the ongoing transition from carbon to renewable energy, mainly via equities of companies - along the entire supply chain, from basic resources to technology enablers. The sub-fund promotes environmental and social characteristics by following exclusions and ESG integration approaches. In addition, companies must have a minimum ESG rating (i.e. excluding the worst ESG laggards) based on the scoring model of a renowned third party data provider. This ESG rating evaluates companies on specific environmental, social and governance criteria. By focusing on the theme of the ongoing transition from carbon to renewable energy and applying the ESG criteria as described above, the sub-fund excludes at least 20% of the initial investment universe, namely the equity market worldwide. Threshold: At least 90% of the securities in the sub-fund are covered by the ESG analysis. The Sub-Fund applies a comprehensive voting and engagement strategy via a third-party provider that enables it to use its role as shareholders (and prospective shareholders) to support companies in becoming more sustainable. Main methodological limits: potential inconsistency, inaccuracy or lack of availability of ESG data issued by external third party providers.
The Sub-Fund may also hold up to 20% of its net assets in bank deposits at sight.
The Sub-Fund may use derivatives to achieve the investment objective and for hedging purposes.
Redemption of shares: daily when banks in Luxembourg are open for normal business (see prospectus for details and exceptions). Income may be paid out each year.
The Sub-Fund is not managed with reference to a benchmark. The portfolio manager has full investment discretion within the predefined investment limits.
AN shares are reserved for specific investors and do not grant any rebate or retrocessions. See prospectus for details.
Taking into consideration the minimum recommended holding period, the return will depend on the performance of the underlying investments. The Fund's depositary is RBC Investor Services Bank S.A.
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 an investor. You can request the conversion of some or all of your Shares in the Sub-Fund in accordance with the "Conversion of Shares" section, unless stipulated otherwise in the special part of the sales prospectus.
The sales prospectus, including pre-contractual SFDR disclosures, up-to-date semi-annual and annual reports, share prices and other practical information are available free of charge at www.vontobel.com/AM in English and German.
Intended Retail Investor
The Sub-Fund is intended for retail investors with knowledge and/or experience of these types of products, that have obtained appropriate investment advice, that have long-term investment horizon and that have the ability to bear losses up to the amount they have invested in the Sub-Fund.
Term
The Shares do not have a maturity date. The Product Manufacturer can terminate the Shares unilaterally. The Shares, the Sub-Fund and the Fund can be terminated early and liquidated in the cases set out in the prospectus and the articles of incorporation of the Fund. | # Producto
¿Qué es este producto?
Tipo
El Fondo se constituyó como société anonyme, un fondo abierto creado con arreglo a la ley modificada de 17 de diciembre de 2010 sobre organismos de inversión colectiva. Es un fondo paraguas con múltiples compartimentos, siendo el Compartimento uno de ellos. Las Acciones son una clase de acciones del Compartimento.
Objetivos
Este Compartimento de gestión activa tiene como objetivo lograr el mayor crecimiento del capital posible en EUR. Promueve características medioambientales y sociales en el sentido del artículo 8 del SFDR, invirtiendo en emisores que el gestor de inversiones considera bien preparados para hacer frente a los retos medioambientales y sociales de relevancia financiera. El Compartimento se centra en el tema de la actual transición energética del carbono a las energías renovables con sus subtemas «Materiales energéticos alternativos», «Generación de energía alternativa» y «Almacenamiento de energía». Los emisores se seleccionarán con base en el marco ESG del gestor de inversiones.
Puede obtener más información en el folleto.
El Compartimento invierte principalmente en valores de renta variable y valores similares a la renta variable (incluidos valores mobiliarios calificados como fondos de inversión inmobiliaria cerrados, certificados de participación) emitidos por empresas de todo el mundo (incluidos los mercados emergentes). Puede invertir hasta el 20% en acciones A de China a través de los programas Shanghai-Hong Kong Stock Connect y Shenzhen-Hong Kong Stock Connect.
Tipo de enfoque: El Compartimento invierte en el tema de la actual transición energética del carbono a las energías renovables — principalmente a través de acciones de empresas—, a lo largo de toda la cadena de suministro, desde los recursos básicos hasta los habilitadores tecnológicos. El Compartimento promueve características medioambientales y sociales siguiendo enfoques de exclusión e integración ESG. Además, las empresas deben tener una calificación mínima en materia de ESG (es decir, se excluyen las peor posicionadas en materia ESG) según el modelo de calificación de un proveedor de datos externo reconocido. Esta calificación ESG evalúa a las empresas en función de criterios medioambientales, sociales y de gobierno corporativo específicos. Al centrarse en el tema de la actual transición energética del carbono a la energía renovable y aplicar los criterios ESG descritos anteriormente, el Compartimento excluye, al menos, el 20 % del universo de inversión inicial, concretamente, los mercados de renta variable de todo el mundo. Umbral: El análisis ESG abarca, como mínimo, el 90% de los valores del Compartimento. El Compartimento aplica una estrategia integral de votación e implicación a través de un proveedor externo que le permite desempeñar su función como accionista (y accionista potencial) para ayudar a las empresas a ser más sostenibles. Principales límites metodológicos: posibles incoherencias, imprecisiones o falta de disponibilidad de datos ESG emitidos por proveedores terceros externos.
El Compartimento también puede mantener hasta el 20 % de su patrimonio neto en depósitos bancarios a la vista.
El Compartimento puede invertir en derivados para alcanzar su objetivo de inversión y con fines de cobertura.
Reembolso de participaciones: todos los días en que los bancos se encuentren abiertos en Luxemburgo para el desempeño normal de su actividad (consulte el folleto para obtener información detallada y ver las excepciones).
Los ingresos pueden pagarse cada año.
El Compartimento no se gestiona en relación con un índice de referencia. El gestor de carteras dispone de plena discrecionalidad de inversión dentro de los límites específicos definidos.
Las participaciones AN están reservadas para inversores específicos y no otorgan descuentos o retrocesiones. Consulte el folleto para obtener información detallada.
Teniendo en cuenta el periodo de mantenimiento mínimo recomendado, la rentabilidad dependerá de la evolución de las inversiones subyacentes.
El depositario del Fondo es RBC Investor Services Bank S.A.
Este Compartimento forma parte de un fondo paraguas. Los distintos Compartimentos no son responsables entre sí, lo que significa que solo las ganancias y pérdidas de este Compartimento son relevantes para usted como inversor. Los inversores pueden solicitar la conversión de sus Acciones, en su totalidad o en parte, de conformidad con el apartado Conversion of Shares («Conversión de Acciones»), salvo que se indique otra cosa en la parte especial del folleto de venta.
El folleto de venta, incluyendo la divulgación precontractual de información relativa al SFDR, los informes semestral y anual actualizados, los precios de las acciones y otra información práctica, están disponibles gratuitamente en www.vontobel.com/AM en inglés y alemán.
Inversor Minorista Al Que Va Dirigido
El Compartimento está destinado a pequeños inversores con conocimientos y/o experiencia en este tipo de productos, que hayan obtenido un asesoramiento de inversión adecuado, que tengan un horizonte de inversión a largo plazo y la capacidad para soportar pérdidas hasta el importe que hayan invertido en el Compartimento.
Plazo
Las Participaciones no tienen fecha de vencimiento. El productor del producto puede rescindir las Participaciones unilateralmente. Las Participaciones, el Compartimento y el Fondo pueden rescindirse anticipadamente y liquidarse en los casos previstos en el folleto y los estatutos del Fondo. | # Product
What is this product?
Type
The Fund was incorporated as a société anonyme, an open-ended fund formed under the amended law of 17 December 2010 on undertakings for collective investment. It is an umbrella fund with multiple compartments, the Sub-Fund being one of these compartments. The Shares are a class of shares in the Sub-Fund.
Objective
This actively managed Sub-Fund aims to achieve the highest possible capital growth in EUR. It promotes environmental and social characteristics within the meaning of Article 8 SFDR and invests in issuers that the Investment Manager considers well-prepared to handle financially material environmental and social challenges. The Sub-Fund focuses on the theme of the ongoing energy transition from carbon to renewable energy with its sub-themes “Alternative Energy Materials”, “Alternative Energy Generation” and “Energy Storage”. Issuers will be selected based on the Investment Manager's ESG framework. More details can be found in the prospectus.
The Sub-Fund mainly invests in equities and equity-like securities (including transferable securities that are qualified as closed-ended real estate investment trusts, participation certificates) issued by companies worldwide (including emerging markets). It may invest up to 20% via Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect in China A-Shares.
Type of approach: The Sub-Fund invests in the theme of the ongoing transition from carbon to renewable energy, mainly via equities of companies - along the entire supply chain, from basic resources to technology enablers. The sub-fund promotes environmental and social characteristics by following exclusions and ESG integration approaches. In addition, companies must have a minimum ESG rating (i.e. excluding the worst ESG laggards) based on the scoring model of a renowned third party data provider. This ESG rating evaluates companies on specific environmental, social and governance criteria. By focusing on the theme of the ongoing transition from carbon to renewable energy and applying the ESG criteria as described above, the sub-fund excludes at least 20% of the initial investment universe, namely the equity market worldwide. Threshold: At least 90% of the securities in the sub-fund are covered by the ESG analysis. The Sub-Fund applies a comprehensive voting and engagement strategy via a third-party provider that enables it to use its role as shareholders (and prospective shareholders) to support companies in becoming more sustainable. Main methodological limits: potential inconsistency, inaccuracy or lack of availability of ESG data issued by external third party providers.
The Sub-Fund may also hold up to 20% of its net assets in bank deposits at sight.
The Sub-Fund may use derivatives to achieve the investment objective and for hedging purposes.
Redemption of shares: daily when banks in Luxembourg are open for normal business (see prospectus for details and exceptions). Income may be paid out each year.
The Sub-Fund is not managed with reference to a benchmark. The portfolio manager has full investment discretion within the predefined investment limits.
AN shares are reserved for specific investors and do not grant any rebate or retrocessions. See prospectus for details.
Taking into consideration the minimum recommended holding period, the return will depend on the performance of the underlying investments. The Fund's depositary is RBC Investor Services Bank S.A.
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 an investor. You can request the conversion of some or all of your Shares in the Sub-Fund in accordance with the "Conversion of Shares" section, unless stipulated otherwise in the special part of the sales prospectus.
The sales prospectus, including pre-contractual SFDR disclosures, up-to-date semi-annual and annual reports, share prices and other practical information are available free of charge at www.vontobel.com/AM in English and German.
Intended Retail Investor
The Sub-Fund is intended for retail investors with knowledge and/or experience of these types of products, that have obtained appropriate investment advice, that have long-term investment horizon and that have the ability to bear losses up to the amount they have invested in the Sub-Fund.
Term
The Shares do not have a maturity date. The Product Manufacturer can terminate the Shares unilaterally. The Shares, the Sub-Fund and the Fund can be terminated early and liquidated in the cases set out in the prospectus and the articles of incorporation of the Fund. | en | es |
DOLFIN7233 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| BlackRock Euro Equity, a subfund of the SICAV AMSelect Class ''I Capitalisation'' - ISIN code LU2310408468 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed. The benchmark MSCI EMU is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark. The Fund seeks to increase the value of its assets over the medium term by investing mainly in shares of companies in the eurozone selected on the basis of both financial and extra-financial criteria. The Fund may also invest a minor part of its assets in other shares, bonds and money market instruments. The Fund can use derivatives for hedging or efficient portfolio management. The Fund uses combination of market and fundamental company analysis to select companies that appear to be undervalued or to have an above-average potential for earnings growth (bottom-up approach). The investment team applies also BNP PARIBAS ASSET MANAGEMENT Responsible Business Conduct Policy, including norm-based screens, exclusion lists and stewardship activities when taking into account Environmental, Social and Governance (ESG) criteria in the investments of the Fund. In addition, the investment teams applies its own ESG integration methodologies, which takes into account extra-financial criteria such as but not limited to reduction of emissions of greenhouse gas, respect of human rights, respect of minority shareholders rights at each step of the investment process of the Fund. This fund follows a best-in-class approach that selects issuers demonstrating superior social and environmental responsibility, while implementing robust corporate governance practices within their sector of activity, and applies certain minimum exclusion criteria. An extra-financial strategy may comprise methodological limitations such as the environmental, social and governance (ESG) investing risk as defined by the asset manager. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the subfund on such markets could be more risky. Historical data may not be reliable indication for the future. . The risk category of a Fund is an indicator but not a target or a guarantee and may shift over time. The lowest category does not mean a risk-free investment. Why is the Fund in this specific category? The risk category is justified by the investment mainly in Stocks and Shares, the value of which can fluctuate considerably. These fluctuations are often amplified in the short term. The higher the risk, the longer the recommended investment horizon. | | | BlackRock Euro Equity, ein Teilfonds der SICAV AMSelect Klasse „I Capitalisation“- ISIN-Code LU2310408468 Dieser Fonds wird von BNP PARIBAS ASSET MANAGEMENT Luxembourg verwaltet, einem Unternehmen der BNP Paribas-Gruppe. |
| --- |
| Ziele und Anlagepolitik |
| Der Fonds wird aktiv verwaltet. Der Referenzindex MSCI EMU wird nur für den Vergleich der Wertentwicklung verwendet. Der Fonds ist benchmarkunabhängig und seine Wertentwicklung kann erheblich von der des Referenzindex abweichen. Ziel des Fonds ist die mittelfristige Wertsteigerung seiner Vermögenswerte vornehmlich durch Anlagen in Aktien von Unternehmen in der Eurozone, die auf der Grundlage von sowohl finanzbezogenen als auch nicht finanzbezogenen Kriterien ausgewählt werden. Der Fonds kann auch einen geringen Teil seines Vermögens in andere Aktien, Anleihen und Geldmarktinstrumente investieren. Der Fonds kann Derivate zur Absicherung oder zur effizienten Portfolioverwaltung verwenden. Der Fonds verwendet eine Kombination aus Markt- und fundamentaler Unternehmensanalyse, um Unternehmen auszuwählen, die offenbar unterbewertet sind oder ein überdurchschnittliches Potenzial für Ertragssteigerungen aufweisen (Bottom-up-Ansatz). Das Anlageteam wendet zudem die Richtlinien von BNP PARIBAS ASSET MANAGEMENT für verantwortungsbewusstes unternehmerisches Handeln an, einschließlich normenbasierter Screenings, Ausschlusslisten und Stewardship-Aktivitäten, wenn bei Anlagen des Fonds die Kriterien für Umwelt, Soziales und Governance (ESG) berücksichtigt werden. Darüber hinaus wendet das Anlageteam seine eigene Methodik zur ESG-Integration an, die nicht finanzbezogene Kriterien wie beispielsweise Reduzierung der Treibhausgasemissionen, Achtung der Menschenrechte, Achtung der Rechte der Minderheitsaktionäre bei jedem Schritt des Anlageprozesses des Fonds berücksichtigt. Dieser Fonds folgt einem Best-in-Class-Ansatz, bei dem Emittenten ausgewählt werden, die große Verantwortung im sozialen und Umweltbereich zeigen und zugleich solide Unternehmensführungspraktiken in ihrem Tätigkeitsbereich anwenden, und wendet bestimmte Mindestausschlusskriterien an. Eine nicht finanzbezogene Strategie kann methodische Einschränkungen beinhalten, wie das vom Anlageverwalter definierte Anlagerisiko in Bezug auf Umwellt, Soziales und Unternehmensführung (ESG). Die Erträge werden grundsätzlich reinvestiert. Anleger können ihre Anteile täglich (an Bankarbeitstagen in Luxemburg) zurückgeben, wie im Verkaufsprospekt beschrieben. |
| Risiko- und Ertragsprofil |
| Geringeres Risiko Höheres Risiko Weitere Risiken, die für den Fonds materiell relevant sind und durch den Indikator nicht angemessen erfasst werden: Typischerweise geringerer Ertrag Typischerweise höherer Ertrag Einige Märkte sind weniger stark reguliert als die meisten internationalen Märkte; deswegen können die Dienstleistungen für die Verwahrung und Liquidation für den Teilfonds auf solchen Märkten mit höheren Risiken verbunden sein. Historische Daten stellen keinen zuverlässigen Indikator für die Zukunft dar. Die Risikokategorie eines Fonds dient als Indikator, nicht jedoch als Ziel oder Garantie, und kann sich im Laufe der Zeit ändern. erhältlich Die niedrigste Kategorie weist nicht auf eine risikofreie Anlage hin. ist. Warum ist der Fonds dieser spezifischen Kategorie zugeordnet? Die Risikokategorie ergibt sich aus der überwiegenden Anlage in Aktien und Anteilen, deren Wert erheblich schwanken kann. Diese Schwankungen werden häufig kurzfristig verstärkt. Je höher das Risiko ist, desto länger ist der empfohlene Anlagehorizont. | | | BlackRock Euro Equity, a subfund of the SICAV AMSelect Class ''I Capitalisation'' - ISIN code LU2310408468 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed. The benchmark MSCI EMU is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark. The Fund seeks to increase the value of its assets over the medium term by investing mainly in shares of companies in the eurozone selected on the basis of both financial and extra-financial criteria. The Fund may also invest a minor part of its assets in other shares, bonds and money market instruments. The Fund can use derivatives for hedging or efficient portfolio management. The Fund uses combination of market and fundamental company analysis to select companies that appear to be undervalued or to have an above-average potential for earnings growth (bottom-up approach). The investment team applies also BNP PARIBAS ASSET MANAGEMENT Responsible Business Conduct Policy, including norm-based screens, exclusion lists and stewardship activities when taking into account Environmental, Social and Governance (ESG) criteria in the investments of the Fund. In addition, the investment teams applies its own ESG integration methodologies, which takes into account extra-financial criteria such as but not limited to reduction of emissions of greenhouse gas, respect of human rights, respect of minority shareholders rights at each step of the investment process of the Fund. This fund follows a best-in-class approach that selects issuers demonstrating superior social and environmental responsibility, while implementing robust corporate governance practices within their sector of activity, and applies certain minimum exclusion criteria. An extra-financial strategy may comprise methodological limitations such as the environmental, social and governance (ESG) investing risk as defined by the asset manager. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the subfund on such markets could be more risky. Historical data may not be reliable indication for the future. . The risk category of a Fund is an indicator but not a target or a guarantee and may shift over time. The lowest category does not mean a risk-free investment. Why is the Fund in this specific category? The risk category is justified by the investment mainly in Stocks and Shares, the value of which can fluctuate considerably. These fluctuations are often amplified in the short term. The higher the risk, the longer the recommended investment horizon. | | en | de |
DOLFIN7234 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
EdR SICAV – Start
Until mid-February 2020, risky assets were buoyed by an improving geopolitical climate coupled with persistently accommodative monetary policies. In October 2019 the Fed cut its benchmark rate for the third time in three months and then re-injected liquidity in late 2019 to contain the tensions on the interbank market. As regards the political environment, in the U.K., B. Johnson proposed a new deal on the Brexit, accepted by Brussels, in order to extend the deadline to 31 January 2020. In addition, the election of B. Johnson was welcomed by the markets. On the Sino-American front, negotiations between the Americans and the Chinese resumed in October and a Phase 1 agreement was finally reached in December. Finally, from an economic perspective, economic statistics began to improve in late 2019 and early 2020 and the economic downturn, particularly in Europe, appeared to have passed. However, the arrival of the coronavirus, first in China at the end of January and then in Europe at the end of February, put the brakes on the world economy. Containment measures have been instituted in most countries, thereby suspending a large portion of economic activity. Governments and central banks have taken historic steps to stem this severe recession, including massive injections of liquidity. As early as in March, the ECB implemented a €750 billion purchase plan for sovereign and corporate bonds, which it increased in June. And the Fed transformed its $700 billion purchase programme into a fully open programme (adding highly rated corporate bonds to the list of assets purchased). Fiscal stimulus packages were numerous from March onwards, amounting to more than 6% of world GDP, and were supplemented in the following months with measures to support the economy, including partial unemployment and social guarantees.
However, on the markets, the emergence of the Coronavirus led to significant risk aversion, appearing first in emerging countries. The developed economy equity markets were pursued by the outbreak in Europe and, between 19 February and 23 March 2020, MSCI Europe (€) collapsed by 35% and the SP500 ($) by 34%, the fastest crash in history. This phenomenon was amplified by the disagreement among the oil-producing countries that led to a drop of more than 60% in the price of oil. The historic reactions by the governments and central banks led to a significant rebound in risk assets. However, there was a notable difference between quality and growth assets and discounted and cyclical stocks, which significantly underperformed. This has largely benefited U.S. equities. The latter even recorded a historic performance for the month of August, growing by more than 5%. However, September experienced a correction. At first technical, mainly affecting technology stocks, it was amplified by two major fears: the arrival of a second wave of Covid-19 in Europe leading to the introduction of new social restriction measures and the uncertainty associated with the US elections, with a possible delay in the announcement of the results given voting by mail and Mr Trump's dissenting position.
Therefore, over the period under review, the SP500 in USD rose by 15.1% while the MSCI Europe was down 7.8%. Emerging countries and Japan also rose, by 10.8% (MSCI Emerging Market in USD) and 4.7% (Topix in JPY), respectively. Technology stocks led the rise, while financial, energy, tourism and leisure stocks suffered
greatly from the health and economic crisis. In bond assets, while corporate and emerging market bonds also rebounded after the sharp decline in March, they have not yet returned to their pre-crisis levels. On the other hand, US interest rates have fallen significantly (-100bp for the 10-year), embracing their role as a safe-haven asset and kept low by successive rate cuts by the Fed. In Europe, over the period, the German 10-year yield increased slightly, mainly in the last quarter of 2019. The downturn was strong in early 2020 until mid-March, when it climbed pack up again and finished at -0.52% down, a fluctuation band of plus or minus 20bp.
The FlexCarry component shows a performance of -69 bps while the Global Macro component remains neutral. Equity exposure generates 32 bps, while FX loses 31 bps.
In March 2020, the emergence of Covid and the drastic containment measures led to a strong aversion to indiscriminate risk. The absence of safe-haven assets and the lack of visibility caused a sharp widening of bond spreads, which weighed on our FlexCarry component. Since that time, normalisation has been well underway and we have also capitalised on related positions, in particular, purchasing US equities and selling emerging currencies.
Over the year, the A share (hedged) denominated in CHF posted a performance of -1.98%, compared with - 0.79% for its benchmark index.
Over the year, the A share denominated in EUR posted a performance of -1.39%, compared with -0.46% for its benchmark index.
Over the year, the A share (hedged) denominated in USD posted a performance of +0.01%, compared with
+0.77% for its benchmark index.
Over the year, the CR share denominated in EUR posted a performance of -1.24%, compared with -0.46% for its benchmark index.
Over the year, the I share (hedged) denominated in CHF posted a performance of -1.68%, compared with - 0.79% for its benchmark index.
Over the year, the I share denominated in EUR posted a performance of -1.05%, compared with -0.46% for its benchmark index.
Over the year, the I share (hedged) denominated in USD posted a performance of +0.53%, compared with
+0.77% for its benchmark index.
Over the year, the N share denominated in EUR posted a performance of -0.95%, compared with -0.46% for its benchmark index.
Over the year, the R share denominated in EUR posted a performance of -1.70%, compared with -0.46% for its benchmark index.
The CR share (hedged) denominated in USD were not subscribed during the financial year. The J and P shares denominated in EUR were not subscribed during the financial year.
The “COVID-19 Epidemic” health context and the subsequent downturn of the financial markets did not affect the Sub-fund’s accounting methods and rules during the financial year.
Past performance is not an indication of future performance.
Main changes to the portfolio during the financial year | EdR SICAV- Start
Bis Mitte Februar 2020 wurden die Risikoanlagen durch ein sich verbesserndes geopolitisches Klima in Verbindung mit einer weiterhin entgegenkommenden Geldpolitik beflügelt. Die Fed senkte ihren Referenzsatz im Oktober 2019 zum dritten Mal in Folge innerhalb von drei Monaten und pumpte anschließend Ende 2019 erneut Geld in den Markt, um Spannungen auf dem Interbankenmarkt einzudämmen. Was das politische Umfeld betrifft, so schlug Boris Johnson im Vereinigten Königreich eine neue Vereinbarung für den Brexit vor, die von Brüssel akzeptiert wurde, um die Frist bis zum 31. Januar 2020 zu verlängern. Zudem wurde die Wahl von Boris Johnson durch die Märkte begrüßt. An der chinesisch-amerikanischen Front wurden die Gespräche im Oktober wiederaufgenommen, und im Dezember konnte man sich schließlich über ein Abkommen der Phase 1 einigen. Aus wirtschaftlicher Sicht begannen sich die Wirtschaftsdaten schließlich Ende 2019 und Anfang 2020 zu verbessern, und die wirtschaftliche Talsohle, insbesondere in Europa, schien durchschritten zu sein. Aber das Aufkommen des Coronavirus, zuerst in China Ende Januar und dann in Europa Ende Februar, hat die Weltwirtschaft ausgebremst. In den meisten Ländern wurden Ausgangsbeschränkungen erlassen, wodurch ein großer Teil der wirtschaftlichen Aktivitäten eingestellt wurde. Regierungen und Zentralbanken unternahmen historische Schritte zur Eindämmung dieser tiefen Rezession, einschließlich umfangreicher Liquiditätsspritzen. Bereits im März legte die EZB einen Kaufplan für Staats- und Unternehmensanleihen in Höhe von 750 Milliarden Euro auf, den sie im Juni ausweitete. Und die Fed hat ihr Ankaufprogramm über 700 Milliarden Dollar in ein vollständig offenes Programm umgewandelt (und hoch bewertete Unternehmensanleihen in die Liste der gekauften Vermögenswerte aufgenommen). Ab März gab es zahlreiche Konjunkturpakete, die sich auf mehr als 6 % des weltweiten BIP beliefen und in den folgenden Monaten durch Maßnahmen zur Stützung der Wirtschaft ergänzt wurden, darunter Kurzarbeitsprogramme und staatliche Garantien.
So hat das Aufkommen des Coronavirus an den Märkten zu einer erheblichen Risikoaversion geführt, zunächst in den Schwellenländern. Die Aktien der Industrieländer folgten mit dem Auftreten von Fällen in Europa und brachen zwischen dem 19. Februar und dem 23. März 2020 um 35 % für den MSCI Europe (in €) und um 34 % für den S&P500 (in $) ein – der schnellste Rückgang in der Geschichte. Dieses Phänomen wurde durch Unstimmigkeiten zwischen den ölproduzierenden Ländern verstärkt, die in einem Rückgang des Ölpreises um mehr als 60 % resultierten. Die historischen Reaktionen der Regierungen und Zentralbanken führten zu einer deutlichen Erholung der Risikoanlagen. Es gab jedoch einen bemerkenswerten Unterschied zwischen Qualitäts- und Wachstumsanlagen und unterbewerteten und zyklischen Titeln, die eine deutliche Underperformance erzielten. Davon haben US-Aktien stark profitiert. Letztere verzeichneten sogar eine historische Wertentwicklung für den Monat August mit einem Wachstum von mehr als 5 %. Im September kam es jedoch zu einer Korrektur. In einem ersten technischen Zeitraum, hauptsächlich in Bezug auf technologische Werte, wurde die Korrektur durch zwei große Befürchtungen verstärkt: Eine zweite COVID-19-Welle in Europa, die zur Einführung neuer gesellschaftlicher Beschränkungen führt, und die Unsicherheit im Zusammenhang mit den Wahlen in den USA
mit einer möglichen Verzögerung bei der Bekanntgabe der Ergebnisse angesichts der hohen Zahl an Briefwahlstimmen und der streitlustigen Haltung von Donald Trump.
So stieg im Berichtszeitraum der S&P500 in USD um 15,1 %, während der MSCI Europe um 7,8 % fiel. Die Schwellenländer und Japan legten ebenfalls zu, und zwar um 10,8 % (MSCI Emerging Market in USD) bzw. 4,7 % (Topix in JPY). Die Technologieaktien führten den Anstieg an, während die Sektoren Finanzen, Energie, Tourismus und Freizeit stark unter der Gesundheits- und Wirtschaftskrise litten. Bei den Anleihen erholten sich zwar auch Unternehmens- und Schwellenmarktanleihen nach dem starken Rückgang im März, doch haben sie noch nicht wieder das Vorkrisenniveau erreicht. Demgegenüber sind die US-Zinsen deutlich gesunken (-100 Basispunkte im Bereich von 10 Jahren), wobei sie ihre Rolle als sicherer Hafen übernahmen und durch die aufeinanderfolgenden Zinssenkungen der Fed niedrig gehalten wurden. In Europa stieg der deutsche 10-Jahres- Zins im Berichtszeitraum leicht an, hauptsächlich im letzten Quartal 2019. Anfang 2020 bis Mitte März gab es einen starken Rückgang, dann stieg der Zinssatz wieder an und schloss bei -0,52 % innerhalb einer Schwankungsbandbreite von +/- 20 Basispunkten.
Die Komponente FlexCarry erzielte eine Performance von -69 Basispunkten, während sich die Komponente Global Macro seitwärts bewegte. Das Aktienengagement generierte 32 Basispunkte, während Devisengeschäfte ein Minus von 31 Basispunkten einbrachten.
Der Ausbruch von COVID-19 und die drastischen Ausgangsbeschränkungen führten im März 2020 zu einer starken Risikoaversion hinsichtlich aller Segmente. Der Mangel an Fluchtwerten und die mangelnde Prognosesicherheit führten dazu, dass sich die Spreadpapiere stark weiteten, was unsere Komponente FlexCarry belastete. Seitdem ist eine Normalisierung im Gange, und wir haben auch aus relativen Positionen Kapital geschlagen, insbesondere Long-Positionen in US-Aktien und Short-Positionen in Schwellenlandwährungen.
Während des Jahres verzeichnete die auf CHF lautende Aktienklasse A (abgesichert) eine Performance von - 1,98 % und ihr Referenzindex erreichte -0,79 %.
Während des Jahres verzeichnete die auf EUR lautende Aktienklasse A eine Performance von -1,39 % und ihr Referenzindex erreichte -0,46 %.
Während des Jahres verzeichnete die auf USD lautende Aktienklasse A (abgesichert) eine Performance von
+0,01 % und ihr Referenzindex erreichte +0,77 %.
Während des Jahres verzeichnete die auf EUR lautende Aktienklasse CR eine Performance von -1,24 % und ihr Referenzindex erreichte -0,46 %.
Während des Jahres verzeichnete die auf CHF lautende Aktienklasse I (abgesichert) eine Performance von - 1,68 % und ihr Referenzindex erreichte -0,79 %.
Während des Jahres verzeichnete die auf EUR lautende Aktienklasse I eine Performance von -1,05 % und ihr Referenzindex erreichte -0,46 %.
Während des Jahres verzeichnete die auf USD lautende Aktienklasse I (abgesichert) eine Performance von
+0,53 % und ihr Referenzindex erreichte +0,77 %.
Während des Jahres verzeichnete die auf EUR lautende Aktienklasse N eine Performance von -0,95 % und ihr Referenzindex erreichte -0,46 %.
Während des Jahres verzeichnete die auf EUR lautende Aktienklasse R eine Performance von -1,70 % und ihr Referenzindex erreichte -0,46 %.
Die auf USD lautende (abgesicherte) Aktienklasse CR wurde während des Geschäftsjahres nicht gezeichnet. Die auf EUR lautenden Aktienklassen J und P wurden während des Geschäftsjahres nicht gezeichnet.
Das gesundheitliche Umfeld aufgrund der COVID-19-Epidemie und der anschließende Rückgang der Finanzmärkte hatte keine Auswirkungen auf die Rechnungslegungsmethoden und -regeln des Teilfonds während des Geschäftsjahres.
Die frühere Wertentwicklung lässt keinen Rückschluss auf die zukünftige Wertentwicklung zu.
Wichtigste Veränderungen im Portfolio während des Geschäftsjahres | EdR SICAV – Start
Until mid-February 2020, risky assets were buoyed by an improving geopolitical climate coupled with persistently accommodative monetary policies. In October 2019 the Fed cut its benchmark rate for the third time in three months and then re-injected liquidity in late 2019 to contain the tensions on the interbank market. As regards the political environment, in the U.K., B. Johnson proposed a new deal on the Brexit, accepted by Brussels, in order to extend the deadline to 31 January 2020. In addition, the election of B. Johnson was welcomed by the markets. On the Sino-American front, negotiations between the Americans and the Chinese resumed in October and a Phase 1 agreement was finally reached in December. Finally, from an economic perspective, economic statistics began to improve in late 2019 and early 2020 and the economic downturn, particularly in Europe, appeared to have passed. However, the arrival of the coronavirus, first in China at the end of January and then in Europe at the end of February, put the brakes on the world economy. Containment measures have been instituted in most countries, thereby suspending a large portion of economic activity. Governments and central banks have taken historic steps to stem this severe recession, including massive injections of liquidity. As early as in March, the ECB implemented a €750 billion purchase plan for sovereign and corporate bonds, which it increased in June. And the Fed transformed its $700 billion purchase programme into a fully open programme (adding highly rated corporate bonds to the list of assets purchased). Fiscal stimulus packages were numerous from March onwards, amounting to more than 6% of world GDP, and were supplemented in the following months with measures to support the economy, including partial unemployment and social guarantees.
However, on the markets, the emergence of the Coronavirus led to significant risk aversion, appearing first in emerging countries. The developed economy equity markets were pursued by the outbreak in Europe and, between 19 February and 23 March 2020, MSCI Europe (€) collapsed by 35% and the SP500 ($) by 34%, the fastest crash in history. This phenomenon was amplified by the disagreement among the oil-producing countries that led to a drop of more than 60% in the price of oil. The historic reactions by the governments and central banks led to a significant rebound in risk assets. However, there was a notable difference between quality and growth assets and discounted and cyclical stocks, which significantly underperformed. This has largely benefited U.S. equities. The latter even recorded a historic performance for the month of August, growing by more than 5%. However, September experienced a correction. At first technical, mainly affecting technology stocks, it was amplified by two major fears: the arrival of a second wave of Covid-19 in Europe leading to the introduction of new social restriction measures and the uncertainty associated with the US elections, with a possible delay in the announcement of the results given voting by mail and Mr Trump's dissenting position.
Therefore, over the period under review, the SP500 in USD rose by 15.1% while the MSCI Europe was down 7.8%. Emerging countries and Japan also rose, by 10.8% (MSCI Emerging Market in USD) and 4.7% (Topix in JPY), respectively. Technology stocks led the rise, while financial, energy, tourism and leisure stocks suffered
greatly from the health and economic crisis. In bond assets, while corporate and emerging market bonds also rebounded after the sharp decline in March, they have not yet returned to their pre-crisis levels. On the other hand, US interest rates have fallen significantly (-100bp for the 10-year), embracing their role as a safe-haven asset and kept low by successive rate cuts by the Fed. In Europe, over the period, the German 10-year yield increased slightly, mainly in the last quarter of 2019. The downturn was strong in early 2020 until mid-March, when it climbed pack up again and finished at -0.52% down, a fluctuation band of plus or minus 20bp.
The FlexCarry component shows a performance of -69 bps while the Global Macro component remains neutral. Equity exposure generates 32 bps, while FX loses 31 bps.
In March 2020, the emergence of Covid and the drastic containment measures led to a strong aversion to indiscriminate risk. The absence of safe-haven assets and the lack of visibility caused a sharp widening of bond spreads, which weighed on our FlexCarry component. Since that time, normalisation has been well underway and we have also capitalised on related positions, in particular, purchasing US equities and selling emerging currencies.
Over the year, the A share (hedged) denominated in CHF posted a performance of -1.98%, compared with - 0.79% for its benchmark index.
Over the year, the A share denominated in EUR posted a performance of -1.39%, compared with -0.46% for its benchmark index.
Over the year, the A share (hedged) denominated in USD posted a performance of +0.01%, compared with
+0.77% for its benchmark index.
Over the year, the CR share denominated in EUR posted a performance of -1.24%, compared with -0.46% for its benchmark index.
Over the year, the I share (hedged) denominated in CHF posted a performance of -1.68%, compared with - 0.79% for its benchmark index.
Over the year, the I share denominated in EUR posted a performance of -1.05%, compared with -0.46% for its benchmark index.
Over the year, the I share (hedged) denominated in USD posted a performance of +0.53%, compared with
+0.77% for its benchmark index.
Over the year, the N share denominated in EUR posted a performance of -0.95%, compared with -0.46% for its benchmark index.
Over the year, the R share denominated in EUR posted a performance of -1.70%, compared with -0.46% for its benchmark index.
The CR share (hedged) denominated in USD were not subscribed during the financial year. The J and P shares denominated in EUR were not subscribed during the financial year.
