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DOLFIN7300 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La SICAV ne conclura des opérations qu’avec les contreparties que la Société de gestion estime solvables. Les contreparties approuvées seront généralement notées A- au minimum. Les contreparties se conformeront à des règles prudentielles considérées par la CSSF comme équivalentes aux règles prudentielles de l’UE. La contrepartie ne dispose pas d’un droit de regard sur la composition ou la gestion d’un portefeuille d’un Compartiment. Les décisions d’investissement prises par un Compartiment ne requièrent pas l’approbation de la contrepartie.
Les sûretés peuvent être déduites de l’exposition brute aux contreparties pour autant qu’elles remplissent différentes conditions, notamment concernant leur liquidité, leur valorisation, la qualité de crédit de l’émetteur, leur corrélation et leur diversification. Lors de la déduction de la sûreté, sa valeur est diminuée d’un pourcentage (une « décote ») parant, entre autres, aux fluctuations à court terme de la valeur de l’exposition et de la sûreté. Le niveau des sûretés est maintenu de manière à veiller à ce que l’exposition nette aux contreparties ne dépasse pas les limites par contrepartie telles que définiesà section correspondante du Prospectus. Le cas échéant, la sûreté est reçue sous la forme de titres et d’espèces. Les sûretés reçues autres que des espèces ne sont pas vendues, réinvesties, ni mises en gage.
Les sûretés reçues au titre d’Accords de prise en pension sont exposées en Annexe 8.
- Transactions avec des tiers apparentésToutes les transactions avec des tiers apparentés ont été réalisées aux conditions normales du marché. | La SICAV solo celebrará operaciones con contrapartes que la Sociedad gestora considere solventes. Las contrapartes aprobadas contarán, por lo general, con una calificación pública de A- o superior. Las contrapartes tendrán que cumplir las normas prudenciales que la CSSF considere equivalentes a las normas prudenciales de la UE. La contraparte no tiene poder alguno en relación con la composición o la gestión de la cartera de un Subfondo. No se requiere la aprobación de la contraparte para ninguna decisión de inversión adoptada por un Subfondo.
La garantía podrá emplearse para contrarrestar la exposición bruta al riesgo de contraparte, siempre y cuando cumpla una serie de criterios, tales como la liquidez, la valoración, la calidad crediticia del emisor, la correlación y la diversificación. Al emplear la garantía con estos fines, se produce una reducción de su valor en un porcentaje (haircut) que tiene en cuenta, entre otros elementos, las fluctuaciones a corto plazo del valor de la exposición y de la garantía. Los niveles de garantía se mantienen con el fin de garantizar que la exposición neta al riesgo de contraparte no supere los límites por contraparte establecidos en el correspondiente apartado del Folleto. La garantía, si la hubiera, se recibe en forma de valores y efectivo. Los valores recibidos en garantía no se venderán, reinvertirán o pignorarán.
Las garantías percibidas en relación con Contratos con pacto de recompra inversa se muestran en el Anexo 8.
- Operaciones con partes vinculadasNo se ha realizado ninguna operación con partes vinculadas que no se llevara a cabo en condiciones de mercado. | La SICAV ne conclura des opérations qu’avec les contreparties que la Société de gestion estime solvables. Les contreparties approuvées seront généralement notées A- au minimum. Les contreparties se conformeront à des règles prudentielles considérées par la CSSF comme équivalentes aux règles prudentielles de l’UE. La contrepartie ne dispose pas d’un droit de regard sur la composition ou la gestion d’un portefeuille d’un Compartiment. Les décisions d’investissement prises par un Compartiment ne requièrent pas l’approbation de la contrepartie.
Les sûretés peuvent être déduites de l’exposition brute aux contreparties pour autant qu’elles remplissent différentes conditions, notamment concernant leur liquidité, leur valorisation, la qualité de crédit de l’émetteur, leur corrélation et leur diversification. Lors de la déduction de la sûreté, sa valeur est diminuée d’un pourcentage (une « décote ») parant, entre autres, aux fluctuations à court terme de la valeur de l’exposition et de la sûreté. Le niveau des sûretés est maintenu de manière à veiller à ce que l’exposition nette aux contreparties ne dépasse pas les limites par contrepartie telles que définiesà section correspondante du Prospectus. Le cas échéant, la sûreté est reçue sous la forme de titres et d’espèces. Les sûretés reçues autres que des espèces ne sont pas vendues, réinvesties, ni mises en gage.
Les sûretés reçues au titre d’Accords de prise en pension sont exposées en Annexe 8.
- Transactions avec des tiers apparentésToutes les transactions avec des tiers apparentés ont été réalisées aux conditions normales du marché. | fr | es |
DOLFIN7301 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Portfolio may invest in companies of any market capitalisation but shall typically invest in companies that have market capitalisation greater than USD 500 million at time of purchase.
In seeking to achieve the Portfolio’s investment objective, the Sub-Investment Managers pursue the following investment process (which is described in further detail below) to identify a universe of companies that offer exposure to disruptive technologies, innovative business models with a relatively low penetration rate in Asia or which are in a relatively early growth phase as well as long-term, structural trends and themes such as 5G/internet of things, (including but not limited to data infrastructure, connected devices or advanced semiconductors), digital lifestyle (including but not limited to healthcare, education or internet and consumer) and industrial innovations (including but not limited to robotics, clean tech or smart logistics) (“Innovative Technologies”):
- Qualitative business analysis: to identify companies which are key enablers of Innovative Technologies, as well as companies that are well-positioned to benefit from new business models related to Innovative Technologies;
- Quantitative screening: to identify stocks that the Sub-Investment Managers believe may be too illiquid or have too small a market capitalistion;
- Strategic valuation and analysis: in-depth research and analysis of companies, including of company/business models, quality of management, competitive strength and record of success which is determined by reference to existing financial data (eg, market share data); and
- Security selection and portfolio construction: to select companies with the ability to provide solutions to drive Innovative Technologies that the Sub- Investment Managers believe have significant capital appreciation potential over three to five years and determine entry and exit price targets based on current market prices for the securities and the preceding analysis, that guide buy and sell decisions. | La Cartera puede invertir en empresas de cualquier capitalización de mercado, pero por lo general invertirá en sociedades con capitalizaciones de mercado superiores a los 500 millones de dólares en el momento de la adquisición de las posiciones.
Para tratar de lograr el objetivo de inversión de la Cartera, los Gestores delegados de inversiones aplican el siguiente proceso de inversión (que se describe detalladamente a continuación) para identificar un universo de empresas que ofrecen exposición a tecnologías disruptivas, modelos de negocio innovadores con una tasa de penetración relativamente baja en Asia o que se encuentran en una fase de crecimiento relativamente temprana, además de temas y tendencias estructurales a largo plazo como la tecnología 5G/Internet de las cosas (incluyendo, entre otros, infraestructuras de datos, dispositivos conectados o semiconductores avanzados), el estilo de vida digital (incluyendo, entre otros, atención sanitaria, educación o Internet y consumo) e innovaciones industriales (incluyendo, entre otros, robótica, tecnologías limpias o logística inteligente) ("Tecnologías innovadoras"):
- Análisis cualitativo de empresas: para identificar empresas que son habilitadores fundamentales de Tecnologías innovadoras, así como empresas bien posicionadas para beneficiarse de nuevos modelos de negocio relacionados con estas tecnologías;
- Selección cuantitativa: para identificar acciones que, a juicio de los Gestores delegados de inversiones, pueden ser demasiado ilíquidas o tener una capitalización de mercado demasiado pequeña;
- Valoración y análisis estratégicos: investigación y análisis en profundidad de empresas, incluyendo modelos de empresa/negocio, calidad del equipo directivo, solidez competitiva e historial de éxito, que se determinan por referencia a datos financieros existentes (por ejemplo, datos de la cuota de mercado); y
- Selección de valores y construcción de carteras: para seleccionar empresas capaces de ofrecer soluciones que promueven Tecnologías innovadoras y que, en opinión de los Gestores delegados de inversiones, ofrecen un potencial significativo de revalorización del capital en un periodo de tres a cinco años, así como para determinar objetivos de precios de entrada y salida basándose en los precios de mercado vigentes de los valores y en los análisis precedentes, que dictan las decisiones de compraventa. | The Portfolio may invest in companies of any market capitalisation but shall typically invest in companies that have market capitalisation greater than USD 500 million at time of purchase.
In seeking to achieve the Portfolio’s investment objective, the Sub-Investment Managers pursue the following investment process (which is described in further detail below) to identify a universe of companies that offer exposure to disruptive technologies, innovative business models with a relatively low penetration rate in Asia or which are in a relatively early growth phase as well as long-term, structural trends and themes such as 5G/internet of things, (including but not limited to data infrastructure, connected devices or advanced semiconductors), digital lifestyle (including but not limited to healthcare, education or internet and consumer) and industrial innovations (including but not limited to robotics, clean tech or smart logistics) (“Innovative Technologies”):
- Qualitative business analysis: to identify companies which are key enablers of Innovative Technologies, as well as companies that are well-positioned to benefit from new business models related to Innovative Technologies;
- Quantitative screening: to identify stocks that the Sub-Investment Managers believe may be too illiquid or have too small a market capitalistion;
- Strategic valuation and analysis: in-depth research and analysis of companies, including of company/business models, quality of management, competitive strength and record of success which is determined by reference to existing financial data (eg, market share data); and
- Security selection and portfolio construction: to select companies with the ability to provide solutions to drive Innovative Technologies that the Sub- Investment Managers believe have significant capital appreciation potential over three to five years and determine entry and exit price targets based on current market prices for the securities and the preceding analysis, that guide buy and sell decisions. | en | es |
DOLFIN7302 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## EFFICIENT PORTFOLIO MANAGEMENT
The Company may, on behalf of each Fund and subject to the conditions and within the limits laid down by the Central Bank, employ techniques and instruments relating to Transferable Securities for efficient portfolio management purposes. Transactions for the purposes of efficient portfolio management may be undertaken with a view to achieving a reduction in risk, a reduction in costs or the generation of additional capital or income for the Fund with an appropriate level of risk, taking into account the risk profile of the relevant Fund and the general provisions of UCITS V. These techniques and instruments may include investments in FDI such as a Swap Strategy or other swaps (which may be used to manage currency risk), futures (which may be used to manage interest rate risk), index futures (which may be used to manage cash flows on a short term basis), options (which may be used to achieve cost efficiencies, for example where the acquisition of the option is more cost effective than purchasing of the underlying asset), and investments in money market instruments and/or money market collective investment schemes. More information on the use of FDI and efficient portfolio management is set out in Appendix III. New techniques and instruments may be developed which may be suitable for use by the Company and the Company (subject to the Central Bank’s requirements) may employ such techniques and instruments.
A Fund may enter into securities lending, repurchase and/or reverse repurchase agreements if consistent with the investment objective of the Fund and for the purposes of efficient portfolio management, including to generate income or profits in order to increase portfolio returns or to reduce portfolio expenses or risk, in accordance with the requirements and subject to any relevant regulations of the Central Bank. | ## GESTION EFFICACE DE PORTEFEUILLE
La Société peut, pour le compte de chaque Compartiment et sous réserve des conditions et limites fixées par la Banque centrale, employer des techniques et instruments relatifs aux Valeurs mobilières à des fins de gestion efficace de portefeuille. Les opérations à des fins de gestion efficace de portefeuille peuvent être entreprises dans le but d’atteindre une réduction du risque, une réduction des coûts ou la génération de capital ou de revenus supplémentaires pour le Compartiment avec un niveau de risque approprié, en tenant compte du profil de risque du Compartiment concerné et des dispositions générales de l’OPCVM V. Ces techniques et instruments peuvent inclure des investissements dans des IFD tels qu’une Stratégie de swap ou d’autres swaps (qui peuvent être utilisés pour gérer le risque de change), des contrats à terme standardisés (qui peuvent être utilisés pour gérer le risque de taux d’intérêt), des contrats à terme sur indices (qui peuvent être utilisés pour gérer les flux de trésorerie à court terme), des options (qui peuvent être utilisées pour optimiser les coûts, par exemple, lorsque l’acquisition de l’option est plus rentable que l’achat de l’actif sous-jacent) et des investissements dans des instruments du marché monétaire et/ou des organismes de placement collectif du marché monétaire. De plus amples informations sur l’utilisation des IFD et la gestion efficace du portefeuille sont présentées à l’Annexe III. De nouvelles techniques et de nouveaux instruments peuvent être développés et adaptés à l’utilisation par la Société et la Société (sous réserve des exigences de la Banque centrale) peut employer ces techniques et instruments.
Un Compartiment peut conclure des contrats de prêt de titres, de mise et/ou de prise en pension s’ils sont conformes à l’objectif d’investissement du Compartiment et aux fins d’une gestion efficace du portefeuille, y compris pour générer des revenus ou des bénéfices afin d’augmenter les rendements du portefeuille ou de réduire les frais ou le risque du portefeuille, conformément aux exigences et sous réserve de toute réglementation pertinente de la Banque centrale. | ## EFFICIENT PORTFOLIO MANAGEMENT
The Company may, on behalf of each Fund and subject to the conditions and within the limits laid down by the Central Bank, employ techniques and instruments relating to Transferable Securities for efficient portfolio management purposes. Transactions for the purposes of efficient portfolio management may be undertaken with a view to achieving a reduction in risk, a reduction in costs or the generation of additional capital or income for the Fund with an appropriate level of risk, taking into account the risk profile of the relevant Fund and the general provisions of UCITS V. These techniques and instruments may include investments in FDI such as a Swap Strategy or other swaps (which may be used to manage currency risk), futures (which may be used to manage interest rate risk), index futures (which may be used to manage cash flows on a short term basis), options (which may be used to achieve cost efficiencies, for example where the acquisition of the option is more cost effective than purchasing of the underlying asset), and investments in money market instruments and/or money market collective investment schemes. More information on the use of FDI and efficient portfolio management is set out in Appendix III. New techniques and instruments may be developed which may be suitable for use by the Company and the Company (subject to the Central Bank’s requirements) may employ such techniques and instruments.
A Fund may enter into securities lending, repurchase and/or reverse repurchase agreements if consistent with the investment objective of the Fund and for the purposes of efficient portfolio management, including to generate income or profits in order to increase portfolio returns or to reduce portfolio expenses or risk, in accordance with the requirements and subject to any relevant regulations of the Central Bank. | en | fr |
DOLFIN7303 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# INFORMATION ON INVESTMENTS AND MANAGEMENT OF THE FUND
-
## Classification
This fund is a Euro Zone Equities fund.
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## Investment objective
The Fund seeks to outperform its benchmark index (90% MSCI SMID France NR (net dividends reinvested) + 10% EONIA TR) over an investment horizon of more than five years, while incorporating ESG criteria.
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## Tax regime
The Fund is eligible for the French Equity Savings Plan (Plan d’Epargne en Actions or PEA) and may also be used for life insurance policies.
As of 1 July 2014, the Fund shall be governed by the provisions of Appendix II, point II. B. of the Agreement (IGA) signed on 14 November 2013 between the government of the French Republic and the government of the United States of America so as to improve compliance with tax obligations at an international level and implement the act governing compliance with these obligations for foreign accounts (FATCA).
This annual report does not purport to set out the tax implications for investors of subscribing, redeeming, holding or selling the Fund's units. These implications will vary, depending on the laws and practices that apply in the country of residence, domicile or incorporation of the unitholders and on their personal situations.
Depending on your tax status, your country of residence or the jurisdiction from which you invest in the Fund, any capital gains and income resulting from the holding of units of the Fund may be subject to taxation. We advise you to consult a tax advisor in relation to the potential consequences of purchasing, holding, selling or redeeming units of the Fund according to the laws of your country of tax residence, ordinary residence or domicile.
Neither the Management Company nor the promoters shall accept any responsibility whatsoever for any tax consequences that may arise for investors following a decision to purchase, hold, sell or redeem units of the Fund.
-
## Regulatory information
- The Fund does not hold any financial instruments issued by companies linked to the Oddo BHF SCA group.
- UCITS held by the Fund and managed by the management company at the Fund’s reporting date: see annual financial statements in the appendices.
- Overall risk calculation method for the Fund: the method chosen by Oddo BHF Asset Management SAS to measure the overall risk to the Fund is the commitment approach.
-
###### Environmental, social and governance criteria:
The management of the Fund has incorporated ESG criteria since 19 July 2019.
- Within the framework of its risk management policy, the portfolio management company establishes, implements and maintains a risk management policy and procedures that are effective, appropriate and documented, thereby allowing risks associated with its activities, processes and systems to be identified.
For further information, please consult the KIID of this UCI, and particularly the “Risk and reward profile” section, or its full prospectus, which are available on request from the management company or on the website www.am.oddo-bhf.com.
-
###### Portion of income eligible for the 40% allowance under Article 158 of the French general tax code (Code Général des Impôts):
- Coupon amount per unit: EUR 121 for DR EUR units, and EUR 5.45 for DN EUR units, with respect to capital gains
- Amount of income eligible for the 40% allowance: EUR 0
- Proportion of assets invested in securities or rights eligible for the French Equity Savings Plan (Plan d'Epargne en Actions or PEA): 93.04%
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## Code of ethics
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###### Management of intermediaries
The management company has implemented a policy for the selection and evaluation of intermediaries and counterparties. The evaluation criteria used are intermediary fees, quality of execution in view of market conditions, quality of investment advice, quality of research and analysis documents and quality of back-office execution. This policy may be consulted on the management company’s website at www.am.oddo-bhf.com.
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###### Brokerage fees
FCP unitholders can consult the document entitled “Report on brokerage fees” on the management company’s website, www.am.oddo-bhf.com.
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###### Voting rights
No voting rights are attributed to unitholders, decisions concerning the Fund being taken by the Management Company. The voting rights attached to the securities held by the Fund are exercised by the Management Company, which has the sole power to take decisions, pursuant to regulations in force. The Management Company’s voting policy may be consulted at its registered office or online at www.am.oddo-bhf.com, in accordance with article 314-100 of the AMF General Regulation.
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###### Information on the remuneration policy
Regulatory information on remuneration is appended to this report.
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## Information on the efficient investment techniques and derivatives used in the fund
The Oddo BHF Avenir fund did not use efficient investment techniques or derivatives during the financial year.
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## Changes during the financial year
None
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## SFTR reporting
Securities financing transactions in accordance with the SFTR: the Fund did not engage in securities financing transactions during the financial year ended 30 June 2021.
- | # INFORMACIÓN RELATIVA A LAS INVERSIONES Y LA GESTIÓN DEL OICVM
-
## Vocación del Fondo
El Fondo está clasificado como «OICVM de renta variable de los países de la zona euro».
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## Objetivo de gestión
El objetivo del Fondo consiste en obtener una rentabilidad superior a la de su índice de referencia (90% MSCI SMID France NR con dividendos netos reinvertidos + 10% EONIA TR) en un horizonte mínimo de inversión de 5 años, teniendo en cuenta los criterios ESG.
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## Régimen fiscal
El Fondo es apto para el PEA y puede utilizarse en el marco de contratos de seguros de vida.
Desde el 1 de julio de 2014, el Fondo se rige por lo dispuesto en el anexo II, punto II. B. del Acuerdo (IGA), firmado el 14 de noviembre de 2013 entre el gobierno de la República Francesa y el gobierno de Estados Unidos de América, con el fin de avanzar en el cumplimiento de las obligaciones fiscales a escala internacional y de aplicar la ley relativa a estas obligaciones sobre las cuentas extranjeras, conocida como la «Ley FATCA».
El presente informe anual no tiene como objeto resumir las consecuencias fiscales para cada inversor derivadas de la suscripción, el reembolso, la tenencia o la cesión de participaciones del Fondo. Dichas consecuencias variarán en función de las leyes y prácticas vigentes en el país de residencia, domicilio o constitución del partícipe, así como de su situación personal.
En función de su régimen fiscal, su país de residencia o la jurisdicción desde la cual invierta en este Fondo, las plusvalías y los ingresos eventuales derivados de la tenencia de participaciones de este podrán estar sujetos a impuestos. Le recomendamos que consulte con un asesor fiscal las posibles consecuencias de la compra, la tenencia, la venta o el reembolso de participaciones del Fondo conforme a la legislación de su país de residencia fiscal, de residencia ordinaria o de domicilio.
La Sociedad gestora y las entidades comercializadoras no asumen responsabilidad alguna, bajo ningún concepto, en relación con las consecuencias fiscales para cualquier inversor que pudieran derivarse de una decisión de compra, tenencia, venta o reembolso de participaciones del Fondo
-
## Información reglamentaria
- El Fondo no mantiene instrumentos financieros emitidos por sociedades vinculadas al grupo Oddo BHF SCA.
- OICVM mantenidos por el Fondo y gestionados por la Sociedad gestora en la fecha de cierre de las cuentas del Fondo (véanse las cuentas anuales anexas).
- Método de cálculo del riesgo global del OICVM: el método elegido por Oddo BHF Asset Management SAS para medir el riesgo global del OICVM es la metodología del compromiso.
-
###### Criterios medioambientales, sociales y de gobierno corporativo:
La gestión del fondo integra los criterios ESG desde el 19 de julio de 2019.
- En el marco de su política de gestión de riesgos, la Sociedad gestora de carteras establece, adopta y mantiene en vigor una política y unos procedimientos de gestión de riesgos eficaces, apropiados ydocumentados que permiten la identificación de los riesgos vinculados a sus actividades, procesos y sistemas.
Para obtener más información, se ruega consultar el documento de datos fundamentales para el inversor de este OIC y, en concreto, el apartado «Perfil de riesgo y remuneración» o su folleto completo; estos documentos pueden obtenerse, previa solicitud, a través de la Sociedad gestora o en el sitio web www.am.oddo-bhf.com.
-
###### Parte de los ingresos elegible para la deducción fiscal del 40% prevista en el artículo 158 del Código General Tributario francés:
- Importe unitario del cupón de la participación DR EUR 121 EUR y la participación DN EUR 5,45 EUR en concepto de las plusvalías
- Importe de los ingresos elegible para la deducción fiscal del 40%:0 EUR
- Proporción de los activos invertidos en títulos o derechos aptos para el PEA: 93,04%
-
## Deontología
-
###### Control de los intermediarios
La Sociedad gestora ha implementado una política de selección y evaluación de intermediarios y contrapartes. Los criterios de evaluación son los siguientes: el coste de intermediación, la calidad de la ejecución atendiendo a las condiciones de mercado, la calidad del asesoramiento, la calidad de los documentos de investigación y análisis y la calidad de la ejecución posterior a la contratación. Esta política está disponible en la página web de la Sociedad gestora: www.am.oddo-bhf.com.
-
###### Gastos de intermediación
Los partícipes del FCP pueden consultar el documento sobre información relativa a los gastos de intermediación (Compte rendu relatif aux frais d’intermédiation) en el sitio web de la Sociedad gestora: www.am.oddo-bhf.com.
-
###### Derechos de voto
Las participaciones no confieren derecho de voto alguno, y es la Sociedad gestora quien adopta todas las decisiones. Los derechos de voto que corresponden a cada uno de los títulos en cartera del Fondo son ejercidos por la Sociedad gestora, la única habilitada para tomar decisiones de acuerdo con la normativa vigente. Los interesados pueden consultar la política de voto de la Sociedad gestora en su domicilio social o en el sitio web www.am.oddo-bhf.com, de conformidad con lo dispuesto en el artículo 314-100 del Reglamento General de la AMF.
-
###### Información sobre la política de remuneración
Los elementos de remuneración de índole reglamentaria se adjuntan al presente informe.
-
## Información sobre las técnicas de gestión eficaces y los instrumentos derivados presentes en el Fondo
En el transcurso del ejercicio, el fondo Oddo BHF Avenir no recurrió a las técnicas de gestión eficaces o los instrumentos derivados.
-
## Cambios producidos en el transcurso del ejercicio
N/A
-
## Comunicación de información SFTR
Operaciones de financiación de valores en aplicación del Reglamento SFTR: el OIC no ha recurrido a operaciones de financiación de valores durante el ejercicio cerrado a 30 de junio de 2021.
- | # INFORMATION ON INVESTMENTS AND MANAGEMENT OF THE FUND
-
## Classification
This fund is a Euro Zone Equities fund.
-
## Investment objective
The Fund seeks to outperform its benchmark index (90% MSCI SMID France NR (net dividends reinvested) + 10% EONIA TR) over an investment horizon of more than five years, while incorporating ESG criteria.
-
## Tax regime
The Fund is eligible for the French Equity Savings Plan (Plan d’Epargne en Actions or PEA) and may also be used for life insurance policies.
As of 1 July 2014, the Fund shall be governed by the provisions of Appendix II, point II. B. of the Agreement (IGA) signed on 14 November 2013 between the government of the French Republic and the government of the United States of America so as to improve compliance with tax obligations at an international level and implement the act governing compliance with these obligations for foreign accounts (FATCA).
This annual report does not purport to set out the tax implications for investors of subscribing, redeeming, holding or selling the Fund's units. These implications will vary, depending on the laws and practices that apply in the country of residence, domicile or incorporation of the unitholders and on their personal situations.
Depending on your tax status, your country of residence or the jurisdiction from which you invest in the Fund, any capital gains and income resulting from the holding of units of the Fund may be subject to taxation. We advise you to consult a tax advisor in relation to the potential consequences of purchasing, holding, selling or redeeming units of the Fund according to the laws of your country of tax residence, ordinary residence or domicile.
Neither the Management Company nor the promoters shall accept any responsibility whatsoever for any tax consequences that may arise for investors following a decision to purchase, hold, sell or redeem units of the Fund.
-
## Regulatory information
- The Fund does not hold any financial instruments issued by companies linked to the Oddo BHF SCA group.
- UCITS held by the Fund and managed by the management company at the Fund’s reporting date: see annual financial statements in the appendices.
- Overall risk calculation method for the Fund: the method chosen by Oddo BHF Asset Management SAS to measure the overall risk to the Fund is the commitment approach.
-
###### Environmental, social and governance criteria:
The management of the Fund has incorporated ESG criteria since 19 July 2019.
- Within the framework of its risk management policy, the portfolio management company establishes, implements and maintains a risk management policy and procedures that are effective, appropriate and documented, thereby allowing risks associated with its activities, processes and systems to be identified.
For further information, please consult the KIID of this UCI, and particularly the “Risk and reward profile” section, or its full prospectus, which are available on request from the management company or on the website www.am.oddo-bhf.com.
-
###### Portion of income eligible for the 40% allowance under Article 158 of the French general tax code (Code Général des Impôts):
- Coupon amount per unit: EUR 121 for DR EUR units, and EUR 5.45 for DN EUR units, with respect to capital gains
- Amount of income eligible for the 40% allowance: EUR 0
- Proportion of assets invested in securities or rights eligible for the French Equity Savings Plan (Plan d'Epargne en Actions or PEA): 93.04%
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## Code of ethics
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###### Management of intermediaries
The management company has implemented a policy for the selection and evaluation of intermediaries and counterparties. The evaluation criteria used are intermediary fees, quality of execution in view of market conditions, quality of investment advice, quality of research and analysis documents and quality of back-office execution. This policy may be consulted on the management company’s website at www.am.oddo-bhf.com.
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###### Brokerage fees
FCP unitholders can consult the document entitled “Report on brokerage fees” on the management company’s website, www.am.oddo-bhf.com.
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###### Voting rights
No voting rights are attributed to unitholders, decisions concerning the Fund being taken by the Management Company. The voting rights attached to the securities held by the Fund are exercised by the Management Company, which has the sole power to take decisions, pursuant to regulations in force. The Management Company’s voting policy may be consulted at its registered office or online at www.am.oddo-bhf.com, in accordance with article 314-100 of the AMF General Regulation.
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###### Information on the remuneration policy
Regulatory information on remuneration is appended to this report.
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## Information on the efficient investment techniques and derivatives used in the fund
The Oddo BHF Avenir fund did not use efficient investment techniques or derivatives during the financial year.
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## Changes during the financial year
None
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## SFTR reporting
Securities financing transactions in accordance with the SFTR: the Fund did not engage in securities financing transactions during the financial year ended 30 June 2021.
- | en | es |
DOLFIN7304 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The primary objective of Mirae Asset Asia Pacific Long Short Equity Fund is to achieve absolute return, measured in US Dollars, of the underlying equity portfolio.
The Principal Investment Manager will seek to achieve the objective of the Sub-Fund by investing primarily, either directly or through the use of exchange-traded and OTC financial derivative instruments, in equities and equity related securities of companies domiciled in or exercising a large portion of their economic activity in the Asia Pacific including Japan region.
The Principal Investment Manager takes long positions in the securities of companies it believes will increase in value and sells short, through the use of exchange-traded and OTC financial derivative instruments, the securities of companies it believes will either decline in value or underperform the Sub-Fund’s long positions.
The Sub-Fund will invest in financial derivatives instruments to achieve its investment objective, and these may be used to obtain both long and short positions, with the net market exposure varying depending on market conditions. Such instrument may also be used for the purposes of hedging and efficient portfolio management. These instruments may include, but are not limited to, swaps, options, futures and contracts for difference.
The Sub-Fund typically uses total return swaps, or other financial derivative instruments with similar characteristics, in order to gain exposure to equity securities if the use of such instruments is more efficient or otherwise advantageous to the Sub-Fund. Any total return swaps, or other financial derivative instrument with similar characteristics, entered into by the Sub-Fund must be referenced to equity securities or instruments or a basket or index of such securities or instruments. The expected proportion of the assets under management of the Sub-Fund that could be subject to total return swaps and other financial derivative instruments with similar characteristics may fluctuate between 80% and 100%, subject to a maximum of 100%.
The Sub-Fund may, on an ancillary basis, invest in equities and equity related securities of non-Asia Pacific companies and gain exposure to other eligible assets including but not limited to debt securities, cash, cash equivalents, money market instruments and shares or units of UCITS and/or UCIs.
Direct investments in China A-Shares will be made through Stock Connect. The Reference Currency of the Sub-Fund is USD.
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# - Profile of the Typical Investor | L’objectif premier du Mirae Asset Asia Pacific Long Short Equity Fund est de générer un rendement absolu, mesuré en USD, du portefeuille d’actions sous-jacent.
Le Gestionnaire d’investissement principal s’efforcera d’atteindre l’objectif du Compartiment en investissant principalement, que ce soit directement ou par le biais d’instruments financiers dérivés négociés en bourse et de gré à gré, dans des actions et dans des titres apparentés à des actions de sociétés domiciliées ou ayant une grande partie de leur activité économique dans la région Asie-Pacifique, y compris le Japon.
Le Gestionnaire d’investissement principal prend des positions longues sur les titres de sociétés dont la valeur grimpera, à son avis, et vend à découvert, par le biais d’instruments financiers dérivés négociés en bourse et de gré à gré, les titres de sociétés dont la valeur, à son avis, chutera ou qui sous-performeront les positions longues du Compartiment.
Le Compartiment investira dans des instruments financiers dérivés afin d’atteindre son objectif d’investissement et ceux-ci pourront être utilisés pour obtenir des positions longues et courtes, l’exposition nette au marché variant en fonction des conditions du marché. Ces instruments peuvent également être utilisés à des fins de couverture et d’optimisation de gestion de portefeuille. Ces instruments peuvent inclure, sans s’y limiter, des contrats d’échange, des options, des contrats à terme standardisés et des contrats de différence.
Le Compartiment a généralement recours à des swaps sur rendement total ou à d’autres instruments financiers dérivés présentant des caractéristiques similaires afin d’obtenir une exposition aux titres de participation si le recours à ces instruments s’avère plus efficace ou autrement avantageux pour lui. Tout swap sur rendement total ou tout autre instrument financier dérivé présentant des caractéristiques similaires, contracté par le Compartiment, doit faire référence à des titres ou instruments de capitaux propres ou à un panier ou indice de tels titres ou instruments. La proportion attendue des actifs sous gestion du Compartiment pouvant faire l’objet de swaps sur rendement total et d’autres instruments financiers dérivés présentant des caractéristiques similaires peut fluctuer entre 80 % et 100 %, sous réserve d’un maximum de 100 %.
Le Compartiment peut, à titre accessoire, investir dans des actions et des titres apparentés à des actions des sociétés hors Asie-Pacifique et acquérir une exposition à d’autres actifs admissibles, y compris, mais sans s’y limiter, des titres de créance, des liquidités et quasi-liquidités, des instruments du marché monétaire et des actions ou parts d’OPCVM et/ou d’OPC.
Les investissements directs en Actions A chinoises seront réalisés via Stock Connect.
La Devise de référence du Compartiment est le dollar américain.
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# – Profil de l’Investisseur-type | The primary objective of Mirae Asset Asia Pacific Long Short Equity Fund is to achieve absolute return, measured in US Dollars, of the underlying equity portfolio.
The Principal Investment Manager will seek to achieve the objective of the Sub-Fund by investing primarily, either directly or through the use of exchange-traded and OTC financial derivative instruments, in equities and equity related securities of companies domiciled in or exercising a large portion of their economic activity in the Asia Pacific including Japan region.
The Principal Investment Manager takes long positions in the securities of companies it believes will increase in value and sells short, through the use of exchange-traded and OTC financial derivative instruments, the securities of companies it believes will either decline in value or underperform the Sub-Fund’s long positions.
The Sub-Fund will invest in financial derivatives instruments to achieve its investment objective, and these may be used to obtain both long and short positions, with the net market exposure varying depending on market conditions. Such instrument may also be used for the purposes of hedging and efficient portfolio management. These instruments may include, but are not limited to, swaps, options, futures and contracts for difference.
The Sub-Fund typically uses total return swaps, or other financial derivative instruments with similar characteristics, in order to gain exposure to equity securities if the use of such instruments is more efficient or otherwise advantageous to the Sub-Fund. Any total return swaps, or other financial derivative instrument with similar characteristics, entered into by the Sub-Fund must be referenced to equity securities or instruments or a basket or index of such securities or instruments. The expected proportion of the assets under management of the Sub-Fund that could be subject to total return swaps and other financial derivative instruments with similar characteristics may fluctuate between 80% and 100%, subject to a maximum of 100%.
The Sub-Fund may, on an ancillary basis, invest in equities and equity related securities of non-Asia Pacific companies and gain exposure to other eligible assets including but not limited to debt securities, cash, cash equivalents, money market instruments and shares or units of UCITS and/or UCIs.
Direct investments in China A-Shares will be made through Stock Connect. The Reference Currency of the Sub-Fund is USD.
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# - Profile of the Typical Investor | en | fr |
DOLFIN7305 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# All recurrent charges will be paid first from income, next from capital gains, if any, and lastly from assets.
The Management Company's annual fee in remuneration of its management duties is detailed for each Class of Units under the section headed “Description of Units” and represents a maximum annual rate applied on the Fund's net assets, calculated on each Trading Day and provisioned during the month in question whenever the Net Asset Value is calculated. It shall be paid monthly, in arrears.
If the Management Company acquires units of other collective investment schemes that are managed directly or indirectly by the Management Company itself or a company to which it is related by virtue of common management or control or by way of a direct or indirect stake of more than 10% of the capital or votes ("related target funds"), the Management Company may not charge to the Fund any issuing or redemption commissions of the related target funds. | # Toutes les charges récurrentes seront déduites en premier lieu des revenus, ensuite des éventuelles plus-values, et enfin des actifs.
La commission annuelle perçue par la Société de gestion en rémunération de ses fonctions de gestion est indiquée pour chaque classe de Parts à la section intitulée « Description des Parts », et représente le taux annuel maximum appliqué à l’actif net du Fonds, calculé chaque Jour de bourse et provisionné durant le mois concerné lors du calcul de la Valeur nette d’inventaire. Cette commission sera versée mensuellement à terme échu.
Si la Société de gestion acquiert des parts d’autres organismes de placement collectif gérés directement ou indirectement par la Société de gestion elle-même ou par une société à laquelle elle est liée par une gestion ou un contrôle communs ou par le biais d’une participation directe ou indirecte de plus de 10 % du capital ou des voix (« fonds cibles liés »), la Société de gestion ne peut facturer au Fonds aucune commission d’émission ou de rachat des fonds cibles liés. | # All recurrent charges will be paid first from income, next from capital gains, if any, and lastly from assets.
The Management Company's annual fee in remuneration of its management duties is detailed for each Class of Units under the section headed “Description of Units” and represents a maximum annual rate applied on the Fund's net assets, calculated on each Trading Day and provisioned during the month in question whenever the Net Asset Value is calculated. It shall be paid monthly, in arrears.
If the Management Company acquires units of other collective investment schemes that are managed directly or indirectly by the Management Company itself or a company to which it is related by virtue of common management or control or by way of a direct or indirect stake of more than 10% of the capital or votes ("related target funds"), the Management Company may not charge to the Fund any issuing or redemption commissions of the related target funds. | en | fr |
DOLFIN7306 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Interest Rate Swaps
Some Funds may enter into interest rate swaps, as specified in the relevant Fund Information Sheet in Annex 2, to seek to manage the interest rate sensitivity of the Fund by increasing or decreasing the duration of the Fund or a portion of the Fund’s portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is based on a designated short-term interest rate, prime rate or other benchmark. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the Fund’s current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.
The use of interest rate swaps involves certain risks, including losses if interest rate changes are not correctly anticipated by the Fund’s Investment Adviser. To the extent the Fund enters into bilaterally negotiated swap transactions, the Fund will enter into swap agreements only with counterparties that meet certain credit standards; however, if the counterparty’s creditworthiness deteriorates rapidly and the counterparty defaults on its obligations under the swap agreement or declares bankruptcy, the Fund may lose any amount it expected to receive from the counterparty. Certain interest rate swap transactions are currently subject to mandatory central clearing or may be eligible for voluntary central clearing. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. Additionally, the term of an interest rate swap can be days, months or years and, as a result, certain swaps may be less liquid than others. | ## Zinsswaps
Einige Fonds können Zinsswaps abschließen, wie in den maßgeblichen Fondsinformationsblättern in Anhang 2 beschrieben, um die Zinssensitivität des Fonds durch Erhöhung oder Verringerung der Duration des Fonds oder eines Teils des Fonds-Portfolios zu steuern. Ein Zinsswap ist eine vertragliche Vereinbarung zwischen zwei Parteien, gemäß der jede Partei sich verpflichtet, eine Reihe von Zinszahlungen gegen eine andere Reihe von Zinszahlungen auszutauschen. In der Regel ist der Zinssatz einer Partei fixiert, während der Zinssatz der anderen Partei variabel ist und auf einem bestimmten kurzfristigen Zins, wie der Prime Rate oder einer anderen Referenzgröße, basiert. Zinsswaps sehen im Allgemeinen keine Lieferung von Wertpapieren oder anderen Kapitalbeträgen vor. Stattdessen tauschen die Parteien Zahlungen von Barmitteln auf Basis der einem Nominalbetrag zugewiesenen Zinssätzen aus, bei dem es sich um den vorab festgelegten Kapitalbetrag des Geschäfts in Dollar, für das die Zahlungsverpflichtungen berechnet werden, handelt. Folglich entspricht die aktuelle Verpflichtung oder der aktuelle Anspruch des Fonds in der Swap-Vereinbarung im Allgemeinen dem unter der Swap-Vereinbarung zu zahlenden oder zu erhaltenden Nettobetrag, auf Grundlage des relativen Werts der von jeder Partei gehaltenen Position.
Der Einsatz von Zinsswaps geht mit bestimmten Risiken einher, einschließlich Verlusten, die entstehen, wenn Zinsänderungen vom Anlageberater des Fonds nicht korrekt vorhergesehen werden. Tritt der Fonds in bilateral verhandelte Swap-Geschäfte ein, so schließt er die entsprechenden Swap- Vereinbarungen nur mit Gegenparteien, die bestimmte Bonitätsanforderungen erfüllen; Verringert sich jedoch die Bonität der Gegenpartei rapide und hält die Gegenpartei ihre Verpflichtungen gemäß der Swap-Vereinbarung nicht ein oder meldet Konkurs an, so kann der Fonds den Betrag verlieren, den die Gegenpartei ihm schuldet. Für bestimmte Zinsswaps ist aktuell ein zentrales Clearing vorgeschrieben oder sie sind für ein freiwilliges zentrales Clearing qualifiziert. Da beim Clearing eine zentrale Clearingstelle als Endgegenpartei für den Swap jedes Teilnehmers zwischengeschaltet ist, soll das zentrale Clearing das Gegenparteirisiko bezüglich noch nicht verrechneter bilateraler Swaps verringern (wenn auch nicht eliminieren). Darüber hinaus kann die Laufzeit eines Zinsswaps Tage, Monate oder Jahre betragen und folglich können manche Swaps liquider sein als andere. | ## Interest Rate Swaps
Some Funds may enter into interest rate swaps, as specified in the relevant Fund Information Sheet in Annex 2, to seek to manage the interest rate sensitivity of the Fund by increasing or decreasing the duration of the Fund or a portion of the Fund’s portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is based on a designated short-term interest rate, prime rate or other benchmark. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the Fund’s current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.
The use of interest rate swaps involves certain risks, including losses if interest rate changes are not correctly anticipated by the Fund’s Investment Adviser. To the extent the Fund enters into bilaterally negotiated swap transactions, the Fund will enter into swap agreements only with counterparties that meet certain credit standards; however, if the counterparty’s creditworthiness deteriorates rapidly and the counterparty defaults on its obligations under the swap agreement or declares bankruptcy, the Fund may lose any amount it expected to receive from the counterparty. Certain interest rate swap transactions are currently subject to mandatory central clearing or may be eligible for voluntary central clearing. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. Additionally, the term of an interest rate swap can be days, months or years and, as a result, certain swaps may be less liquid than others. | en | de |
DOLFIN7307 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# INVESTMENT RISKS
Investment in the Sub-Fund carries a degree of risk and potential investors should review the Prospectus and this Supplement carefully and consult with their professional advisers before purchasing Shares. The risks outlined in the “RISK INFORMATION” section of the Prospectus and this Supplement are not exhaustive and may not cover all the consequences and risks in any given situation. As part of the review by potential investors in understanding their potential risk of loss, they should note that the “RISK INFORMATION” section of the Prospectus covers a wide range of investment strategies; therefore, some risk factors may be less relevant than others. As general guidance, investors are encouraged to focus on the following risk factors:
- Risks identified in Part A, Part B, Part E and Part F of the “RISK INFORMATION” section. These cover the investment into Shares of the Sub-Fund itself, the operations and advisors of the Sub-Fund, taxation risks, hedging strategies and more general risks.
- Part C and in particular those risk factors highlighting that the Sub-Fund is making an investment into a Swap with a third party Swap counterparty who will not owe any duty of care to the Sub-Fund and furthermore the Sub-Fund will have no control over the Index construction (as the Index is constructed by the relevant Index Sponsor).
- Part D with an emphasis on considering the risks arising from the Sub-Fund engaging in efficient portfolio management techniques such as repurchase and reverse repurchase transactions, or investing via listed FDI or OTC FDI entered into with a third party (counterparty credit risks, derivatives risk, OTC counterparties, collateral management, settlement, leverage, market volatility, short exposure) on an underlying equity investment (shares, concentration of investment).
Investors should also draw their attention to specific risks of the Sub-Fund’s strategy, with reference to the Index Summary in the Annex, including:
- The Index contains reference to equity instruments and as such losses can be substantial.
- A covered call investment strategy has capped upside potential; in strongly positive equity markets an investor may not achieve as high a return as they would if they were invested only in the Equity Total Return Indices (as defined below) (i.e. a long-only portfolio of equity indices without a covered call investment strategy).
- There is no guarantee that the call options sold will meet their option premium target of 6% per annum. In particularly, where listed options with strike no lower than 102% of the corresponding Index are not available, such options will not be sold at all while that is the case.
- There can be no assurance that the Exposure as determined by the Risk Monitor will have the effect of positioning the Index optimally with respect to the performance of the Portfolios. There may be periods where the Index would have performed better without application of the Exposure determined by the Risk Monitor.
- When the Exposure is 0, the Index will not have any performance.
- If the performance of the Equity Total Return Indices is lower than the performance of the Cash Indices (as defined below), this would be expected to negatively impact the performance of the Base Portfolio.
Crystallisation of Losses
As noted under “Investment Policy”, in the event that the exposure to the Total Return Swap is liquidated, either at the initiation of the Investment Manager (where it determines it is in the best interests of Shareholders to do so) or the TRS Counterparty, the Sub-Fund will cease tracking the Index. In addition, the Directors in conjunction with the Manager could decide that a total liquidation of the Sub-Fund is in the best interests of investors. This would result in crystallising losses for investors and mean that investors do not participate in any subsequent performance improvement in the Index.
Swap Counterparty Termination Right
As described in “OTC Counterparty lack of duty of care” in the “RISK INFORMATION” section of the Prospectus, counterparties to a Sub-Fund may include terms in OTC agreements which are principally for their own protection and allow them to exercise discretion including rights of termination. This could result in crystallising sizeable losses for investors and mean that investors do not participate in any subsequent performance improvement in the Index. | # FATTORI DI RISCHIO
L'investimento nel Comparto comporta un certo livello di rischio e i potenziali investitori devono esaminare attentamente il Prospetto e il presente Supplemento e rivolgersi ai propri consulenti di fiducia prima di acquistare le Azioni. I rischi descritti nella sezione "INFORMAZIONI IN MERITO AI RISCHI" del Prospetto e del presente Supplemento non sono esaustivi e potrebbero non coprire tutte le conseguenze e i rischi in determinate situazioni. I potenziali investitori, nel valutare e comprendere il loro potenziale rischio di perdita, devono tenere presente che la sezione "INFORMAZIONI IN MERITO AI RISCHI" del Prospetto copre un'ampia gamma di strategie di investimento; pertanto, alcuni fattori di rischio possono essere meno rilevanti di altri. Come guida generale, gli investitori sono incoraggiati a concentrarsi sui seguenti fattori di rischio:
- Rischi identificati nella Parte A, Parte B, Parte E e Parte F della sezione "INFORMAZIONI IN MERITO AI RISCHI". Questi rischi riguardano l'investimento in Azioni del Comparto stesso, le operazioni e i consulenti del Comparto, i rischi fiscali, le strategie di copertura e i rischi più generali.
- La Parte C e, in particolare, quei fattori di rischio che evidenziano come il Comparto stia effettuando un investimento in uno Swap con una controparte Swap terza che non avrà alcun dovere di diligenza nei confronti del Comparto e, inoltre, il Comparto non avrà alcun controllo sulla costruzione dell'Indice (poiché l'Indice è costruito dal rispettivo Sponsor dell'Indice).
- La Parte D, con particolare attenzione alla considerazione dei rischi derivanti dal fatto che il Comparto si impegna in tecniche di gestione efficiente del portafoglio come le operazioni di pronti contro termini attivi e passivi, o che investe tramite FDI quotati o FDI OTC stipulati con una parte terza (rischi di credito della controparte, rischio dei derivati, controparti OTC, gestione del collaterale, regolamento, leva finanziaria, volatilità del mercato, posizioniscoperte) su un investimento azionario sottostante (azioni, concentrazione degli investimenti).
Si richiama inoltre l’attenzione degli investitori sui rischi specifici della strategia del Comparto, con riferimento alla Sintesi dell'Indice in Allegato, tra cui:
- l'Indice contiene riferimenti a strumenti azionari e pertanto le perdite possono essere sostanziali.
- Una strategia d'investimento covered call ha un potenziale di rialzo limitato; in mercati azionari fortemente positivi un investitore potrebbe non ottenere un rendimento elevato come se fosse investito solo negli indici Equity Total Return (come definiti di seguito) (ossia un portafoglio long-only di indici azionari senza una strategia d'investimento covered call).
- Non vi è alcuna garanzia che le opzioni call vendute raggiungano il loro obiettivo di premio dell’opzione pari al 6% annuo. In particolare, laddove non siano disponibili opzioni quotate con strike non inferiore al 102% dell'indice corrispondente, tali opzioni non saranno affatto vendute fino a quel momento.
- Non vi è alcuna garanzia che l'Esposizione determinata dal Risk Monitor abbia l'effetto di posizionare l'Indice in modo ottimale rispetto alla performance dei Portafogli. Ci possono essere periodi in cui la performance dell'Indice sarebbe stata migliore senza l'applicazione dell'Esposizione determinata dal Risk Monitor.
- Quando l'Esposizione è 0, l'Indice non avrà alcuna performance.
- Se la performance degli Indici Equity Total Return è inferiore a quella degli Indici Cash (come definiti di seguito), ciò dovrebbe avere un impatto negativo sulla performance del Portafoglio di base.
Cristallizzazione delle perdite
Come indicato nella sezione “Politica di investimento”, nel caso in cui l'esposizione al Total Return Swap venga liquidata, su iniziativa del Gestore degli investimenti (laddove ritenga che ciò sia nel migliore interesse degli Azionisti) o della Controparte del TRS, il Comparto cesserà di replicare l'Indice. Inoltre, gli Amministratori, di concerto con il Gestore, potrebbero decidere che una liquidazione totale del Comparto sia nell'interesse degli investitori. Ciò comporterebbe la cristallizzazione delle perdite per gli investitori e significherebbe che gli investitori non partecipano a nessun successivo miglioramento della performance dell'Indice.
Diritto di recesso della controparte dello swap
Come descritto in "Nessun obbligo di diligenza da parte della controparte OTC" nella sezione "INFORMAZIONI IN MERITO AI RISCHI" del Prospetto, le controparti di un Comparto possono includere nei contratti OTC termini che sono principalmente a loro tutela e che consentono loro di esercitare un potere discrezionale, compreso il diritto di recesso. Ciò potrebbe comportare la cristallizzazione di perdite consistenti per gli investitori e significare che gli investitori non parteciperanno ad alcun successivo miglioramento della performance dell'Indice. | # INVESTMENT RISKS
Investment in the Sub-Fund carries a degree of risk and potential investors should review the Prospectus and this Supplement carefully and consult with their professional advisers before purchasing Shares. The risks outlined in the “RISK INFORMATION” section of the Prospectus and this Supplement are not exhaustive and may not cover all the consequences and risks in any given situation. As part of the review by potential investors in understanding their potential risk of loss, they should note that the “RISK INFORMATION” section of the Prospectus covers a wide range of investment strategies; therefore, some risk factors may be less relevant than others. As general guidance, investors are encouraged to focus on the following risk factors:
- Risks identified in Part A, Part B, Part E and Part F of the “RISK INFORMATION” section. These cover the investment into Shares of the Sub-Fund itself, the operations and advisors of the Sub-Fund, taxation risks, hedging strategies and more general risks.
- Part C and in particular those risk factors highlighting that the Sub-Fund is making an investment into a Swap with a third party Swap counterparty who will not owe any duty of care to the Sub-Fund and furthermore the Sub-Fund will have no control over the Index construction (as the Index is constructed by the relevant Index Sponsor).
- Part D with an emphasis on considering the risks arising from the Sub-Fund engaging in efficient portfolio management techniques such as repurchase and reverse repurchase transactions, or investing via listed FDI or OTC FDI entered into with a third party (counterparty credit risks, derivatives risk, OTC counterparties, collateral management, settlement, leverage, market volatility, short exposure) on an underlying equity investment (shares, concentration of investment).
Investors should also draw their attention to specific risks of the Sub-Fund’s strategy, with reference to the Index Summary in the Annex, including:
- The Index contains reference to equity instruments and as such losses can be substantial.
- A covered call investment strategy has capped upside potential; in strongly positive equity markets an investor may not achieve as high a return as they would if they were invested only in the Equity Total Return Indices (as defined below) (i.e. a long-only portfolio of equity indices without a covered call investment strategy).
- There is no guarantee that the call options sold will meet their option premium target of 6% per annum. In particularly, where listed options with strike no lower than 102% of the corresponding Index are not available, such options will not be sold at all while that is the case.
- There can be no assurance that the Exposure as determined by the Risk Monitor will have the effect of positioning the Index optimally with respect to the performance of the Portfolios. There may be periods where the Index would have performed better without application of the Exposure determined by the Risk Monitor.
- When the Exposure is 0, the Index will not have any performance.
- If the performance of the Equity Total Return Indices is lower than the performance of the Cash Indices (as defined below), this would be expected to negatively impact the performance of the Base Portfolio.
Crystallisation of Losses
As noted under “Investment Policy”, in the event that the exposure to the Total Return Swap is liquidated, either at the initiation of the Investment Manager (where it determines it is in the best interests of Shareholders to do so) or the TRS Counterparty, the Sub-Fund will cease tracking the Index. In addition, the Directors in conjunction with the Manager could decide that a total liquidation of the Sub-Fund is in the best interests of investors. This would result in crystallising losses for investors and mean that investors do not participate in any subsequent performance improvement in the Index.
Swap Counterparty Termination Right
As described in “OTC Counterparty lack of duty of care” in the “RISK INFORMATION” section of the Prospectus, counterparties to a Sub-Fund may include terms in OTC agreements which are principally for their own protection and allow them to exercise discretion including rights of termination. This could result in crystallising sizeable losses for investors and mean that investors do not participate in any subsequent performance improvement in the Index. | en | it |
DOLFIN7308 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Les certificats ont en principe une durée de vie limitée et une échéance fixe, bien qu'il existe également des certificats « sans limitation de durée » (open end).
Les warrants sont des instruments de placement à effet de levier, qui permettent en tant que tels de négocier des volumes importants moyennant une mise de fonds proportionnellement réduite. Du fait de cet effet de levier, les warrants sont des instruments très volatils. Les fluctuations de leur sous-jacent ont un effet dispro- portionné sur le cours des warrants, à la hausse comme à la baisse.
Le risque d’émetteur ne peut par ailleurs pas être écarté, même au prix d’une sélection minutieuse des titres. En cas de défaillance d’un émetteur, le Fonds peut être privé de la totalité de ses droits au remboursement du capital et au versement de revenus.
L’acheteur de parts n’enregistre une plus-value lors de la vente de ses parts que lorsque leur performance, après déduction de la commission de rachat, est supérieure à la commission d’émission acquittée lors de l’achat. Lorsque les parts ne sont détenues que sur une période courte, la commission d'émission peut réduire la performance pour l'investisseur, voire conduire à des pertes.
L'actif du Fonds est libellé en euros. L'investissement en actifs libellés dans une autre devise est exposé au potentiel mais aussi aux risques que comportent les fluctuations des devises. Ce risque de change peut jouer en faveur ou au détriment de l'investisseur.
Les produits dérivés et autres techniques et instruments (p. ex. les options, les futures et les contrats à terme d'instruments financiers) offrent des opportunités substantielles, mais comportent également des risques éle- vés. Du fait de l'effet de levier, ces produits peuvent, pour un investissement relativement faible, donner lieu à des engagements importants, voire à de lourdes pertes pour le Fonds. Le risque de perte est souvent inconnu à l'avance et peut également dépasser le montant des sûretés éventuellement reçues. Il peut être accru lorsque les engagements nés de ces opérations sont exprimés dans d'autres devises que celle du Fonds.
Les investisseurs sont invités à prendre en compte les risques potentiels liés à un investissement dans le Fonds et à se rapprocher de leur conseiller en placement personnel. Il est conseillé à tous les investisseurs de s'infor- mer régulièrement de la performance du Fonds auprès de leur conseiller en placement. | # En principio, los certificados tienen una limitación temporal y un vencimiento fijo; no obstante, también hay certificados sin «límite de duración» («Open End»).
Los warrants son instrumentos de inversión con un efecto palanca que permite la contratación de grandes volúmenes con una inversión relativamente modesta. Debido a este efecto palanca los warrants son instru- mentos de inversión que presentan una mayor volatilidad. Tanto el ascenso como el descenso de la cotización del activo subyacente del warrant repercuten de forma desproporcionada en la evolución de la cotización del warrant.
No es posible excluir el riesgo del emisor incluso si los valores se seleccionan con sumo cuidado. Si un emisor pierde su solvencia, el fondo puede sufrir la pérdida de todos sus créditos relativos al pago del principal y los rendimientos.
Al vender sus participaciones, el comprador de la participación no obtendrá una plusvalía hasta que la revalori- zación de las mismas supere la comisión de emisión abonada en el momento de la compra y la comisión de reembolso. En caso de un período de inversión reducido la comisión de emisión podrá mermar la revalorización (rendimiento) del inversor o incluso generar pérdidas.
El patrimonio del fondo está denominado en euros. La inversión en valores denominados en otras monedas ofrece oportunidades y entraña riesgos de cambio. El llamado riesgo de tipos de cambio puede tener un efecto positivo o negativo para el inversor.
Los derivados y demás técnicas e instrumentos (como p. ej. opciones, futuros, operaciones financieras a plazo) están vinculados a oportunidades considerables, pero también entrañan importantes riesgos. Debido al efecto palanca de estos productos es posible generar elevados compromisos o pérdidas para el fondo con una inver- sión relativamente reducida. A menudo, se desconoce de antemano el grado del riesgo de pérdidas y puede exceder incluso las garantías constituidas. El riesgo de pérdida podrá aumentar si los compromisos derivados de estas operaciones están denominados en monedas distintas de la moneda del fondo.
Los inversores deberían ser conscientes de los posibles riesgos asociados a una inversión en el fondo y deberían recabar asesoramiento de su asesor de inversiones personal. En general se recomienda a los inversores que consulten periódicamente a sus asesores de inversiones para informarse sobre la evolución del fondo. | # Les certificats ont en principe une durée de vie limitée et une échéance fixe, bien qu'il existe également des certificats « sans limitation de durée » (open end).
Les warrants sont des instruments de placement à effet de levier, qui permettent en tant que tels de négocier des volumes importants moyennant une mise de fonds proportionnellement réduite. Du fait de cet effet de levier, les warrants sont des instruments très volatils. Les fluctuations de leur sous-jacent ont un effet dispro- portionné sur le cours des warrants, à la hausse comme à la baisse.
Le risque d’émetteur ne peut par ailleurs pas être écarté, même au prix d’une sélection minutieuse des titres. En cas de défaillance d’un émetteur, le Fonds peut être privé de la totalité de ses droits au remboursement du capital et au versement de revenus.
L’acheteur de parts n’enregistre une plus-value lors de la vente de ses parts que lorsque leur performance, après déduction de la commission de rachat, est supérieure à la commission d’émission acquittée lors de l’achat. Lorsque les parts ne sont détenues que sur une période courte, la commission d'émission peut réduire la performance pour l'investisseur, voire conduire à des pertes.
L'actif du Fonds est libellé en euros. L'investissement en actifs libellés dans une autre devise est exposé au potentiel mais aussi aux risques que comportent les fluctuations des devises. Ce risque de change peut jouer en faveur ou au détriment de l'investisseur.
Les produits dérivés et autres techniques et instruments (p. ex. les options, les futures et les contrats à terme d'instruments financiers) offrent des opportunités substantielles, mais comportent également des risques éle- vés. Du fait de l'effet de levier, ces produits peuvent, pour un investissement relativement faible, donner lieu à des engagements importants, voire à de lourdes pertes pour le Fonds. Le risque de perte est souvent inconnu à l'avance et peut également dépasser le montant des sûretés éventuellement reçues. Il peut être accru lorsque les engagements nés de ces opérations sont exprimés dans d'autres devises que celle du Fonds.
Les investisseurs sont invités à prendre en compte les risques potentiels liés à un investissement dans le Fonds et à se rapprocher de leur conseiller en placement personnel. Il est conseillé à tous les investisseurs de s'infor- mer régulièrement de la performance du Fonds auprès de leur conseiller en placement. | fr | es |
DOLFIN7309 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Important Information for Investors
The Directors accept responsibility for the information contained in this Prospectus. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly.
If you have any doubts about the content of this Prospectus, you should consult with your broker, the customer service representative at your bank, your lawyer, tax advisor, auditor or another financial advisor. Any Appendix, and any subsequent supplements to this Prospectus, form part of this Prospectus and should be read accordingly.
The Company is registered under Part I of the Law. This registration does not require the CSSF to approve or disapprove of either the adequacy or accuracy of the information contained in this Prospectus, or the assets or portfolios held by the Sub-Funds. Any representation to the contrary is unauthorised.
The value of Shares and income arising from them may rise and fall and investors may not recover the amount originally invested. Before investing in a Sub-Fund, investors are advised to take into account the risks associated with making an investment (see “Risk Factors” under Section XV). Investors should inform themselves as to any applicable legal requirements, any foreign-exchange restrictions, or any tax implication in their country of citizenship, residence or domicile prior to the purchase, conversion or redemption of Shares.
The annual and semi-annual reports of the Company, the Articles, this Prospectus and the KIIDs, as well as the issue, redemption and conversion prices are available, free of charge, from the Company, the Management Company, the Distributors and the Information Agents.
No person is authorised to provide information about the Company other than that which is contained in this Prospectus or in the other documents referred to herein and, if given, such statements or representations should not be relied on as having been authorised by the Company.
This Prospectus does not constitute an offer or an invitation to subscribe for Shares in any jurisdiction in which such an offer or invitation is not lawful or in which the person making such offer or invitation is not qualified or in which the person so invited does not fulfil the requirements for such purchase.
This Prospectus may be translated into other languages. In the event of inconsistency or ambiguities in the interpretation of the translated text, the original English version is binding provided that it does not violate applicable local laws. | # Información importante para los inversores
Los Consejeros asumen la responsabilidad de la información contenida en este Folleto. Al leal saber y entender de los Consejeros (quienes han tomado todas las precauciones razonables para garantizar que así sea), la información contenida en el presente Folleto es fiel a los hechos y no omite nada que pueda afectar al significado de la mencionada información. Los Consejeros asumen la consiguiente responsabilidad.
Si tiene alguna duda acerca del contenido del presente Folleto, le recomendamos que consulte a su intermediario, director de banco, abogado, asesor fiscal, auditor u otro asesor financiero. Cualquier Anexo y cualquier suplemento posterior a este Folleto forman parte del mismo y deben leerse en este sentido.
La Sociedad se encuentra registrada en virtud de la Parte I de la Ley. Dicho registro no exige a la CSSF autorizar o rechazar la adecuación o la precisión de la información contenida en este Folleto, o de los activos o las carteras incluidos en los diversos Compartimentos. Cualesquiera manifestaciones en sentido contrario no están autorizadas.
El valor de las Acciones y la renta obtenida de las mismas pueden subir y bajar y es posible que los inversores no recuperen el importe inicial invertido. Antes de invertir en un Compartimento, se recomienda a los inversores tener en cuenta los riesgos que representa realizar una inversión (véase el apartado «Factores de riesgo» en la Sección XV). Los inversores deberán informarse en cuanto a los requisitos legales, los reglamentos sobre control de divisas y los impuestos aplicables en su país de ciudadanía, residencia o domicilio, antes de la compra, canje o reembolso de Acciones.
Los informes anual y semestral de la Sociedad, los Estatutos, este Folleto y los Documentos de datos fundamentales para el inversor (KIID), así como los precios de emisión, reembolso y canje, están disponibles, de forma gratuita, de la Sociedad, la Sociedad Gestora, los Distribuidores y los Agentes de información.
Nadie está facultado a distribuir datos o información sobre la Sociedad que no estén contenidos en este Folleto o en los otros documentos que se mencionan en este Folleto y, si fuese el caso, no se debe confiar en dichas afirmaciones o manifestaciones como si hubieran sido autorizadas por la Sociedad.
Este Folleto no constituye una oferta ni una invitación para la suscripción de Acciones en ninguna jurisdicción en la que no sea legal dicha oferta o invitación, o en la que la persona que realiza dicha oferta o invitación no esté cualificada para ello o en la que la persona a la que se le invita no cumpla con los requisitos para realizar dicha adquisición.
El presente Folleto se podrá traducir a otros idiomas. En caso de incoherencia o ambigüedades en relación con una versión traducida del presente Folleto, prevalecerá la versión original en lengua inglesa, siempre y cuando esta no contravenga las leyes locales de la ordenación jurídica correspondiente. | # Important Information for Investors
The Directors accept responsibility for the information contained in this Prospectus. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly.
If you have any doubts about the content of this Prospectus, you should consult with your broker, the customer service representative at your bank, your lawyer, tax advisor, auditor or another financial advisor. Any Appendix, and any subsequent supplements to this Prospectus, form part of this Prospectus and should be read accordingly.
The Company is registered under Part I of the Law. This registration does not require the CSSF to approve or disapprove of either the adequacy or accuracy of the information contained in this Prospectus, or the assets or portfolios held by the Sub-Funds. Any representation to the contrary is unauthorised.
The value of Shares and income arising from them may rise and fall and investors may not recover the amount originally invested. Before investing in a Sub-Fund, investors are advised to take into account the risks associated with making an investment (see “Risk Factors” under Section XV). Investors should inform themselves as to any applicable legal requirements, any foreign-exchange restrictions, or any tax implication in their country of citizenship, residence or domicile prior to the purchase, conversion or redemption of Shares.
The annual and semi-annual reports of the Company, the Articles, this Prospectus and the KIIDs, as well as the issue, redemption and conversion prices are available, free of charge, from the Company, the Management Company, the Distributors and the Information Agents.
No person is authorised to provide information about the Company other than that which is contained in this Prospectus or in the other documents referred to herein and, if given, such statements or representations should not be relied on as having been authorised by the Company.
This Prospectus does not constitute an offer or an invitation to subscribe for Shares in any jurisdiction in which such an offer or invitation is not lawful or in which the person making such offer or invitation is not qualified or in which the person so invited does not fulfil the requirements for such purchase.
This Prospectus may be translated into other languages. In the event of inconsistency or ambiguities in the interpretation of the translated text, the original English version is binding provided that it does not violate applicable local laws. | en | es |
DOLFIN7310 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | The Directors may, in their sole discretion, charge up to 0.20% (“Subscription Charge”) on net subscriptions to the Fund. | €0 |
| Exit costs | The Directors may, in their sole discretion, charge up to 0.20% (“Redemption Charge”) on net redemptions to the Fund. | €0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.30% of the value of the investment per year. This is an estimate based on actual costs over the last year. | €130 |
| Transaction costs | 0.10% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the Fund. The actual amount will vary depending on how much we buy and sell. | €10 |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | €0 | | | Costi una tantum di ingresso o di uscita In caso di uscita dopo 1 anno |
| --- |
| Costi di ingresso | Gli Amministratori possono, a loro esclusiva discrezione, addebitare fino allo 0,20% ("Commissione di sottoscrizione") sulle sottoscrizioni nette del Fondo. | €0 |
| Costi di uscita | Gli Amministratori possono, a loro esclusiva discrezione, addebitare fino allo 0,20% ("Commissione di rimborso") sui rimborsi netti del Fondo. | €0 |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1,30% del valore dell'investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | €130 |
| Costi di transazione | 0,10% 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 Fondo. L'importo effettivo varierà a seconda dell'importo che viene acquistato e venduto. | €10 |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance | Per questo prodotto non si applicano le commissioni di performance. | €0 | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | The Directors may, in their sole discretion, charge up to 0.20% (“Subscription Charge”) on net subscriptions to the Fund. | €0 |
| Exit costs | The Directors may, in their sole discretion, charge up to 0.20% (“Redemption Charge”) on net redemptions to the Fund. | €0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.30% of the value of the investment per year. This is an estimate based on actual costs over the last year. | €130 |
| Transaction costs | 0.10% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the Fund. The actual amount will vary depending on how much we buy and sell. | €10 |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | €0 | | en | it |
DOLFIN7311 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Synthèse
Ce produit financier a un objectif d'investissement durable.
Eurizon Capital S.A. (désignée également ci-après « la Société ») applique une méthodologie de sélection des investissements durables basée sur les Objectifs de développement durable (ODD) promus par les Nations Unies. Cette méthodologie vise à sélectionner les instruments émis par des entreprises dont les activités contribuent à un ou plusieurs des ODD (visant à favoriser un développement mondial plus conscient et durable, y compris le bien-être des personnes, la protection et le soin de l’environnement naturel et les réactions aux grandes questions sociales) au travers de leurs produits et services ou de leurs processus de production, pour autant : (i) que ces investissements ne causent de préjudice important à aucun des objectifs environnementaux ou sociaux définis par le règlement (UE) 2019/2088 et (ii) que les entreprises bénéficiant de ces investissements appliquent des pratiques de bonne gouvernance. La Société considère par ailleurs comme « durables » les investissements dans des obligations dont le produit vise à financer des projets environnementaux et/ou sociaux (obligations labellisées vertes/sociales/durables).
La Société, compte tenu des garanties qu’elle a définies, prend en considération des indicateurs environnementaux et sociaux spécifiques pour évaluer les principales incidences négatives des activités d’investissement du produit financier sur les facteurs de durabilité.
Ce produit financier a pour objectif d'investissement de réaliser un rendement positif quelles que soient les conditions de marché (rendement absolu), tout en cherchant à obtenir un impact positif sur l’environnement (« Investissement d'impact »). Le contrôle du respect de l'objectif d'investissement durable du fonds s'effectue en vérifiant les limites fixées par sa politique d'investissement tant lors de la préparation des ordres (contrôle dit ex-ante) que lors de l'évaluation des portefeuilles (contrôle dit ex-post).
Eurizon Capital S.A. fait appel à l’un des principaux fournisseurs d’informations du marché en matière de thématiques ESG comme source de données pour évaluer les caractéristiques environnementales et sociales promues par le produit financier. Dans tous les cas, afin de réduire au minimum tout risque de « dépendance excessive », la Société a mis en place des procédures spéciales visant à réévaluer les informations fournies par le fournisseur.
Eurizon Capital S.A. accomplit des démarches de diligence raisonnable sur les actifs sous-jacents du produit financier par le biais de contrôles ex ante et ex post visant à garantir le respect des stratégies d’investissement.
Aucun indice spécifique n'a été désigné comme indice de référence pour déterminer si ce produit financier est aligné sur les caractéristiques environnementales et/ou sociales qu'il promeut. | # Resumen
Este producto financiero tiene un objetivo de inversión sostenible.
En efecto, Eurizon Capital S.A. (en adelante también «la Sociedad») ha adoptado una metodología para la selección de inversiones sostenibles basada en los Objetivos de Desarrollo Sostenible (ODS) promovidos por las Naciones Unidas. Esta metodología pretende seleccionar instrumentos emitidos por empresas cuyas actividades contribuyan a uno o varios de los ODS (cuyo objetivo es fomentar un desarrollo mundial más consciente y duradero, que incluya el bienestar de los seres humanos, la protección y el cuidado del medio ambiente natural y respuestas a los principales problemas sociales) a través de sus propios productos y servicios o procesos de producción, siempre que (i) dichas inversiones no perjudiquen significativamente a ninguno de los objetivos medioambientales o sociales establecidos en el Reglamento (UE) 2019/2088; y (ii) las empresas beneficiarias de dichas inversiones cumplan las prácticas de buen gobierno. Además, la Sociedad define como inversiones sostenibles las inversiones en bonos cuyos ingresos están destinados a financiar proyectos medioambientales y/o sociales (bonos verdes/sociales/etiquetados como sostenibles).
Teniendo en cuenta las garantías que ha definido, la Sociedad tiene en cuenta indicadores medioambientales y sociales específicos para la evaluación de las principales incidencias adversas en los factores de sostenibilidad provocadas por las actividades de inversión del producto financiero.
El objetivo de inversión sostenible de este producto financiero es lograr una rentabilidad positiva independientemente de las condiciones del mercado (rentabilidad absoluta), al tiempo que trata de lograr un efecto medioambiental positivo («Inversión de impacto»). El seguimiento del objetivo de inversión sostenible del fondo se lleva a cabo verificando los límites fijados por su política de inversión tanto durante la preparación de las órdenes (el denominado control a priori) como durante la valoración de las carteras (el denominado control a posteriori).
Eurizon Capital S.A. utiliza uno de los principales proveedores de información de mercado especializado en cuestiones ASG como fuente de datos para evaluar las características medioambientales y sociales promovidas por el producto financiero. En cualquier caso, para minimizar cualquier riesgo de «dependencia excesiva», la Sociedad ha establecido procedimientos especiales para reevaluar la información facilitada por el proveedor.
Eurizon Capital S.A. lleva a cabo una diligencia debida sobre los activos subyacentes al producto financiero, mediante controles específicos tanto a priori como a posteriori con el fin de garantizar el cumplimiento de las estrategias de inversión.
No se ha designado un índice específico como índice de referencia para determinar si el fondo está en consonancia con las características medioambientales o sociales que promueve. | # Synthèse
Ce produit financier a un objectif d'investissement durable.
Eurizon Capital S.A. (désignée également ci-après « la Société ») applique une méthodologie de sélection des investissements durables basée sur les Objectifs de développement durable (ODD) promus par les Nations Unies. Cette méthodologie vise à sélectionner les instruments émis par des entreprises dont les activités contribuent à un ou plusieurs des ODD (visant à favoriser un développement mondial plus conscient et durable, y compris le bien-être des personnes, la protection et le soin de l’environnement naturel et les réactions aux grandes questions sociales) au travers de leurs produits et services ou de leurs processus de production, pour autant : (i) que ces investissements ne causent de préjudice important à aucun des objectifs environnementaux ou sociaux définis par le règlement (UE) 2019/2088 et (ii) que les entreprises bénéficiant de ces investissements appliquent des pratiques de bonne gouvernance. La Société considère par ailleurs comme « durables » les investissements dans des obligations dont le produit vise à financer des projets environnementaux et/ou sociaux (obligations labellisées vertes/sociales/durables).
La Société, compte tenu des garanties qu’elle a définies, prend en considération des indicateurs environnementaux et sociaux spécifiques pour évaluer les principales incidences négatives des activités d’investissement du produit financier sur les facteurs de durabilité.
Ce produit financier a pour objectif d'investissement de réaliser un rendement positif quelles que soient les conditions de marché (rendement absolu), tout en cherchant à obtenir un impact positif sur l’environnement (« Investissement d'impact »). Le contrôle du respect de l'objectif d'investissement durable du fonds s'effectue en vérifiant les limites fixées par sa politique d'investissement tant lors de la préparation des ordres (contrôle dit ex-ante) que lors de l'évaluation des portefeuilles (contrôle dit ex-post).
Eurizon Capital S.A. fait appel à l’un des principaux fournisseurs d’informations du marché en matière de thématiques ESG comme source de données pour évaluer les caractéristiques environnementales et sociales promues par le produit financier. Dans tous les cas, afin de réduire au minimum tout risque de « dépendance excessive », la Société a mis en place des procédures spéciales visant à réévaluer les informations fournies par le fournisseur.
Eurizon Capital S.A. accomplit des démarches de diligence raisonnable sur les actifs sous-jacents du produit financier par le biais de contrôles ex ante et ex post visant à garantir le respect des stratégies d’investissement.
Aucun indice spécifique n'a été désigné comme indice de référence pour déterminer si ce produit financier est aligné sur les caractéristiques environnementales et/ou sociales qu'il promeut. | fr | es |
DOLFIN7312 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Government Bonds:
% of the Fund’s exposure to sovereign issuers which have MSCI ESG Government Score of ‘CCC’
ESG Tilt:
Equity investments:
The Fund allocated its global equity investments to five regional baskets. The Investment Adviser aimed to ensure:
- that each regional basket outperformed the equivalent benchmark for that region with regard to the ESG score and the Low Carbon Transition score; and
- that the core equity as a whole outperformed the MSCI ACWI index with regard to those scores. | Staatsanleihen:
% des Engagements des Fonds bei staatlichen Emittenten mit einem ESG Government Score von „CCC“
ESG-Ausrichtung:
Investitionen in Aktien:
Der Fonds verteilte seine globalen Aktienwerte auf fünf regionale Körbe. Der Anlageberater zielte darauf ab sicherzustellen:
- dass jeder Regionalkorb die äquivalente Benchmark für diese Region hinsichtlich des ESG-Werts und des Low-Carbon-Transition-Werts schlägt und
- dass das Kernaktienportfolio insgesamt den MSCI ACWI Index hinsichtlich dieser Werte schlägt. | Government Bonds:
% of the Fund’s exposure to sovereign issuers which have MSCI ESG Government Score of ‘CCC’
ESG Tilt:
Equity investments:
The Fund allocated its global equity investments to five regional baskets. The Investment Adviser aimed to ensure:
- that each regional basket outperformed the equivalent benchmark for that region with regard to the ESG score and the Low Carbon Transition score; and
- that the core equity as a whole outperformed the MSCI ACWI index with regard to those scores. | en | de |
DOLFIN7313 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through capital growth.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80%, and not less than two thirds, of its assets in equity securities of companies that are organized, or have substantial business activities, in the Eurozone. These companies may be of any market capitalization and industry.
The Investment Manager intends seeks to select securities that it believes are undervalued and offer attractive Shareholder returns.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Benchmark
MSCI EMU Index EUR used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is EUR.
## Share class currency
The reference currency of the share class is EUR.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Equities: Securities that represent an ownership stake in a company.
Eurozone countries: Countries that are member states of the European Union and have adopted the Euro as their sole currency.
Other investment purposes: in line with the Fund's investment objective and policy, means to gain exposure. | # OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
## Objectif d’investissement
Le Fonds vise à accroître la valeur de votre investissement dans le temps par la croissance du capital.
## Politique d’investissement
Dans des conditions normales de marché, le Fonds investit généralement au moins 80 %, et au moins les deux-tiers, de ses actifs dans des titres de capital de sociétés qui sont établies ou qui exercent une part importante de leurs activités dans la zone euro. Ces entreprises peuvent possèder n'importe quelle capitalisation boursière et appartenir à n'importe quel secteur.
Le Gestionnaire d’investissement a pour objectif de sélectionner des titres qui sont, selon lui, sous-évalués et qui génèrent des rendements intéressants pour les actionnaires.
Le Fonds peut être exposé à n’importe quelle devise.
Le Fonds a recours à des instruments dérivés à des fins de couverture (réduction des risques), de gestion efficace de portefeuille et d’autres fins d’investissement.
## Indice de référence
MSCI EMU Index EUR utilisé à des fins de comparaison de performance.
Le Fonds fait l'objet d'une gestion active et le Gestionnaire d'Investissement n'est pas limité par son indice de référence. Veuillez consulter le prospectus du Fonds pour obtenir plus d'informations.
## Devise du Fonds
La devise de référence du Fonds est EUR.
## Devise de la catégorie de parts
La devise de référence de la catégorie de parts est EUR.
## Politique de distribution
Cette catégorie de parts n’est pas une catégorie de parts de distribution. Le revenu et les plus-values réalisés par le Fonds sont réinvestis.
## Fréquence des opérations de rachat
Les parts peuvent être rachetées les jours où la Bourse de New York et les banques luxembourgeoises sont ouvertes.
## Glossaire
Instruments dérivés : instruments financiers dont la valeur est liée à un ou plusieurs taux, indices, cours boursiers ou autres valeurs.
Actions : titres représentatifs d’une participation dans une société.
Pays de la zone euro : pays membres de l’Union Européenne ayant adopté l’euro comme monnaie unique.
Autres objectifs d’investissement : conformément à l’objectif et à la politique d’investissement du Fonds, signifie obtenir une exposition. | # OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through capital growth.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80%, and not less than two thirds, of its assets in equity securities of companies that are organized, or have substantial business activities, in the Eurozone. These companies may be of any market capitalization and industry.
The Investment Manager intends seeks to select securities that it believes are undervalued and offer attractive Shareholder returns.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Benchmark
MSCI EMU Index EUR used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is EUR.
## Share class currency
The reference currency of the share class is EUR.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Equities: Securities that represent an ownership stake in a company.
Eurozone countries: Countries that are member states of the European Union and have adopted the Euro as their sole currency.
Other investment purposes: in line with the Fund's investment objective and policy, means to gain exposure. | en | fr |
DOLFIN7314 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Subject to the provisions of the Acts, the Directors may from time to time if they think fit or the Manager may in accordance with procedures adopted by the Directors declare and pay such interim dividends on Participating Shares of any class as appear to the Directors to be justified by the profits of the relevant Fund or as shall be determined by the Manager in accordance with procedures adopted by the Directors.
-
## Source of Dividends. | Con sujeción a lo previsto en las Leyes, los Consejeros podrán, si lo consideran conveniente, o bien el Gestor, declarar y pagar, conforme a los procedimientos aprobados por los Consejeros, dividendos a cuenta sobre las Acciones de cualquier clase que, en opinión de los Consejeros, estén justificados por los beneficios del Fondo correspondiente o que el Gestor determine de acuerdo con dichos procedimientos.
-
## Origen de los dividendos. | Subject to the provisions of the Acts, the Directors may from time to time if they think fit or the Manager may in accordance with procedures adopted by the Directors declare and pay such interim dividends on Participating Shares of any class as appear to the Directors to be justified by the profits of the relevant Fund or as shall be determined by the Manager in accordance with procedures adopted by the Directors.
-
## Source of Dividends. | en | es |
DOLFIN7315 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### What was the share of sustainable investments with an environmental objective that were not aligned with the EU Taxonomy?
93.95% of the Fund comprised sustainable investments with an environmental objective, which were not Taxonomy-aligned. The EU Taxonomy does not comprehensively cover all industries and sectors, or even all environmental objectives.
Accordingly, the Investment Adviser used its own methodology to determine whether investments were sustainable in accordance with the SFDR sustainable investment test, and then invested in such assets for the Fund. The Fund does not take into account the criteria for environmentally sustainable economic activities under the EU Taxonomy.
Additionally, as noted above, some sustainable investments which the Investment Adviser has assessed and reported as having an environmental objective may additionally exhibit social characteristics. | ##### Wie hoch war der Anteil an nachhaltigen Investitionen mit einem Umweltziel, die nicht mit der EU-Taxonomie konform waren?
93,95 % des Fonds beinhalteten nachhaltige Investitionen mit einem Umweltziel, die nicht taxonomiekonform waren. Die EU-Taxonomie deckt nicht alle Branchen und Sektoren und auch nicht alle Umweltziele umfassend ab.
Dementsprechend wandte der Anlageberater seine eigene Methode an, um festzustellen, ob Investments gemäß dem SFDR-Test in Bezug auf nachhaltige Investitionen nachhaltig waren, und investierte dann in derartige Assets für den Fonds. Der Fonds berücksichtigt nicht die Kriterien für gemäß der EU-Taxonomie als ökologisch nachhaltig bezeichnete Wirtschaftstätigkeiten.
Wie oben erwähnt, können darüber hinaus einige nachhaltige Investitionen, bei denen es sich laut Einschätzung des Anlageberaters um Investments mit einem ökologischen Ziel handelt, zusätzlich soziale Merkmale aufweisen. | ##### What was the share of sustainable investments with an environmental objective that were not aligned with the EU Taxonomy?
93.95% of the Fund comprised sustainable investments with an environmental objective, which were not Taxonomy-aligned. The EU Taxonomy does not comprehensively cover all industries and sectors, or even all environmental objectives.
Accordingly, the Investment Adviser used its own methodology to determine whether investments were sustainable in accordance with the SFDR sustainable investment test, and then invested in such assets for the Fund. The Fund does not take into account the criteria for environmentally sustainable economic activities under the EU Taxonomy.
Additionally, as noted above, some sustainable investments which the Investment Adviser has assessed and reported as having an environmental objective may additionally exhibit social characteristics. | en | de |
DOLFIN7316 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
SRRI is a value based on the volatility of the fund, which gives an indication of the overall risk and reward profile of the fund.
Weights are reported as a % of the total fund NAV.
Benchmark Information
The Fund is actively managed against, and its performance is measured against, the JPMorgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified. The Benchmark consists of local currency government debt, from emerging market countries, issued in markets accessible to foreign investors. If the Class Currency of a Class differs from the Base Currency of the Fund, the performance of that Class will be measured against the Benchmark expressed in the Class Currency. A Hedged Class will be measured against the Benchmark in hedged terms. Please see page 4 for additional benchmark information. | SRRI è un valore basato sulla volatilità del Fondo, che fornisce un'indicazione del rischio complessivo e del profilo di rendimento del Fondo.
Il peso è riportato come percentuale del NAV totale del fondo.
Caratteristiche del Benchmark
Il Fondo è gestito in maniera attiva contro, e la performance è misurata contro, il JPMorgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified. Il Benchmark di riferimento è costituito da titoli di debito pubblico in valuta locale, emessi dai paesi emergenti in mercati accessibili agli investitori stranieri. Se la valuta della Classe differisce dalla valuta di base del Fondo, la performance di tale Classe sarà misurata rispetto al Benchmark espresso nella valuta della Classe. Una Hedged Class sarà misurata rispetto al Benchmark con copertura valutaria. Si prega di consultare la pagina 4 per ulteriori informazioni sul Benchmark. | SRRI is a value based on the volatility of the fund, which gives an indication of the overall risk and reward profile of the fund.
Weights are reported as a % of the total fund NAV.
Benchmark Information
The Fund is actively managed against, and its performance is measured against, the JPMorgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified. The Benchmark consists of local currency government debt, from emerging market countries, issued in markets accessible to foreign investors. If the Class Currency of a Class differs from the Base Currency of the Fund, the performance of that Class will be measured against the Benchmark expressed in the Class Currency. A Hedged Class will be measured against the Benchmark in hedged terms. Please see page 4 for additional benchmark information. | en | it |
DOLFIN7317 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Distributor is responsible for oversight of purchases, redemptions, and conversion charges, as applicable.
The Fund will register Shareholders’ shares on its books ("Registered Book Shares") and send the shareholder a confirmation statement. Registered Book Shares may be issued in fractions up to three decimal places.
Confirmation of purchases will be mailed at the risk of the shareholder, to the address indicated in the purchase form within 14 Business Days following receipt of the payment and any required documents.
Purchase requests will not be processed whenever the calculation of the net asset value per share is suspended (See "Temporary Suspension of Purchases and Redemptions").
If the Fund determines that an investor is not eligible for Class I shares, it will process the purchase in Class A shares. | Die Vertriebsgesellschaft überwacht den Ankauf, die Rücknahme und die Kosten für den Umtausch von Anteilen, soweit zutreffend.
Der Fonds registriert die Anteile der Anteilinhaber in seinen Büchern („buchmäßig geführte Namensanteile“) und schickt dem Anleger eine Bestätigung zu. Buchmäßig geführte Namensanteile können in Bruchteilen von bis zu drei Stellen hinter dem Komma ausgegeben werden.
Die Kaufbestätigung wird auf Risiko des Anlegers nach Eingang der Zahlung und der erforderlichen Dokumente binnen vierzehn Tagen an die im Antrag angegebene Anschrift geschickt.
Zeichnungsanträge werden nicht bearbeitet, wenn die Berechnung des Nettoinventarwertes je Anteil ausgesetzt ist (siehe dazu „Vorübergehende Aussetzung von Käufen und Rücknahmen“).
Stellt der Fonds fest, dass ein Anleger für Anteile der Klasse I nicht qualifiziert ist, dann wird der Kauf in Anteilen der Klasse A getätigt. | The Distributor is responsible for oversight of purchases, redemptions, and conversion charges, as applicable.
The Fund will register Shareholders’ shares on its books ("Registered Book Shares") and send the shareholder a confirmation statement. Registered Book Shares may be issued in fractions up to three decimal places.
Confirmation of purchases will be mailed at the risk of the shareholder, to the address indicated in the purchase form within 14 Business Days following receipt of the payment and any required documents.
Purchase requests will not be processed whenever the calculation of the net asset value per share is suspended (See "Temporary Suspension of Purchases and Redemptions").
If the Fund determines that an investor is not eligible for Class I shares, it will process the purchase in Class A shares. | en | de |
DOLFIN7318 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
If the cash accounts are opened in the name of the Depositary acting on behalf of the Fund, neither monies belonging to the entity referred to in point (b) nor monies belonging to the Depositary itself shall be booked to such accounts.
The assets of the Fund are entrusted to the Depositary for custody as follows:
- for financial instruments that may be held in custody, the following applies:
- the Depositary shall hold in custody all financial instruments which may be booked in a financial instruments account within the safe custody account, and all financial instruments which may be physically delivered to the Depositary;
- the Depositary shall ensure that financial instruments which may be booked in a financial instruments account within the safe custody account are registered in the books of the Depositary in separate accounts that have been opened in the name of the Fund or of the Management Company acting on behalf of the Fund, in accordance with the principles laid down in Article 16 of Directive 2006/73/EC, so that the financial instruments can at all times be clearly identified as instruments owned by the Fund in accordance with applicable law. | Werden die Geldkonten auf den Namen der für den Fonds handelnden Verwahrstelle eröffnet, so werden auf solchen Konten weder Gelder der unter Buchstabe b) genannten Stelle noch Gelder der Verwahrstelle selbst, verbucht.
Das Vermögen des Fonds wird der Verwahrstelle wie folgt zur Verwahrung anvertraut:
- für Finanzinstrumente, die in Verwahrung genommen werden können, gilt:
- die Verwahrstelle verwahrt sämtliche Finanzinstrumente, die im Depot auf einem Konto für Finanzinstrumente verbucht werden können und sämtliche Finanzinstrumente, die der Verwahrstelle physisch übergeben werden können;
- die Verwahrstelle stellt sicher, dass Finanzinstrumente, die im Depot auf einem Konto für Finanzinstrumente verbucht werden können, gemäß den in Artikel 16 der Richtlinie 2006/73/EG festgelegten Grundsätzen in den Büchern der Verwahrstelle auf gesonderten Konten registriert werden, die auf den Namen des Fonds oder der für den Fonds handelnden Verwaltungsgesellschaft eröffnet wurden, so dass die Finanzinstrumente jederzeit eindeutig als gemäß geltendem Recht im Eigentum des Fonds befindliche Instrumente identifiziert werden können. | If the cash accounts are opened in the name of the Depositary acting on behalf of the Fund, neither monies belonging to the entity referred to in point (b) nor monies belonging to the Depositary itself shall be booked to such accounts.
The assets of the Fund are entrusted to the Depositary for custody as follows:
- for financial instruments that may be held in custody, the following applies:
- the Depositary shall hold in custody all financial instruments which may be booked in a financial instruments account within the safe custody account, and all financial instruments which may be physically delivered to the Depositary;
- the Depositary shall ensure that financial instruments which may be booked in a financial instruments account within the safe custody account are registered in the books of the Depositary in separate accounts that have been opened in the name of the Fund or of the Management Company acting on behalf of the Fund, in accordance with the principles laid down in Article 16 of Directive 2006/73/EC, so that the financial instruments can at all times be clearly identified as instruments owned by the Fund in accordance with applicable law. | en | de |
DOLFIN7319 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Please see Additional Notes. All performance and holdings data as at 30-Jun-21. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.
(1)
Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Debt Blend Portfolio to Goldman Sachs Emerging Markets Debt Blend Portfolio.
(2)
The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2021 Morningstar, Inc. All Rights Reserved.
(3)
The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document.
(4)
The 50% GBI-EM Global Div, 25% EMBI Global Div, 25% CEMBI Broad Div Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses.
(5)
Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.
Goldman Sachs Emerging Markets Debt Blend Portfolio | ##### Veuillez vous reporter aux notes annexes. Toutes les données relatives aux performances et aux participations s'entendent au 30-juin-21. Les performances passées ne garantissent aucunement les résultats futurs, qui sont susceptibles de varier. La valeur des investissements et les revenus qui en découlent seront soumis à des fluctuations, à la hausse comme à la baisse. Il existe un risque de perte du capital.
(1)
Le portefeuille a été renommé Goldman Sachs Emerging Markets Debt Blend Portfolio (anciennement Goldman Sachs Growth & Emerging Markets Debt Blend Portfolio) avec effet au 31 mai 2016.
(2)
Les moyennes du secteur Morningstar sont calculées en utilisant tous les fonds de type ouvert disponibles au sein de l’univers durant la période indiquée. Le nombre de fonds inclus dans un secteur Morningstar varie au fil du temps puisque de nouveaux fonds sont lancés et d’autres sont fermés. Source : Morningstar ©2021 Morningstar, Inc. Tous droits réservés.
(3)
Le montant des frais courants est basé sur les frais de l'exercice précédent. Pour plus d'informations, consultez le Document d'information clé pour l'investisseur.
(4)
L'indice 50% GBI-EM Global Div, 25% EMBI Global Div, 25% CEMBI Broad Div, sont relevés en fin de mois avec réinvestissement des bénéfices et, contrairement au Portefeuille, sont indiqués avant déduction des frais.
(5)
La performance du fonds est présentée nette de toutes charges régulières applicables au sein du portefeuille, dividendes réinvestis sur la base de la VNI ex-dividende. Cette performance est fournie à titre de comparaison avec un indice donné. L’investisseur pouvant être soumis à des charges, frais ou taxes supplémentaires, elle n’a pas pour objectif de fournir une estimation des rendements effectifs. Les données de performance ne tiennent pas compte des commissions et des coûts associés à l’émission et au rachat d’actions.
Goldman Sachs Emerging Markets Debt Blend Portfolio | ##### Please see Additional Notes. All performance and holdings data as at 30-Jun-21. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.
(1)
Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Debt Blend Portfolio to Goldman Sachs Emerging Markets Debt Blend Portfolio.
(2)
The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2021 Morningstar, Inc. All Rights Reserved.
(3)
The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document.
(4)
The 50% GBI-EM Global Div, 25% EMBI Global Div, 25% CEMBI Broad Div Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses.
(5)
Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.
Goldman Sachs Emerging Markets Debt Blend Portfolio | en | fr |
DOLFIN7320 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## As we indicated last quarter, the underperformance is more than fully explained by the performance of our Russian investments, which detracted more than -3% from the fund’s return so far this year. This underperformance has been mitigated by the high carry of the portfolio as well as by our significant level of hedging since the beginning of 2022.
The Bond Market Today
In the immediate aftermath of the invasion of Ukraine, we were surprised to see credit markets treating the war as an isolated event, with negative valuation impacts largely centered on companies with direct link to Ukraine or Russia. Our view, however, was that a prolonged conflict would steer inflation to a destabilizing level for many issuers since it was curtailing large supplies of key commodities and accelerating the trend towards deglobalization (with the reshoring of production capacity and inventory). Additionally, since these strong headwinds impacting businesses are inflationary in nature, we expected that they would significantly hinder central banks’ ability to ease monetary policy. | ## Comme nous l’indiquions le trimestre dernier, cette sous-performance s’explique plus que totalement par nos placements russes, qui ont amputé le rendement du Fonds de plus de 3% depuis le 1er janvier. Cette sous-performance a pu être atténuée par le niveau élevé du portage au sein de notre portefeuille, ainsi que par notre niveau de couverture significatif depuis le début de l’année 2022.
Situation actuelle du marché obligataire
Tout de suite après l’invasion de l’Ukraine, nous avions été surpris de constater que les marchés du crédit considéraient la guerre comme un événement isolé, avec des répercussions négatives largement concentrées sur les valorisations des sociétés directement liées à l’Ukraine ou à la Russie. Nous estimions au contraire qu’un conflit prolongé porterait l’inflation à un niveau déstabilisant pour de nombreux émetteurs dans un contexte de graves pénuries de matières premières essentielles et d’accélération de la tendance à la démondialisation (avec la relocalisation des capacités de production et des stocks). En outre, comme ces obstacles significatifs à l’activité des entreprises sont inflationnistes par nature, nous nous attendions à ce qu’ils brident sérieusement les capacités d’accommodation des banques centrales. | ## As we indicated last quarter, the underperformance is more than fully explained by the performance of our Russian investments, which detracted more than -3% from the fund’s return so far this year. This underperformance has been mitigated by the high carry of the portfolio as well as by our significant level of hedging since the beginning of 2022.
The Bond Market Today
In the immediate aftermath of the invasion of Ukraine, we were surprised to see credit markets treating the war as an isolated event, with negative valuation impacts largely centered on companies with direct link to Ukraine or Russia. Our view, however, was that a prolonged conflict would steer inflation to a destabilizing level for many issuers since it was curtailing large supplies of key commodities and accelerating the trend towards deglobalization (with the reshoring of production capacity and inventory). Additionally, since these strong headwinds impacting businesses are inflationary in nature, we expected that they would significantly hinder central banks’ ability to ease monetary policy. | en | fr |
DOLFIN7321 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Under the terms of the FATCA Law, the Fund is likely to be treated as a Luxembourg Reporting Financial Institution.
This status imposes on the Fund the obligation to regularly obtain and verify information on all of its shareholders. On the request of the Fund, each shareholder shall agree to provide certain information, including, in the case of a passive Non-Financial Foreign Entity (“NFFE”), information on the Controlling Persons of such NFFE, along with the required supporting documentation. Similarly, each shareholder shall agree to actively provide to the Fund within thirty (30) days any information that would affect its status, as for instance a new mailing address or a new residency address.
FATCA may require the Fund to disclose the names, addresses and taxpayer identification number (if available) of its shareholders as well as information such as account balances, income and gross proceeds (non-exhaustive list) to the Luxembourg tax authorities for the purpose set out in the FATCA Law. Such information will be relayed by the Luxembourg tax authorities to the US Internal Revenue Service. | # Il est probable que le Fonds soit considéré comme une Institution financière déclarante luxembourgeoise au regard de la Loi FATCA.
À ce titre, le Fonds est tenu d'obtenir et de vérifier régulièrement des informations sur tous ses actionnaires. À la demande du Fonds, chaque actionnaire s'engage à lui fournir certaines informations, y compris, dans le cas d'une Entité étrangère non financière (« EENF ») passive, des informations sur les Personnes détenant le contrôle de cette EENF, accompagnées des justificatifs requis. De même, chaque actionnaire s'engage à communiquer au Fonds, dans un délai de trente (30) jours, toute information susceptible d'entraîner une modification de son statut, comme par exemple une nouvelle adresse postale ou de résidence.
Aux termes de la Loi FATCA, le Fonds peut être tenu de divulguer les noms, adresses et numéro d'identification fiscale (si disponible) de ses actionnaires ainsi que des informations telles que les soldes de compte, les revenus et les produits bruts (liste non exhaustive) aux autorités fiscales luxembourgeoises aux fins prévues par la Loi FATCA. Ces informations seront transmises par les autorités fiscales luxembourgeoises à l'Internal Revenue Service. | # Under the terms of the FATCA Law, the Fund is likely to be treated as a Luxembourg Reporting Financial Institution.
This status imposes on the Fund the obligation to regularly obtain and verify information on all of its shareholders. On the request of the Fund, each shareholder shall agree to provide certain information, including, in the case of a passive Non-Financial Foreign Entity (“NFFE”), information on the Controlling Persons of such NFFE, along with the required supporting documentation. Similarly, each shareholder shall agree to actively provide to the Fund within thirty (30) days any information that would affect its status, as for instance a new mailing address or a new residency address.