The “COVID-19 Epidemic” health context and the subsequent downturn of the financial markets did not affect the Sub-fund’s accounting methods and rules during the financial year.
Past performance is not an indication of future performance.
Main changes to the portfolio during the financial year | en | de |
DOLFIN7235 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: EUR 10,000 |
| --- |
| | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Total Costs | 631 EUR | 1266 EUR |
| Annual Cost Impact (*) | 6.31 % | 2.11 % | | | Investimento: EUR 10.000 |
| --- |
| | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (periodo di detenzione raccomandato) |
| Costi totali | 631 EUR | 1266 EUR |
| Incidenza annuale dei costi (*) | 6,31 % | 2,11 % | | | Investment: EUR 10,000 |
| --- |
| | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Total Costs | 631 EUR | 1266 EUR |
| Annual Cost Impact (*) | 6.31 % | 2.11 % | | en | it |
DOLFIN7236 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Comment puis-je formuler une réclamation?
Pour toute réclamation concernant le Fonds, le PIPRII KID ou la conduite du fabricant, prière de se reporter à la section « Public Securities Contact » du site Internet du Gestionnaire https://publicsecurities.brookfield.com/ ou : (1) contactez notre équipe de gestion de la clientèle par e-mail à l’adresse : [email protected], et/ou (2) écrivez-nous à Brookfield place, 250 Vesey St., 15th Floor, New York, NY 10281. En tant qu’Actionnaire, vous n’avez pas le droit de vous plaindre auprès du Financial Ombudsman Service au sujet de la gestion de la Société. Les plaintes concernant la conduite de la ou des personne(s) conseillant ou vendant le produit doivent être adressées à la ou aux personne(s) ou à leur organisation. | # ¿Cómo puedo reclamar?
Para presentar una reclamación en relación con el Fondo, el DFI del PRIIP o la conducta del productor, consulte la sección «Contacto sobre valores públicos» del sitio web del Gestor https://publicsecurities.brookfield.com/ o bien (1) póngase en contacto con nuestro equipo de gestión de clientes por correo electrónico: [email protected], o (2) escríbanos a Brookfield Place, 250 Vesey St., 15th Floor, New York, NY 10281. Como Accionista, no tiene derecho a reclamar al Servicio del Defensor Financiero sobre la gestión de la Sociedad. Las reclamaciones relativas a la conducta de la(s) persona(s) que asesora(n) o vende(n) el producto deben dirigirse a dicha(s) persona(s) o a su empresa. | # Comment puis-je formuler une réclamation?
Pour toute réclamation concernant le Fonds, le PIPRII KID ou la conduite du fabricant, prière de se reporter à la section « Public Securities Contact » du site Internet du Gestionnaire https://publicsecurities.brookfield.com/ ou : (1) contactez notre équipe de gestion de la clientèle par e-mail à l’adresse : [email protected], et/ou (2) écrivez-nous à Brookfield place, 250 Vesey St., 15th Floor, New York, NY 10281. En tant qu’Actionnaire, vous n’avez pas le droit de vous plaindre auprès du Financial Ombudsman Service au sujet de la gestion de la Société. Les plaintes concernant la conduite de la ou des personne(s) conseillant ou vendant le produit doivent être adressées à la ou aux personne(s) ou à leur organisation. | fr | es |
DOLFIN7237 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Management Company or Company may use an affiliate of the Depositary to execute foreign exchange, spot or swap transactions for the account of the Management Company or Company. In such instances the affiliate shall be acting in a principal capacity and not as a broker, agent or fiduciary of the Management Company or Company. The affiliate will seek to profit from these transactions and is entitled to retain and not disclose any profit to the Management Company or Company. The affiliate shall enter into such transactions on the terms and conditions agreed with the Management Company or Company.
Where cash belonging to the Management Company or Company is deposited with an affiliate being a bank, a potential conflict arises in relation to the interest (if any) which the affiliate may pay or charge to such account and the fees or other benefits which it may derive from holding such cash as banker and not as trustee.
The Management Company and Company may also be a client or counterparty of the Depositary or its affiliates.
Up-to-date information on the Depositary, its duties, any conflicts that may arise, the safe-keeping functions delegated by the Depositary, the list of delegates and sub-delegates and any conflicts of interest that may arise from such a delegation will be made available to Shareholders on request. | Die Verwaltungsgesellschaft oder Gesellschaft kann eine Tochtergesellschaft der Verwahrstelle einsetzen, um Devisen-, Spot- oder Swapgeschäfte für Rechnung der Verwaltungsgesellschaft oder Gesellschaft durchzuführen. In diesem Fall handelt die Tochtergesellschaft als Eigenhändler, nicht als Makler, Agent oder Treuhänder der Verwaltungsgesellschaft oder der Gesellschaft. Die Tochtergesellschaft strebt die Erwirtschaftung von Gewinnen durch diese Geschäfte an und hat das Recht, entsprechende Gewinne zu behalten und diese gegenüber der Gesellschaft oder der Verwaltungsgesellschaft nicht offenzulegen. Die Tochtergesellschaft geht diese Geschäfte gemäß den mit Verwaltungsgesellschaft oder der Gesellschaft vereinbarten Bedingungen ein.
Wenn Barmittel der Verwaltungsgesellschaft oder der Gesellschaft bei einer Tochtergesellschaft verwahrt werden, bei der es sich um eine Bank handelt, entsteht ein potenzieller Konflikt in Bezug auf die (ggf. anfallenden) Zinsen, die von der Tochtergesellschaft für das betreffende Konto gezahlt oder gefordert werden, sowie die Gebühren oder sonstigen Leistungen, die dadurch entstehen, dass sie die Barmittel als Bank und nicht als Treuhänder hält.
Die Verwaltungsgesellschaft oder die Gesellschaft kann auch als Kunde oder Kontrahent der Verwahrstelle oder ihrer Tochtergesellschaften auftreten.
Aktuelle Informationen zur Verwahrstelle, ihren Aufgaben, möglichen Konflikten, den von der Verwahrstelle übertragenen Verwahrungsaufgaben, zur Liste der Beauftragten und Unterbeauftragten und zu Interessenkonflikten, die durch eine solche Übertragung entstehen können, werden Anteilsinhabern auf Anfrage zur Verfügung gestellt. | The Management Company or Company may use an affiliate of the Depositary to execute foreign exchange, spot or swap transactions for the account of the Management Company or Company. In such instances the affiliate shall be acting in a principal capacity and not as a broker, agent or fiduciary of the Management Company or Company. The affiliate will seek to profit from these transactions and is entitled to retain and not disclose any profit to the Management Company or Company. The affiliate shall enter into such transactions on the terms and conditions agreed with the Management Company or Company.
Where cash belonging to the Management Company or Company is deposited with an affiliate being a bank, a potential conflict arises in relation to the interest (if any) which the affiliate may pay or charge to such account and the fees or other benefits which it may derive from holding such cash as banker and not as trustee.
The Management Company and Company may also be a client or counterparty of the Depositary or its affiliates.
Up-to-date information on the Depositary, its duties, any conflicts that may arise, the safe-keeping functions delegated by the Depositary, the list of delegates and sub-delegates and any conflicts of interest that may arise from such a delegation will be made available to Shareholders on request. | en | de |
DOLFIN7238 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | Les frais de souscription s'élèvent à 5,00% (frais de souscription), ce qui correspond mathématiquement à une déduction de 4,76% du montant de votre investissement. Il s'agit du montant maximum qui peut être retenu sur votre investissement. Votre conseiller financier vous informera de la valeur réelle. | Jusqu'à 476 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie pour ce produit. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 2,03% de la valeur de votre installation par an. Il s'agit d'une estimation basée sur les coûts réels de l'année précédente. | 203 EUR |
| Coûts de transaction | 0,28% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons ou vendons les investissements sous-jacents pour le produit. Le montant réel dépend de la quantité que nous achetons et vendons. | 28 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | 0,20% de la valeur de votre placement par an. Le montant réel dépendra de l'évolution de votre placement. L'estimation des coûts cumulés ci-dessus comprend la moyenne des cinq dernières années. | 20 EUR | | | Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | Los gastos de entrada son del 5,00% (carga inicial), lo que corresponde a una deducción del 4,76% del importe de su inversión. Es el importe máximo que se puede retener de su inversión. El asesor financiero le informará sobre el valor real. | Hasta 476 EUR |
| Costes de salida | No cobramos tasa de salida por este producto. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 2,03% del valor de su instalación al año. Se trata de una estimación basada en los costes reales del año pasado. | 203 EUR |
| Costes de operación | 0,28% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos cuando compramos o vendemos las inversiones subyacentes del producto. El importe real depende de cuánto compremos y vendamos. | 28 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | 0,20% del valor de su inversión al año. El importe real depende del rendimiento de su inversión. La estimación anterior de los costes acumulados incluye la media de los últimos cinco años. | 20 EUR | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | Les frais de souscription s'élèvent à 5,00% (frais de souscription), ce qui correspond mathématiquement à une déduction de 4,76% du montant de votre investissement. Il s'agit du montant maximum qui peut être retenu sur votre investissement. Votre conseiller financier vous informera de la valeur réelle. | Jusqu'à 476 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie pour ce produit. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 2,03% de la valeur de votre installation par an. Il s'agit d'une estimation basée sur les coûts réels de l'année précédente. | 203 EUR |
| Coûts de transaction | 0,28% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons ou vendons les investissements sous-jacents pour le produit. Le montant réel dépend de la quantité que nous achetons et vendons. | 28 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | 0,20% de la valeur de votre placement par an. Le montant réel dépendra de l'évolution de votre placement. L'estimation des coûts cumulés ci-dessus comprend la moyenne des cinq dernières années. | 20 EUR | | fr | es |
DOLFIN7239 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risks
The fund offers higher return potential than a high-quality bond portfolio and therefore bears a higher risk. In addition, emerging markets are at an early stage of development which can typically involve a high level of price volatility and other specific risks such as lower market transparency, regulatory hurdles, corporate governance and political and social challenges. Corresponding risk tolerance and capacity are required. All investments are subject to market fluctuations. The fund can invest in less liquid assets that may be difficult to sell in the case of distressed markets. Every fund has specific risks, which can significantly increase under unusual market conditions. The fund can use derivatives, which may result in additional risks (particularly counterparty risk).
Warning: this fund can invest a percentage of 100% in low credit quality fixed income issues, so it has a very high credit risk.
1143163|606151
Please note the following information about the Morningstar Ratings: © 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar's Sustainability, including its methodology, please go to: https://www.morningstar.com/content/dam/marketing/shared/Company/Trends/Sustainability/Detail/ Documents/SustainabilityRatingMethodology2019.pdf?cid=AEM_RED00016
Please note that additional fees (e.g. entry or exit fees) may be charged. Please refer to your financial adviser for more details. Investors should read the Key Investor Information Document (KIID), Prospectus and any applicable local offering document prior to investing and to get complete information of the risks. Investors are acquiring units or shares in a fund, and not in a given underlying asset such as building or shares of a company. For a definition of financial terms refer to the glossary available at www.ubs.com/am-glossary.
For marketing and information purposes by UBS. UBS funds under Luxembourg law. Arrangements for marketing fund units mentioned in this document may be terminated at the initiative of the management company of the fund(s). CNMV registration number: UBS (Lux) Bond Fund 144. Representative in Spain for UBS funds established under foreign law: UBS Europe SE, sucursal en España, MARÍA DE MOLINA, 4, E-28006 MADRID. Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from UBS Europe SE, sucursal en España, MARÍA DE MOLINA Nº 4, E-28006 MADRID / AVENIDA DIAGONAL Nº 640, 2º A, E-08017 BARCELONA / FERNÁNDEZ Y GONZÁLEZ Nº 2, PLANTA PRINCIPAL, E-41001 SEVILLA / C/ROGER DE LAURIA Nº 7, 1ª PLANTA, E-46002 VALENCIA / COSO Nº 33, 5º A, E-50003 ZARAGOZA, CANTÓN PEQUEÑO 15, 4º, E-15003 A
CORUÑA and online at www.ubs.com/funds. The product described herein aligns to Article 8 Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Information on sustainability-related aspects pursuant to that regulation can be found on www.ubs.com/funds. The benchmark is the intellectual property of the respective index provider. The fund or the share class is neither sponsored nor endorsed by the index provider. The fund prospectus or supplemental prospectus contains the full disclaimer. Before investing in a product please read the latest prospectus and key investor information document carefully and thoroughly. Any decision to invest should take into account all the characteristics or objectives of the fund as described in its prospectus, or similar legal documentation. Investors are acquiring units or shares in a fund, and not in a given underlying asset such as building or shares of a company. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document. Members of the UBS Group may have a position in and may make a purchase and / or sale of any of the securities or other financial instruments mentioned in this document. Units of UBS funds mentioned herein may not be eligible for sale in all jurisdictions or to certain categories of investors and may not be offered, sold or delivered in the United States. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. If whole or part of the total costs to be paid is different from your reference currency, the costs may increase or decrease as a result of currency and exchange rate fluctuations. Commissions and costs have a negative impact on the investment and on the expected returns. If the currency of a financial product or financial service is different from your reference currency, the return can increase or decrease as a result of currency and exchange rate fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. Future performance is subject to taxation which depends on the personal situation of each investor and which may change in the future. The details and opinions contained in this document are provided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. This document may not be reproduced, redistributed or republished for any purpose without the written permission of UBS Asset Management Switzerland AG or a local affiliated company. Source for all data and charts (if not indicated otherwise): UBS Asset Management. A summary of investor rights in English can be found online at www.ubs.com/funds. More explanations of financial terms can be found at www.ubs.com/am-glossary.
© UBS 2022. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. | # Rischi
Il fondo offre potenzialità di rendimento superiori a quelle di un portafoglio di titoli obbligazionari di elevata qualità e comporta quindi un maggiore livello di rischio . Le piazze emergenti si trovano inoltre nelle prime fasi del processo evolutivo e possono essere caratterizzate da una forte volatilità dei prezzi e da altri rischi specifici, quali una minore trasparenza del mercato, vincoli normativi, questioni di corporate governance e un difficile contesto politico e sociale. È dunque necessario disporre di un adeguato livello di propensione al rischio e capacità. Tutti gli investimenti sono soggetti alle oscillazioni di mercato. Il fondo può investire in attività meno liquide che possono risultare difficili da vendere in presenza di tensioni sui mercati. Ogni fondo comporta rischi specifici, che possono aumentare considerevolmente in condizioni di mercato inconsuete. Il fondo può fare ricorso a derivati, con i rischi aggiuntivi (soprattutto rischi di controparte) che possono scaturirne.
1143163|606151
Si prega di notare le seguenti informazioni sui rating Morningstar: © 2022 Morningstar. Tutti i diritti riservati. Le informazioni qui riportate sono di proprietà di Morningstar e/o dei suoi fornitori di contenuti; non è consentito copiarle o distribuirle; e non se ne garantisce la correttezza, la completezza o la tempestività. Morningstar e i suoi fornitori di contenuti non sono in alcun modo responsabili di eventuali danni o perdite derivanti da qualsivoglia utilizzo di tali informazioni. I rendimenti passati non sono indicativi dei risultati futuri. Per informazioni più dettagliate sulla sostenibilità di Morningstar, inclusa la sua metodologia, consultare la pagina: https://www.morningstar.com/content/dam/ marketing/shared/Company/Trends/Sustainability/Detail/Documents/SustainabilityRatingMethodology2019.pdf?cid=AEM_RED00016
Si noti che possono essere addebitate commissioni aggiuntive (ad es. di sottoscrizione o di riscatto). Rivolgersi al proprio consulente finanziario per ulteriori informazioni. Si raccomanda agli investitori di leggere il documento contenente le informazioni chiave per gli investitori (KIID), il prospetto informativo, gli eventuali documenti locali di offerta e di richiedere le informazioni complete sui rischi prima dell’investimento. L’investimento riguarda l’acquisto di quote o azioni in un fondo e non in una determinata attività sottostante quali edifici o azioni di una società. Le definizioni dei termini finanziari sono disponibili nel glossario all’indirizzo www.ubs.com/glossario.
Solo per investitori professionali.
A scopo informativo e di marketing da parte di UBS. Fondi UBS di diritto lussemburghese. Gli accordi di commercializzazione delle quote del fondo qui menzionati possono essere risolti nel proprio paese di domicilio su iniziativa della società di gestione. Rappresentante in Italia per i fondi UBS, UBS Asset Management (Italia) – SGR S.p.A., Via del Vecchio Politecnico, n. 3, 20121 Milano (MI), Italia. I prospetti, le informazioni principali per gli investitori (KIID), gli statuti, le condizioni contrattuali nonché i rapporti annuali e semestrali relativi ai fondi UBS sono disponibili in una lingua ammessa dalla legge applicabile localmente gratuitamente presso UBS Asset Management (Italia) – SGR S.p.A., Via del Vecchio Politecnico, n. 3, 20121 Milano (MI), Italia e online sul sito internet www.ubs.com/funds. Il prodotto qui descritto è in linea con l'articolo 8 del regolamento (UE) 2019/2088 relativo all’informativa sulla sostenibilità nel settore dei servizi finanziari. Le informazioni sugli aspetti relativi alla sostenibilità ai sensi del presente regolamento sono disponibili su www.ubs.com/funds. Il benchmark è di proprietà intellettuale del rispettivo provider dell’indice. Il fondo e/o la classe di quote non è sponsorizzato/a né sostenuto/a dal provider dell’indice. Il prospetto o l’allegato al prospetto del fondo contiene la versione integrale della clausola di esonero dalla responsabilità (disclaimer). Prima di investire in un prodotto leggere con attenzione e integralmente l’ultimo prospetto e il documento informativo chiave per gli investitori. Qualsiasi decisione di investimento deve tener conto di tutte le caratteristiche o obiettivi del fondo descritti nel relativo prospetto o negli altri documenti legali. L’investimento riguarda l’acquisto di quote o azioni in un fondo e non in una determinata attività sottostante quali edifici o azioni di una società. Le informazioni e le opinioni contenute nel presente documento si basano su dati attendibili provenienti da fonti affidabili, tuttavia non danno diritto ad alcuna pretesa riguardo alla precisione e alla completezza in relazione ai titoli, ai mercati e agli sviluppi in esso contenuti. I membri del Gruppo UBS SA hanno diritto di detenere, vendere o acquistare posizioni nei titoli o in altri strumenti finanziari menzionati nel presente documento. La vendita dei fondi UBS qui menzionati nel presente documento può non essere appropriata o permessa in alcune giurisdizioni o per determinati gruppi di investitori e non possono essere né offerte, né vendute o consegnate negli Stati Uniti. Le informazioni qui specificate non sono da intendersi come una sollecitazione o un’offerta per l’acquisto o la vendita di qualsivoglia titolo o strumento finanziario connesso. I risultati passati non costituiscono un indicatore affidabile dei risultati futuri. La performance indicata non tiene conto di eventuali commissioni e costi addebitati all’atto della sottoscrizione e del riscatto di quote. Quando i costi totali o una parte di essi deve essere versata in una valuta diversa dalla vostra di riferimento, questi possono crescere o diminuire a seguito di oscillazioni future del tasso di cambio. Commissioni e costi incidono negativamente sull’investimento e sui rendimenti attesi. Se la valuta di un prodotto o di un servizio finanziario differisce dalla vostra moneta di riferimento, il rendimento può crescere o diminuire a seguito di oscillazioni future del tasso di cambio. Questo resoconto è stato redatto senza particolare riferimento né a obiettivi d’investimento specifici o futuri, né alla situazione finanziaria o fiscale né tantomeno alle speciali esigenze di un determinato destinatario. I rendimenti futuri sono soggetti a tassazione, la quale dipende dalla situazione personale di ciascun investitore e può cambiare in futuro. Le informazioni e le opinioni contenute in questo documento sono fornite da UBS senza garanzia alcuna, sono esclusivamente per uso personale e per scopi informativi. Indipendentemente dallo scopo, il presente documento non può essere riprodotto, distribuito o ristampato senza l’autorizzazione scritta di UBS Asset Management Switzerland AG o una locale società affiliata. Fonte di tutti i dati e di tutti i grafici (dove non diversamente indicato): UBS Asset Management. Una sintesi dei diritti degli investitori in inglese è disponibile sul sito internet www.ubs.com/funds. Riguardo ai termini finanziari, è possibile reperire informazioni aggiuntive al seguente indirizzo: www.ubs.com/am-glossary.
© UBS 2022. Il simbolo delle chiavi e UBS sono fra i marchi protetti di UBS. Tutti i diritti riservati. | # Risks
The fund offers higher return potential than a high-quality bond portfolio and therefore bears a higher risk. In addition, emerging markets are at an early stage of development which can typically involve a high level of price volatility and other specific risks such as lower market transparency, regulatory hurdles, corporate governance and political and social challenges. Corresponding risk tolerance and capacity are required. All investments are subject to market fluctuations. The fund can invest in less liquid assets that may be difficult to sell in the case of distressed markets. Every fund has specific risks, which can significantly increase under unusual market conditions. The fund can use derivatives, which may result in additional risks (particularly counterparty risk).
Warning: this fund can invest a percentage of 100% in low credit quality fixed income issues, so it has a very high credit risk.
1143163|606151
Please note the following information about the Morningstar Ratings: © 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar's Sustainability, including its methodology, please go to: https://www.morningstar.com/content/dam/marketing/shared/Company/Trends/Sustainability/Detail/ Documents/SustainabilityRatingMethodology2019.pdf?cid=AEM_RED00016
Please note that additional fees (e.g. entry or exit fees) may be charged. Please refer to your financial adviser for more details. Investors should read the Key Investor Information Document (KIID), Prospectus and any applicable local offering document prior to investing and to get complete information of the risks. Investors are acquiring units or shares in a fund, and not in a given underlying asset such as building or shares of a company. For a definition of financial terms refer to the glossary available at www.ubs.com/am-glossary.
For marketing and information purposes by UBS. UBS funds under Luxembourg law. Arrangements for marketing fund units mentioned in this document may be terminated at the initiative of the management company of the fund(s). CNMV registration number: UBS (Lux) Bond Fund 144. Representative in Spain for UBS funds established under foreign law: UBS Europe SE, sucursal en España, MARÍA DE MOLINA, 4, E-28006 MADRID. Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from UBS Europe SE, sucursal en España, MARÍA DE MOLINA Nº 4, E-28006 MADRID / AVENIDA DIAGONAL Nº 640, 2º A, E-08017 BARCELONA / FERNÁNDEZ Y GONZÁLEZ Nº 2, PLANTA PRINCIPAL, E-41001 SEVILLA / C/ROGER DE LAURIA Nº 7, 1ª PLANTA, E-46002 VALENCIA / COSO Nº 33, 5º A, E-50003 ZARAGOZA, CANTÓN PEQUEÑO 15, 4º, E-15003 A
CORUÑA and online at www.ubs.com/funds. The product described herein aligns to Article 8 Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Information on sustainability-related aspects pursuant to that regulation can be found on www.ubs.com/funds. The benchmark is the intellectual property of the respective index provider. The fund or the share class is neither sponsored nor endorsed by the index provider. The fund prospectus or supplemental prospectus contains the full disclaimer. Before investing in a product please read the latest prospectus and key investor information document carefully and thoroughly. Any decision to invest should take into account all the characteristics or objectives of the fund as described in its prospectus, or similar legal documentation. Investors are acquiring units or shares in a fund, and not in a given underlying asset such as building or shares of a company. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document. Members of the UBS Group may have a position in and may make a purchase and / or sale of any of the securities or other financial instruments mentioned in this document. Units of UBS funds mentioned herein may not be eligible for sale in all jurisdictions or to certain categories of investors and may not be offered, sold or delivered in the United States. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. If whole or part of the total costs to be paid is different from your reference currency, the costs may increase or decrease as a result of currency and exchange rate fluctuations. Commissions and costs have a negative impact on the investment and on the expected returns. If the currency of a financial product or financial service is different from your reference currency, the return can increase or decrease as a result of currency and exchange rate fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. Future performance is subject to taxation which depends on the personal situation of each investor and which may change in the future. The details and opinions contained in this document are provided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. This document may not be reproduced, redistributed or republished for any purpose without the written permission of UBS Asset Management Switzerland AG or a local affiliated company. Source for all data and charts (if not indicated otherwise): UBS Asset Management. A summary of investor rights in English can be found online at www.ubs.com/funds. More explanations of financial terms can be found at www.ubs.com/am-glossary.
© UBS 2022. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. | en | it |
DOLFIN7240 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Appointment of proxies
A form of proxy is enclosed with this notice of AGM for use by a Shareholder. As mentioned above, investors in the Funds who are not the Shareholders should submit their voting instructions through the relevant ICSD or the relevant participant in an ICSD (such as a local central securities depositary, broker or nominee), instead of using the form of proxy attached hereto.
To be effective, the form of proxy duly completed and executed, together with a copy of the power of attorney or other authority under which it is executed must be deposited by the Shareholder at the offices of the Company Secretary, Goodbody Secretarial Limited, IFSC, North Wall Quay, Dublin 1, Ireland, so as to be received before the time fixed for holding the meeting or any adjournment thereof or (in the case of a poll taken otherwise than at or on the same day as the AGM or adjourned meeting) before the time fixed for the taking of the poll at which it is to be used. Any alteration to the form of proxy must be initialled by the person who signs it. | ## Conferimento delle deleghe
Al presente avviso è allegato un modulo di delega per l’utilizzo da parte di un Azionista. Come sopra indicato, gli investitori dei Fondi che non siano Azionisti devono presentare le loro istruzioni di voto attraverso il relativo ICSD o il relativo partecipante a un ICSD (come un sistema di deposito accentrato, un broker o un rappresentante designato), anziché utilizzare il modulo di delega allegato al presente avviso.
Per essere efficace, il modulo di delega debitamente compilato e firmato, unitamente a una copia della procura o altra autorizzazione ai sensi della quale è stato firmato, deve essere depositato dall’Azionista presso gli uffici della Segreteria della Società, Goodbody Secretarial Limited, IFSC, North Wall Quay, Dublino 1, Irlanda, in modo da essere ricevuto prima dell’orario designato per l’assemblea o per un eventuale riconvocazione della stessa oppure (nel caso di una votazione effettuata in un momento o giorno diverso rispetto all’AGA o alla rispettiva riconvocazione) prima dell’orario designato per la votazione per la quale deve essere utilizzato. Qualsiasi modifica al modulo di delega deve essere siglata dal firmatario. | ## Appointment of proxies
A form of proxy is enclosed with this notice of AGM for use by a Shareholder. As mentioned above, investors in the Funds who are not the Shareholders should submit their voting instructions through the relevant ICSD or the relevant participant in an ICSD (such as a local central securities depositary, broker or nominee), instead of using the form of proxy attached hereto.
To be effective, the form of proxy duly completed and executed, together with a copy of the power of attorney or other authority under which it is executed must be deposited by the Shareholder at the offices of the Company Secretary, Goodbody Secretarial Limited, IFSC, North Wall Quay, Dublin 1, Ireland, so as to be received before the time fixed for holding the meeting or any adjournment thereof or (in the case of a poll taken otherwise than at or on the same day as the AGM or adjourned meeting) before the time fixed for the taking of the poll at which it is to be used. Any alteration to the form of proxy must be initialled by the person who signs it. | en | it |
DOLFIN7241 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Concernant les dérivés, le Gestionnaire d’investissement évaluera la conformité ESG d’un investissement potentiel uniquement selon une obligation de moyens, au niveau de l’actif sous-jacent et selon le cas.
La classe d’actions est exprimée en USD.
L’investisseur a le droit d’obtenir le rachat de ses actions sur demande. Les opérations de rachats ont lieu à chaque jour ouvrable complet au Luxembourg et chaque jour ouvrable complet à la Bourse de Londres et à la Bourse de New York. L’attention de l’investisseur est attirée sur le fait que, dans des circonstances exceptionnelles, la possibilité pour l’investisseur d’obtenir le rachat de ses actions peut être limitée ou suspendue.
Il s’agit d’actions de capitalisation. Les revenus et gains en capital sont réinvestis. | En relación con los derivados, el Gestor de inversiones evaluará el cumplimiento de las normas ESG de una posible inversión únicamente sobre la base del mejor esfuerzo, a nivel del activo subyacente, y solo cuando sea aplicable.
La clase de acciones está denominada en USD.
El inversor tendrá derecho a reembolsar sus acciones previa solicitud. Los reembolsos se llevarán a cabo cada día hábil completo en Luxemburgo y cada día hábil completo del Mercado de valores de Londres y en el Mercado de valores de Nueva York. Los inverso- res deberán tener en cuenta el hecho de que, en circunstancias excepcionales, podría limitarse o suspenderse la posibilidad del inversor de solicitar el reembolso.
Estas acciones son acciones de capitalización. Se reinvertirán los ingresos y las ganan- cias de capital. | Concernant les dérivés, le Gestionnaire d’investissement évaluera la conformité ESG d’un investissement potentiel uniquement selon une obligation de moyens, au niveau de l’actif sous-jacent et selon le cas.
La classe d’actions est exprimée en USD.
L’investisseur a le droit d’obtenir le rachat de ses actions sur demande. Les opérations de rachats ont lieu à chaque jour ouvrable complet au Luxembourg et chaque jour ouvrable complet à la Bourse de Londres et à la Bourse de New York. L’attention de l’investisseur est attirée sur le fait que, dans des circonstances exceptionnelles, la possibilité pour l’investisseur d’obtenir le rachat de ses actions peut être limitée ou suspendue.
Il s’agit d’actions de capitalisation. Les revenus et gains en capital sont réinvestis. | fr | es |
DOLFIN7242 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Depositary Risk
If a Fund invests in assets that are financial instruments that can be held in custody (“Custody Assets”), the Depositary is required to perform full safekeeping functions and will be liable for any loss of such assets held in custody unless it can prove that the loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. In the event of such a loss (and the absence of proof of the loss being caused by such an external event), the Depositary is required to return identical assets to those lost or a corresponding amount to the Fund without undue delay.
If a Fund invests in assets that are not financial instruments that can be held in custody (“Non-Custody Assets”), the Depositary is only required to verify the Fund’s ownership of such assets and to maintain a record of those assets which the Depositary is satisfied that the Fund holds ownership of. In the event of any loss of such assets, the Depositary will only be liable to the extent the loss has occurred due to its negligent or intentional failure to properly fulfil its obligations pursuant to the Regulations.
As it is likely that a Fund may each invest in both Custody Assets and Non-Custody Assets, it should be noted that the safekeeping functions of the Depositary in relation to the respective categories of assets and the corresponding standard of liability of the Depositary applicable to such functions differ significantly. A Fund enjoys a strong level of protection in terms of Depositary liability for the safekeeping of Custody Assets. However, the level of protection for Non-Custody Assets is significantly lower. Accordingly, the greater the proportion of a Fund invested in categories of
Non-Custody Assets, the greater the risk that any loss of such assets that may occur may not be recoverable. While it will be determined on a case-by-case basis whether a specific investment by the Fund is a Custody Asset or a Non- Custody Asset, generally it should be noted that derivatives traded by a Fund over-the-counter will be Non-Custody Assets. There may also be other asset types that a Fund invests in from time to time that would be treated similarly. Given the framework of Depositary liability under the Regulations, these Non-Custody Assets, from a safekeeping perspective, expose the Fund to a greater degree of risk than Custody Assets, such as publicly traded equities and bonds. | #### Rischio di deposito
Se un Comparto investe in strumenti finanziari che possono essere conservati in custodia ("Attivi depositabili"), il Depositario è tenuto ad adottare tutte le misure di salvaguardia e sarà responsabile di eventuali perdite sugli attivi detenuti in custodia, a meno che non possa dimostrare che la perdita è dovuta a un evento esterno, aldilà del suo ragionevole controllo, le cui conseguenze sarebbero state ineluttabili nonostante tutti gli sforzi ragionevoli per evitarle. In caso di perdite (e di assenza di prova che la perdita sia stata causata da tale evento esterno), il Depositario è tenuto a restituire al Comparto attivi identici o un importo corrispondente e senza indebito ritardo.
Se un Comparto investe in attivi che non sono strumenti finanziari che possono essere conservati in custodia (“Attivi non depositabili”), il Depositario è tenuto solo a verificare la proprietà da parte del Comparto di tali attivi e conservare un registro degli attivi di cui il Depositario ha potuto verificare la proprietà. In caso di perdite su tali attivi, il Depositario sarà responsabile solo nella misura in cui la perdita si sia verificata a causa della sua negligenza o del mancato adempimento intenzionale dei suoi obblighi ai sensi della Regolamentazione.
Poiché è probabile che un Comparto investa in Attivi sia depositabili che non depositabili, le funzioni di custodia del Depositario in relazione alle diverse categorie di attivi e le responsabilità corrispondenti differiscono notevolmente. I Comparti godono di un elevato livello di protezione in termini di responsabilità del Depositario rispetto agli Attivi depositabili. Tuttavia, il livello di protezione per gli Attivi non depositabili è notevolmente inferiore. Di conseguenza, maggiore è la porzione del Comparto investita in categorie di Attivi non depositabili, maggiore sarà il rischio che eventuali perdite sugli stessi non siano recuperabili. Anche se viene determinato caso per caso se un investimento del Comparto è un Attivo depositabile o meno, si tenga conto che in genere gli strumenti derivati negoziati dai Comparti over-the-counter sono Attivi non depositabili. Ci sono inoltre altri tipi di attivi in cui i Comparti investono saltuariamente che vengono considerati allo stesso modo. In base alle responsabilità del Depositario ai sensi della Regolamentazione, gli Attivi non depositabili, in termini di custodia, espongono il Comparto a un livello di rischio maggiore rispetto agli Attivi depositabili, quali le azioni e le obbligazioni quotate in borsa. | #### Depositary Risk
If a Fund invests in assets that are financial instruments that can be held in custody (“Custody Assets”), the Depositary is required to perform full safekeeping functions and will be liable for any loss of such assets held in custody unless it can prove that the loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. In the event of such a loss (and the absence of proof of the loss being caused by such an external event), the Depositary is required to return identical assets to those lost or a corresponding amount to the Fund without undue delay.
If a Fund invests in assets that are not financial instruments that can be held in custody (“Non-Custody Assets”), the Depositary is only required to verify the Fund’s ownership of such assets and to maintain a record of those assets which the Depositary is satisfied that the Fund holds ownership of. In the event of any loss of such assets, the Depositary will only be liable to the extent the loss has occurred due to its negligent or intentional failure to properly fulfil its obligations pursuant to the Regulations.
As it is likely that a Fund may each invest in both Custody Assets and Non-Custody Assets, it should be noted that the safekeeping functions of the Depositary in relation to the respective categories of assets and the corresponding standard of liability of the Depositary applicable to such functions differ significantly. A Fund enjoys a strong level of protection in terms of Depositary liability for the safekeeping of Custody Assets. However, the level of protection for Non-Custody Assets is significantly lower. Accordingly, the greater the proportion of a Fund invested in categories of
Non-Custody Assets, the greater the risk that any loss of such assets that may occur may not be recoverable. While it will be determined on a case-by-case basis whether a specific investment by the Fund is a Custody Asset or a Non- Custody Asset, generally it should be noted that derivatives traded by a Fund over-the-counter will be Non-Custody Assets. There may also be other asset types that a Fund invests in from time to time that would be treated similarly. Given the framework of Depositary liability under the Regulations, these Non-Custody Assets, from a safekeeping perspective, expose the Fund to a greater degree of risk than Custody Assets, such as publicly traded equities and bonds. | en | it |
DOLFIN7243 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Update of Section 4.5 “Depositary”
Specific information relating the depositary network and the list of sub-custodians will be updated, and a link to an online resource will be added. Unitholders are advised to consult this webpage for an up-to-date overview of the Depositary’s sub-custodial network. There is no change to the Depositary’s right to delegate its safekeeping duties to sub-custodians. Because of the newly inserted link to an online source “Annex D: List of Sub-Custodians (and Annex: Markets and Custodians of LGT Bank Ltd.)” will be deleted.
- | # Aktualisierung von Abschnitt 4.5 „Verwahrstelle“
Die spezifischen Informationen zum Verwahrstellennetz und die Liste der Unterdepotbanken werden aktualisiert, und es wird ein Link zu einer Online-Ressource hinzugefügt. Anteilinhabern wird empfohlen, sich auf dieser Web- seite einen aktuellen Überblick über das Unterdepotbanken-Netzwerk der Verwahrstelle zu verschaffen. Das Recht der Verwahrstelle, ihre Verwahrungspflichten an Unterdepotbanken zu delegieren, bleibt unberührt. Aufgrund des neu eingefügten Links zu einer Online-Quelle wird „Anhang D: Liste von Unterdepotbanken (und der Anhang: Märkte und Depotbanken der LGT Bank Ltd.)“ gelöscht.