FATCA may require the Fund to disclose the names, addresses and taxpayer identification number (if available) of its shareholders as well as information such as account balances, income and gross proceeds (non-exhaustive list) to the Luxembourg tax authorities for the purpose set out in the FATCA Law. Such information will be relayed by the Luxembourg tax authorities to the US Internal Revenue Service. | en | fr |
DOLFIN7322 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 1,840 | EUR 1,890 |
| | Average return each year % | -81.60% | -28.34% |
| Unfavourable scenario | What you might get back after costs | EUR 7,080 | EUR 6,380 |
| | Average return each year % | -29.20% | -8.60% |
| Moderate scenario | What you might get back after costs | EUR 10,600 | EUR 13,620 |
| | Average return each year % | 6.00% | 6.37% |
| Favourable scenario | What you might get back after costs | EUR 16,330 | EUR 20,670 |
| | Average return each year % | 63.30% | 15.63% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 1.840 | EUR 1.890 |
| | Rendimiento medio cada año | -81,60% | -28,34% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 7.080 | EUR 6.380 |
| | Rendimiento medio cada año | -29,20% | -8,60% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.600 | EUR 13.620 |
| | Rendimiento medio cada año | 6,00% | 6,37% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 16.330 | EUR 20.670 |
| | Rendimiento medio cada año | 63,30% | 15,63% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 1,840 | EUR 1,890 |
| | Average return each year % | -81.60% | -28.34% |
| Unfavourable scenario | What you might get back after costs | EUR 7,080 | EUR 6,380 |
| | Average return each year % | -29.20% | -8.60% |
| Moderate scenario | What you might get back after costs | EUR 10,600 | EUR 13,620 |
| | Average return each year % | 6.00% | 6.37% |
| Favourable scenario | What you might get back after costs | EUR 16,330 | EUR 20,670 |
| | Average return each year % | 63.30% | 15.63% | | en | es |
DOLFIN7323 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
While respecting the principle of risk diversification, the Sub-Fund invests a minimum of two thirds of its net assets directly or indirectly in equities (equities, equity-like transferable securities, participation certificates, etc.) of companies worldwide.
The above limits must be observed for indirect investments via structured products or other UCITS or UCIs on a transparent basis. The Sub-Fund may invest up to 100% of its net assets in other UCITS or UCIs within the meaning of section 9.1 (e) of the General Part.
With a view to achieving the investment objective, up to one third of the Sub-Fund’s net assets may be invested in asset classes or instruments outside the investment universe specified above if the market environment provides the opportunity to do so. The Sub-Fund may also liquid assets. | Der Teilfonds investiert nach dem Grundsatz der Risikodiversifikation mindestens zwei Drittel seines Nettovermögens direkt oder indirekt in Beteiligungswertpapiere (Aktien, aktienähnliche übertragbare Wertpapiere, Partizipationsscheine usw.) von Gesellschaften weltweit.
Die vorstehenden Limits sind bei indirekten Anlagen über strukturierte Produkte oder andere OGAW oder OGA auf transparenter Basis einzuhalten. Der Teilfonds darf bis zu 100% seines Nettovermögens in andere OGAW oder OGA im Sinne der Ziffer 9.1 (e) des Allgemeinen Teils anlegen.
Bis zu ein Drittel des Nettovermögens des Teilfonds können zwecks Erreichung des Anlageziels bei sich durch das Marktumfeld ergebenden Gelegenheiten in Anlageklassen oder Instrumente ausserhalb des oben genannten Anlageuniversums angelegt werden. Daneben kann der Teilfonds flüssige Mittel halten. | While respecting the principle of risk diversification, the Sub-Fund invests a minimum of two thirds of its net assets directly or indirectly in equities (equities, equity-like transferable securities, participation certificates, etc.) of companies worldwide.
The above limits must be observed for indirect investments via structured products or other UCITS or UCIs on a transparent basis. The Sub-Fund may invest up to 100% of its net assets in other UCITS or UCIs within the meaning of section 9.1 (e) of the General Part.
With a view to achieving the investment objective, up to one third of the Sub-Fund’s net assets may be invested in asset classes or instruments outside the investment universe specified above if the market environment provides the opportunity to do so. The Sub-Fund may also liquid assets. | en | de |
DOLFIN7324 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Répartition géographique (% des actifs)
Etats Unis
67.50
Chine
14.70
Allemagne
4.56
Japon
4.52
Brésil
1.96
Grande-Bretagne
1.23
Pays-Bas
0.54
Israël
0.36
Corée du Sud
0.35
Liquidités
4.28
0 10 20 30 40 50 60 70
Répartition sectorielle (% des actifs)
Commerce Electronique
31.28
Opérateurs de réseau
21.13
Enterprise SaaS
20.56
Divertissement interactif
12.36
Publicité en ligne
8.19
Appareils
2.19
Liquidités
4.28
0 5 10 15 20 25 30 35
| Source: Pictet Asset Management | |
| --- | --- |
| Caractéristiques du portefeuille |
| À FIN NOVEMBRE 2022 (SUR 3 ANNÉES) | | | Corrélation | 0.85 |
| Alpha | -11.07 | |
| Bêta | 0.91 |
| Volatilité annualisée (%) | 19.92 |
| Ratio d'information | -1.10 |
| Ratio de Sharpe | -0.27 |
| Source: Pictet Asset Management | | | # Riesgo país (% del activo)
Estados Unidos
67.50
China
14.70
Alemania
4.56
Japón
4.52
Brasil
1.96
Gran Bretaña
1.23
Holanda
0.54
Israel
0.36
Corea Del Sur
0.35
Liquidez
4.28
0 10 20 30 40 50 60 70
Desglose sectorial (% del activo)
Comercio Electrónico
31.28
Operadores de Red
21.13
Enterprise SaaS
20.56
Entretenimiento interactivo
12.36
Publicidad on-line
8.19
Aparatos
2.19
Liquidez
4.28
0 5 10 15 20 25 30 35
| Fuente: Pictet Asset Management | |
| --- | --- |
| Características de la cartera |
| A FIN DE NOVIEMBRE 2022 (EN 3 AÑOS) | | | Correlación | 0.85 |
| Alfa | -11.07 | |
| Beta | 0.91 |
| Volatilidad anualizada (%) | 19.92 |
| Ratio de información | -1.10 |
| Ratio de Sharpe | -0.27 |
| Fuente: Pictet Asset Management | | | # Répartition géographique (% des actifs)
Etats Unis
67.50
Chine
14.70
Allemagne
4.56
Japon
4.52
Brésil
1.96
Grande-Bretagne
1.23
Pays-Bas
0.54
Israël
0.36
Corée du Sud
0.35
Liquidités
4.28
0 10 20 30 40 50 60 70
Répartition sectorielle (% des actifs)
Commerce Electronique
31.28
Opérateurs de réseau
21.13
Enterprise SaaS
20.56
Divertissement interactif
12.36
Publicité en ligne
8.19
Appareils
2.19
Liquidités
4.28
0 5 10 15 20 25 30 35
| Source: Pictet Asset Management | |
| --- | --- |
| Caractéristiques du portefeuille |
| À FIN NOVEMBRE 2022 (SUR 3 ANNÉES) | | | Corrélation | 0.85 |
| Alpha | -11.07 | |
| Bêta | 0.91 |
| Volatilité annualisée (%) | 19.92 |
| Ratio d'information | -1.10 |
| Ratio de Sharpe | -0.27 |
| Source: Pictet Asset Management | | | fr | es |
DOLFIN7325 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Past performance
Fund Index*
2 Past performance:
- Is not a reliable indication of future performance.
- Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees.
- Has been calculated in GBP.
2 Shares in the Fund were first issued in 2011. This share class was launched in 2014.
*Performance was achieved under circumstances that no longer apply. The benchmark index tracked by the Fund changed with effect from 13 May 2020. Past performance data for each year to 2019 shown in the past performance chart therefore relates to performance of the Fund when tracking the old benchmark index, i.e. the FTSE Developed Index and the performance of that index is also included in the bar chart next to the bar chart showing the performance of the Fund for that period. Past performance data from 2020 onwards will relate to the Index. | # Performances passées
Fonds Indice*
2 Rendements antérieurs :
- Ne préfigurent pas des rendements futurs.
- Comprennent des frais courants et le réinvestissement des revenus dégagés. Les droits d'entrée et de sortie sont exclus.
- Ont été calculés en GBP.
2 Les actions du Fonds ont été lancées pour la première fois en 2011. Cette catégorie d'actions a été lancée en 2014.
*La performance a été réalisée dans des circonstances qui ne sont plus applicables. L'indice de référence répliqué par le Fonds a été modifié avec prise d'effet au mercredi 13 mai 2020. Les données relatives aux performances passées pour chaque année jusqu'en 2019, qui sont indiquées dans le graphique des performances passées, se rapportent donc aux performances du Fonds lorsque celui-ci répliquait l'ancien indice de référence, à savoir l'indice FTSE Developed Index, dont les performances sont également indiquées dans l'histogramme qui se trouve à côté de l'histogramme indiquant la performance du Fonds pour cette période. Les données relatives aux performances passées à partir de 2020 concerneront l'Indice. | # Past performance
Fund Index*
2 Past performance:
- Is not a reliable indication of future performance.
- Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees.
- Has been calculated in GBP.
2 Shares in the Fund were first issued in 2011. This share class was launched in 2014.
*Performance was achieved under circumstances that no longer apply. The benchmark index tracked by the Fund changed with effect from 13 May 2020. Past performance data for each year to 2019 shown in the past performance chart therefore relates to performance of the Fund when tracking the old benchmark index, i.e. the FTSE Developed Index and the performance of that index is also included in the bar chart next to the bar chart showing the performance of the Fund for that period. Past performance data from 2020 onwards will relate to the Index. | en | fr |
DOLFIN7326 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Charges taken from the fund under certain specific conditions
Performance fee None
Past performance is not a guide to future performance. The value of your investment and income from it may go down as well as up and you may not get back the amount you invested.
The Fund does not track an index, any index shown is for illustrative purposes only.
The past performance shown in the chart takes account of all charges except the Fund's entry charge and the past performance is calculated in British Pounds.
The Fund was launched on 26 November 1990 and this share class on 30 November 2020.
- Class ZX Accumulation shares hedged in sterling
- NYSE Arca Gold Miners Total Return (Euromoney Global Gold Total Return pre 01/04/2018, Euromoney Global Gold Price Return pre01/10/2014)0%-2%-4%-6%-8%-10%-12%-14%2017 2018 2019 2020 2021Fund -11.7%Index -8.0% | # Gastos detraídos del fondo en determinadas condiciones específicas
Comisión de rentabilidad Ninguna
La rentabilidad histórica no es indicativa de los resultados futuros. El valor de su inversión y el valor de los ingresos generados por ella pueden tanto aumentar como disminuir y es posible que no recupere el importe invertido.
El Fondo no trata de replicar la rentabilidad de un índice, por lo que cualquier índice mostrado se indica exclusivamente con fines ilustrativos.
La rentabilidad histórica mostrada en el gráfico tiene en cuenta todos los gastos excepto los gastos de entrada del Fondo y se calcula en libras esterlinas.
El Fondo se lanzó el 26 noviembre 1990 y esta clase de acciones se lanzó el 30 noviembre 2020.
- Acciones de acumulación de clase ZX con cobertura en libras esterlinas
- NYSE Arca Gold Miners Total Return (Euromoney Global Gold Total Return pre 01/04/2018, Euromoney Global Gold Price Return pre01/10/2014)0%-2%-4%-6%-8%-10%-12%-14%2017 2018 2019 2020 2021Fondo -11.7%Índice -8.0% | # Charges taken from the fund under certain specific conditions
Performance fee None
Past performance is not a guide to future performance. The value of your investment and income from it may go down as well as up and you may not get back the amount you invested.
The Fund does not track an index, any index shown is for illustrative purposes only.
The past performance shown in the chart takes account of all charges except the Fund's entry charge and the past performance is calculated in British Pounds.
The Fund was launched on 26 November 1990 and this share class on 30 November 2020.
- Class ZX Accumulation shares hedged in sterling
- NYSE Arca Gold Miners Total Return (Euromoney Global Gold Total Return pre 01/04/2018, Euromoney Global Gold Price Return pre01/10/2014)0%-2%-4%-6%-8%-10%-12%-14%2017 2018 2019 2020 2021Fund -11.7%Index -8.0% | en | es |
DOLFIN7327 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### ARTICLE 20 - OVERALL MANAGEMENT – OBSERVERS
The overall management of the Company is performed personally either by the Chairman of the Board of Directors or by any other natural person appointed by the Board of Directors given the title of Chief Executive Officer.
The choice of which overall management method to adopt is made in accordance with the provisions in these Articles of Association by the Board of Directors, for a period ending at the expiry of the term of office of the existing Chairman of the Board of Directors. Shareholders and third parties are notified of the decision, in accordance with applicable laws and regulations.
Depending on the option chosen by the Board of Directors in accordance with the provisions defined above, overall management is provided either by the Chairman or by a Chief Executive Officer.
When the Board of Directors opts to separate the functions of Chairman and Chief Executive Officer, a CEO is appointed for a set term of office.
When the overall management of the Company is assumed by the Chairman of the Board of Directors, the following provisions relating to the Chief Executive Officer apply to the Chairman.
Subject to the powers that the law explicitly grants to shareholders' meetings and the powers that it reserves specially for the Board of Directors, and within the limits of the corporate purpose, the Chief Executive Officer is vested with the widest powers to act in any circumstances on behalf of the Company. He exercises these powers within the limits of the corporate purpose and subject to the powers that the law grants explicitly to shareholders' meetings and to the Board of Directors. He represents the Company in its relations with third parties.
The Chief Executive Officer may consent to any partial delegation of his powers to any person of his choice. The Chief Executive Officer may be removed from office at any time by the Board of Directors.
On the recommendation of the Chief Executive Officer, the Board of Directors may appoint up to five natural persons tasked with assisting the CEO, with the title of Deputy Chief Executive Officer.
Deputy Chief Executive Officers may be removed from office by the Board on the recommendation of the CEO.
With the CEO's consent, the Board of Directors determines the scope and duration of the powers conferred on the Deputy Chief Executive Officers.
These powers may include the ability to partially delegate. Should the Chief Executive Officer cease to perform his functions or become incapacitated, they shall, unless decided otherwise by the Board, retain their functions and authority until a new CEO is appointed.
Deputy Chief Executive Officers have the same powers in respect of third parties as the CEO.
A General Meeting may appoint one or more Observers from the Company, who may or may not be shareholders. The Board of Directors may appoint Observers subject to ratification by the next General Meeting.
A General Meeting may allocate to Observers remuneration the value of which it sets.
Observers are appointed for a period of three years expiring at the close of the General Meeting convened to approve the financial statements for the third financial year since their appointment.
Observers, tasked with overseeing the strict application of the Articles of Association, are convened to Board of Directors meetings and take part in a non-voting, advisory capacity only.
The Board of Directors may decide to create committees to assist the Board in the preparation of its work. | #### ARTICOLO 20: DIREZIONE GENERALE - CENSORI
La direzione generale della società è assunta, sotto la propria responsabilità, dal presidente del consiglio di amministrazione o da un’altra persona fisica nominata dal consiglio di amministrazione, cui viene attribuito il titolo di direttore generale.
La scelta tra queste due modalità di esercizio della direzione generale è effettuata, alle condizioni stabilite dal presente statuto, dal consiglio di amministrazione per un periodo che termina alla scadenza delle funzioni del presidente del consiglio di amministrazione in carica. Gli azionisti e i soggetti terzi coinvolti vengono informati di questa scelta secondo le modalità definite dalle disposizioni legislative e normative in vigore.
In funzione della scelta effettuata dal consiglio di amministrazione in conformità alle disposizioni descritte in precedenza, la direzione generale è assicurata dal presidente o da un direttore generale.
Laddove il consiglio di amministrazione scelga di dissociare le funzioni di presidente da quelle di direttore generale, procederà alla nomina del direttore generale e stabilirà la durata del relativo mandato.
Quando la direzione generale della società è assunta dal presidente del consiglio di amministrazione, le disposizioni di seguito pertinenti al direttore generale si applicano anche al presidente.
Fatti salvi i poteri attribuiti espressamente dalla legge alle assemblee degli azionisti e quelli specificatamente riservati al consiglio di amministrazione e nei limiti dell’oggetto sociale, il direttore generale dispone dei più ampi poteri per agire in qualsiasi circostanza in nome della società. Esercita tali poteri nei limiti dell’oggetto sociale e fatti salvi quelli attribuiti espressamente dalla legge alle assemblee degli azionisti e al consiglio di amministrazione. Rappresenta la società nei confronti dei terzi.
Il direttore generale può autorizzare qualsiasi delega parziale dei propri poteri a persone di sua scelta. Il direttore generale può essere revocato in qualsiasi momento dal consiglio di amministrazione.
Su proposta del direttore generale, il consiglio di amministrazione può nominare, con il titolo di direttore generale delegato, un massimo di cinque persone fisiche incaricate di assisterlo.
I direttori generali delegati possono essere revocati in qualsiasi momento dal consiglio su proposta del direttore generale.
Di concerto con il direttore generale, il consiglio determina l’estensione e la durata dei poteri conferiti ai direttori generali delegati.
Tali poteri possono comportare la facoltà di delega parziale. In caso di cessazione dell’incarico o di impedimento del direttore generale, essi conservano, salvo decisione contraria del consiglio, le proprie funzioni e mansioni fino alla nomina del nuovo direttore generale.
I direttori generali delegati dispongono, nei confronti dei terzi, degli stessi poteri del direttore generale.
L’Assemblea generale può nominare presso la società uno o più Censori, scelti o meno tra gli azionisti.
Il Consiglio di amministrazione può procedere alla nomina dei Censori, previa ratifica da parte della successiva Assemblea generale.
L’Assemblea generale può attribuire ai Censori una remunerazione della quale stabilirà l’importo.
I Censori sono nominati per un periodo di tre anni scadenti al termine della riunione dell’Assemblea generale che delibera sul bilancio del terzo esercizio chiuso dopo la loro nomina.
I Censori, incaricati di vigilare sul rigoroso rispetto dello statuto, sono convocati in occasione delle sedute del Consiglio di amministrazione e partecipano alle delibere con voto consultivo.
Il consiglio di amministrazione può decidere la creazione di comitati incaricati di assisterlo nella preparazione dei propri lavori. | #### ARTICLE 20 - OVERALL MANAGEMENT – OBSERVERS
The overall management of the Company is performed personally either by the Chairman of the Board of Directors or by any other natural person appointed by the Board of Directors given the title of Chief Executive Officer.
The choice of which overall management method to adopt is made in accordance with the provisions in these Articles of Association by the Board of Directors, for a period ending at the expiry of the term of office of the existing Chairman of the Board of Directors. Shareholders and third parties are notified of the decision, in accordance with applicable laws and regulations.
Depending on the option chosen by the Board of Directors in accordance with the provisions defined above, overall management is provided either by the Chairman or by a Chief Executive Officer.
When the Board of Directors opts to separate the functions of Chairman and Chief Executive Officer, a CEO is appointed for a set term of office.
When the overall management of the Company is assumed by the Chairman of the Board of Directors, the following provisions relating to the Chief Executive Officer apply to the Chairman.
Subject to the powers that the law explicitly grants to shareholders' meetings and the powers that it reserves specially for the Board of Directors, and within the limits of the corporate purpose, the Chief Executive Officer is vested with the widest powers to act in any circumstances on behalf of the Company. He exercises these powers within the limits of the corporate purpose and subject to the powers that the law grants explicitly to shareholders' meetings and to the Board of Directors. He represents the Company in its relations with third parties.
The Chief Executive Officer may consent to any partial delegation of his powers to any person of his choice. The Chief Executive Officer may be removed from office at any time by the Board of Directors.
On the recommendation of the Chief Executive Officer, the Board of Directors may appoint up to five natural persons tasked with assisting the CEO, with the title of Deputy Chief Executive Officer.
Deputy Chief Executive Officers may be removed from office by the Board on the recommendation of the CEO.
With the CEO's consent, the Board of Directors determines the scope and duration of the powers conferred on the Deputy Chief Executive Officers.
These powers may include the ability to partially delegate. Should the Chief Executive Officer cease to perform his functions or become incapacitated, they shall, unless decided otherwise by the Board, retain their functions and authority until a new CEO is appointed.
Deputy Chief Executive Officers have the same powers in respect of third parties as the CEO.
A General Meeting may appoint one or more Observers from the Company, who may or may not be shareholders. The Board of Directors may appoint Observers subject to ratification by the next General Meeting.
A General Meeting may allocate to Observers remuneration the value of which it sets.
Observers are appointed for a period of three years expiring at the close of the General Meeting convened to approve the financial statements for the third financial year since their appointment.
Observers, tasked with overseeing the strict application of the Articles of Association, are convened to Board of Directors meetings and take part in a non-voting, advisory capacity only.
The Board of Directors may decide to create committees to assist the Board in the preparation of its work. | en | it |
DOLFIN7328 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% through investment in the equity securities of companies throughout the world and linked to the theme of consumer brands (i.e. companies with intellectual property, pricing power and strong track record of growth). Investments will include, but will not be limited to, companies involved in the designing, manufacturing, marketing and/or selling of branded consumer goods and/or services. The strategy aims to give investors exposure to consumer brands as outlined above.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, 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 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 reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El Subfondo invertirá al menos un 70 % de su patrimonio neto mediante la inversión en valores de renta variable de empresas de todo el mundo vinculadas al tema de las marcas de consumo (es decir, empresas con propiedad intelectual, poder de fijación de precios y un sólido historial de crecimiento). Las inversiones incluirán, entre otras, empresas implicadas en el diseño, la fabricación, la comercialización o la venta de bienes o servicios de consumo de marcas reconocidas. La estrategia tiene como objetivo brindar a los inversores exposición a marcas de consumo, tal y como se ha explicado anteriormente.
- Tendrá siempre en cuenta un amplio abanico de características medioambientales y sociales, como la mitigación del cambio climático y la adaptación al mismo, la gestión del agua y los residuos, la biodiversidad, la seguridad de los productos, la cadena de suministro, la salud y seguridad y los Derechos Humanos. El Subfondo trata de promocionar estas características adhiriéndose al Marco de la Familia Sostenible de Fidelity.
- El Subfondo sigue una estrategia de inversión temática en sostenibilidad en virtud de la cual un 70 % de su patrimonio neto se invertirá en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo evalúa las características sostenibles de al menos el 90 % de sus activos. El universo de inversión del Subfondo se reduce en, como mínimo, un 20 % debido a la exclusión de emisores sobre la base de sus características ESG.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El Subfondo invertirá menos del 30 % directa o indirectamente en acciones A y B de China de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa. A la hora de elegir las inversiones del Subfondo y a efectos de supervisión del riesgo, el Gestor de Inversiones tendrá en cuenta el MSCI ACWI Index (Net) (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% through investment in the equity securities of companies throughout the world and linked to the theme of consumer brands (i.e. companies with intellectual property, pricing power and strong track record of growth). Investments will include, but will not be limited to, companies involved in the designing, manufacturing, marketing and/or selling of branded consumer goods and/or services. The strategy aims to give investors exposure to consumer brands as outlined above.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, 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 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 reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN7329 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# L’analyse quantitative et qualitative des facteurs ESG contribuent aux critères pris en compte par le gérant pour déterminer la pondération d’une valeur dans le portefeuille.
Dans le choix de la pondération du titre dans le portefeuille, le gérant pourra aussi tenir compte des mesures prises par la société pour réduire les risques ESG existants, de la capacité de la société à axer sa croissance sur des opportunités environnementales et aussi de la qualité de la communication de la société sur les sujets ESG.
En outre, le gérant pourra utiliser des techniques et instruments liés aux valeurs mobilières dont il estime qu'ils contribueront économiquement à la gestion optimale du portefeuille (achats/ventes d'instruments financiers, souscriptions/rachats de parts ou actions d'OPC français ou étrangers, fonds d'investissement du Groupe AXA ou non, utilisation d'instruments financiers à terme).
- | # El análisis cuantitativo y cualitativo de los factores ESG contribuye a los criterios que tiene en cuenta el gestor para determinar la ponderación de un valor en la cartera.
Al elegir la ponderación del título en la cartera, el gestor también podrá tener en cuenta las medidas adoptadas por la sociedad para reducir los riesgos ESG existentes, la capacidad de la sociedad para orientar su crecimiento hacia oportunidades medioambientales y también la calidad de la comunicación de la sociedad sobre las cuestiones ESG.
Además, el gestor podrá utilizar técnicas e instrumentos relacionados con los valores mobiliarios que considere que contribuirán económicamente a la gestión óptima de la cartera (compras/ventas de instrumentos financieros, suscripciones/reembolsos de participaciones o acciones de OIC franceses o extranjeros, fondos de inversión del Grupo AXA o no, utilización de instrumentos financieros a plazo).
- | # L’analyse quantitative et qualitative des facteurs ESG contribuent aux critères pris en compte par le gérant pour déterminer la pondération d’une valeur dans le portefeuille.
Dans le choix de la pondération du titre dans le portefeuille, le gérant pourra aussi tenir compte des mesures prises par la société pour réduire les risques ESG existants, de la capacité de la société à axer sa croissance sur des opportunités environnementales et aussi de la qualité de la communication de la société sur les sujets ESG.
En outre, le gérant pourra utiliser des techniques et instruments liés aux valeurs mobilières dont il estime qu'ils contribueront économiquement à la gestion optimale du portefeuille (achats/ventes d'instruments financiers, souscriptions/rachats de parts ou actions d'OPC français ou étrangers, fonds d'investissement du Groupe AXA ou non, utilisation d'instruments financiers à terme).
- | fr | es |
DOLFIN7330 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### The Company shall bear all the operating costs, in particular:
- all fees and expenses payable to the Board of Directors;
- the remuneration of investment advisers, investment managers, the Management Company, custodian, central administration, agents responsible for financial services, paying agents, the approved statutory auditor, the Company’s legal advisers and other advisers or agents whose services the Company may call on;
- brokerage fees;
- the costs of preparing, printing and distributing the Prospectus, the KIIDs and the annual and semi-annual reports;
- printing individual and/or collective bearer share certificates;
- fees and expenses incurred in the formation of the Company;
- taxes and duties, including the taxe d’abonnement (subscription tax), and government charges arising from its business activity;
- the insurance costs of the Company, its directors and managers;
- fees and expenses associated with registering the Company and maintaining said registration with the Luxembourg and foreign government bodies and stock exchanges;
- the costs of publishing the net asset value and the subscription and redemption prices, or any other document, including the cost of preparing and printing these in each language deemed useful in the interest of shareholders;
- the costs relating to the distribution of the Company’s shares, including marketing and advertising costs determined in good faith by the Company’s Board of Directors;
- the cost of creating, hosting, maintaining and updating the Company’s website(s);
- legal fees incurred by the Company or its custodian when acting in the interest of the Company’s shareholders;
- the legal costs incurred by the Company’s directors, executive management, managers, authorised representatives, employees and agents in connection with any actions or proceedings to which they shall be a party or in which they have been involved as a result of being or having been a director, executive manager, manager, authorised representative, employee or agent of the Company;
- all extraordinary expenses, including but not limited to legal costs, interest and the total amount of all taxes, duties, levies or similar expenses charged to the Company or its assets. | ##### Die Gesellschaft trägt die Gesamtheit ihrer Betriebskosten, insbesondere:
- die Vergütung und die Erstattung der Kosten des Verwaltungsrats;
- die Vergütung der Anlageberater, der Fondsverwalter, der Verwaltungsgesellschaft, der Depotbank, der zentralen Verwaltungsstelle, der mit Finanzdienstleistungen beauftragten Stellen, der Zahlstellen, des Wirtschaftsprüfers, der Rechtsberater der Gesellschaft sowie anderer Berater oder Bevollmächtigter, die die Gesellschaft möglicherweise in Anspruch nimmt;
- die Maklergebühren;
- die Kosten für die Erstellung, den Druck und den Vertrieb des Verkaufsprospekts, der wesentlichen Anlegerinformationen sowie der Jahres- und Halbjahresberichte;
- den Druck von Einzel- und kollektiven Anteilscheinen für Inhaberanteile;
- die Kosten und Ausgaben für die Gründung der Gesellschaft;
- die Abgaben und Steuern einschließlich der Abonnementsteuer und Gebühren an die Behörden im Zusammenhang mit ihrer Geschäftstätigkeit;
- die Kosten für die Versicherung der Gesellschaft, ihrer Verwaltungsratsmitglieder und Geschäftsführer;
- die Honorare und Kosten in Verbindung mit der Eintragung und dem Erhalt der Eintragung der Gesellschaft bei den luxemburgischen und ausländischen Behörden und Börsen;
- die Kosten für die Veröffentlichung des Nettoinventarwerts sowie des Zeichnungs- und Rücknahmepreises oder aller anderen Dokumente einschließlich der Kosten für die Erstellung und den Druck in allen Sprachen, die vom Verwaltungsrat der Gesellschaft als zweckmäßig im Interesse des Anteilinhabers erachtet werden;
- die Kosten im Zusammenhang mit dem Vertrieb der Anteile der Gesellschaft einschließlich der Kosten für Marketing und Werbung, die vom Verwaltungsrat der Gesellschaft nach gutem Glauben festgelegt werden;
- die Kosten für die Erstellung, das Hosting, die Wartung und die Aktualisierung der Website(s) der Gesellschaft;
- die der Gesellschaft oder der Depotbank für Handlungen zugunsten der Anteilinhaber der Gesellschaft entstandenen Rechtskosten;
- die Rechtskosten, die den Verwaltungsratsmitgliedern, Geschäftsführern, Bevollmächtigten, Mitarbeitern oder Beauftragten der Gesellschaft in Verbindung mit einer Handlung, einem Verfahren oder einer Verhandlung entstehen, an denen sie in ihrer Eigenschaft als Verwaltungsratsmitglied, Geschäftsführer, Bevollmächtigter, Mitarbeiter oder Beauftragter der Gesellschaft beteiligt sind oder waren;
- alle außerordentlichen Kosten, einschließlich u.a. Gerichtskosten, Zinskosten und sämtliche Steuern, Abgaben, Gebühren oder ähnliche dem Teilfonds entstehenden Kosten bzw. Kosten, mit denen die Gesellschaft oder ihr Vermögen belastet wird. | ###### The Company shall bear all the operating costs, in particular:
- all fees and expenses payable to the Board of Directors;
- the remuneration of investment advisers, investment managers, the Management Company, custodian, central administration, agents responsible for financial services, paying agents, the approved statutory auditor, the Company’s legal advisers and other advisers or agents whose services the Company may call on;
- brokerage fees;
- the costs of preparing, printing and distributing the Prospectus, the KIIDs and the annual and semi-annual reports;
- printing individual and/or collective bearer share certificates;
- fees and expenses incurred in the formation of the Company;
- taxes and duties, including the taxe d’abonnement (subscription tax), and government charges arising from its business activity;
- the insurance costs of the Company, its directors and managers;
- fees and expenses associated with registering the Company and maintaining said registration with the Luxembourg and foreign government bodies and stock exchanges;
- the costs of publishing the net asset value and the subscription and redemption prices, or any other document, including the cost of preparing and printing these in each language deemed useful in the interest of shareholders;
- the costs relating to the distribution of the Company’s shares, including marketing and advertising costs determined in good faith by the Company’s Board of Directors;
- the cost of creating, hosting, maintaining and updating the Company’s website(s);
- legal fees incurred by the Company or its custodian when acting in the interest of the Company’s shareholders;
- the legal costs incurred by the Company’s directors, executive management, managers, authorised representatives, employees and agents in connection with any actions or proceedings to which they shall be a party or in which they have been involved as a result of being or having been a director, executive manager, manager, authorised representative, employee or agent of the Company;
- all extraordinary expenses, including but not limited to legal costs, interest and the total amount of all taxes, duties, levies or similar expenses charged to the Company or its assets. | en | de |
DOLFIN7331 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Legal status of the investors
The Management Company invests the capital invested in the fund in its own name for the collective account of investors (“unitholders”) in accordance with the principle of risk diversifica- tion in money market instruments and other eligible assets according to the Money Market Funds Regulation. The invested capital and the assets acquired form the fund assets, which are held separately from the Management Compa- ny’s own assets.
The unitholders are joint owners of the fund’s assets in proportion to the number of units they hold. Their rights are represented by bearer units in the form of global certificates. All fund units have the same rights. | ### Statut juridique des investisseurs
La société de gestion investit les sommes placées dans le fonds en son nom propre, pour le compte de tous les investisseurs (« porteurs de parts »), dans des instruments du marché monétaire et d’autres éléments d’actif autorisés par le Règlement sur les fonds monétaire, selon le principe de la répartition des risques. Les sommes investies et les valeurs ainsi acquises constituent l’actif du fonds, détenu séparément des fonds propres de la société de gestion.
Les porteurs de parts sont copropriétaires de l’actif du fonds à hauteur du nombre de parts qu’ils détiennent. Leurs droits sont représentés par des parts libellées au nom du porteur et matérialisées par des certificats globaux. Toutes les parts du fonds confèrent les mêmes droits. | ### Legal status of the investors
The Management Company invests the capital invested in the fund in its own name for the collective account of investors (“unitholders”) in accordance with the principle of risk diversifica- tion in money market instruments and other eligible assets according to the Money Market Funds Regulation. The invested capital and the assets acquired form the fund assets, which are held separately from the Management Compa- ny’s own assets.
The unitholders are joint owners of the fund’s assets in proportion to the number of units they hold. Their rights are represented by bearer units in the form of global certificates. All fund units have the same rights. | en | fr |
DOLFIN7332 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Mesures requises de votre part
Les Actionnaires n’ont aucune mesure particulière à prendre concernant les modifications décrites dans la présente lettre. Toutefois, si vous n’approuvez pas les modifications décrites dans cette lettre, vous pouvez faire procéder au rachat de vos Actions, sans commissions de rachat, à tout moment avant la Date d’effet, conformément aux dispositions du Prospectus. Si vous avez des questions concernant le processus de rachat, veuillez contacter votre représentant local ou l’Équipe de services aux investisseurs (voir les coordonnées ci-dessous).
Le produit du rachat sera versé aux Actionnaires dans les trois Jours Ouvrables suivant le Jour de Négociation considéré, à condition que les documents pertinents (tels que décrits dans le Prospectus) aient été reçus.
Tout rachat de vos Actions peut affecter votre situation fiscale ; vous devez consulter vos propres conseillers professionnels afin de vous informer sur les conséquences de la cession d’Actions en vertu des lois des juridictions dans lesquelles vous pourriez être assujetti à l’impôt. | # Medidas a adoptar por su parte
Los Accionistas no están obligados a emprender ninguna medida en relación con los cambios descritos en esta carta. No obstante, si no está de acuerdo con ellos, podrá reembolsar sus Acciones sin gastos de reembolso en cualquier momento antes de la Fecha de Entrada en Vigor, de conformidad con las disposiciones del Folleto. Si tiene alguna pregunta sobre el proceso de reembolso, póngase en contacto con su representante local o con el Equipo de Servicios al Inversor (véanse detalles más abajo).
El producto del reembolso se abonará a los Accionistas en un plazo de tres Días Hábiles a partir del Día de Negociación en cuestión, siempre que se hayan recibido los documentos pertinentes (según se describe en el Folleto).
Cualquier reembolso de sus Acciones puede afectar a su situación fiscal, por lo que debe consultar con sus asesores profesionales sobre las implicaciones de la enajenación de las Acciones según las leyes de los territorios en los que pueda estar sujeto/a a impuestos. | # Mesures requises de votre part
Les Actionnaires n’ont aucune mesure particulière à prendre concernant les modifications décrites dans la présente lettre. Toutefois, si vous n’approuvez pas les modifications décrites dans cette lettre, vous pouvez faire procéder au rachat de vos Actions, sans commissions de rachat, à tout moment avant la Date d’effet, conformément aux dispositions du Prospectus. Si vous avez des questions concernant le processus de rachat, veuillez contacter votre représentant local ou l’Équipe de services aux investisseurs (voir les coordonnées ci-dessous).
Le produit du rachat sera versé aux Actionnaires dans les trois Jours Ouvrables suivant le Jour de Négociation considéré, à condition que les documents pertinents (tels que décrits dans le Prospectus) aient été reçus.
Tout rachat de vos Actions peut affecter votre situation fiscale ; vous devez consulter vos propres conseillers professionnels afin de vous informer sur les conséquences de la cession d’Actions en vertu des lois des juridictions dans lesquelles vous pourriez être assujetti à l’impôt. | fr | es |
DOLFIN7333 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 3 years |
| --- | --- |
| Total costs EUR | 560 EUR | 930 EUR |
| Annual cost impact (*) | 5.6% | 3.1% per year | | | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| --- | --- |
| Coûts totaux EUR | 560 EUR | 930 EUR |
| Incidence des coûts annuels (*) | 5,6 % | 3,1 % par an | | | If you exit after 1 year | If you exit after 3 years |
| --- | --- |
| Total costs EUR | 560 EUR | 930 EUR |
| Annual cost impact (*) | 5.6% | 3.1% per year | | en | fr |
DOLFIN7334 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# MEETINGS AND REPORTS
The Annual General Meeting is held at the registered office of the Company on 31 March of each year or, if such day is not a Luxembourg Business Day, on the Luxembourg Business Day immediately preceding the 31st day of March. Notices of general meetings and other notices (which shall include the place and time of the meetings, conditions of admission, agenda, quorum and voting requirements) are given in accordance with Luxembourg law. The requirements for attendance, quorum and majorities at all general meetings will be those specified in the Articles. The Board of Directors may decide in accordance with the Articles and applicable laws and regulations, to hold the Annual General Meeting at another date, time or place than as set forth above, which shall be communicated to the Shareholders by notice.
The audited annual reports and unaudited semi-annual reports will be available on the following Franklin Templeton Internet site, http://www.franklintempleton.lu, or may be obtained on request at the registered office of the Company and the Management Company; they are only distributed to registered Shareholders in those countries where local regulation so requires. The complete audited annual reports and unaudited semi-annual reports are available at the registered office of the Company and the Management Company. The accounting year of the Company ends on 31 October of each year. | # Assemblées et rapports
L’assemblée générale annuelle se tient au siège social de la Société le 31 mars de chaque année ou, si ce jour n’est pas un jour ouvré au Luxembourg, le jour ouvré au Luxembourg précédant immédiatement le 31 mars. Les convocations aux assemblées générales et autres convocations (qui doivent préciser les lieu, date et heure des assemblées, les conditions d’admission, l’ordre du jour et les modalités de vote) s’effectuent conformément à la législation luxembourgeoise. Les conditions de présence, de quorum et de majorité applicables à toutes les assemblées générales sont celles spécifiées dans les Statuts. Le Conseil d’Administration peut décider, conformément aux Statuts ainsi qu’aux lois et réglementations applicables, de tenir l’Assemblée Générale Annuelle à d’autres date et heure ou en un autre lieu que ceux susmentionnés, auquel cas les Actionnaires en seront informés par voie d’avis.
Les rapports annuels audités et les rapports semestriels non audités sont disponibles sur le site internet de Franklin Templeton, http://www.franklintempleton.lu, ou peuvent être obtenus sur demande au siège social de la Société et de la société de gestion ; ils ne sont distribués aux actionnaires nominatifs que dans les pays où la réglementation locale l’exige. La version intégrale des rapports annuels audités et des rapports semestriels non audités est mise à disposition au siège social de la Société ou de la Société de Gestion. L’exercice comptable de la Société se termine le 31 octobre de chaque année. | # MEETINGS AND REPORTS
The Annual General Meeting is held at the registered office of the Company on 31 March of each year or, if such day is not a Luxembourg Business Day, on the Luxembourg Business Day immediately preceding the 31st day of March. Notices of general meetings and other notices (which shall include the place and time of the meetings, conditions of admission, agenda, quorum and voting requirements) are given in accordance with Luxembourg law. The requirements for attendance, quorum and majorities at all general meetings will be those specified in the Articles. The Board of Directors may decide in accordance with the Articles and applicable laws and regulations, to hold the Annual General Meeting at another date, time or place than as set forth above, which shall be communicated to the Shareholders by notice.
The audited annual reports and unaudited semi-annual reports will be available on the following Franklin Templeton Internet site, http://www.franklintempleton.lu, or may be obtained on request at the registered office of the Company and the Management Company; they are only distributed to registered Shareholders in those countries where local regulation so requires. The complete audited annual reports and unaudited semi-annual reports are available at the registered office of the Company and the Management Company. The accounting year of the Company ends on 31 October of each year. | en | fr |
DOLFIN7335 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Hedging Instrument | Valuation multiplier (%) |
| --- | --- |
| Cash (in the reference currency of the UCITS) | 95 |
| Cash (not in the reference currency of the UCITS) | 85 |
| Government bonds (bonds that have been issued or expressly guaran- teed by the following countries (for example contain no implicitly guar- anteed liabilities): Austria, Belgium, Denmark, France, Germany, the Netherlands, Sweden, the United Kingdom and the USA as long as these countries have a minimum rating of AA-/Aa3 and bonds of this kind can be valued on a daily basis at market prices (mark to market). |
| Term ≤ 1 year | 90 |
| Term > 1 year and remaining term ≤ 5 years | 85 |
| Term > 5 years and remaining term ≤ 10 years | 80 |
| Corporate bonds (bonds that have been issued or expressly guaran- teed by a company (with the exception of financial institutions) and (i) have a minimum rating of AA-/Aa3, (ii) are furnished with a remaining term of a maximum of 10 years and (iii) are denominated in USD, EUR or GBP) |
| Term ≤ 1 year | 90 |
| Term > 1 year and remaining term ≤ 5 years | 85 |
| Term > 5 years and remaining term ≤ 10 years | 80 | | | Sicherungsinstrument | Bewertungs- multiplikator (%) |
| --- | --- |
| Bargeld (in Referenzwährung des OGAW) | 95 |
| Bargeld (nicht in Referenzwährung des OGAW) | 85 |
| Staatsanleihen (Schuldverschreibungen, die von den folgenden Ländern begeben oder ausdrücklich garantiert wurden (beinhaltet beispielsweise keine implizit garantierten Verbindlichkeiten): Österreich, Belgien, Dänemark, Frankreich, Deutschland, die Niederlande, Schweden, das Vereinigte Königreich und die USA, sofern diese Länder jeweils ein Mindest-Rating von AA-/Aa3 aufweisen und solche Schuldverschreibungen täglich zu Marktpreisen bewertet werden können (mark to market).) |
| Laufzeit ≤ 1 Jahr | 90 |
| Laufzeit > 1 Jahr und Restlaufzeit ≤ 5 Jahre | 85 |
| Laufzeit > 5 Jahre und Restlaufzeit ≤ 10 Jahre | 80 |
| Unternehmenstitel (Schuldverschreibungen, die von einem Unternehmen (mit Ausnahme von Finanzinstituten) begeben oder ausdrücklich garantiert wurden und (i) über ein Mindestrating von AA- /Aa3 verfügen, (ii) mit einer Restlaufzeit von maximal 10 Jahren ausgestattet sind und (iii) auf USD, EUR oder GBP lauten) |
| Laufzeit ≤ 1 Jahr | 90 |
| Laufzeit > 1 Jahr und Restlaufzeit ≤ 5 Jahre | 85 |
| Laufzeit > 5 Jahre und Restlaufzeit ≤ 10 Jahre | 80 | | | Hedging Instrument | Valuation multiplier (%) |
| --- | --- |
| Cash (in the reference currency of the UCITS) | 95 |
| Cash (not in the reference currency of the UCITS) | 85 |
| Government bonds (bonds that have been issued or expressly guaran- teed by the following countries (for example contain no implicitly guar- anteed liabilities): Austria, Belgium, Denmark, France, Germany, the Netherlands, Sweden, the United Kingdom and the USA as long as these countries have a minimum rating of AA-/Aa3 and bonds of this kind can be valued on a daily basis at market prices (mark to market). |
| Term ≤ 1 year | 90 |
| Term > 1 year and remaining term ≤ 5 years | 85 |
| Term > 5 years and remaining term ≤ 10 years | 80 |
| Corporate bonds (bonds that have been issued or expressly guaran- teed by a company (with the exception of financial institutions) and (i) have a minimum rating of AA-/Aa3, (ii) are furnished with a remaining term of a maximum of 10 years and (iii) are denominated in USD, EUR or GBP) |
| Term ≤ 1 year | 90 |
| Term > 1 year and remaining term ≤ 5 years | 85 |
| Term > 5 years and remaining term ≤ 10 years | 80 | | en | de |
DOLFIN7336 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le niveau de risque de ce fonds reflète le risque du marché boursier international sur lequel il est investi et son mode de gestion.
Les données historiques pourraient ne pas constituer une information fiable.
La catégorie de risque associée n’est pas garantie et pourra évoluer dans le temps. La catégorie la plus faible ne signifie pas « sans risque ».
Le capital initialement investi ne bénéficie d’aucune garantie.
Les risques importants pour le Compartiment non pris en compte dans l’indicateur sont:
Risque de crédit : il représente le risque de dégradation soudaine de la qualité de signature d’un émetteur ou celui de sa défaillance.
Risque de liquidité : lorsque les volumes d’échange sur les marchés financiers sont faibles, toute opération d'achat ou de vente sur ces marchés peut entraîner d’importantes variations/fluctuations de marché, susceptibles d’entraver la valorisation de votre portefeuille.
Risque de contrepartie : il représente le risque de défaillance d’un intervenant de marché l’empêchant d’honorer ses engagements vis-à-vis de votre portefeuille.
Risque opérationnel : désigne le risque de défaillance ou d’erreur des différents prestataires impliqués dans la gestion et la valorisation de votre portefeuille.
Risques liés aux Marchés émergents : Certains des pays dans lesquels nous investissons peuvent présenter des risques politiques, juridiques, économiques et de liquidité plus élevés que les investissements dans des pays plus développés.
La survenance de l’un de ces risques peut avoir un impact négatif sur la valeur liquidative de votre portefeuille.
Frais
Les frais que vous payez servent à couvrir les coûts d’exploitation du Compartiment, y compris les coûts de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de votre investissement. | El nivel de riesgo de este Fondo refleja el riesgo de los mercados internacionales de renta variable en los que invierte y su modo de gestión.
Los datos históricos no tienen por qué ser una indicación fiable de los resultados futuros. La categoría de riesgo indicada no está garantizada y podrá evolucionar con el tiempo. La categoría más baja no significa que la inversión esté libre de riesgo.
Su inversión inicial no se beneficia de ninguna garantía o protección.
Riesgos importantes que son relevantes para el Compartimento y que no recoge de forma adecuada el indicador:
Riesgo de crédito: representa el riesgo de degradación repentina de la capacidad de endeudamiento de un emisor o el de su incumplimiento.
Riesgo de liquidez: en caso de un bajo volumen de negociación en los mercados financieros, cualquier operación de compra o venta en estos mercados podría provocar fuertes variaciones/fluctuaciones de mercado que podrían afectar a la valoración de su cartera.
Riesgo de contraparte: representa el riesgo de incumplimiento de un participante del mercado que le impida cumplir sus compromisos con respecto a su cartera.
Riesgo operativo: es el riesgo de incumplimiento o error de los distintos proveedores de servicios relacionados con la gestión y valoración de su cartera.
Riesgo de Mercados emergentes: algunos de los países en los que se invierte pueden implicar mayores riesgos políticos, legales, económicos y de liquidez que las inversiones en países más desarrollados.
La ocurrencia de cualquiera de estos riesgos podría afectar al valor liquidativo de su cartera.
Gastos
Los gastos que asumirá sirven para cubrir los costes de gestión del Compartimento, incluidos los costes de su comercialización y distribución. Estos gastos reducen el posible crecimiento de su inversión. | Le niveau de risque de ce fonds reflète le risque du marché boursier international sur lequel il est investi et son mode de gestion.
Les données historiques pourraient ne pas constituer une information fiable.
La catégorie de risque associée n’est pas garantie et pourra évoluer dans le temps. La catégorie la plus faible ne signifie pas « sans risque ».
Le capital initialement investi ne bénéficie d’aucune garantie.
Les risques importants pour le Compartiment non pris en compte dans l’indicateur sont:
Risque de crédit : il représente le risque de dégradation soudaine de la qualité de signature d’un émetteur ou celui de sa défaillance.
Risque de liquidité : lorsque les volumes d’échange sur les marchés financiers sont faibles, toute opération d'achat ou de vente sur ces marchés peut entraîner d’importantes variations/fluctuations de marché, susceptibles d’entraver la valorisation de votre portefeuille.
Risque de contrepartie : il représente le risque de défaillance d’un intervenant de marché l’empêchant d’honorer ses engagements vis-à-vis de votre portefeuille.
Risque opérationnel : désigne le risque de défaillance ou d’erreur des différents prestataires impliqués dans la gestion et la valorisation de votre portefeuille.
Risques liés aux Marchés émergents : Certains des pays dans lesquels nous investissons peuvent présenter des risques politiques, juridiques, économiques et de liquidité plus élevés que les investissements dans des pays plus développés.
La survenance de l’un de ces risques peut avoir un impact négatif sur la valeur liquidative de votre portefeuille.