- | # Update of Section 4.5 “Depositary”
Specific information relating the depositary network and the list of sub-custodians will be updated, and a link to an online resource will be added. Unitholders are advised to consult this webpage for an up-to-date overview of the Depositary’s sub-custodial network. There is no change to the Depositary’s right to delegate its safekeeping duties to sub-custodians. Because of the newly inserted link to an online source “Annex D: List of Sub-Custodians (and Annex: Markets and Custodians of LGT Bank Ltd.)” will be deleted.
- | en | de |
DOLFIN7244 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Fund description
The fund aims to provide a combination of capital growth and income that is higher than the global equities market (as measured by the MSCI ACWI Net Return Index) over any five-year period. At least 80% of the fund is invested in the shares of companies from across the world. The fund uses a systematic five-factor approach to selecting stocks. The five factors are: value, quality, momentum, volatility and size. Differences between the fund’s characteristics and those of its benchmark (such as sector, country or risk factor weightings) may be constrained. Managing the fund in this way limits the degree by which the fund’s performance is expected to deviate from the benchmark. | # Descrizione del fondo
Il fondo mira a generare una combinazione di crescita del capitale e reddito che sia superiore a quella del mercato azionario globale (come misurata dall’indice MSCI ACWI Net Return) in un quinquennio. Almeno l’80% del fondo è investito in azioni di società di qualsiasi parte del mondo. Il fondo utilizza un approccio sistematico a cinque fattori per la selezione titoli. I cinque fattori sono: valore, qualità, momentum, volatilità e dimensione. Le differenze tra le caratteristiche del fondo e quelle del suo benchmark (come le ponderazioni per settore, paese o fattore di rischio) possono essere soggette a vincoli. Questo approccio alla gestione del fondo limita il grado di potenziale scostamento della performance del fondo rispetto al benchmark. | # Fund description
The fund aims to provide a combination of capital growth and income that is higher than the global equities market (as measured by the MSCI ACWI Net Return Index) over any five-year period. At least 80% of the fund is invested in the shares of companies from across the world. The fund uses a systematic five-factor approach to selecting stocks. The five factors are: value, quality, momentum, volatility and size. Differences between the fund’s characteristics and those of its benchmark (such as sector, country or risk factor weightings) may be constrained. Managing the fund in this way limits the degree by which the fund’s performance is expected to deviate from the benchmark. | en | it |
DOLFIN7245 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### Investment fund risk
As with any investment fund, investing in the fund involves certain risks an investor would not face if investing in markets directly:
- the actions of other investors, in particular sudden large outflows of cash, could interfere with orderly management of the fund and cause its NAV to fall
- the fund is subject to various investment laws and regulations that limit the use of certain securities and investment techniques that might improve performance, and might be available to an investor through a different investment
- while Luxembourg law provides strong investor protections, they may be different or lesser in certain ways that what a shareholder might receive from a fund domiciled in their own jurisdiction or elsewhere
- to the extent that the fund invests in markets that are in different time zones from where the investment manager is located, it might not be able to react in a timely fashion to price movements that occur when the fund is not open for business
- changes in regulations worldwide and increased regulator scrutiny of financial services could limit opportunities or increase costs for the SICAV; to the extent that the fund decides to invest, conduct operations, register, or distribute shares in a jurisdiction, it increases the risk of being affected by such actions
- for fund shares that are not publicly traded, the only option for liquidation of shares is generally redemption, which is subject to any redemption policies and fees
- the fund’s buying and selling of investments may not be optimal for the tax efficiency of any given investor
- to the extent that the fund invests in other UCITS/UCIs, it will have less direct knowledge of, and no control over, the decisions of the UCITS/ UCIs’ investment managers, it will typically incur a second layer of investment fees (which will erode investment performance), and it could face liquidity risk in trying to unwind its investment in a UCITS/UCI
- the SICAV may not always be able to hold a service provider fully responsible for any losses or lost opportunities arising from the service provider’s actions
- because there is no segregation of liabilities between share classes, it may be impractical or impossible for different share classes to completely isolate their costs and risks from other share classes, including the costs of hedging at the share class level and the risk that creditors of one share class of a fund may attempt to seize assets of another share class to settle an obligation
- to the extent that the SICAV and its funds conduct business with affiliates of Columbia Management Investment Advisers, and these affiliates do business with each other on behalf of the SICAV and its funds, conflicts of interest may be created (although to mitigate these, all such business dealings must be conducted on an arm’s length basis, and all entities, and the individuals associated with them, are subject to strict fair dealing policies that prohibit profiting from inside information and showing favouritism)Where a fund invests in another UCITS or UCI, these risks apply to the fund, and in turn indirectly to shareholders. | ##### Riesgo de fondos de inversión
De forma análoga a cualquier fondo de inversión, la inversión en el fondo implica determinados riesgos a los que un inversor no se enfrentaría en caso de invertir directamente en mercados:
- las actuaciones de otros inversores, en concreto, considerables salidas de efectivo repentinas, podrían interferir en la gestión metódica del fondo y provocar una disminución de su VL;
- el fondo está sujeto a diversas leyes y normativas en materia de inversión que limitan el uso de determinados valores y técnicas de inversión que podrían mejorar el rendimiento y que podrían estar disponibles para un inversor a través de una inversión diferente;
- si bien la ley de Luxemburgo prevé unos sólidos mecanismos de protección para los inversores, estos pueden resultar diferentes o más limitados en determinados aspectos con respecto a lo que un accionista podría recibir de un fondo domiciliado en su propia jurisdicción o en otra;
- en la medida en que el fondo invierte en mercados que se encuentran en diferentes zonas horarias con respecto al lugar donde radica el gestor de inversiones, este podría no ser capaz de reaccionar de manera oportuna a los cambios de precios que se producen fuera del horario de operaciones del fondo;
- los cambios en normativas a nivel mundial y el mayor escrutinio regulador de los servicios financieros podrían limitar las oportunidades o aumentar los costes para la SICAV; en la medida en que el fondo decida invertir, realizar operaciones, registrar o distribuir acciones en una jurisdicción, aumentará el riesgo de que resulte afectado por tales actuaciones;
- en el caso de las acciones de fondos que no coticen en bolsa, la única opción de liquidación de las mismas es, por lo general, el reembolso, el cual está sujeto a políticas y comisiones de reembolso;
- la compraventa de inversiones del fondo puede no resultar óptima para la eficiencia fiscal de cualquier inversor en particular;
- en la medida en que el fondo invierta en otros OICVM/OIC, tendrá un conocimiento menos directo, y no tendrá control alguno, sobre las decisiones de los gestores de inversiones de dichos OICVM/OIC, normalmente incurrirá en un segundo nivel de comisiones de inversión (lo que perjudicará el rendimiento de las inversiones), y podría hacer frente al riesgo de liquidez al intentar retirar su inversión en un OICVM/ OIC;
- la SICAV no siempre podrá responsabilizar por completo al proveedor de servicios de las pérdidas o las oportunidades no aprovechadas derivadas de las actuaciones del proveedor de servicios;
- como no existe segregación de pasivos entre las clases de acciones, puede resultar inconveniente o imposible para las distintas clases de acciones aislar por completo sus costes y riesgos de otras clases de acciones, lo que incluye los costes de cobertura a nivel de la clase de acciones y el riesgo de que los acreedores de una clase de acciones de un fondo puedan intentar incautar los activos de otra clase de acciones para satisfacer una obligación;
- en la medida en que la SICAV y sus fondos desarrollen su actividad comercial con filiales de Columbia Management Investment Advisers, y estas filiales mantengan relaciones comerciales recíprocas en nombre de la SICAV y sus fondos, pueden concurrir conflictos de intereses (aunque, de cara a mitigarlos, todas estas relaciones comerciales se deben llevar a cabo en condiciones de plena competencia, y todas las entidades, así como los individuos asociados a ellas, están sujetos a estrictas políticas de negociación justa que prohíben beneficiarse de información privilegiada y mostrar favoritismo). | ##### Investment fund risk
As with any investment fund, investing in the fund involves certain risks an investor would not face if investing in markets directly:
- the actions of other investors, in particular sudden large outflows of cash, could interfere with orderly management of the fund and cause its NAV to fall
- the fund is subject to various investment laws and regulations that limit the use of certain securities and investment techniques that might improve performance, and might be available to an investor through a different investment
- while Luxembourg law provides strong investor protections, they may be different or lesser in certain ways that what a shareholder might receive from a fund domiciled in their own jurisdiction or elsewhere
- to the extent that the fund invests in markets that are in different time zones from where the investment manager is located, it might not be able to react in a timely fashion to price movements that occur when the fund is not open for business
- changes in regulations worldwide and increased regulator scrutiny of financial services could limit opportunities or increase costs for the SICAV; to the extent that the fund decides to invest, conduct operations, register, or distribute shares in a jurisdiction, it increases the risk of being affected by such actions
- for fund shares that are not publicly traded, the only option for liquidation of shares is generally redemption, which is subject to any redemption policies and fees
- the fund’s buying and selling of investments may not be optimal for the tax efficiency of any given investor
- to the extent that the fund invests in other UCITS/UCIs, it will have less direct knowledge of, and no control over, the decisions of the UCITS/ UCIs’ investment managers, it will typically incur a second layer of investment fees (which will erode investment performance), and it could face liquidity risk in trying to unwind its investment in a UCITS/UCI
- the SICAV may not always be able to hold a service provider fully responsible for any losses or lost opportunities arising from the service provider’s actions
- because there is no segregation of liabilities between share classes, it may be impractical or impossible for different share classes to completely isolate their costs and risks from other share classes, including the costs of hedging at the share class level and the risk that creditors of one share class of a fund may attempt to seize assets of another share class to settle an obligation
- to the extent that the SICAV and its funds conduct business with affiliates of Columbia Management Investment Advisers, and these affiliates do business with each other on behalf of the SICAV and its funds, conflicts of interest may be created (although to mitigate these, all such business dealings must be conducted on an arm’s length basis, and all entities, and the individuals associated with them, are subject to strict fair dealing policies that prohibit profiting from inside information and showing favouritism)Where a fund invests in another UCITS or UCI, these risks apply to the fund, and in turn indirectly to shareholders. | en | es |
DOLFIN7246 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 3 years If you exit after 1 If you exit after 3 Example investment: EUR 10,000 year years |
| --- |
| Scenarios |
| Minimum This Product does not include any guarantee so you could lose some or all of your investment. |
| Stress | What you might get back after costs | 7,910 EUR | 8,090 EUR |
| Average return each year | -20.9% | -6.8% |
| Unfavourable (*) | What you might get back after costs | 8,580 EUR | 8,830 EUR |
| Average return each year | -14.2% | -4.1% |
| Moderate (*) | What you might get back after costs | 9,940 EUR | 10,420 EUR |
| Average return each year | -0.6% | 1.4% |
| Favourable (*) | What you might get back after costs | 10,540 EUR | 11,240 EUR |
| Average return each year | 5.4% | 4.0% | | | Período de mantenimiento recomendado: 3 años En caso de salida En caso de salida Ejemplo de inversión: 10 000 EUR después de 1 año después de 3 años |
| --- |
| Escenarios |
| Mínimo Este Producto no incluye ninguna garantía, por lo que podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 7910 EUR | 8090 EUR |
| Rendimiento medio cada año | -20,9 % | -6,8 % |
| Desfavorable (*) | Lo que podría recibir tras deducir los costes | 8580 EUR | 8830 EUR |
| Rendimiento medio cada año | -14,2 % | -4,1 % |
| Moderado (*) | Lo que podría recibir tras deducir los costes | 9940 EUR | 10 420 EUR |
| Rendimiento medio cada año | -0,6 % | 1,4 % |
| Favorable (*) | Lo que podría recibir tras deducir los costes | 10 540 EUR | 11 240 EUR |
| Rendimiento medio cada año | 5,4 % | 4,0 % | | | Recommended holding period: 3 years If you exit after 1 If you exit after 3 Example investment: EUR 10,000 year years |
| --- |
| Scenarios |
| Minimum This Product does not include any guarantee so you could lose some or all of your investment. |
| Stress | What you might get back after costs | 7,910 EUR | 8,090 EUR |
| Average return each year | -20.9% | -6.8% |
| Unfavourable (*) | What you might get back after costs | 8,580 EUR | 8,830 EUR |
| Average return each year | -14.2% | -4.1% |
| Moderate (*) | What you might get back after costs | 9,940 EUR | 10,420 EUR |
| Average return each year | -0.6% | 1.4% |
| Favourable (*) | What you might get back after costs | 10,540 EUR | 11,240 EUR |
| Average return each year | 5.4% | 4.0% | | en | es |
DOLFIN7247 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Investment objective
The Fund aims to provide long term capital growth by investing in a portfolio of smaller company shares of Asia (excluding Japan), while promoting environmental, social and governance (ESG) characteristics. The Fund qualifies under Article 8 of SFDR. | # Obiettivo d'investimento
Il Fondo mira ad offrire una crescita del capitale sul lungo termine investendo in un portafoglio di azioni di società di piccole dimensioni dell'Asia (Giappone escluso), promuovendo al contempo caratteristiche ambientali, sociali e di governance (ESG). Il Fondo soddisfa i requisiti di cui all'Articolo 8 del Regolamento SFDR. | # Investment objective
The Fund aims to provide long term capital growth by investing in a portfolio of smaller company shares of Asia (excluding Japan), while promoting environmental, social and governance (ESG) characteristics. The Fund qualifies under Article 8 of SFDR. | en | it |
DOLFIN7248 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
29.98%
5 - 10 Years
33.21%
CCC
4.42%
>10 Years
1.53%
CC
0.56%
Cash
0.06%
Cash
- Fund0.06%
- FundCash includes money market instruments, FX forwards and unsettled transactions. | 29,98%
5 - 10 Jahre
33,21%
CCC
4,42%
>10 Jahre
1,53%
CC
0,56%
Barmittel
0,06%
Barmittel
- Fonds0,06%
- FondsBarmittel beinhalten Geldmarktinstrumente, Devisenterminkontrakte und offene Transaktionen. | 29.98%
5 - 10 Years
33.21%
CCC
4.42%
>10 Years
1.53%
CC
0.56%
Cash
0.06%
Cash
- Fund0.06%
- FundCash includes money market instruments, FX forwards and unsettled transactions. | en | de |
DOLFIN7249 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Produit
Capital Group Emerging Markets Total Opportunities (LUX) (le « Fonds »), un compartiment de Capital International Fund SICAV, Classe Zh-EUR (LU0828134386)
Ce produit est géré par Capital International Management Company Sàrl (le « Gestionnaire »), qui appartient à Capital Group, qui est supervisé par la Commission de Surveillance du Secteur Financier (CSSF). Pour plus d'informations sur ce produit, veuillez visiter le site www.capitalgroup.com/ europe ou appeler le +41 22 807 4000.
Ce document a été publié le 01/01/2023. | # Producto
Capital Group Emerging Markets Total Opportunities (LUX) (el «fondo»), un subfondo de Capital International Fund SICAV, clase Zh-EUR (LU0828134386)
Este producto está gestionado por Capital International Management Company Sàrl (la «Gestora»), parte de Capital Group, que está supervisada por la Commission de Surveillance du Secteur Financier (CSSF). Para obtener más información sobre este producto, visite www.capitalgroup.com/ europe o llame al +41 22 807 4000.
Este documento se publicó el 01/01/2023. | # Produit
Capital Group Emerging Markets Total Opportunities (LUX) (le « Fonds »), un compartiment de Capital International Fund SICAV, Classe Zh-EUR (LU0828134386)
Ce produit est géré par Capital International Management Company Sàrl (le « Gestionnaire »), qui appartient à Capital Group, qui est supervisé par la Commission de Surveillance du Secteur Financier (CSSF). Pour plus d'informations sur ce produit, veuillez visiter le site www.capitalgroup.com/ europe ou appeler le +41 22 807 4000.
Ce document a été publié le 01/01/2023. | fr | es |
DOLFIN7250 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Minimum | Vous pourriez perdre tout ou partie de votre investissement. |
| --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €7180 | €7860 |
| Rendement annuel moyen | -28.24% | -7.73% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8820 | €8290 |
| Rendement annuel moyen | -11.84% | -6.05% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €9750 | €9910 |
| Rendement annuel moyen | -2.50% | -0.31% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €11600 | €11230 |
| Rendement annuel moyen | 16.02% | 3.93% | | | Mínimo | Podría perder parte o la totalidad de su inversión. |
| --- | --- |
| Tensión | Lo que podría recibir tras deducir los costes | €7180 | €7860 |
| Rendimiento medio cada año | -28.24% | -7.73% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €8820 | €8290 |
| Rendimiento medio cada año | -11.84% | -6.05% |
| Moderado | Lo que podría recibir tras deducir los costes | €9750 | €9910 |
| Rendimiento medio cada año | -2.50% | -0.31% |
| Favorable | Lo que podría recibir tras deducir los costes | €11600 | €11230 |
| Rendimiento medio cada año | 16.02% | 3.93% | | | Minimum | Vous pourriez perdre tout ou partie de votre investissement. |
| --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €7180 | €7860 |
| Rendement annuel moyen | -28.24% | -7.73% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8820 | €8290 |
| Rendement annuel moyen | -11.84% | -6.05% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €9750 | €9910 |
| Rendement annuel moyen | -2.50% | -0.31% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €11600 | €11230 |
| Rendement annuel moyen | 16.02% | 3.93% | | fr | es |
DOLFIN7251 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Fund was launched on 20 June 2011.
-9.0
-9.0
-20%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ## El Fondo se lanzó el 20 junio 2011.
-9.0
-9.0
-20%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ## The Fund was launched on 20 June 2011.
-9.0
-9.0
-20%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN7252 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
Key Investor Information Fidelity Funds - Sustainable Japan Equity Fund | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Remuneración normalmente menor Remuneración normalmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Los datos históricos pueden no ser una indicación fiable de lo que ocurra en el futuro.
- No hay garantías de que la categoría de riesgo mostrada vaya a mantenerse y puede cambiar con el paso del tiempo.
- La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
- El perfil de riesgo y remuneración se clasifica según el nivel de fluctuación histórica de los Valores liquidativos de la Clase de Acciones y, dentro de dicha clasificación, las categorías 1-2 indican un nivel bajo de fluctuación, 3-5 un nivel medio y 6-7 un nivel alto.
- El valor de su inversión puede incrementarse o disminuir, y cabe la posibilidad de que recupere un importe inferior a la cantidad invertida.
- El subfondo puede invertir en instrumentos emitidos en divisas distintas a la de denominación del subfondo. Por tanto, las fluctuaciones del tipo de cambio pueden afectar al valor de su inversión.
- Podrá utilizarse cobertura cambiaria para reducir el efecto de las mismas. Sin embargo, es posible que estos efectos no se eliminen totalmente o en la medida en que se pretenda.
- Cabe la posibilidad de que el uso de derivados produzca«apalancamiento», es decir, un nivel de exposición que podría hacer que el Subfondo registrara más ganancias o pérdidas de las que hubiera obtenido en otras circunstancias.
Datos fundamentales para el inversor Fidelity Funds - Sustainable Japan Equity Fund | # Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
Key Investor Information Fidelity Funds - Sustainable Japan Equity Fund | en | es |
DOLFIN7253 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What type of product is it?
### Type: UCITS in the legal form of collective trust
Target: The main investment objective of the fund is to achieve medium- to long-term capital gains, by enhancing certain ESG characteristics and integrating sustainability risks into the investment process. This fund is a product pursuant to Art. 8 of the Disclosure Regulation (SFDR). The fund is actively managed and is not benchmark oriented. The fund invests its assets permanently at least 51% directly in equities and securities (stocks, stocks with warrants, etc.) of companies worldwide whose business operations mainly involve one or several segments of the fisheries industry including various associated business segments. The focus of the investments is fundamentally on a sustainable and ecological approach. The fund is allowed to carry out derivative transactions to hedge its positions or to generate higher returns. Within this framework, the asset manager is at liberty to pick the individual instruments. The proceeds of the fund are paid out. Investors may request the management company to repurchase their units essentially on a daily basis. However, the management company may suspend repurchases if this is deemed necessary due to extraordinary circumstances or under consideration of the investors' interests. The fund is suitable for investors with a medium- to long-term investment horizon.
Small investor target group: The present fund is suitable for retail customers, professional customers, and qualified counterparties with the investment aim of capital growth and a long-term investment horizon of at least 5 years who have no or little knowledge of and/or experience with financial products and who can bear high financial losses or even a total loss for reaching their investment goal.
| Maturity: | Due date: | none |
| --- | --- | --- |
| | Unilateral termination by PRIIP issuer is possible: | yes |
| | Automatic termination of the PRIIP: | no | | # Et de quel type de produit s’agit-il ?
### Type : OPCVM sous la forme juridique d’une administration fiduciaire collective de biens
L’objectif: L'objectif principal du fonds est de réaliser un gain en capital à moyen et long terme en promouvant certaines caractéristiques ESG et en intégrant les risques de durabilité dans le processus d'investissement. Ce fonds est un produit conforme à l'article 8 du règlement sur la transparence (SFDR). Le fonds est géré activement et n'est pas axé sur les critères de référence. Le fonds investit ses actifs en majeure partie permanent au moins 51% directement dans des titres et des droits-valeurs de participation (actions, actions assorties de warrants, etc.) d’entreprises du monde entier exerçant leurs activités notamment dans un ou plusieurs secteurs de la pêche, y compris différents domaines d’activité connexes. Les décisions de placement s’orientent ici par principe sur le développement durable et l’écologie. Le fonds peut faire usage d’opérations sur dérivés afin de garantir des actifs ou d’atteindre des plus-values supérieures. Dans ce cadre, la sélection des différents postes d’actifs incombe au gestionnaire de fortune. Les revenus du fonds sont distribués. Les investisseurs peuvent en principe exiger le rachat des parts chaque jour de bourse auprès de la société de gestion. Celle-ci peut toutefois suspendre le rachat lorsque des circonstances exceptionnelles semblent le justifier en considération des intérêts des investisseurs. Le fonds convient aux investisseurs privilégiant un horizon de placement situé sur le moyen à long terme.
Petits investisseurs-Groupe cible : Le fonds existant convient pour les clients Retail, les clients professionnels et les contreparties adéquates avec la croissance du capital comme investissement cible et un horizon d’investissement à long terme d’au moins 5 ans, qui disposent de peu ou pas de connaissances et/ou expériences avec des produits financiers et qui peuvent supporter de très hautes pertes financières jusqu’à une perte totale pour atteindre leur objectif d’investissement.
| Durée : | Date d’échéance | aucun |
| --- | --- | --- |
| | Annulation unilatérale par le prestataire PRIIP possible : | oui |
| | Annulation automatique du PRIIP : | non | | # What type of product is it?
### Type: UCITS in the legal form of collective trust
Target: The main investment objective of the fund is to achieve medium- to long-term capital gains, by enhancing certain ESG characteristics and integrating sustainability risks into the investment process. This fund is a product pursuant to Art. 8 of the Disclosure Regulation (SFDR). The fund is actively managed and is not benchmark oriented. The fund invests its assets permanently at least 51% directly in equities and securities (stocks, stocks with warrants, etc.) of companies worldwide whose business operations mainly involve one or several segments of the fisheries industry including various associated business segments. The focus of the investments is fundamentally on a sustainable and ecological approach. The fund is allowed to carry out derivative transactions to hedge its positions or to generate higher returns. Within this framework, the asset manager is at liberty to pick the individual instruments. The proceeds of the fund are paid out. Investors may request the management company to repurchase their units essentially on a daily basis. However, the management company may suspend repurchases if this is deemed necessary due to extraordinary circumstances or under consideration of the investors' interests. The fund is suitable for investors with a medium- to long-term investment horizon.
Small investor target group: The present fund is suitable for retail customers, professional customers, and qualified counterparties with the investment aim of capital growth and a long-term investment horizon of at least 5 years who have no or little knowledge of and/or experience with financial products and who can bear high financial losses or even a total loss for reaching their investment goal.
| Maturity: | Due date: | none |
| --- | --- | --- |
| | Unilateral termination by PRIIP issuer is possible: | yes |
| | Automatic termination of the PRIIP: | no | | en | fr |
DOLFIN7254 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Smaller Company Risk
The general risks associated with fixed income or equity securities are particularly pronounced for securities issued by companies with smaller market capitalisations. These companies may have limited product lines, markets or financial resources or they may depend on a few key employees. As a result, they may be subject to greater levels of credit, market and issuer risk. Securities of smaller companies may trade less frequently and in lesser volumes than more widely held securities and their values may fluctuate more sharply than other securities. Companies with medium-sized market capitalisations may have risks similar to those of smaller companies. | # Risque attaché aux petites entreprises
Les risques attachés aux titres à revenu fixe ou aux actions sont particulièrement prononcés pour les titres émis par des sociétés à petite capitalisation boursière. Ces sociétés peuvent disposer de gammes de produits ou de ressources financières limitées, avoir accès à des marchés de taille réduite ou être dépendantes de quelques employés clés. Elles peuvent en conséquence être plus exposées aux risques de crédit, de marché et d’émetteur. Les titres des petites sociétés peuvent s’échanger avec moins de fréquences et pour des volumes plus faibles que les titres plus diffusés, et leur valeur évoluer de façon plus erratique que celles d’autres titres. Les sociétés ayant une capitalisation boursière moyenne peuvent présenter des risques similaires à ceux encourus par les petites sociétés. | # Smaller Company Risk
The general risks associated with fixed income or equity securities are particularly pronounced for securities issued by companies with smaller market capitalisations. These companies may have limited product lines, markets or financial resources or they may depend on a few key employees. As a result, they may be subject to greater levels of credit, market and issuer risk. Securities of smaller companies may trade less frequently and in lesser volumes than more widely held securities and their values may fluctuate more sharply than other securities. Companies with medium-sized market capitalisations may have risks similar to those of smaller companies. | en | fr |
DOLFIN7255 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment policy:
The Fund invests at least two-thirds of its total assets in equity securities of companies located around the world, including the United States and emerging and frontier countries or markets. These are companies domiciled or which exercise the preponderant part of their economic activities in emerging or frontier countries or markets as classified by the World Bank, which are those countries or markets with low- to middle-income economies.
Under normal circumstances, the Fund invests at least 30% of its total assets in companies organized, headquartered or doing a substantial amount of business outside the United States. The Fund considers a company that has at least 50% of their assets, or deriving at least 50% of their revenues from business outside the United States as doing a substantial amount of business outside of the United States.
The Fund is unconstrained by capitalization size, industry or geographic considerations. The Fund may invest in the securities of large, established multinational companies as well as of mid-sized and smaller companies and may make significant investments in certain sectors or group of sectors within a particular industry or industries from time to time. As regard the geographic considerations, the Fund generally invests in securities of companies located in different regions and in at least three different countries.
The Fund’s equity investments may include common stocks, preferred stocks, rights and warrants to subscribe for the purchase of equity securities, depositary receipts for any of those equity investments. As part of the Fund’s investments in securities worldwide, the Fund may also invest in certain eligible A-Shares via the Shanghai-Hong Kong Stock Connect program and/or Shenzhen-Hong Kong Stock Connect program (collectively, the “Stock Connects”).
The Fund may invest up to one-third of its total assets in cash, cash equivalents or other types of securities than those described above. The Fund may invest up to 10% of its net assets in undertakings for collective investment, including but not limited to, exchange traded funds (ETFs) that qualify as UCITs. | # Política de inversión:
El fondo invierte al menos dos terceras partes de sus activos totales en valores de renta variable de empresas de todo el mundo, incluidos los Estados Unidos y países o mercados emergentes o frontera. Se trata de aquellas empresas que están domiciliadas o desarrollan la parte predominante de su actividad económica en mercados o países emergentes o fronterizos con arreglo a la clasificación del Banco Mundial; estos son aquellos mercados o países con una economía de ingresos de bajos a medios.
En circunstancias normales, el fondo invierte al menos el 30% de sus activos totales en empresas constituidas, con sede o que desarrollan una parte importante de su negocio fuera de los Estados Unidos. El fondo considera que una empresa que tiene al menos el 50% de su activo o que obtiene al menos el 50% de sus ingresos de negocios fuera de los Estados Unidos desarrolla una parte importante de su actividad fuera de dicho país.
El fondo no aplica límites relativos al tamaño de la capitalización ni a consideraciones sectoriales o geográficas. El fondo puede invertir en los valores de grandes empresas multinacionales consolidadas, así como en pequeñas y medianas empresas, y oportunamente puede realizar inversiones cuantiosas en determinados sectores o grupos de sectores de una industria o industrias concretas. En lo que se refiere a las consideraciones demográficas, por lo general el fondo invierte en valores de empresas ubicadas en distintas regiones y en al menos tres países distintos.
Las inversiones del fondo en renta variable pueden incluir acciones ordinarias, acciones preferentes, derechos y warrants de suscripción para la compra de valores de renta variable y certificados de depósito de valores para cualquiera de estas inversiones de renta variable. Como parte de las inversiones del fondo en valores a escala mundial, este también puede invertir en determinadas Acciones A admisibles mediante el programa Shanghai-Hong Kong Stock Connect y/o el programa Shenzhen-Hong Kong Stock Connect (conjuntamente “Stock Connect”).
El fondo puede invertir hasta un tercio de su patrimonio total en efectivo, equivalentes al efectivo y otros tipos de valores distintos de los descritos anteriormente. El fondo puede invertir hasta el 10% de su patrimonio neto en organismos de inversión colectiva, incluyendo, entre otros, fondos cotizados (ETF) cualificados como OICVM. | # Investment policy:
The Fund invests at least two-thirds of its total assets in equity securities of companies located around the world, including the United States and emerging and frontier countries or markets. These are companies domiciled or which exercise the preponderant part of their economic activities in emerging or frontier countries or markets as classified by the World Bank, which are those countries or markets with low- to middle-income economies.
Under normal circumstances, the Fund invests at least 30% of its total assets in companies organized, headquartered or doing a substantial amount of business outside the United States. The Fund considers a company that has at least 50% of their assets, or deriving at least 50% of their revenues from business outside the United States as doing a substantial amount of business outside of the United States.
The Fund is unconstrained by capitalization size, industry or geographic considerations. The Fund may invest in the securities of large, established multinational companies as well as of mid-sized and smaller companies and may make significant investments in certain sectors or group of sectors within a particular industry or industries from time to time. As regard the geographic considerations, the Fund generally invests in securities of companies located in different regions and in at least three different countries.
The Fund’s equity investments may include common stocks, preferred stocks, rights and warrants to subscribe for the purchase of equity securities, depositary receipts for any of those equity investments. As part of the Fund’s investments in securities worldwide, the Fund may also invest in certain eligible A-Shares via the Shanghai-Hong Kong Stock Connect program and/or Shenzhen-Hong Kong Stock Connect program (collectively, the “Stock Connects”).
The Fund may invest up to one-third of its total assets in cash, cash equivalents or other types of securities than those described above. The Fund may invest up to 10% of its net assets in undertakings for collective investment, including but not limited to, exchange traded funds (ETFs) that qualify as UCITs. | en | es |
DOLFIN7256 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Sustainable investment means an investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not significantly harm any environmental or social objective and that the investee companies follow good governance practices. | Product name: Flossbach von Storch – Multi Asset – Defensive | Legal entity identifier: 529900DG18G28REV5Z23 |
| --- | --- | --- |
| Environmental and/or social characteristics |
| Does this financial product have a sustainable investment objective? |
| - Yes | | Eine nachhaltige In- vestition ist eine In- vestition in eine Wirt- schaftstätigkeit, die zur Erreichung eines Umweltziels oder sozi- alen Ziels beiträgt, vo- rausgesetzt, dass diese Investition keine Umweltziele oder so- zialen Ziele erheblich beeinträchtigt und die Unternehmen, in die investiert wird, Verfah- rensweisen einer gu- ten Unternehmens- führung anwenden. | Name des Produkts: Flossbach von Storch - Multi Asset - Defensive | Unternehmenskennung (LEI-Code): 529900DG18G28REV5Z23 |
| --- | --- | --- |
| Ökologische und/oder soziale Merkmale |
| Werden mit diesem Finanzprodukt nachhaltige Investitionen angestrebt? |
| - Ja | | Sustainable investment means an investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not significantly harm any environmental or social objective and that the investee companies follow good governance practices. | Product name: Flossbach von Storch – Multi Asset – Defensive | Legal entity identifier: 529900DG18G28REV5Z23 |
| --- | --- | --- |
| Environmental and/or social characteristics |
| Does this financial product have a sustainable investment objective? |
| - Yes | en | de |
DOLFIN7257 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives:
Objectives and Investment Policy This product aims to achieve total return through capital appreciation by investing at least 80% of its net asset value directly in equity and equity related securities issued across a number of developed and emerging markets outside the U.S. by non-U.S. companies typically with a market capitalization over $3 billion. The fund may also invest indirectly through specialist financial techniques (known as derivatives). The fund may use derivatives for hedging and efficient portfolio management but not for leverage as an investment strategy. Nevertheless, although expected to be limited, the use of derivatives may introduce constant leverage to the Fund in order to hedge currency exposure or for risk management. The level of leverage may vary depending on the exposure to non-base currency and the risk appetite of the portfolio manager. The Fund’s leverage will not exceed 100% of the Fund’s Net Asset Value, as measured using the commitment approach. It may also invest up to 10% of its assets in other UCITS and ETFs.
Fund Benchmark The Fund employs an actively managed investment strategy. The Fund uses the MSCI AC World ex-USA Growth Index as a benchmark for performance comparison purposes only and does not track the performance of the benchmark.
Dealing Frequency You may buy and sell shares on any day on which the Irish Stock Exchange and New York Stock Exchange are open for regular business. The Fund holiday calendar is available from the Administrator.
Distribution Policy This share class does not pay out a distribution. Any investment income generated will be reinvested.
Depositary: State Street Custodial Services (Ireland) Limited.
Further Information: This describes Manulife Global Quality Growth (Ex-U.S.) Fund, which is a sub-fund of Manulife Investment Management I PLC. The assets of this Fund are segregated from those of other sub-funds of Manulife Investment Management I PLC which means that they cannot be used to pay the liabilities of other sub-funds of Manulife Investment Management I PLC. The prospectus and annual reports relate to Manulife Investment Management I PLC. Exchange rights into other sub-funds and relevant charges are detailed in the prospectus. You can find the fund's prospectus and annual reports in our `Documents' section on our website. Please visit our website to view fund prices. | # Objetivos:
Objetivos y política de inversión Este producto tiene por objeto lograr rentabilidad total mediante la revalorización del capital a través de la inversión directa de al menos el 80% de su valor liquidativo en valores de renta variable y relacionados con esta emitidos en varios mercados desarrollados y emergentes distintos de los EE. UU. por empresas no estadounidenses normalmente con una capitalización bursátil superior a 3.000 millones de USD. El fondo también puede invertir indirectamente a través de técnicas financieras especializadas (conocidas como derivados). El fondo puede emplear derivados con fines de cobertura y de gestión eficiente de la cartera, pero no con fines de apalancamiento como estrategia de inversión. Aunque se espera que el uso de derivados sea limitado, estos pueden introducir un apalancamiento constante en el Fondo para cubrir la exposición a divisas o para gestionar el riesgo. El nivel de apalancamiento puede variar en función de la exposición a monedas distintas a la de base y del apetito de riesgo del gestor de la cartera. El apalancamiento del Fondo no superará el 100% de su Valor liquidativo, conforme a lo que se determine según el enfoque de compromiso. También puede invertir hasta el 10% de sus activos en otros OICVM y ETF.
Valor de referencia del Fondo El Fondo emplea una estrategia de inversión que se gestiona de forma activa. El Fondo emplea el Índice MSCI AC World ex- USA Growth Index como valor de referencia únicamente para realizar comparaciones de rentabilidad y no trata de replicar la rentabilidad del valor de referencia.
Frecuencia de negociación Usted puede comprar y vender acciones en cualquier día en que la Bolsa de Irlanda y la Bolsa de Nueva York abran para el desarrollo de su actividad habitual. El calendario de festivos del Fondo está disponible a través del Administrador.
Política de distribución Esta clase de acciones no hace distribuciones. Las rentas generadas por la inversión se reinvertirán.
Depositario: State Street Custodial Services (Ireland) Limited.