Frais
Les frais que vous payez servent à couvrir les coûts d’exploitation du Compartiment, y compris les coûts de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de votre investissement. | fr | es |
DOLFIN7337 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| FRAIS DE DROITS DROITS GESTION RÉELS FRAIS PAYS CLASSE INVESTISSEURS DEVISE DISTRIBUTION ISIN D'ENTRÉE DE SORTIE (maximum) (maximum) jusqu’au à partir du COURANTS* D’ENREGISTREMENT** 30/09/2020 01/10/2020 |
| --- |
| M | Les investisseurs devront soit avoir signé un contrat spécifique de conseil en investissement avec une entité du groupe Crédit Agri- cole et payant des frais rela- tifs à ce contrat spécifique de conseil en investisse- ment ou être spécialement agréé par le Conseil d’Ad- ministration de la Société. | USD | Capitalisation | LU1073922624 | 1,00% | 1,00% | 0,70% | 0,20% | 1,53% | LU,ES,CH,SG,IT |
| MX | USD | Distribution | LU1073922897 | 1,00% | 1,00% | 0,70% | 0,20% | 1,53% | LU,CH,IT,SG |
| P | Tout investisseur | USD | Capitalisation | LU1073922970 | 2,00% | 1,00% | 1,10% | 0,60% | 1,93% | LU,ES,CH,SG,IT |
| PX | Tout investisseur | USD | Distribution | LU1073923192 | 2,00% | 1,00% | 1,10% | 0,60% | 1,93% | LU,CH,SG,IT | | | GASTOS GASTOS GASTOS DE GESTIÓN CLASE INVERSORES MONEDA DISTRIBUCIÓN ISIN DE DE SALIDA REALES GASTOS PAÍS DE REGISTRO** ENTRADA (máximo) hasta el a partir del CORRIENTES* (máximo) 30/09/2020 01/10/2020 |
| --- |
| M | Los inversores deberán haber firmado un contrato específico de asesorami- ento de inversión con una entidad del grupo Crédit Agricole y haber abonado los gastos relativos a este contrato específico de as- esoramiento de inversión o tener una autorización especial del Consejo de administración de la Sociedad. | USD | Capitalización | LU1073922624 | 1,00% | 1,00% | 0,70% | 0,20% | 1,53% | LU,ES,CH,SG,IT |
| MX | USD | Distribución | LU1073922897 | 1,00% | 1,00% | 0,70% | 0,20% | 1,53% | LU,CH,IT,SG |
| P | Cualquier inversor | USD | Capitalización | LU1073922970 | 2,00% | 1,00% | 1,10% | 0,60% | 1,93% | LU,ES,CH,SG,IT |
| PX | Cualquier inversor | USD | Distribución | LU1073923192 | 2,00% | 1,00% | 1,10% | 0,60% | 1,93% | LU,CH,SG,IT | | | FRAIS DE DROITS DROITS GESTION RÉELS FRAIS PAYS CLASSE INVESTISSEURS DEVISE DISTRIBUTION ISIN D'ENTRÉE DE SORTIE (maximum) (maximum) jusqu’au à partir du COURANTS* D’ENREGISTREMENT** 30/09/2020 01/10/2020 |
| --- |
| M | Les investisseurs devront soit avoir signé un contrat spécifique de conseil en investissement avec une entité du groupe Crédit Agri- cole et payant des frais rela- tifs à ce contrat spécifique de conseil en investisse- ment ou être spécialement agréé par le Conseil d’Ad- ministration de la Société. | USD | Capitalisation | LU1073922624 | 1,00% | 1,00% | 0,70% | 0,20% | 1,53% | LU,ES,CH,SG,IT |
| MX | USD | Distribution | LU1073922897 | 1,00% | 1,00% | 0,70% | 0,20% | 1,53% | LU,CH,IT,SG |
| P | Tout investisseur | USD | Capitalisation | LU1073922970 | 2,00% | 1,00% | 1,10% | 0,60% | 1,93% | LU,ES,CH,SG,IT |
| PX | Tout investisseur | USD | Distribution | LU1073923192 | 2,00% | 1,00% | 1,10% | 0,60% | 1,93% | LU,CH,SG,IT | | fr | es |
DOLFIN7338 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of the Sub- Fund’s portfolio and the impact of the integration of ESG Factors in the Investment Manager’s investment decision process.
C-3.4
Applicable to the following Sub-Fund:
- World Gold ExpertiseThis disclosure is made for the purposes of Article 6 of SFDR. | Wahrscheinliche Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen des Teilfonds
Die wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken sind schwer zu quantifizieren. Der Fondsmanager ist der Ansicht, dass die Umwelt-, Sozial- und Unternehmensführungspraktiken eines Unternehmens eng mit seinem langfristigen Erfolg verbunden sind und dass Unternehmen mit ESG-gerechten Geschäftspraktiken und -abläufen eher erfolgreich sind und langfristigen Wert schaffen. Es kann jedoch keine Garantie hinsichtlich der Wertentwicklung des Portefeuilles des Teilfonds und der Auswirkungen der Integration von ESG-Faktoren in den Anlageentscheidungsprozess des Fondsmanagers gegeben werden.
C-3.4
Anwendbar auf den folgenden Teilfonds:
- World Gold ExpertiseDiese Offenlegung erfolgt zu den Zwecken von Artikel 6 der SFDR. | Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of the Sub- Fund’s portfolio and the impact of the integration of ESG Factors in the Investment Manager’s investment decision process.
C-3.4
Applicable to the following Sub-Fund:
- World Gold ExpertiseThis disclosure is made for the purposes of Article 6 of SFDR. | en | de |
DOLFIN7339 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
Dépositaire State Street Custodial Services (Ireland) Limited.
Autres Informations Des exemplaires du prospectus, ses suppléments, des détails du portefeuille du Fonds et des derniers rapports annuels et semestriels préparés pour SSGA SPDR ETFs Europe I plc peuvent être obtenus, sans frais, auprès de l'Agent administratif ou en ligne sur le site www.ssga.com. Ces documents sont disponibles en anglais.
Politique de rémunération Les détails de la politique de rémunération actualisée de SSGA SPDR ETFs Europe I plc sont disponibles sur www.ssga.com. Les exemplaires papier sont gracieusement mis à disposition sur demande.
Publication de la Valeur liquidative La valeur liquidative et la valeur liquidative indicative par action sont disponibles sur www.ssga.com et auprès du siège social de la société. La valeur liquidative indicative est en outre disponible sur les postes d'informations financières Bloomberg, Telekurs et Reuters.
Fiscalité Le Fonds est soumis à la législation et à la réglementation fiscales de l’Irlande. Selon votre pays de résidence, ces dernières peuvent avoir un effet sur la valeur de vos placements. Pour obtenir de plus amples informations, il vous est recommandé de consulter un conseiller fiscal.
Déclaration de responsabilité La responsabilité de State Street Global Advisors Europe Limited peut être engagée sur la base des déclarations contenues dans le présent document qui se révéleraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du Prospectus.
Conversion entre compartiments Les actionnaires n'ont pas de droit spécifique de convertir les actions du Fonds en actions d'un autre Fonds de SSGA SPDR ETFs Europe I plc. La conversion peut être uniquement effectuée par un investisseur qui vend / rachète des parts du Fonds et qui achète / souscrit des actions d'un autre Fonds de SSGA SPDR ETFs Europe I plc. La section « Information sur les achats et les ventes - Conversions » du prospectus contient des informations détaillées sur les modalités applicables aux échanges entre Fonds.
Séparation des Actifs et des Passifs SSGA SPDR ETFs Europe I plc a séparé le passif de chacun de ses compartiments. En conséquence, l'actif du Fonds ne devrait pas être disponible pour payer les dettes de tout autre compartiment de SSGA SPDR ETFs Europe I plc.
Ce Fonds est agréé en Irlande et réglementé par la Banque centrale d’Irlande. State Street Global Advisors Europe Limited est une Société agréée par la Banque centrale d’Irlande, sous le n° 49934. Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 31 janvier 2022. | # Información práctica
Depositario State Street Custodial Services (Ireland) Limited.
Información adicional Es posible obtener de forma gratuita ejemplares del folleto y de sus suplementos, información detallada de la cartera del Fondo y los últimos informes anual y semestral correspondientes a SSGA SPDR ETFs Europe I plc solicitándolos al Agente administrativo o en Internet, en www.ssga.com. Estos documentos están disponibles en inglés.
Política retributiva Los datos detallados de la política de remuneración actualizada de SSGA SPDR ETFs Europe I plc se encuentran disponibles en www.ssga.com. También pueden solicitarse ejemplares en papel gratuitos.
Publicación del valor de inventario neto El valor liquidativo y el valor liquidativo indicativo por acción pueden consultarse en www.ssga.com y en el domicilio social de la sociedad. El valor liquidativo indicativo está disponible también a través de terminales de Bloomberg, Telekurs y Reuters.
Legislación tributaria El Fondo está sujeto a la legislación y normativas tributarias de Irlanda. Dependiendo de cuál sea el país de residencia del potencial inversor, esto podría afectar sus inversiones. Para más información, consulte a su asesor fiscal.
Declaración de responsabilidad State Street Global Advisors Europe Limited podrá incurrir en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto.
Canje entre subfondos Los accionistas no tienen ningún derecho específico de convertir acciones del Fondo en acciones de otro subfondo de SSGA SPDR ETFs Europe I plc. El inversor únicamente podrá realizar conversiones vendiendo/reembolsando las acciones del Fondo que posea para luego adquirir/suscribir acciones de otro subfondo de SSGA SPDR ETFs Europe I plc. En el apartado «Purchase and Sale Information - Conversions» del folleto se ofrece información detallada sobre los pasos a seguir para realizar conversiones entre subfondos.
Separación del Activo y el Pasivo SSGA SPDR ETFs Europe I plc tiene responsabilidad separada entre sus compartimentos. Por consiguiente, los activos del Fondo no estarán disponibles para pagar las deudas de ningún otro compartimento de SSGA SPDR ETFs Europe I plc.
Este Fondo está autorizado en Irlanda y está regulado por Banco Central de Irlanda. State Street Global Advisors Europe Limited es una Sociedad aprobada por la Banco Central de Irlanda, con el n.º 49934. Los presentes datos fundamentales para el inversor son exactos a 31 de enero de 2022. | # Informations pratiques
Dépositaire State Street Custodial Services (Ireland) Limited.
Autres Informations Des exemplaires du prospectus, ses suppléments, des détails du portefeuille du Fonds et des derniers rapports annuels et semestriels préparés pour SSGA SPDR ETFs Europe I plc peuvent être obtenus, sans frais, auprès de l'Agent administratif ou en ligne sur le site www.ssga.com. Ces documents sont disponibles en anglais.
Politique de rémunération Les détails de la politique de rémunération actualisée de SSGA SPDR ETFs Europe I plc sont disponibles sur www.ssga.com. Les exemplaires papier sont gracieusement mis à disposition sur demande.
Publication de la Valeur liquidative La valeur liquidative et la valeur liquidative indicative par action sont disponibles sur www.ssga.com et auprès du siège social de la société. La valeur liquidative indicative est en outre disponible sur les postes d'informations financières Bloomberg, Telekurs et Reuters.
Fiscalité Le Fonds est soumis à la législation et à la réglementation fiscales de l’Irlande. Selon votre pays de résidence, ces dernières peuvent avoir un effet sur la valeur de vos placements. Pour obtenir de plus amples informations, il vous est recommandé de consulter un conseiller fiscal.
Déclaration de responsabilité La responsabilité de State Street Global Advisors Europe Limited peut être engagée sur la base des déclarations contenues dans le présent document qui se révéleraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du Prospectus.
Conversion entre compartiments Les actionnaires n'ont pas de droit spécifique de convertir les actions du Fonds en actions d'un autre Fonds de SSGA SPDR ETFs Europe I plc. La conversion peut être uniquement effectuée par un investisseur qui vend / rachète des parts du Fonds et qui achète / souscrit des actions d'un autre Fonds de SSGA SPDR ETFs Europe I plc. La section « Information sur les achats et les ventes - Conversions » du prospectus contient des informations détaillées sur les modalités applicables aux échanges entre Fonds.
Séparation des Actifs et des Passifs SSGA SPDR ETFs Europe I plc a séparé le passif de chacun de ses compartiments. En conséquence, l'actif du Fonds ne devrait pas être disponible pour payer les dettes de tout autre compartiment de SSGA SPDR ETFs Europe I plc.
Ce Fonds est agréé en Irlande et réglementé par la Banque centrale d’Irlande. State Street Global Advisors Europe Limited est une Société agréée par la Banque centrale d’Irlande, sous le n° 49934. Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 31 janvier 2022. | fr | es |
DOLFIN7340 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Monitoring of environmental or social characteristics
To monitor adherence to the sustainable investment policy of the Fund, we run on a monthly basis an ESG Risk Tool that contains the key areas of ESG risk and company controversies. We also monitor involvement of investee companies in controversies that might signal a breach of UN Global Compact principles. We produce a report on a quarterly basis that details the controversy, our assessment of the controversy and whether it constitutes a breach, and any engagement carried out as a result.
To ensure companies held in the sustainable strategies continue to meet our criteria, we conduct ongoing monitoring of all held companies. Each quarter we review whether companies continue to meet the criteria, any involvement in recent controversies that might indicate systematic or poor ESG practices and any merger and acquisition activity that might change our ratings.
Furthermore, companies held are monitored quarterly for new or ongoing UN Global Compact breaches. Breaches are assessed on a case-by-case basis, and any company found to be in breach will be engaged with as appropriate. Adjustments to the approval status of a security will be made as necessary. | # Überwachung von ökologischen oder sozialen Eigenschaften
Um die Einhaltung der nachhaltigen Anlagepolitik des Fonds zu überwachen, führen wir monatlich ein ESG-Risiko-Tool durch, das die Schlüsselbereiche des ESG-Risikos und Unternehmenskontroversen enthält. Wir überwachen auch die Beteiligung von Beteiligungsunternehmen an Kontroversen, die einen Verstoß gegen die UN Global Compact-Prinzipien signalisieren könnten.
Wir erstellen vierteljährlich einen Bericht, in dem die Kontroversen, unsere Bewertung der Kontroversen und die Frage, ob sie einen Verstoß darstellen, sowie alle infolgedessen durchgeführten Engagements detailliert beschrieben werden.
Um sicherzustellen, dass Unternehmen, die an den nachhaltigen Strategien beteiligt sind, unsere Kriterien weiterhin erfüllen, überwachen wir alle gehaltenen Unternehmen kontinuierlich. Jedes Quartal prüfen wir, ob Unternehmen die Kriterien weiterhin erfüllen, ob sie an aktuellen Kontroversen beteiligt sind, die auf systematische oder schlechte ESG-Praktiken hinweisen könnten, sowie an Fusions- und Übernahmeaktivitäten, die unsere Ratings verändern könnten. Darüber hinaus werden Unternehmen vierteljährlich auf neue oder laufende Verstöße gegen den UN Global Compact überwacht. Verstöße werden von Fall zu Fall bewertet und jedes Unternehmen, bei dem ein Verstoß festgestellt wird, wird entsprechend behandelt. Anpassungen des Genehmigungsstatus eines Wertpapiers werden nach Bedarf vorgenommen. | # Monitoring of environmental or social characteristics
To monitor adherence to the sustainable investment policy of the Fund, we run on a monthly basis an ESG Risk Tool that contains the key areas of ESG risk and company controversies. We also monitor involvement of investee companies in controversies that might signal a breach of UN Global Compact principles. We produce a report on a quarterly basis that details the controversy, our assessment of the controversy and whether it constitutes a breach, and any engagement carried out as a result.
To ensure companies held in the sustainable strategies continue to meet our criteria, we conduct ongoing monitoring of all held companies. Each quarter we review whether companies continue to meet the criteria, any involvement in recent controversies that might indicate systematic or poor ESG practices and any merger and acquisition activity that might change our ratings.
Furthermore, companies held are monitored quarterly for new or ongoing UN Global Compact breaches. Breaches are assessed on a case-by-case basis, and any company found to be in breach will be engaged with as appropriate. Adjustments to the approval status of a security will be made as necessary. | en | de |
DOLFIN7341 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
During the financial year ending December 31, 2020 the Management Company employed 59.2 staff (FTE) for a total consideration of 5 765 100 EUR (including 718 100 EUR of variable remuneration).
The total remuneration of the Staff (19 FTE) involved in the UCITS activities represents 2 501 954 EUR (including 483 000 EUR of variable remuneration). The total consideration to be allocated to the risk takers (5.9 FTE) amounts 1 400 956 EUR, of which 379 000 EUR represent the variable part of the remuneration.
Further information about the remuneration policy is available on demand at the registered office of the Management Company.
-
### General disposition | In dem am 31. Dezember 2020 beendeten Geschäftsjahr beschäftigte die Verwaltungsgesellschaft 59.2 Mitarbeiter (Vollzeitbeschäftigte) für einen Gesamtbetrag von 5 765 100 EUR (einschließlich 718 100 EUR an variabler Vergütung).
Die Gesamtvergütung für an OGAW-Aktivitäten beteiligte Mitarbeiter (19 Vollzeitbeschäftigte) beläuft sich auf 2 501 954 EUR (einschließlich variabler Vergütung in Höhe von 483 000 EUR). Das Gesamtentgelt für Risikoträger (5.9 Vollzeitbeschäftigte) beläuft sich auf 1 400 956 EUR, von denen 379 000 EUR auf den variablen Teil der Vergütung entfallen.
Weitere Informationen zur Vergütungsrichtlinie sind auf Anfrage am eingetragenen Geschäftssitz der Verwaltungsgesellschaft erhältlich.
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### Allgemeine Bestimmung | During the financial year ending December 31, 2020 the Management Company employed 59.2 staff (FTE) for a total consideration of 5 765 100 EUR (including 718 100 EUR of variable remuneration).
The total remuneration of the Staff (19 FTE) involved in the UCITS activities represents 2 501 954 EUR (including 483 000 EUR of variable remuneration). The total consideration to be allocated to the risk takers (5.9 FTE) amounts 1 400 956 EUR, of which 379 000 EUR represent the variable part of the remuneration.
Further information about the remuneration policy is available on demand at the registered office of the Management Company.
-
### General disposition | en | de |
DOLFIN7342 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### Aggregate Transaction Data:
As at 30 June 2021 there was no collateral positions (including cash) pledged/(received) across all total return swaps. The maturity tenor of total return swaps positions as at 30 June 2021 was 3 months to 1 year.
INTERIM REPORT 2021 1083
FINANCIAL STATEMENTS SECURITIES FINANCING TRANSACTION REGULATION | #### Dati aggregati sulle transazioni:
Al 30 giugno 2021 non vi erano posizioni di garanzia (contante compreso) date in pegno/(ricevute) in tutti i total return swap. La scadenza di tutte le posizioni in total return swap al 30 giugno 2021 era compresa fra 3 mesi e 1 anno.
RELAZIONE SEMESTRALE 2021 1083
BILANCIO REGOLAMENTO SULLE OPERAZIONI DI FINANZIAMENTO TRAMITE TITOLI (SECURITIES FINANCING TRANSACTION REGULATION) | ##### Aggregate Transaction Data:
As at 30 June 2021 there was no collateral positions (including cash) pledged/(received) across all total return swaps. The maturity tenor of total return swaps positions as at 30 June 2021 was 3 months to 1 year.
INTERIM REPORT 2021 1083
FINANCIAL STATEMENTS SECURITIES FINANCING TRANSACTION REGULATION | en | it |
DOLFIN7343 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 4 ans Exemple d'investissement: 10,000 USD Si vous sortez Si vous sortez après 1 an après 4 ans Scénarios |
| --- |
| Minimum | Il n'existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 4,350 USD | 5,000 USD |
| Rendement annuel moyen | -56.50% | -15.91% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7,400 USD | 7,080 USD |
| Rendement annuel moyen | -26.00% | -8.27% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9,640 USD | 10,450 USD |
| Rendement annuel moyen | -3.60% | 1.11% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11,210 USD | 12,510 USD |
| Rendement annuel moyen | 12.10% | 5.76% | | | Periodo de mantenimiento recomendado: 4 años Ejemplo de inversión: 10,000 USD En caso de salida En caso de salida después de 1 año después de 4 años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 4,350 USD | 5,000 USD |
| Rendimiento medio cada año | -56.50% | -15.91% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7,400 USD | 7,080 USD |
| Rendimiento medio cada año | -26.00% | -8.27% |
| Moderado | Lo que podría recibir tras deducir los costes | 9,640 USD | 10,450 USD |
| Rendimiento medio cada año | -3.60% | 1.11% |
| Favorable | Lo que podría recibir tras deducir los costes | 11,210 USD | 12,510 USD |
| Rendimiento medio cada año | 12.10% | 5.76% | | | Période de détention recommandée: 4 ans Exemple d'investissement: 10,000 USD Si vous sortez Si vous sortez après 1 an après 4 ans Scénarios |
| --- |
| Minimum | Il n'existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 4,350 USD | 5,000 USD |
| Rendement annuel moyen | -56.50% | -15.91% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7,400 USD | 7,080 USD |
| Rendement annuel moyen | -26.00% | -8.27% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9,640 USD | 10,450 USD |
| Rendement annuel moyen | -3.60% | 1.11% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11,210 USD | 12,510 USD |
| Rendement annuel moyen | 12.10% | 5.76% | | fr | es |
DOLFIN7344 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
We have classified this product as 2 out of 7, which is a low risk class. This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact our capacity to pay you.
Additional risks: Market liquidity risk could amplify the variation of product performances.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Beside the risks included in the risk indicator, other risks may affect the Sub-Fund’s performance. Please refer to the Amundi Funds prospectus.
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 movement in the markets or because we are not able to pay you. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que 2 significa un riesgo bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como baja y la probabilidad de que una mala coyuntura de mercado influya en nuestra capacidad de pagarle como muy improbable.
Riesgos adicionales: El riesgo de liquidez del mercado podría amplificar la variación de la rentabilidad entre los productos.
Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión.
Además de los riesgos incluidos en el indicador de riesgo, otros riesgos pueden afectar a la rentabilidad del Subfondo. Consulte el folleto de Amundi Funds.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle. | # What are the risks and what could I get in return?
We have classified this product as 2 out of 7, which is a low risk class. This rates the potential losses from future performance at a low level, and poor market conditions are very unlikely to impact our capacity to pay you.
Additional risks: Market liquidity risk could amplify the variation of product performances.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Beside the risks included in the risk indicator, other risks may affect the Sub-Fund’s performance. Please refer to the Amundi Funds prospectus.
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 movement in the markets or because we are not able to pay you. | en | es |
DOLFIN7345 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | Securities lending | Securities borrowing | Repurchase agreements | Reverse repo agreements | TRS |
| --- | --- | --- | --- | --- | --- |
| Less than 1 day | | | | | |
| 1 day to 1 week | | | | 69,806,315.37 | |
| 1 week to 1 month | | | | 127,824,074.08 | |
| 1 to 3 months | | | | 16,555,120.00 | 30,000,000.00 |
| 3 months to 1 year | | | | | |
| More than 1 year | | | | | |
| Open | | | | | | | | | Prestiti attivi | Prestiti passivi | Repo | Reverse repo | TRS |
| --- | --- | --- | --- | --- | --- |
| Meno di 1 giorno | | | | | |
| Da 1 giorno a 1 settimana | | | | 69 806 315,37 | |
| Da 1 settimana a 1 mese | | | | 127 824 074,08 | |
| Da 1 a 3 mesi | | | | 16 555 120,00 | 30 000 000,00 |
| Da 3 mesi a 1 anno | | | | | |
| Più di 1 anno | | | | | |
| Aperte | | | | | | | | | Securities lending | Securities borrowing | Repurchase agreements | Reverse repo agreements | TRS |
| --- | --- | --- | --- | --- | --- |
| Less than 1 day | | | | | |
| 1 day to 1 week | | | | 69,806,315.37 | |
| 1 week to 1 month | | | | 127,824,074.08 | |
| 1 to 3 months | | | | 16,555,120.00 | 30,000,000.00 |
| 3 months to 1 year | | | | | |
| More than 1 year | | | | | |
| Open | | | | | | | en | it |
DOLFIN7346 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
Type: Shares of a Sub-Fund of MULTI UNITS FRANCE, a SICAV.
Term: The Sub-Fund has an unlimited duration. The Management Company may dissolve the Fund by means of liquidation or merger with another fund in accordance with legal requirements.
AMF Classification ("Autorité des Marchés Financiers"): Eurozone country equities
Objectives:
The Fund is a passively managed index-based UCITS. The Fund's management objective is to replicate, upwards and downwards, the performance of the FTSE Italia PIR PMI Net Tax Index (net dividends reinvested) (the "Benchmark"), which is denominated in euro (EUR) and is representative of the performance of small- and mid-cap stocks listed on Borsa Italiana, while minimising the tracking error between the Fund's performance and that of the Benchmark.
The expected tracking error (the "Tracking Error") under normal market conditions is indicated in the Fund's prospectus.
The shares of the Sub-Fund are included in the list of investments eligible for the "Piano Individuale di Risparmio a lungo termine" (PIR) regime, implemented before 31 December 2018 or from 1 January 2020, pursuant to the Italian Finance Law 2017 (Law No. 232 of 11 December 2016) as amended and supplemented (the "PIR Law").
The Sub-Fund must invest at least 70% of its assets in eligible financial instruments, regardless of whether they are traded on a regulated market or a multilateral trading facility, issued by or entered into with companies domiciled in Italy, or in a Member State of the European Union or of the EEA with a permanent establishment in Italy.
At least 25% of these eligible financial instruments, which corresponds to 17.5% of the total value of the Sub-Fund's assets, must be issued by companies not belonging to the FTSE MIB Index or any other equivalent index. At least 5% of these eligible financial instruments, which corresponds to 3.5% of the total value of the Sub-Fund's assets, shall be issued by companies which do not belong to the FTSE MIB Index and the FTSE Italia Mid Cap Index or any other equivalent index.
The Sub-Fund may not invest more than 10% of the total value of its assets in eligible financial instruments issued by or entered into with a single company, or companies belonging to the same group, or in cash deposits. The Sub-Fund will not be able to invest in companies domiciled in countries that do not have an adequate information exchange agreement with Italy.
In order for the Sub-Fund to be eligible for the PIR Law for one calendar year, these investment restrictions will be respected at least for two-thirds of each calendar year from 01/01/2020.
The FTSE website (www.ftserussell.com) contains more detailed information on the FTSE indices.
The Fund aims to achieve its objective through direct replication, namely by investing primarily in the components of the Benchmark.
In order to optimise Benchmark replication, the Fund may use a sampling technique as well as temporary sales of securities.
Intended retail investors: This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds, seeking to increase the value of their investment over the recommended holding period and who are prepared to take on a high level of risk to their original capital.
Redemption and transaction: Shares may be sold (redeemed) as stated in the prospectus at the respective dealing price (net asset value). Further details are provided in the MULTI UNITS FRANCE prospectus.
In accordance with the prospectus, net income and capital gains from sales may be capitalised or distributed at the discretion of the Management Company.
More information: Further information regarding the Sub-Fund, including the prospectus and financial reports, is available free of charge on request from: Amundi Asset Management - 91-93 boulevard Pasteur, 75015 Paris, France.
The net asset value of this Sub-Fund is available at www.amundi.fr.
Depositary: SOCIETE GENERALE. | # ¿Qué es este producto?
Tipo: Acciones de un Subfondo de MULTI UNITS FRANCE, una SICAV.
Duración: La duración del Subfondo es ilimitada. La sociedad de gestión podrá disolver el Fondo mediante su liquidación o fusión con otro Fondo de acuerdo con los requisitos legales.
Clasificación de la AMF (Autorité des Marchés Financiers): Renta variable de países de la zona euro
Objetivos:
El Fondo es un OICVM de gestión pasiva que replica un índice de referencia. El objetivo de gestión del Fondo es seguir la evolución, tanto al alza como a la baja, del índice FTSE Italia PIR PMI Net Tax (con reinversión de dividendos netos) (en lo sucesivo, el “Índice de referencia”), denominado en euros (EUR) y representativo de la rentabilidad de la renta variable de pequeña o mediana capitalización que cotiza en la Bolsa Italiana, minimizando al mismo tiempo la diferencia entre el rendimiento del Fondo y el del Índice de referencia (en lo sucesivo, el “Error de seguimiento”).
El nivel previsto de Error de seguimiento en condiciones de mercado normales se indica en el folleto del Fondo.
Las acciones del Subfondo están incluidas en la lista de las inversiones admitidas que pueden formar parte de un “Piano Individuale di Risparmio a lungo termine” (PIR), iniciado antes del 31 de diciembre de 2018 o a partir del 1 de enero de 2020, al amparo de la ley de Finanzas italiana de 2017 (Ley n.° 232 de 11 de diciembre de 2016) en su versión modificada y completada (en lo sucesivo, la “Ley PIR“”).
El Subfondo deberá invertir al menos el 70 % de sus activos en instrumentos financieros, negociados o no en un mercado regulado o un sistema multilateral de negociación, emitidos o suscritos con empresas domiciliadas en Italia, o en un Estado miembro de la Unión Europea o del EEE con un establecimiento permanente en Italia.
Al menos el 25 % de estos instrumentos financieros, lo que corresponde a un 17,5 % del valor total de los activos del Subfondo, deberán haber sido emitidos por empresas que no formen parte del índice FTSE MIB o cualquier otro índice equivalente. Al menos el 5 % de estos instrumentos financieros, lo que corresponde a un 3,5 % del valor total de los activos del Subfondo, deberán haber sido emitidos por empresas que no formen parte de los índices FTSE MIB, FTSE Italia Mid Cap o cualquier otro índice equivalente.
El Subfondo no podrá invertir más del 10 % del valor total de sus activos en instrumentos financieros emitidos o suscritos con una sola empresa, o con empresas que pertenezcan al mismo grupo, o en depósitos de efectivo.
El Subfondo no podrá invertir en empresas domiciliadas en países que no dispongan de un acuerdo de intercambio de información adecuado con Italia.
Para que el Subfondo cumpla con los requisitos de la Ley PIR durante un año natural, estas restricciones de inversión deberán respetarse al menos durante dos tercios de cada año natural a partir del 01/01/2020.
El sitio web de FTSE (www.ftserussell.com) contiene información más detallada sobre los índices FTSE.
El Fondo pretende alcanzar su objetivo por medio de una réplica directa invirtiendo principalmente en los componentes del Índice de referencia.
Para optimizar la réplica del Índice de referencia, el Fondo podría emplear una estrategia de réplica de muestreo, así como operaciones de cesiones temporales de títulos.
Inversores minoristas a los que va dirigido: Este producto está destinado a inversores con un conocimiento básico y poca o ninguna experiencia en inversiones en fondos, que busquen aumentar el valor de su inversión durante el período de mantenimiento recomendado y que estén dispuestos a asumir un nivel de riesgo alto respecto a su capital inicial.
Reembolso y transacción: Las acciones se pueden vender (reembolsar) según se indica en el folleto al precio de negociación correspondiente (valor liquidativo). Puede encontrar más información en el folleto de MULTI UNITS FRANCE.
Según lo dispuesto en el folleto, los ingresos netos y las plusvalías de las cesiones podrán capitalizarse o distribuirse a discreción de la sociedad de gestión.
Más información: Puede obtener más información sobre este Subfondo, incluidos el folleto y los informes financieros, de forma gratuita, previa solicitud a: Amundi Asset Management - 91-93 boulevard Pasteur, 75015 París, Francia.
El valor liquidativo del Subfondo está disponible en www.amundi.fr.
Depositario: SOCIÉTÉ GÉNÉRALE. | # What is this product?
Type: Shares of a Sub-Fund of MULTI UNITS FRANCE, a SICAV.
Term: The Sub-Fund has an unlimited duration. The Management Company may dissolve the Fund by means of liquidation or merger with another fund in accordance with legal requirements.
AMF Classification ("Autorité des Marchés Financiers"): Eurozone country equities
Objectives:
The Fund is a passively managed index-based UCITS. The Fund's management objective is to replicate, upwards and downwards, the performance of the FTSE Italia PIR PMI Net Tax Index (net dividends reinvested) (the "Benchmark"), which is denominated in euro (EUR) and is representative of the performance of small- and mid-cap stocks listed on Borsa Italiana, while minimising the tracking error between the Fund's performance and that of the Benchmark.
The expected tracking error (the "Tracking Error") under normal market conditions is indicated in the Fund's prospectus.
The shares of the Sub-Fund are included in the list of investments eligible for the "Piano Individuale di Risparmio a lungo termine" (PIR) regime, implemented before 31 December 2018 or from 1 January 2020, pursuant to the Italian Finance Law 2017 (Law No. 232 of 11 December 2016) as amended and supplemented (the "PIR Law").
The Sub-Fund must invest at least 70% of its assets in eligible financial instruments, regardless of whether they are traded on a regulated market or a multilateral trading facility, issued by or entered into with companies domiciled in Italy, or in a Member State of the European Union or of the EEA with a permanent establishment in Italy.
At least 25% of these eligible financial instruments, which corresponds to 17.5% of the total value of the Sub-Fund's assets, must be issued by companies not belonging to the FTSE MIB Index or any other equivalent index. At least 5% of these eligible financial instruments, which corresponds to 3.5% of the total value of the Sub-Fund's assets, shall be issued by companies which do not belong to the FTSE MIB Index and the FTSE Italia Mid Cap Index or any other equivalent index.
The Sub-Fund may not invest more than 10% of the total value of its assets in eligible financial instruments issued by or entered into with a single company, or companies belonging to the same group, or in cash deposits. The Sub-Fund will not be able to invest in companies domiciled in countries that do not have an adequate information exchange agreement with Italy.
In order for the Sub-Fund to be eligible for the PIR Law for one calendar year, these investment restrictions will be respected at least for two-thirds of each calendar year from 01/01/2020.
The FTSE website (www.ftserussell.com) contains more detailed information on the FTSE indices.
The Fund aims to achieve its objective through direct replication, namely by investing primarily in the components of the Benchmark.
In order to optimise Benchmark replication, the Fund may use a sampling technique as well as temporary sales of securities.
Intended retail investors: This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds, seeking to increase the value of their investment over the recommended holding period and who are prepared to take on a high level of risk to their original capital.
Redemption and transaction: Shares may be sold (redeemed) as stated in the prospectus at the respective dealing price (net asset value). Further details are provided in the MULTI UNITS FRANCE prospectus.
In accordance with the prospectus, net income and capital gains from sales may be capitalised or distributed at the discretion of the Management Company.
More information: Further information regarding the Sub-Fund, including the prospectus and financial reports, is available free of charge on request from: Amundi Asset Management - 91-93 boulevard Pasteur, 75015 Paris, France.
The net asset value of this Sub-Fund is available at www.amundi.fr.
Depositary: SOCIETE GENERALE. | en | es |
DOLFIN7347 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Past performance
% 50
40
30
20
10
0
-10
-20
2015
2016
2017
2018
2019
-30
You should be aware that past performance is not a guide to future performance.
Fund launch date: 15/04/2013. Share/unit class launch date: 04/04/2016. Performance is calculated in USD.
* MSCI Emerging Markets
| | 2015 | 2016 | 2017 | 2018 | 2019 |
| --- | --- | --- | --- | --- | --- |
| Fund | | | 48.0 | -24.7 | 23.1 |
| Index* | | | 37.3 | -14.6 | 18.4 | | # Performances passées
% 50
40
30
20
10
0
-10
-20
2015
2016
2017
2018
2019
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Vous devriez être conscients que les performances passées ne représentent pas une indication fiable pour les performances futures. Date de lancement des Fonds : 15/04/2013.
Date de lancement de la catégorie d'actions/de parts : 04/04/2016. Les performances sont calculées en USD.
* MSCI Emerging Markets
| | 2015 | 2016 | 2017 | 2018 | 2019 |
| --- | --- | --- | --- | --- | --- |
| Fonds | | | 48,0 | -24,7 | 23,1 |
| Index* | | | 37,3 | -14,6 | 18,4 | | # Past performance
% 50
40
30
20
10
0
-10
-20
2015
2016
2017
2018
2019
-30
You should be aware that past performance is not a guide to future performance.
Fund launch date: 15/04/2013. Share/unit class launch date: 04/04/2016. Performance is calculated in USD.
* MSCI Emerging Markets
| | 2015 | 2016 | 2017 | 2018 | 2019 |
| --- | --- | --- | --- | --- | --- |
| Fund | | | 48.0 | -24.7 | 23.1 |
| Index* | | | 37.3 | -14.6 | 18.4 | | en | fr |
DOLFIN7348 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Expectation of fund manager
Economic growth momentum is fading quickly, and financial conditions continue to tighten. As we travel this road to normalization of growth, liquidity and valuations we expect more volatility, but we also feel that investors are already discounting a profit recession in many segments of the market. Digital payments are accelerating; the move from cash to plastic through credit and debit cards is already being overhauled by a shift towards digital and mobile wallets. Removing friction for the end consumer is core to embedded finance. In essence, it is about offering financial services hidden in commercial transactions in such a way that the customer does not see them. Software is eating the world! The trend towards embedded finance only underpins our belief that traditional banks and insurers need to invest more and outsource more of their IT stack to stay relevant. Fintech can also stimulate financial inclusion, by serving clients that do not have a bank account, and by supporting people living in poverty or in vulnerable situations by reducing their exposure and vulnerability to shocks and disasters through insurance. | # Prévisions du gérant
La dynamique de la croissance économique s'essouffle rapidement et les conditions financières continuent de se durcir. Dans ce contexte de normalisation de la croissance, de la liquidité et des valorisations, une volatilité accrue est à prévoir, mais les investisseurs intègrent selon nous déjà une baisse des bénéfices de nombreux segments. Les paiements numériques s'accélèrent ; la transition de l'argent liquide à la carte de paiement facilitée par les cartes de crédit/débit est déjà rattrapée par une transition vers les porte-monnaies numériques/mobiles. Éliminer les frictions pour le client final est un aspect essentiel de la finance intégrée. Il s'agit en fait d'offrir des services financiers cachés dans les transactions commerciales de sorte que le client ne les voit pas. Les logiciels dévorent le monde ! La tendance de la finance intégrée ne fait que confirmer notre avis : les banques et assureurs traditionnels doivent investir plus et externaliser davantage leur système IT pour rester en lice. La fintech peut aussi favoriser l'inclusion financière en servant des clients sans compte bancaire et en aidant ceux en situation de pauvreté ou de précarité à réduire leur exposition et vulnérabilité aux crises et catastrophes par le biais de l'assurance. | # Expectation of fund manager
Economic growth momentum is fading quickly, and financial conditions continue to tighten. As we travel this road to normalization of growth, liquidity and valuations we expect more volatility, but we also feel that investors are already discounting a profit recession in many segments of the market. Digital payments are accelerating; the move from cash to plastic through credit and debit cards is already being overhauled by a shift towards digital and mobile wallets. Removing friction for the end consumer is core to embedded finance. In essence, it is about offering financial services hidden in commercial transactions in such a way that the customer does not see them. Software is eating the world! The trend towards embedded finance only underpins our belief that traditional banks and insurers need to invest more and outsource more of their IT stack to stay relevant. Fintech can also stimulate financial inclusion, by serving clients that do not have a bank account, and by supporting people living in poverty or in vulnerable situations by reducing their exposure and vulnerability to shocks and disasters through insurance. | en | fr |
DOLFIN7349 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: October 8, 2018.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
15%
10%
5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 8 de octubre de 2018. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en CHF.
15%
10%
5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: October 8, 2018.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
15%
10%
5%
0% | en | es |
DOLFIN7350 | 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 Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the NASDAQ 100 Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index, combined with foreign currency contracts for currency hedging.
The Index measures the performance of 100 of the largest US and international companies listed on the NASDAQ stock exchange and which are not in the financial sector, selected according to size and liquidity criteria. The Index is market capitalisation weighted. Market capitalisation is the share price of a company multiplied by the number of shares issued. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objectives. FDIs (including FX forward contracts) may be used for direct investment purposes.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. 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 Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del NASDAQ 100 Index, el índice de referencia del Fondo (el «Índice»). La Clase de Acciones también trata de reducir el impacto sobre sus rendimientos de las fluctuaciones de los tipos de cambio entre las divisas de la cartera subyacente del Fondo y el euro.
La Clase de Acciones, a través Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta variable (p. ej., acciones) que integran el Índice, en combinación con contratos de divisas a plazo con fines de cobertura del tipo de cambio.
El Índice mide la rentabilidad de 100 de las mayores empresas estadounidenses e internacionales que cotizan en el mercado de valores del NASDAQ, y que no pertenecen al sector financiero, seleccionados a partir de criterios de tamaño y liquidez. El Índice está ponderado por capitalización bursátil. La capitalización bursátil se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones emitidas. Se entiende por liquidez de los valores que puedan comprarse y venderse fácilmente en el mercado, en condiciones normales de este.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar los objetivos de inversión del Fondo. Se pueden utilizar IFD (incluidos contratos de divisas a plazo) con fines de inversión directa.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta Clase de Acciones están denominadas en euros. 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 las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, 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 Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the NASDAQ 100 Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index, combined with foreign currency contracts for currency hedging.
The Index measures the performance of 100 of the largest US and international companies listed on the NASDAQ stock exchange and which are not in the financial sector, selected according to size and liquidity criteria. The Index is market capitalisation weighted. Market capitalisation is the share price of a company multiplied by the number of shares issued. Securities that are liquid means that they can be easily bought or sold in the market in normal market conditions.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objectives. FDIs (including FX forward contracts) may be used for direct investment purposes.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. 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 Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN7351 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
A prospective investor should be aware that Investments are subject to normal market fluctuations and other risks inherent in investing in securities. There is no assurance that any appreciation in the value of Investments will occur or that the investment objective of any Fund will actually be achieved. The value of Investments and the income derived therefrom may fall as well as rise and investors may not recoup the original amount invested in a Fund. The difference at any one time between the price at which Shares are subscribed for and the price at which Shares are redeemed means that any investment should be viewed as medium to long term. An investment should only be made by those persons who are able to sustain a loss on their investment.
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##### Suspensions | Künftige Anleger sollten sich bewusst sein, dass Anlagen den üblichen Marktschwankungen und sonstigen Risiken unterliegen, die mit einer Anlage in Wertpapieren einhergehen. Es kann keine Zusicherung dahingehend gegeben werden, dass die Fondsanlagen im Wert steigen oder das Anlageziel eines Fonds tatsächlich erreicht werden. Der Wert von Fondsanlagen und die daraus erzielten Erträge können sowohl fallen als auch steigen, und die Anleger erhalten möglicherweise den ursprünglich in einem Fonds angelegten Betrag nicht zurück. Aufgrund der jeweils zwischen dem Preis, zu dem die Anteile gezeichnet werden, und dem Preis, zu dem die Anteile zurückgegeben werden, bestehenden Differenz sollte der Anlagehorizont entsprechend mittel- bis langfristig sein. Anlagen in den Fonds sollten lediglich von Anlegern getätigt werden, die in der Lage sind, Verluste hinzunehmen.
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##### Aussetzungen | A prospective investor should be aware that Investments are subject to normal market fluctuations and other risks inherent in investing in securities. There is no assurance that any appreciation in the value of Investments will occur or that the investment objective of any Fund will actually be achieved. The value of Investments and the income derived therefrom may fall as well as rise and investors may not recoup the original amount invested in a Fund. The difference at any one time between the price at which Shares are subscribed for and the price at which Shares are redeemed means that any investment should be viewed as medium to long term. An investment should only be made by those persons who are able to sustain a loss on their investment.
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##### Suspensions | en | de |
DOLFIN7352 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Investor Monies will be held in a single Umbrella Cash Account. The assets in the Umbrella Cash Accounts will be assets of the Company.
Subscription monies received by a Fund in advance of the issue of Shares will be held in the Umbrella Cash Accounts and will be treated as an asset of the relevant Fund. The subscribing investors will be unsecured creditors of the relevant Fund with respect to their subscription monies until the Shares are issued to them on the relevant Dealing Day. The subscribing investors will be exposed to the credit risk of the institution at which the Umbrella Cash Account has been opened. Such investors will not benefit from any appreciation in the Net Asset Value of the Fund or any other Shareholder rights in respect of the subscription monies (including dividend entitlements) until such time as the Shares are issued on the relevant Dealing Day.
Redeeming investors will cease to be Shareholders of the redeemed Shares from the relevant Dealing Day. Redemption and dividend payments will, pending payment to the relevant investors, be held in the Umbrella Cash Accounts. Redeeming investors and investors entitled to dividend payments held in the Umbrella Cash Accounts will be unsecured creditors of the relevant Fund with respect to those monies. Where the redemption and dividend payments cannot be transferred to the relevant investors, for example, where the investors have failed to supply such information as is required to allow the Company to comply with its obligations under applicable anti-money laundering and counter terrorist legislation, the redemption and dividend payments will be retained in the Umbrella Cash Accounts and investors should address the
outstanding issues promptly. Redeeming investors will not benefit from any appreciation in the Net Asset Value of the Fund or any other Shareholder rights (including, without limitation, the entitlement to future dividends) in respect of such amounts. | ## Les Fonds des investisseurs seront détenus sur un seul Compte général d’encaissement en numéraire. Les actifs sur les Comptes généraux d’encaissement en numéraire seront des actifs de la Société.
Les montants de souscription reçus par un Compartiment en avance de l’émission d’Actions seront détenus sur les Comptes généraux d’encaissement en numéraire et seront considérés comme des actifs du Compartiment en question. Les investisseurs qui souscrivent seront des créanciers non garantis du Compartiment en question en ce qui concerne les montants de souscription jusqu’à ce que les Actions leur soient émises le Jour de négociation concerné. Les investisseurs qui souscrivent seront exposés au risque de crédit de l’institution où a été ouvert le Compte général d’encaissement en numéraire. Ces investisseurs ne bénéficieront d’aucune appréciation de la Valeur nette d’inventaire du Compartiment ni d’aucun droit actionnarial relatif aux montants de souscription (y compris le droit de recevoir un dividende) jusqu’à ce que les Actions soient émises le Jour de négociation concerné.
Les investisseurs qui font procéder au rachat de leurs Actions cesseront d’être les Actionnaires des Actions rachetées à compter du Jour de négociation concerné. Les paiements des rachats et des dividendes seront détenus sur les Comptes généraux d’encaissement en numéraire dans l’attente du paiement aux investisseurs concernés. Les investisseurs qui font procéder au rachat de leurs Actions et les investisseurs qui ont droit à des paiements de dividendes détenus sur les Comptes généraux d’encaissement en numéraire seront des créanciers non garantis du Compartiment en question en ce qui concerne ces montants. Si les paiements des rachats et des dividendes ne peuvent pas être transférés aux investisseurs concernés, par exemple si les investisseurs n’ont pas fourni les informations requises pour que le Société se conforme à ses obligations au regard de la législation applicable en matière de lutte contre le blanchiment de capitaux et de contre- terrorisme, les paiements des rachats et des dividendes seront retenus sur les Comptes généraux d’encaissement en numéraire et les investisseurs devraient résoudre rapidement les problèmes en suspens. Les investisseurs qui font procéder au rachat de leurs Actions ne bénéficieront d’aucune appréciation de la Valeur nette d’inventaire du Compartiment ni d’aucun autre droit actionnarial (notamment le droit de | ## Investor Monies will be held in a single Umbrella Cash Account. The assets in the Umbrella Cash Accounts will be assets of the Company.
Subscription monies received by a Fund in advance of the issue of Shares will be held in the Umbrella Cash Accounts and will be treated as an asset of the relevant Fund. The subscribing investors will be unsecured creditors of the relevant Fund with respect to their subscription monies until the Shares are issued to them on the relevant Dealing Day. The subscribing investors will be exposed to the credit risk of the institution at which the Umbrella Cash Account has been opened. Such investors will not benefit from any appreciation in the Net Asset Value of the Fund or any other Shareholder rights in respect of the subscription monies (including dividend entitlements) until such time as the Shares are issued on the relevant Dealing Day.
Redeeming investors will cease to be Shareholders of the redeemed Shares from the relevant Dealing Day. Redemption and dividend payments will, pending payment to the relevant investors, be held in the Umbrella Cash Accounts. Redeeming investors and investors entitled to dividend payments held in the Umbrella Cash Accounts will be unsecured creditors of the relevant Fund with respect to those monies. Where the redemption and dividend payments cannot be transferred to the relevant investors, for example, where the investors have failed to supply such information as is required to allow the Company to comply with its obligations under applicable anti-money laundering and counter terrorist legislation, the redemption and dividend payments will be retained in the Umbrella Cash Accounts and investors should address the
outstanding issues promptly. Redeeming investors will not benefit from any appreciation in the Net Asset Value of the Fund or any other Shareholder rights (including, without limitation, the entitlement to future dividends) in respect of such amounts. | en | fr |
DOLFIN7353 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Titres composant le portefeuille
- Le Fonds investit 90 % de ses actifs dans des obligations et des actions.
- Le Fonds investira entre 40 et 80 % dans des actions mondiales (y compris les marchés émergents), qui incluentles trusts cotés d’investissement dans les infrastructures pour les énergies renouvelables.
- Les autres investissements incluent les obligations d’entreprise de toute échéance, émises partout dans le monde et autres OPCVM et/ou OPC (incluant ceux gérés par abrdn), les instruments du marché monétaire et les liquidités.
- Tous les investissements obligataires et en actions devront suivre l’approche « Multi-Asset Climate Opportunities Investment Approach » disponible sur www.abrdn.com sous « Sustainable Investing » (Investissement durable). Les instruments dérivés financiers, les instruments du marché monétaire et les liquidités sont exemptes de l’approche.
- Le Fonds pourra investir jusqu’à 15 % de ses actifs dans des titres de la Chine continentale, directement dans des actions et titres de participation, ou des obligations et titres assimilés par le biais du programme Shanghai-Hong Kong et Shenzhen-Hong Kong Stock Connect, du Marché obligataire interbancaire chinois, de Bond Connect ou tout autre moyen à disposition.
- Le Fonds n’investira pas dans les obligations convertibles contingentes, les titres adossés à des actifs et/ou les titres adossés à des emprunts hypothécaires.
- Le Fonds n’investira pas dans tout titre noté en deçà de Bpar Standard & Poor’s (S&P) ou d’une note équivalente attribuée par une autre agence de notation ou note équivalente attribuée en interne par le Gérant de portefeuille à la date de l’investissement. Dans le cas où des titres détenus par le Compartiment sont par la suite déclassésà une note inférieure à celles mentionnées ci-dessous, le Gérant de portefeuille peut maintenir une exposition totale maximale de 3 % de la valeur liquidative du Compartiment à ces titres déclassés, mais il cédera tout titre qui n’a pas été rehaussé à une note d’au moins Bdans les six mois suivant sa déclassification. | # Valores en cartera
- El fondo invierte el 90% de sus activos en bonos y acciones.
- El fondo invertirá entre el 40% y el 80% en renta variable global (incluidos mercados emergentes), que incluyen fideicomisos de inversión en infraestructura de energía renovable cotizados.
- Otras inversiones incluyen bonos corporativos de cualquier vencimiento, emitidos en cualquier parte del mundo y otros OICVM y/u OIC (incluidos los gestionados por abrdn), instrumentos del mercado monetario y efectivo.
- Todas las inversiones en bonos y acciones seguirán el "Multi-Asset Climate Opportunities Investment Approach" disponible en www.abrdn.com bajo “Inversión sostenible”.Los instrumentos financieros derivados, los instrumentos del mercado monetario y el efectivo están exentos del enfoque.
- El fondo podrá invertir hasta el 15% de sus activos netos en valores de China continental, directamente en renta variable y valores relacionados con renta variable, o bonos y valores relacionados con bonos, a través del programa Shanghai-Hong Kong y Shenzhen-Hong Kong Stock Connect o por otros medios disponibles.
- El fondo no invertirá en valores convertibles contingentes, bonos de titulización de activos y/o bonos de titulización hipotecaria.
- El fondo no invertirá en valores que tengan una calificación inferior a Bde Standard & Poor's o una calificación equivalente en la fecha de la inversión. En el caso de que la calificación de los valores mantenidos por el subfondo sea rebajada posteriormente con respecto a las calificaciones antes mencionadas, el gestor de inversiones puede mantener una exposición total máxima del 3% del valor liquidativo del subfondo a dichos valores rebajados, pero venderá todos los valores que no hayan mejorado hasta una calificación de al menos Ben el transcurso de seismeses después de su rebaja. | # Titres composant le portefeuille
- Le Fonds investit 90 % de ses actifs dans des obligations et des actions.
- Le Fonds investira entre 40 et 80 % dans des actions mondiales (y compris les marchés émergents), qui incluentles trusts cotés d’investissement dans les infrastructures pour les énergies renouvelables.
- Les autres investissements incluent les obligations d’entreprise de toute échéance, émises partout dans le monde et autres OPCVM et/ou OPC (incluant ceux gérés par abrdn), les instruments du marché monétaire et les liquidités.
- Tous les investissements obligataires et en actions devront suivre l’approche « Multi-Asset Climate Opportunities Investment Approach » disponible sur www.abrdn.com sous « Sustainable Investing » (Investissement durable). Les instruments dérivés financiers, les instruments du marché monétaire et les liquidités sont exemptes de l’approche.
- Le Fonds pourra investir jusqu’à 15 % de ses actifs dans des titres de la Chine continentale, directement dans des actions et titres de participation, ou des obligations et titres assimilés par le biais du programme Shanghai-Hong Kong et Shenzhen-Hong Kong Stock Connect, du Marché obligataire interbancaire chinois, de Bond Connect ou tout autre moyen à disposition.
- Le Fonds n’investira pas dans les obligations convertibles contingentes, les titres adossés à des actifs et/ou les titres adossés à des emprunts hypothécaires.
- Le Fonds n’investira pas dans tout titre noté en deçà de Bpar Standard & Poor’s (S&P) ou d’une note équivalente attribuée par une autre agence de notation ou note équivalente attribuée en interne par le Gérant de portefeuille à la date de l’investissement. Dans le cas où des titres détenus par le Compartiment sont par la suite déclassésà une note inférieure à celles mentionnées ci-dessous, le Gérant de portefeuille peut maintenir une exposition totale maximale de 3 % de la valeur liquidative du Compartiment à ces titres déclassés, mais il cédera tout titre qui n’a pas été rehaussé à une note d’au moins Bdans les six mois suivant sa déclassification. | fr | es |
DOLFIN7354 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée?
Ce produit a été conçu à des fins d'investissement à moyen à long terme. Étant donné que la valeur des investissements et les revenus qui en découlent peuvent augmenter et diminuer sur différentes périodes, vous devez disposer d'un horizon de placement d'au moins 5 ans lorsque vous achetez un investissement de ce type. Aussi la période de détention minimum recommandée est-elle de 5 ans.
La Société de gestion procèdera au rachat des parts de tout fonds au prix de rachat chaque jour de négociation. Les rachats au sein du fonds concerné seront effectués à l'heure d'évaluation le jour de négociation en question. Le cours est basé sur la valeur nette d'inventaire par part de chaque catégorie telle que déterminée à l'heure d'évaluation. Les demandes de rachat reçues après l'heure limite de négociation seront traitées comme si elles avaient été reçues avant la prochaine heure limite de négociation, sauf décision contraire de la Société de gestion. Veuillez contacter votre courtier, conseiller financier ou distributeur pour obtenir des informations sur tous coûts et frais liés à la vente des actions. | ## ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
Este producto está diseñado para inversiones a medio y largo plazo. Dado que el valor de las inversiones y los ingresos procedentes de las mismas pueden subir y bajar a lo largo de distintos periodos de tiempo, debería tener un horizonte de inversión de al menos 5 años al comprar una inversión de este tipo. Por lo tanto, el periodo de tenencia mínimo recomendado es de 5 años.
La Sociedad Gestora reembolsará las participaciones de cualquier fondo al precio de reembolso de cada día de negociación. Los reembolsos del fondo correspondiente se efectuarán en el punto de valoración del día de negociación pertinente. El precio se basa en el valor liquidativo por unidad de cada clase determinado en el momento de la valoración. Las solicitudes de reembolso recibidas después de la fecha límite de negociación se considerarán recibidas antes de la siguiente fecha límite de negociación, a menos que la Sociedad Gestora determine lo contrario. Póngase en contacto con su agente, asesor financiero o distribuidor para obtener información sobre los costes y gastos relacionados con la venta de las acciones. | ## Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée?
Ce produit a été conçu à des fins d'investissement à moyen à long terme. Étant donné que la valeur des investissements et les revenus qui en découlent peuvent augmenter et diminuer sur différentes périodes, vous devez disposer d'un horizon de placement d'au moins 5 ans lorsque vous achetez un investissement de ce type. Aussi la période de détention minimum recommandée est-elle de 5 ans.
La Société de gestion procèdera au rachat des parts de tout fonds au prix de rachat chaque jour de négociation. Les rachats au sein du fonds concerné seront effectués à l'heure d'évaluation le jour de négociation en question. Le cours est basé sur la valeur nette d'inventaire par part de chaque catégorie telle que déterminée à l'heure d'évaluation. Les demandes de rachat reçues après l'heure limite de négociation seront traitées comme si elles avaient été reçues avant la prochaine heure limite de négociation, sauf décision contraire de la Société de gestion. Veuillez contacter votre courtier, conseiller financier ou distributeur pour obtenir des informations sur tous coûts et frais liés à la vente des actions. | fr | es |
DOLFIN7355 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### RISQUE DE CRÉDIT
Le risque de crédit est le risque qu’une partie impliquée dans la transaction d’un instrument financier occasionne un préjudice financier à l’autre partie en ne s’acquittant pas d’une obligation. Il comprend le risque de contrepartie et le risque lié à l’émetteur. Les actifs financiers susceptibles d’exposer la Société au risque de crédit se composent principalement des titres porteurs d’intérêts tels que les obligations, les instruments financiers dérivés et les investissements des soldes en numéraire ainsi que des dépôts auprès de courtiers ou à recevoir de ces derniers.
L’étendue de l’exposition de la Société au risque de crédit eu égard à ces actifs financiers est approximativement égale à leurs valeurs comptables telles que constatées dans l’État de la situation financière.
Les Gestionnaires de portefeuille gèrent le risque lié à l’émetteur en construisant des portefeuilles diversifiés dont l’exposition à chaque émetteur est limitée (10 %) conformément à la Réglementation OPCVM de la Banque centrale et aux objectifs d’investissement des Compartiments. En outre, si cela est nécessaire, les Gestionnaires de portefeuille limiteront la détention de titres de créance à ceux dont la note est supérieure ou égale à celle qui est stipulée par les objectifs d’investissement respectifs des Compartiments.
La quasi-totalité des actifs de la Société sont détenus auprès du Dépositaire. La faillite ou l’insolvabilité du Dépositaire pourrait entraîner des retards ou la limitation des droits de la Société sur ses titres et autres positions détenus auprès du Dépositaire.
La Société traite uniquement avec des dépositaires qui sont des entités réglementées faisant l’objet d’un contrôle prudentiel ou assorties d’une notation de crédit élevée attribuée par des agences de notation internationales. Les Administrateurs contrôlent trimestriellement la qualité du crédit du Dépositaire, The Bank of New York Mellon SA/NV, Succursale de Dublin, afin de limiter les risques. La notation attribuée à sa dette de premier rang à long terme et de dépôt à long terme par Standard & Poor’s est AA- (31 décembre 2021 : AA) à la clôture de la période financière. | ##### RIESGO DE CRÉDITO
El riesgo de crédito es el riesgo de que una de las partes contratantes de un instrumento financiero, al incumplir una obligación, cause una pérdida financiera a la otra parte. Incluye el riesgo de contraparte y el riesgo de emisor. Los activos financieros que pueden exponer a la Sociedad al riesgo de crédito consisten principalmente en valores que devengan intereses, como bonos, instrumentos financieros derivados e inversiones en los saldos y depósitos en efectivo de corredores o por cobrar de estos.
El alcance de la exposición de la Sociedad al riesgo de crédito con respecto a estos activos financieros se aproxima a sus valores en libros que figuran en el Estado de situación financiera.
Las Gestoras de inversiones gestionan el riesgo de emisor mediante la construcción de carteras de inversión diversificadas, con una concentración limitada de la exposición (10%) a un mismo emisor, de conformidad con el Reglamento OICVM del Banco Central y los objetivos de inversión de los Fondos. Además, en caso necesario, las Gestoras de inversiones limitarán la propiedad de los instrumentos de deuda a aquellos instrumentos que tengan una calificación crediticia igual o superior a la prevista en los objetivos de inversión individuales de los Fondos.
La práctica totalidad de los activos de la Sociedad están en manos del Depositario. La quiebra o insolvencia del Depositario pueden provocar retrasos o limitaciones en los derechos de la Sociedad con respecto a los valores y otras posiciones mantenidas por el Depositario.
La Sociedad únicamente opera con depositarios que son entidades reguladas sujetas a supervisión cautelar o que tienen altas calificaciones crediticias asignadas por las agencias internacionales de calificación crediticia. Con carácter trimestral, los Consejeros hacen un seguimiento de la calidad crediticia del Depositario, The Bank of New York Mellon SA/NV, Dublin Branch, a fin de mitigar el riesgo. Su deuda prioritaria a largo plazo y la calificación de sus depósitos a largo plazo por parte de Standard & Poor’s es de AA- (31 de diciembre de 2021: AA) al cierre del período financiero. | ##### RISQUE DE CRÉDIT
Le risque de crédit est le risque qu’une partie impliquée dans la transaction d’un instrument financier occasionne un préjudice financier à l’autre partie en ne s’acquittant pas d’une obligation. Il comprend le risque de contrepartie et le risque lié à l’émetteur. Les actifs financiers susceptibles d’exposer la Société au risque de crédit se composent principalement des titres porteurs d’intérêts tels que les obligations, les instruments financiers dérivés et les investissements des soldes en numéraire ainsi que des dépôts auprès de courtiers ou à recevoir de ces derniers.
L’étendue de l’exposition de la Société au risque de crédit eu égard à ces actifs financiers est approximativement égale à leurs valeurs comptables telles que constatées dans l’État de la situation financière.
Les Gestionnaires de portefeuille gèrent le risque lié à l’émetteur en construisant des portefeuilles diversifiés dont l’exposition à chaque émetteur est limitée (10 %) conformément à la Réglementation OPCVM de la Banque centrale et aux objectifs d’investissement des Compartiments. En outre, si cela est nécessaire, les Gestionnaires de portefeuille limiteront la détention de titres de créance à ceux dont la note est supérieure ou égale à celle qui est stipulée par les objectifs d’investissement respectifs des Compartiments.
La quasi-totalité des actifs de la Société sont détenus auprès du Dépositaire. La faillite ou l’insolvabilité du Dépositaire pourrait entraîner des retards ou la limitation des droits de la Société sur ses titres et autres positions détenus auprès du Dépositaire.
La Société traite uniquement avec des dépositaires qui sont des entités réglementées faisant l’objet d’un contrôle prudentiel ou assorties d’une notation de crédit élevée attribuée par des agences de notation internationales. Les Administrateurs contrôlent trimestriellement la qualité du crédit du Dépositaire, The Bank of New York Mellon SA/NV, Succursale de Dublin, afin de limiter les risques. La notation attribuée à sa dette de premier rang à long terme et de dépôt à long terme par Standard & Poor’s est AA- (31 décembre 2021 : AA) à la clôture de la période financière. | fr | es |
DOLFIN7356 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Points marquants
- Septembre fut un mois sombre pour les marchés financiers comme en témoigne la baisse de presque tous les marchés actions. L’inflation élevée a incité les banques centrales du monde entier à relever les taux d’intérêt. Cela a entraîné une hausse des rendements des emprunts d’État et, par conséquent, une baisse de leurs prix. Les Gilts britanniques ont enregistré la plus forte baisse, tandis que les obligations d’entreprises et les obligations émergentes ont elles aussi reculé.
- Le fonds a chuté, sous l’effet des pertes subies par presque toutes ses positions, en particulier les actions, malgré une légère progression de l’exposition aux soins de santé. Une position vendeuse sur le marché actions américain s’est également avérée rentable. Une nouvelle position sur les Gilts britanniques a également donné de bons résultats après que la Banque d’Angleterre ait déclaré, vers la fin septembre, qu’elle achèterait des obligations d’État à long terme pour apaiser le marché.
- Nous avons acheté des Gilts à 30 ans après l’effondrement de leur prix. La variation du prix des Gilts nous a semblé être un « épiphénomène », une réaction émotionnelle, et nous avons cherché à en tirer parti dans le cadre d’une décision d’allocation d’actifs tactique. | # Aspectos destacados
- Septiembre fue un mes nefasto para los mercados financieros y prácticamente todos los mercados bursátiles bajaron. La fuerte inflación llevó a los bancos centrales de todo el mundo a subir los tipos de interés. Esto provocó un aumento de los rendimientos de los títulos de deuda pública (TDP) y la consiguiente caída de sus precios. Los TDP británicos (Gilts) fueron los que más cayeron, pero los bonos corporativos y de mercados emergentes también se debilitaron.
- El fondo cayó, lastrado por las pérdidas de casi todas las posiciones, en particular las de renta variable, aunque la exposición a los títulos de salud añadió algo de valor. También resultó positiva nuestra posición corta en el mercado de valores estadounidense. Asimismo, la nueva posición en Gilts tuvo un buen comportamiento, tras anunciar el Banco de Inglaterra a finales de septiembre que compraría TDP de vencimientos largos plazo para ayudar a calmar el mercado.
- Compramos Gilts a 30 años después de que sus precios se desplomaran. A nuestro juicio, el movimiento de precios de los Gilts parecía ‘episódico’, o impulsado emocionalmente, por lo que tratamos de aprovecharlo como una decisión táctica de asignación de activos. | # Points marquants
- Septembre fut un mois sombre pour les marchés financiers comme en témoigne la baisse de presque tous les marchés actions. L’inflation élevée a incité les banques centrales du monde entier à relever les taux d’intérêt. Cela a entraîné une hausse des rendements des emprunts d’État et, par conséquent, une baisse de leurs prix. Les Gilts britanniques ont enregistré la plus forte baisse, tandis que les obligations d’entreprises et les obligations émergentes ont elles aussi reculé.
- Le fonds a chuté, sous l’effet des pertes subies par presque toutes ses positions, en particulier les actions, malgré une légère progression de l’exposition aux soins de santé. Une position vendeuse sur le marché actions américain s’est également avérée rentable. Une nouvelle position sur les Gilts britanniques a également donné de bons résultats après que la Banque d’Angleterre ait déclaré, vers la fin septembre, qu’elle achèterait des obligations d’État à long terme pour apaiser le marché.
- Nous avons acheté des Gilts à 30 ans après l’effondrement de leur prix. La variation du prix des Gilts nous a semblé être un « épiphénomène », une réaction émotionnelle, et nous avons cherché à en tirer parti dans le cadre d’une décision d’allocation d’actifs tactique. | fr | es |
DOLFIN7357 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Shareholders’ Information (unaudited)
The SICAV is an investment company organised as a “Société d’Investissement à Capital Variable” in the Grand Duchy of Luxembourg under the Law of August 10, 1915, as amended, and qualifies as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under Part I of the law of December 17, 2010, as amended.
The SICAV was incorporated on February 10, 1995 for an unlimited period. The SICAV’s articles of incorporation were first published in the Recueil des Sociétés et Associations of the Grand Duchy of Luxembourg on March 31, 1995 and were last amended effective on September 14, 2018.
The SICAV is registered under the Number R.C.S. Luxembourg B-50216.
The annual general meeting of Shareholders of the SICAV is held in Luxembourg as may be specified in the notice of meeting, within six months of the accounting year end. The annual general meeting may be held abroad if, in the absolute and final judgment of the Board, exceptional circumstances so require. Other meetings of Shareholders may be held at such place and period of notice as may be specified in the respective notices of meeting. Notices of general meetings are given in accordance with Luxembourg law and in accordance with applicable rules in the relevant countries where Shares are publicly offered for sale. Notices will specify the place and time of the meeting, the conditions of admission, the agenda, the quorum and voting requirements.
The accounting year of the SICAV terminates on March 31 in each year.
The annual report and audited financial statements and the unaudited semi-annual report are available at the registered office of the SICAV and at the principal office of each paying agent and distributor. The combined accounts of the SICAV are expressed in U.S. Dollars.
The Net Asset Value and the offer and redemption prices of the shares of the SICAV are made public at the registered office of the SICAV.
This report does not constitute an offer or a solicitation of an offer to buy shares in the SICAV. Subscriptions are accepted on the basis of the Prospectus and of the latest available annual report containing the audited financial statements as at March 31 and of the latest available semi-annual report as at September 30, if published thereafter.
Certain Portfolios and/or share classes contained within this report may not be authorised or offered for sale in every jurisdiction at this time.
#### Key Investor Information Document (“KIID”) - Subscription requirements
The KIID is a pre-contractual document and investors will have to confirm that they have read the latest KIID before making a subscription. The Management Company has the right to reject a subscription if the investor does not confirm that they have read the latest KIID at the time of application. The latest KIID may be obtained from www.columbiathreadneedle.com.
#### Remuneration Disclosures
The Threadneedle group (“the Group”) transitioned from the Luxembourg incorporated Threadneedle Asset Management Holdings Sàrl to the English incorporated TAM UK International Holdings Limited (“UK HoldCo” or “the Company”) with effect from July 16, 2021. This disclosure is made in respect of the Group’s Remuneration Policy as it applies to Threadneedle Management Luxembourg S.A. (“the Manager”) in respect of the Undertakings for Collective Investment in Transferable Securities (“UCITS”) Directive and other applicable rules and guidance.
The Remuneration Policy applies to all of the Company’s subsidiary entities to which the UCITS Directives requirements apply, and was last approved by the Remuneration Committee in December 2021.
- The Remuneration CommitteeThe Remuneration Committee of the UK HoldCo (“the Committee”) is a sub-committee of the UK HoldCo Board with the responsibility to establish the philosophy and objectives that will govern the Group’s compensation and benefit programmes; review and approve compensation and benefit plans, policies, and practices; and oversee and approve the Group’s remuneration. It has been determined to be independent of the day-to-day executive management of the Group, its Members being Directors of the Group who are nominated by Ameriprise Financial, the Group’s parent company.
Current Committee Members are Mr Walter Berman, Mr William Turner and Ms Karen Wilson-Thissen. Meetings are normally held in January, March, June, September and December. The Head of Reward, EMEA and APAC acts as Secretary to the Committee. The Committee may invite the attendance of any Group employee or functional expert from the parent company as deemed appropriate, to allow it to fulfil its responsibilities including ensuring remuneration is consistent with effective risk management and does not encourage excessive risk taking. | # Información para los accionistas (sin auditar)
La SICAV es una sociedad de inversión organizada como una «Société d’Investissement à Capital Variable» en el Gran Ducado de Luxemburgo en virtud de la Ley de 10 de agosto de 1915, en su versión modificada, y se considera un organismo de inversión colectiva en valores mobiliarios («OICVM») en virtud de la Parte I de la Ley del 17 de diciembre de 2010, en su versión modificada.
La SICAV se constituyó el 10 de febrero de 1995 por un periodo ilimitado. Los estatutos de la SICAV se publicaron por primera vez en el Recueil des Sociétés et Associations (Registro Mercantil) del Gran Ducado de Luxemburgo el 31 de marzo de 1995 y se modificaron por última vez el 14 de septiembre de 2018.
La SICAV está registrada en el Registro Mercantil de Luxemburgo con el número B-50216.
La junta general anual de Accionistas de la SICAV se celebrará en Luxemburgo, según se especifique en la convocatoria, dentro de los seis meses siguientes al cierre del ejercicio contable. La junta general anual podrá celebrarse en el extranjero si, a juicio absoluto y definitivo del Consejo, las circunstancias excepcionales así lo requieren. Las demás juntas de Accionistas podrán celebrarse en el lugar y plazo de la convocatoria que se especifique en las respectivas convocatorias. Las convocatorias de las juntas generales se realizan con arreglo a la legislación luxemburguesa y a las normas aplicables en los países pertinentes en los que las Acciones se ofrecen públicamente a la venta. En las convocatorias se especificarán el lugar y la hora de la junta, las condiciones de admisión, el orden del día, el quórum y los requisitos de votación.
El ejercicio contable de la SICAV finaliza el 31 de marzo de cada año.
El informe anual y los estados financieros auditados y el informe semestral sin auditar están disponibles en el domicilio social de la SICAV y en la oficina principal de cada agente de pagos y distribuidor. Las cuentas combinadas de la SICAV se expresan en dólares estadounidenses.
El Valor liquidativo y los precios de oferta y reembolso de las acciones de la SICAV se hacen públicos en el domicilio social de la SICAV.
Este informe no constituye una oferta o una solicitud de una oferta para comprar acciones en la SICAV. Las suscripciones se aceptan según el Folleto y el último informe anual disponible que contiene los estados financieros auditados a 31 de marzo y el último informe semestral disponible a 30 de septiembre, si se publican posteriormente.
Ciertas Carteras y/o clases de acciones contenidas en este informe pueden no estar autorizadas ni ofrecerse para la venta en todas las jurisdicciones en este momento.
#### Documento de datos fundamentales para el inversor («KIID»): requisitos de suscripción
El KIID es un documento precontractual y los inversores deberán confirmar que han leído el último KIID antes de hacer una suscripción. La Sociedad Gestora tiene el derecho de rechazar una suscripción si el inversor no confirma que ha leído el último KIID en el momento de la solicitud. El último KIID se podrá obtener en www.columbiathreadneedle.com.
#### Declaraciones de la remuneración
El grupo Threadneedle («el Grupo») cambió su denominación de Threadneedle Asset Management Holdings Sàrl, constituida en Luxemburgo, a TAM UK International Holdings Limited («UK HoldCo» o «la Sociedad»), constituida en Reino Unido, con efecto a partir del 16 de julio de 2021. Esta declaración se hace con respecto a la Política de remuneración del Grupo, tal como se aplica a Threadneedle Management Luxembourg S.A. («el Gestor») con respecto a la Directiva sobre Organismos de inversión colectiva en valores mobiliarios («OICVM») y otras normas y directrices aplicables.
La Política de remuneración se aplica a todas las entidades filiales a las que se aplican los requisitos de las Directivas sobre OICVM, y el Comité de remuneración la aprobó por última vez en diciembre de 2021.
- El Comité de remuneraciónEl Comité de remuneración de UK HoldCo («el Comité») es un subcomité del Consejo de UK HoldCo que asume la responsabilidad de establecer la filosofía y los objetivos que regirán los programas de retribución y beneficios del Grupo; de revisar y aprobar los planes, las políticas y las prácticas de retribución y beneficios; y de supervisar y aprobar la remuneración del Grupo. Se ha determinado que sea independiente de la gestión ejecutiva diaria del Grupo y está formado por Consejeros del Grupo designados por Ameriprise Financial, la sociedad matriz del Grupo.
Los miembros actuales del Comité son el Sr. Walter Berman, el Sr. William Turner y la Sra. Karen Wilson-Thissen. Las juntas normalmente se celebran en enero, marzo, junio, septiembre y diciembre. El director de remuneraciones para EMEA y APAC actúa como secretario del Comité. El Comité puede invitar a asistir a las juntas a cualquier empleado del Grupo o experto funcional de la sociedad matriz que considere adecuado, a fin de permitirle cumplir con sus responsabilidades, incluido garantizar que la remuneración es coherente con la gestión de riesgos efectiva y no fomentar una asunción de riesgos excesiva. | # Shareholders’ Information (unaudited)
The SICAV is an investment company organised as a “Société d’Investissement à Capital Variable” in the Grand Duchy of Luxembourg under the Law of August 10, 1915, as amended, and qualifies as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under Part I of the law of December 17, 2010, as amended.
The SICAV was incorporated on February 10, 1995 for an unlimited period. The SICAV’s articles of incorporation were first published in the Recueil des Sociétés et Associations of the Grand Duchy of Luxembourg on March 31, 1995 and were last amended effective on September 14, 2018.
The SICAV is registered under the Number R.C.S. Luxembourg B-50216.
The annual general meeting of Shareholders of the SICAV is held in Luxembourg as may be specified in the notice of meeting, within six months of the accounting year end. The annual general meeting may be held abroad if, in the absolute and final judgment of the Board, exceptional circumstances so require. Other meetings of Shareholders may be held at such place and period of notice as may be specified in the respective notices of meeting. Notices of general meetings are given in accordance with Luxembourg law and in accordance with applicable rules in the relevant countries where Shares are publicly offered for sale. Notices will specify the place and time of the meeting, the conditions of admission, the agenda, the quorum and voting requirements.
The accounting year of the SICAV terminates on March 31 in each year.
The annual report and audited financial statements and the unaudited semi-annual report are available at the registered office of the SICAV and at the principal office of each paying agent and distributor. The combined accounts of the SICAV are expressed in U.S. Dollars.
The Net Asset Value and the offer and redemption prices of the shares of the SICAV are made public at the registered office of the SICAV.
This report does not constitute an offer or a solicitation of an offer to buy shares in the SICAV. Subscriptions are accepted on the basis of the Prospectus and of the latest available annual report containing the audited financial statements as at March 31 and of the latest available semi-annual report as at September 30, if published thereafter.
Certain Portfolios and/or share classes contained within this report may not be authorised or offered for sale in every jurisdiction at this time.
#### Key Investor Information Document (“KIID”) - Subscription requirements
The KIID is a pre-contractual document and investors will have to confirm that they have read the latest KIID before making a subscription. The Management Company has the right to reject a subscription if the investor does not confirm that they have read the latest KIID at the time of application. The latest KIID may be obtained from www.columbiathreadneedle.com.
#### Remuneration Disclosures
The Threadneedle group (“the Group”) transitioned from the Luxembourg incorporated Threadneedle Asset Management Holdings Sàrl to the English incorporated TAM UK International Holdings Limited (“UK HoldCo” or “the Company”) with effect from July 16, 2021. This disclosure is made in respect of the Group’s Remuneration Policy as it applies to Threadneedle Management Luxembourg S.A. (“the Manager”) in respect of the Undertakings for Collective Investment in Transferable Securities (“UCITS”) Directive and other applicable rules and guidance.
The Remuneration Policy applies to all of the Company’s subsidiary entities to which the UCITS Directives requirements apply, and was last approved by the Remuneration Committee in December 2021.
- The Remuneration CommitteeThe Remuneration Committee of the UK HoldCo (“the Committee”) is a sub-committee of the UK HoldCo Board with the responsibility to establish the philosophy and objectives that will govern the Group’s compensation and benefit programmes; review and approve compensation and benefit plans, policies, and practices; and oversee and approve the Group’s remuneration. It has been determined to be independent of the day-to-day executive management of the Group, its Members being Directors of the Group who are nominated by Ameriprise Financial, the Group’s parent company.
Current Committee Members are Mr Walter Berman, Mr William Turner and Ms Karen Wilson-Thissen. Meetings are normally held in January, March, June, September and December. The Head of Reward, EMEA and APAC acts as Secretary to the Committee. The Committee may invite the attendance of any Group employee or functional expert from the parent company as deemed appropriate, to allow it to fulfil its responsibilities including ensuring remuneration is consistent with effective risk management and does not encourage excessive risk taking. | en | es |
DOLFIN7358 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investment Policy
In order to seek to achieve the investment objective, the Fund will adopt a Direct Investment Policy. There is no assurance that the investment objective of the Fund will actually be achieved.
The Fund will aim to replicate or track, before fees and expenses, the performance of the Reference Index, by holding a portfolio mainly comprised of US Dollar denominated corporate bonds with a rating between BB- and AAA which are predominantly fixed-rate bonds, that comprises all or a representation of the securities comprised in the Reference Index or unrelated transferable securities or other eligible assets (the “Underlying Securities”). The Fund is managed according to a passive approach and is an Optimised Replication Fund (as described in the Prospectus under the heading "Direct Investment Funds following a passive approach"). The optimised sample of securities determined will be selected with the aim of providing the most representative sample of the Reference Index based on its evaluation of the Underlying Securities against factors including, but not limited to, the correlation of the Underlying Securities to the Reference Index and the exposure, liquidity and risk of the Underlying Securities.
The Underlying Securities are listed or traded on markets and exchanges which are set out at Appendix I of the Prospectus, with the Underlying Securities being bought by the Fund from any broker or counterparty who trades on the markets and exchanges listed at Appendix I of the Prospectus.
As further described in the “Efficient Portfolio Management and Financial Derivative Instruments” section below and in the Prospectus, the Fund may also invest in securities which are not constituents of the Reference Index and/or FDIs related to a constituent or constituents of the Reference Index, for efficient portfolio management purposes, where such securities would achieve a risk and return profile similar to that of the Reference Index, a constituent of the Reference Index or a sub-set of constituents of the Reference Index.
Investors should also note that the Fund may invest in ETFs established as collective investment schemes and authorised as UCITS in pursuit of its investment objective, subject to the investment restrictions outlined in the Prospectus. Such ETFs may include other Funds of the Company and all ETFs issued by Xtrackers and Xtrackers II which are collective investment schemes established and authorised as UCITS in Luxembourg.
The Fund may invest in ancillary liquid assets which will include secured and/or unsecured deposits and/or units or shares of other UCITS or other collective investment schemes which pursue a money market/cash strategy or which are related to the Reference Index or constituents of the Reference Index.
The investments and liquid assets that the Fund may hold on an ancillary basis will, together with any fees and expenses, be valued by the Administrator on each Valuation Day in order to determine the Net Asset Value of the Fund in accordance with the rules set out in the Prospectus.
The value of the Fund's Shares is linked to the Reference Index (and, for Currency Hedged Share Classes, the relevant hedging arrangement, as described under "Share Class Hedging"), the performance of which may rise or fall. Hence, investors should note that the value of their investment could fall as well as rise and they should accept that there is no guarantee that they will recover their initial investment.
The Fund will have no Final Repurchase Date. However, the Directors may decide to terminate the Fund in accordance with the terms set out in the Prospectus and/or the Articles of Association. | # Anlagepolitik
Um das Anlageziel zu erreichen, verfolgt der Fonds eine Direkte Anlagepolitik. Es kann keine Zusicherung dahingehend gegeben werden, dass das Anlageziel des Fonds tatsächlich erreicht wird.
Der Fonds zielt darauf ab, die Wertentwicklung des Referenzindex, vor Gebühren und Aufwendungen, durch ein Portfolio, das hauptsächlich aus auf US-Dollar lautenden Unternehmensanleihen mit einem Rating von BB- bis AAA und überwiegend fester Verzinsung besteht und alle oder einen repräsentativen Teil der im Referenzindex enthaltenen Wertpapiere oder nicht damit in Zusammenhang stehende übertragbare Wertpapiere oder sonstige geeignete Vermögenswerte (die "Basiswertpapiere") umfasst, nachzuvollziehen oder abzubilden. Der Fonds wird nach einem passiven Ansatz verwaltet, und er ist ein Fonds mit Optimierter Replikation (wie im Prospekt unter der Überschrift „Fonds mit Direkter Anlagepolitik und passivem Ansatz“ beschrieben).
Die bestimmte optimierte Auswahl von Wertpapieren wird mit dem Ziel ausgewählt, auf Grundlage der Bewertung der Basiswertpapiere anhand von Faktoren wie u. a. der Korrelation der Basiswertpapiere zum Referenzindex sowie des Exposure, der Liquidität und des Risikos der Basiswertpapiere eine repräsentative Auswahl der Bestandteile des Referenzindex zusammenzustellen.
Die Basiswertpapiere sind an den in Anhang I des Prospekts angegebenen Märkten oder Wertpapierbörsen notiert oder werden an diesen gehandelt, und der Fonds erwirbt die Basiswertpapiere von einem Broker oder einem Kontrahenten, der an den in Anhang I des Prospekts angegebenen Märkten oder Börsen handelt.
Wie im nachstehenden Abschnitt "Effizientes Portfoliomanagement und derivative Finanzinstrumente" und im Prospekt näher beschrieben, kann der Fonds zu Zwecken eines effizienten Portfoliomanagements auch in Wertpapiere investieren, bei denen es sich nicht um Bestandteile des Referenzindex handelt, und/oder auf einen oder mehrere Bestandteile des Referenzindex bezogene FDI, wenn diese Wertpapiere ein dem Referenzindex, einem Bestandteil des Referenzindex oder einer Untergruppe von Bestandteilen des Referenzindex vergleichbares Risiko- und Renditeprofil haben.
Anleger sollten beachten, dass der Fonds zur Verfolgung seines Anlageziels vorbehaltlich der im Prospekt aufgeführten Anlagebeschränkungen in ETFs anlegen kann, die als Organismus für gemeinsame Anlagen aufgelegt und als OGAW zugelassen wurden. Zu diesen ETFs können andere Fonds der Gesellschaft sowie sämtliche von Xtrackers und Xtrackers II aufgelegten ETFs zählen, bei denen es sich um in Luxemburg gegründete und als OGAW zugelassene Organismen für Gemeinsame Anlagen handelt.
Der Fonds kann Anlagen in zusätzliche liquide Vermögenswerte tätigen, zu denen besicherte und/oder unbesicherte Einlagen und/oder Anteile anderer OGAW bzw. anderer Organismen für gemeinsame Anlagen zählen, die eine Geldmarkt- oder Barmittelstrategie verfolgen oder die sich auf den Referenzindex oder Bestandteile des Referenzindex beziehen.
Diese Anlagen und liquiden Vermögenswerte, die der Fonds daneben halten darf, werden zusammen mit etwaigen Gebühren und Aufwendungen gemäß den Bestimmungen im Prospekt zur Ermittlung des Nettoinventarwerts des Fonds an jedem Bewertungstag von der Verwaltungsstelle bewertet.
Der Wert der Fondsanteile ist an den Referenzindex (und bei den Anteilsklassen mit Währungsabsicherung an die jeweilige Absicherungsvereinbarung, wie unter "Anteilsklassenabsicherung" erläutert) gekoppelt, dessen Wertentwicklung positiv oder negativ verlaufen kann. Daher sollten Anleger beachten, dass der Wert ihrer Anlage
sowohl steigen als auch fallen kann und es keine Garantie dafür gibt, dass sie ihr investiertes Kapital zurückerhalten.
Der Fonds hat keinen Letzten Rückkauftag. Allerdings kann der Verwaltungsrat beschließen, den Fonds gemäß den im Prospekt aufgeführten Bedingungen und/oder der Satzung zu beenden. | # Investment Policy
In order to seek to achieve the investment objective, the Fund will adopt a Direct Investment Policy. There is no assurance that the investment objective of the Fund will actually be achieved.
The Fund will aim to replicate or track, before fees and expenses, the performance of the Reference Index, by holding a portfolio mainly comprised of US Dollar denominated corporate bonds with a rating between BB- and AAA which are predominantly fixed-rate bonds, that comprises all or a representation of the securities comprised in the Reference Index or unrelated transferable securities or other eligible assets (the “Underlying Securities”). The Fund is managed according to a passive approach and is an Optimised Replication Fund (as described in the Prospectus under the heading "Direct Investment Funds following a passive approach"). The optimised sample of securities determined will be selected with the aim of providing the most representative sample of the Reference Index based on its evaluation of the Underlying Securities against factors including, but not limited to, the correlation of the Underlying Securities to the Reference Index and the exposure, liquidity and risk of the Underlying Securities.
The Underlying Securities are listed or traded on markets and exchanges which are set out at Appendix I of the Prospectus, with the Underlying Securities being bought by the Fund from any broker or counterparty who trades on the markets and exchanges listed at Appendix I of the Prospectus.
As further described in the “Efficient Portfolio Management and Financial Derivative Instruments” section below and in the Prospectus, the Fund may also invest in securities which are not constituents of the Reference Index and/or FDIs related to a constituent or constituents of the Reference Index, for efficient portfolio management purposes, where such securities would achieve a risk and return profile similar to that of the Reference Index, a constituent of the Reference Index or a sub-set of constituents of the Reference Index.
Investors should also note that the Fund may invest in ETFs established as collective investment schemes and authorised as UCITS in pursuit of its investment objective, subject to the investment restrictions outlined in the Prospectus. Such ETFs may include other Funds of the Company and all ETFs issued by Xtrackers and Xtrackers II which are collective investment schemes established and authorised as UCITS in Luxembourg.
The Fund may invest in ancillary liquid assets which will include secured and/or unsecured deposits and/or units or shares of other UCITS or other collective investment schemes which pursue a money market/cash strategy or which are related to the Reference Index or constituents of the Reference Index.
The investments and liquid assets that the Fund may hold on an ancillary basis will, together with any fees and expenses, be valued by the Administrator on each Valuation Day in order to determine the Net Asset Value of the Fund in accordance with the rules set out in the Prospectus.
The value of the Fund's Shares is linked to the Reference Index (and, for Currency Hedged Share Classes, the relevant hedging arrangement, as described under "Share Class Hedging"), the performance of which may rise or fall. Hence, investors should note that the value of their investment could fall as well as rise and they should accept that there is no guarantee that they will recover their initial investment.
The Fund will have no Final Repurchase Date. However, the Directors may decide to terminate the Fund in accordance with the terms set out in the Prospectus and/or the Articles of Association. | en | de |
DOLFIN7359 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations importantes
L’objectif de placement indiqué dans le présent document est un résumé. Veuillez vous reporter au supplément pour des informations détaillées sur l’objectif et la politique de placement du Fonds.
Source et copyright : CITYWIRE. Pour AA, les gestionnaires de portefeuille sont évalués par Citywire pour des performances ajustées au risque à 3 ans en fonction de la performance de la période 31 mai 2020 - 31 mai 2023. La méthode exclusive de Citywire classe les gérants de fonds en fonction de leurs résultats historiques individuels pour tous les fonds qu’ils gèrent à travers le monde.
Overall Morningstar Rating™ au juin 2023. Morningstar, Inc. Tous droits réservés. Les informations contenues dans ce document : (1) sont la propriété de Morningstar, (2) ne peuvent pas être copiées ou distribuées et (3) aucune garantie n’est apportée quant à leur exactitude et leur exhaustivité. Ni Morningstar ni ses fournisseurs de contenus n’assument la responsabilité des dommages ou des pertes résultant de l’utilisation de ces informations.
Le produit promeut les caractéristiques environnementales et/ou sociales telles que référencées à l'article 8 du règlement (UE) n° 2019/2088 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (« SFDR »). Veuillez vous référer aux informations préalables au contrat requises contenues dans le prospectus ou la notice d'offre concerné (le cas échéant) ou sur notre site Internet. Plus d'informations sont disponibles sur https://www.principalam.com/SFDR. | # Información importante
El objetivo de inversión que se indica en este documento es un resumen, consulte el suplemento para obtener información detallada sobre el objetivo y la política de inversión del fondo.
Fuente y copyright: CITYWIRE. Los administradores de cartera son cualificados AA por Citywire por su rentabilidad ajustada al riesgo a tres años para el período 31 mayo 2020
- 31 mayo 2023. La metodología exclusiva de Citywire clasifica a los administradores de fondos en función de sus registros individuales de seguimiento en todos los fondos que administran a nivel mundial.
Overall Morningstar Rating™ a junio 2023. Morningstar, Inc. Todos los derechos reservados. La información que aquí se recoge: (1) es propiedad de Morningstar, (2) no puede copiarse ni distribuirse y (3) no se ofrecen garantías de que sea precisa e íntegra ni de que se halle actualizada. Morningstar y sus proveedores de contenidos no asumen responsabilidad alguna por cualesquiera daños y pérdidas que pudieran derivarse del uso de esta información.
El producto promueve características medioambientales y/o sociales como se hace referencia en el Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (UE) N.º 2019/2088 ("SFDR"). Consulte las divulgaciones precontractuales requeridas, contenidas en el correspondiente folleto o memorando de oferta (según corresponda) o en nuestro sitio web. Puede encontrar más información en https://www.principalam.com/SFDR. | # Informations importantes
L’objectif de placement indiqué dans le présent document est un résumé. Veuillez vous reporter au supplément pour des informations détaillées sur l’objectif et la politique de placement du Fonds.
Source et copyright : CITYWIRE. Pour AA, les gestionnaires de portefeuille sont évalués par Citywire pour des performances ajustées au risque à 3 ans en fonction de la performance de la période 31 mai 2020 - 31 mai 2023. La méthode exclusive de Citywire classe les gérants de fonds en fonction de leurs résultats historiques individuels pour tous les fonds qu’ils gèrent à travers le monde.
Overall Morningstar Rating™ au juin 2023. Morningstar, Inc. Tous droits réservés. Les informations contenues dans ce document : (1) sont la propriété de Morningstar, (2) ne peuvent pas être copiées ou distribuées et (3) aucune garantie n’est apportée quant à leur exactitude et leur exhaustivité. Ni Morningstar ni ses fournisseurs de contenus n’assument la responsabilité des dommages ou des pertes résultant de l’utilisation de ces informations.
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DOLFIN7360 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Letter to Shareholders
Dear Shareholder,
We are pleased to provide you with the annual report for Legg Mason Global Solutions Plc (the “Company”) for the 12 months ended 30 June 2020. In this report we highlight the key drivers behind the performance of bond and equity markets over the period.
Global Economic Review
After initially expanding, the global economy then contacted given the fallout from the COVID-19 pandemic. In its June 2020 World Economic Outlook Update, the International Monetary Fund (“IMF”) said, “The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast. As with the April 2020 WEO [World Economic Outlook] projections, there is a higher-than-usual degree of uncertainty around this forecast. The baseline projection rests on key assumptions about the fallout from the pandemic. In economies with declining infection rates, the slower recovery path in the updated forecast reflects persistent social distancing into the second half of 2020. For economies struggling to control infection rates, a lengthier lockdown will inflict an additional toll on activity.” From a regional perspective, the IMF projects the US economy will contract 8.0% in 2020, compared to the 2.3% GDP expansion in 2019. Elsewhere, the IMF anticipates that 2020 GDP growth in the Eurozone, UK and Japan will be -10.2%,
-10.2% and -5.8%, respectively. For comparison purposes, the GDP of these economies expanded 1.3%, 1.4% and 0.7%, respectively, in 2019.
Market Review – Fixed Income
Global fixed income markets posted strong results during the reporting period. In the US, the Federal Reserve Board (“Fed”) aggressively lowered interest rates and introduced a number of initiatives to support the economy and help keep the financial market functioning properly. In addition, there were a number of “flights to quality” and increased demand for fixed income securities. Against this backdrop, US Treasury yields moved sharply lower (yields and prices move in the opposite direction) and the spread sectors (non-US Treasuries) rallied. Outside the US, a number of central banks also pursued highly accommodative monetary policies given the sharp decline in economic activity. This also contributed to falling bond yields and rising prices.
Market Review – Global Equities
Global equities were extremely volatile and generated mixed results during the reporting period. After initially moving higher, the market experienced a rapid and severe decline in February and March 2020 given the headwinds from the COVID-19 pandemic. In the US, the equity market’s 11-year bull market ended in March 2020 and it then experienced its fastest fall ever from an all-time high to a bear market. US equities then rallied sharply during the second quarter of the year and posted a positive return for the 12-month reporting period as a whole. This turnaround was triggered by significant monetary and fiscal stimulus efforts, the reopening of certain economies and hopes for a COVID-19 vaccine. Equities outside the US also rallied during the second quarter of 2020, but it was not enough to offset their previous losses.
Yours sincerely,
Legg Mason Investments (Ireland) Limited
It should be noted that the value of investments and the income from them may go down as well as up. Investment involves risks, including the possible loss of the amount invested. Past performance is not a reliable indicator of future results.
This information and data in this material has been prepared from sources believed reliable but is not guaranteed in any way by Legg Mason Investments (Ireland) Limited nor any Legg Mason, Inc. company or affiliate (together “Legg Mason”). No representation is made that the information is correct as of any time subsequent to its date.
Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situations or needs of investors.
This material is not intended for any person or use that would be contrary to local law or regulation. Legg Mason is not responsible and takes no liability for the onward transmission of this material.
Issued and approved by Legg Mason Investments (Ireland) Limited, registered office 6th Floor, Building Three, Number One Ballsbridge, 126 Pembroke Road, Dublin 4, D04 EP27, Ireland. Registered in Ireland, Company No. 271887. Authorised and regulated by the Central Bank of Ireland. | # Carta a los accionistas
Estimado accionista:
Nos complace proporcionarle el informe anual de Legg Mason Global Solutions Plc (la “Empresa”) para el periodo de 12 meses finalizado el 30 de junio de 2020. En este informe destacamos los impulsores clave del rendimiento de los mercados de bonos y renta variable durante el periodo.
Revisión económica global
Después de la expansión inicial, la economía global se puso en contacto con usted dada la caída de la pandemia de COVID-19. En su actualización de las perspectivas de la economía mundial de junio de 2020, el Fondo Monetario Internacional (“FMI”) afirmó: “La pandemia de COVID-19 ha tenido un impacto más negativo en la actividad en la primera mitad de 2020 de lo previsto, y se prevé que la recuperación sea más gradual de lo previsto anteriormente. Al igual que con las proyecciones de WEO [World Economic Outlook] de abril de 2020, hay un grado de incertidumbre superior al habitual en torno a esta previsión. La proyección inicial se basa en suposiciones clave sobre las consecuencias de la pandemia. En las economías con tasas de infección en declive, la trayectoria de recuperación más lenta en la previsión actualizada refleja el distanciamiento social persistente en la segunda mitad de 2020. Para las economías que tienen dificultades para controlar las tasas de infección, un confinamiento más prolongado infligirá un peaje adicional en la actividad”. Desde una perspectiva regional, el FMI prevé que la economía estadounidense se contraiga un 8,0 % en 2020, en comparación con la expansión del 2,3 % del PIB en 2019. Por otra parte, el FMI prevé que el crecimiento del PIB de 2020 en la zona euro, el Reino Unido y Japón será del -10,2 %, el -10,2 % y el
-5,8 %, respectivamente. Con fines comparativos, el PIB de estas economías se amplió un 1,3 %, 1,4 % y 0,7 %, respectivamente, en 2019.