Información adicional: Esto describe el Manulife Global Quality Growth (Ex- U.S.) Fund, que es un subfondo de Manulife Investment Management I PLC. Los activos de este Fondo están segregados de los de otros subfondos de Manulife Investment Management I PLC, lo que significa que no pueden utilizarse para atender los pasivos de otros subfondos de Manulife Investment Management I PLC. El folleto y los informes anuales se refieren a Manulife Investment Management I PLC. Los derechos de canje a otros subfondos y los correspondientes gastos se detallan en el folleto. Puede encontrar el folleto y los informes anuales del fondo en la sección «Documents» (Documentos) de nuestro sitio web. Para ver los precios de los fondos visite nuestro sitio web. | # Objectives:
Objectives and Investment Policy This product aims to achieve total return through capital appreciation by investing at least 80% of its net asset value directly in equity and equity related securities issued across a number of developed and emerging markets outside the U.S. by non-U.S. companies typically with a market capitalization over $3 billion. The fund may also invest indirectly through specialist financial techniques (known as derivatives). The fund may use derivatives for hedging and efficient portfolio management but not for leverage as an investment strategy. Nevertheless, although expected to be limited, the use of derivatives may introduce constant leverage to the Fund in order to hedge currency exposure or for risk management. The level of leverage may vary depending on the exposure to non-base currency and the risk appetite of the portfolio manager. The Fund’s leverage will not exceed 100% of the Fund’s Net Asset Value, as measured using the commitment approach. It may also invest up to 10% of its assets in other UCITS and ETFs.
Fund Benchmark The Fund employs an actively managed investment strategy. The Fund uses the MSCI AC World ex-USA Growth Index as a benchmark for performance comparison purposes only and does not track the performance of the benchmark.
Dealing Frequency You may buy and sell shares on any day on which the Irish Stock Exchange and New York Stock Exchange are open for regular business. The Fund holiday calendar is available from the Administrator.
Distribution Policy This share class does not pay out a distribution. Any investment income generated will be reinvested.
Depositary: State Street Custodial Services (Ireland) Limited.
Further Information: This describes Manulife Global Quality Growth (Ex-U.S.) Fund, which is a sub-fund of Manulife Investment Management I PLC. The assets of this Fund are segregated from those of other sub-funds of Manulife Investment Management I PLC which means that they cannot be used to pay the liabilities of other sub-funds of Manulife Investment Management I PLC. The prospectus and annual reports relate to Manulife Investment Management I PLC. Exchange rights into other sub-funds and relevant charges are detailed in the prospectus. You can find the fund's prospectus and annual reports in our `Documents' section on our website. Please visit our website to view fund prices. | en | es |
DOLFIN7258 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
(1) Closed 10 May 2022
(2) Launched 30 July 2021
(3) Closed 28 June 2022
(4) Closed 12 July 2021
(5) Closed 11 January 2022
(6) Closed 01 February 2022 | (1) Fermeture le 10 mai 2022
(2) Lancement le 30 juillet 2021
(3) Fermeture le 28 juin 2022
(4) Fermeture le 12 juillet 2021
(5) Fermeture le 11 janvier 2022
(6) Fermeture le 1er février 2022 | (1) Closed 10 May 2022
(2) Launched 30 July 2021
(3) Closed 28 June 2022
(4) Closed 12 July 2021
(5) Closed 11 January 2022
(6) Closed 01 February 2022 | en | fr |
DOLFIN7259 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Commissions liées aux résultats
uniquement si la valeur par part atteint un nouveau supérieur à ceux atteints au terme de chacune des cinq périodes de référence précédentes. Le montant réel dépendra de l'évolution de votre investissement. L'estimation des frais cumulés ci-dessus inclut la moyenne des cinq dernières années.
0 EUR | ### Comisiones en función de la rentabilidad
liquidación, pero únicamente en caso de alcanzar un nuevo nivel máximo del valor de participación en comparación con los existentes al final de los cinco periodos de liquidación anteriores. El importe real dependerá del rendimiento de su inversión. La estimación anterior de los costes acumulados incluye la media de los últimos cinco años.
0 EUR | ### Commissions liées aux résultats
uniquement si la valeur par part atteint un nouveau supérieur à ceux atteints au terme de chacune des cinq périodes de référence précédentes. Le montant réel dépendra de l'évolution de votre investissement. L'estimation des frais cumulés ci-dessus inclut la moyenne des cinq dernières années.
0 EUR | fr | es |
DOLFIN7260 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Company in charge of the evaluation of ESG selection criteria:
DPAM is the company in charge of the evaluation of ESG selection criteria. DPAM uses ESG research provided by non-financial rating agencies. DPAM has its own internal ESG research capabilities, and ESG research provided by non-financial rating agencies is used as one source of information, among others. DPAM therefore also reserves the right to determine, on the basis of the information received, whether a company complies with the global ESG criteria, or whether it does not.
Further information:
More specific information on the product can be found on the website www.dpamfunds.com. | Entreprise en charge de l’évaluation des critères de sélection ESG :
DPAM est l’entreprise en charge de l’évaluation des critères de sélection ESG. DPAM utilise la recherche ESG fournie par des agences de notations extra-financières. DPAM dispose de ses propres capacités internes de recherche ESG, et la recherche ESG fournie par des agences de notations extra-financières est utilisée en tant que source d’information, parmi d’autres. Aussi, DPAM se réserve le droit de déterminer sur base des informations reçues si une entreprise correspond aux critères globaux ESG, ou si au contraire elle n’y est pas conforme.
Plus d’informations :
Vous trouverez plus d'informations spécifiques sur le produit sur le site web www.dpamfunds.com. | Company in charge of the evaluation of ESG selection criteria:
DPAM is the company in charge of the evaluation of ESG selection criteria. DPAM uses ESG research provided by non-financial rating agencies. DPAM has its own internal ESG research capabilities, and ESG research provided by non-financial rating agencies is used as one source of information, among others. DPAM therefore also reserves the right to determine, on the basis of the information received, whether a company complies with the global ESG criteria, or whether it does not.
Further information:
More specific information on the product can be found on the website www.dpamfunds.com. | en | fr |
DOLFIN7261 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A sustainability risk means an environmental, social or governance-related event or situation which, if it occurs, could have a significant adverse effect, actual or potential, on the value of the investment.
In accordance with the Transparency Regulation, financial market players are asked to be transparent on how sustainability risks are integrated into their investment decisions as well as the results of the assessment of sustainability risks and their likely impacts on the performance of the financial products they provide.
For all Sub-Funds, apart from CORE EUROPEAN FUND OF REAL ESTATE FUNDS :
The Sub-Funds, apart from the Sub-Funds listed above, fall under article 6 of the Transparency Regulation.
They do not promote sustainability factors and do not maximize portfolio alignment with sustainability factors, however they remain exposed to sustainability risks. Such sustainability risks are integrated into the investment decision making and risk monitoring to the extent that they represent a potential or actual material risks and/or opportunities to maximizing the long-term risk-adjusted returns.
The impacts following the occurrence of a sustainability risk may be numerous and vary depending on the specific risk, region and asset class. In general, where a sustainability risk occurs in respect of an asset, there may be a negative impact on, or entire loss of, its value.
The AIFM believes that the Sub-Funds will be exposed to a broad range of sustainability risks, which will differ from company to company in which the Sub-Funds invest. However, it is not anticipated that any single Sustainability Risk will drive a material negative financial impact on the value of the Company.
Consideration of principal adverse impacts on investment decisions
Unless otherwise disclosed in the relevant Supplement, the AIFM does not consider principal adverse impacts of investment decisions on sustainability factors for any of its Sub-Funds. This is due to the fact that the Sub-Funds pursue investment strategies for which the AIFM has determined that it is not practicable to consider such principal adverse impacts or that the consideration of principal adverse impacts is not relevant to the investment strategy implemented by the Sub-Funds.
-
## General Risk Factors | Par « risque de durabilité », on entend un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui peut, s’il survient, avoir une incidence négative importante sur la valeur de l’investissement.
Conformément au Règlement Transparence, il est demandé aux acteurs des marchés financiers d’être transparents sur la manière dont les risques de durabilité sont intégrés dans leurs décisions d’investissement ainsi que sur les résultats de l’évaluation de ces risques et leurs impacts probables sur la performance des produits financiers qu’ils fournissent.
Pour tous les Compartiments, à l’exception de CORE EUROPEAN FUND OF REAL ESTATE FUNDS :
Les Compartiments, à l’exception des Compartiments énumérés ci-dessus, relèvent de l’article 6 du Règlement Transparence.
Ils ne favorisent pas les facteurs de durabilité et ne maximisent pas l’alignement du portefeuille sur des facteurs de durabilité, mais ils restent exposés aux risques de durabilité. Ces risques en matière de durabilité sont intégrés dans la prise de décision d’investissement et le suivi des risques dans la mesure où ils représentent des risques importants potentiels ou réels et/ou une opportunité de maximiser le rendement à long terme ajusté du risque.
Les impacts liés à la survenance d’un risque de durabilité peuvent être nombreux et varier en fonction du risque spécifique, de la région et de la classe d’actifs. En général, lorsqu’un risque de durabilité survient pour un actif, il peut y avoir un impact négatif sur sa valeur, voire une perte totale de celle-ci.
Le GFIA estime que les Compartiments seront exposés à un large éventail de risques en matière de durabilité, qui varieront d’une société à l’autre dans lesquelles les Compartiments investissent. Toutefois, il n’est pas envisagé qu’un risque de durabilité particulier ait un impact financier négatif important sur la valeur de la Société.
Prise en compte des principaux impacts négatifs sur les décisions d’investissement
Sauf indication contraire dans le Supplément concerné, le GFIA ne tient pas compte des principaux impacts négatifs des décisions d’investissement sur les facteurs de durabilité pour ses Compartiments. Cela s’explique par le fait que les Compartiments appliquent des stratégies d’investissement pour lesquelles le GFIA a déterminé qu’il n’est pas possible de prendre en compte ces principaux impacts négatifs ou que la prise en compte des principaux impacts négatifs n’est pas pertinente pour la stratégie d’investissement mise en œuvre par les Compartiments.
-
## Facteurs de risques généraux | A sustainability risk means an environmental, social or governance-related event or situation which, if it occurs, could have a significant adverse effect, actual or potential, on the value of the investment.
In accordance with the Transparency Regulation, financial market players are asked to be transparent on how sustainability risks are integrated into their investment decisions as well as the results of the assessment of sustainability risks and their likely impacts on the performance of the financial products they provide.
For all Sub-Funds, apart from CORE EUROPEAN FUND OF REAL ESTATE FUNDS :
The Sub-Funds, apart from the Sub-Funds listed above, fall under article 6 of the Transparency Regulation.
They do not promote sustainability factors and do not maximize portfolio alignment with sustainability factors, however they remain exposed to sustainability risks. Such sustainability risks are integrated into the investment decision making and risk monitoring to the extent that they represent a potential or actual material risks and/or opportunities to maximizing the long-term risk-adjusted returns.
The impacts following the occurrence of a sustainability risk may be numerous and vary depending on the specific risk, region and asset class. In general, where a sustainability risk occurs in respect of an asset, there may be a negative impact on, or entire loss of, its value.
The AIFM believes that the Sub-Funds will be exposed to a broad range of sustainability risks, which will differ from company to company in which the Sub-Funds invest. However, it is not anticipated that any single Sustainability Risk will drive a material negative financial impact on the value of the Company.
Consideration of principal adverse impacts on investment decisions
Unless otherwise disclosed in the relevant Supplement, the AIFM does not consider principal adverse impacts of investment decisions on sustainability factors for any of its Sub-Funds. This is due to the fact that the Sub-Funds pursue investment strategies for which the AIFM has determined that it is not practicable to consider such principal adverse impacts or that the consideration of principal adverse impacts is not relevant to the investment strategy implemented by the Sub-Funds.
-
## General Risk Factors | en | fr |
DOLFIN7262 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Investment Strategy The Sub-Fund invests mainly in inflation- linked bonds issued in the OECD.
Specifically, at all times the Sub-Fund invests at least two thirds of net assets in inflation-linked bonds issued by governments, public institutions or companies in the OECD countries. The remaining part of the portfolio may be invested in debt securities that are not inflation-linked to reduce its exposure to inflation-linked bonds in anticipation of periods of lower inflation.
The Sub-Fund invests at least 90% of net assets in Investment Grade securities and less than 10% in Sub-Investment Grade securities. However, the Sub-Fund does not invest in securities rated CCC+ or below by Standard & Poor’s or equivalent rating by Moody’s or Fitch. Ratings are based on the lower of two ratings or the second highest of three ratings depending on how many ratings are available. If securities are unrated, they must be judged equivalent to those levels by the investment manager. In case of a credit downgrade below such minimum, securities will be sold within 6 months.
The selection of debt securities is not exclusively and mechanically based on their publicly available credit ratings but also on an internal credit or market risk analysis. The decision to buy or sell securities is also based on other analysis criteria of the investment manager.
The Sub-Fund may invest up to 100% of net assets in sovereign debt securities but does not invest more than 10% in securities issued or guaranteed by a single country (including its government and any public or local authority there) that are Sub-Investment Grade or unrated. | ###### Estrategia de inversión El subfondo invierte principalmente en bonos ligados a la inflación emitidos en los países miembros de la OCDE.
En concreto, el subfondo invierte en todo momento por lo menos dos tercios de su patrimonio neto en bonos ligados a la inflación emitidos por empresas, Estados e instituciones públicas de los países de la OCDE. La parte restante de la cartera podrá invertirse en títulos de deuda que no estén ligados a la inflación a fin de reducir su exposición a los bonos ligados a la inflación en previsión de períodos de menor inflación.
El subfondo invierte por lo menos el 90 % de su patrimonio neto en títulos de deuda con grado de inversión y menos del 10 % en títulos sin grado de inversión. No obstante, el subfondo no invertirá en títulos con una calificación igual o inferior a CCC+ de Standard & Poor’s o su equivalente de Moody’s o Fitch. La calificación que se tendrá en cuenta será la menor de dos calificaciones o la segunda mayor de tres calificaciones, según el número de calificaciones disponibles. Si los títulos carecen de calificación, el gestor de inversiones deberá equipararlos a dichos niveles. En caso de una rebaja de calificación crediticia por debajo de la calidad mínima, los títulos se venderán en un plazo de seis meses.
La selección de títulos de deuda no está basada exclusiva y automáticamente en las calificaciones crediticias publicadas, sino también en un análisis interno del riesgo de crédito o de mercado. La decisión de comprar o vender títulos también está basada en otros criterios de análisis del gestor de inversiones.
El subfondo podrá invertir hasta el 100 % de su patrimonio neto en títulos de deuda pública, pero no invertirá más del 10 % en títulos emitidos o garantizados por ningún país (ya sea por el Estado o por cualquier organismo público o local) sin grado de inversión o sin calificación. | ###### Investment Strategy The Sub-Fund invests mainly in inflation- linked bonds issued in the OECD.
Specifically, at all times the Sub-Fund invests at least two thirds of net assets in inflation-linked bonds issued by governments, public institutions or companies in the OECD countries. The remaining part of the portfolio may be invested in debt securities that are not inflation-linked to reduce its exposure to inflation-linked bonds in anticipation of periods of lower inflation.
The Sub-Fund invests at least 90% of net assets in Investment Grade securities and less than 10% in Sub-Investment Grade securities. However, the Sub-Fund does not invest in securities rated CCC+ or below by Standard & Poor’s or equivalent rating by Moody’s or Fitch. Ratings are based on the lower of two ratings or the second highest of three ratings depending on how many ratings are available. If securities are unrated, they must be judged equivalent to those levels by the investment manager. In case of a credit downgrade below such minimum, securities will be sold within 6 months.
The selection of debt securities is not exclusively and mechanically based on their publicly available credit ratings but also on an internal credit or market risk analysis. The decision to buy or sell securities is also based on other analysis criteria of the investment manager.
The Sub-Fund may invest up to 100% of net assets in sovereign debt securities but does not invest more than 10% in securities issued or guaranteed by a single country (including its government and any public or local authority there) that are Sub-Investment Grade or unrated. | en | es |
DOLFIN7263 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment MSCI AC World (NR) between 31/07/2011-31/07/2018.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,786
7.9%
CHF 17,897
8.7% | # Este tipo de escenario se produjo para una inversión MSCI AC World (NR) entre 31/07/2011-31/07/2018.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 786 CHF
7,9%
17 897 CHF
8,7% | # This type of scenario occurred for an investment MSCI AC World (NR) between 31/07/2011-31/07/2018.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,786
7.9%
CHF 17,897
8.7% | en | es |
DOLFIN7264 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
NOTE 1 - ACCOUNTING PRINCIPLES
The Financial Statements of the SICAV have been prepared under going concern basis of accounting in accordance with the Luxembourg generally accepted legal and regulatory requirements and accounting principles, on the basis of the unofficial net asset value calculated at the year-end date for the sole purposes of the financial statements, including the following significant policies:
- Valuation of investmentsThe value of any cash on hand or on deposit, bills and demand notes payable and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as may be considered appropriate in such case to reflect the true value thereof. | NOTE 1 - PRINCIPES ET MÉTHODES COMPTABLES
Les états financiers de la SICAV ont été préparés conformément avec les exigences légales et réglementaires et les principes comptables généralement acceptés au Luxembourg, sur la base de la valeur liquidative non officielle calculée à la date de clôture de l’exercice aux seules fins des états financiers, y compris les principes significatifs suivants :
- Evaluation du portefeuilles-titresLa valeur de toute liquidité disponible ou en dépôt, de tout effet de commerce et billet à demande à payer et créance, de tout frais prépayé, de tout dividende en espèce et intérêts déclaré ou cumulé tel que susmentionné et non encore perçu est supposée en être le montant total, sauf dans les cas où le paiement ou le paiement total de celui-ci est peu probable, auquel cas la valeur est calculée en tenant compte de cette réduction telle que considérée comme juste afin de refléter la véritable valeur. | NOTE 1 - ACCOUNTING PRINCIPLES
The Financial Statements of the SICAV have been prepared under going concern basis of accounting in accordance with the Luxembourg generally accepted legal and regulatory requirements and accounting principles, on the basis of the unofficial net asset value calculated at the year-end date for the sole purposes of the financial statements, including the following significant policies:
- Valuation of investmentsThe value of any cash on hand or on deposit, bills and demand notes payable and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as may be considered appropriate in such case to reflect the true value thereof. | en | fr |
DOLFIN7265 | 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
The Fund is a sub-fund of Partners Group Private Markets Credit Strategies ELTIF, SICAV, an investment company with variable share capital (société d'inves- tissement à capital variable - SICAV) organised as an umbrella fund (fonds d'investissement à compartiments multiples), established pursuant to Part II of the 2010 Law in the form of a public limited company (société anonyme - SA) in accordance with the provisions of the 1915 Law. The Fund qualifies as an altern- ative investment fund ("AIF") within the meaning of the Alternative Investment Fund Managers and amending Directives ("AIFMD"). The Fund also qualifies as a European long-term investment fund (fonds d'investissement européen à long-terme - ELTIF) pursuant to the Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds (the "ELTIF Regulation").
The Fund will terminate five years after the initial share offering, subject to two one-year extension periods at the discretion of the manufacturer. This term constitutes the end of life, within the meaning of the ELTIF Regulation. Both the board of directors and investors may propose liquidation of the Fund in certain circumstances, as detailed within the Fund's articles and PPM.
## Objective
The Fund's objective is to generate attractive risk-adjusted returns by primarily investing in a diversified portfolio of mainly senior secured loans and subordinated loans. The Fund may also invest in debt financing real estate or infrastructure projects, in an effort to optimize the diversification of the portfolio. To a lesser extent the Fund may also invest in public debt, equity instruments, and other assets which have similar risk/return characteristics. The Fund will primarily make investments in senior secured loans, typically in leveraged buyout transactions in sectors where Partners Group or its respective investment partners have expertise, and based on a relative value investment process. The Fund will seek to invest in companies that may exhibit characteristics such as, e.g., market leadership, stable long-term growth, high cash flow generation and proven management teams. In addition, the Fund may also invest in debt financing real estate or infrastructure projects, in an effort to optimize the diversification of the portfolio. The Fund's investments will be subject to a well-defined diversific- ation in an effort to reduce risks associated with alternative investments. The Fund will not invest or commit more than 15% of the aggregate commitments in any single investment provided that the aggregate value of Investments that exceed 10% of the Fund's assets shall not exceed 40% of the Fund's assets. The Fund currently intends to partially hedge its foreign exchange exposure, but has no obligation to hedge at all. Returns on each investment type, ultimately, depend upon the financial performance of the underlying investments made by the Fund, be that direct investments or indirectly via the other funds the Fund may invest in; if the underlying investments' performance is positive, so too will the Fund's be. Conversely, if the underlying investments' performance is neg- ative, so too will the Fund's be. The Fund may borrow to purchase assets on behalf of investors. This could potentially magnify gains or losses made by the Fund.
## Intended retail investor
The Fund is intended to be marketed to retail investors who are seeking exposure to the private debt asset class. Retail investors should have a long-term in- vestment horizon and should be able to invest at least EUR 20'000. Retail investors should have sufficient experience and theoretical knowledge in private markets. Retail investors should have a high risk tolerance and should be able to bear the loss of their entire investment. | # Cos'è questo prodotto?
## Tipo
Il Fondo è un comparto di Partners Group Private Markets Credit Strategies ELTIF, SICAV, una società d'investimento con capitale variabile (société d'invest- issement à capital variable - SICAV) costituita quale fondo multicomparto (fonds d'investissement à compartiments multiples) ai sensi della Parte II della Legge del 2010 sotto forma di società per azioni (société anonyme - SA) in conformità alle disposizioni della Legge del 1915. Il Fondo si qualifica come un fondo d'investimento alternativo ("FIA") ai sensi della direttiva sui gestori di fondi d'investimento alternativi ("AIFMD"). Il Fondo si qualifica inoltre quale fondo d'inves- timento europeo a lungo termine (fonds d'investissement européen à long-terme - ELTIF) ai sensi del Regolamento (UE) 2015/760 del Parlamento europeo e del Consiglio del 29 aprile 2015 sui fondi d'investimento europei a lungo termine (il "Regolamento ELTIF").
Il Fondo cesserà di esistere cinque anni dopo l'emissione di azioni iniziale, fatti salvi due periodi di proroga di un anno a discrezione del creatore del prodotto. Tale termine costituisce la fine del ciclo di vita ai sensi del Regolamento ELTIF. In talune circostanze il consiglio di amministrazione e gli investitori potranno proporre la liquidazione del Fondo, secondo quanto specificato all'interno dello statuto del Fondo e del PPM.
## Obiettivi
L'obiettivo del Fondo consiste nel generare interessanti rendimenti corretti per il rischio investendo principalmente in un portafoglio diversificato composto prevalentemente da prestiti privilegiati garantiti e prestiti subordinati. Il Fondo può inoltre investire in progetti immobiliari o infrastrutturali di finanziamento del debito nel tentativo di ottimizzare la diversificazione del portafoglio. In misura inferiore il Fondo potrà inoltre investire in debito pubblico, strumenti azionari e altre attività che presentino caratteristiche di rischio/rendimento analoghe. Il Fondo effettuerà prevalentemente investimenti in prestiti privilegiati garantiti, tipicamente in operazioni di leveraged buyout in settori in cui Partners Group o i relativi partner d'investimento vantino esperienza, nonché sulla base di un processo d'investimento relative value. Il Fondo tenterà d'investire in società che possano presentare caratteristiche quali, ad esempio, leadership di mercato, crescita stabile sul lungo termine, elevata creazione di flussi di cassa e team di gestione affidabili. Il Fondo può inoltre investire in progetti immobiliari o infrastrut- turali di finanziamento del debito nel tentativo di ottimizzare la diversificazione del portafoglio. Gli investimenti del Fondo saranno soggetti a una diversificazione ben precisa nel tentativo di ridurre i rischi associati agli investimenti alternativi. Il Fondo non investirà né impegnerà per oltre il 15% degli impegni complessivi in un singolo investimento a condizione che il valore complessivo degli Investimenti che superino il 10% delle attività del Fondo non superi il 40% delle attività del Fondo. Il Fondo attualmente intende coprire parzialmente l'esposizione alle valute estere, ma non è soggetto ad alcun obbligo di copertura. I rendimenti su ciascuna tipologia d'investimento dipendono in ultima analisi dalla performance finanziaria degli investimenti sottostanti effettuati dal Fondo, siano essi in- vestimenti diretti o indiretti attraverso gli altri Fondi in cui il Fondo possa investire; laddove la performance degli investimenti sottostanti sia positiva, lo sarà anche la performance del Fondo. Analogamente, se la performance degli investimenti sottostanti è negativa, lo sarà anche la performance del Fondo. Il Fondo può prendere a prestito denaro al fine di acquistare attività per conto degli investitori. Ciò potrebbe incrementare i guadagni o le perdite realizzati dal Fondo.
## Investitore al dettaglio a cui si intende commercializzare il prodotto
Il Fondo sarà destinato agli investitori retail che siano alla ricerca di un'esposizione alla classe di attività del debito privato. Gli investitori retail dovranno presentare un orizzonte d'investimento di lungo termine e dovranno poter investire almeno EUR 20'000. Gli investitori retail dovranno disporre di un'esperienza e di conoscenze teoriche sufficienti rispetto ai mercati privati. Gli investitori retail dovranno avere un'elevata tolleranza al rischio e dovranno poter sostenere la perdita dell'intero investimento. | # What is this product?
## Type
The Fund is a sub-fund of Partners Group Private Markets Credit Strategies ELTIF, SICAV, an investment company with variable share capital (société d'inves- tissement à capital variable - SICAV) organised as an umbrella fund (fonds d'investissement à compartiments multiples), established pursuant to Part II of the 2010 Law in the form of a public limited company (société anonyme - SA) in accordance with the provisions of the 1915 Law. The Fund qualifies as an altern- ative investment fund ("AIF") within the meaning of the Alternative Investment Fund Managers and amending Directives ("AIFMD"). The Fund also qualifies as a European long-term investment fund (fonds d'investissement européen à long-terme - ELTIF) pursuant to the Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds (the "ELTIF Regulation").
The Fund will terminate five years after the initial share offering, subject to two one-year extension periods at the discretion of the manufacturer. This term constitutes the end of life, within the meaning of the ELTIF Regulation. Both the board of directors and investors may propose liquidation of the Fund in certain circumstances, as detailed within the Fund's articles and PPM.
## Objective
The Fund's objective is to generate attractive risk-adjusted returns by primarily investing in a diversified portfolio of mainly senior secured loans and subordinated loans. The Fund may also invest in debt financing real estate or infrastructure projects, in an effort to optimize the diversification of the portfolio. To a lesser extent the Fund may also invest in public debt, equity instruments, and other assets which have similar risk/return characteristics. The Fund will primarily make investments in senior secured loans, typically in leveraged buyout transactions in sectors where Partners Group or its respective investment partners have expertise, and based on a relative value investment process. The Fund will seek to invest in companies that may exhibit characteristics such as, e.g., market leadership, stable long-term growth, high cash flow generation and proven management teams. In addition, the Fund may also invest in debt financing real estate or infrastructure projects, in an effort to optimize the diversification of the portfolio. The Fund's investments will be subject to a well-defined diversific- ation in an effort to reduce risks associated with alternative investments. The Fund will not invest or commit more than 15% of the aggregate commitments in any single investment provided that the aggregate value of Investments that exceed 10% of the Fund's assets shall not exceed 40% of the Fund's assets. The Fund currently intends to partially hedge its foreign exchange exposure, but has no obligation to hedge at all. Returns on each investment type, ultimately, depend upon the financial performance of the underlying investments made by the Fund, be that direct investments or indirectly via the other funds the Fund may invest in; if the underlying investments' performance is positive, so too will the Fund's be. Conversely, if the underlying investments' performance is neg- ative, so too will the Fund's be. The Fund may borrow to purchase assets on behalf of investors. This could potentially magnify gains or losses made by the Fund.
## Intended retail investor
The Fund is intended to be marketed to retail investors who are seeking exposure to the private debt asset class. Retail investors should have a long-term in- vestment horizon and should be able to invest at least EUR 20'000. Retail investors should have sufficient experience and theoretical knowledge in private markets. Retail investors should have a high risk tolerance and should be able to bear the loss of their entire investment. | en | it |
DOLFIN7266 | 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 OPCVM - 1re partie d'une SICAV de droit luxembourgeois. Le fonds est un ETF OPCVM.
### 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 1C du fonds Xtrackers MSCI World Swap UCITS ETF a été lancée en 2006.
### Objectifs
Il est géré de façon passive. L’objectif est que votre investissement reflète la performance de l’indice MSCI Total Return Net World index (indice) dont le but est de refléter la performance des actions cotées de certaines sociétés issues de divers pays développés. Les sociétés composant l’indice sont des grandes et moyennes sociétés, en fonction de la valeur consolidée de leurs actions facilement disponibles par comparaison avec d’autres sociétés. La pondération d’une société dans l’indice dépend de sa taille relative. L’indice est calculé sur la base du rendement total net, ce qui signifie que tous les dividendes et distributions versés par les sociétés sont réinvestis dans les actions après impôts. L’indice est révisé et rééquilibré au moins trimestriellement. Pour ce faire, le fonds achètera des actions et/ou investira dans des liquidités et souscrira des contrats financiers (instruments dérivés) auprès d’une ou de plusieurs contreparties de swaps en lien avec les actions et la version à rendement total net ou brut de l’indice (l’indice de swap), pour obtenir un rendement sur l’indice de swap. La version à rendement total brut de l’indice calcule les performances des actions, en partant du principe que tous les dividendes et distributions sont réinvestis sur une base brute. La sélection de l’indice de swap incombe entièrement au gestionnaire de placements. Certaines informations (y compris les derniers cours des parts du fonds, les valeurs liquidatives indicatives, tous les détails sur la composition du portefeuille du fonds et des informations sur les composantes de l’indice) sont disponibles sur la version locale du site Internet de DWS ou sur le site www.Xtrackers.com. Les frais de transaction et les taxes, les frais imprévus en lien avec le fonds et les conditions de marché telles que la volatilité ou la liquidité peuvent avoir une incidence sur la capacité du fonds à répliquer la performance de l’indice. L’écart de suivi dans des conditions de marché normales est estimé à 1 %. Le rendement du produit découle de la valeur liquidative calculée quotidiennement et du montant de la distribution éventuelle. La devise du compartiment est USD. Les revenus et plus-values ne sont pas distribués, ils sont réinvestis dans le fonds. Ce fond est un compartiment de Xtrackers 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. Vous ne pouvez pas échanger vos actions de ce fonds contre des actions d’autres fonds de Xtrackers. La banque dépositaire est State Street Bank International GmbH, Succursale de Luxembourg. 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.etf.dws.com. 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 fonds s’adresse aux : (i) clients privés (ii) disposant de connaissances de base et d’une expérience limitée (iii) et prêts à accepter le niveau de risque indiqué ci-après (y compris des pertes à hauteur du montant total investi). L’investisseur type présente (iv) un horizon d’investissement à moyen terme (cinq ans). Le fonds convient à (v) des fins d’accumulation de capital (croissance). | # ¿Qué es este producto?
### Tipo
### El producto es un subfondo OICVM - Parte 1 de una SICAV con arreglo a la legislación luxemburguesa. El fondo es un OICVM ETF.
### 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 1C de Xtrackers MSCI World Swap UCITS ETF se constituyó en 2006.
### Objetivos
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del MSCI Total Return Net World index (el “índice”), que ha sido diseñado para reflejar el rendimiento de las acciones cotizadas de determinadas empresas de distintos países desarrollados. Las empresas que conforman el índice son grandes y medianas empresas cuyo tamaño está basado en el valor combinado de las acciones de mayor disponibilidad de una empresa en comparación con otras empresas. La ponderación de una empresa en el índice depende de su tamaño relativo. El índice se calcula a partir de una base de rentabilidad total neta, lo cual implica que todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar impuestos. El índice se revisa y ajusta al menos una vez por trimestre. Para lograr el objetivo, el fondo adquirirá acciones e invertirá en depósitos de efectivo, además de suscribir contratos financieros (derivados) con una o varias contrapartes de swaps en relación con las acciones y con la versión de rentabilidad total bruta o neta del índice (índice de swaps) con el fin de conseguir reflejar la evolución del índice de swaps. La versión de rentabilidad total bruta del índice calcula la evolución del valor de los títulos suponiendo que todos los dividendos y repartos se reinvierten en su forma bruta. El gestor de inversiones podrá seleccionar el índice de swaps a su entera discreción. Puede consultar otra información (como los últimos precios de las acciones del fondo, los valores liquidativos indicativos, toda la información sobre la composición de la cartera del fondo e información sobre los componentes del índice) en la página web local de DWS o en www.Xtrackers.com. Los costes de transacción y los impuestos, otros gastos inesperados del fondo y la situación del mercado, por ejemplo la volatilidad o problemas de liquidez, pueden afectar a la capacidad del fondo para replicar el índice. El margen previsto de error de seguimiento en condiciones normales del mercado es del 1%. La rentabilidad del producto queda reflejada en el valor liquidativo por participación, calculado diariamente, y el importe de los posibles dividendos. 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. Este fondo es un subfondo de Xtrackers, 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. Usted no está autorizado para intercambiar sus acciones en este fondo por otros fondos de Xtrackers. La entidad depositaria es State Street Bank International GmbH, sucursal de Luxemburgo. 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.etf.dws.com. 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
El fondo está diseñado para: (i) clientes minoristas con (ii) conocimientos y experiencia básicos que (iii) estén dispuestos a aceptar el nivel de riesgo que se indica más adelante (incluidas pérdidas que pueden llegar hasta la cantidad total invertida). El inversor típico tendrá (iv) un horizonte de inversión a medio plazo (cinco años). El fondo es adecuado para (v) la acumulación general de capital (crecimiento). | # En quoi consiste ce produit?
### Type
### Le produit est un compartiment OPCVM - 1re partie d'une SICAV de droit luxembourgeois. Le fonds est un ETF OPCVM.
### 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 1C du fonds Xtrackers MSCI World Swap UCITS ETF a été lancée en 2006.
### Objectifs
Il est géré de façon passive. L’objectif est que votre investissement reflète la performance de l’indice MSCI Total Return Net World index (indice) dont le but est de refléter la performance des actions cotées de certaines sociétés issues de divers pays développés. Les sociétés composant l’indice sont des grandes et moyennes sociétés, en fonction de la valeur consolidée de leurs actions facilement disponibles par comparaison avec d’autres sociétés. La pondération d’une société dans l’indice dépend de sa taille relative. L’indice est calculé sur la base du rendement total net, ce qui signifie que tous les dividendes et distributions versés par les sociétés sont réinvestis dans les actions après impôts. L’indice est révisé et rééquilibré au moins trimestriellement. Pour ce faire, le fonds achètera des actions et/ou investira dans des liquidités et souscrira des contrats financiers (instruments dérivés) auprès d’une ou de plusieurs contreparties de swaps en lien avec les actions et la version à rendement total net ou brut de l’indice (l’indice de swap), pour obtenir un rendement sur l’indice de swap. La version à rendement total brut de l’indice calcule les performances des actions, en partant du principe que tous les dividendes et distributions sont réinvestis sur une base brute. La sélection de l’indice de swap incombe entièrement au gestionnaire de placements. Certaines informations (y compris les derniers cours des parts du fonds, les valeurs liquidatives indicatives, tous les détails sur la composition du portefeuille du fonds et des informations sur les composantes de l’indice) sont disponibles sur la version locale du site Internet de DWS ou sur le site www.Xtrackers.com. Les frais de transaction et les taxes, les frais imprévus en lien avec le fonds et les conditions de marché telles que la volatilité ou la liquidité peuvent avoir une incidence sur la capacité du fonds à répliquer la performance de l’indice. L’écart de suivi dans des conditions de marché normales est estimé à 1 %. Le rendement du produit découle de la valeur liquidative calculée quotidiennement et du montant de la distribution éventuelle. La devise du compartiment est USD. Les revenus et plus-values ne sont pas distribués, ils sont réinvestis dans le fonds. Ce fond est un compartiment de Xtrackers 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. Vous ne pouvez pas échanger vos actions de ce fonds contre des actions d’autres fonds de Xtrackers. La banque dépositaire est State Street Bank International GmbH, Succursale de Luxembourg. 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.etf.dws.com. 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 fonds s’adresse aux : (i) clients privés (ii) disposant de connaissances de base et d’une expérience limitée (iii) et prêts à accepter le niveau de risque indiqué ci-après (y compris des pertes à hauteur du montant total investi). L’investisseur type présente (iv) un horizon d’investissement à moyen terme (cinq ans). Le fonds convient à (v) des fins d’accumulation de capital (croissance). | fr | es |
DOLFIN7267 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## 1 Credit derivatives and interest rate futures are reflected on a notional basis.