Análisis del mercado: renta fija
Los mercados mundiales de renta fija registraron resultados sólidos durante el período que abarca el informe. En EE. UU., la Junta de la Reserva Federal (“Fed”) rebajó agresivamente los tipos de interés e introdujo una serie de iniciativas para apoyar la economía y ayudar a mantener el correcto funcionamiento del mercado financiero. Además, hubo una serie de “vuelos hacia la calidad” y una mayor demanda de valores de renta fija. En este contexto, los rendimientos de los bonos del Tesoro de EE. UU. bajaron considerablemente (los rendimientos y los precios se mueven en la dirección opuesta) y los sectores de diferenciales (no bonos del Tesoro de EE. UU.) subieron. Fuera de EE. UU., varios bancos centrales también persiguieron políticas monetarias altamente acomodaticias debido al fuerte descenso de la actividad económica. Esto también contribuyó a la caída de los rendimientos de los bonos y al aumento de los precios.
Análisis del mercado – Renta variable global
La renta variable global fue extremadamente volátil y generó resultados mixtos durante el periodo del informe. Tras una subida inicial, el mercado experimentó un descenso rápido y grave en febrero y marzo de 2020 debido a los obstáculos de la pandemia de COVID-19. En EE. UU., el mercado alcista del mercado de renta variable a 11 años finalizó en marzo de 2020 y luego experimentó su caída más rápida hasta la fecha, desde un máximo histórico hasta un mercado bajista. La renta variable estadounidense repuntó con fuerza durante el segundo trimestre del año y registró una rentabilidad positiva para el periodo de 12 meses en su conjunto. Este cambio de rumbo se desencadenó por importantes esfuerzos de estímulo monetario y fiscal, la reapertura de ciertas economías y la esperanza de una vacuna contra la COVID-19. La renta variable fuera de EE. UU. también repuntó durante el segundo trimestre de 2020, pero no fue suficiente para compensar sus pérdidas anteriores.
Atentamente,
Legg Mason Investments (Ireland) Limited
Cabe destacar que el valor de las inversiones y los ingresos procedentes de ellas pueden caer del mismo modo en que pueden subir. Invertir implica riesgos, incluida la posible pérdida del importe invertido. La rentabilidad histórica no es un indicador fiable de los resultados futuros.
Esta información y los datos contenidos en el material se han preparado a partir de fuentes que se consideran fiables, pero ni Legg Mason Investments (Ireland) Limited ni ninguna de las empresas de Legg Mason, Inc. o afiliadas (conjuntamente denominadas “Legg Mason”) los garantizan de forma alguna. No se declara que la información sea correcta en ningún momento posterior a su fecha.
Las opiniones expresadas están sujetas a cambios sin previo aviso y no tienen en cuenta los objetivos particulares de inversión, las situaciones financieras o las necesidades de los inversores.
Este material no está destinado a ninguna persona o uso que sea contrario a las leyes o regulaciones locales. Legg Mason no es responsable y no se hace responsable de la posterior transmisión de este material.
Emitido y aprobado por Legg Mason Investments (Ireland) Limited, sede social: 6th Floor, Building Three, Number One Ballsbridge, 126 Pembroke Road, Dublín 4, D04 EP27, Irlanda. Registrada en Irlanda, N.º de Sociedad 271887. Autorizada y regulada por el Banco Central de Irlanda. | # Letter to Shareholders
Dear Shareholder,
We are pleased to provide you with the annual report for Legg Mason Global Solutions Plc (the “Company”) for the 12 months ended 30 June 2020. In this report we highlight the key drivers behind the performance of bond and equity markets over the period.
Global Economic Review
After initially expanding, the global economy then contacted given the fallout from the COVID-19 pandemic. In its June 2020 World Economic Outlook Update, the International Monetary Fund (“IMF”) said, “The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast. As with the April 2020 WEO [World Economic Outlook] projections, there is a higher-than-usual degree of uncertainty around this forecast. The baseline projection rests on key assumptions about the fallout from the pandemic. In economies with declining infection rates, the slower recovery path in the updated forecast reflects persistent social distancing into the second half of 2020. For economies struggling to control infection rates, a lengthier lockdown will inflict an additional toll on activity.” From a regional perspective, the IMF projects the US economy will contract 8.0% in 2020, compared to the 2.3% GDP expansion in 2019. Elsewhere, the IMF anticipates that 2020 GDP growth in the Eurozone, UK and Japan will be -10.2%,
-10.2% and -5.8%, respectively. For comparison purposes, the GDP of these economies expanded 1.3%, 1.4% and 0.7%, respectively, in 2019.
Market Review – Fixed Income
Global fixed income markets posted strong results during the reporting period. In the US, the Federal Reserve Board (“Fed”) aggressively lowered interest rates and introduced a number of initiatives to support the economy and help keep the financial market functioning properly. In addition, there were a number of “flights to quality” and increased demand for fixed income securities. Against this backdrop, US Treasury yields moved sharply lower (yields and prices move in the opposite direction) and the spread sectors (non-US Treasuries) rallied. Outside the US, a number of central banks also pursued highly accommodative monetary policies given the sharp decline in economic activity. This also contributed to falling bond yields and rising prices.
Market Review – Global Equities
Global equities were extremely volatile and generated mixed results during the reporting period. After initially moving higher, the market experienced a rapid and severe decline in February and March 2020 given the headwinds from the COVID-19 pandemic. In the US, the equity market’s 11-year bull market ended in March 2020 and it then experienced its fastest fall ever from an all-time high to a bear market. US equities then rallied sharply during the second quarter of the year and posted a positive return for the 12-month reporting period as a whole. This turnaround was triggered by significant monetary and fiscal stimulus efforts, the reopening of certain economies and hopes for a COVID-19 vaccine. Equities outside the US also rallied during the second quarter of 2020, but it was not enough to offset their previous losses.
Yours sincerely,
Legg Mason Investments (Ireland) Limited
It should be noted that the value of investments and the income from them may go down as well as up. Investment involves risks, including the possible loss of the amount invested. Past performance is not a reliable indicator of future results.
This information and data in this material has been prepared from sources believed reliable but is not guaranteed in any way by Legg Mason Investments (Ireland) Limited nor any Legg Mason, Inc. company or affiliate (together “Legg Mason”). No representation is made that the information is correct as of any time subsequent to its date.
Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situations or needs of investors.
This material is not intended for any person or use that would be contrary to local law or regulation. Legg Mason is not responsible and takes no liability for the onward transmission of this material.
Issued and approved by Legg Mason Investments (Ireland) Limited, registered office 6th Floor, Building Three, Number One Ballsbridge, 126 Pembroke Road, Dublin 4, D04 EP27, Ireland. Registered in Ireland, Company No. 271887. Authorised and regulated by the Central Bank of Ireland. | en | es |
DOLFIN7361 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
What’s happening?
- October saw some stability return to markets towards month-end, as the UK political crisis dissipated with another change of leadership and subsequent rally in UK related assets. Yields on US 10-year treasuries, however, rose to 4%, with shorter 2-year maturities rising to 4.5%, reflecting the expected rise in Federal Reserve official interest rates. Credit and high yield markets had a solid month following the spread widening and large drawdowns of September.
- Whilst employment data remains robust and inflation across the world remains stubborn, central banks are aggressively tightening monetary policy. The ECB raised rates by 75bps in October, with markets expecting a similar move from both the Bank of England and Federal Reserve in early November.
- Markets continue to oscillate between trading on fears of a recession to fears of sustained inflation and interest rate hikes, making 2022 by the far the most volatile year for a long time, leading to fixed income’s biggest drawdown experienced in living memory.
Portfolio positioning and performance
- Defensive (34%): we moved our duration exposure up to 2.5 years from 0.9 years in September, adding both UK duration and shorter dated US duration, as the worst of the sell off during September, particular in sterling bonds, looks to be behind us. In the space of six months, the strategy’s duration exposure has been both the highest and lowest ever since launch in 2012 as we try to navigate the headwinds of extreme volatility.
- Intermediate (32%): we are finding very attractive opportunities in developed market investment grade credit, even if short-term volatility may persist. Whilst the market effect has reduced exposure, we are well invested in BBBs, predominantly in the UK and Europe but also US, which we believe have the potential to perform well over coming quarters. The combination of relatively low default risk, together with elevated yields due to higher rates and wider credit spreads, looks a compelling proposition into 2023.
- Aggressive (35%): asset allocation in developed market high yield and emerging market bonds remained stable during the month, although we closed our CDS protection position. This meant that, compared with the previous month, we carried more credit risk and hence benefitted from the current tightening of credit spreads.
Outlook
- Many investors will be pleased to see the back of 2022, although there are no immediate signs that the short term will provide a better environment for capital markets. Persistent inflation is a major headwind to markets and central banks are aggressively tightening financial conditions to tame the threat posed.
- There have, however, been periods in the last few months when markets have rallied on the expectation that the Fed may “pivot” and hike interest rates less than the market is expecting, albeit so far central bankers have been keen to push back against this view. In this respect, markets are proving to be even more volatile, as the twin threats of high inflation and weakening growth give little obvious direction to markets.
- Taking a more medium-term view, fixed income markets – particularly at the higher quality part of the broad spectrum – offer very attractive yields, which could potentially convert into decent return. The repricing of bond markets this year has been the worst on record for many markets, but forward-looking prospects are much more attractive.
Source(s): AXA Investment Managers as at 31/10/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
¿Qué está sucediendo?
- En octubre, los mercados recuperaron cierta estabilidad hacia el final del mes, ya que la crisis política del Reino Unido se disipó con otro cambio de liderazgo y el consiguiente repunte de los activos relacionados con el Reino Unido. Sin embargo, los rendimientos de los bonos del Tesoro estadounidense a 10 años subieron al 4 %, y los vencimientos más cortos a 2 años aumentaron hasta el 4,5 %, lo que refleja la subida prevista de los tipos de interés oficiales de la Reserva Federal. Los mercados de deuda corporativa y de alto rendimiento vivieron un mes sólido tras la ampliación de los diferenciales y las grandes caídas de septiembre.
- Mientras que los datos del empleo siguen siendo sólidos y la inflación en todo el mundo sigue siendo persistente, los bancos centrales están endureciendo agresivamente la política monetaria. El BCE subió los tipos 75 pb en octubre y los mercados esperaban una medida similar tanto del Banco de Inglaterra como de la Reserva Federal a principios de noviembre.
- Los mercados siguen oscilando entre el temor a una recesión y el temor a una inflación sostenida y a la subida de los tipos de interés, lo que hace que 2022 sea, con mucho, el año más volátil en mucho tiempo, provocando la mayor caída de la renta fija de la que se tiene recuerdo.
Posicionamiento y rentabilidad de la cartera
- Cartera defensiva (34 %): elevamos nuestra exposición a duración hasta 2,5 años desde 0,9 años en septiembre y añadimos duración británica y duración estadounidense a más corto plazo, ya que la peor oleada de ventas de septiembre, en particular en bonos en libras esterlinas, parece haber quedado atrás. En seis meses, la exposición a duración de la estrategia ha llegado a ser tanto la más alta como la más baja desde su lanzamiento en 2012, ya que intentamos capear los obstáculos de la extrema volatilidad.
- Cartera intermedia (32 %): encontramos oportunidades muy atractivas en el crédito de alta calidad de los mercados desarrollados, aunque la volatilidad a corto plazo persista. Aunque el efecto de mercado ha reducido la exposición, estamos bien invertidos en títulos BBB, principalmente en el Reino Unido y Europa, pero también en Estados Unidos, y creemos que tienen potencial para obtener buenos resultados en los próximos trimestres. La combinación de un riesgo de impago relativamente bajo, junto con los elevados rendimientos debido a la subida de los tipos y la ampliación de los diferenciales de crédito, parece una propuesta atractiva para 2023.
- Cartera agresiva (35 %): la asignación de activos en bonos de alto rendimiento de los mercados desarrollados y bonos de los mercados emergentes se mantuvo estable durante el mes, aunque cerramos nuestra posición de cobertura de CDS. Esto significó que, en comparación con el mes anterior, asumimos más riesgo de crédito y, por tanto, nos beneficiamos del ajuste actual de los diferenciales crediticios.
Perspectivas
- Muchos inversores estarán encantados de dejar atrás el año 2022, aunque no hay señales inmediatas de que el corto plazo vaya a ofrecer un mejor entorno para los mercados de capitales. La persistencia de la inflación es un gran obstáculo para los mercados y los bancos centrales están endureciendo agresivamente las condiciones financieras para atenuar la amenaza que plantea.
- Sin embargo, en los últimos meses ha habido periodos en los que los mercados han repuntado ante la expectativa de que la Fed podría «dar un giro» y subir los tipos de interés menos de lo que espera el mercado, aunque, hasta ahora, los bancos centrales se han mostrado dispuestos a rebatir esta opinión. En este sentido, los mercados están demostrando ser aún más volátiles, ya que la doble amenaza de inflación elevada y debilitamiento del crecimiento no dan una dirección clara a los mercados.
- Desde una perspectiva más a medio plazo, los mercados de renta fija, especialmente en la parte de mayor calidad del amplio espectro, ofrecen rendimientos muy atractivos, que podrían resultar en una rentabilidad decente. La revalorización de los mercados de renta fija este año ha sido la peor de la historia para muchos mercados, pero las perspectivas a futuro son mucho más atractivas.
Fuente(s) : AXA Investment Managers a 31/10/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
What’s happening?
- October saw some stability return to markets towards month-end, as the UK political crisis dissipated with another change of leadership and subsequent rally in UK related assets. Yields on US 10-year treasuries, however, rose to 4%, with shorter 2-year maturities rising to 4.5%, reflecting the expected rise in Federal Reserve official interest rates. Credit and high yield markets had a solid month following the spread widening and large drawdowns of September.
- Whilst employment data remains robust and inflation across the world remains stubborn, central banks are aggressively tightening monetary policy. The ECB raised rates by 75bps in October, with markets expecting a similar move from both the Bank of England and Federal Reserve in early November.
- Markets continue to oscillate between trading on fears of a recession to fears of sustained inflation and interest rate hikes, making 2022 by the far the most volatile year for a long time, leading to fixed income’s biggest drawdown experienced in living memory.
Portfolio positioning and performance
- Defensive (34%): we moved our duration exposure up to 2.5 years from 0.9 years in September, adding both UK duration and shorter dated US duration, as the worst of the sell off during September, particular in sterling bonds, looks to be behind us. In the space of six months, the strategy’s duration exposure has been both the highest and lowest ever since launch in 2012 as we try to navigate the headwinds of extreme volatility.
- Intermediate (32%): we are finding very attractive opportunities in developed market investment grade credit, even if short-term volatility may persist. Whilst the market effect has reduced exposure, we are well invested in BBBs, predominantly in the UK and Europe but also US, which we believe have the potential to perform well over coming quarters. The combination of relatively low default risk, together with elevated yields due to higher rates and wider credit spreads, looks a compelling proposition into 2023.
- Aggressive (35%): asset allocation in developed market high yield and emerging market bonds remained stable during the month, although we closed our CDS protection position. This meant that, compared with the previous month, we carried more credit risk and hence benefitted from the current tightening of credit spreads.
Outlook
- Many investors will be pleased to see the back of 2022, although there are no immediate signs that the short term will provide a better environment for capital markets. Persistent inflation is a major headwind to markets and central banks are aggressively tightening financial conditions to tame the threat posed.
- There have, however, been periods in the last few months when markets have rallied on the expectation that the Fed may “pivot” and hike interest rates less than the market is expecting, albeit so far central bankers have been keen to push back against this view. In this respect, markets are proving to be even more volatile, as the twin threats of high inflation and weakening growth give little obvious direction to markets.
- Taking a more medium-term view, fixed income markets – particularly at the higher quality part of the broad spectrum – offer very attractive yields, which could potentially convert into decent return. The repricing of bond markets this year has been the worst on record for many markets, but forward-looking prospects are much more attractive.
Source(s): AXA Investment Managers as at 31/10/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN7362 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- Les performances passées ne constituent pas un indicateur des résultats futurs.
- Les chiffres relatifs au Fonds tiennent compte des frais courants et supposent que le revenu (déduction faite de toute taxe) soit réinvesti. Les chiffres ne tiennent pas compte d'un quelconque ajustement de dilution ou d'éventuels frais de transaction.
- La performance a été calculée en USD.
- Le rendement annuel correspond à une période de 12 mois prenant fin au 31 décembre.
- Le Fonds a été lancé en 2013.
- Cette Catégorie d'actions a été lancée en 2020.
- Le Fonds vise à surperformer l’Indice de référence à raison de 3,5 % par an ("Objectif de performance"). Cet objectif s’entend avant déduction de quelconques charges et mesuré sur une période glissante de trois ans. | - La rentabilidad histórica no constituye una indicación de la futura rentabilidad.
- Las cifras del fondo tienen en cuenta los gastos corrientes y asumen que se reinvertirán todos los ingresos (tras descontar cualquier impuesto). Las cifras no tienen en cuenta ningún ajuste por dilución ni los costes de transacción.
- La rentabilidad se ha calculado en USD.
- La rentabilidad anual corresponde a un período de 12 meses que finaliza el 31 de diciembre.
- El fondo comenzó a funcionar en 2013.
- Esta clase de acciones comenzó a funcionar en 2020.
- El fondo pretende superar la rentabilidad del índice de referencia en un 3,5% anual (el "objetivo de rentabilidad"). Este objetivo se calcula antes de deducir cualquier gasto y se mide en períodos renovables de tres años. | - Les performances passées ne constituent pas un indicateur des résultats futurs.
- Les chiffres relatifs au Fonds tiennent compte des frais courants et supposent que le revenu (déduction faite de toute taxe) soit réinvesti. Les chiffres ne tiennent pas compte d'un quelconque ajustement de dilution ou d'éventuels frais de transaction.
- La performance a été calculée en USD.
- Le rendement annuel correspond à une période de 12 mois prenant fin au 31 décembre.
- Le Fonds a été lancé en 2013.
- Cette Catégorie d'actions a été lancée en 2020.
- Le Fonds vise à surperformer l’Indice de référence à raison de 3,5 % par an ("Objectif de performance"). Cet objectif s’entend avant déduction de quelconques charges et mesuré sur une période glissante de trois ans. | fr | es |
DOLFIN7363 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Des frais de service de 1,00 % par an s’appliquent à la valeur liquidative moyenne des actions des catégories F et G.
-
#### COMMISSIONS DE PERFORMANCE | ##### Se aplicará una comisión de servicios del 1,00 % anual sobre el Valor liquidativo medio de las Acciones de Clase F y Clase G.
-
#### COMISIONES DE RENTABILIDAD | ##### Des frais de service de 1,00 % par an s’appliquent à la valeur liquidative moyenne des actions des catégories F et G.
-
#### COMMISSIONS DE PERFORMANCE | fr | es |
DOLFIN7364 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Article 15 – Merger of the Fund and the funds
- Subject to the following conditions, the Management Company may pass a resolution to merge the Fund or a fund with another Undertaking for Collective Investment in Transferable Securities (“UCITS”) managed by the same Management Company or a different management company. A merger decision may be taken in the following cases, in particular:
- if the net assets of the Fund or Sub-fund have, on any valuation day, fallen below an amount deemed to be the minimum amount necessary to manage the Fund or a Sub-fund in an economically viable way. The Management Company has specified this amount as 5 million euro.
- if due to a material change in the economic or political environment or from a financial standpoint it no longer appears economically viable to continue managing the Fund or Sub- fund.
- The board of directors of the Fund Management Company may also decide to merge another fund or Sub-fund managed by the same or a different fund management company intothe fund or a fund.
- It is permitted to merge both two Luxembourg funds or Sub-funds (domestic merger) and funds or Sub-funds registered in two different European Union Member States (cross-border merger).
- Such a merger can only be enforced provided that the investment policy of the Fund or Sub- fund to be absorbed does not conflict with the investment policy of the absorbing UCITS.
- The implementation of such a merger shall take the form of a liquidation of the Fund or Sub- fund to be absorbed and the simultaneous transfer of all assets to the absorbing Fund or Sub- fund. Investors in the acquired fund shall receive units of the acquiring fund, the number of which shall be based on the net asset ratio of the respective Sub-fund at the time of the merger and where necessary with a settlement for fractions.
- Both the acquired fund or Sub-fund and the acquiring fund or Sub-fund shall inform the investors in a suitable form of the planned merger by publishing an announcement in a Luxembourg daily newspaper and as stipulated in the countries in which the acquiring or acquired fund or Sub-fund are distributed.
- The investors of the acquiring and transferring fund or Sub-fund are entitled for a period of thirty days to request at no additional cost the redemption of all or some of their units at the relevant unit price or, if possible, the exchange into units of another fund with a similar investment policy that is managed by the same fund management company or another company with which the fund management company is connected through joint management or control or through a substantial direct or indirect shareholding. The right shall become effective from the time the unit holder of the transferred and acquired fund is informed of the planned merger and shall expire five banking days before the time the exchange ratio is calculated.
- In the event of a merger between two or more funds or Sub-funds, the respective funds or Sub-funds may temporarily suspend the subscription, redemption or exchange of units if such suspension is justified in order to protect the unit holders.
- The merger shall be audited and confirmed by an independent auditor. The investors in the transferred and acquired fund or Sub-funds as well as the respective supervisory authorities shall provide copy of the auditors' report on request free of charge.
- The above equally applies to the merger of two funds within the Fund. | # Artikel 15 – Verschmelzung des Fonds und von Teilfonds
- Der Verwaltungsrat der Verwaltungsgesellschaft kann durch Beschluss gemäß nachfolgender Bedingungen beschließen, den Fonds oder einen Teilfonds in einen anderen Organismus für gemeinsame Anlagen in Wertpapieren („OGAW“), der von derselben Verwaltungsgesellschaft verwaltet wird oder der von einer anderen Verwaltungsgesellschaft verwaltet wird, einzubringen. Die Verschmelzung kann insbesondere in folgenden Fällen beschlossen werden:
- sofern das Netto-Fondsvermögen bzw. ein Netto-Teilfondsvermögen an einem Bewertungstag unter einen Betrag gefallen ist, welcher als Mindestbetrag erscheint, um den Fonds bzw. den Teilfonds in wirtschaftlich sinnvoller Weise zu verwalten. Die Verwaltungsgesellschaft hat diesen Betrag mit 5 Mio. Euro festgesetzt.
- sofern es wegen einer wesentlichen Änderung im wirtschaftlichen oder politischen Umfeld oder aus Ursachen wirtschaftlicher Rentabilität nicht als wirtschaftlich sinnvoll erscheint, den Fonds bzw. den Teilfonds zu verwalten.
- Der Verwaltungsrat der Verwaltungsgesellschaft kann ebenfalls beschließen einen anderen Fonds oder Teilfonds, der von derselben oder von einer anderen Verwaltungsgesellschaft verwaltet wird, in den Fonds bzw. einen Teilfonds aufzunehmen.
- Verschmelzungen sind sowohl zwischen zwei Luxemburger Fonds bzw. Teilfonds (inländische Verschmelzung) als auch zwischen Fonds bzw. Teilfonds die in zwei unterschiedlichen Mitgliedsstaaten der europäischen Union niedergelassen sind (grenzüberschreitende Verschmelzung) möglich.
- Eine solche Verschmelzung ist nur insofern vollziehbar als die Anlagepolitik des einzubringenden Fonds oder Teilfonds nicht gegen die Anlagepolitik des aufnehmenden OGAW verstößt.
- Die Durchführung der Verschmelzung vollzieht sich wie eine Auflösung des einzubringenden Fonds oder Teilfonds und eine gleichzeitige Übernahme sämtlicher Vermögensgegenstände durch den aufnehmenden Fonds bzw. Teilfonds. Die Anleger des einbringenden Fonds erhalten Anteile des aufnehmenden Fonds, deren Anzahl sich auf der Grundlage des Anteilwertverhältnisses der betroffenen Fonds zum Zeitpunkt der Einbringung errechnet und gegebenenfalls einen Spitzenausgleich.
- Sowohl der aufnehmende Fonds bzw. Teilfonds als auch der übertragende Fonds bzw. Teilfonds informieren die Anleger in geeigneter Form über die geplante Verschmelzung im Rahmen einer Publikation in einer Luxemburger Tageszeitung und entsprechend den Vorschriften der jeweiligen Vertriebsländer des aufnehmenden oder einzubringenden Fonds bzw. Teilfonds.
- Die Anleger des aufnehmenden und des übertragenden Fonds bzw. Teilfonds haben während dreißig Tagen das Recht, ohne Zusatzkosten die Rücknahme aller oder eines Teils ihrer Anteile zum einschlägigen Anteilwert oder, soweit möglich, den Umtausch in Anteile eines anderen Fonds mit ähnlicher Anlagepolitik, der von derselben Verwaltungsgesellschaft oder einer anderen Gesellschaft verwaltet wird, mit der die Verwaltungsgesellschaft durch eine gemeinsame Verwaltung oder Kontrolle oder durch wesentliche direkte oder indirekte Beteiligung verbunden ist, zu verlangen. Das Recht wird ab dem Zeitpunkt wirksam, zu dem die Anteilinhaber des übertragenden und des aufnehmenden Fonds über die geplante Verschmelzung unterrichtet werden, und erlischt fünf Bankarbeitstage vor dem Zeitpunkt der Berechnung des Umtauschverhältnisses.
- Bei einer Verschmelzung zwischen zwei oder mehreren Fonds bzw. Teilfonds können die betroffenen Fonds bzw. Teilfonds die Zeichnungen, Rücknahmen oder Umtäusche von Anteilen zeitweilig aussetzen, wenn eine solche Aussetzung aus Gründen des Anteilinhaberschutzes gerechtfertigt ist.
- Die Durchführung der Verschmelzung wird von einem unabhängigen Wirtschaftsprüfer geprüft und bestätigt. Den Anlegern des übertragenden und des übernehmenden Fonds bzw. Teilfonds sowie der jeweils zuständigen Aufsichtsbehörde wird auf Anfrage kostenlos eine Kopie des Berichts des Wirtschaftsprüfers zur Verfügung gestellt.
- Das vorstehend Gesagte gilt gleichermaßen für die Verschmelzung zweier Teilfonds innerhalb des Fonds. | # Article 15 – Merger of the Fund and the funds
- Subject to the following conditions, the Management Company may pass a resolution to merge the Fund or a fund with another Undertaking for Collective Investment in Transferable Securities (“UCITS”) managed by the same Management Company or a different management company. A merger decision may be taken in the following cases, in particular:
- if the net assets of the Fund or Sub-fund have, on any valuation day, fallen below an amount deemed to be the minimum amount necessary to manage the Fund or a Sub-fund in an economically viable way. The Management Company has specified this amount as 5 million euro.
- if due to a material change in the economic or political environment or from a financial standpoint it no longer appears economically viable to continue managing the Fund or Sub- fund.
- The board of directors of the Fund Management Company may also decide to merge another fund or Sub-fund managed by the same or a different fund management company intothe fund or a fund.
- It is permitted to merge both two Luxembourg funds or Sub-funds (domestic merger) and funds or Sub-funds registered in two different European Union Member States (cross-border merger).
- Such a merger can only be enforced provided that the investment policy of the Fund or Sub- fund to be absorbed does not conflict with the investment policy of the absorbing UCITS.
- The implementation of such a merger shall take the form of a liquidation of the Fund or Sub- fund to be absorbed and the simultaneous transfer of all assets to the absorbing Fund or Sub- fund. Investors in the acquired fund shall receive units of the acquiring fund, the number of which shall be based on the net asset ratio of the respective Sub-fund at the time of the merger and where necessary with a settlement for fractions.
- Both the acquired fund or Sub-fund and the acquiring fund or Sub-fund shall inform the investors in a suitable form of the planned merger by publishing an announcement in a Luxembourg daily newspaper and as stipulated in the countries in which the acquiring or acquired fund or Sub-fund are distributed.
- The investors of the acquiring and transferring fund or Sub-fund are entitled for a period of thirty days to request at no additional cost the redemption of all or some of their units at the relevant unit price or, if possible, the exchange into units of another fund with a similar investment policy that is managed by the same fund management company or another company with which the fund management company is connected through joint management or control or through a substantial direct or indirect shareholding. The right shall become effective from the time the unit holder of the transferred and acquired fund is informed of the planned merger and shall expire five banking days before the time the exchange ratio is calculated.
- In the event of a merger between two or more funds or Sub-funds, the respective funds or Sub-funds may temporarily suspend the subscription, redemption or exchange of units if such suspension is justified in order to protect the unit holders.
- The merger shall be audited and confirmed by an independent auditor. The investors in the transferred and acquired fund or Sub-funds as well as the respective supervisory authorities shall provide copy of the auditors' report on request free of charge.
- The above equally applies to the merger of two funds within the Fund. | en | de |
DOLFIN7365 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### The assets of the fund are denominated in euros (“the reference currency”).
The value of a unit (“unit value”) is in the currency stated in the relevant annex to the sales prospectus (“sub-fund currency”) unless another sub-fund currency is stated for other unit classes in the relevant annex to the sales prospectus (“unit class currency”).
The unit value is calculated by the Management Company, or a third party commissioned for this purpose by the Management Company, under the supervision of the Depositary, on each banking day in Luxembourg with the exception of 24 and 31 December of each year (“valuation day”). The value is calculated on each valuation day based on the value of the assets of the respective sub-fund minus the liabilities of the respective sub-fund (“net sub-fund assets”). Further details on calculating the unit value are in particular stated in Article 6 of the management regulations. | #### L’actif du fonds est libellé en euros (« devise de référence »).
La valeur d’une part (« valeur unitaire des parts ») est exprimée dans la devise figurant dans l’annexe correspondante du prospectus (« devise du compartiment »), dès lors qu’aucune devise différente de la devise du compartiment n’est préci- sée dans l’annexe correspondante du prospectus pour d’éventuelles catégories de parts émises ultérieurement (« devise des catégories de parts »).
La valeur unitaire des parts est calculée par la société de gestion ou par un mandataire désigné par elle sous la surveillance du dépositaire chaque jour ouvrable bancaire au Luxembourg, à l’exception des 24 et 31 décembre de chaque année (« jour d’évaluation »). Pour calculer la valeur unitaire des parts, la valeur de l’actif de chaque compartiment, minorée des obligations de chaque compartiment (« actif net du compartiment »), est calculée chaque jour d’évaluation. De plus amples détails sur le calcul de la valeur unitaire des parts figurent à l’article 6 du règlement de gestion. | #### The assets of the fund are denominated in euros (“the reference currency”).
The value of a unit (“unit value”) is in the currency stated in the relevant annex to the sales prospectus (“sub-fund currency”) unless another sub-fund currency is stated for other unit classes in the relevant annex to the sales prospectus (“unit class currency”).
The unit value is calculated by the Management Company, or a third party commissioned for this purpose by the Management Company, under the supervision of the Depositary, on each banking day in Luxembourg with the exception of 24 and 31 December of each year (“valuation day”). The value is calculated on each valuation day based on the value of the assets of the respective sub-fund minus the liabilities of the respective sub-fund (“net sub-fund assets”). Further details on calculating the unit value are in particular stated in Article 6 of the management regulations. | en | fr |
DOLFIN7366 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le principal risque, dans les transactions de mise en pension ou de prise en pension, réside dans le risque de défaillance d’une contrepartie qui est devenue insolvable ou qui est incapable pour une autre raison ou refuse de s’acquitter de ses obligations de restituer des titres ou des liquidités au Compartiment pertinent conformément aux dispositions de la transaction. Le risque de contrepartie est atténué par la cession ou la constitution d’un nantissement en faveur du Compartiment concerné. Les transactions de mise en pension ou de prise en pension ne peuvent toutefois pas toujours être entièrement garanties par nantissement. Il est possible que les commissions et les revenus dus au Fonds en vertu de transactions de mise en pension ou de prise en pension ne puissent pas être garantis par nantissement. De plus, la valeur d’un bien reçu en garantie peut baisser entre les dates de rééquilibrage des garanties ou elle peut ne pas être déterminée ou surveillée correctement. Dans de telles circonstances, si une contrepartie est défaillante, le Compartiment concerné peut être amené à vendre le bien non liquide reçu en garantie aux prix en vigueur sur le marché, ce qui peut entraîner une perte pour ce Compartiment.
Un Compartiment peut également subir une perte en réinvestissant des liquidités reçues en garantie. Une telle perte peut survenir en cas de diminution de la valeur des investissements effectués. Une baisse de la valeur de ces investissements réduirait le montant de la garantie disponible que le Fonds doit restituer à la contrepartie en vertu des dispositions de la transaction. Le Compartiment concerné devrait alors compenser la différence de valeur entre la garantie initialement reçue et le montant disponible pour la restitution à la contrepartie, entraînant ainsi une perte pour le Fonds.
Les transactions de mise en pension ou de prise en pension s’accompagnent également de risques opérationnels, tels que le non- règlement ou le règlement tardif d’instructions et les risques juridiques inhérents aux documents utilisés dans le cadre de ces transactions.
Un Compartiment peut conclure des transactions de mise en pension ou de prise en pension avec d’autres sociétés du même Groupe de sociétés que la Société de gestion ou le Gestionnaire d’investissement. Les éventuelles contreparties affiliées s’acquitteront de leurs obligations résultant de toute transaction de mise en pension ou de prise en pension conclue avec le Compartiment d’une manière raisonnable sur le plan commercial. De plus, la Société de gestion ou le Gestionnaire d’investissement sélectionneront les contreparties et concluront les transactions en fonction de la meilleure exécution et constamment dans l’intérêt suprême du Compartiment et de ses investisseurs. Les investisseurs doivent toutefois être conscients que la Société de gestion ou le Gestionnaire d’investissement peuvent être confrontés à un conflit entre leur fonction et leurs propres intérêts ou ceux de contreparties affiliées.
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## Swaps sur rendement total | El principal riesgo que conlleva participar en operaciones de recompra o recompra inversa es el riesgo de incumplimiento por parte de una contraparte que se ha declarado insolvente o que no puede o rechaza cumplir con su obligación de reembolsar valores o efectivo al Subfondo correspondiente tal y como se estipula en las condiciones de la operación. El riesgo de la contraparte se verá reducido por la cesión o pignoración de una garantía a favor del Subfondo correspondiente. Sin embargo, es posible que las operaciones de recompra o recompra inversa no estén totalmente cubiertas por la garantía. Es posible que las comisiones y los ingresos debidos al Fondo como resultado de operaciones de recompra o recompra inversa no estén cubiertos por la garantía. Además, el valor de la garantía podría disminuir de una fecha de reajuste de garantía a otra o podría estar determinado o supervisado de manera incorrecta. En tal caso, si una contraparte comete incumplimiento, es posible que el Subfondo correspondiente deba vender la garantía recibida que no sea en efectivo a los precios actuales del mercado, lo cual supondría una pérdida para el Subfondo correspondiente.
Es posible que un Subfondo también sufra pérdidas al reinvertir la garantía en efectivo recibida. Tales pérdidas podrían producirse debido a la disminución del valor de las inversiones realizadas. La disminución del valor de dichas inversiones reduciría el importe de la garantía disponible para ser devuelto a la contraparte por parte del Fondo, tal y como se estipula en las condiciones de la operación. El Subfondo correspondiente se vería obligado a cubrir la diferencia de valor entre la garantía original recibida y el importe disponible para ser devuelto a la contraparte, lo cual supondría una pérdida para el Fondo.
Las operaciones de recompra o recompra inversa también suponen riesgos operativos, como la falta de liquidez o el retraso en la liquidación de instrucciones, y riesgos legales relacionados con la documentación utilizada para tales operaciones.
Un Subfondo puede participar en operaciones de recompra o recompra inversa con otras sociedades que formen parte del mismo grupo de sociedades de la Sociedad Gestora o el Gestor de Inversiones. Las contrapartes afiliadas, si las hay, cumplirán con las obligaciones contraídas en cualquier operación de recompra o recompra inversa que se haya celebrado con el Subfondo de una manera comercialmente razonable. Además, la Sociedad Gestora o el Gestor de Inversiones seleccionarán las contrapartes y participarán en operaciones con la mejor ejecución posible y en beneficio del Subfondo y sus inversores. No obstante, los inversores deben tener en cuenta que la Sociedad Gestora o el Gestor de Inversiones podrían verse en conflicto entre su función y sus propios intereses o los de las contrapartes afiliadas.
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## Permutas de rentabilidad total | Le principal risque, dans les transactions de mise en pension ou de prise en pension, réside dans le risque de défaillance d’une contrepartie qui est devenue insolvable ou qui est incapable pour une autre raison ou refuse de s’acquitter de ses obligations de restituer des titres ou des liquidités au Compartiment pertinent conformément aux dispositions de la transaction. Le risque de contrepartie est atténué par la cession ou la constitution d’un nantissement en faveur du Compartiment concerné. Les transactions de mise en pension ou de prise en pension ne peuvent toutefois pas toujours être entièrement garanties par nantissement. Il est possible que les commissions et les revenus dus au Fonds en vertu de transactions de mise en pension ou de prise en pension ne puissent pas être garantis par nantissement. De plus, la valeur d’un bien reçu en garantie peut baisser entre les dates de rééquilibrage des garanties ou elle peut ne pas être déterminée ou surveillée correctement. Dans de telles circonstances, si une contrepartie est défaillante, le Compartiment concerné peut être amené à vendre le bien non liquide reçu en garantie aux prix en vigueur sur le marché, ce qui peut entraîner une perte pour ce Compartiment.
Un Compartiment peut également subir une perte en réinvestissant des liquidités reçues en garantie. Une telle perte peut survenir en cas de diminution de la valeur des investissements effectués. Une baisse de la valeur de ces investissements réduirait le montant de la garantie disponible que le Fonds doit restituer à la contrepartie en vertu des dispositions de la transaction. Le Compartiment concerné devrait alors compenser la différence de valeur entre la garantie initialement reçue et le montant disponible pour la restitution à la contrepartie, entraînant ainsi une perte pour le Fonds.
Les transactions de mise en pension ou de prise en pension s’accompagnent également de risques opérationnels, tels que le non- règlement ou le règlement tardif d’instructions et les risques juridiques inhérents aux documents utilisés dans le cadre de ces transactions.
Un Compartiment peut conclure des transactions de mise en pension ou de prise en pension avec d’autres sociétés du même Groupe de sociétés que la Société de gestion ou le Gestionnaire d’investissement. Les éventuelles contreparties affiliées s’acquitteront de leurs obligations résultant de toute transaction de mise en pension ou de prise en pension conclue avec le Compartiment d’une manière raisonnable sur le plan commercial. De plus, la Société de gestion ou le Gestionnaire d’investissement sélectionneront les contreparties et concluront les transactions en fonction de la meilleure exécution et constamment dans l’intérêt suprême du Compartiment et de ses investisseurs. Les investisseurs doivent toutefois être conscients que la Société de gestion ou le Gestionnaire d’investissement peuvent être confrontés à un conflit entre leur fonction et leurs propres intérêts ou ceux de contreparties affiliées.
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## Swaps sur rendement total | fr | es |
DOLFIN7367 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 1.5 years |
| --- | --- | --- |
| Total costs | 243 € | 319 € |
| Impact of annual costs (*) | 2.44% | 2.13% each year | | | | Si vous sortez après 1 an | Si vous sortez après 1,5 an |
| --- | --- | --- |
| Coûts totaux | 243 € | 319 € |
| Incidence des coûts annuels (*) | 2,44% | 2,13% chaque année | | | | If you exit after 1 year | If you exit after 1.5 years |
| --- | --- | --- |
| Total costs | 243 € | 319 € |
| Impact of annual costs (*) | 2.44% | 2.13% each year | | en | fr |
DOLFIN7368 | 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. |
| 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 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. |
| 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 |
DOLFIN7369 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# DEPOSITARY
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## Appointment of Depositary
- The Directors shall subject to the prior approval of the Competent Authority appoint a Depositary who shall be responsible for the safe custody of all the Assets, perform its duties prescribed by the Regulations and perform such other duties upon such terms as the Directors may, from time to time, (with the agreement of the Depositary) determine.
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## Appointment of sub-custodians
Subject to the requirements of the Competent Authority and the UCITS Requirements, the Depositary may pursuant to the Depositary Agreement, appoint sub-custodians, nominees, agents or other delegates to perform in whole or in part any of its duties or exercise any of its discretions as a custodian. For the avoidance of doubt the Depositary may not delegate the performance of any of its fiduciary duties or discretions and its liability shall not be affected by the fact that it has entrusted to a third party some or all of the Assets in its safe-keeping.
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## Remuneration of Depositary | # DÉPOSITAIRE
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## Nomination du Dépositaire
- Les Administrateurs devront sous réserve de l’approbation préalable de l’Autorité compétente nommer un Dépositaire qui sera responsable de la garde de l’ensemble des Actifs, assurera les fonctions décrites par la Réglementation et exécutera d’autres obligations en vertu des conditions que les Administrateurs pourront, le cas échéant (avec l’approbation du Dépositaire) déterminer.
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## Nomination des dépositaires délégués
Sous réserve des exigences de l’Autorité compétente et des exigences OPCVM, le Dépositaire pourra, en accord avec le Contrat de Dépositaire, nommer ses délégués, fondés de pouvoir et autres afin d’exécuter tout ou partie de ses fonctions et exercer l’ensemble de ses pouvoirs en qualité de dépositaire. Afin d’éviter tout doute, le Dépositaire ne saurait déléguer la performance de ses obligations ou pouvoirs fiduciaires et ses obligations ne sauraient être affectées par le fait qu’il ait confié à une tierce partie tout ou partie des Actifs sous sa garde.
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## Rémunération du Dépositaire | # DEPOSITARY
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## Appointment of Depositary
- The Directors shall subject to the prior approval of the Competent Authority appoint a Depositary who shall be responsible for the safe custody of all the Assets, perform its duties prescribed by the Regulations and perform such other duties upon such terms as the Directors may, from time to time, (with the agreement of the Depositary) determine.
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## Appointment of sub-custodians
Subject to the requirements of the Competent Authority and the UCITS Requirements, the Depositary may pursuant to the Depositary Agreement, appoint sub-custodians, nominees, agents or other delegates to perform in whole or in part any of its duties or exercise any of its discretions as a custodian. For the avoidance of doubt the Depositary may not delegate the performance of any of its fiduciary duties or discretions and its liability shall not be affected by the fact that it has entrusted to a third party some or all of the Assets in its safe-keeping.
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## Remuneration of Depositary | en | fr |
DOLFIN7370 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Past Performance
- Fund launch date: 10 September 2018.
- Share Class launch date: 10 September 2018.
- The base currency of the Fund is USD.
- Past performance of the Share Class is calculated in USD.
- Performance is calculated after deduction of ongoing charges, portfolio transactionscosts and is inclusive of gross income reinvested. Any entry /exit charges shown are-excluded from the calculation.
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As the Fund is actively managed, it is not intended that the performance of the Share Class will track the performance of MSCI AC Asia ex Japan Index (Net Total Return) (the "Benchmark").
Past performance is not a guide to future performance.
The historical performance shown in the chart up to 7th September 2018 relates to the historical performance of another fund, which was merged into the Fund on that date. The Investment objective and strategies, risk profile and fee structures of this previous fund were the same. In addition, the ongoing charge of the Fund is the same as the ongoing charge of the previous fund, at the date of the merger. | # Performances passées
- Date de lancement du Fonds : 10/09/2018.
- Date de lancement de la Catégorie d’Actions : 10/09/2018.
- La devise de référence du Fonds est USD.
- Devise de calcul des performances passées de la Catégorie d'Actions : USD.
- La performance est calculée déduction faite des frais courants ainsi que des coûtsd’opérations de portefeuille et comprend les revenus bruts réinvestis. Les frais-d’entrée et de sortie affichés sont exclus du calcul.
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Étant donné que le Fonds fait l’objet d’une gestion active, il n’est pas prévu que la performance de la Catégorie d’Actions réplique la performance de MSCI AC Asia ex Japan Index (Net Total Return) (l’« Indice de référence »).
Les performances passées ne constituent pas une indication fiable des performances futures.
La performance historique indiquée jusqu’au 7 septembre 2018 dans le graphique se rapporte à la performance historique d'un autre fonds, fusionné dans le Fonds à cette date. L’objectif et les stratégies d’investissement, le profil de risque et les structures de frais de ce fonds précédent étaient les mêmes. En outre, les frais courants du Fonds sont identiques aux frais courants du fonds précédent, à la date de fusion. | # Past Performance
- Fund launch date: 10 September 2018.
- Share Class launch date: 10 September 2018.
- The base currency of the Fund is USD.
- Past performance of the Share Class is calculated in USD.
- Performance is calculated after deduction of ongoing charges, portfolio transactionscosts and is inclusive of gross income reinvested. Any entry /exit charges shown are-excluded from the calculation.
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As the Fund is actively managed, it is not intended that the performance of the Share Class will track the performance of MSCI AC Asia ex Japan Index (Net Total Return) (the "Benchmark").
Past performance is not a guide to future performance.
The historical performance shown in the chart up to 7th September 2018 relates to the historical performance of another fund, which was merged into the Fund on that date. The Investment objective and strategies, risk profile and fee structures of this previous fund were the same. In addition, the ongoing charge of the Fund is the same as the ongoing charge of the previous fund, at the date of the merger. | en | fr |
DOLFIN7371 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
## Risk Indicator
| 4 | 5 | 6 | 7 |
| --- | --- | --- | --- |
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 3 out of 7, which is a medium-low risk class. Due to the nature of the Fund's investments, the Fund's performance can fluctuate moderately over time.
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 risk is not considered in the indicator shown above.
## Other risks materially relevant to the PRIIP not included in the summary risk indicator:
- Credit riskFor more information, please see prospectus.
## This product does not include any protection from future market performance so you could lose some or all of your investment. | # ¿Qué riesgos corro y qué podría obtener a cambio?
| 4 | 5 | 6 | 7 |
| --- | --- | --- | --- |
## Indicador de riesgo
El indicador de riesgo resumido es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra la probabilidad de que el producto pierda dinero por los movimientos de los mercados o porque no podamos pagarle.
## Hemos clasificado este producto como 3 de 7, que es una clase de riesgo medio-bajo. Debido a la naturaleza de las inversiones del Fondo, su rendimiento puede fluctuar de forma moderada con el tiempo.
Sea consciente del riesgo de divisa. Recibirá los pagos en una moneda diferente, por lo que el rendimiento final que obtendrá dependerá del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador mostrado anteriormente.
## Otros riesgos sustancialmente relevantes para el PRIIP no incluidos en el indicador de riesgo resumido:
- Riesgo crediticioPara más información, consulte el folleto.
## Este producto no incluye ninguna protección frente a la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión. | # What are the risks and what could I get in return?
## Risk Indicator
| 4 | 5 | 6 | 7 |
| --- | --- | --- | --- |
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 3 out of 7, which is a medium-low risk class. Due to the nature of the Fund's investments, the Fund's performance can fluctuate moderately over time.
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 risk is not considered in the indicator shown above.
## Other risks materially relevant to the PRIIP not included in the summary risk indicator:
- Credit riskFor more information, please see prospectus.
## This product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN7372 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Central Administration Agent is the Luxembourg branch of CACEIS Bank, a public limited liability company (société anonyme) incorporated under the laws of France, having its registered office located at 1-3, place Valhubert, 75013 Paris, France, registered with the French Register of Trade and Companies under number 692 024 722 RCS Paris. It is an authorised credit institution supervised by the European Central Bank (“ECB”) and the Autorité de contrôle prudentiel et de résolution (“ACPR”). It is further authorised to exercise through its Luxembourg branch banking and central administration activities in Luxembourg.
The Central Administration Agent may delegate part or all of its functions to a third party service provider, under its responsibility.
The Central Administration Agent is entitled to receive a fee calculated in accordance with normal banking practice in Luxembourg and payable out of the assets of each Sub-Fund and based on the Net Asset Value of each Sub-Fund.
This Administrative Agency, Registrar and Transfer Agency and Paying Agency Agreement may be terminated by either party giving 3 months’ prior notice under the conditions and terms of the agreement.
- INDEPENDENT AUDITORS AND LEGAL ADVISERSPricewaterhouseCoopers, société coopérative, Réviseur d’entreprises, 2, rue Gerhard Mercator, 1471 Luxembourg, Grand Duchy of Luxembourg shall act as the Independent Auditors of the Company. | L’Agent d’administration centrale est la succursale luxembourgeoise de CACEIS Bank, une société anonyme constituée conformément au droit de la France ayant son siège social 1-3, place Valhubert, 75013 Paris, France, immatriculée au Registre du commerce et des sociétés français sous le numéro 692 024 722 RCS Paris. Il s’agit d’un établissement de crédit autorisé soumis à la surveillance de la Banque centrale européenne ("BCE") et de l’Autorité de contrôle prudentiel et de résolution ("ACPR"). Elle est par ailleurs autorisée à exercer des activités bancaires et d’administration centrale au Luxembourg par l’intermédiaire de sa succursale luxembourgeoise.
L’Agent d’administration centrale peut déléguer l’intégralité ou une partie de ses fonctions à un prestataire de services tiers, sous sa responsabilité.
L’Agent d’administration centrale a droit à une commission calculée conformément aux pratiques bancaires normales du Luxembourg, payable sur les actifs de chaque Compartiment et basée sur la Valeur nette d’inventaire de chaque Compartiment.
Ce Contrat d’Agent d’administration, d’Agent d’enregistrement, d’Agent de transfert et d’Agent de paiement peut être dénoncé par l’une ou l’autre des parties sous réserve d’un préavis de trois mois, conformément aux conditions dudit contrat.
- ORGANE DE RÉVISION ET CONSEILLERS JURIDIQUESLes fonctions de réviseur d’entreprises indépendant de la Société sont assumées par PricewaterhouseCoopers, société coopérative, Réviseur d’entreprises, 2, rue Gerhard Mercator, 1471 Luxembourg, Grand-Duché de Luxembourg. | The Central Administration Agent is the Luxembourg branch of CACEIS Bank, a public limited liability company (société anonyme) incorporated under the laws of France, having its registered office located at 1-3, place Valhubert, 75013 Paris, France, registered with the French Register of Trade and Companies under number 692 024 722 RCS Paris. It is an authorised credit institution supervised by the European Central Bank (“ECB”) and the Autorité de contrôle prudentiel et de résolution (“ACPR”). It is further authorised to exercise through its Luxembourg branch banking and central administration activities in Luxembourg.
The Central Administration Agent may delegate part or all of its functions to a third party service provider, under its responsibility.
The Central Administration Agent is entitled to receive a fee calculated in accordance with normal banking practice in Luxembourg and payable out of the assets of each Sub-Fund and based on the Net Asset Value of each Sub-Fund.
This Administrative Agency, Registrar and Transfer Agency and Paying Agency Agreement may be terminated by either party giving 3 months’ prior notice under the conditions and terms of the agreement.
- INDEPENDENT AUDITORS AND LEGAL ADVISERSPricewaterhouseCoopers, société coopérative, Réviseur d’entreprises, 2, rue Gerhard Mercator, 1471 Luxembourg, Grand Duchy of Luxembourg shall act as the Independent Auditors of the Company. | en | fr |
DOLFIN7373 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Should a Sub-Fund qualify as a Feeder UCITS, a description of all remuneration and reimbursement of costs payable by the Feeder UCITS by virtue of its investments in shares/units of the Master UCITS, as well as the aggregate charges of both the Feeder UCITS and the Master UCITS, shall be disclosed in the relevant Sub-Fund’s Appendix. In its annual report, the Fund shall include a statement on the aggregate charges of both the Feeder UCITS and the Master UCITS.
- A Sub-Fund (the “Investing Fund”) may subscribe, acquire and/or hold securities to be issued by one or more Sub-Funds (each, a “Target Fund”) without the Fund being subject to the requirements of the law of 10 August 1915 on commercial companies, as amended, with respect to the subscription, acquisition and/or the holding by a company of its own shares, under the condition however that:
- the Target Fund does not, in turn, invest in the Investing Fund invested in this Target Fund; and
- no more than 10% of the assets of the Target Fund whose acquisition is contemplated may, according to its investment policy, be invested in shares or units of other UCITS or other UCIs; and
- the Investing Fund may not invest more than 20% of its net assets in units of a single Target Fund; and
- the voting right linked to the securities of the Target Fund are suspended during the period of investment; and
- for as long as these securities are held by the Investing Fund, their value will not be taken into consideration for the calculation of the net assets of the Fund for the purposes of verifying the minimum threshold of the net assets imposed by the 2010 Law. | En caso de que un Subfondo cumpla los requisitos de OICVM subordinado, en el correspondiente Anexo del Subfondo se recogerá una descripción de todas las remuneraciones y el reembolso de los gastos pagaderos por el OICVM subordinado en virtud de sus inversiones en las acciones o participaciones del OICVM principal, así como los gastos totales tanto del OICVM subordinado como del OICVM principal. En su informe anual, el Fondo deberá incluir una declaración de los gastos totales tanto del OICVM subordinado como del OICVM principal.
- Un Subfondo (el «Fondo inversor») podrá suscribir, adquirir y mantener valores que vayan a ser emitidos por uno o más Subfondos (cada uno de ellos, un «Fondo objetivo») sin que el Fondo esté sujeto a los requisitos de la Ley de 10 de agosto de 1915 sobre sociedades mercantiles, en su versión modificada, con respecto a la suscripción, adquisición y/o tenencia por una sociedad de sus propias acciones, bajo la condición, sin embargo, de que:
- el Fondo objetivo no invierta, a su vez, en el Fondo inversor invertido en dicho Fondo objetivo;
- en ningún caso podrá invertirse más del 10% de los activos del Fondo objetivo cuya adquisición se contemple, de conformidad con su política de inversión, en acciones o participaciones de otros OICVM u otros OIC;
- el Fondo inversor no podrá invertir más del 20% de su patrimonio neto en participaciones de un mismo Fondo objetivo;
- el derecho de voto asociado a los valores del Fondo objetivo queda suspendido durante el período de la inversión; y
- durante el tiempo en que esos valores sean mantenidos por el Fondo inversor, su valor no se tendrá en cuenta para el cálculo del patrimonio neto del Fondo a efectos de la verificación del umbral mínimo del patrimonio neto impuesto por la Ley de 2010. | Should a Sub-Fund qualify as a Feeder UCITS, a description of all remuneration and reimbursement of costs payable by the Feeder UCITS by virtue of its investments in shares/units of the Master UCITS, as well as the aggregate charges of both the Feeder UCITS and the Master UCITS, shall be disclosed in the relevant Sub-Fund’s Appendix. In its annual report, the Fund shall include a statement on the aggregate charges of both the Feeder UCITS and the Master UCITS.
- A Sub-Fund (the “Investing Fund”) may subscribe, acquire and/or hold securities to be issued by one or more Sub-Funds (each, a “Target Fund”) without the Fund being subject to the requirements of the law of 10 August 1915 on commercial companies, as amended, with respect to the subscription, acquisition and/or the holding by a company of its own shares, under the condition however that:
- the Target Fund does not, in turn, invest in the Investing Fund invested in this Target Fund; and
- no more than 10% of the assets of the Target Fund whose acquisition is contemplated may, according to its investment policy, be invested in shares or units of other UCITS or other UCIs; and
- the Investing Fund may not invest more than 20% of its net assets in units of a single Target Fund; and
- the voting right linked to the securities of the Target Fund are suspended during the period of investment; and
- for as long as these securities are held by the Investing Fund, their value will not be taken into consideration for the calculation of the net assets of the Fund for the purposes of verifying the minimum threshold of the net assets imposed by the 2010 Law. | en | es |
DOLFIN7374 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs? (continued)
## Table 2: Composition of costs
| Impact on return if you One-off costs upon entry or exit exit after one year |
| --- |
| Entry costs Exit costs | 5% of the amount you pay in when entering this investment. This is the most you will pay, and you could pay less. We do not charge an exit fee for this Product. | USD 479 USD 0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs Transaction costs | 2.62% of the value of your investment per year. This is an estimate based on actual costs over the last year. 0.63% 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. | USD 262 USD 63 |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | We take performance fees from your investment of 15% of the outperformance against the New Net Appreciation. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | USD 94 |
A conversion charge of up to 1% of the value of the Shares to be converted may apply. This charge only applies if you convert the Shares you hold into other classes of Shares in a Sub-Fund of the Fund. | # ¿Cuáles son los costes? (continuación)
## Tabla 2: Composición de los costes
| Costes únicos de entrada o salida Impacto en el rendimiento si sale después de un año |
| --- |
| Costes de entrada Costes de salida | 5% de la cantidad que paga al entrar en esta inversión. Esto es lo máximo que pagará y podría pagar menos. No cobramos comisión de salida por este Producto. | USD 479 USD 0 |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento Costes de operación | 2,62% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. 0,63% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del Producto. El importe real variará en función de la cantidad que compremos y vendamos. | USD 262 USD 63 |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento (y participaciones en cuenta) | Cargamos comisiones de rendimiento de su inversión del 15% de la rentabilidad superior en comparación con la Nueva Apreciación Neta. La cantidad real variará según el rendimiento de su inversión. La estimación de costes agregados anterior incluye el promedio de los últimos 5 años. | USD 94 |
Puede aplicarse una comisión de canje de hasta el 1 % del valor de las Acciones objeto de canje. Esta comisión solo se aplica si canjea las Acciones que posee por otras clases de Acciones de un Subfondo del Fondo. | # What are the costs? (continued)
## Table 2: Composition of costs
| Impact on return if you One-off costs upon entry or exit exit after one year |
| --- |
| Entry costs Exit costs | 5% of the amount you pay in when entering this investment. This is the most you will pay, and you could pay less. We do not charge an exit fee for this Product. | USD 479 USD 0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs Transaction costs | 2.62% of the value of your investment per year. This is an estimate based on actual costs over the last year. 0.63% 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. | USD 262 USD 63 |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | We take performance fees from your investment of 15% of the outperformance against the New Net Appreciation. The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | USD 94 |
A conversion charge of up to 1% of the value of the Shares to be converted may apply. This charge only applies if you convert the Shares you hold into other classes of Shares in a Sub-Fund of the Fund. | en | es |
DOLFIN7375 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The management company does not exercise voting rights in the context of management of this fund.
If you have any questions concerning engagement, please refer to the engagement policy and associated reports which are available from the Candriam website
www.candriam.com/en/professional/market-insights/sri-publications
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## FINANCIAL INSTRUMENTS HELD IN THE PORTFOLIO AND ISSUED BY THE SERVICE PROVIDER OR A GROUP ENTITY | La società di gestione non esercita alcun diritto di voto nell’ambito della gestione di questo fondo.
Per ogni domanda relativa all’impegno, facciamo riferimento alla politica di impegno e alle relazioni pertinenti, disponibili sul sito di Candriam
www.candriam.com/en/professional/market-insights/sri-publications
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## STRUMENTI FINANZIARI DETENUTI IN PORTAFOGLIO EMESSI DAL PRESTATORE O ENTITÀ DEL GRUPPO | The management company does not exercise voting rights in the context of management of this fund.
If you have any questions concerning engagement, please refer to the engagement policy and associated reports which are available from the Candriam website
www.candriam.com/en/professional/market-insights/sri-publications
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## FINANCIAL INSTRUMENTS HELD IN THE PORTFOLIO AND ISSUED BY THE SERVICE PROVIDER OR A GROUP ENTITY | en | it |
DOLFIN7376 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
NOTE: This pre-contractual information should only be read in conjunction with the current sales prospectus.
Flossbach von Storch – Multi Asset – Defensive – pre-contractual disclosure
Pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852 | HINWEIS: Diese vorvertraglichen Informationen sind nur in Verbindung mit dem jeweils aktuell gültigen Verkaufsprospekt zu lesen.
Flossbach von Storch - Multi Asset - Defensive – vorvertragliche Informationen
Vorvertragliche Informationen zu den in Artikel 8 Absätze 1, 2 und 2a der Verordnung (EU) 2019/2088 und Artikel 6 Absatz 1 der Verordnung (EU) 2020/852 genannten Finanzprodukten | NOTE: This pre-contractual information should only be read in conjunction with the current sales prospectus.
Flossbach von Storch – Multi Asset – Defensive – pre-contractual disclosure
Pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852 | en | de |
DOLFIN7377 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A Fund should have in place a clear haircut policy adapted for each class of assets received as collateral. When devising the haircut policy, a Fund should take into account the characteristics of the assets such as the credit standing or the price volatility, as well as the outcome of the stress tests performed in accordance with requirements of the Central Bank. This policy should be documented and should justify each decision to apply a specific haircut, or to refrain from applying any haircut, to a certain class of assets.
Where a counterparty to a repurchase or a securities lending agreement which has been entered into by a Fund: (a) was subject to a credit rating by an agency registered and supervised by ESMA that rating shall be taken into account by the responsible person in the credit assessment process; and (b) where a counterparty is downgraded to A-2 or below (or comparable rating) by the credit rating agency referred to in sub-paragraph
(a) this shall result in a new credit assessment being conducted of the counterparty by the Fund without delay.
A Fund should ensure that it is able at any time to recall any security that has been lent out or terminate any securities lending agreement into which it has entered.
A Fund that enters into a reverse repo contract should ensure that it is able at any time to recall the full amount of cash or to terminate the reverse repo contract on either an accrued basis or a mark-to-market basis. When the cash is recallable at any time on a mark-to-market basis, the mark-to-market value of the reverse repo contract should be used for the calculation of the net asset value of the Fund.
A Fund that enters into a repo contract should ensure that it is able at any time to recall any securities subject to the repo contract or to terminate the repo contract into which it has entered.
Repo contracts, mortgage dollar roll, stock borrowing and securities lending agreements do not constitute borrowing or lending for the purposes of Regulation 103 and Regulation 111 respectively of the UCITS Regulations.
When-issued, delayed-delivery and forward commitment securities
A Fund may invest up to 25% of its net asset value in securities purchased on a “when-issued”, “delayed- delivery”, “forward commitment” or “to be announced” basis, that is, for delivery to the Fund at a future date at a stated price and yield. A Fund generally will not pay for such securities or start earning interest on them until they are received. However, when a Fund undertakes a when-issued, delayed-delivery, forward commitment or to be announced purchase obligation, it immediately assumes the risks of ownership, including the risk of price fluctuation. Failure by the issuer to deliver a security purchased on a when-issued, delayed-delivery, forward commitment or to be announced basis may result in a loss or missed opportunity to make an alternative investment.
Protection against exchange rate risks
A Fund may employ techniques and instruments intended to provide protection against exchange risks in the context of the management of its assets and liabilities. In this regard, a Fund may:
- Utilise currency options;
- Hedge exposure to one currency by entering into forward currency transactions in a related currency because of the institutional and expected future correlation between the two currencies; and
- Utilise over-the-counter contracts. | Un Fonds est tenu de disposer d’une politique de décote claire adaptée à chaque catégorie d’Actions reçue en garantie. En définissant la politique de décote, un Fonds doit tenir compte des caractéristiques des actifs telles que la qualité de crédit et/ou la volatilité des prix, de même que les résultats de tous tests de résistance réalisés conformément aux exigences de la Banque Centrale. Cette politique doit être documentée et justifier chaque décision portant sur l’application ou la non application d’une décote spécifique.
Lorsqu’une contrepartie d’un contrat de mise en pension ou d’un accord de prêt de titres conclu par un Fonds :
(a) a été soumise à la notation de crédit d’une agence enregistrée et supervisée par l’ESMA, ladite notation devra être prise en considération par la personne en charge du processus d’évaluation de crédit ; et (b) lorsqu’une contrepartie voit sa notation de crédit abaissée à A-2 ou un rang inférieur (ou une notation comparable) par l’agence de notation visée au sous-paragraphe (a), cela se traduira par une nouvelle évaluation de crédit de la contrepartie réalisée par le Fonds sans délai.
Un Fonds doit veiller à être en mesure, à tout moment, de racheter tout titre prêté ou de mettre un terme à tout contrat de prêt de titres qu’il a conclu.
Un Fonds qui conclut un contrat de prise en pension doit veiller à être en mesure de rembourser à tout moment le montant intégral des liquidités ou de mettre un terme au contrat de prise en pension soit sur une base cumulée, soit au prix du marché. Lorsque les espèces sont remboursables à tout moment sur une base de valeur de marché, la valeur de marché du contrat de prise en pension doit être utilisée pour le calcul de la valeur liquidative du Fonds.
Un Fonds qui conclut un contrat de mise en pension doit veiller à être en mesure, à tout moment, de racheter tous titres objets du contrat de mise en pension ou de mettre un terme au contrat de mise en pension qu’il a conclu.
Les conventions de prise/mise en pension, de refinancements de prêts en dollar (mortgage dollar roll), les emprunts de titres ou prêts de titres ne constituent pas un emprunt ou un prêt au sens, respectivement, des dispositions 103 et 111 du Règlement sur les OPCVM.
Titres « avant l’émission », à livraison différée et assortis d’engagements à terme
Un Fonds peut investir jusqu’à concurrence de 25 % de sa valeur liquidative en titres achetés « avant l’émission », à livraison différée et assortis d’engagements à terme, ou « à annoncer » c’est-à-dire pour livraison au Fonds à une date ultérieure, à un prix et à un rendement fixés. Un Fonds ne paiera généralement pas ces titres ou ne commencera pas à percevoir des intérêts sur les titres avant de les avoir reçus. Toutefois, lorsqu’un Fonds conclut un achat « avant l’émission », à livraison différée, avec des engagements à terme ou à annoncer, il assume immédiatement les risques afférents au droit de propriété, y compris le risque de fluctuation du prix. Si l’émetteur ne livre pas un titre acheté sur une base « avant l’émission », à livraison différée, avec des engagements à terme ou à annoncer, il en peut résulter une perte ou une opportunité manquée de procéder à un investissement d’un autre genre.
Protection contre les risques de change
Un Fonds peut utiliser des techniques et instruments destinés à offrir une protection contre les risques de change dans le cadre de la gestion des éléments d’actif et de passif. À cet égard, un Fonds peut :
- utiliser des options sur devises,
- couvrir son exposition à une devise, en s’engageant dans des opérations de change à terme sur une autre devise qui lui est liée, en raison de la corrélation institutionnelle et future entre les deux devises et
- recourir à des contrats sur un marché libre. | A Fund should have in place a clear haircut policy adapted for each class of assets received as collateral. When devising the haircut policy, a Fund should take into account the characteristics of the assets such as the credit standing or the price volatility, as well as the outcome of the stress tests performed in accordance with requirements of the Central Bank. This policy should be documented and should justify each decision to apply a specific haircut, or to refrain from applying any haircut, to a certain class of assets.
Where a counterparty to a repurchase or a securities lending agreement which has been entered into by a Fund: (a) was subject to a credit rating by an agency registered and supervised by ESMA that rating shall be taken into account by the responsible person in the credit assessment process; and (b) where a counterparty is downgraded to A-2 or below (or comparable rating) by the credit rating agency referred to in sub-paragraph
(a) this shall result in a new credit assessment being conducted of the counterparty by the Fund without delay.
A Fund should ensure that it is able at any time to recall any security that has been lent out or terminate any securities lending agreement into which it has entered.
A Fund that enters into a reverse repo contract should ensure that it is able at any time to recall the full amount of cash or to terminate the reverse repo contract on either an accrued basis or a mark-to-market basis. When the cash is recallable at any time on a mark-to-market basis, the mark-to-market value of the reverse repo contract should be used for the calculation of the net asset value of the Fund.
A Fund that enters into a repo contract should ensure that it is able at any time to recall any securities subject to the repo contract or to terminate the repo contract into which it has entered.
Repo contracts, mortgage dollar roll, stock borrowing and securities lending agreements do not constitute borrowing or lending for the purposes of Regulation 103 and Regulation 111 respectively of the UCITS Regulations.
When-issued, delayed-delivery and forward commitment securities
A Fund may invest up to 25% of its net asset value in securities purchased on a “when-issued”, “delayed- delivery”, “forward commitment” or “to be announced” basis, that is, for delivery to the Fund at a future date at a stated price and yield. A Fund generally will not pay for such securities or start earning interest on them until they are received. However, when a Fund undertakes a when-issued, delayed-delivery, forward commitment or to be announced purchase obligation, it immediately assumes the risks of ownership, including the risk of price fluctuation. Failure by the issuer to deliver a security purchased on a when-issued, delayed-delivery, forward commitment or to be announced basis may result in a loss or missed opportunity to make an alternative investment.
Protection against exchange rate risks
A Fund may employ techniques and instruments intended to provide protection against exchange risks in the context of the management of its assets and liabilities. In this regard, a Fund may:
- Utilise currency options;
- Hedge exposure to one currency by entering into forward currency transactions in a related currency because of the institutional and expected future correlation between the two currencies; and
- Utilise over-the-counter contracts. | en | fr |
DOLFIN7378 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Triodos Global Equities Impact Fund, un compartiment de Triodos SICAV I.
EUR Classe I-capitalisation - ISIN LU0309381191.
Ce fonds est un organisme de placement collectif en valeurs mobilières et est géré par Triodos Investment Management BV.
## Objectifs et politique d’investissement.
Objectif d’investissement
Ce compartiment vise à maximiser un impact positif en accord avec la politique d’investissement, et à générer une croissance du capital à long terme pour ses investisseurs, grâce un portefeuille diversifié en termes de secteurs économiques et de régions géographiques.
Politique d’investissement
Triodos Global Equities Impact Fund investit mondialement dans des actions d’entreprises cotées sur les marchés internationaux. Au moins 67% de l’actif net du fonds est investi dans des actions de sociétés à forte capitalisation, et jusqu’à 33% de l’actif net est investi dans des actions de sociétés à faible et moyenne capitalisation. Les entreprises sont sélectionnées suivant une évaluation exhaustive et intégrée de leurs performances financières, sociales et environnementales.
Le fonds est géré activement. Il compare ses rendements à ceux de l’indice de référence MSCI World, qu’il n’a pas pour objectif de reproduire ni de surperformer. Le fonds peut s’écarter de l’indice de référence car il n’investit que dans des sociétés répondant à des critères de durabilité stricts.
Politique d’investissement durable
Le processus d’analyse de durabilité comprend les deux étapes suivantes: (1) la sélection d’entreprises qui contribuent, de façon concrète, à travers leurs produits, leurs services ou leurs processus, à au moins un des sept thèmes de transition (agriculture & alimentation
durables, mobilité & infrastructures durables, ressources renouvelables, économie circulaire, populations prospères & en bonne santé, innovation durable, et inclusion sociale & émancipation), et (2) l’élimination d’entreprises qui
ne répondent pas aux exigences minimales requises. Si nécessaire, le compartiment cherchera à entrer en dialogue avec les sociétés analysées sur des questions pertinentes et essentielles au regard de leur performance sociale, environnementale et de gouvernance.
Autres informations
- Les investisseurs peuvent souscrire et racheter des parts quotidiennement.
- Les actions de distribution peuvent rapporter un dividende à leurs détenteurs, tandis que les actions de capitalisation capitalisent l’intégralité de leurs bénéfices.
## Profil de risque et de rendement.
A risque plus faible A risque plus élevé
Rendement potentiellement Rendement potentiellement plus faible plus élevé
L’indicateur de risque et de rendement est basé sur la volatilité du compartiment. Les données historiques ne sont pas forcément un indicateur fiable du profil futur de risque du compartiment. Le profil de risque et de rendement ci- dessus n’est pas figé et peut changer à l’avenir. La catégorie la plus basse ne signifie pas qu’il s’agit d’un investissement sans risque.
En général, les fonds actions sont plus volatils que les fonds obligataires. Les fonds actions globales concentrés sur les marchés développés ont une exposition diversifiée à travers
des pays et des secteurs. Parmi le spectre de fonds actions, ceci les rend moins sensibles aux mouvements de prix.
Autres risques importants pour l’investisseur
- Le risque de change vient du fait que les investissements du compartiment peuvent être libellés soit en euros soit en devises étrangères. Normalement, le compartiment n’offre pas de couverture du risque de change de ces investissements.
- Le compartiment est sujet au risque du marché, qui est le risque causé par la variation du prix des investissements. Le compartiment atténue ce risque grâce à une sélection prudente et à la diversification des investissements.
Pour un aperçu complet de tous les risques liés à ce compartiment, veuillez consulter la section Facteurs de risque du prospectus. | # Triodos Global Equities Impact Fund, un subfondo de Triodos SICAV I.
Acciones de capitalización Clase I EUR - ISIN LU0309381191.
Este fondo es un vehículo de inversión colectiva en valores mobiliarios y está gestionado por Triodos Investment Management BV.
## Objetivos y política de inversión.
Objetivo de inversión
El fondo tiene como objetivo generar un crecimiento de capital a largo plazo para sus inversores, a través de una cartera bien diversificada por sectores económicos y regiones geográficas.
Política de inversión
El fondo Triodos Global Equities Impact Fund invierte en valores de empresas que cotizan en los mercados internacionales. Al menos el 67% de los activos netos del fondo se invierten en acciones de empresas de gran capitalización y hasta el 33% de sus activos netos se
invierten en acciones de empresas de pequeña y mediana capitalización. Las empresas se seleccionan mediante una evaluación global e integrada de su rendimiento financiero, social y medioambiental.
El fondo se gestiona de forma activa. Su rendimiento puede compararse con el índice MSCI World Index, al que no intenta copiar ni superar. El fondo podría desviarse del índice de referencia porque solo invierte en empresas que cumplan unos criterios estrictos de sostenibilidad.
Estrategia de inversión sostenible
El proceso de investigación de la sostenibilidad incluye las siguientes etapas: (1) selección de las empresas que aportan soluciones materiales al menos a uno de los siete temas de transición (alimentación y agricultura sostenibles, movilidad e infraestructura sostenibles, recursos renovables, economía circular, gente sana y próspera, innovación y sostenibilidad e inclusión social y empoderamiento) a través de sus productos, servicios o procesos, y (2) eliminación de empresas que no cumplen los estándares mínimos definidos. En los casos en que
resulte apropiado, el fondo procurara comentar los asuntos sustanciales y relevantes con respecto al rendimiento social, medioambiental y de gobernanza con las empresas analizadas.
Otra información
- Los inversores podrán suscribir y reembolsar sus participaciones en cualquier día de valoración.
- Las acciones de distribución pueden pagar un dividendo a sus titulares, mientras que las acciones de capitalización capitalizan todos sus rendimientos.
## Perfil de riesgo y remuneración.
Menor riesgo Mayor riesgo
Remuneración Remuneración
potencialmente menor potencialmente mayor
El indicador de riesgo y remuneración se basa en la volatilidad del fondo. Los datos históricos pueden no constituir una indicación fiable del futuro perfil de riesgo del fondo. Además, no hay garantías de que la categoría de riesgo y remuneración indicada vaya a permanecer inalterable y puede variar a lo largo del tiempo. Una categoría inferior no significa que sea una inversión sin riesgos. Los fondos de inversión en acciones, en general,
son más volátiles que los fondos de inversión en bonos. Los fondos de inversión en acciones con un enfoque global en mercados desarrollados están muy diversificados en países y sectores, por lo que son menos sensibles a las fluctuaciones de precios en la cartera del fondo.
Otros riesgos relevantes para el inversor
- El riesgo de tipo de cambio surge porque las inversiones realizadas por el fondo pueden estar denominadas en euros o en monedas extranjeras. En principio, el fondo no cubre el riesgo de tipo de cambio de dichas inversiones.
- El fondo está expuesto al riesgo de mercado, que es el riesgo generado por las fluctuaciones en el precio de las inversiones. El fondo mitiga el riesgo mediante una cuidadosa selección y diversificación de las inversiones.
Para información más detallada sobre todos los riesgos asociados a este fondo, consulte la sección “Factores de riesgo” del folleto. | # Triodos Global Equities Impact Fund, un compartiment de Triodos SICAV I.
EUR Classe I-capitalisation - ISIN LU0309381191.
Ce fonds est un organisme de placement collectif en valeurs mobilières et est géré par Triodos Investment Management BV.
## Objectifs et politique d’investissement.
Objectif d’investissement
Ce compartiment vise à maximiser un impact positif en accord avec la politique d’investissement, et à générer une croissance du capital à long terme pour ses investisseurs, grâce un portefeuille diversifié en termes de secteurs économiques et de régions géographiques.
Politique d’investissement
Triodos Global Equities Impact Fund investit mondialement dans des actions d’entreprises cotées sur les marchés internationaux. Au moins 67% de l’actif net du fonds est investi dans des actions de sociétés à forte capitalisation, et jusqu’à 33% de l’actif net est investi dans des actions de sociétés à faible et moyenne capitalisation. Les entreprises sont sélectionnées suivant une évaluation exhaustive et intégrée de leurs performances financières, sociales et environnementales.
Le fonds est géré activement. Il compare ses rendements à ceux de l’indice de référence MSCI World, qu’il n’a pas pour objectif de reproduire ni de surperformer. Le fonds peut s’écarter de l’indice de référence car il n’investit que dans des sociétés répondant à des critères de durabilité stricts.
Politique d’investissement durable
Le processus d’analyse de durabilité comprend les deux étapes suivantes: (1) la sélection d’entreprises qui contribuent, de façon concrète, à travers leurs produits, leurs services ou leurs processus, à au moins un des sept thèmes de transition (agriculture & alimentation
durables, mobilité & infrastructures durables, ressources renouvelables, économie circulaire, populations prospères & en bonne santé, innovation durable, et inclusion sociale & émancipation), et (2) l’élimination d’entreprises qui
ne répondent pas aux exigences minimales requises. Si nécessaire, le compartiment cherchera à entrer en dialogue avec les sociétés analysées sur des questions pertinentes et essentielles au regard de leur performance sociale, environnementale et de gouvernance.
Autres informations
- Les investisseurs peuvent souscrire et racheter des parts quotidiennement.
- Les actions de distribution peuvent rapporter un dividende à leurs détenteurs, tandis que les actions de capitalisation capitalisent l’intégralité de leurs bénéfices.
## Profil de risque et de rendement.
A risque plus faible A risque plus élevé
Rendement potentiellement Rendement potentiellement plus faible plus élevé
L’indicateur de risque et de rendement est basé sur la volatilité du compartiment. Les données historiques ne sont pas forcément un indicateur fiable du profil futur de risque du compartiment. Le profil de risque et de rendement ci- dessus n’est pas figé et peut changer à l’avenir. La catégorie la plus basse ne signifie pas qu’il s’agit d’un investissement sans risque.
En général, les fonds actions sont plus volatils que les fonds obligataires. Les fonds actions globales concentrés sur les marchés développés ont une exposition diversifiée à travers
des pays et des secteurs. Parmi le spectre de fonds actions, ceci les rend moins sensibles aux mouvements de prix.
Autres risques importants pour l’investisseur
- Le risque de change vient du fait que les investissements du compartiment peuvent être libellés soit en euros soit en devises étrangères. Normalement, le compartiment n’offre pas de couverture du risque de change de ces investissements.
- Le compartiment est sujet au risque du marché, qui est le risque causé par la variation du prix des investissements. Le compartiment atténue ce risque grâce à une sélection prudente et à la diversification des investissements.
Pour un aperçu complet de tous les risques liés à ce compartiment, veuillez consulter la section Facteurs de risque du prospectus. | fr | es |
DOLFIN7379 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | 500 EUR |
| Exit costs | 0.50% of your investment before it is paid out to you. | 50 EUR |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 2.85% of the value of your investment per year. This includes a Fund of Funds fee. This is an estimate based on actual costs over the last year. | 262 EUR |
| Transaction costs | 0.24% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 24 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this product. | 0 EUR | | | Costes únicos de entrada o salida | Incidencia anual de los costes en caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 5,00% del importe que pagará usted al realizar esta inversión. | 500 EUR |
| Costes de salida | 0,50% de su inversión antes de que se le pague. | 50 EUR |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 2,85% del valor de su inversión al año. Esto incluye una comisión relativa al fondo de fondos. Se trata de una estimación basada en los costes reales del último año. | 262 EUR |
| Costes de operación | 0,24% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 24 EUR |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento | No se aplica ninguna comisión de éxito para este producto. | 0 EUR | | | One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | 500 EUR |
| Exit costs | 0.50% of your investment before it is paid out to you. | 50 EUR |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 2.85% of the value of your investment per year. This includes a Fund of Funds fee. This is an estimate based on actual costs over the last year. | 262 EUR |
| Transaction costs | 0.24% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 24 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this product. | 0 EUR | | en | es |
DOLFIN7380 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# PROFIL DE RISQUE ET DE RENDEMENT
Risque plus faible Risque plus élevé
Rendements généralement plus faibles Rendements généralement plus élevés
Cet indicateur reflète la volatilité du cours des actions du fonds au cours des cinq dernières années, qui à son tour reflète la volatilité des actifs sous-jacents dans lesquels le fonds investit. Les données historiques peuvent ne pas être une indication fiable pour l'avenir.
La note actuelle n'est pas garantie et peut changer si la volatilité des actifs dans lesquels le fonds investit change. La note la plus basse n'est pas synonyme d'absence de risque.
Le fonds est noté 6 en raison du degré d'application des facteurs de risque suivants :
2 Le fonds investit dans des actions et des titres assimilés. Ces titres sont sensibles aux variations des marchés boursiers, qui peuvent être volatils, et varier considérablement sur de courtes périodes.
2 Un portefeuille concentré peut être plus volatil et moins liquide qu'un portefeuille plus diversifié. Les investissements du fonds sont concentrés dans un pays ou un secteur donné.
2 Le fonds investit dans des actions et/ou des obligations des marchés émergents. Investir dans des marchés émergents comporte un risque de perte plus important qu'investir sur des marchés plus développés, en raison, entre autres facteurs, de risques politiques, fiscaux, économiques, de change, de liquidité et réglementaires plus élevés.
2 L'application de critères relatifs à l'ESG et à la durabilité dans le processus d'investissement peut entraîner l'exclusion de titres inclus dans l'indice de référence ou dans l'univers d'investissements potentiels d'un fonds. L'interprétation des critères relatifs à l'ESG et à la durabilité est subjective, ce qui signifie que le fonds pourrait investir dans des sociétés que des fonds similaires excluent (et en conséquence enregistrer des performances différentes) et qui ne sont pas alignées aux points de vue personnels de tout investisseur individuel.
2 Les instruments dérivés comportent le risque d'une liquidité moindre, de perte importante et de volatilité accrue dans des conditions de marché défavorables, comme une défaillance parmi les opérateurs de
- L'implication auprès des équipes de gestion des entreprises est utilisée pour évaluer les structures d'actionnariat, la gouvernance et la qualité de la gestion de ces entreprises, pour une construction éclairée du portefeuille.
- L'indice de référence est utilisé en tant que point de référence pour la construction de portefeuille et en tant que base de définition des contraintes de risque, mais il n'inclut aucun critère de durabilité.
- Afin d'atteindre son objectif, le Fonds ouvrira des positions dont les pondérations divergent de celles de l'indice de référence ou investira dans des titres qui n'y figurent pas. Les investissements du Fonds sont susceptibles de dévier de façon significative des composants de l'indice de référence et de leurs pondérations.
- En raison de la nature active du processus de gestion, le profil de performance du Fonds peut dévier de façon significative de celui de l'indice de référence sur le long terme.
### Instruments dérivés et techniques
- Le Fonds pourra recourir à des instruments dérivés à des fins de couverture et/ou d'investissement, ou pour la gestion des risques de change. Il est attendu que l'utilisation d'instruments dérivés à des fins de couverture et/ou d'investissement soit très limitée, principalement dans les cas où le Fonds connaîtrait d'importantes entrées de capitaux de sorte qu'il soit possible d'investir des liquidités tout en conservant les investissements du Fonds dans des actions et des titres de participation. Les investisseurs du fonds peuvent acheter et vendre des actions n'importe quel jour de bourse (tel que défini dans le Prospectus).
Si vous investissez dans des actions de revenu, vous recevrez le revenu des placements dans le fonds. Si vous investissez dans des actions de capitalisation, le revenu sera ajouté à la valeur de vos actions.
Recommandation : le fonds peut ne pas convenir aux investisseurs qui prévoient retirer leur argent dans les cinq ans. Les investisseurs devraient s'assurer que leur attitude face au risque est conforme au profil de risque de ce fonds avant d'investir.
marché. Les instruments dérivés peuvent endetter le fonds (cas de figure dans lequel l'exposition au marché et le risque de perte du fonds sont supérieurs au montant investi) et dans ces conditions de marché, l'effet de levier amplifiera les pertes.
Tous les investissements comportent des risques. Ce fonds n'offre aucune garantie contre la perte ou que l'objectif du fonds sera atteint. Le cours des actifs et les revenus qu'ils génèrent sont susceptibles de varier à la hausse comme à la baisse et ne peuvent être garantis ; les investisseurs ne sont pas assurés de recouvrir l'intégralité du capital investi au départ.
L'inflation réduit le pouvoir d'achat de vos placements et de vos revenus. La valeur des actifs détenus dans le fonds peut augmenter et diminuer en raison des fluctuations des taux de change.
Le fonds pourrait perdre de l'argent si une entité (contrepartie) avec laquelle il fait affaire refuse d'honorer ses obligations envers le fonds ou en est incapable.
Dans des conditions de marché extrêmes, certains titres peuvent devenir difficiles à évaluer ou à vendre à un prix souhaité. Cela pourrait nuire à la capacité du fonds d'honorer les rachats en temps opportun. Le fonds pourrait perdre de l'argent en raison d'une défaillance ou d'un retard dans les processus et systèmes opérationnels, y compris, mais de façon non limitative, la défaillance ou la mise sous tutelle de fournisseurs tiers.
Pour la catégorie d'actions décrite comme étant « couverte », des techniques de couverture du risque de change sont utilisées, ce qui permet de réduire, mais pas d'éliminer, le risque de change. En particulier, la devise couverte n'est pas nécessairement liée aux devises du Fonds. De telles techniques engendrent également des risques et des coûts supplémentaires. | # PERFIL DE RIESGO Y REMUNERACIÓN
Riesgo más bajo Riesgo más alto
Retribuciones normalmente más bajas Retribuciones normalmente más altas
Este indicador refleja la volatilidad del precio de las participaciones del fondo a lo largo de los últimos cinco años, lo que a su vez refleja la volatilidad de los activos subyacentes en los que el fondo invierte. Los datos históricos podrían no ser una indicación fiable para el futuro.
La calificación actual no está garantizada y puede cambiar si la volatilidad de los activos en los que el fondo invierte cambia. La calificación más baja no significa que no exista riesgo.
El fondo tiene una calificación de 6 debido ala medida en que son aplicables los siguientes factores de riesgo:
2 El fondo invierte en renta variable y en títulos relacionados con renta variable. Estos son sensibles a las fluctuaciones de los mercados de renta variable, que pueden ser volátiles y cambiar sustancialmente en periodos cortos de tiempo.
2 Una cartera concentrada puede ser más volátil y menos líquida que una más ampliamente diversificada. Las inversiones del fondo están concentradas en un país o sector particulares.
2 El fondo invierte en renta variable y/o bonos de mercados emergentes. La inversión en mercados emergentes implica un mayor riesgo de pérdida que la inversión en mercados más desarrollados debido a, entre otros factores, mayores riesgos políticos, fiscales, económicos, de divisas, de liquidez y regulatorios.
2 La aplicación de criterios ESG y de sostenibilidad en el proceso de inversión puede resultar en la exclusión de valores dentro del índice de referencia del fondo o del universo de inversiones potenciales. La interpretación de los criterios ESG y de sostenibilidad es subjetiva, lo que significa que el fondo puede invertir en empresas en las que fondos similares no invierten (y por tanto evolucionar de manera diferente) y que no se alinean con las opiniones personales de ningún inversor individual.
2 El uso de derivados conlleva el riesgo de una liquidez reducida, pérdidas importantes y una mayor volatilidad en condiciones del mercado adversas, tales como la quiebra de participantes en el
utiliza para evaluar las estructuras de propiedad, gobierno y calidad de gestión de esas empresas con el fin de informar la confección de carteras.
- El índice de referencia también se utiliza como un punto de referencia para la confección de carteras y como base para establecer restricciones de riesgo, pero no incorpora ningún criterio sostenible.
- Con el fin de lograr su objetivo, el fondo adoptará posiciones cuyas ponderaciones divergirán del índice de referencia o invertirá en valores que no estarán incluidos en el índice de referencia. Las inversiones del fondo podrán diferir significativamente de los componentes del índice de referencia y de sus respectivas ponderaciones.
- Debido a la naturaleza activa del proceso de gestión, el perfil de rentabilidad del fondo podría desviarse significativamente con respecto al del índice de referencia.
### Derivados y técnicas
- El fondo puede utilizar instrumentos financieros derivados para fines de cobertura y/o inversión o para gestionar riesgos de divisas. Se prevé que el uso de derivados para fines de cobertura y/o inversión sea sumamente limitado, principalmente a los casos en que existan importantes entradas en el fondo de manera que pueda invertirse efectivo y a la vez mantenerse las inversiones del fondo en renta variable y valores relacionados con renta variable.
Los inversores del fondo pueden comprar y vender participaciones en cualquier día de negociación (tal como se define en el folleto).
Si usted invierte en participaciones de ingresos, se le pagarán los ingresos generados por las inversiones en el fondo. Si invierte en participaciones de acumulación, los ingresos se sumarán al valor de sus participaciones.
Recomendación: el fondo podría no ser apropiado para inversores que prevean retirar su dinero en el transcurso de cinco años. Antes de invertir, los inversores deberían cerciorarse de que su actitud frente al riesgo está en línea con el perfil de riesgo de este fondo.
mercado. El uso de derivados puede tener como consecuencia que el fondo se apalanque (es decir, que la exposición al mercado y, por tanto, el potencial de pérdida del fondo superen el importe que ha invertido) y, en esas condiciones del mercado, el apalancamiento incrementaría las pérdidas.
Todas las inversiones entrañan riesgos. Este fondo no ofrece ninguna garantía contra pérdidas ni con respecto a la consecución de los objetivos del fondo.
El precio de los activos y los ingresos que estos generan pueden disminuir o aumentar y no se pueden garantizar; es posible que un inversor recupere un importe menor que el invertido originalmente. La inflación reduce el poder adquisitivo de su inversión y sus ingresos. El valor de los activos mantenidos en el fondo puede subir o bajar a consecuencia de las fluctuaciones de los tipos de cambio.
El fondo podría perder dinero si una entidad (contraparte) con la que hace negocios se niega o no puede satisfacer sus obligaciones frente al fondo.
En condiciones extremas del mercado puede resultar difícil vender ciertos valores, o venderlos al precio deseado. Esto podría afectar la capacidad del fondo de satisfacer los reembolsos oportunamente. El fondo podría perder dinero a consecuencia de una interrupción o retraso de los procesos y sistemas operativos, incluidas, sin carácter limitativo, la quiebra de proveedores externos o su declaración de suspensión de pagos.
Cuando la clase de participaciones se describe como "cubierta", ello significa que se emplean técnicas de cobertura de divisas, las cuales reducen, pero no eliminan, el riesgo de tipos de cambio. En particular, la divisa que se cubre no está necesariamente relacionada con las divisas del fondo. Tales técnicas también dan lugar a riesgos y costes adicionales. | # PROFIL DE RISQUE ET DE RENDEMENT
Risque plus faible Risque plus élevé
Rendements généralement plus faibles Rendements généralement plus élevés
Cet indicateur reflète la volatilité du cours des actions du fonds au cours des cinq dernières années, qui à son tour reflète la volatilité des actifs sous-jacents dans lesquels le fonds investit. Les données historiques peuvent ne pas être une indication fiable pour l'avenir.
La note actuelle n'est pas garantie et peut changer si la volatilité des actifs dans lesquels le fonds investit change. La note la plus basse n'est pas synonyme d'absence de risque.
Le fonds est noté 6 en raison du degré d'application des facteurs de risque suivants :
2 Le fonds investit dans des actions et des titres assimilés. Ces titres sont sensibles aux variations des marchés boursiers, qui peuvent être volatils, et varier considérablement sur de courtes périodes.
2 Un portefeuille concentré peut être plus volatil et moins liquide qu'un portefeuille plus diversifié. Les investissements du fonds sont concentrés dans un pays ou un secteur donné.
2 Le fonds investit dans des actions et/ou des obligations des marchés émergents. Investir dans des marchés émergents comporte un risque de perte plus important qu'investir sur des marchés plus développés, en raison, entre autres facteurs, de risques politiques, fiscaux, économiques, de change, de liquidité et réglementaires plus élevés.
2 L'application de critères relatifs à l'ESG et à la durabilité dans le processus d'investissement peut entraîner l'exclusion de titres inclus dans l'indice de référence ou dans l'univers d'investissements potentiels d'un fonds. L'interprétation des critères relatifs à l'ESG et à la durabilité est subjective, ce qui signifie que le fonds pourrait investir dans des sociétés que des fonds similaires excluent (et en conséquence enregistrer des performances différentes) et qui ne sont pas alignées aux points de vue personnels de tout investisseur individuel.
2 Les instruments dérivés comportent le risque d'une liquidité moindre, de perte importante et de volatilité accrue dans des conditions de marché défavorables, comme une défaillance parmi les opérateurs de
- L'implication auprès des équipes de gestion des entreprises est utilisée pour évaluer les structures d'actionnariat, la gouvernance et la qualité de la gestion de ces entreprises, pour une construction éclairée du portefeuille.
- L'indice de référence est utilisé en tant que point de référence pour la construction de portefeuille et en tant que base de définition des contraintes de risque, mais il n'inclut aucun critère de durabilité.
- Afin d'atteindre son objectif, le Fonds ouvrira des positions dont les pondérations divergent de celles de l'indice de référence ou investira dans des titres qui n'y figurent pas. Les investissements du Fonds sont susceptibles de dévier de façon significative des composants de l'indice de référence et de leurs pondérations.
- En raison de la nature active du processus de gestion, le profil de performance du Fonds peut dévier de façon significative de celui de l'indice de référence sur le long terme.
### Instruments dérivés et techniques
- Le Fonds pourra recourir à des instruments dérivés à des fins de couverture et/ou d'investissement, ou pour la gestion des risques de change. Il est attendu que l'utilisation d'instruments dérivés à des fins de couverture et/ou d'investissement soit très limitée, principalement dans les cas où le Fonds connaîtrait d'importantes entrées de capitaux de sorte qu'il soit possible d'investir des liquidités tout en conservant les investissements du Fonds dans des actions et des titres de participation. Les investisseurs du fonds peuvent acheter et vendre des actions n'importe quel jour de bourse (tel que défini dans le Prospectus).
Si vous investissez dans des actions de revenu, vous recevrez le revenu des placements dans le fonds. Si vous investissez dans des actions de capitalisation, le revenu sera ajouté à la valeur de vos actions.
Recommandation : le fonds peut ne pas convenir aux investisseurs qui prévoient retirer leur argent dans les cinq ans. Les investisseurs devraient s'assurer que leur attitude face au risque est conforme au profil de risque de ce fonds avant d'investir.
marché. Les instruments dérivés peuvent endetter le fonds (cas de figure dans lequel l'exposition au marché et le risque de perte du fonds sont supérieurs au montant investi) et dans ces conditions de marché, l'effet de levier amplifiera les pertes.
Tous les investissements comportent des risques. Ce fonds n'offre aucune garantie contre la perte ou que l'objectif du fonds sera atteint. Le cours des actifs et les revenus qu'ils génèrent sont susceptibles de varier à la hausse comme à la baisse et ne peuvent être garantis ; les investisseurs ne sont pas assurés de recouvrir l'intégralité du capital investi au départ.
L'inflation réduit le pouvoir d'achat de vos placements et de vos revenus. La valeur des actifs détenus dans le fonds peut augmenter et diminuer en raison des fluctuations des taux de change.
Le fonds pourrait perdre de l'argent si une entité (contrepartie) avec laquelle il fait affaire refuse d'honorer ses obligations envers le fonds ou en est incapable.
Dans des conditions de marché extrêmes, certains titres peuvent devenir difficiles à évaluer ou à vendre à un prix souhaité. Cela pourrait nuire à la capacité du fonds d'honorer les rachats en temps opportun. Le fonds pourrait perdre de l'argent en raison d'une défaillance ou d'un retard dans les processus et systèmes opérationnels, y compris, mais de façon non limitative, la défaillance ou la mise sous tutelle de fournisseurs tiers.
Pour la catégorie d'actions décrite comme étant « couverte », des techniques de couverture du risque de change sont utilisées, ce qui permet de réduire, mais pas d'éliminer, le risque de change. En particulier, la devise couverte n'est pas nécessairement liée aux devises du Fonds. De telles techniques engendrent également des risques et des coûts supplémentaires. | fr | es |
DOLFIN7381 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 04/12/2013.
The share class of the Fund was launched on 23/01/2014.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | La rentabilidad histórica se indica tras deducirse los gastos corrientes. Se excluyen del cálculo cualesquiera comisiones de entrada y salida.
El Fondo se lanzó el 04/12/2013.
La clase de acciones del Fondo se lanzó el 23/01/2014.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad. | The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 04/12/2013.
The share class of the Fund was launched on 23/01/2014.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | en | es |
DOLFIN7382 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The ODDO BHF Haut Rendement 2023 fund invested selectively in securities having an attractive risk/reward profile, based on an in-depth fundamental credit analysis. The fund opened some new positions for diversification purposes.
It reduced its exposure to the travel industry, which was hit hardest by COVID-19 restrictions. Positions on companies whose credit profile is likely to deteriorate (e.g. EG Group, Saipem and Ryanair) were reduced. The fund also sold its low yield credit (e.g. Stellantis and Sappi).
The Adler Real Estate Group position was liquidated during the year, as allegations of fraud and shoddy accounting left doubts over the company’s ability to refinance its short-term debt.
The proceeds of this trade, and of the redeemed bonds, were reinvested in sectors/names with solid fundamentals such as telecoms/telecom cables (e.g. Sprint, CSC Holdings and Lumen), health care (e.g. Teva) and packaging (e.g. CCK, Ball). | El fondo ODDO BHF Haut Rendement 2023 invirtió de manera selectiva en títulos que presentaban un atractivo perfil de riesgo-rentabilidad, sobre la base de un exhaustivo análisis crediticio fundamental. El Fondo emprendió nuevas posiciones con fines de diversificación.
Redujimos la exposición al sector de los viajes, que siguió siendo el más afectado por las restricciones ligadas a la COVID-19. Recortamos las posiciones en las empresas cuyo perfil de crédito debería deteriorarse (por ejemplo, EG Group, Saipem o Ryanair). Por otro lado, el Fondo liquidó los créditos de bajo rendimiento (como Stellantis o Sappi).