Emerging Markets and Peripheral Europe exposures are denominated in both USD and local currency. Local currency exposure is reflected in Non-US Dollar as well as in Emerging Markets and Peripheral Europe exposures.
1122 | ## 1 I derivati di credito e i future su tassi d’interesse sono riportati su base nozionale.
Le esposizioni ai mercati emergenti e ai paesi europei periferici sono denominate sia in dollari USA che in valuta locale. L’esposizione in valuta locale viene riportata per l’esposizione non USA oltre che per quella ai mercati emergenti e ai paesi europei periferici.
1122 | ## 1 Credit derivatives and interest rate futures are reflected on a notional basis.
Emerging Markets and Peripheral Europe exposures are denominated in both USD and local currency. Local currency exposure is reflected in Non-US Dollar as well as in Emerging Markets and Peripheral Europe exposures.
1122 | en | it |
DOLFIN7268 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# POURQUOI INVESTIR DANS LE FONDS US DOLLAR BONDS ?
le fonds Indosuez US Dollar Bonds investit principalement dans des obligations émises par des entreprises, libellées en US dollar.
le portefeuille privilégie les obligations d’une maturité de 1 à 4 ans, afin d’offrir une sensibilité aux taux d’intérets limitée et de réduire au maximum le risque de perte annuel en capital.
la construction de portefeuille résulte d’une analyse approfondie des facteurs macroéconomiques et microéconomiques.
la sélection des obligations est le fruit de la recherche fondamentale crédit et de l’analyse des différentes valorisations.
Damien Barchilon
Gérant de portefeuille
le gérant du fonds dispose d’une solide expérience des marchés financiers et gère le fonds depuis son lancement** | # ¿POR QUÉ INVER TIR EN EL FONDO US DOLLAR BONDS ?
el Fondo Indosuez US Dollar Bonds invierte principalmente en bonos corporativos denominados en dólares estadounidenses.
la cartera prioriza los bonos con un vencimiento de 1 a 4 años, con vistas a ofrecer una sensibilidad limitada a los tipos de interés y reducir lo máximo posible el riesgo de pérdida de capital anual.
la estructuración de la cartera es el resultado de un análisis exhaustivo de los factores macroeconómicos y microeconómicos.
la selección de los bonos es el resultado de un análisis crediticio fundamental y del análisis de diferentes valoraciones.
Damien Barchilon
Gestor de la cartera
el gestor del Fondo cuenta con una sólida experiencia en los mercados financieros y lo ha gestionado desde su lanzamiento** | # POURQUOI INVESTIR DANS LE FONDS US DOLLAR BONDS ?
le fonds Indosuez US Dollar Bonds investit principalement dans des obligations émises par des entreprises, libellées en US dollar.
le portefeuille privilégie les obligations d’une maturité de 1 à 4 ans, afin d’offrir une sensibilité aux taux d’intérets limitée et de réduire au maximum le risque de perte annuel en capital.
la construction de portefeuille résulte d’une analyse approfondie des facteurs macroéconomiques et microéconomiques.
la sélection des obligations est le fruit de la recherche fondamentale crédit et de l’analyse des différentes valorisations.
Damien Barchilon
Gérant de portefeuille
le gérant du fonds dispose d’une solide expérience des marchés financiers et gère le fonds depuis son lancement** | fr | es |
DOLFIN7269 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Each sub-fund is charged a flat-rate fee.
The fees for the investment manager and sales agents are paid from this flat-rate fee, among other things.
A flat-rate fee of up to 1.83% for the A, B and V shares, up to 1.23% for the C and D shares and up to 1.03% for the R and X shares is charged for the Euro Value Stars, Top European Ideas Fund, Germany Fund and Global Equities Fund sub-funds.
A flat-rate fee of up to 1.23% for the A and B shares and up to 0.83% for the C, D and R shares is charged for the Emerging Markets Corporate Bond Fund Balanced sub-fund.
A flat-rate fee of up to 1.53% for the A and B shares, up to 1.03% for the C, D, R and X shares and up to 1.83% for the V shares is charged for the Absolute Return Multi Asset sub-fund.
A flat-rate fee of up to 1.53% for the A shares and up to 1.13% for the C and D shares is charged for the Emerging Markets Credit Opportunities Fund sub-fund.
A flat-rate fee of up to 1.83% for the A shares, up to 1.23% for the C and D shares and up to 1.03% for the E, P, R and X shares is charged for the Contrarian Opportunities sub-fund.
A flat-rate fee of up to 1.53% for the A and B shares and up to 1.03% for the C, D, E and F shares is charged for the Global Dividend Stars sub-fund.
A flat-rate fee of up to 1.83% for the A, B and V shares and up to 1.23% for the C and D shares, up to 1.03% for the R and X shares is charged for the Global Equities Unconstrained Fund sub-fund. | Jeder Teilfonds wird mit einer Pauschalgebühr belastet.
Aus dieser Pauschalgebühr wird u.a. die Vergütung des Investmentmanagers und der Vertriebsstellen entrichtet.
Für die Teilfonds Euro Value Stars, Top European Ideas Fund, Germany Fund und Global Equities Fund wird eine Pauschalgebühr von bis zu 1,83% für die A-, B- und V-Aktien, bis zu 1,23% für die C- und D-Aktien und bis zu 1,03% für die R- und X-Aktien berechnet.
Für den Teilfonds Emerging Markets Corporate Bond Fund Balanced wird eine Pauschalgebühr von bis zu 1,23% für die A- und B-Aktien, bis zu 0,83% für die C-, D- und R-Aktien berechnet.
Für den Teilfonds Absolute Return Multi Asset wird eine Pauschalgebühr von bis zu 1,53% für die A-Aktien und B-Aktien, bis zu 1,03% für die C-, D-, R- und X-Aktien und bis zu 1,83% für die V-Aktien berechnet.
Für den Teilfonds Emerging Markets Credit Opportunities Fund wird eine Pauschalgebühr von bis zu 1,53% für die A-Aktien bis zu 1,13% für die C- und D-Aktien berechnet.
Für den Teilfonds Contrarian Opportunities wird eine Pauschalgebühr von bis zu 1,83% für die A-Aktien, bis zu 1,23% für die C- und D-Aktien und bis zu 1,03% für die E-, P-, R- und X- Aktien berechnet.
Für den Teilfonds Global Dividend Stars wird eine Pauschalgebühr von bis zu 1,53% für die A- und B-Aktien und bis zu 1,03% für die C-, D-, E- und F-Aktien berechnet.
Für den Teilfonds Global Equities Unconstrained Fund wird eine Pauschalgebühr von bis zu 1,83% für die A-, B- und V-Aktien und bis zu 1,23% für die C- und D-Aktien, bis zu 1,03% für die R- und X-Aktien berechnet. | Each sub-fund is charged a flat-rate fee.
The fees for the investment manager and sales agents are paid from this flat-rate fee, among other things.
A flat-rate fee of up to 1.83% for the A, B and V shares, up to 1.23% for the C and D shares and up to 1.03% for the R and X shares is charged for the Euro Value Stars, Top European Ideas Fund, Germany Fund and Global Equities Fund sub-funds.
A flat-rate fee of up to 1.23% for the A and B shares and up to 0.83% for the C, D and R shares is charged for the Emerging Markets Corporate Bond Fund Balanced sub-fund.
A flat-rate fee of up to 1.53% for the A and B shares, up to 1.03% for the C, D, R and X shares and up to 1.83% for the V shares is charged for the Absolute Return Multi Asset sub-fund.
A flat-rate fee of up to 1.53% for the A shares and up to 1.13% for the C and D shares is charged for the Emerging Markets Credit Opportunities Fund sub-fund.
A flat-rate fee of up to 1.83% for the A shares, up to 1.23% for the C and D shares and up to 1.03% for the E, P, R and X shares is charged for the Contrarian Opportunities sub-fund.
A flat-rate fee of up to 1.53% for the A and B shares and up to 1.03% for the C, D, E and F shares is charged for the Global Dividend Stars sub-fund.
A flat-rate fee of up to 1.83% for the A, B and V shares and up to 1.23% for the C and D shares, up to 1.03% for the R and X shares is charged for the Global Equities Unconstrained Fund sub-fund. | en | de |
DOLFIN7270 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### Pandemic Risk
A pandemic is defined as a health epidemic/outbreak of contagious disease occurring worldwide, or over a very wide area, crossing international boundaries and usually affecting vast numbers of the global population. Pandemics potentially represent a significant shock to the global financial markets, where the financial impact is multifaceted, ambiguous and could lead to economic recession. For example, outbreaks may result in restrictions on travel and public transport and prolonged closures of workplaces which may have a material adverse effect on the regional or national economies which have imposed such restrictions and which, in turn, may have a wider impact on the global economy. Accordingly, a significant outbreak of a health epidemic/pandemic or contagious disease could result in a widespread health crisis and restrict the level of business activity in affected areas, which may in turn give rise to significant costs to the Funds and adversely affect the Funds’ business and financial results.
Pandemics may result in severe repercussions for the global economy, such as increased volatility, significant spikes and sharp falls in asset prices, market disruption, increased geopolitical risk, resource constraints, and illiquidity. It is also impossible to predict with certainty what additional interim or permanent governmental policies or restrictions may be imposed on the markets and / or the effect of such policies or restrictions on the
ability of any Fund to implement its investment objective / investment policy. As such, a Fund may incur major losses as a result. | ##### Rischio relativo pandemia
Si definisce pandemia un'epidemia sanitaria o la diffusione di una malattia contagiosa a livello globale, o su un'area molto vasta, al di fuori dei confini nazionali, che colpisce una porzione consistente della popolazione mondiale. Le pandemie possono rappresentare un forte shock per i mercati finanziari globali poiché il loro impatto è vario e ambiguo e può innescare una recessione economica. Per esempio, la diffusione di una malattia può comportare limitazioni su viaggi e trasporto pubblico, nonché chiusure prolungate dei luoghi di lavoro, con potenziali effetti negativi sulle economie delle regioni o nazioni in cui sono state imposte tali restrizioni e, in seconda battuta, sull'economia globale. Di conseguenza, un'epidemia/pandemia o la diffusione di una malattia contagiosa può portare a una crisi sanitaria e alla limitazione dell'attività economica nelle aree
colpite; potrebbero pertanto emergere costi significativi a carico dei Comparti che andrebbero a pesare sull'attività e sui risultati finanziari degli stessi.
Le pandemie possono avere gravi ripercussioni sull'economia globale, ad esempio sotto forma di aumento della volatilità, forti oscillazioni al rialzo e la ribasso dei prezzi degli asset, sconvolgimenti sui mercati, maggiore rischi geopolitico, carenza di risorse e illiquidità. È inoltre impossibile stabilire con certezza quali politiche governative o restrizioni, temporanee o permanenti, saranno attuate e gli effetti di tali misure sulla capacità dei Comparti di raggiungere l'obiettivo di investimento e tener fede alla politica di investimento. Di conseguenza, i Comparti potrebbero subire perdite sostanziali. | ##### Pandemic Risk
A pandemic is defined as a health epidemic/outbreak of contagious disease occurring worldwide, or over a very wide area, crossing international boundaries and usually affecting vast numbers of the global population. Pandemics potentially represent a significant shock to the global financial markets, where the financial impact is multifaceted, ambiguous and could lead to economic recession. For example, outbreaks may result in restrictions on travel and public transport and prolonged closures of workplaces which may have a material adverse effect on the regional or national economies which have imposed such restrictions and which, in turn, may have a wider impact on the global economy. Accordingly, a significant outbreak of a health epidemic/pandemic or contagious disease could result in a widespread health crisis and restrict the level of business activity in affected areas, which may in turn give rise to significant costs to the Funds and adversely affect the Funds’ business and financial results.
Pandemics may result in severe repercussions for the global economy, such as increased volatility, significant spikes and sharp falls in asset prices, market disruption, increased geopolitical risk, resource constraints, and illiquidity. It is also impossible to predict with certainty what additional interim or permanent governmental policies or restrictions may be imposed on the markets and / or the effect of such policies or restrictions on the
ability of any Fund to implement its investment objective / investment policy. As such, a Fund may incur major losses as a result. | en | it |
DOLFIN7271 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Fonds vise une appréciation du capital en investissant dans un portefeuille composé principalement de titres du Moyen-Orient et de l’Afrique du Nord (MENA). Le Fonds peut investir dans des titres de la région MENA cotés ou négociés sur des marchés boursiers reconnus situés dans la région MENA définis et énumérés à l’Annexe II (ii) du Prospectus et/ou sur des marchés boursiers reconnus définis et énumérés à l’Annexe II (i) du Prospectus. En outre, le Fonds peut investir dans des titres non cotés soumis aux restrictions d’investissement figurant dans le Prospectus et le présent Supplément.
Le Fonds peut investir jusqu’à un tiers du total de ses actifs (sans tenir compte des actifs liquides à titre accessoire) dans des titres de participation et de créance émis par ou en rapport avec des sociétés situées en dehors du Moyen-Orient et de l’Afrique du Nord (MENA) et exerçant leurs activités au Moyen-Orient et en Afrique du Nord, sans que cette activité prédomine, ou de sociétés situées dans les pays voisins de la région MENA, cotées ou négociées sur des marchés boursiers reconnus énumérés à l’Annexe II du Prospectus, conformément au Règlement relatif aux OPCVM.
Le Fonds investira au moins deux tiers du total de ses actifs (sans tenir compte des actifs liquides à titre accessoire) dans des titres de la région MENA. Les investissements dans la dette de la région MENA ne devront pas excéder 15% du total des actifs du Fonds. Une petite part des actifs du Fonds peut également être investie dans des titres non cotés. Le Fonds ne peut acquérir de parts d’un autre organisme de placement collectif à capital variable (à l’exception des fonds négociés en Bourse). Le Fonds peut investir, au total, jusqu’à 10% de ses actifs nets dans des fonds négociés en bourse. Le Fonds peut investir dans certains instruments dérivés afin d’obtenir une exposition efficace aux entreprises sous-jacentes, ce qui pourrait exposer le fonds à un effet de levier.
Le Fonds est considéré comme activement géré au regard de l’indice S&P Pan Arab Composite (l’« Indice de référence ») en vertu du fait qu’il utilise l’Indice de référence à des fins de comparaison de la performance, qu’il vise à surperformer l’Indice de
référence et que la commission de performance à payer au Gestionnaire est calculée sur la base de la performance du Fonds par rapport à l’Indice de référence. Toutefois, l’Indice de référence n’est pas utilisé pour définir la composition du portefeuille du Fonds ou comme un objectif de performance et le Fonds peut être entièrement investi dans des titres qui ne font pas partie de l’Indice de référence.
L’allocation des actifs du Fonds sera déterminée par le Gestionnaire à son entière discrétion et pourra varier en fonction des conditions de marché.
Le Fonds recourt à une approche ascendante (« bottom-up ») en ce qui concerne la sélection des titres et applique un processus de gestion des risques rigoureux.
Le Fonds peut faire appel à l’effet de levier à hauteur de 100% de sa valeur d’inventaire nette.
Les frais de transaction du portefeuille auront un impact significatif sur la performance. Ces frais sont déduits de l’actif du Fonds.
La devise de référence du Fonds est l’euro. Toute catégorie de parts libellée dans une devise autre que la devise de référence sera couverte contre le risque de change entre la devise de libellé de la catégorie et la devise de référence du fonds.
Recommandation : ce Fonds doit être considéré comme un placement à long terme. Cette Catégorie est une catégorie de capitalisation et n’a pas l’intention de distribuer les revenus issus des investissements qu’elle détient. Les autres catégories du Fonds procèdent soit par capitalisation, soit par distribution.
Vous pouvez obtenir le remboursement de vos parts dans le Fonds tout jour ouvrable bancaire à Dublin, Londres, Dubaï, Riyad et au Caire.
De plus amples informations figurent aux sections « Objectifs d’investissement » et « Politique d’investissement » du supplément relatif au Fonds (le « Supplément »). Sauf mention contraire dans le présent document, tous les termes et expressions définis dans le prospectus de la Société (le « Prospectus ») auront le même sens dans les présentes. | El objetivo de inversión del fondo es lograr la apreciación del capital por medio de la inversión en una cartera compuesta principalmente por valores de Oriente Medio y Norte de África (MENA). El fondo podrá invertir en valores de MENA cotizados o negociados en mercados reconocidos que estén radicados en la región de MENA, tal y como se definen y figuran en el Anexo II (ii) del folleto y/o mercados reconocidos, tal y como se definen y figuran en el Anexo II (i) del folleto. Asimismo, el fondo podrá invertir en valores no cotizados, con sujeción a las restricciones de inversión indicadas en el folleto y en este suplemento.
El fondo podrá invertir hasta un tercio de sus activos totales (sin tener en cuenta activos líquidos accesorios) en valores de renta variable y renta fija emitidos por, o que guardan relación con, empresas de fuera de MENA que desempeñen su actividad en la región aunque no sea de manera preponderante, o empresas localizadas en países vecinos de la región MENA que, de conformidad con el Reglamento OICVM, cotizarán o se negociarán en mercados reconocidos que se mencionan en el Anexo II del folleto.
El fondo invertirá al menos dos tercios de sus activos totales (sin tener en cuenta activos líquidos accesorios) en valores de MENA. La inversión en valores de renta fija de MENA no superará el 15% de los activos totales del fondo. Una pequeña parte del fondo podrá invertirse también en valores no cotizados. El fondo no podrá comprar participaciones de ningún otro vehículo de inversión colectiva abierto (excepto fondos cotizados). El fondo podrá invertir hasta un total del 10% de su patrimonio neto en fondos cotizados. El fondo podrá invertir en algunos instrumentos derivados para adquirir exposición eficiente a las empresas subyacentes, lo que puede dar lugar a apalancamiento del fondo.
Se considera que el fondo está gestionado de forma activa mediante referencia al índice S&P Pan Arab Composite (la "referencia") en virtud del hecho de que utiliza la referencia con fines de comparación de la rentabilidad y de que la comisión de rentabilidad
pagadera al gestor de inversiones se calcula con arreglo a la rentabilidad del fondo en comparación con la referencia, amén de tratar de superar la referencia. No obstante, la referencia no se utiliza para definir la composición de la cartera del fondo ni como objetivo de rentabilidad, y el fondo puede centrar toda su inversión en valores que no están incluidos en la referencia.
La asignación de los activos del fondo la determinará el gestor de inversiones a su exclusivo criterio y puede variar en función de las condiciones del mercado.
La gestión del fondo sigue un estilo de inversión de selección de títulos "bottom-up", y está sujeta a un proceso riguroso de gestión del riesgo.
El fondo podrá emplear apalancamiento hasta un 100% de su valor liquidativo.
Los costes de operaciones de la cartera afectarán sustancialmente a la rentabilidad. Dichos costes se detraen de los activos del fondo.
La divisa base del fondo es el euro. Toda clase de acciones que no esté denominada en la divisa base tendrá cobertura cambiaria frente a la exposición en divisas entre la moneda de denominación de la clase y la divisa base del fondo.
Recomendación: este fondo debe considerarse una inversión a largo plazo.
Esta clase es una clase de acumulación y no tiene previsto distribuir los ingresos que obtenga de sus inversiones. Otras clases del fondo son de acumulación o de distribución. Las acciones del fondo pueden reembolsarse cualquier día hábil bancario en Dublín, Londres, Dubái, el Cairo y Riad.
Para más información, consulte las secciones "Objetivo de inversión" y "Política de inversión del suplemento del fondo (el "Suplemento"). Salvo que se definan aquí de otra forma, todos los términos y expresiones definidos en el folleto con respecto a la sociedad (el "Folleto") tienen el mismo significado en este documento. | Le Fonds vise une appréciation du capital en investissant dans un portefeuille composé principalement de titres du Moyen-Orient et de l’Afrique du Nord (MENA). Le Fonds peut investir dans des titres de la région MENA cotés ou négociés sur des marchés boursiers reconnus situés dans la région MENA définis et énumérés à l’Annexe II (ii) du Prospectus et/ou sur des marchés boursiers reconnus définis et énumérés à l’Annexe II (i) du Prospectus. En outre, le Fonds peut investir dans des titres non cotés soumis aux restrictions d’investissement figurant dans le Prospectus et le présent Supplément.
Le Fonds peut investir jusqu’à un tiers du total de ses actifs (sans tenir compte des actifs liquides à titre accessoire) dans des titres de participation et de créance émis par ou en rapport avec des sociétés situées en dehors du Moyen-Orient et de l’Afrique du Nord (MENA) et exerçant leurs activités au Moyen-Orient et en Afrique du Nord, sans que cette activité prédomine, ou de sociétés situées dans les pays voisins de la région MENA, cotées ou négociées sur des marchés boursiers reconnus énumérés à l’Annexe II du Prospectus, conformément au Règlement relatif aux OPCVM.
Le Fonds investira au moins deux tiers du total de ses actifs (sans tenir compte des actifs liquides à titre accessoire) dans des titres de la région MENA. Les investissements dans la dette de la région MENA ne devront pas excéder 15% du total des actifs du Fonds. Une petite part des actifs du Fonds peut également être investie dans des titres non cotés. Le Fonds ne peut acquérir de parts d’un autre organisme de placement collectif à capital variable (à l’exception des fonds négociés en Bourse). Le Fonds peut investir, au total, jusqu’à 10% de ses actifs nets dans des fonds négociés en bourse. Le Fonds peut investir dans certains instruments dérivés afin d’obtenir une exposition efficace aux entreprises sous-jacentes, ce qui pourrait exposer le fonds à un effet de levier.
Le Fonds est considéré comme activement géré au regard de l’indice S&P Pan Arab Composite (l’« Indice de référence ») en vertu du fait qu’il utilise l’Indice de référence à des fins de comparaison de la performance, qu’il vise à surperformer l’Indice de
référence et que la commission de performance à payer au Gestionnaire est calculée sur la base de la performance du Fonds par rapport à l’Indice de référence. Toutefois, l’Indice de référence n’est pas utilisé pour définir la composition du portefeuille du Fonds ou comme un objectif de performance et le Fonds peut être entièrement investi dans des titres qui ne font pas partie de l’Indice de référence.
L’allocation des actifs du Fonds sera déterminée par le Gestionnaire à son entière discrétion et pourra varier en fonction des conditions de marché.
Le Fonds recourt à une approche ascendante (« bottom-up ») en ce qui concerne la sélection des titres et applique un processus de gestion des risques rigoureux.
Le Fonds peut faire appel à l’effet de levier à hauteur de 100% de sa valeur d’inventaire nette.
Les frais de transaction du portefeuille auront un impact significatif sur la performance. Ces frais sont déduits de l’actif du Fonds.
La devise de référence du Fonds est l’euro. Toute catégorie de parts libellée dans une devise autre que la devise de référence sera couverte contre le risque de change entre la devise de libellé de la catégorie et la devise de référence du fonds.
Recommandation : ce Fonds doit être considéré comme un placement à long terme. Cette Catégorie est une catégorie de capitalisation et n’a pas l’intention de distribuer les revenus issus des investissements qu’elle détient. Les autres catégories du Fonds procèdent soit par capitalisation, soit par distribution.
Vous pouvez obtenir le remboursement de vos parts dans le Fonds tout jour ouvrable bancaire à Dublin, Londres, Dubaï, Riyad et au Caire.
De plus amples informations figurent aux sections « Objectifs d’investissement » et « Politique d’investissement » du supplément relatif au Fonds (le « Supplément »). Sauf mention contraire dans le présent document, tous les termes et expressions définis dans le prospectus de la Société (le « Prospectus ») auront le même sens dans les présentes. | fr | es |
DOLFIN7272 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Frais
Ces frais servent à couvrir les coûts d’exploitation du Fonds, y compris les frais de commercialisation et de distribution. Ces frais réduisent la croissance potentielle des investissements.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | Aucun |
| Frais de sortie | Aucun |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 1,15 % |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance | Aucune |
Les frais d’entrée et de sortie présentés correspondent aux montants maximums. Dans certains cas, vous pourriez payer moins. Pour toutes informations complémentaires relatives aux frais, veuillez vous reporter à la section « Charges et Frais du Fonds » du Prospectus ou consulter votre Intermédiaire financier.
Un actionnaire peut procéder à quatre échanges par an sans encourir de frais d’échange, de frais de souscription initiale ou de frais de sortie. Par la suite, le Fonds pourra facturer une commission d’échange pouvant s’élever jusqu’à un pour cent, par échange, de la valeur des parts à échanger.
Le montant des frais courants est calculé sur la base des charges des douze mois clôturés le 30 septembre 2022. Ces coûts peuvent varier d’année en année. Les coûts de transaction du portefeuille y sont exclus. Pour toutes informations complémentaires sur les frais, veuillez vous reporter à la section « Charges et Frais du Fonds » du Prospectus disponible sur www.alger.com.
Les données sont insuffisantes pour renseigner de manière utile la Performance passée
du Fonds.
Les performances passées du Fonds ne constituent pas un indicateur fiable des performances futures.
Le tableau ne reflète pas l’incidence des commissions de distribution susceptibles d’être prélevées.
Les performances passées de la Catégorie ont été calculées en dollars US.
Alger SICAV - Alger Weatherbie Specialized Growth Fund a été | # Gastos
Estos gastos están destinados a sufragar los costes de funcionamiento del Fondo, incluidos los de comercialización y distribución del mismo. Dichos gastos reducen el potencial de crecimiento de su inversión.
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | Ninguno |
| Gastos de salida | Ninguno |
| Es la cantidad máxima que puede detraerse de su capital antes de la inversión o antes de abonar el producto de su inversión. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 1,15% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Ninguna |
Los gastos de entrada y salida mostrados son cifras máximas. En algunos casos el inversor podría pagar menos. Para más información sobre gastos, consulte el apartado “Charges and Expenses of the Fund” en el Folleto de Alger SICAV o pregunte a su Intermediario financiero.
Los accionistas pueden realizar cuatro canjes anuales sin incurrir en comisiones de canje, comisiones de suscripción inicial o gastos de salida. A partir de entonces, el Fondo podrá aplicar una comisión de canje de hasta un 1%, por cada canje, del valor de las acciones a canjear.
La cifra de gastos corrientes se basa en los gastos para el ejercicio cerrado el 30 septiembre de 2022. Esta cifra puede variar de un año a otro. No incluye los costes de transacción de la cartera. Para más información sobre gastos, consulte el apartado “Charges and Expenses of the Fund” en el Folleto, que se encuentra publicado en www.alger.com.
Los datos disponibles son insuficientes para proporcionar una indicación útil de la rentabilidad histórica
del Fondo.
Rentabilidades pasadas no son indicativas de resultados futuros.
El gráfico no incluye el efecto de las comisiones de suscripción que podrían cobrar los intermediarios.
La rentabilidad histórica de la Clase se ha calculado en dólares estadounidenses.
Alger SICAV - Alger Weatherbie Specialized Growth Fund | # Frais
Ces frais servent à couvrir les coûts d’exploitation du Fonds, y compris les frais de commercialisation et de distribution. Ces frais réduisent la croissance potentielle des investissements.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | Aucun |
| Frais de sortie | Aucun |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 1,15 % |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance | Aucune |
Les frais d’entrée et de sortie présentés correspondent aux montants maximums. Dans certains cas, vous pourriez payer moins. Pour toutes informations complémentaires relatives aux frais, veuillez vous reporter à la section « Charges et Frais du Fonds » du Prospectus ou consulter votre Intermédiaire financier.
Un actionnaire peut procéder à quatre échanges par an sans encourir de frais d’échange, de frais de souscription initiale ou de frais de sortie. Par la suite, le Fonds pourra facturer une commission d’échange pouvant s’élever jusqu’à un pour cent, par échange, de la valeur des parts à échanger.
Le montant des frais courants est calculé sur la base des charges des douze mois clôturés le 30 septembre 2022. Ces coûts peuvent varier d’année en année. Les coûts de transaction du portefeuille y sont exclus. Pour toutes informations complémentaires sur les frais, veuillez vous reporter à la section « Charges et Frais du Fonds » du Prospectus disponible sur www.alger.com.
Les données sont insuffisantes pour renseigner de manière utile la Performance passée
du Fonds.
Les performances passées du Fonds ne constituent pas un indicateur fiable des performances futures.
Le tableau ne reflète pas l’incidence des commissions de distribution susceptibles d’être prélevées.
Les performances passées de la Catégorie ont été calculées en dollars US.
Alger SICAV - Alger Weatherbie Specialized Growth Fund a été | fr | es |
DOLFIN7273 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
As the Sub-Fund’s investments are predominantly in cur- rencies differing from the Accounting Currency, the Sub- Fund’s performance is to a rather high degree subject to currency fluctuations.
Currencies of certain countries may be volatile and there- fore may affect the value of securities denominated in such currencies. If the currency in which an investment is de- nominated appreciates against the Accounting Currency of the Sub-Fund, the value of the investment will increase. Conversely, a decline in the exchange rate of the currency would adversely affect the value of the investment.
Risks related to
- Sustainability Risks (i.a. Emerging Markets)are described in section 3.2.2 “Sub-Funds Specific Risk Profile”. | Da die Anlagen des Teilfonds vorwiegend auf andere Währungen als die Buchhaltungswährung lauten, hängt die Wertentwicklung des Teilfonds in recht hohem Masse von Währungsschwankungen ab.
Die Währungen bestimmter Länder können volatil sein und daher den Wert der auf solche Währungen lautenden Wertpapiere beeinflussen. Wenn die Währung, auf die eine Anlage lautet, gegenüber der Buchhaltungswährung des Teilfonds aufwertet, steigt der Wert der Anlage. Umgekehrt hätte ein sinkender Wechselkurs dieser Währung nachteilige Auswirkungen auf den Wert der Anlage.
Risiken im Zusammenhang mit
- Nachhaltigkeitsrisiken (u.a. Schwellenländer) sind in Abschnitt 3.2.2 „Spezielles Risikoprofil der Teilfonds“ beschrieben. | As the Sub-Fund’s investments are predominantly in cur- rencies differing from the Accounting Currency, the Sub- Fund’s performance is to a rather high degree subject to currency fluctuations.
Currencies of certain countries may be volatile and there- fore may affect the value of securities denominated in such currencies. If the currency in which an investment is de- nominated appreciates against the Accounting Currency of the Sub-Fund, the value of the investment will increase. Conversely, a decline in the exchange rate of the currency would adversely affect the value of the investment.
Risks related to
- Sustainability Risks (i.a. Emerging Markets)are described in section 3.2.2 “Sub-Funds Specific Risk Profile”. | en | de |
DOLFIN7274 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies throughout the world that will provide, or benefit significantly from, technological advances and improvements in relation to products, processes or services.
- The fund will invest at least 50% of its net assets in shares of companies that maintain sustainable characteristics. 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 adheres to the firm-wide exclusion list which includes but is not limited to, cluster munitions and anti-personnel landmines. Equally, issuers which the Investment Manager considers have failed to conduct their business in accordance with accepted international norms, including as set out in the United Nations Global Compact, will not form part of the fund’s investment universe, in accordance with the norms- based screening applied by the Investment Manager.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI ACWI Information Technology Index (Net) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Ziele und Anlagepolitik
- Der Teilfonds ist bestrebt, langfristigen Kapitalzuwachs bei einem voraussichtlich niedrigen Ertragsniveau zu erzielen.
- Der Teilfonds wird mindestens 70% in Aktien von Unternehmen aus aller Welt investieren, die technologische Vorteile oder Verbesserungen in Verbindung mit Produkten, Verfahren oder Diensten bieten oder davon erheblich profitieren.
- Der Teilfonds wird mindestens 50 % seines Nettovermögens in Aktien von Unternehmen investieren, die als nachhaltig gelten. Der Teilfonds wird laufend eine Vielzahl von ökologischen und sozialen Anforderungen berücksichtigen, zu denen beispielsweise Klimaschutz und Anpassung an den Klimawandel, Wasser- und Abfallmanagement, Biodiversität, Produktsicherheit, Lieferkette, Gesundheit und Sicherheit sowie die Menschenrechte gehören.
- Der Teilfonds richtet sich nach der unternehmensweit geltenden Ausschlussliste, die unter anderem Streumunition und Antipersonenminen enthält. Ebenso gehören Emittenten, bei denen der Investmentmanager der Ansicht ist, dass sie ihre Geschäfte nicht in Übereinstimmung mit den anerkannten internationalen Normen, insbesondere nicht den im Global Compact der Vereinten Nationen festgelegten, durchgeführt haben, gemäß dem vom Investmentmanager angewandten normenbasierten Screening nicht zum Anlageuniversum des Teilfonds.
- Dem Teilfonds steht es frei, außerhalb der Regionen, Marktsektoren, Branchen oder Anlageklassen zu investieren, auf denen sein Anlageschwerpunkt liegt.
- Da dieser Fonds global investieren darf, investiert er möglicherweise in Ländern, die als Schwellenländer gelten.
- Der Teilfonds kann direkt in Vermögenswerte investieren oder seine Engagements indirekt auf andere zulässige Weise wie durch Derivate eingehen. Der Teilfonds darf Derivate mit dem Ziel der Risikominderung oder Kostensenkung einsetzen oder um im Einklang mit dem Risikoprofil des Teilfonds zusätzliches Kapital oder zusätzliche Erträge auch zu Anlagezwecken zu generieren.
- Der Teilfonds wird aktiv verwaltet. Der Investmentmanager bezieht sich bei der Auswahl der Anlagen für den Teilfonds und zum Zweck der Risikoüberwachung auf den MSCI ACWI Information Technology Index (Net) (der „Index‘‘). Die Wertentwicklung des Teilfonds kann im Verhältnis zu seinem Index beurteilt werden. Der Investmentmanager verfügt in Bezug auf den Index über einen großen Ermessensspielraum. Der Teilfonds hält zwar Vermögenswerte, die Bestandteile des Index sind, aber er darf, um Anlagemöglichkeiten zu nutzen, auch in Unternehmen, Länder oder Sektoren investieren, die nicht zum Index gehören und andere Gewichtungen als der Index aufweisen.
- Die vom Teilfonds erzielten Erträge werden im Anteilspreis kumuliert.
- Anteile können normalerweise an jedem Geschäftstag des Fonds gekauft und verkauft werden. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies throughout the world that will provide, or benefit significantly from, technological advances and improvements in relation to products, processes or services.
- The fund will invest at least 50% of its net assets in shares of companies that maintain sustainable characteristics. 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 adheres to the firm-wide exclusion list which includes but is not limited to, cluster munitions and anti-personnel landmines. Equally, issuers which the Investment Manager considers have failed to conduct their business in accordance with accepted international norms, including as set out in the United Nations Global Compact, will not form part of the fund’s investment universe, in accordance with the norms- based screening applied by the Investment Manager.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI ACWI Information Technology Index (Net) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | de |
DOLFIN7275 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Market timing
Repeatedly purchasing and selling units in the Fund in response to short-term market fluctuations – known as ‘market timing’ – can disrupt the Manager's investment strategy and increase the Fund’s expenses to the prejudice of all unitholders.
The Fund is not intended for market timing or excessive trading. To deter these activities, the Manager may refuse to accept an application for units from persons that it reasonably believes are engaged in market timing or are otherwise excessive or potentially disruptive to the Fund. | ## « Market timing »
La technique du « market timing », qui consiste à sans cesse acheter et vendre les Parts du Fonds en fonction des fluctuations à court terme des marchés, peut perturber la stratégie d’investissement de la Société de gestion et augmenter les charges du Fonds, nuisant ainsi à tous les porteurs de Parts.
Le Fonds n’est conçu ni pour le market timing ni pour les transactions excessives. Afin d’éviter ces activités, la Société de gestion se réserve le droit de refuser toute demande de souscription de Parts d'investisseurs dont elle estime raisonnablement qu'ils utilisent le market timing ou d'autres pratiques excessives, ou dont les agissements pourraient potentiellement nuire au Fonds. | ## Market timing
Repeatedly purchasing and selling units in the Fund in response to short-term market fluctuations – known as ‘market timing’ – can disrupt the Manager's investment strategy and increase the Fund’s expenses to the prejudice of all unitholders.
The Fund is not intended for market timing or excessive trading. To deter these activities, the Manager may refuse to accept an application for units from persons that it reasonably believes are engaged in market timing or are otherwise excessive or potentially disruptive to the Fund. | en | fr |
DOLFIN7276 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| The indicator measures the risk of fluctuations of the Net Asset Value of the share class based on the last 5 years volatility and places the fund in category 4. This means that the purchase of units in the fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS, as the category might change in the future. Following risks are materially relevant to the UCITS but are not adequately captured by the synthetic indicator and may cause additional loss: |
| --- |
| ABS/MBS risk: Mortgage-backed and asset-backed securities (MBSs and ABSs) typically carry prepayment and extension risk and can carry above-average liquidity risk. |
| CDO/CLO risk: The lower tranches of CDOs and CLOs can experience significantly higher risk than upper tranches of the same CDOs or CLOs. These securities can be hurt by a decline in the underlying assets. Because of their complex structure, they can also be hard to value accurately and their behavior in different market conditions may be unpredictable. |
| CoCo bonds risk: Issuers of contingent convertible securities (CoCo bonds or CoCos) can cancel or suspend scheduled income payments at will. CoCos carry extension risk, and they can be highly volatile. |
| Convertible securities risk: Because convertible securities are structured as bonds that typically can, or must, be repaid with a predetermined quantity of equity shares, rather than cash, they carry both equity risk and the credit and default risks typical of bonds. |
| Credit risk: A bond or money market security, whether from a public or private issuer, could lose value if the issuer's financial health deteriorates. |
| Derivatives risk: Small movements in the value of an underlying asset can create large changes in the value of a derivative, making derivatives highly volatile in general, and exposing the fund to potential losses significantly greater than the cost of the derivative. |
| Hedging risk: Any attempts to reduce or eliminate certain risks may not work as intended, and to the extent that they do work, they will generally eliminate potentials for gain along with risks of loss. |
| Liquidity risk : Certain securities may become hard to value or to buy or sell at a desired time and price which could affect the fund’s value and its ability to pay redemption proceeds or other obligations in a timely manner. |
| Prepayment and extension risk: Any unexpected behaviour in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security's principal before the maturity date). | | | El indicador mide el riesgo de que se produzcan fluctuaciones en el valor liquidativo de la clase de acciones tomando como base la volatilidad de los 5 últimos años y asigna el fondo a la categoría 4. Consecuentemente, la adquisición de participaciones del fondo está vinculada a un riesgo moderado de que se produzcan tales fluctuaciones. Tenga en cuenta que la asignación a la categoría 1 no significa que la inversión esté libre de riesgo. Los datos históricos, tales como los utilizados en el cálculo del indicador sintético, pueden no constituir una indicación fiable del futuro perfil de riesgo del OICVM, ya que la categoría podría cambiar en el futuro. Los riesgos siguientes revisten una importancia significativa para el OICVM pero no están adecuadamente reflejados en el indicador sintético y podrían dar lugar a pérdidas adicionales: |
| --- |
| Riesgo vinculado a los ABS/MBS: Los bonos de titulización hipotecaria (MBS) y los bonos de titulización de activos (ABS) suelen conllevar un riesgo de reembolso anticipado y prórroga, y pueden presentar un riesgo de liquidez superior a la media. |
| Riesgo vinculado a las CDO/CLO: Los tramos más subordinados de las CDO y CLO pueden estar sujetos a un riesgo significativamente más elevado que los tramos de mayor prelación de las mismas CDO o CLO. Estos valores pueden verse penalizados por un deterioro de los activos subyacentes. Dada su complejidad estructural, podría resultar difícil valorar dichos títulos con precisión, y su comportamiento en diferentes condiciones de mercado podría revelarse impredecible. |
| 2 Riesgo vinculado a los bonos CoCo: Los emisores de valores convertibles contingentes (bonos CoCo o CoCo) pueden anular o suspender, a su discreción, los pagos de ingresos previstos. Los CoCo comportan un riesgo de prórroga, y pueden experimentar una volatilidad muy elevada. |
| Riesgo vinculado a los valores convertibles: Dado que los valores convertibles están estructurados como bonos que, por lo general, pueden o deben ser reembolsados con una cantidad predeterminada de acciones, en lugar de efectivo, estos valores pueden conllevar, simultáneamente, el riesgo de renta variable y los riesgos de crédito e impago que se suelen asociar a los bonos. |
| Riesgo de crédito: Un bono o un instrumento del mercado monetario, ya sea de un emisor público o privado, podría perder valor si la situación financiera del emisor se deteriora. |
| Riesgo de derivados: Una pequeña fluctuación en el valor de un activo subyacente podría provocar grandes cambios en el valor de un derivado, por lo que los derivados suelen ser sumamente volátiles y el fondo queda expuesto a pérdidas potenciales que podrían ser mucho más significativas que el coste del derivado. |
| Riesgo de cobertura: Los esfuerzos por reducir o eliminar determinados riesgos podrían no dar el resultado esperado y, en caso de funcionar, eliminarán normalmente el potencial de ganancia junto con el riesgo de pérdida. |
| Riesgo de liquidez: Podría resultar difícil valorar ciertos títulos o comprarlos o venderlos en el momento o al precio deseados, lo que podría incidir en el valor del fondo y en su capacidad para abonar el producto del reembolso o satisfacer otras obligaciones de manera oportuna. |
| Riesgo de reembolso anticipado y prórroga: Todo movimiento inesperado en los tipos de interés podría hacer mella en la rentabilidad de los títulos de deuda amortizables (valores cuyos emisores tienen el derecho a abonar completamente el principal del título antes de la fecha de vencimiento). | | | The indicator measures the risk of fluctuations of the Net Asset Value of the share class based on the last 5 years volatility and places the fund in category 4. This means that the purchase of units in the fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS, as the category might change in the future. Following risks are materially relevant to the UCITS but are not adequately captured by the synthetic indicator and may cause additional loss: |
| --- |
| ABS/MBS risk: Mortgage-backed and asset-backed securities (MBSs and ABSs) typically carry prepayment and extension risk and can carry above-average liquidity risk. |
| CDO/CLO risk: The lower tranches of CDOs and CLOs can experience significantly higher risk than upper tranches of the same CDOs or CLOs. These securities can be hurt by a decline in the underlying assets. Because of their complex structure, they can also be hard to value accurately and their behavior in different market conditions may be unpredictable. |
| CoCo bonds risk: Issuers of contingent convertible securities (CoCo bonds or CoCos) can cancel or suspend scheduled income payments at will. CoCos carry extension risk, and they can be highly volatile. |
| Convertible securities risk: Because convertible securities are structured as bonds that typically can, or must, be repaid with a predetermined quantity of equity shares, rather than cash, they carry both equity risk and the credit and default risks typical of bonds. |
| Credit risk: A bond or money market security, whether from a public or private issuer, could lose value if the issuer's financial health deteriorates. |
| Derivatives risk: Small movements in the value of an underlying asset can create large changes in the value of a derivative, making derivatives highly volatile in general, and exposing the fund to potential losses significantly greater than the cost of the derivative. |
| Hedging risk: Any attempts to reduce or eliminate certain risks may not work as intended, and to the extent that they do work, they will generally eliminate potentials for gain along with risks of loss. |
| Liquidity risk : Certain securities may become hard to value or to buy or sell at a desired time and price which could affect the fund’s value and its ability to pay redemption proceeds or other obligations in a timely manner. |
| Prepayment and extension risk: Any unexpected behaviour in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security's principal before the maturity date). | | en | es |
DOLFIN7277 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Collection Account
Subscriptions monies received in respect of a Sub-Fund in advance of the issue of Shares will be held in the Collection Account in the name of the ICAV and will be treated as a general asset of the ICAV. Investors will be unsecured creditors of the ICAV with respect to any cash amount subscribed and held by the ICAV in the Collection Account until such time as the Shares subscribed are issued, and will not benefit from any appreciation in the Net Asset Value of the relevant Sub- Fund in respect of which the subscription request was made or any other shareholder rights (including dividend entitlement) until such time as the relevant Shares are issued. In the event of the insolvency of that Sub-Fund or the ICAV, there is no guarantee that the Sub-Fund or ICAV will have sufficient funds to pay unsecured creditors in full.
Payment by a Sub-Fund of redemption proceeds and dividends is subject to receipt by the Administrator of original Application Form and compliance with all anti-money laundering procedures. Payment of redemption proceeds or dividends to the Shareholders entitled to such amounts may accordingly be blocked pending compliance with the foregoing requirements to the satisfaction of the Administrator. Redemption and distribution amounts, including blocked redemption or distribution amounts, will, pending payment to the relevant investor or Shareholder, be held in the Collection Account, in the name of the ICAV. For as long as such amounts are held in the Collection Account, the investors / Shareholders entitled to such payments from a Sub-Fund will be unsecured creditors of the ICAV with respect to those amounts and, with respect to and to the extent of their interest in such amounts, will not benefit from any appreciation in the Net Asset Value of the relevant Sub-Fund or any other shareholder rights (including further dividend entitlement). Redeeming Shareholders will cease to be Shareholders with regard to the redeemed Shares as and from the relevant redemption date. In the event of the insolvency of that Sub-Fund or the ICAV, there is no guarantee that the Sub-Fund or the ICAV will have sufficient funds to pay unsecured creditors in full. Redeeming Shareholders and Shareholders entitled to distributions should therefore ensure that any outstanding documentation and/or information required in order for them to receive such payments to their own account is provided to the Administrator promptly. Failure to do so is at such Shareholder's own risk.
In the event of the insolvency of a Sub-Fund, recovery of any amounts to which other Sub-Funds are entitled, but which may have transferred to the insolvent Sub-Fund as a result of the operation of the Collection Account, will be subject to the principles of Irish trust law and the terms of the operational procedures for the Collection Account. There may be delays in effecting and / or disputes as to the recovery of such amounts, and the insolvent Sub-Fund may have insufficient funds to repay amounts due to other Sub-Funds. | ## Conto di raccolta
L'importo delle sottoscrizioni ricevute in relazione a un Comparto prima dell'emissione di Azioni sarà detenuto nel Conto di raccolta a nome dell'ICAV e sarà trattato come un’attività generale dell'ICAV. Gli investitori saranno creditori chirografari dell'ICAV rispetto a qualsiasi importo in contanti sottoscritto e detenuto dall'ICAV nel Conto di raccolta fino al momento dell'emissione delle Azioni sottoscritte, e non beneficeranno di alcun apprezzamento del Valore patrimoniale netto del relativo Comparto in relazione al quale è stata fatta la richiesta di sottoscrizione o di qualsiasi altro diritto degli azionisti (ivi compreso il diritto ai dividendi) fino al momento dell'emissione delle relative Azioni. In caso di insolvenza del Comparto o dell'ICAV, non vi è alcuna garanzia che il Comparto o l'ICAV dispongano di fondi sufficienti per pagare interamente i creditori chirografari.
Il pagamento da parte di un Comparto dei proventi del rimborso e dei dividendi è soggetto alla ricezione da parte dell'Agente amministrativo del Modulo di domanda originale nonché al rispetto di tutte le procedure antiriciclaggio. Il pagamento dei proventi del rimborso o dei dividendi agli Azionisti che hanno diritto a tali importi può pertanto essere bloccato in attesa del rispetto dei suddetti requisiti a soddisfazione dell'Agente amministrativo. Gli importi di rimborso e distribuzione, ivi compresi gli importi di rimborso o distribuzione bloccati, in attesa del pagamento all'investitore o all'Azionista interessato, saranno detenuti sul Conto di raccolta a nome dell'ICAV. Fintantoché tali importi sono detenuti nel Conto di raccolta, gli investitori/azionisti aventi diritto a tali pagamenti da un Comparto saranno creditori chirografari dell'ICAV rispetto a tali importi e, rispetto a e nella misura del loro interesse in tali importi, non beneficeranno di alcun apprezzamento del Valore patrimoniale netto del relativo Comparto o di altri diritti degli azionisti (ivi compreso il diritto a ulteriori dividendi). Gli Azionisti riscattanti cesseranno di essere Azionisti per quanto riguarda le Azioni rimborsate a partire dalla relativa data di rimborso. In caso di insolvenza del Comparto o dell'ICAV, non vi è alcuna garanzia che il Comparto o l'ICAV dispongano di fondi sufficienti per pagare interamente i creditori chirografari. Gli Azionisti che richiedono il rimborso e gli Azionisti aventi diritto alle distribuzioni devono quindi assicurarsi che qualsiasi documentazione e/o informazione in sospeso, necessaria per ricevere tali pagamenti sul proprio conto, sia fornita tempestivamente all'Agente amministrativo. Il mancato rispetto di tale obbligo è a rischio e pericolo dell'Azionista.
In caso di insolvenza di un Comparto, il recupero di eventuali importi a cui hanno diritto altri Comparti, ma che potrebbero essere stati trasferiti al Comparto insolvente a seguito del funzionamento del Conto di raccolta, sarà soggetto ai principi del diritto fiduciario irlandese e ai termini delle procedure operative del Conto di raccolta. Potrebbero esserci ritardi nell'esecuzione e/o controversie sul recupero di tali importi, e il Comparto insolvente potrebbe non disporre di fondi sufficienti per rimborsare gli importi dovuti ad altri Comparti. | ## Collection Account
Subscriptions monies received in respect of a Sub-Fund in advance of the issue of Shares will be held in the Collection Account in the name of the ICAV and will be treated as a general asset of the ICAV. Investors will be unsecured creditors of the ICAV with respect to any cash amount subscribed and held by the ICAV in the Collection Account until such time as the Shares subscribed are issued, and will not benefit from any appreciation in the Net Asset Value of the relevant Sub- Fund in respect of which the subscription request was made or any other shareholder rights (including dividend entitlement) until such time as the relevant Shares are issued. In the event of the insolvency of that Sub-Fund or the ICAV, there is no guarantee that the Sub-Fund or ICAV will have sufficient funds to pay unsecured creditors in full.
Payment by a Sub-Fund of redemption proceeds and dividends is subject to receipt by the Administrator of original Application Form and compliance with all anti-money laundering procedures. Payment of redemption proceeds or dividends to the Shareholders entitled to such amounts may accordingly be blocked pending compliance with the foregoing requirements to the satisfaction of the Administrator. Redemption and distribution amounts, including blocked redemption or distribution amounts, will, pending payment to the relevant investor or Shareholder, be held in the Collection Account, in the name of the ICAV. For as long as such amounts are held in the Collection Account, the investors / Shareholders entitled to such payments from a Sub-Fund will be unsecured creditors of the ICAV with respect to those amounts and, with respect to and to the extent of their interest in such amounts, will not benefit from any appreciation in the Net Asset Value of the relevant Sub-Fund or any other shareholder rights (including further dividend entitlement). Redeeming Shareholders will cease to be Shareholders with regard to the redeemed Shares as and from the relevant redemption date. In the event of the insolvency of that Sub-Fund or the ICAV, there is no guarantee that the Sub-Fund or the ICAV will have sufficient funds to pay unsecured creditors in full. Redeeming Shareholders and Shareholders entitled to distributions should therefore ensure that any outstanding documentation and/or information required in order for them to receive such payments to their own account is provided to the Administrator promptly. Failure to do so is at such Shareholder's own risk.
In the event of the insolvency of a Sub-Fund, recovery of any amounts to which other Sub-Funds are entitled, but which may have transferred to the insolvent Sub-Fund as a result of the operation of the Collection Account, will be subject to the principles of Irish trust law and the terms of the operational procedures for the Collection Account. There may be delays in effecting and / or disputes as to the recovery of such amounts, and the insolvent Sub-Fund may have insufficient funds to repay amounts due to other Sub-Funds. | en | it |
DOLFIN7278 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
It should be noted, however, that the subfund is mostly invested in European small and mid-cap stocks, i.e., those with a market capitalisation of less than EUR 1.5 billion. This criterion is assessed at the time of the initial investment in the equities in question.
However, in order to allow the subfund to be eligible for the PEA as well as the SME PEA, a minimum of 75% of the subfund is invested in European equities issued by companies meeting the following criteria: fewer than 5,000 employees, as well as annual turnover of less than 1,500 million euros or a total balance sheet of less than 2,000 million euros. These criteria are assessed when the subfund invests in the equities in question.
ECHIQUIER ENTREPRENEURS is mainly invested in European Union equities, but may invest up to 25% in equities outside this area.
- Debt securities and money market instruments:Up to 25% of the subfund’s assets may be invested:
- in negotiable debt securities. The longest maturity of debt securities used for the subfund’s cash management shall be 5 years. The short-term securities used have a Standard & Poor’s rating of investment grade or an equivalent rating by another ratings agency. Up to 10% of the subfund’s assets may be invested in “speculative” or unrated negotiable debt securities.
- in bonds. In this regard, particular attention will be given to the credit quality of the companies that issue these securities. Eligible securities are deemed investment grade, i.e., having a minimum Standard & Poor’s rating of BBB- or equivalent or considered as such by the management team. Up to 10% of thesubfund’s assets may be invested in “speculative” or unrated bonds. The maximum maturity of bonds is 10 years. However, the subfund reserves the right to buy bonds with a maturity of more than 10 years marginally as a percentage of assets. No limits have been set for the proportion of bonds of sovereign and private issuers in the portfolio. | Il est toutefois à noter que le compartiment est investi majoritairement sur des petites et moyennes valeurs européennes – dont la capitalisation boursière est inférieure à 1.5 milliard d’euros. Le respect de ce critère est apprécié au moment de l’investissement initial dans les valeurs concernées.
Toutefois, afin de permettre l’éligibilité du compartiment au PEA ainsi qu’au PEA PME, le compartiment est investi à hauteur de 75% minimum en actions européennes émises par des sociétés qui respectent les critères suivants : moins de 5 000 salariés, d’une part, chiffre d’affaires annuel inférieur à 1 500 millions d’euros ou total de bilan inférieur à 2 000 millions d’euros, d’autre part. Le respect des critères est apprécié lors de l'investissement du compartiment dans les actions concernées.
ECHIQUIER ENTREPRENEURS est principalement investi dans des actions de l’Union Européenne mais pourra avoir recours à des actions en dehors de cette zone dans la limite de 25%.
- Titres de créances et instruments du marché monétaire :Dans la limite de 25 %, le compartiment peut investir :
- dans des titres de créances négociables. L’échéance maximum des titres de créances utilisés dans le cadre de la gestion de la trésorerie du compartiment sera de 5 ans. Les titres court terme ainsi utilisés bénéficient d’une notation Standard & Poor’s court terme « Investment grade » - ou notation équivalente dans une autre agence de notation. Les TCN réputés « spéculatifs », ou non notés sont autorisés dans la limite de 10%.
- dans des titres obligataires. Dans ce cadre, une attention particulière sera portée à la qualité de crédit des entreprises émettant ces titres. Les titres concernés sont des titres réputés« Investment grade » à savoir notés au minimum BBB- par Standard & Poor’s ou équivalent ou considérés comme tels par l’équipe de gestion. Les obligations réputées « spéculatives » ou non notées sont autorisées dans la limite de 10%. La maturité maximum des titres obligataires est de 10 ans. Toutefois le compartiment se réserve le droit d’acquérir des obligations avec une maturité supérieure à 10 ans, de manière marginale en pourcentage de l’actif. La gestion ne se fixe pas de limite dans la répartition entre émetteurs souverains et privés. | It should be noted, however, that the subfund is mostly invested in European small and mid-cap stocks, i.e., those with a market capitalisation of less than EUR 1.5 billion. This criterion is assessed at the time of the initial investment in the equities in question.
However, in order to allow the subfund to be eligible for the PEA as well as the SME PEA, a minimum of 75% of the subfund is invested in European equities issued by companies meeting the following criteria: fewer than 5,000 employees, as well as annual turnover of less than 1,500 million euros or a total balance sheet of less than 2,000 million euros. These criteria are assessed when the subfund invests in the equities in question.
ECHIQUIER ENTREPRENEURS is mainly invested in European Union equities, but may invest up to 25% in equities outside this area.
- Debt securities and money market instruments:Up to 25% of the subfund’s assets may be invested:
- in negotiable debt securities. The longest maturity of debt securities used for the subfund’s cash management shall be 5 years. The short-term securities used have a Standard & Poor’s rating of investment grade or an equivalent rating by another ratings agency. Up to 10% of the subfund’s assets may be invested in “speculative” or unrated negotiable debt securities.
- in bonds. In this regard, particular attention will be given to the credit quality of the companies that issue these securities. Eligible securities are deemed investment grade, i.e., having a minimum Standard & Poor’s rating of BBB- or equivalent or considered as such by the management team. Up to 10% of thesubfund’s assets may be invested in “speculative” or unrated bonds. The maximum maturity of bonds is 10 years. However, the subfund reserves the right to buy bonds with a maturity of more than 10 years marginally as a percentage of assets. No limits have been set for the proportion of bonds of sovereign and private issuers in the portfolio. | en | fr |
DOLFIN7279 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Investments in convertible bonds may, in addition to normal bond risks and fluctuations, be subject to fluctuations in response to numerous factors, including but not limited to, variations in the periodic operating results of the issuer, changes in investor perceptions of the issuer, the depth and liquidity of the market for convertible bonds and changes in actual or forecasted global or regional economic conditions. In addition, the global bond markets have from time to time experienced extreme price and volume fluctuations. Any such broad market fluctuations may adversely affect the trading price of convertible bonds.
-
## Asset Backed Securities | Les investissements en obligations convertibles peuvent, en plus des risques et fluctuations affectant normalement les obligations, être soumis à des fluctuations en réaction à de nombreux facteurs y compris, sans s’y limiter, des variations des résultats d’exploitation périodiques de l’émetteur, des changements de perception de l’émetteur par les investisseurs, la profondeur et la liquidité du marché des obligations convertibles et des variations de la situation économique mondiale ou régionale, réelle ou prévue. En outre, les marchés obligataires mondiaux ont occasionnellement connu des fluctuations de cours et de volume extrêmes. De telles larges fluctuations du marché peuvent affecter défavorablement le cours auquel les obligations convertibles sont négociées.
-
## Titres adossés à des actifs | Investments in convertible bonds may, in addition to normal bond risks and fluctuations, be subject to fluctuations in response to numerous factors, including but not limited to, variations in the periodic operating results of the issuer, changes in investor perceptions of the issuer, the depth and liquidity of the market for convertible bonds and changes in actual or forecasted global or regional economic conditions. In addition, the global bond markets have from time to time experienced extreme price and volume fluctuations. Any such broad market fluctuations may adversely affect the trading price of convertible bonds.
-
## Asset Backed Securities | en | fr |
DOLFIN7280 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Circular (Caishui [2014] No. 79) issued jointly by the Chinese Ministry of Finance (MOF), the State Administration of Taxation (SAT) and the China Securities Regulatory Commission (CSRC), temporarily exempts QFIIs from withholding tax on gains derived from the trading of the equity investment assets (A-shares) provided the QFII has no establishment or place of business in China, or if it does, the gains so derived in China are not effectively connected with this establishment or place of business in China. Similarly a circular (Caishui [2016] No. 70) exempts gains made by QFIIs on China marketable securities from VAT.
Based on professional and independent tax advice, currently no provision is being made for tax on capital gains on disposals of (i) China A Shares and B Shares, or (ii) China fixed income securities listed or traded on exchanges or the China interbank bond market, or for tax on interest on such onshore fixed income securities. The Investment Manager reviews the tax provisioning policy on an on-going basis, however, any tax provision made ultimately may prove excessive or inadequate to meet any actual tax liabilities that ultimately arise and any shortfall would adversely affect the Net Asset Value.
Taxation of individual Shareholders
- Non-resident individual ShareholdersUnder current legislation, non Luxembourg tax resident individuals are not subject to any income, capital gain, withholding, gift, estate, inheritance or other tax in Luxembourg with respect to their Shares in the Fund.
- Luxembourg resident individual Shareholders Taxation of dividends receivedIncome derived by Luxembourg tax resident individual Shareholders are subject to income tax in Luxembourg. Luxembourg tax resident individual Shareholders may benefit however from an annual tax exemption which applies to taxable distributions up to EUR 1,500 (EUR 3,000 for married taxpayers / partners filing jointly). Distributions in excess of the annual exemption are taxed at progressive income tax rates. Since 2017, the highest marginal tax rate is 45.78%. In addition, a 1.4% dependency contribution is applied on the gross distribution, if such Shareholders are subject to Luxembourg Social Security regime. | Das vom chinesischen Finanzministerium (Ministry of Finance), der Staatlichen Steuerbehörde (State Administration of Taxation, SAT) und dem staatlichen Regulierungsorgan (China Securities Regulatory Commission, CSRC) gemeinsam veröffentlichte Rundschreiben (Caishui [2014] Nr. 79) befreit QFIIs (QFII: Qualified Foreign Institutional Investor - qualifizierter ausländischer institutioneller Anleger), sofern der QFII keine Niederlassung oder keinen Geschäftssitz in China hat oder, wenn doch, sofern die in China erzielten Erträge nicht wirksam mit dieser Niederlassung oder dem Geschäftssitz in Verbindung stehen, vorläufig von der Quellensteuer auf Erträge, die aus dem Handel mit Aktienanlagen (A-Aktien) erzielt werden. Ebenso befreit ein Rundschreiben (Caishui [2016] Nr. 70) Gewinne von QFII auf börsenfähige Wertpapiere in China von der Mehrwertsteuer.
Auf Grundlage einer professionellen und unabhängigen Steuerberatung wird derzeit keine Rückstellung für Steuern auf Kapitalgewinne aus der Veräußerung von (i) China A- und China B-Aktien oder (ii) festverzinslichen Wertpapieren aus China gebildet, die an chinesischen Börsen oder am Interbanken-Anleihemarkt in Festlandchina notiert sind oder gehandelt werden oder für Steuern auf die Zinsen auf solche festverzinslichen Onshore-Wertpapiere. Obwohl der Investmentmanager die Modalitäten der Steuerrückstellungen laufend überprüft, kann sich jede gebildete Steuerrückstellung letztlich als zu hoch oder unzureichend erweisen, um die letztlich entstehenden tatsächlichen Steuerverbindlichkeiten zu begleichen, und eine Differenz würde sich negativ auf den Nettoinventarwert auswirken.
Besteuerung von privaten Anteilinhabern
- Nicht in Luxemburg ansässige private AnteilinhaberNach der aktuellen Rechtslage unterliegen nicht in Luxemburg steueransässige Privatpersonen in Bezug auf ihre Anteile an dem Fonds keiner Einkommen-, Kapitalgewinn-, Quellen-, Schenkungs-, Vermögens-, Erbschafts- oder sonstigen Steuer in Luxemburg.
- In Luxemburg ansässige private Anteilinhaber Besteuerung von vereinnahmten ErtragsausschüttungenDie von in Luxemburg steueransässigen privaten Anteilinhabern erzielten Erträge unterliegen der Einkommensteuer inLuxemburg. In Luxemburg steueransässige private Anteilinhaber können jedoch in Bezug auf steuerbare Ausschüttungen einen jährlichen Freibetrag von bis zu 1.500 EUR (3.000 EUR für gemeinsam veranlagte Verheiratete / Lebenspartner) nutzen. Ausschüttungen, die über diesen jährlichen Freibetrag hinausgehen, werden zu den der Progression unterliegenden Einkommensteuersätzen versteuert. Seit 2017 beträgt der maximale Grenzsteuersatz 45,78%. Wenn der Anteilinhaber in Luxemburg sozialversicherungspflichtig ist, fällt darüber hinaus ein Beitrag zur Pflegeversicherung in Höhe von 1,4% auf die Bruttoausschüttung an. | The Circular (Caishui [2014] No. 79) issued jointly by the Chinese Ministry of Finance (MOF), the State Administration of Taxation (SAT) and the China Securities Regulatory Commission (CSRC), temporarily exempts QFIIs from withholding tax on gains derived from the trading of the equity investment assets (A-shares) provided the QFII has no establishment or place of business in China, or if it does, the gains so derived in China are not effectively connected with this establishment or place of business in China. Similarly a circular (Caishui [2016] No. 70) exempts gains made by QFIIs on China marketable securities from VAT.
Based on professional and independent tax advice, currently no provision is being made for tax on capital gains on disposals of (i) China A Shares and B Shares, or (ii) China fixed income securities listed or traded on exchanges or the China interbank bond market, or for tax on interest on such onshore fixed income securities. The Investment Manager reviews the tax provisioning policy on an on-going basis, however, any tax provision made ultimately may prove excessive or inadequate to meet any actual tax liabilities that ultimately arise and any shortfall would adversely affect the Net Asset Value.
Taxation of individual Shareholders
- Non-resident individual ShareholdersUnder current legislation, non Luxembourg tax resident individuals are not subject to any income, capital gain, withholding, gift, estate, inheritance or other tax in Luxembourg with respect to their Shares in the Fund.
- Luxembourg resident individual Shareholders Taxation of dividends receivedIncome derived by Luxembourg tax resident individual Shareholders are subject to income tax in Luxembourg. Luxembourg tax resident individual Shareholders may benefit however from an annual tax exemption which applies to taxable distributions up to EUR 1,500 (EUR 3,000 for married taxpayers / partners filing jointly). Distributions in excess of the annual exemption are taxed at progressive income tax rates. Since 2017, the highest marginal tax rate is 45.78%. In addition, a 1.4% dependency contribution is applied on the gross distribution, if such Shareholders are subject to Luxembourg Social Security regime. | en | de |
DOLFIN7281 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
- Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
- Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can beThe risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund.
The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free.
The Fund is rated four due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund’s investments or expose the Fund to losses.
- Non-investment grade fixed income securities are more sensitive to changes in interest rates and present greater ‘Credit Risk’ than higher rated fixedincome securities.
- Asset backed securities and mortgage backed securities are subject to the same risks described for fixed income securities. These instruments may be subject to 'Liquidity Risk', have high levels of borrowing and may not fully reflect the value of underlying assets.
greater where derivatives are used in an extensive or complex way.
- The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.
Particular risks not adequately captured by the risk indicator include:
- Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
- Credit Risk: The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due.
- Liquidity Risk: Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. | # Perfil de Riesgo y Remuneración
- Riesgo de divisas: El Fondo invierte en otras divisas. En consecuencia, las variaciones de los tipos de cambio afectarán al valor de la inversión.
- Los derivados pueden ser muy sensibles a las variaciones del valor del activo en que se basan y pueden aumentar el volumen de las pérdidas y ganancias, provocando mayores oscilaciones en el valor del Fondo. El impacto sobre elEl indicador de riesgo se ha calculado incorporando datos históricos simulados, y es posible que no constituya una indicación fiable del perfil de riesgo del Fondo en el futuro.
La categoría de riesgo indicada no está garantizada y puede variar a lo largo del tiempo.
La categoría más baja no significa que la inversión esté libre de riesgo.
El Fondo se sitúa en la categoría 4, debido a la naturaleza de sus inversiones, que comportan los riesgos citados a continuación. Estos factores pueden repercutir en el valor de las inversiones del Fondo o hacer que el Fondo sufra pérdidas.
- Los valores calificados por debajo de la "categoría de Inversión" son mássensibles a las variaciones de tipos de interés y presentan mayores "riesgos de crédito" que los valores de renta fija con mejor calificación.
- Los bonos de titulización de activos y los bonos de titulización hipotecaria están expuestos a riesgos similares a los que se han descrito para los valoresde renta fija. Estos instrumentos pueden estar sujetos al “riesgo de liquidez”, tener niveles elevados de endeudamiento y pueden no reflejar plenamente el valor de los activos subyacentes.
Fondo puede ser mayor cuando los derivados se utilizan de forma generalizada o compleja.
- El Fondo pretende excluir a las empresas que participen en determinadasactividades incompatibles con los criterios ESG. Por consiguiente, los inversores deberán realizar una evaluación ética personal del filtro ESG del Fondo antes de invertir en este. Este filtro ESG podría afectar negativamente al valor de las inversiones del Fondo si se compara con un fondo sin dicho filtro.
Entre los riesgos específicos no identificados adecuadamente por el indicador de riesgo están:
- Riesgo de contraparte: La insolvencia de cualquier entidad que presta servicios como la custodia de activos, o como contraparte de contratosfinancieros como los derivados u otros instrumentos, puede exponer al Fondo a pérdidas financieras.
- Riesgo de crédito: El emisor de un valor mantenido en el Fondo puede que desatienda sus obligaciones de pago de importes debidos o de reembolso decapital.
- Riesgo de liquidez: Una menor liquidez significa que el número de compradores y vendedores es insuficiente para permitir que el Fondo venda o compre las inversiones con facilidad. | # Risk and Reward Profile
- Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
- Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can beThe risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund.
The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free.
The Fund is rated four due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund’s investments or expose the Fund to losses.
- Non-investment grade fixed income securities are more sensitive to changes in interest rates and present greater ‘Credit Risk’ than higher rated fixedincome securities.
- Asset backed securities and mortgage backed securities are subject to the same risks described for fixed income securities. These instruments may be subject to 'Liquidity Risk', have high levels of borrowing and may not fully reflect the value of underlying assets.
greater where derivatives are used in an extensive or complex way.
- The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.
Particular risks not adequately captured by the risk indicator include:
- Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
- Credit Risk: The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due.
- Liquidity Risk: Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. | en | es |
DOLFIN7282 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment 10,000 EUR | 1 year | 5 years (Recommended Holding period) |
| --- | --- | --- |
| Scenarios |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 1,570 EUR | 1,820 EUR |
| Average return each year | -84.30% | -28.88% |
| Unfavourable | What you might get back after costs | 5,960 EUR | 7,820 EUR |
| Average return each year | -40.38% | -4.79% |
| Moderate | What you might get back after costs | 10,770 EUR | 17,960 EUR |
| Average return each year | 7.73% | 12.42% |
| Favourable | What you might get back after costs | 16,840 EUR | 24,720 EUR |
| Average return each year | 68.37% | 19.85% | | | Période de détention recommandée : 5 ans Investissement 10.000 EUR | 1 an | 5 ans (Période de détention recommandée) |
| --- | --- | --- |
| Scénarios |
| Minimum | Il n'y a pas de rendement minimum garanti. Vous pourriez perdre tout ou partie de votre investissement. |
| Stress | Ce que vous pourriez obtenir après déduction des coûts | 1.570 EUR | 1.820 EUR |
| Rendement moyen chaque année | -84,30% | -28,88% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 5.960 EUR | 7.820 EUR |
| Rendement moyen chaque année | -40,38% | -4,79% |
| Modéré | Ce que vous pourriez obtenir après déduction des coûts | 10.770 EUR | 17.960 EUR |
| Rendement moyen chaque année | 7,73% | 12,42% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 16.840 EUR | 24.720 EUR |
| Rendement moyen chaque année | 68,37% | 19,85% | | | Recommended Holding Period: 5 years Investment 10,000 EUR | 1 year | 5 years (Recommended Holding period) |
| --- | --- | --- |
| Scenarios |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 1,570 EUR | 1,820 EUR |
| Average return each year | -84.30% | -28.88% |
| Unfavourable | What you might get back after costs | 5,960 EUR | 7,820 EUR |
| Average return each year | -40.38% | -4.79% |
| Moderate | What you might get back after costs | 10,770 EUR | 17,960 EUR |
| Average return each year | 7.73% | 12.42% |
| Favourable | What you might get back after costs | 16,840 EUR | 24,720 EUR |
| Average return each year | 68.37% | 19.85% | | en | fr |
DOLFIN7283 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Article 30. Liquidation
In the event of a dissolution of the Corporation, liquidation shall be carried out by one or several liquidators (who may be physical persons or legal entities) named by the meeting of shareholders deciding such dissolution subject to the quorum and majority requirements referred to in Article 32 hereto and which shall determine their powers and their compensation. The liquidation of the Corporation shall in principle be closed within nine months from the decision to liquidate. In the event where such liquidation could not be closed within such timeframe, an authorisation to extend the period must be sought from the CSSF. The net proceeds of liquidation corresponding to each class of Shares shall be distributed by the liquidators to the holders of Shares of each class in proportion of their holding of Shares in such class. | # Article 30. Liquidation
En cas de dissolution de la Société, la liquidation sera conduite par les soins d’un ou de plusieurs liquidateurs, qui peuvent être des personnes physiques ou morales et qui seront nommés par l’assemblée générale des actionnaires décidant de la liquidation, sous réserve des conditions de quorum et de majorité prévues à l’Article 32 des présentes, et qui déterminera leurs pouvoirs et leur rémunération. La liquidation de la Société sera en principe terminée dans les neuf mois à compter de la décision de liquider. Dans le cas où une telle liquidation ne pourrait pas être terminée dans un tel délai, une autorisation de prolongation du délai devra être soumise à la CSSF. Le boni de liquidation de chaque classe d’Actions sera distribué par les liquidateurs aux détenteurs d’Actions de chaque classe d’Actions en proportion du nombre d’Actions qu’ils détiennent dans cette classe. | # Article 30. Liquidation
In the event of a dissolution of the Corporation, liquidation shall be carried out by one or several liquidators (who may be physical persons or legal entities) named by the meeting of shareholders deciding such dissolution subject to the quorum and majority requirements referred to in Article 32 hereto and which shall determine their powers and their compensation. The liquidation of the Corporation shall in principle be closed within nine months from the decision to liquidate. In the event where such liquidation could not be closed within such timeframe, an authorisation to extend the period must be sought from the CSSF. The net proceeds of liquidation corresponding to each class of Shares shall be distributed by the liquidators to the holders of Shares of each class in proportion of their holding of Shares in such class. | en | fr |
DOLFIN7284 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### The debt instrument must fulfill at least one of the following criteria:
- The debt instruments must qualify as green, social or sustainability bonds. These bonds are instruments where the proceeds will be applied to finance or refinance new and/or existing projects, with positive environmental and or social outcomes (e.g. solar power, energy efficiency of industrial processes or pro- moting public transport, greater social benefits in the healthcare and education area). The selected bonds are categorized as green, social or sustainability bonds based on international standards such as the Green Bond Principles of the International Capital Market Association (ICMA), the Social Bond Principles or the Sustainability Bond Guidelines of the International Capital Market Association (ICMA). The use of proceeds of the selected bonds must contribute to at least one of the pre-defined Impact Pillars. The Investment Manager determines the substantial contribution to the Impact Pillars based on Second Party Opinions (“SPO”) provided by accredited third party auditors or ESG rating agencies, impact reports pro- vided by the issuer and/or scientific evidence. The lack of an impact reporting and/or an SPO leads to an exclusion of the bond instrument.
- For debt instruments issued by an issuer which contributes to the Impact Pillars, but do not qualify as green, social or sustainability bonds, must positively contribution to at least one of the Impact Pillars. The issuer must derive at least 20% of its revenues from economic activities that contribute to the Impact Pillars. Exceptions will be made for companies that play a key role on the respective market (for example measured by a significant market share). The revenues portion derived from economic activities that con- tribute to the Impact Pillars will be considered as sustainable investments. | #### Der Schuldtitel muss mindestens eines der folgenden Kriterien erfüllen:
- Die Schuldtitel müssen als Green Bonds, soziale oder nachhaltige Anleihen qualifizieren. Bei diesen An- leihen handelt es sich um Instrumente, deren Erlöse zur Finanzierung oder Refinanzierung neuer und/oder bestehender Projekte mit positiven ökologischen und/oder sozialen Auswirkungen verwendet werden (z. B. Solarenergie, Energieeffizienz von Industrieprozessen oder Förderung des öffentlichen Verkehrs, grösserer sozialer Nutzen im Gesundheits- und Bildungsbereich). Die ausgewählten Anleihen werden auf der Grundlage internationaler Standards wie den Green Bond Principles der International Capital Market Association (ICMA), den Social Bond Principles oder den Sustainability Bond Guidelines der International Capital Market Association (ICMA) als umweltfreundliche, soziale oder nachhaltige An- leihen kategorisiert. Die Verwendung der Erlöse aus den ausgewählten Anleihen muss zu mindestens einer der vordefinierten Wirkungssäulen beitragen. Der Anlageverwalter bestimmt den wesentlichen Bei- trag zu den Wirkungssäulen auf der Grundlage von Gutachten einer zweiten Partei («SPO»), die von akkreditierten externen Prüfern oder ESG-Ratingagenturen vorgelegt werden, von Wirkungsberichten des Emittenten und/oder wissenschaftlichen Nachweisen. Das Fehlen eines Wirkungsberichts und/oder einer SPO führt zu einem Ausschluss des Anleiheninstruments.
- Für Schuldtitel, die von einem Emittenten ausgegeben werden, der zu den Wirkungssäulen beiträgt, sich aber nicht als umweltfreundliche, soziale oder Nachhaltigkeitsanleihen qualifizieren, muss der Beitrag zu mindestens einer der Wirkungssäulen positiv sein. Der Emittent muss mindestens 20 % seiner Einnah- men aus wirtschaftlichen Aktivitäten erzielen, die zu den Wirkungssäulen beitragen. Ausnahmen geltenfür Unternehmen, die auf dem jeweiligen Markt eine Schlüsselrolle spielen (z. B. gemessen an einem erheblichen Marktanteil). Der Teil der Einnahmen, der aus wirtschaftlichen Aktivitäten stammt, die zu den Wirkungssäulen beitragen, wird als nachhaltige Anlage betrachtet. | #### The debt instrument must fulfill at least one of the following criteria:
- The debt instruments must qualify as green, social or sustainability bonds. These bonds are instruments where the proceeds will be applied to finance or refinance new and/or existing projects, with positive environmental and or social outcomes (e.g. solar power, energy efficiency of industrial processes or pro- moting public transport, greater social benefits in the healthcare and education area). The selected bonds are categorized as green, social or sustainability bonds based on international standards such as the Green Bond Principles of the International Capital Market Association (ICMA), the Social Bond Principles or the Sustainability Bond Guidelines of the International Capital Market Association (ICMA). The use of proceeds of the selected bonds must contribute to at least one of the pre-defined Impact Pillars. The Investment Manager determines the substantial contribution to the Impact Pillars based on Second Party Opinions (“SPO”) provided by accredited third party auditors or ESG rating agencies, impact reports pro- vided by the issuer and/or scientific evidence. The lack of an impact reporting and/or an SPO leads to an exclusion of the bond instrument.
- For debt instruments issued by an issuer which contributes to the Impact Pillars, but do not qualify as green, social or sustainability bonds, must positively contribution to at least one of the Impact Pillars. The issuer must derive at least 20% of its revenues from economic activities that contribute to the Impact Pillars. Exceptions will be made for companies that play a key role on the respective market (for example measured by a significant market share). The revenues portion derived from economic activities that con- tribute to the Impact Pillars will be considered as sustainable investments. | en | de |
DOLFIN7285 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### The net asset value as at a Valuation Day shall be calculated on the Calculation Day.
The net asset value of a Share of each Compartment will be calculated by dividing the net assets of the Compartment in question by the Compartment’s total number of Shares in circulation. A Compartment’s net assets correspond to the difference between its total assets and total liabilities.
If various Classes of Shares are issued in a given Compartment, the net asset value of each Class of Shares in this Compartment will be calculated by dividing the total net asset value (calculated for the Compartment in question and attributable to this Class of Shares) by the total number of Shares issued for this Class of Shares.
The percentage of the total net asset value of the relevant Compartment that can be attributed to each Class of Shares, which was initially identical to the percentage of the number of Shares represented by the Class of Shares in question, varies according to the level of distribution Shares, as follows:
- if a dividend or any other distribution is paid out for distribution Shares, the total net assets attributable to the Class of Shares will be reduced by the amount of this distribution (thereby reducing the percentage of the total net assets of the Compartment in question, attributable to the distribution Shares) and the total net assets attributable to accumulation Shares will remainidentical (thereby increasing the percentage of the Compartment’s total net assets attributable to the accumulation Shares);
- if the capital of the Compartment in question is increased through the issue of new Shares in one of the classes, the total net assets attributable to the Class of Shares concerned will be increased by the amount received for this issue;
- if the Shares of a class of Shares are redeemed by a given Compartment, the total net assets attributable to the corresponding Class of Shares will be reduced by the price paid for the redemption of these Shares;
- if the Shares of a Class of Shares are switched into Shares of another Class of Shares, the total net assets attributable to this Class of Shares will be reduced by the net asset value of the Shares switched while the total net assets attributable to the Class of Shares in question will be increased by the same amount. | ###### Der Nettoinventarwert zu einem Bewertungstag wird am Berechnungstag berechnet.
Der Nettoinventarwert einer Aktie eines jeden Teil- fonds wird durch Teilung des Nettovermögens des Teil- fonds durch die Gesamtzahl der sich im Umlauf befind- lichen Aktien dieses Teilfonds bestimmt. Das Nettover- mögen eines Teilfonds entspricht der Differenz zwi- schen den gesamten Aktiva und den gesamten Passiva des Teilfonds.
Falls in einem Teilfonds Aktienklassen ausgegeben werden, wird der Nettoinventarwert jeder Aktienklasse des jeweiligen Teilfonds berechnet, indem der Ge- samtnettoinventarwert, der für den betreffenden Teil- fonds berechnet wurde und dieser Klasse zuzuordnen ist, durch die Gesamtzahl der im Umlauf befindlichen Aktien dieser Klasse geteilt wird.
Der prozentuale Anteil am Gesamtnettoinventarwert des jeweiligen Teilfonds, der jeder Aktienklasse zuzu- ordnen ist und der ursprünglich mit dem prozentualen Anteil der Anzahl der Aktien, den diese Klasse dar- stellte, identisch war, verändert sich mit den im Rah- men der ausschüttenden Aktien getätigten Ausschüt- tungen wie folgt:
- Bei Zahlung einer Dividende oder einer anderen Aus- schüttung im Rahmen der ausschüttenden Aktien vermindert sich das dieser Aktienklasse zuzuord- nende Nettogesamtvermögen um den Betrag dieser Ausschüttung (was dazu führt, dass sich der prozen- tuale Anteil am Nettogesamtvermögen des jeweili- gen Teilfonds, der den ausschüttenden Aktien zuzu- ordnen ist, verringert) und das den thesaurierenden Aktien zuzuordnende Nettogesamtvermögen bleibt gleich (was dazu führt, dass sich der prozentuale An- teil am Nettogesamtvermögen des jeweiligen Teil- fonds, der den thesaurierenden Aktien zuzuordnen ist, erhöht);
- Wenn das Kapital des betreffenden Teilfonds durch die Ausgabe neuer Aktien in einer der Klassen er- höht wird, erhöht sich das Gesamtnettovermögen, das dieser Aktienklasse zuzuordnen ist, um den für diese Ausgabe erhaltenen Betrag;
- Wenn die Aktien einer Aktienklasse von einem Teil- fonds zurückgenommen werden, verringert sich das Gesamtnettovermögen, das der entsprechenden Aktienklasse zuzuordnen ist, um den für die Rück- nahme dieser Aktien gezahlten Preis;
- Bei der Umschichtung von Aktien einer Aktienklasse in Aktien einer anderen Klasse vermindert sich das Nettogesamtvermögen, das dieser Klasse zuzuord- nen ist, um den Nettoinventarwert der umgetausch- ten Aktien, während sich das Nettogesamtvermö- gen, das der anderen Klasse zuzuordnen ist, um diesen Betrag erhöht. | ###### The net asset value as at a Valuation Day shall be calculated on the Calculation Day.
The net asset value of a Share of each Compartment will be calculated by dividing the net assets of the Compartment in question by the Compartment’s total number of Shares in circulation. A Compartment’s net assets correspond to the difference between its total assets and total liabilities.
If various Classes of Shares are issued in a given Compartment, the net asset value of each Class of Shares in this Compartment will be calculated by dividing the total net asset value (calculated for the Compartment in question and attributable to this Class of Shares) by the total number of Shares issued for this Class of Shares.
The percentage of the total net asset value of the relevant Compartment that can be attributed to each Class of Shares, which was initially identical to the percentage of the number of Shares represented by the Class of Shares in question, varies according to the level of distribution Shares, as follows:
- if a dividend or any other distribution is paid out for distribution Shares, the total net assets attributable to the Class of Shares will be reduced by the amount of this distribution (thereby reducing the percentage of the total net assets of the Compartment in question, attributable to the distribution Shares) and the total net assets attributable to accumulation Shares will remainidentical (thereby increasing the percentage of the Compartment’s total net assets attributable to the accumulation Shares);
- if the capital of the Compartment in question is increased through the issue of new Shares in one of the classes, the total net assets attributable to the Class of Shares concerned will be increased by the amount received for this issue;
- if the Shares of a class of Shares are redeemed by a given Compartment, the total net assets attributable to the corresponding Class of Shares will be reduced by the price paid for the redemption of these Shares;
- if the Shares of a Class of Shares are switched into Shares of another Class of Shares, the total net assets attributable to this Class of Shares will be reduced by the net asset value of the Shares switched while the total net assets attributable to the Class of Shares in question will be increased by the same amount. | en | de |
DOLFIN7286 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Investment Approach
The Fund has a flexible investment approach that allows it to invest across the broad Asian Fixed Income markets – including both hard and local currency sovereign debt, high grade and high yield corporate bonds and global sukuk bonds. This flexible and opportunistic remit allows the fund to adapt its portfolio composition to generate alpha throughout different phases of the economic cycle.
The Fund employs a rigorous research-driven approach in order to build market awareness across the entire investment spectrum, which is the key to running a flexible strategy. We leverage upon our firm’s global macro views to build our own Asian macro perspective, which serves as the basis for identifying investment themes. Potential investments are then evaluated to determine the most effective mix of securities to represent those themes.
A scorecard approach is used to analyse opportunities in a consistent and robust manner, and assesses each country, sector, or issuer on what we consider to be the drivers of performance: fundamentals such as growth, inflation and credit rating outlooks; structural such as central bank intervention or mutual fund flows and valuations of securities on both an absolute and relative basis.
Once the most attractive opportunities have been identified and the risk budget allocated, preferred positions are selected for the portfolio, taking careful consideration of liquidity issues, correlations between sectors, portfolio tracking error, and duration risk. | ## Philosophie d'investissement
Le Fonds a adopté une approche d’investissement flexible qui lui permet d’investir sur les vastes marchés asiatiques à revenu fixe, y compris les créances souveraines en devise forte et locale, les obligations de sociétés de première qualité et à haut rendement, et les obligations Sukuk mondiales. Cette approche flexible et opportuniste permet au fonds d’adapter la composition de son portefeuille afin de générer de l’alpha au cours des différentes phases du cycle économique.
Le Fonds a recours à une approche rigoureuse basée sur la recherche afin d’établir une connaissance du marché dans tout son spectre d’investissement, ce qui est la clé d’une stratégie flexible. Nous nous basons sur les points de vue macro mondiaux de notre société pour dresser nos propres perspectives macro pour l’Asie, ce qui servira de base afin d’identifier les thèmes d’investissement. Les investissements potentiels sont alors évalués afin de déterminer l’assortiment de titres le plus efficace pour représenter ces thèmes.
Nous avons recours à une approche de type « tableau de bord » pour analyser les opportunités de manière cohérente et précise, et afin d’évaluer tout pays, secteur ou émetteur que nous considérons être des moteurs de performance : fondamentaux (perspectives de croissance, d’inflation et de notation de crédit), données structurelles (intervention d’une banque centrale), flux de fonds communs de placement et valorisations des titres tant sur une base absolue que sur une base relative.
Une fois que les opportunités les plus attrayantes ont été identifiées et que le budget de risque a été alloué, les positions préférées sont sélectionnées pour le portefeuille, en tenant compte des problèmes de liquidité, des corrélations entre les secteurs, l’écart de suivi du portefeuille ainsi que le risque lié à la duration. | ## Investment Approach
The Fund has a flexible investment approach that allows it to invest across the broad Asian Fixed Income markets – including both hard and local currency sovereign debt, high grade and high yield corporate bonds and global sukuk bonds. This flexible and opportunistic remit allows the fund to adapt its portfolio composition to generate alpha throughout different phases of the economic cycle.
The Fund employs a rigorous research-driven approach in order to build market awareness across the entire investment spectrum, which is the key to running a flexible strategy. We leverage upon our firm’s global macro views to build our own Asian macro perspective, which serves as the basis for identifying investment themes. Potential investments are then evaluated to determine the most effective mix of securities to represent those themes.
A scorecard approach is used to analyse opportunities in a consistent and robust manner, and assesses each country, sector, or issuer on what we consider to be the drivers of performance: fundamentals such as growth, inflation and credit rating outlooks; structural such as central bank intervention or mutual fund flows and valuations of securities on both an absolute and relative basis.
Once the most attractive opportunities have been identified and the risk budget allocated, preferred positions are selected for the portfolio, taking careful consideration of liquidity issues, correlations between sectors, portfolio tracking error, and duration risk. | en | fr |
DOLFIN7287 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Si vous sortez après 1 an | Si vous sortez après 3 ans |
| --- | --- |
| Coûts totaux | €146 | €464 |
| Incidence des coûts annuels (*) | 1.5% | 1.5% Chaque année | | | En caso de salida después de 1 año | En caso de salida después de 3 años |
| --- | --- |
| Costes totales | €146 | €464 |
| Incidencia anual de los costes (*) | 1.5% | 1.5% cada año | | | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| --- | --- |
| Coûts totaux | €146 | €464 |
| Incidence des coûts annuels (*) | 1.5% | 1.5% Chaque année | | fr | es |
DOLFIN7288 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# The board of directors may decide to proceed with a merger of the Company, either as receiving or absorbed UCITS, with:
- another Luxembourg or foreign UCITS (the “New UCITS”); or
- a sub-fund thereof,and, as appropriate, to redesignate the shares of the Company as shares of the New UCITS, or of the relevant sub-fund thereof as applicable. | # Il Consiglio di Amministrazione può decidere di procedere alla fusione della Società, in veste di OICVM incorporante o incorporato, con:
- un altro OICVM lussemburghese o di altro Paese (il “Nuovo OICVM”); o
- con un Comparto di tale OICVM,e rinominare le Azioni della Società come Azioni del Nuovo OICVM o del relativo comparto, a seconda dei casi. | # The board of directors may decide to proceed with a merger of the Company, either as receiving or absorbed UCITS, with:
- another Luxembourg or foreign UCITS (the “New UCITS”); or
- a sub-fund thereof,and, as appropriate, to redesignate the shares of the Company as shares of the New UCITS, or of the relevant sub-fund thereof as applicable. | en | it |
DOLFIN7289 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Thomson Reuters Global Focus Hedged Convertible Bond index (USD). The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. | ### Indice de référence
Les performances du Compartiment seront évaluées par rapport à son indice de référence cible, à savoir dépasser l’indice Thomson Reuters Global Focus Hedged Convertible Bond (USD). L’univers d’investissement du Compartiment devrait se recouper de manière significative avec les composantes de l’indice de référence cible. Le Gestionnaire d’investissement investit de manière discrétionnaire et il n’existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. | ### Benchmark
The Fund’s performance should be assessed against its target benchmark being to exceed the Thomson Reuters Global Focus Hedged Convertible Bond index (USD). The Fund’s investment universe is expected to overlap materially with the components of the target benchmark. The Investment Manager invests on a discretionary basis and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. | en | fr |
DOLFIN7290 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The manager also invests in companies that, according to the management company's methodology generate avoided emissions.
Many alternative energy companies provide declarative data on the avoided emissions they generate. When they do not, emission factors by country or region allow them to be calculated from the production elements.
The fund aims to invest in companies that, according to the methodology developed by the Management Company, have a total amount of emissions avoided at least equivalent to the carbon emissions of the overall portfolio. Avoided emissions do not offset the portfolio's carbon emissions (already reduced by 50% compared to the initial investment universe).
The different methodologies that have been adopted by the management company for taking extra-financial criteria into account have a limit that relates to the quality of the information collected by the ESG Research Team and the transparency of the different issuers.
The Fund may use derivatives as a substitute for direct investment, for hedging and for efficient portfolio management.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
You can buy and sell shares of the Fund daily.
All income generated by share Class I -EUR- Capitalisation of the Fund is reinvested and included in the value of its shares.
ESG investment risk : The fund uses ESG criteria and may underperform the broader equity market or other funds that do not use ESG criteria when selecting investments.
Derivative risk: the Fund uses derivatives. These are financial instruments whose values depend on the value of the underlying asset. Small price fluctuations in the underlying asset can result in large price changes in the derivative.
Exchange rate risk: the Fund may invest in securities denominated in currencies other than the euro. Eurozone country investors are exposed to risks posed by fluctuations in currency exchange rates.
Small Cap risk: The Fund may be exposed to small caps. The trading volume on these stocks is lower and therefore upward and downward market movements may be more pronounced
Model risk : The Fund’s investment process relies on the development of a proprietary financial and extra-financial scoring model, using indicators to include ESG indicators, through a strategic partnership within the Group La Française.
The model may not always perform as expected. The performance of the Fund may therefore be inferior to that of its investment objective and returns on investments may be negative.
La Française LUX – Inflection Point Carbon Impact Global-Class I -EUR- Capitalisation-30/06/2022 | Der Manager investiert auch in Unternehmen, die nach der Methodik der Verwaltungsgesellschaft vermiedene Emissionen erzeugen.
Viele Unternehmen im Bereich der alternativen Energien stellen deklarative Daten über die von ihnen vermiedenen Emissionen zur Verfügung. Wenn dies nicht der Fall ist, können sie mit Hilfe von Emissionsfaktoren nach Land oder Region aus den Produktionselementen berechnet werden.
Der Fonds zielt darauf ab, in Unternehmen zu investieren, die nach der von der Verwaltungsgesellschaft entwickelten Methodik eine Gesamtmenge an vermiedenen Emissionen aufweisen, die mindestens den CO2-Emissionen des Gesamtportfolios entspricht. Die vermiedenen Emissionen gleichen die CO2-Emissionen des Portfolios (die bereits um 50 % im Vergleich zum ursprünglichen Anlageuniversum reduziert wurden) nicht aus.
Die verschiedenen Methoden, die von der Verwaltungsgesellschaft für die Berücksichtigung außerfinanzieller Kriterien gewählt wurden, sind durch die Qualität der vom ESG Research Team gesammelten Informationen und der Transparenz der verschiedenen Emittenten begrenzt.
Der Fonds kann Derivate als Ersatz für Direktinvestitionen, zu Absicherungszwecken und zur effektiven Portfolioverwaltung nutzen.
Empfehlung: Dieser Fonds eignet sich möglicherweise nicht für Anleger, die ihr Kapital innerhalb von 5 Jahren wieder aus dem Fonds abziehen möchten.
Anteile des Fonds können täglich gekauft und verkauft werden.
Sämtliche Erträge der Anteilsklasse „I – EUR – thesaurierend“ des Fonds werden reinvestiert und in den Wert seiner Anteile einbezogen.
ESG-Investitionsrisiko: Der Fonds verwendet ESG-Kriterien und kann sich schlechter entwickeln als der breitere Aktienmarkt oder andere Fonds, die bei der Auswahl der Anlagen keine ESG-Kriterien verwenden.
Risiko im Zusammenhang mit Derivaten: Der Fonds setzt Derivate ein. Dabei handelt es sich um Finanzinstrumente, deren Wert vom zugrunde liegenden Basiswert abhängt. Geringe Kursschwankungen des Basiswertes können zu erheblichen Preisveränderungen beim Derivat führen.
Wechselkursrisiko: Der Fonds kann in Wertpapiere investieren, die auf andere Währungen als den Euro lauten. Anleger aus Ländern des Euroraums unterliegen Risiken, die im Zusammenhang mit Wechselkursschwankungen bestehen.
Small-Cap-Risiko: Der Fonds kann in Small Caps engagiert sein. Das Handelsvolumen dieser Aktien ist geringer und Aufwärts- und Abwärtsbewegungen des Marktes können daher ausgeprägter sein.
Modellrisiko: Das Anlageverfahren des Fonds beruht auf der Entwicklung eines proprietären finanziellen und extra-finanziellen Scoring-Modells, das im Rahmen einer strategischen Partnerschaft innerhalb der Gruppe La Française ausgearbeitet wird und bei dem verschiedene Indikatoren, einschließlich ESG-Indikatoren, verwendet werden.
Das Modell verhält sich möglicherweise nicht immer wie erwartet. Die Wertentwicklung des Fonds kann daher hinter der seines Anlageziels zurückbleiben, und die Anlagerenditen können negativ sein.
La Française LUX – Inflection Point Carbon Impact Global-Anteilsklasse I EUR-Thesaurierend-30/06/2022 | The manager also invests in companies that, according to the management company's methodology generate avoided emissions.
Many alternative energy companies provide declarative data on the avoided emissions they generate. When they do not, emission factors by country or region allow them to be calculated from the production elements.
The fund aims to invest in companies that, according to the methodology developed by the Management Company, have a total amount of emissions avoided at least equivalent to the carbon emissions of the overall portfolio. Avoided emissions do not offset the portfolio's carbon emissions (already reduced by 50% compared to the initial investment universe).
The different methodologies that have been adopted by the management company for taking extra-financial criteria into account have a limit that relates to the quality of the information collected by the ESG Research Team and the transparency of the different issuers.
The Fund may use derivatives as a substitute for direct investment, for hedging and for efficient portfolio management.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
You can buy and sell shares of the Fund daily.
All income generated by share Class I -EUR- Capitalisation of the Fund is reinvested and included in the value of its shares.
ESG investment risk : The fund uses ESG criteria and may underperform the broader equity market or other funds that do not use ESG criteria when selecting investments.
Derivative risk: the Fund uses derivatives. These are financial instruments whose values depend on the value of the underlying asset. Small price fluctuations in the underlying asset can result in large price changes in the derivative.
Exchange rate risk: the Fund may invest in securities denominated in currencies other than the euro. Eurozone country investors are exposed to risks posed by fluctuations in currency exchange rates.
Small Cap risk: The Fund may be exposed to small caps. The trading volume on these stocks is lower and therefore upward and downward market movements may be more pronounced
Model risk : The Fund’s investment process relies on the development of a proprietary financial and extra-financial scoring model, using indicators to include ESG indicators, through a strategic partnership within the Group La Française.
The model may not always perform as expected. The performance of the Fund may therefore be inferior to that of its investment objective and returns on investments may be negative.
La Française LUX – Inflection Point Carbon Impact Global-Class I -EUR- Capitalisation-30/06/2022 | en | de |
DOLFIN7291 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The investment strategy of the Fund is deemed by the Directors of the Fund to be capacity constrained. Buying Shares in the Fund (or converting shares from another fund) is capped at a daily limit of EUR 5 million (or the equivalent thereof) per investor until further notice except at the discretion of the Directors of the Fund (you can still sell your Shares daily without limit).
The Fund aims to achieve positive absolute returns through a combination of capital growth and income on your investment regardless of market conditions.
The Fund seeks to gain at least 70% of any market exposure to equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, Europe (including former Soviet Union countries). This is achieved by investing at least 70% of its assets in equity securities, other equity-related securities and when determined appropriate fixed income (FI) securities (such as bonds), money market instruments (MMIs) (i.e. debt securities with short-term maturities) deposits and cash.
The equity-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets).
At any one time, a substantial amount, or even all of the Fund’s assets may be held as cash to provide cover for the exposure created by the use of FDIs or to assist in achieving its investment objective.
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
The investment adviser (IA) will use FDIs (including to achieve synthetic short positions where the Fund uses an FDI to benefit from the sale of an asset it does not physically own with the aim of buying it later at a lower price to secure a profit).
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 and is not constrained by any benchmark in this process. The 3 Month Euro Interbank Offered Rate (EURIBOR) should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
The investment strategy of the Fund has been capacity constrained in the past and steps may be taken to control the size of the Fund in the future. Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is Euro. Shares for this class are bought and sold in US Dollar. 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 sell your shares daily. Shares, whilst available for purchase, can be bought daily. The minimum initial investment for this share class is US$100,000 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
Los Consejeros del Fondo consideran que la estrategia de inversión del Fondo tiene limitaciones en cuanto a capacidad. La compra de Acciones del Fondo (o la conversión de acciones desde otro fondo) tiene un límite diario de 5 millones de EUR (o su equivalente en otra divisa) por inversor hasta nuevo aviso, salvo que los Consejeros del Fondo indiquen lo contrario (usted puede seguir vendiendo sus Acciones diariamente sin límite).
El Fondo trata de obtener una rentabilidad absoluta positiva a través de una combinación de crecimiento del capital y rendimientos de sus inversiones al margen de las condiciones del mercado.
El Fondo trata de obtener al menos el 70% de su exposición al mercado en valores de renta variable (como las acciones) de empresas domiciliadas o cuya actividad principal se desarrolle en Europa (incluyendo los países de la antigua Unión Soviética). Esto se logra invirtiendo al menos el 70% de sus activos en valores de renta variable, otros valores relacionados con acciones y, cuando resulte oportuno, valores de renta fija (RF) (como bonos), instrumentos del mercado monetario (IMM) (es decir, títulos de deuda con vencimientos a corto plazo), depósitos y efectivo.
Los valores relacionados con acciones abarcan los instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes).
En cualquier momento, un importe sustancial o incluso todos los activos del Fondo podrán mantenerse en efectivo, con el fin de proporcionar cobertura a la exposición creada por los IFD o para ayudarle a alcanzar su objetivo de inversión.
Los valores de RF e IMM podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento), y podrán tener la calificación de grado de inversión (o sea, cumplirán un nivel específico de solvencia), una calificación por debajo del grado de inversión o carecer de calificación en el momento de la compra.
El asesor de inversiones (AI) utilizará IFD (como la obtención de posiciones cortas sintéticas en las que el Fondo usa un IFD para beneficiarse de la venta de un activo que no posee físicamente, con el propósito de comprarlo más tarde a un menor precio para obtener un beneficio).
El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de 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, lo que significa que el AI tiene la potestad para seleccionar las inversiones del Fondo y que no está limitado por ningún parámetro de referencia para llevar a cabo este proceso. Los accionistas deberían utilizar el 3 Month Euro Interbank Offered Rate (EURIBOR) para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
La estrategia de inversión del Fondo se ha visto limitada, en el pasado, por razones de capacidad, y se han tomado medidas para controlar el tamaño del Fondo en el futuro.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el euro. Las acciones correspondientes a esta clase se compran y venden en dólares estadounidenses. 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 vender diariamente sus acciones. Mientras estén disponibles para la compra, las acciones pueden comprarse diariamente. La inversión inicial mínima para esta clase de acciones es de 100 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The investment strategy of the Fund is deemed by the Directors of the Fund to be capacity constrained. Buying Shares in the Fund (or converting shares from another fund) is capped at a daily limit of EUR 5 million (or the equivalent thereof) per investor until further notice except at the discretion of the Directors of the Fund (you can still sell your Shares daily without limit).
The Fund aims to achieve positive absolute returns through a combination of capital growth and income on your investment regardless of market conditions.
The Fund seeks to gain at least 70% of any market exposure to equity securities (e.g. shares) of companies domiciled in, or the main business of which is in, Europe (including former Soviet Union countries). This is achieved by investing at least 70% of its assets in equity securities, other equity-related securities and when determined appropriate fixed income (FI) securities (such as bonds), money market instruments (MMIs) (i.e. debt securities with short-term maturities) deposits and cash.
The equity-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets).
At any one time, a substantial amount, or even all of the Fund’s assets may be held as cash to provide cover for the exposure created by the use of FDIs or to assist in achieving its investment objective.
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
The investment adviser (IA) will use FDIs (including to achieve synthetic short positions where the Fund uses an FDI to benefit from the sale of an asset it does not physically own with the aim of buying it later at a lower price to secure a profit).
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 and is not constrained by any benchmark in this process. The 3 Month Euro Interbank Offered Rate (EURIBOR) should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
The investment strategy of the Fund has been capacity constrained in the past and steps may be taken to control the size of the Fund in the future. Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is Euro. Shares for this class are bought and sold in US Dollar. 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 sell your shares daily. Shares, whilst available for purchase, can be bought daily. The minimum initial investment for this share class is US$100,000 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 |
DOLFIN7292 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Additional indicators may be considered over time, and the full list of indicators considered will be made available at https://global.matthewsasia.com/siteassets/resources/fund-documents/sfdr-article-10-pacific-tiger-fund.pdf.
The Investment Manager aims at mitigating the adverse impacts of its investment decision on sustainability factors by engaging with the investee companies. The Investment Manager engages with portfolio companies where there is room for improvement on relevant PAIs, depending on the industry in which the investee operates. The results of the engagement strategy will be provided annually in the Principal Adverse Impact Report.
Investors’ attention is drawn to the fact that data gathering in emerging markets remains a challenge. Therefore, in the absence of data, the Investment Manager may rely on modeled/estimated data, which may not fully reflect the reality.
No | Con el tiempo podrán tenerse en cuenta otros indicadores y la lista completa de indicadores considerados estará disponible en https://global.matthewsasia.com/siteassets/resources/fund-documents/sfdr-article-10-pacific-tiger-fund.pdf.
El objetivo del Gestor de inversiones consiste en mitigar los efectos adversos de sus decisiones de inversión sobre los factores de sostenibilidad, involucrándose en las empresas participadas. El Gestor de inversiones se involucra en las empresas en cartera en los casos en los que existe margen de mejora con relación a las principales incidencias adversas relevantes, en función del sector en el que opera la participada. Los resultados de la estrategia de implicación se darán a conocer cada año en el Informe sobre principales incidencias adversas.
Se llama la atención de los inversores sobre el hecho de que la recopilación de datos en los mercados emergentes sigue siendo complicada. Por consiguiente, en los casos en que no existan datos, el Gestor de inversiones podrá recurrir a datos obtenidos a partir de modelos o estimados, lo que puede que no refleje plenamente la realidad.
No | Additional indicators may be considered over time, and the full list of indicators considered will be made available at https://global.matthewsasia.com/siteassets/resources/fund-documents/sfdr-article-10-pacific-tiger-fund.pdf.
The Investment Manager aims at mitigating the adverse impacts of its investment decision on sustainability factors by engaging with the investee companies. The Investment Manager engages with portfolio companies where there is room for improvement on relevant PAIs, depending on the industry in which the investee operates. The results of the engagement strategy will be provided annually in the Principal Adverse Impact Report.
Investors’ attention is drawn to the fact that data gathering in emerging markets remains a challenge. Therefore, in the absence of data, the Investment Manager may rely on modeled/estimated data, which may not fully reflect the reality.
No | en | es |
DOLFIN7293 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
The summary risk indicator is a guide to the level of risk of this Product compared to other Products. It shows how likely it is that the Product will lose money because of movements in the markets or because we are not able to pay you. We have classified this Product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely to impact the capacity of VanEck UCITS ETFs plc to pay you. Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This Product does not include any protection from future market performance so you could lose some or all of your investment. The following risk may be materially relevant to the Product but may not be adequately captured by the summary risk indicator and may cause additional loss: Liquidity Risk and Concentration Risk as further described in the Prospectus. | # Quali sono i rischi e qual è il potenziale rendimento?
L'indicatore sintetico di rischio è un'indicazione orientativa del livello di rischio di questo Prodotto rispetto ad altri Prodotti. Esso esprime la probabilità che il Prodotto subisca perdite monetarie a causa di movimenti sul mercato o a causa della nostra incapacità di pagarvi quanto dovuto. Abbiamo classificato questo Prodotto al livello 5 su 7, che corrisponde alla classe di rischio medio-alta. Ciò significa che le perdite potenziali dovute alla performance futura del Prodotto sono classificate nel livello medio-alto e che è probabile che le cattive condizioni di mercato influenzino la capacità di VanEck UCITS ETFs plc di pagarvi quanto dovuto. È opportuno essere consapevoli del rischio di cambio. I pagamenti saranno ricevuti in una valuta diversa, quindi il ritorno finale dipenderà dal tasso di cambio tra le due valute. Questo Prodotto non comprende alcuna protezione dalla performance futura del mercato; pertanto potreste perdere il vostro intero investimento o parte di esso. Il seguente rischio potrebbe rivestire una notevole importanza per il Prodotto, tuttavia potrebbe non essere adeguatamente espresso dall'indicatore sintetico di rischio, generando ulteriori perdite: Rischio di liquidità e Rischio di concentrazione come descritto nel Prospetto. | # What are the risks and what could I get in return?
The summary risk indicator is a guide to the level of risk of this Product compared to other Products. It shows how likely it is that the Product will lose money because of movements in the markets or because we are not able to pay you. We have classified this Product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely to impact the capacity of VanEck UCITS ETFs plc to pay you. Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This Product does not include any protection from future market performance so you could lose some or all of your investment. The following risk may be materially relevant to the Product but may not be adequately captured by the summary risk indicator and may cause additional loss: Liquidity Risk and Concentration Risk as further described in the Prospectus. | en | it |
DOLFIN7294 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Depositary should ensure that the custody risk is properly assessed, that due-diligence and segregation obligations have been maintained throughout the whole custody chain, to make sure that financial instruments held in custody are subject to due care and protection at all times.
The Depositary should at all times have a comprehensive overview of all assets that are not financial instruments to be held in custody and must verify the ownership and maintain a record of all assets for which it is satisfied that the Company holds ownership.
In accordance with its oversight obligations, the Depositary shall set up appropriate procedures to verify on an ex-post basis that the Company’ investments are consistent with the investment objectives and policies of the Company and Sub-Funds as described in the Prospectus and the Articles and to ensure that the relevant investment restrictions are complied with.
The Depositary shall also properly monitor the Company’s cash flows so as to ensure, inter alia, that all payments made by, or on behalf of, investors upon the subscription of the Shares of the Company have been received, and that all the cash has been booked in one or more account(s) opened at an eligible banking institution.
In accordance with the provisions of the Depositary Agreement, the Law of 2010 and applicable Luxembourg laws, rules and regulations, the Depositary may, subject to certain conditions and in order to effectively conduct its duties, delegate to one or more correspondents appointed by the Depositary from time to time, part or all of its safe-keeping duties with regard to the financial instruments to be held in custody (i.e. financial instruments that can be registered in a financial instrument account opened in the Depositary’s books and all financial instruments that can be physically delivered to the Depositary). For this purpose, the Depositary has established and maintains appropriate procedures designed to select, monitor and supervise the highest quality third-party provider(s) in each market, in accordance with local laws and regulations. A list of such correspondents (and, if applicable their sub-delegates) as well as the conflicts of interest which may result from such a delegation shall be available to shareholders upon request or can be consulted on the following website: | La Banca depositaria garantisce un'adeguata valutazione del rischio di custodia, l'osservanza degli obblighi di due diligence e di separazione lungo tutta la catena di custodia, l'adozione delle dovute cautele e protezioni nei confronti degli strumenti finanziari in custodia, in ogni momento.
La Banca depositaria deve sempre avere un quadro completo di tutti gli attivi che non sono strumenti finanziari da tenere in custodia e deve verificare la proprietà e curare un registro di tutti gli attivi per cui ha verificato la proprietà da parte della Società.
Nel rispetto dei suoi obblighi di supervisione, la Banca depositaria deve predisporre delle procedure adeguate per verificare ex post che gli investimenti della Società siano coerenti con gli obiettivi e le politiche d'investimento della stessa e dei Comparti, come definiti nel Prospetto informativo e nello Statuto e deve assicurarsi del rispetto dei limiti d'investimento applicabili.
La Banca depositaria, inoltre, deve adeguatamente monitorare i flussi di cassa della Società, per assicurarsi, tra l'altro, che tutti i pagamenti fatti dagli investitori o per loro conto al momento della sottoscrizione delle Azioni della Società siano stati ricevuti e che tutti i flussi siano stati registrati in uno o più conti aperti in un istituto bancario idoneo.
Secondo quanto stabilito dall'Accordo di Deposito, dalla Legge del 2010 e dalle leggi e dai regolamenti lussemburghesi in vigore, la Banca depositaria può, a certe condizioni e al fine di svolgere le sue funzioni efficacemente, delegare a uno o più corrispondenti nominati dalla Banca depositaria nel tempo, parte o la totalità dei suoi compiti di custodia relativi agli strumenti finanziari affidatele (ossia quegli strumenti finanziari che possono essere iscritti in un conto titoli aperto presso la Banca depositaria e tutti gli strumenti finanziari che possono esserle fisicamente affidati). A tal fine, la Banca depositaria ha predisposto e utilizza opportune procedure volte a selezionare, monitorare e supervisionare i migliori operatori terzi in ciascun mercato, ai sensi delle leggi e dei regolamenti locali. Un elenco di tali corrispondenti (e, nel caso, dei loro delegati), così come dei conflitti di interessi che potrebbero derivare da tali deleghe è disponibile per gli Azionisti su richiesta oppure può essere consultato sul seguente sito internet: | The Depositary should ensure that the custody risk is properly assessed, that due-diligence and segregation obligations have been maintained throughout the whole custody chain, to make sure that financial instruments held in custody are subject to due care and protection at all times.
The Depositary should at all times have a comprehensive overview of all assets that are not financial instruments to be held in custody and must verify the ownership and maintain a record of all assets for which it is satisfied that the Company holds ownership.
In accordance with its oversight obligations, the Depositary shall set up appropriate procedures to verify on an ex-post basis that the Company’ investments are consistent with the investment objectives and policies of the Company and Sub-Funds as described in the Prospectus and the Articles and to ensure that the relevant investment restrictions are complied with.
The Depositary shall also properly monitor the Company’s cash flows so as to ensure, inter alia, that all payments made by, or on behalf of, investors upon the subscription of the Shares of the Company have been received, and that all the cash has been booked in one or more account(s) opened at an eligible banking institution.
In accordance with the provisions of the Depositary Agreement, the Law of 2010 and applicable Luxembourg laws, rules and regulations, the Depositary may, subject to certain conditions and in order to effectively conduct its duties, delegate to one or more correspondents appointed by the Depositary from time to time, part or all of its safe-keeping duties with regard to the financial instruments to be held in custody (i.e. financial instruments that can be registered in a financial instrument account opened in the Depositary’s books and all financial instruments that can be physically delivered to the Depositary). For this purpose, the Depositary has established and maintains appropriate procedures designed to select, monitor and supervise the highest quality third-party provider(s) in each market, in accordance with local laws and regulations. A list of such correspondents (and, if applicable their sub-delegates) as well as the conflicts of interest which may result from such a delegation shall be available to shareholders upon request or can be consulted on the following website: | en | it |
DOLFIN7295 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
This Prospectus contains information about Generali Investments SICAV that a prospective investor should consider before investing in the Fund and should be retained for future reference.
The Fund is a public limited company (société anonyme) incorporated under the laws of the Grand Duchy of Luxembourg as an investment company with variable share capital (société d'investissement à capital variable). The Fund is subject to Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment, as amended or supplemented from time to time.
The Fund has been authorised by the Commission de Surveillance du Secteur Financier (CSSF) which is the Luxembourg supervisory authority of the financial market. However, such authorisation does not require the CSSF to approve or disapprove either the adequacy or accuracy of this Prospectus or the portfolio of assets held by the Fund. Any declaration to the contrary should be considered as unauthorised and illegal.
The Fund is a single legal entity incorporated as an umbrella fund comprised of separate Sub- funds. Shares in the Fund are shares in a specific Sub-fund. The Fund may issue Shares of different Share Classes in each Sub-fund. Such Share Classes may each have specific characteristics. Certain Share Classes may be reserved to certain categories of investors. Investors should refer to section 8 of this Prospectus for further information on characteristics of Share Classes.
The Fund is registered with the Luxembourg Trade and Companies Register under number B86432. The latest version of the Articles of Incorporation was published in the Mémorial C, Recueil des Sociétés et Associations of the Grand-Duchy of Luxembourg on 18 January 2016.
Neither delivery of the Prospectus nor anything stated herein should be taken to imply that any information contained herein is correct as of any time subsequent to the date hereof. The Prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful or to any person to whom it is unlawful to make such offer, solicitation or sale.
The information contained in this Prospectus is supplemented by the financial statements and further information contained in the latest Annual Report and Semi-Annual Report, copies of which may be requested free of charge at the registered office of the Fund and on the Website of the Management Company.
No Distributor, agent, salesman or other person has been authorised to give any information or to make any representation other than those contained in the Prospectus and in the documents referred to herein in connection with the offer of Shares and, if given or made, such information or representation must not be relied upon as having been authorised.
The Board of Directors has taken all reasonable care to ensure that the facts stated herein are true and accurate in all material respects and that there are no material facts the omission of which would make misleading any statement herein, whether of fact or opinion. The Board of Directors accepts responsibility accordingly.
In addition to this Prospectus, the Management Company publishes a Key Investor Information Document and/or a Key Investor Document, as applicable (“KID”) relating to an investment in each Sub-fund, in particular information on the profile of a typical investor and the historical performance. The KID is available, free of charge, to each potential subscriber at the registered offices of the Management Company, the Central Administration and any Distributor as well as on the Website of the Management Company and must be considered by an investor before the conclusion of the subscription contract.
The distribution of the Prospectus and/or the offer and sale of the Shares in certain jurisdictions or to certain investors may be restricted or prohibited by law. No Shares may be acquired or held by, on behalf or for the account or benefit of, Prohibited Persons. In particular, the Board of Directors has decided that US Persons would be considered as Prohibited Persons.
The Fund must comply with applicable international and Luxembourg laws and regulations regarding the prevention of money laundering and terrorist financing. In particular, anti-money laundering measures in force in the Grand Duchy of Luxembourg require the Fund or its agent to establish and verify the identity of subscribers for Shares (as well as the identity of any intended beneficial owners of the Shares if they are not the subscribers) and the origin of subscription proceeds and to monitor the relationship on an ongoing basis. Failure to provide information or documentation may result in delays in, or rejection of, any subscription or conversion application and/or delays in any redemption application.
An investment in the Shares is only suitable for investors who have sufficient knowledge, experience and/or access to professional advisers to make their own financial, legal, tax and accounting evaluation of the risks of an investment in the Shares and who have sufficient resources to be able to bear any losses that may result from an investment in the Shares. Investors should consider their own personal circumstances and seek additional advice from their financial adviser or other professional adviser as to possible financial, legal, tax and accounting which they might encounter under the laws of the countries of their citizenship, residence, or domicile and which might be relevant to the subscription, purchase, holding, redemption, conversion or disposal of the Shares of the Fund. | Il presente Prospetto informativo contiene informazioni su Generali Investments SICAV che un potenziale investitore dovrebbe considerare prima di investire nel Fondo e deve essere conservato per riferimento futuro.
Il Fondo è una società a responsabilità limitata (société anonyme) costituita ai sensi delle leggi del Granducato di Lussemburgo come società a capitale variabile (société d'investissement à capital variable). Il Fondo è soggetto alla Parte I della legge del Lussemburgo del 17 dicembre 2010 relativa agli organismi d'investimento collettivo, come di volta in volta modificata e integrata.
Il Fondo è stato autorizzato dalla Commission de Surveillance du Secteur Financier (CSSF), l'autorità lussemburghese di vigilanza dei mercati finanziari. Tuttavia, tale autorizzazione non richiede l'approvazione o la disapprovazione da parte della CSSF rispetto all'adeguatezza o alla correttezza del presente Prospetto informativo o del portafoglio di attività detenuto dal Fondo. Qualsiasi dichiarazione contraria è da ritenersi non autorizzata e illegale.
Il Fondo è un'entità giuridica unica, costituito come fondo multicomparto composto da Comparti separati. Le azioni del Fondo sono azioni di un Comparto specifico. Il Fondo può emettere Azioni di Classi diverse in ogni Comparto. Tali Classi di Azioni possono ciascuna avere caratteristiche specifiche e talune Classi di Azioni possono essere riservate esclusivamente a determinate categorie di investitori. Si rimandano gli investitori alla sezione 8 del presente Prospetto informativo per maggiori informazioni sulle caratteristiche delle Classi di Azioni.
Il Fondo è iscritto nel Registro del Commercio e delle Imprese del Lussemburgo con il numero B86432. La versione più recente dello Statuto è stata pubblicata nel Mémorial C, Recueil des Sociétés et Associations del Granducato di Lussemburgo il 18 gennaio 2016.
Né la fornitura del Prospetto informativo né alcuna dichiarazione in esso contenuta vanno interpretate come una dichiarazione implicita che le informazioni ivi incluse siano corrette in qualsiasi momento successivo a tale data. Il Prospetto informativo non costituisce un'offerta di vendita né una sollecitazione di un'offerta di acquisto di qualsivoglia Azione in qualsiasi giurisdizione in cui tale offerta, sollecitazione o vendita sarebbero illegali o a qualsivoglia soggetto nei confronti del quale tale offerta, sollecitazione o vendita sarebbero illegali.
Le informazioni contenute nel presente Prospetto informativo sono integrate dal bilancio e da ulteriori informazioni contenute nella Relazione annuale o nella Relazione semestrale più recenti; copie di questi documenti possono essere richieste a titolo gratuito presso la sede legale della Società e reperite sul sito Web della Società di gestione.
Nessun Collocatore, agente, agente di vendita o altro soggetto è stato autorizzato a diffondere informazioni o rilasciare dichiarazioni diverse da quelle contenute nel Prospetto informativo e nei documenti in esso citati in relazione all'offerta di Azioni e, qualora diffuse o rilasciate, tali informazioni o dichiarazioni non sono da ritenersi autorizzate e non vi va fatto affidamento.
Il Consiglio di Amministrazione ha adottato ogni ragionevole misura per assicurare che quanto dichiarato nel presente documento sia vero e accurato sotto tutti gli aspetti rilevanti e che non sussistano fatti significativi la cui omissione renderebbe fuorvianti eventuali dichiarazioni ivi esposte, sia a livello di fatti che di opinioni. Il Consiglio di Amministrazione si assume ogni responsabilità al riguardo.
In aggiunta al presente Prospetto informativo, la Società di gestione pubblica un documento di informazioni chiave per gli investitori (Key Investor Information Document, "KIID") e/o un documento contenente le informazioni chiave (Key Investor Document, “KID”), secondo quanto applicabile, relativo all'investimento in ciascun Comparto, con informazioni specifiche sul profilo dell'investitore tipo e i rendimenti storici. Il KID è disponibile, a titolo gratuito, per ogni potenziale sottoscrittore presso le sedi legali della Società di gestione, dell'Agente amministrativo centrale e di qualsivoglia Collocatore,
nonché sul sito Web della Società di gestione, e va considerato dagli investitori prima della stipula del contratto di sottoscrizione.
La distribuzione del Prospetto informativo e/o l'offerta e la vendita di Azioni in talune giurisdizioni o a determinati investitori possono essere limitate o vietate dalla legge. Nessuna Azione può essere acquistata o detenuta da, in nome di, per conto di o per il beneficio di Soggetti esclusi. In modo particolare, il Consiglio di Amministrazione ha deciso che le Persone statunitensi sono da ritenersi Soggetti esclusi.
Il Fondo deve conformarsi alle leggi e ai regolamenti internazionali e del Lussemburgo in vigore relativamente alla prevenzione del riciclaggio di denaro e del finanziamento al terrorismo. Nello specifico, le misure antiriciclaggio in vigore nel Granducato di Lussemburgo richiedono che il Fondo o il suo agente stabilisca e verifichi l'identità dei sottoscrittori delle Azioni (nonché l'identità dei previsti titolari effettivi delle Azioni qualora essi non siano i sottoscrittori) e l'origine dei proventi delle sottoscrizioni, e che assicuri il monitoraggio della relazione su base continuativa. La mancata fornitura di informazioni o documentazione può determinare ritardi, o il rifiuto, di qualsivoglia richiesta di sottoscrizione o di conversione e/o ritardi relativi a qualsivoglia richiesta di rimborso.
Un investimento nelle Azioni è idoneo solo per gli investitori che abbiano conoscenze ed esperienza sufficienti e/o accesso a consulenti professionali, in modo da poter effettuare una propria valutazione finanziaria, legale, fiscale e contabile in relazione ai rischi di un investimento nelle Azioni, e che abbiano risorse sufficienti e tali da poter sostenere le perdite che possono derivare da un investimento nelle Azioni. Gli investitori dovranno considerare le proprie circostanze personali e richiedere ulteriori consigli ai loro consulenti finanziari o altri consulenti professionali in merito a potenziali questioni finanziarie, legali, fiscali e contabili che potrebbero insorgere ai sensi delle leggi dei paesi di loro cittadinanza, residenza o domicilio e che potrebbero essere pertinenti alla sottoscrizione, all'acquisto, alla detenzione, al rimborso, alla conversione o alla cessione delle Azioni del Fondo. | This Prospectus contains information about Generali Investments SICAV that a prospective investor should consider before investing in the Fund and should be retained for future reference.
The Fund is a public limited company (société anonyme) incorporated under the laws of the Grand Duchy of Luxembourg as an investment company with variable share capital (société d'investissement à capital variable). The Fund is subject to Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment, as amended or supplemented from time to time.
The Fund has been authorised by the Commission de Surveillance du Secteur Financier (CSSF) which is the Luxembourg supervisory authority of the financial market. However, such authorisation does not require the CSSF to approve or disapprove either the adequacy or accuracy of this Prospectus or the portfolio of assets held by the Fund. Any declaration to the contrary should be considered as unauthorised and illegal.
The Fund is a single legal entity incorporated as an umbrella fund comprised of separate Sub- funds. Shares in the Fund are shares in a specific Sub-fund. The Fund may issue Shares of different Share Classes in each Sub-fund. Such Share Classes may each have specific characteristics. Certain Share Classes may be reserved to certain categories of investors. Investors should refer to section 8 of this Prospectus for further information on characteristics of Share Classes.
The Fund is registered with the Luxembourg Trade and Companies Register under number B86432. The latest version of the Articles of Incorporation was published in the Mémorial C, Recueil des Sociétés et Associations of the Grand-Duchy of Luxembourg on 18 January 2016.
Neither delivery of the Prospectus nor anything stated herein should be taken to imply that any information contained herein is correct as of any time subsequent to the date hereof. The Prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful or to any person to whom it is unlawful to make such offer, solicitation or sale.
The information contained in this Prospectus is supplemented by the financial statements and further information contained in the latest Annual Report and Semi-Annual Report, copies of which may be requested free of charge at the registered office of the Fund and on the Website of the Management Company.
No Distributor, agent, salesman or other person has been authorised to give any information or to make any representation other than those contained in the Prospectus and in the documents referred to herein in connection with the offer of Shares and, if given or made, such information or representation must not be relied upon as having been authorised.
The Board of Directors has taken all reasonable care to ensure that the facts stated herein are true and accurate in all material respects and that there are no material facts the omission of which would make misleading any statement herein, whether of fact or opinion. The Board of Directors accepts responsibility accordingly.
In addition to this Prospectus, the Management Company publishes a Key Investor Information Document and/or a Key Investor Document, as applicable (“KID”) relating to an investment in each Sub-fund, in particular information on the profile of a typical investor and the historical performance. The KID is available, free of charge, to each potential subscriber at the registered offices of the Management Company, the Central Administration and any Distributor as well as on the Website of the Management Company and must be considered by an investor before the conclusion of the subscription contract.
The distribution of the Prospectus and/or the offer and sale of the Shares in certain jurisdictions or to certain investors may be restricted or prohibited by law. No Shares may be acquired or held by, on behalf or for the account or benefit of, Prohibited Persons. In particular, the Board of Directors has decided that US Persons would be considered as Prohibited Persons.
The Fund must comply with applicable international and Luxembourg laws and regulations regarding the prevention of money laundering and terrorist financing. In particular, anti-money laundering measures in force in the Grand Duchy of Luxembourg require the Fund or its agent to establish and verify the identity of subscribers for Shares (as well as the identity of any intended beneficial owners of the Shares if they are not the subscribers) and the origin of subscription proceeds and to monitor the relationship on an ongoing basis. Failure to provide information or documentation may result in delays in, or rejection of, any subscription or conversion application and/or delays in any redemption application.
An investment in the Shares is only suitable for investors who have sufficient knowledge, experience and/or access to professional advisers to make their own financial, legal, tax and accounting evaluation of the risks of an investment in the Shares and who have sufficient resources to be able to bear any losses that may result from an investment in the Shares. Investors should consider their own personal circumstances and seek additional advice from their financial adviser or other professional adviser as to possible financial, legal, tax and accounting which they might encounter under the laws of the countries of their citizenship, residence, or domicile and which might be relevant to the subscription, purchase, holding, redemption, conversion or disposal of the Shares of the Fund. | en | it |
DOLFIN7296 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Exemple d’investissement 10 000 USD | Si vous sortez après 1 an | Si vous sortez après 3 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 24 USD | 85 USD |
| Incidence des coûts annuels (*) | 0,24 % | 0,25 % | | | Ejemplo de inversión 10 000 USD | En caso de salida después de 1 año | En caso de salida después de 3 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 24 USD | 85 USD |
| Incidencia anual de los costes (*) | 0,24 % | 0,25 % | | | Exemple d’investissement 10 000 USD | Si vous sortez après 1 an | Si vous sortez après 3 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 24 USD | 85 USD |
| Incidence des coûts annuels (*) | 0,24 % | 0,25 % | | fr | es |
DOLFIN7297 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
Indicateur de risque
L'indicateur de risque sommaire permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Risque le plus faible Risque le plus élevé
L'indicateur de risque se fonde sur l'hypothèse que vous conservez le produit pendant au moins 5 ans. Le risque réel peut varier considérablement si vous demandez le remboursement de votre apport au tout début de la période de détention et vous courez le risque de ne pas récupérer le montant que vous avez initialement investi.
Nous avons classé ce produit dans la catégorie 5 sur une échelle de 7, ce qui correspond à la catégorie présentant un risque moyen à élevé.
Cet indicateur évalue les pertes potentielles de performances futures à un niveau moyen à élevé, et il est probable que des mauvaises conditions du marché aient un impact sur la capacité de Baillie Gifford Investment Management (Europe) Limited à rembourser votre apport.
Ayez à l'esprit le risque de change. Vous percevrez des paiements dans une devise différente, si bien que le rendement final que vous obtiendrez dépendra du taux de change entre les deux devises. Ce risque n'est pas pris en compte dans l'indicateur présenté ci-dessus.
L'exposition à un seul et même marché et aux devises étrangères peuvent augmenter le risque. Les frais étant prélevés sur les revenus, si les dépenses dépassent les revenus, la valeur du capital diminue.
Ce produit ne comportant aucune protection contre les performances futures du marché, vous pourriez par là-même perdre une partie ou la totalité de votre investissement. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra la probabilidad de que el producto pierda dinero debido a los movimientos en los mercados o porque no podamos pagarle.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Riesgo más bajo Riesgo más alto
El indicador de riesgo asume que va a mantener el producto durante 5 años. El riesgo real puede variar significativamente si usted sale anticipadamente y podría recibir una cantidad inferior.
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto.
Este indicador evalúa las pérdidas potenciales del rendimiento futuro en un nivel medio alto, y es probable que las malas condiciones del mercado afecten a la capacidad de Baillie Gifford Investment Management (Europe) Limited para pagarle.
Tenga en cuenta el riesgo de divisas. Usted recibirá los pagos en una divisa diferente, por lo que la cantidad final que obtendrá dependerá del tipo de cambio entre las dos monedas. Este riesgo no se ha tenido en cuenta en el indicador anterior.
La exposición a un único mercado y a divisas extranjeras puede aumentar el riesgo. Los gastos se detraen de los ingresos; si los gastos exceden los ingresos, el valor del capital disminuye.
Este producto no incluye ninguna protección contra la evolución futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
Indicateur de risque
L'indicateur de risque sommaire permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Risque le plus faible Risque le plus élevé
L'indicateur de risque se fonde sur l'hypothèse que vous conservez le produit pendant au moins 5 ans. Le risque réel peut varier considérablement si vous demandez le remboursement de votre apport au tout début de la période de détention et vous courez le risque de ne pas récupérer le montant que vous avez initialement investi.
Nous avons classé ce produit dans la catégorie 5 sur une échelle de 7, ce qui correspond à la catégorie présentant un risque moyen à élevé.
Cet indicateur évalue les pertes potentielles de performances futures à un niveau moyen à élevé, et il est probable que des mauvaises conditions du marché aient un impact sur la capacité de Baillie Gifford Investment Management (Europe) Limited à rembourser votre apport.
Ayez à l'esprit le risque de change. Vous percevrez des paiements dans une devise différente, si bien que le rendement final que vous obtiendrez dépendra du taux de change entre les deux devises. Ce risque n'est pas pris en compte dans l'indicateur présenté ci-dessus.
L'exposition à un seul et même marché et aux devises étrangères peuvent augmenter le risque. Les frais étant prélevés sur les revenus, si les dépenses dépassent les revenus, la valeur du capital diminue.
Ce produit ne comportant aucune protection contre les performances futures du marché, vous pourriez par là-même perdre une partie ou la totalité de votre investissement. | fr | es |
DOLFIN7298 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Historical information:
Sub-fund launched on March 13, 2018.
Change of name from “MSCI Japan SRI” into “MSCI Japan SRI S-Series 5% Capped” on September 16, 2019.
Change of index from “MSCI Japan SRI (NR)” into “MSCI Japan SRI S-Series 5% Capped (NTR)” on September 16, 2019.
Change of name from “MSCI Japan SRI S-Series 5% Capped” into “MSCI Japan SRI S-Series PAB 5% Capped” on December 1st, 2021. Change of index from “MSCI Japan SRI S-Series 5% Capped (NTR)” into “MSCI Japan SRI S-Series PAB 5% Capped (NTR)” on December 1st, 2021.
Change of SFDR classification from an Article 8 sub-fund to an Article 9 sub-fund on December 1st, 2021. Change of SFDR classification from Article 9 to Article 8 on January 01, 2023.
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the possible tax consequences associated with their investment
BNP Paribas Easy MSCI North America ESG Filtered Min TE
Investment objective
Replicate the performance of the MSCI North America ESG Filtered Min TE (NTR) index (Bloomberg: MXNAEFMT Index), including fluctuations, and to maintain the Tracking Error between the sub-fund and the index below 1%.
Investment policy
For that purpose, the manager of the sub-fund’s portfolio will be able to switch between the two index replication methods described below, to ensure optimum management of the sub-fund.
At least, 51% of the assets will be invested at all times in equities.
The sub-fund will not invest more than 10% of its net assets in shares or units issued by UCITS or other UCIs.
Full replication
The sub-fund will achieve exposure to North American equities issued by companies respecting Environmental, Social and Corporate Governance (ESG) criteria by investing at least 90% of its assets in:
- equities issued by companies included in the index, and/or
- equity equivalent securities whose underlying assets are issued by companies included in the index. | Historique :
Compartiment lancé le 13 mars 2018.
Changement du nom « MSCI Japan SRI », remplacé par « MSCI Japan SRI S-Series 5% Capped » le 16 septembre 2019. Changement de l’indice « MSCI Japan SRI (NR) », remplacé par l’indice « MSCI Japan SRI S-Series 5% Capped (NTR) » le 16 septembre 2019.
Changement de la dénomination de « MSCI Japan SRI S-Series 5% Capped », remplacée par « MSCI Japan SRI S-Series PAB 5% Capped » le 1er décembre 2021.
Changement de l’indice « MSCI Japan SRI S-Series 5% Capped (NTR) », remplacé par « MSCI Japan SRI S-Series PAB 5% Capped (NTR) » le 1er décembre 2021.
Modification de la classification SFDR du compartiment de l’article 8 à l’article 9 le 1er décembre 2021. Modification de la classification SFDR de l’article 9 à l’article 8 le 1er janvier 2023.
Fiscalité :
Il est recommandé aux actionnaires potentiels d’obtenir des informations complètes dans leur pays d’origine, de résidence ou de domicile sur les éventuelles incidences fiscales liées à leur investissement.
BNP Paribas Easy MSCI North America ESG Filtered Min TE
Objectif d’investissement
Répliquer la performance de l’indice MSCI North America ESG Filtered Min TE (NTR) (Bloomberg : MXNAEFMT Index), y compris ses fluctuations, et maintenir un écart de suivi entre le compartiment et l’indice inférieur à 1 %.
Politique d’investissement
À cet égard, le gestionnaire du portefeuille du compartiment pourra utiliser l’une des deux méthodes de réplication de l’indice décrites ci-dessous, en vue d’une gestion optimale du compartiment.
Au moins 51 % de l’actif est investi en permanence dans des actions.
Le compartiment n’investira pas plus de 10 % de ses actifs nets en actions ou parts émises par des OPCVM ou autres OPC.
Réplication totale
Le compartiment obtiendra une exposition aux actions d’Amérique du Nord émises par des sociétés qui respectent les critères environnementaux, sociaux et de gouvernance d’entreprise (ESG) en investissant au moins 90 % de ses actifs dans :
- des actions émises par des sociétés incluses dans l’indice, et/ou
- des titres assimilables aux actions, dont les sous-jacents sont émis par des sociétés incluses dans l’indice. | Historical information:
Sub-fund launched on March 13, 2018.
Change of name from “MSCI Japan SRI” into “MSCI Japan SRI S-Series 5% Capped” on September 16, 2019.
Change of index from “MSCI Japan SRI (NR)” into “MSCI Japan SRI S-Series 5% Capped (NTR)” on September 16, 2019.
Change of name from “MSCI Japan SRI S-Series 5% Capped” into “MSCI Japan SRI S-Series PAB 5% Capped” on December 1st, 2021. Change of index from “MSCI Japan SRI S-Series 5% Capped (NTR)” into “MSCI Japan SRI S-Series PAB 5% Capped (NTR)” on December 1st, 2021.
Change of SFDR classification from an Article 8 sub-fund to an Article 9 sub-fund on December 1st, 2021. Change of SFDR classification from Article 9 to Article 8 on January 01, 2023.
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the possible tax consequences associated with their investment
BNP Paribas Easy MSCI North America ESG Filtered Min TE
Investment objective
Replicate the performance of the MSCI North America ESG Filtered Min TE (NTR) index (Bloomberg: MXNAEFMT Index), including fluctuations, and to maintain the Tracking Error between the sub-fund and the index below 1%.
Investment policy
For that purpose, the manager of the sub-fund’s portfolio will be able to switch between the two index replication methods described below, to ensure optimum management of the sub-fund.
At least, 51% of the assets will be invested at all times in equities.
The sub-fund will not invest more than 10% of its net assets in shares or units issued by UCITS or other UCIs.
Full replication
The sub-fund will achieve exposure to North American equities issued by companies respecting Environmental, Social and Corporate Governance (ESG) criteria by investing at least 90% of its assets in:
- equities issued by companies included in the index, and/or
- equity equivalent securities whose underlying assets are issued by companies included in the index. | en | fr |
DOLFIN7299 | 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: Over a recommended investment horizon of more than five years, the Sub-fund is managed with the aim of achieving an increase in net asset value as a result of exposure to mid-cap companies in Europe. The selection criteria will be outlined in the investment strategy. The Sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little. Benchmark index: Stoxx Europe ex UK Small (NR), net dividends reinvested
Investment policy: The Sub-fund implements an active stock-picking management strategy, selecting listed stocks from an investment scope comprising mainly European securities. The management involves investing in securities offering growth potential, regardless of their business or geographical sector. These shares of small and mid- capitalisation companies from the European Economic Area will represent between 75% and 100% of the net assets. The manager will select the stocks exhibiting the most promising potential in terms of performance, based on external analysts’ reports.
At least 60% of the portfolio is exposed to European Union equities
Securities in the portfolio may be denominated in a currency other than the euro, and up to 100% of the Sub-fund’s net assets may be exposed to currency risk.
Depending on the manager’s expectations regarding changes in the currency parity, and in order to protect the Sub-fund’s performance, the Sub-fund may use forward currency contracts or currency swaps. The ESG investment universe is composed of securities in the benchmark index used for the performance comparison. The management company may select securities from outside its index. However, it will ensure that the chosen benchmark index offers a relevant comparison for the Sub-fund’s ESG rating.
Furthermore, subject to the maximum limit of 10%, the Sub-fund may invest in units or shares of UCIs. These UCIs may be managed by the Management Company or by an affiliated company.
In order to manage its cash, the Sub-fund may use up to 25% of debt securities or bonds denominated in euros and issued by entities with a rating greater than or equal to A2 or repurchase agreements up to the limit of 20% of the assets.
The Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on equities up to a limit of 50% of its net assets. The expected proportion is 20%.
A USD (H) units are systematically and fully hedged against EUR/USD currency risk via forward currency contracts, swaps or currency options.
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets are closed (pursuant to the official calendar of Euronext Paris S.A.), 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.
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: Accumulation
Allocation of net realised gains: Accumulation
Other information: Environmental, social and governance (ESG) criteria are one of the components of the management; their weighting in the final decision is not defined in advance.
Recommended investment period: more than 5 years | # Objetivos y política de inversión
Objetivo de gestión: La gestión del subfondo, en un horizonte de inversión recomendado superior a 5 años, tiene como objetivo obtener una progresión del valor liquidativo gracias a inversiones en sociedades de mediana capitalización en Europa. La estrategia de inversión incluirá la definición de los criterios de selección. 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, la asignación regional, las opiniones del sector y el nivel general de exposición al mercado. El Gestor no se encuentra en modo alguno limitado por los componentes del índice de referencia, en lo que se refiere al posicionamiento de su cartera, y es posible que el subfondo no mantenga todos los susodichos componentes, o bien que no contemple ninguno de ellos. La desviación respecto del índice de referencia puede ser total o significativa, si bien también puede verse limitada ocasionalmente.
Índice de referencia: Stoxx Europe (NR) ex UK Small, dividendos netos reinvertidos
Política de inversión: El subfondo lleva a cabo una gestión activa de acciones (“stock-picking”) cotizadas dentro de un universo de valores mayoritariamente europeos. La gestión consiste en invertir en títulos que presenten un potencial de revalorización, independientemente de su pertenencia sectorial o geográfica. Estas acciones de sociedades de pequeña y mediana capitalización del Espacio Económico Europeo representarán del 75% al 100% del patrimonio neto. El gestor seleccionará los títulos que tengan el mejor potencial de rendimiento basándose en informes elaborados por analistas externos.
Al menos el 60% de la cartera está expuesto a la renta variable de la Unión Europea.
Puesto que el subfondo puede mantener títulos denominados en una divisa distinta al euro, cabe la posibilidad de que se vea expuesto al riesgo de cambio, hasta una vez el patrimonio neto. En función de las previsiones del gestor sobre la evolución de la paridad de cambio y a efectos de cobertura de la rentabilidad, el subfondo podrá recurrir a contratos de divisas a plazo o swaps de cambio. El universo de inversión ESG está compuesto por valores del índice de referencia, que se utiliza con fines de comparación de la rentabilidad. La Sociedad Gestora puede seleccionar valores ajenos al índice. No obstante, se asegurará de que el índice de referencia empleado sea un elemento comparativo relevante para la calificación ESG del subfondo.
Por otra parte, dentro del límite máximo de un 10%, el subfondo podrá invertir en participaciones o acciones de IIC. Estas IIC podrán estar gestionadas por la Sociedad gestora o una sociedad vinculada.
Para gestionar su tesorería, el subfondo podrá recurrir, dentro de un límite del 25%, a títulos de deuda o bonos denominados en euros y emitidos por entidades con una calificación crediticia igual o superior a A2, así como a operaciones de recompra inversa dentro del límite del 20% del patrimonio.
El subfondo podrá recurrir a contratos de permuta a plazo negociados de modo extrabursátil en forma de "Total Return Swaps" (TRS) en acciones hasta el 50% de su patrimonio neto. La proporción prevista es del 20%.
Las participaciones “A USD (H)” se cubren de manera sistemática e íntegra frente al riesgo de cambio EUR/USD mediante contratos de cambio a plazo, swaps o incluso opciones sobre divisas.
Frecuencia de compra o venta de acciones: Todos los días, a excepción de los días festivos o los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.) 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.
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: Capitalización
Asignación de las plusvalías netas realizadas: Capitalización
Otra información: Los criterios medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) son un componente de la gestión; su peso en la decisión final no está definido previamente.
Duración de la participación recomendada superior a 5 años | # Objectives and investment policy
Management objective: Over a recommended investment horizon of more than five years, the Sub-fund is managed with the aim of achieving an increase in net asset value as a result of exposure to mid-cap companies in Europe. The selection criteria will be outlined in the investment strategy. The Sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little. Benchmark index: Stoxx Europe ex UK Small (NR), net dividends reinvested
Investment policy: The Sub-fund implements an active stock-picking management strategy, selecting listed stocks from an investment scope comprising mainly European securities. The management involves investing in securities offering growth potential, regardless of their business or geographical sector. These shares of small and mid- capitalisation companies from the European Economic Area will represent between 75% and 100% of the net assets. The manager will select the stocks exhibiting the most promising potential in terms of performance, based on external analysts’ reports.
At least 60% of the portfolio is exposed to European Union equities
Securities in the portfolio may be denominated in a currency other than the euro, and up to 100% of the Sub-fund’s net assets may be exposed to currency risk.
Depending on the manager’s expectations regarding changes in the currency parity, and in order to protect the Sub-fund’s performance, the Sub-fund may use forward currency contracts or currency swaps. The ESG investment universe is composed of securities in the benchmark index used for the performance comparison. The management company may select securities from outside its index. However, it will ensure that the chosen benchmark index offers a relevant comparison for the Sub-fund’s ESG rating.
Furthermore, subject to the maximum limit of 10%, the Sub-fund may invest in units or shares of UCIs. These UCIs may be managed by the Management Company or by an affiliated company.
In order to manage its cash, the Sub-fund may use up to 25% of debt securities or bonds denominated in euros and issued by entities with a rating greater than or equal to A2 or repurchase agreements up to the limit of 20% of the assets.
The Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on equities up to a limit of 50% of its net assets. The expected proportion is 20%.
A USD (H) units are systematically and fully hedged against EUR/USD currency risk via forward currency contracts, swaps or currency options.
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets are closed (pursuant to the official calendar of Euronext Paris S.A.), 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.
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: Accumulation
Allocation of net realised gains: Accumulation
Other information: Environmental, social and governance (ESG) criteria are one of the components of the management; their weighting in the final decision is not defined in advance.
Recommended investment period: more than 5 years | en | es |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.