La posición en Adler Real Estate Group se liquidó durante el año, dado que las alegaciones de fraude y deficiente contabilidad pusieron en tela de juicio la capacidad de la sociedad para refinanciar las deudas a corto plazo.
El producto de esta operación y de las obligaciones reembolsadas se reinvirtió en sectores/títulos con sólidos fundamentales como las telecomunicaciones/cableado de telecomunicaciones (p. ej.: Sprint, CSC Holdings, Lumen), la medicina y salud (p. ej.: Teva) o los envases (p. ej.: CCK, Ball). | The ODDO BHF Haut Rendement 2023 fund invested selectively in securities having an attractive risk/reward profile, based on an in-depth fundamental credit analysis. The fund opened some new positions for diversification purposes.
It reduced its exposure to the travel industry, which was hit hardest by COVID-19 restrictions. Positions on companies whose credit profile is likely to deteriorate (e.g. EG Group, Saipem and Ryanair) were reduced. The fund also sold its low yield credit (e.g. Stellantis and Sappi).
The Adler Real Estate Group position was liquidated during the year, as allegations of fraud and shoddy accounting left doubts over the company’s ability to refinance its short-term debt.
The proceeds of this trade, and of the redeemed bonds, were reinvested in sectors/names with solid fundamentals such as telecoms/telecom cables (e.g. Sprint, CSC Holdings and Lumen), health care (e.g. Teva) and packaging (e.g. CCK, Ball). | en | es |
DOLFIN7383 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Capital Group EUR Conservative Income Portfolio (LUX)
| Launch Date | To be determined | |
| --- | --- | --- |
| Investment Objective | The Fund seeks current income and conservation of principal in EUR primarily through a diversified portfolio of quality fixed-income securities and a moderate allocation to dividend paying equities by investing up to 100% of its assets in other Funds of the Company (the “Underlying Funds”) in accordance with Annex I “General Investment Guidelines and Restrictions”. In pursuing its investment objective, the Fund will generally have at least 80% exposure to Bonds, including primarily Investment Grade Bonds. Some of the Underlying Funds may use, whether for hedging and/or efficient portfolio management purposes, certain type of derivatives including interest rate swaps, forward contracts, CDX, CDS, futures and options on futures as described in more detail in the main part of the Prospectus under the “Risk Warnings” section and in Annex 1. The Fund may, from time to time, also invest up to 10% in other UCITS and/or other UCIs as well as directly in fixed-income and Equity securities. |
| Investment exposure risks | - This Fund is a Fund of Funds and therefore will be subject to the risks associated with the Underlying Funds in which it invests.
- Bonds, Equity, Emerging Markets, High Yield Bonds, ABS/MBS, OTC Markets, derivative instruments.
|
| Profile of the typical investor | The Fund is particularly suitable for investors seeking exposure through a Fund of Funds structure and current income and conservation of principal mainly through investments in Bonds. |
| Eligible Investment Countries | Any country. | |
| Investment Adviser | CRMC | |
| Investment Sub-Adviser | CISA | |
| Base Currency | EUR | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which Underlying Fund(s) representing a meaningful portion of Fund’s portfolio are not in a position to value their assets due to the closure of the markets on which they invest a substantial part of their assets. A list of such dates is available on capitalgroup.com/international. |
| Swing pricing | Swing pricing adjustment will not be applied to the Net Asset Value of this Fund as described in more detail in the main part of the Prospectus under the “Net Asset Value” section. |
| Calculation method of the risk exposure | The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. |
| Cut-Off Time | 9:30am Luxembourg time on every Valuation Date | |
| Fiscal year-end | 31 December in each year | |
| Fees and charges1 | Fund Administration Fee2 Depositary and Custody Fees3 | 0.15% maximum 0.06% maximum |
- Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KIID and the Company’s annual report for details.
- Effective rate varies with the total assets of the Fund up to the indicated maximum.
- Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum. | # Capital Group EUR Conservative Income Portfolio (LUX)
| Auflegungsdatum | Noch zu bestimmen | |
| --- | --- | --- |
| Anlageziel | Der Fonds strebt vor allem über ein diversifiziertes Portfolio mit festverzinslichen Wertpapieren guter Bonität und einer moderaten Allokation in dividendenzahlenden Aktien laufende Erträge und Erhalt des angelegten Kapitals in EUR an, indem er im Einklang mit Anhang I „Allgemeine Anlageleitlinien und Beschränkungen“ bis zu 100 % seiner Vermögenswerte in andere Fonds der Gesellschaft (die „zugrunde liegenden Fonds“) anlegt. Bei der Verfolgung seines Anlageziels wird der Fonds im Allgemeinen mindestens 80 % des Engagements in Anleihen, weitgehend Anleihen mit Investment-Grade-Rating, anlegen. Bestimmte zugrunde liegende Fonds können zu Absicherungszwecken und/oder für ein effizientes Portfoliomanagement bestimmte Derivate wie Zinsswaps, Terminkontrakte, CDX, CDS, Termingeschäfte und Optionen auf Termingeschäfte einsetzen, so wie im Hauptteil des Verkaufsprospekts unter „Risikohinweise“ und in Anhang 1 genauer beschrieben. Der Fonds kann gegebenenfalls auch bis zu 10 % in andere OGAW und/oder andere OGA sowie direkt in festverzinsliche Wertpapiere und Aktien anlegen. |
| Anlagerisiken | - Bei diesem Fonds handelt es sich um einen Dachfonds und er unterliegt somit den Risiken im Zusammenhang mit den zugrunde liegenden Fonds, in die er investiert.
- Anleihen, Aktien, Schwellenmärkte, Hochverzinsliche Anleihen, ABS/MBS, OTC-Märkte, derivative Instrumente.
|
| Profil des typischen Anlegers | Der Fonds eignet sich besonders für Anleger, die ein Engagement über eine Dachfondsstruktur und laufende Erträge und den Erhalt des angelegten Kapitals vor allem durch Anlagen in Anleihen anstreben. |
| Qualifizierte Anlageländer | Alle Länder. | |
| Anlageberater | CRMC | |
| Stellvertretender Anlageberater | CISA | |
| Basiswährung | EUR | |
| Bewertungstag | Jeder Geschäftstag, mit Ausnahme von Tagen (festgelegt durch den Verwaltungsrat oder die Verwaltungsgesellschaft nach eigenem Ermessen), an denen ein zugrunde liegender Fonds oder mehrere zugrunde liegende Fonds, der/die für einen erheblichen Teil des Portfolios des Fonds steht/stehen, nicht in der Lage sind, ihre Vermögenswerte zu bewerten, da die Märkte, an denen sie einen wesentlichen Anteil ihrer Vermögenswerte anlegen, geschlossen sind. Eine Liste dieser Daten ist erhältlich unter capitalgroup.com/international. |
| Swing-Pricing | Swing-Pricing-Apassungen werden für den Nettoinventarwert dieses Fonds nicht angewendet, so wie im Hauptteil des Verkaufsprospekts unter „Nettoinventarwert“ genauer beschrieben. |
| Methode zur Berechnung des Risikos | Die angewandte Methode zur Berechnung des Gesamtrisikos, das sich aus der Nutzung von derivativen Finanzinstrumenten ergibt, ist der Commitment-Ansatz gemäß dem CSSF-Rundschreiben 11/512. |
| Handelsschluss | 9:30 Luxemburger Zeit an jedem Bewertungstag | |
| Ende des Geschäftsjahres | 31. Dezember in jedem Jahr | |
| Gebühren und Aufwendungen1 | Fondsverwaltungsgebühr2 Verwahrungs- und Depotgebühren3 | 0,15 % Maximum 0,06 % Maximum |
- Fondsverwaltungs-, Verwahrungs- und Depotgebühren, die in die Total Expense Ratio (TER), die je nach Fonds und Anteilsklasse unterschiedlich ausfällt, einbezogen werden, können teilweise von der Verwaltungsgesellschaft der jeweiligen Anteilsklasse zugerechnet werden. Weitere Angaben entnehmen Sie bitte den jeweiligen KIID und dem Jahresbericht der Gesellschaft.
- Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds, bis zum angegebenen Maximum.
- Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds und der Länderaufschlüsselung im Portfolio, bis zum angegebenen Maximum. | # Capital Group EUR Conservative Income Portfolio (LUX)
| Launch Date | To be determined | |
| --- | --- | --- |
| Investment Objective | The Fund seeks current income and conservation of principal in EUR primarily through a diversified portfolio of quality fixed-income securities and a moderate allocation to dividend paying equities by investing up to 100% of its assets in other Funds of the Company (the “Underlying Funds”) in accordance with Annex I “General Investment Guidelines and Restrictions”. In pursuing its investment objective, the Fund will generally have at least 80% exposure to Bonds, including primarily Investment Grade Bonds. Some of the Underlying Funds may use, whether for hedging and/or efficient portfolio management purposes, certain type of derivatives including interest rate swaps, forward contracts, CDX, CDS, futures and options on futures as described in more detail in the main part of the Prospectus under the “Risk Warnings” section and in Annex 1. The Fund may, from time to time, also invest up to 10% in other UCITS and/or other UCIs as well as directly in fixed-income and Equity securities. |
| Investment exposure risks | - This Fund is a Fund of Funds and therefore will be subject to the risks associated with the Underlying Funds in which it invests.
- Bonds, Equity, Emerging Markets, High Yield Bonds, ABS/MBS, OTC Markets, derivative instruments.
|
| Profile of the typical investor | The Fund is particularly suitable for investors seeking exposure through a Fund of Funds structure and current income and conservation of principal mainly through investments in Bonds. |
| Eligible Investment Countries | Any country. | |
| Investment Adviser | CRMC | |
| Investment Sub-Adviser | CISA | |
| Base Currency | EUR | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which Underlying Fund(s) representing a meaningful portion of Fund’s portfolio are not in a position to value their assets due to the closure of the markets on which they invest a substantial part of their assets. A list of such dates is available on capitalgroup.com/international. |
| Swing pricing | Swing pricing adjustment will not be applied to the Net Asset Value of this Fund as described in more detail in the main part of the Prospectus under the “Net Asset Value” section. |
| Calculation method of the risk exposure | The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. |
| Cut-Off Time | 9:30am Luxembourg time on every Valuation Date | |
| Fiscal year-end | 31 December in each year | |
| Fees and charges1 | Fund Administration Fee2 Depositary and Custody Fees3 | 0.15% maximum 0.06% maximum |
- Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KIID and the Company’s annual report for details.
- Effective rate varies with the total assets of the Fund up to the indicated maximum.
- Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum. | en | de |
DOLFIN7384 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### The Fund will:
- gain exposure to company shares (i.e., equities) and similar investments, debt (i.e. bonds) and similar investments and currencies and commodities, principally through derivatives (financial instruments whose value is derived from other assets);
- invest in investment grade (i.e. BBB- or above) and sub-investment grade (i.e.BB+ or below) debt and debt-related securities as rated by Standard and Poor's or similar agencies;
- invest in a diverse set of risk premia across asset classes. A risk premia is the reward an investor may gain for taking a risk. For example, the equity risk premia is the potential for an investment in an equity to increase in value more than the same amount held in a risk free asset such as cash. The Fund seeks to capture premia which exist across equities, bonds, currencies, commodities and volatility;
- invest on a long and short basis; and
- use derivatives with the aim of risk or cost reduction or to generate additional capital or income; | #### El Fondo:
- lograr exposición a las acciones de empresas (es decir, renta variable) e inversiones similares, deuda (es decir, bonos) e inversiones similares, y divisas y materias primas, sobre todo mediante derivados (instrumentos financieros cuyo valor se deriva del de otros activos);
- inversión en valores de deuda y relacionados con la deuda con grado de inversión (es decir, BBB- o superior) y con grado inferior al de inversión (es decir, BB+ o inferior) con arreglo a la calificación otorgada por Standard and Poor’s o agencias similares;
- invertir en un conjunto diverso de primas de riesgo en distintas clases de activos. Las primas de riesgo constituyen la remuneración que puede obtener un inversor por asumir un riesgo. Por ejemplo, las primas de riesgo de renta variable constituyen el potencial de una inversión en una acción de ver aumentado su valor más que ese mismo importe mantenido en un activo libre de riesgo, como el efectivo. El Fondo pretende captar las primas existentes en las acciones, los bonos, las divisas, las materias primas y la volatilidad;
- invertir a corto y largo plazo; y
- emplear instrumentos derivados para reducir los riesgos o costes, o para generar capitales o ingresos adicionales; | #### The Fund will:
- gain exposure to company shares (i.e., equities) and similar investments, debt (i.e. bonds) and similar investments and currencies and commodities, principally through derivatives (financial instruments whose value is derived from other assets);
- invest in investment grade (i.e. BBB- or above) and sub-investment grade (i.e.BB+ or below) debt and debt-related securities as rated by Standard and Poor's or similar agencies;
- invest in a diverse set of risk premia across asset classes. A risk premia is the reward an investor may gain for taking a risk. For example, the equity risk premia is the potential for an investment in an equity to increase in value more than the same amount held in a risk free asset such as cash. The Fund seeks to capture premia which exist across equities, bonds, currencies, commodities and volatility;
- invest on a long and short basis; and
- use derivatives with the aim of risk or cost reduction or to generate additional capital or income; | en | es |
DOLFIN7385 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Management Company has put in place a system of risk management procedures in order to measure the risk of the positions and their contribution to the overall risk of the portfolio.
The method of determining the overall risk is established on the basis of the investment policy and strategy of each Sub-Fund (and, in particular, on the basis of the use of derivative financial instruments).
One of the two methods below is used to monitor the overall risk: commitment method or the value at risk method. The method used is stated in the Fact Sheet of each Sub-Fund.
- Commitment methodThis method consists in converting the derivative financial instruments into equivalent positions in the underlying assets (where applicable, based on their respective sensitivity). This conversion may, if necessary, be replaced by the notional value. | La Sociedad Gestora ha instaurado un sistema de procedimientos de gestión del riesgo con objeto de medir el riesgo de las posiciones y su contribución al riesgo total de la cartera.
El método para determinar el riesgo total se establece sobre la base de la política y la estrategia de inversión de cada Subfondo (y, en particular, del uso de instrumentos financieros derivados).
Se utiliza uno de los dos métodos siguientes para vigilar el riesgo total: método del compromiso o método de valor en riesgo. El método utilizado se especifica en la Ficha Técnica de cada Subfondo.
- Método del compromisoEste método consiste en convertir los instrumentos derivados financieros en posiciones equivalentes en los activos subyacentes (donde proceda, sobre la base de su sensibilidad respectiva). Si es necesario, esta conversión puede ser sustituida por el valor teórico. | The Management Company has put in place a system of risk management procedures in order to measure the risk of the positions and their contribution to the overall risk of the portfolio.
The method of determining the overall risk is established on the basis of the investment policy and strategy of each Sub-Fund (and, in particular, on the basis of the use of derivative financial instruments).
One of the two methods below is used to monitor the overall risk: commitment method or the value at risk method. The method used is stated in the Fact Sheet of each Sub-Fund.
- Commitment methodThis method consists in converting the derivative financial instruments into equivalent positions in the underlying assets (where applicable, based on their respective sensitivity). This conversion may, if necessary, be replaced by the notional value. | en | es |
DOLFIN7386 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement : 10.000 EUR | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 154 EUR | 1.160 EUR |
| Incidence des coûts annuels (*) | 1,5 % | 1,6 % | | | Inversión: 10.000 EUR | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 154 EUR | 1.160 EUR |
| Incidencia anual de los costes (*) | 1,5% | 1,6% | | | Investissement : 10.000 EUR | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 154 EUR | 1.160 EUR |
| Incidence des coûts annuels (*) | 1,5 % | 1,6 % | | fr | es |
DOLFIN7387 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Bonds or other forms of securitised debt, including depositary receipts in respect of such securities;
- any other securities giving the right to acquire or sell any such transferable securities or giving rise to a cash settlement determined by reference to transferable securities, currencies, interest rates or yields, commodities or other indices or measures.
| | - les obligations et autres créances titrisées, dont des certificats de dépôt desdits titres ;
- tout autre titre conférant le droit d’acquérir ou de vendre toute valeur mobilière de ce type ou donnant lieu à un règlement en espèces déterminé en référence à des valeurs mobilières, des devises, des taux ou des rendements d’intérêt, des matières premières ou d’autres indices ou mesures.
| | - Bonds or other forms of securitised debt, including depositary receipts in respect of such securities;
- any other securities giving the right to acquire or sell any such transferable securities or giving rise to a cash settlement determined by reference to transferable securities, currencies, interest rates or yields, commodities or other indices or measures.
| | en | fr |
DOLFIN7388 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide a high level of current income and capital growth.
- The fund will invest at least 70% in high yielding sub investment grade bonds of issuers or in high-yielding bonds of sub investment grade issuers, all having their main business activities in Asia.
- This region includes countries considered to be emerging markets.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference J.P. Morgan Asia Credit Non-Investment Grade Index (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 issuers, sectors, countries and security types 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 reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar un alto nivel de renta corriente y crecimiento del capital.
- El fondo invertirá al menos un 70 % en bonos de grado especulativo de alta rentabilidad de emisores o en bonos de alta rentabilidad de emisores de grado especulativo, todos ellos con sus actividades principales en Asia.
- Esta región incluye países considerados mercados emergentes.
- Menos del 30 % de su patrimonio neto se invertirá en híbridos y CoCos, invirtiéndose menos del 20 % del patrimonio neto total en CoCos.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- Los tipos de bonos en los que invertirá principalmente este Subfondo tendrán un riesgo elevado y no deberán cumplir ningún criterio mínimo de calificación crediticia.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- El Subfondo invertirá menos del 30 % directa o indirectamente en valores de renta fija del mercado interior chino de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- Podrá invertirse en divisas distintas a la de referencia del fondo. La exposición a divisas podrá cubrirse, por ejemplo, con contratos de divisas a plazo. La divisa de referencia del fondo es la que se utiliza para presentar la información financiera y puede ser distinta de aquella en la que se denominan las inversiones.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones utilizará como referencia el J.P. Morgan Asia Credit Non-Investment Grade Index (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en emisores, sectores, países y clases de valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide a high level of current income and capital growth.
- The fund will invest at least 70% in high yielding sub investment grade bonds of issuers or in high-yielding bonds of sub investment grade issuers, all having their main business activities in Asia.
- This region includes countries considered to be emerging markets.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference J.P. Morgan Asia Credit Non-Investment Grade Index (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 issuers, sectors, countries and security types 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 reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN7389 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Potential investors are advised that investing in emerging mar- kets carries a higher risk. In particular, this includes the risk:
- that a low volume of trading in the securities, or the ab- sence thereof, on the corresponding securities market may lead to liquidity squeezes and relatively higher fluc- tuations in prices;
- of uncertainty in the political, economic and social con- ditions and the related risks of expropriation or confis- cation, the risk of unusually high inflation rates, prohib- itive taxation measures and other negative develop- ments;
- of the possibility of considerable fluctuations in the ex- change rate, differences in the rule of law, the existing or potential currency export restrictions, customs or other restrictions and any laws or other restrictions which apply to investments;
- of political or other circumstances which restrict the in- vestment opportunities of the relevant Sub-Fund such as, for example, restrictions on issuers or industries which are classified as sensitive to national interests; and
- of the absence of appropriately developed legal struc- tures for private or foreign investments and the risk of a possible lack of protection of private ownership. | Potentielle Anleger werden darauf aufmerksam gemacht, dass Anlagen in Schwellenländern mit einem höheren Ri- siko verbunden sind. Insbesondere besteht das Risiko:
- eines möglicherweise geringen oder ganz fehlenden Handelsvolumens der Wertpapiere an dem entspre- chenden Wertpapiermarkt, welches zu Liquiditätseng- pässen und verhältnismässig grösseren Preisschwan- kungen führen kann;
- der Unsicherheit der politischen, wirtschaftlichen und sozialen Verhältnisse und die damit verbundene Ge- fahr der Enteignung oder Beschlagnahmung, das Ri- siko aussergewöhnlich hoher Inflationsraten, prohibi- tiver steuerlicher Massnahmen und sonstiger negati- ver Entwicklungen;
- der möglichen erheblichen Schwankungen des Devi- senumtauschkurses, der Verschiedenheit der Rechts- ordnungen, der bestehenden oder möglichen Devisen- ausfuhrbeschränkungen, Zoll- oder anderer Beschrän- kungen und etwaiger Gesetze oder sonstiger Be- schränkungen, die auf Anlagen Anwendung finden;
- politischer oder sonstiger Gegebenheiten, die die An- lagemöglichkeiten des jeweiligen Teilfonds einschrän- ken, wie z. B. Beschränkungen hinsichtlich Emittenten oder Branchen, die in Bezug auf nationale Interessen als sensibel gelten; und
- des Fehlens adäquat entwickelter rechtlicher Struktu- ren für private oder ausländische Anlagen und das Ri- siko einer möglicherweise mangelnden Gewährleis- tung des Privateigentums. | Potential investors are advised that investing in emerging mar- kets carries a higher risk. In particular, this includes the risk:
- that a low volume of trading in the securities, or the ab- sence thereof, on the corresponding securities market may lead to liquidity squeezes and relatively higher fluc- tuations in prices;
- of uncertainty in the political, economic and social con- ditions and the related risks of expropriation or confis- cation, the risk of unusually high inflation rates, prohib- itive taxation measures and other negative develop- ments;
- of the possibility of considerable fluctuations in the ex- change rate, differences in the rule of law, the existing or potential currency export restrictions, customs or other restrictions and any laws or other restrictions which apply to investments;
- of political or other circumstances which restrict the in- vestment opportunities of the relevant Sub-Fund such as, for example, restrictions on issuers or industries which are classified as sensitive to national interests; and
- of the absence of appropriately developed legal struc- tures for private or foreign investments and the risk of a possible lack of protection of private ownership. | en | de |
DOLFIN7390 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off charges debited before or after you invest |
| --- |
| Entry charge (max.) | 3.00% |
| Exit charge (max.) | n/a |
| Charges taken from the fund over a year |
| Ongoing charges | 0.03% |
| Charges taken from the fund under certain specific conditions |
| Fees tied to the performance of the fund (max.) | n/a | | | Spese una tantum prelevate prima o dopo l’investimento |
| --- |
| Commissione d'ingresso (max.) | 3,00% |
| Commissione di uscita (max.) | n/a |
| Spese prelevate dal fondo in un anno |
| Spese correnti | 0,03% |
| Spese prelevate dal fondo a determinate condizioni specifiche |
| Commissioni legate al rendimento del fondo (max.) | n/a | | | One-off charges debited before or after you invest |
| --- |
| Entry charge (max.) | 3.00% |
| Exit charge (max.) | n/a |
| Charges taken from the fund over a year |
| Ongoing charges | 0.03% |
| Charges taken from the fund under certain specific conditions |
| Fees tied to the performance of the fund (max.) | n/a | | en | it |
DOLFIN7391 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Key Information Document
Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Product Class A Accumulation shares in US dollars | ISIN: LU0345777147
European Equity Fund
A sub-fund of the Ninety One Global Strategy Fund (‘GSF’), a UCITS managed by Ninety One Luxembourg S.A. (a member of the Ninety One group) both of which are authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier (CSSF). The CSSF is responsible for supervising Ninety One Luxembourg S.A in its capacity as the PRIIP manufacturer in relation to this Key Information Document.
Contact details: www.ninetyone.com | +44 (0) 203 938 1800. Published on 1 January 2023. | # Document d’informations clés
Objectif Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d’un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits.
Produit Actions de capitalisation de catégorie A en dollar américain | ISIN: LU0345777147
European Equity Fund
Un compartiment de Ninety One Global Strategy Fund (« GSF »), un OPCVM géré par Ninety One Luxembourg S.A. (un membre du groupe Ninety One), lesquels sont tous deux agréés au Luxembourg et réglementés par la Commission de Surveillance du Secteur Financier (CSSF). La CSSF est chargée du contrôle de Ninety One Luxembourg S.A. en sa qualité d’initiateur de PRIIP en ce qui concerne ce Document d’informations clés.
Coordonnées : www.ninetyone.com | +44 (0) 203 938 1800. Publié le 1 janvier 2023. | # Key Information Document
Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Product Class A Accumulation shares in US dollars | ISIN: LU0345777147
European Equity Fund
A sub-fund of the Ninety One Global Strategy Fund (‘GSF’), a UCITS managed by Ninety One Luxembourg S.A. (a member of the Ninety One group) both of which are authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier (CSSF). The CSSF is responsible for supervising Ninety One Luxembourg S.A in its capacity as the PRIIP manufacturer in relation to this Key Information Document.
Contact details: www.ninetyone.com | +44 (0) 203 938 1800. Published on 1 January 2023. | en | fr |
DOLFIN7392 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The investment objective of the Fund is to seek capital gains over the medium term while maintaining low volatility. The Fund will seek to achieve its investment objective by following a fund of funds approach and accordingly up to 100% of the Net Asset Value of the Fund may be invested directly in Underlying Funds. The Fund will not invest more than 20% of its Net Asset Value in any one Underlying Fund. The Fund, through its investment in Underlying Funds, will be a multi strategy fund. The Investment Manager shall employ an asset allocation process which combines qualitative fund research, risk management and asset allocation management in order to achieve its investment objectives in an efficient manner. The asset allocation will target Underlying Funds pursuing a range of strategies including alternative and absolute return. Examples of the strategies include, but are not limited to, the following: equity market neutral, equity long/short, macro, credit long/short, bond, money market, multi-manager funds, event driven and volatility arbitrage. The Underlying Funds may be active
in specific and/or across various geographies, sectors and industries. Furthermore, there will be a focus on diversification and low correlation amongst Underlying Funds.
Although principally following a fund of funds approach the Fund may invest in Financial Derivative Instruments (FDI) for hedging purposes and/or investment purposes. The use of FDI is intended to contribute to the achievement of the investment objective on an ancillary basis. The Fund is actively managed but not managed in reference to any benchmark index.
The currency of the Fund is the EUR and your shares will be denominated in EUR.
Your shares are non-distributing (i.e. any income arising from your shares will be included in their value).
You may redeem your shares on demand on each banking day, which is a UK and Irish banking day. | # Objetivos y política de inversión
El objetivo de inversión del Fondo es buscar ganancias de capital a medio plazo manteniendo una volatilidad baja. El Fondo tratará de alcanzar su objetivo de inversión siguiendo un enfoque de fondo de fondos y, en consecuencia, se podrá invertir hasta el 100 % del Valor liquidativo del Fondo directamente en los Fondos subyacentes. El Fondo no invertirá más del 20 % del Valor liquidativo en ningún Fondo subyacente. El Fondo, a través de su inversión en Fondos subyacentes, será un fondo de estrategias múltiples. El Gestor de inversiones empleará un proceso de asignación de activos que combina la investigación cualitativa de los fondos, la gestión de riesgos y la gestión de la asignación de activos con el fin de lograr sus objetivos de inversión de manera eficiente. La asignación de activos se dirigirá a los Fondos subyacentes que sigan una serie de estrategias, entre ellas el rendimiento alternativo y absoluto. Entre los ejemplos de estas estrategias se incluyen, entre otros, los siguientes: neutralidad del mercado de renta variable, renta variable a corto/largo plazo macro, crédito a corto/largo plazo, fondos de bonos, del mercado monetario, y multigestores, y arbitraje impulsado por eventos y de volatilidad. Los
Fondos subyacentes pueden actuar en áreas geográficas, sectores e industrias específicos y/o en varios de ellos. Además, se centrará en la diversificación y la baja correlación entre los Fondos subyacentes. Aunque principalmente siguiendo un enfoque de fondo de fondos, el Fondo podrá invertir en Instrumentos Financieros Derivados (FDI) con fines de cobertura y/o de inversión. El uso de FDI tiene por objeto contribuir al logro del objetivo de inversión de manera accesoria.
El Fondo se gestiona activamente pero no se gestiona por referencia a ningún índice de referencia.
La divisa del Fondo es EUR y sus acciones estarán denominadas en EUR.
Sus acciones no son distributivas (es decir, cualquier ingreso que surja de sus acciones se incluirá en su valor).
Puede obtener el reembolso de sus acciones previa solicitud en cualquier día hábil a efectos bancarios, que sea un día hábil en Reino Unido e Irlanda. | # Objectives and investment policy
The investment objective of the Fund is to seek capital gains over the medium term while maintaining low volatility. The Fund will seek to achieve its investment objective by following a fund of funds approach and accordingly up to 100% of the Net Asset Value of the Fund may be invested directly in Underlying Funds. The Fund will not invest more than 20% of its Net Asset Value in any one Underlying Fund. The Fund, through its investment in Underlying Funds, will be a multi strategy fund. The Investment Manager shall employ an asset allocation process which combines qualitative fund research, risk management and asset allocation management in order to achieve its investment objectives in an efficient manner. The asset allocation will target Underlying Funds pursuing a range of strategies including alternative and absolute return. Examples of the strategies include, but are not limited to, the following: equity market neutral, equity long/short, macro, credit long/short, bond, money market, multi-manager funds, event driven and volatility arbitrage. The Underlying Funds may be active
in specific and/or across various geographies, sectors and industries. Furthermore, there will be a focus on diversification and low correlation amongst Underlying Funds.
Although principally following a fund of funds approach the Fund may invest in Financial Derivative Instruments (FDI) for hedging purposes and/or investment purposes. The use of FDI is intended to contribute to the achievement of the investment objective on an ancillary basis. The Fund is actively managed but not managed in reference to any benchmark index.
The currency of the Fund is the EUR and your shares will be denominated in EUR.
Your shares are non-distributing (i.e. any income arising from your shares will be included in their value).
You may redeem your shares on demand on each banking day, which is a UK and Irish banking day. | en | es |
DOLFIN7393 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Lower risk Higher risk
The risk indicator assumes you keep the product for a minimum of 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less.
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 impact the capacity of Baillie Gifford Investment Management (Europe) Limited to pay you.
Exposure to a single market and foreign currencies may increase risk. Charges are taken from income; if expenses exceed income the capital value falls. This product does not include any protection from future market performance so you could lose some or all of your investment. | 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.
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. | Lower risk Higher risk
The risk indicator assumes you keep the product for a minimum of 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less.
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 impact the capacity of Baillie Gifford Investment Management (Europe) Limited to pay you.
Exposure to a single market and foreign currencies may increase risk. Charges are taken from income; if expenses exceed income the capital value falls. This product does not include any protection from future market performance so you could lose some or all of your investment. | en | fr |
DOLFIN7394 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Interest rates vary for each repurchase agreement and are set at the initiation of the agreement. It is the Company’s policy that cash and/or securities be received as collateral on a daily basis and held on behalf of the Sub-Funds by the tri-party agent in accordance with the requirements of the Central Bank UCITS Regulations to protect the Company in the event the cash and/or securities are not redeemed or repurchased by the counterparty. The Company will generally obtain additional collateral if the market value of cash and/or underlying securities is less than the obligation to repurchase under the repurchase agreement plus any accrued interest. In the event of default on the obligation to repurchase, the Company has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realisation and/or retention of the collateral or proceeds may be subject to legal proceedings.
Details of the repurchase agreements are provided in the “Efficient Portfolio Management” section and comments on the relevant credit risk in the “Credit Risk” section of Note 13 to the financial statements.
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### RISK MANAGEMENT OBJECTIVES AND POLICIES | Los tipos de interés varían en función de cada contrato de recompra y se establecen al comienzo del mismo. La Sociedad tiene por política percibir las garantías en efectivo y / o valores a diario y que el agente tripartito los mantenga en nombre de los Subfondos, de acuerdo con los requisitos del Reglamento OICVM del Banco Central, a fin de proteger a la Sociedad en caso de que la contraparte no reembolse el efectivo y / o recompre los valores. Por lo general, la Sociedad obtendrá garantías adicionales si el valor de mercado del efectivo y / o los valores subyacentes es inferior a la obligación de recompra con arreglo al contrato de recompra más cualesquiera intereses devengados. En caso de incumplimiento de la obligación de recompra, la Sociedad tiene derecho a liquidar las garantías y destinar el producto a cumplir dicha obligación. En caso de impago o quiebra de la contraparte del contrato, la realización y / o la retención de las garantías o del producto podrá verse sujeta a procedimientos legales.
Los detalles de los contratos de recompra se recogen en la sección «Gestión eficiente de la cartera» y los comentarios sobre el correspondiente riesgo crediticio en la sección «Riesgo crediticio» de la Nota 13 a los estados financieros.
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### OBJETIVOS Y POLÍTICAS DE GESTIÓN DE RIESGOS | Interest rates vary for each repurchase agreement and are set at the initiation of the agreement. It is the Company’s policy that cash and/or securities be received as collateral on a daily basis and held on behalf of the Sub-Funds by the tri-party agent in accordance with the requirements of the Central Bank UCITS Regulations to protect the Company in the event the cash and/or securities are not redeemed or repurchased by the counterparty. The Company will generally obtain additional collateral if the market value of cash and/or underlying securities is less than the obligation to repurchase under the repurchase agreement plus any accrued interest. In the event of default on the obligation to repurchase, the Company has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realisation and/or retention of the collateral or proceeds may be subject to legal proceedings.
Details of the repurchase agreements are provided in the “Efficient Portfolio Management” section and comments on the relevant credit risk in the “Credit Risk” section of Note 13 to the financial statements.
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### RISK MANAGEMENT OBJECTIVES AND POLICIES | en | es |
DOLFIN7395 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The SICAV may be dissolved on a voluntary basis or on a judicial basis.
The SICAV is, after its dissolution, deemed to exist for its liquidation. In case of voluntary liquidation, it is subject to the supervision of the CSSF.
The net product of the liquidation of each sub-fund and, if applicable, each class/category of shares, will be distributed by the liquidators to the shareholders in proportion to their quota of the net assets of the sub-fund or the class/category of shares from which the shares come, in accordance with the Articles of Association.
Liquidation proceeds which cannot be distributed to their beneficiaries within nine months of the decision to liquidate will be deposited with the Caisse de Consignation in Luxembourg in favour of their beneficiaries until the end of the legal prescription period.
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#### VOLUNTARY LIQUIDATION | La SICAV pourra être dissoute sur une base volontaire ou sur une base judiciaire.
La SICAV est, après sa dissolution, réputée exister pour sa liquidation. En cas de liquidation volontaire, celle-ci reste soumise à la surveillance de la CSSF.
Le produit net de liquidation de chaque compartiment, de chaque classe/catégorie d’actions le cas échéant sera distribué par les liquidateurs aux actionnaires en proportion de la quotité leur revenant dans les actifs nets du compartiment ou de la classe/catégorie d’actions dont ces actions relèvent, conformément aux dispositions des Statuts.
Les produits de liquidation qui ne pourraient pas être distribués à leurs bénéficiaires dans un délai de neuf mois à dater de la décision de mise en liquidation seront déposés auprès de la Caisse de Consignation à Luxembourg en faveur de leurs bénéficiaires jusqu’à la fin de la prescription légale.
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#### LIQUIDATION VOLONTAIRE | The SICAV may be dissolved on a voluntary basis or on a judicial basis.
The SICAV is, after its dissolution, deemed to exist for its liquidation. In case of voluntary liquidation, it is subject to the supervision of the CSSF.
The net product of the liquidation of each sub-fund and, if applicable, each class/category of shares, will be distributed by the liquidators to the shareholders in proportion to their quota of the net assets of the sub-fund or the class/category of shares from which the shares come, in accordance with the Articles of Association.
Liquidation proceeds which cannot be distributed to their beneficiaries within nine months of the decision to liquidate will be deposited with the Caisse de Consignation in Luxembourg in favour of their beneficiaries until the end of the legal prescription period.
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#### VOLUNTARY LIQUIDATION | en | fr |
DOLFIN7396 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Risk of Swap transactions
When the Sub-Fund enters into swap transactions, it is subject to potential counterparty and issuer risk. In the event of the insolvency or default of the counterparty or issuer, the Sub-Fund could suffer a loss.
As the Sub-Fund is exposed to the Strategy throughout one or several swap transactions, market disruption events or settlement disruption events determined with regard to the swap transaction may adversely impact the performance of the Sub-Fund. In addition, the Company may be exposed to the insolvency of the custodians and/or sub-custodians with which the underlying financial instruments of the swaps are held. In such circumstances, the Manager will ensure that such custodians and/or sub- custodians meet the UCITS requirements for the safe keeping and custody of the related financial instruments.
If a default were to occur in relation to the swap counterparty, the Sub-Fund will have contractual remedies pursuant to the relevant OTC swap transaction. In particular the OTC swap transaction provides that a termination amount will be determined and such amount may be payable by the swap counterparty to the Sub-Fund or by the Sub-Fund to the swap counterparty, as the case may be. However, such remedies may be subject to bankruptcy and insolvency laws which could affect a Sub- Fund’s rights as a creditor. For example, a Sub-Fund may not receive the net amount of payments that it contractually is entitled to receive on termination of the OTC swap transaction where the swap counterparty is insolvent or otherwise unable to pay the termination amount.
In addition, a Sub-Fund may enter into swap transactions under which it grants a security interest in favour of the swap counterparty over all of its right, title, benefit and interest (but not obligations) in a portion (or all) of the assets of the Sub-Fund held with the Depositary from time to time. In the event of a default by the Sub-Fund on its obligations under such swap transactions (for example, where it has insufficient cash or liquid assets to meet its payment obligations under such swap transaction), the swap counterparty will be entitled to enforce its security interest over the relevant portion of the assets of the Sub-Fund (which may be all of the assets of the Sub-Fund) and to take possession of, dispose of or set-off such assets against amounts owed to it by the Sub-Fund. | ## Risque de transactions de swap
Lorsque le Compartiment conclut des transactions de swap, il se soumet au risque potentiel de contrepartie et d'émetteur. Dans le cas de l'insolvabilité ou de la défaillance de la contrepartie ou de l'émetteur, le Compartiment pourrait subir une perte.
Comme le Compartiment est exposé à la Stratégie à travers une ou plusieurs transactions de swap, les événements venant troubler le marché ou perturber le règlement concernant la transaction de swap peuvent affecter négativement la performance du Compartiment. En outre, la Société peut être exposée à l'insolvabilité du dépositaire et/ou des sous-dépositaires auprès desquels les instruments financiers sous-jacents des swaps sont détenus. Dans de telles circonstances, le Gestionnaire s'assurera que ces dépositaires et/ou des sous-dépositaires sont en conformité avec les exigences des Réglementations OPCVM vis-à-vis de la conservation et de la détention des instruments financiers concernés.
En cas de défaillance liée à la contrepartie de swap, le Compartiment aura des recours contractuels en vertu de la transaction de swap de gré à gré concernée. En particulier, la transaction swap de gré à gré est assortie de la condition qu’une indemnité de résiliation soit déterminée et que son montant soit dû au Compartiment par la contrepartie du swap ou, le cas échéant, par le Compartiment à ladite contrepartie de swap. Cependant, de tels recours peuvent être soumis à des lois sur les faillites ou sur l'insolvabilité qui pourraient affecter les droits d'un Compartiment en tant que créancier. Par exemple, un Compartiment peut ne pas recevoir le montant net des paiements auxquels il a droit par contrat lorsque la transaction swap de gré à gré est résiliée si la contrepartie de swap est insolvable ou incapable pour une raison ou pour une autre de payer cette indemnité de résiliation.
En outre, un Compartiment peut de temps à autre conclure des transactions de swap selon lesquelles il confère une sûreté au bénéfice de la contrepartie de swap sur tous ses droits, titres, avantages et intérêts (mais pas ses obligations) pour une partie ou la totalité des actifs du Compartiment détenus chez le Dépositaire. Dans le cas où le Compartiment ne peut pas honorer les obligations qui découlent de ces transactions de swap (par exemple, s'il ne détient pas suffisamment de liquidités ou d'actifs liquides pour s'acquitter des obligations de paiement découlant de ces transactions de swap), la contrepartie du swap sera en droit d'exécuter la sûreté qu'elle détient sur la partie des actifs du Compartiment concerné (qui peut être l'intégralité des actifs du Compartiment) et de prendre possession de ces actifs, de les vendre ou de les compenser avec des montants qu'elle doit au Compartiment. | ## Risk of Swap transactions
When the Sub-Fund enters into swap transactions, it is subject to potential counterparty and issuer risk. In the event of the insolvency or default of the counterparty or issuer, the Sub-Fund could suffer a loss.
As the Sub-Fund is exposed to the Strategy throughout one or several swap transactions, market disruption events or settlement disruption events determined with regard to the swap transaction may adversely impact the performance of the Sub-Fund. In addition, the Company may be exposed to the insolvency of the custodians and/or sub-custodians with which the underlying financial instruments of the swaps are held. In such circumstances, the Manager will ensure that such custodians and/or sub- custodians meet the UCITS requirements for the safe keeping and custody of the related financial instruments.
If a default were to occur in relation to the swap counterparty, the Sub-Fund will have contractual remedies pursuant to the relevant OTC swap transaction. In particular the OTC swap transaction provides that a termination amount will be determined and such amount may be payable by the swap counterparty to the Sub-Fund or by the Sub-Fund to the swap counterparty, as the case may be. However, such remedies may be subject to bankruptcy and insolvency laws which could affect a Sub- Fund’s rights as a creditor. For example, a Sub-Fund may not receive the net amount of payments that it contractually is entitled to receive on termination of the OTC swap transaction where the swap counterparty is insolvent or otherwise unable to pay the termination amount.
In addition, a Sub-Fund may enter into swap transactions under which it grants a security interest in favour of the swap counterparty over all of its right, title, benefit and interest (but not obligations) in a portion (or all) of the assets of the Sub-Fund held with the Depositary from time to time. In the event of a default by the Sub-Fund on its obligations under such swap transactions (for example, where it has insufficient cash or liquid assets to meet its payment obligations under such swap transaction), the swap counterparty will be entitled to enforce its security interest over the relevant portion of the assets of the Sub-Fund (which may be all of the assets of the Sub-Fund) and to take possession of, dispose of or set-off such assets against amounts owed to it by the Sub-Fund. | en | fr |
DOLFIN7397 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund's objective is to seek capital appreciation by investing in a range of diversified transferable securities and/or other liquid financial assets. The Fund is actively managed by Ashmore Investment Management Limited and references JP Morgan Corporate Emerging Market Bond Index Broad Diversified 1 to 3 Maturity (the “Benchmark”) as part of its investment process. The Investment Manager has full discretion over the composition of the portfolio of the Fund.
The Fund aims to be mainly invested in short term bonds and similar debt instruments issued by Emerging Market corporate entities, sovereigns and quasi-sovereigns. The Fund will seek to achieve its objectives through securities denominated in US Dollars and other hard currencies.
The Fund shall seek to maintain a weighted average portfolio duration of between 1 and 3 years. The Fund may not invest more than 35% of its net assets in investments in a single Emerging Market. The Fund may not invest in investments denominated in currencies other than hard currencies. The Fund may not invest more than 10% (in aggregate) of its net asset value into units or shares of UCITS and/or UCIs. The Fund
may also be invested in financial instruments whose value derives from the value and characteristics of one or more underlying assets (derivatives) and engage in certain techniques for hedging purposes and efficient management of assets. No borrowing is permitted.
The Fund may not grant loans or guarantees in favour of a third party. The Fund primarily uses an active, macro top-down approach to investment management.
The reference currency of the Fund is USD.
Transaction costs may have a material impact on performance, depending on factors such as market liquidity.
Any income from your investments will be reinvested on a monthly basis. You can buy or sell shares in this Fund on any bank business day in both Luxembourg and London (excluding Saturdays and Sundays), or such other days as the board of directors shall determine from time to time by submitting an application form to the Administrator before the dealing deadline.
For full investment objectives and policy details, please refer to section 2 of the Fund's prospectus available at www.ashmoregroup.com. | Das Ziel des Fonds besteht darin, einen Kapitalzuwachs durch Anlagen in eine Auswahl breit gestreuter übertragbarer Wertpapiere und/oder anderer liquider finanzieller Vermögenswerte zu erzielen. Der Fonds wird von Ashmore Investment Management Limited aktiv gemanagt und orientiert sich im Rahmen seines Anlageprozesses am JP Morgan Corporate Emerging Market Bond Index Broad Diversified 1 to 3 Maturity (der „Referenzwert“). Der Investmentmanager verfügt bezüglich der Zusammensetzung des Fondsportfolios über uneingeschränkte Ermessensfreiheit.
Der Fonds ist bestrebt, hauptsächlich in kurzfristigen Anleihen und ähnlichen Schuldinstrumenten investiert zu sein, die von Unternehmen, staatlichen und quasi-staatlichen Emittenten aus Schwellenländern emittiert werden. Zur Erreichung seiner Ziele investiert der Fonds in Wertpapiere, die auf US-Dollar und andere Hartwährungen lauten.
Der Fonds ist bestrebt, eine gewichtete durchschnittliche Laufzeit (Duration) des Portfolios von einem bis drei Jahren beizubehalten. Der Fonds darf maximal 35% seines Nettovermögens in einen einzigen Schwellenmarkt investieren. Der Fonds darf nicht in Vermögenswerten anlegen, die auf andere Währungen als Hartwährungen lauten. Der Fonds darf nicht mehr als 10% (insgesamt) seines Nettovermögenswerts in Anteilen an OGAW und/oder OGA investieren. Der Fonds kann auch in Finanzinstrumente investieren, deren Wert sich aus dem Wert und
den Merkmalen eines oder mehrerer Basiswerte ableitet (Derivate), und zu Zwecken der Absicherung und der effektiven Portfolioverwaltung bestimmte Techniken einsetzen. Die Aufnahme von Krediten ist nicht zulässig.
Der Fonds darf zugunsten Dritter keine Darlehen oder Garantien gewähren. Der Fonds nutzt für die Anlageverwaltung vorwiegend einen aktiven Top-Down-Ansatz, der auf einer gesamtwirtschaftlichen Analyse basiert.
Die Referenzwährung des Fonds ist der US-Dollar.
In Abhängigkeit von Faktoren wie z. B. der Liquidität des Marktes können sich die Transaktionskosten erheblich auf die Wertentwicklung auswirken.
Alle Erträge Ihrer Anlage werden monatlich reinvestiert.
Anteile an diesem Fonds können Sie an jedem Bankgeschäftstag in Luxemburg und London (außer an Samstagen und Sonntagen) oder an jedem anderen vom Verwaltungsrat zu gegebener Zeit bestimmten Tag kaufen oder verkaufen, indem Sie vor Handelsschluss einen Antrag beim Verwalter einreichen.
Alle Einzelheiten zu den Anlagezielen und der Anlagepolitik finden Sie in Abschnitt 2 des Verkaufsprospekts, abrufbar unter: www.ashmoregroup.com. | The Fund's objective is to seek capital appreciation by investing in a range of diversified transferable securities and/or other liquid financial assets. The Fund is actively managed by Ashmore Investment Management Limited and references JP Morgan Corporate Emerging Market Bond Index Broad Diversified 1 to 3 Maturity (the “Benchmark”) as part of its investment process. The Investment Manager has full discretion over the composition of the portfolio of the Fund.
The Fund aims to be mainly invested in short term bonds and similar debt instruments issued by Emerging Market corporate entities, sovereigns and quasi-sovereigns. The Fund will seek to achieve its objectives through securities denominated in US Dollars and other hard currencies.
The Fund shall seek to maintain a weighted average portfolio duration of between 1 and 3 years. The Fund may not invest more than 35% of its net assets in investments in a single Emerging Market. The Fund may not invest in investments denominated in currencies other than hard currencies. The Fund may not invest more than 10% (in aggregate) of its net asset value into units or shares of UCITS and/or UCIs. The Fund
may also be invested in financial instruments whose value derives from the value and characteristics of one or more underlying assets (derivatives) and engage in certain techniques for hedging purposes and efficient management of assets. No borrowing is permitted.
The Fund may not grant loans or guarantees in favour of a third party. The Fund primarily uses an active, macro top-down approach to investment management.
The reference currency of the Fund is USD.
Transaction costs may have a material impact on performance, depending on factors such as market liquidity.
Any income from your investments will be reinvested on a monthly basis. You can buy or sell shares in this Fund on any bank business day in both Luxembourg and London (excluding Saturdays and Sundays), or such other days as the board of directors shall determine from time to time by submitting an application form to the Administrator before the dealing deadline.
For full investment objectives and policy details, please refer to section 2 of the Fund's prospectus available at www.ashmoregroup.com. | en | de |
DOLFIN7398 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Depositary
Identity of the depositary
The depositary for the Feeder Fund is State Street Bank International GmbH with registered office at Brienner Straße 59, 80333 Munich, Germany. The depositary is a credit institution under German law. Its principal activity is to conduct deposit and custodian business.
As at 31 December 2019 its liable equity capital amounted to EUR 109.3 million.
Duties of the depositary
The KAGB requires the separation of fund management from fund safe-keeping.
The depositary shall keep the assets in blocked custody accounts or blocked accounts. In the case of assets that cannot be held in custody, the depositary shall check whether the Management Company has acquired title to these assets. It shall monitor whether the Company’s disposal over the assets complies with the provisions of the KAGB and the Investment Terms and Conditions. Investment of assets in bank deposits with another financial institution is only permitted with the approval of the depositary. The depositary must grant its approval if the investment is consistent with the Investment Terms and Conditions and the provisions of the KAGB.
In addition, the depositary has the following duties in particular:
- Subscription and redemption of Feeder Fund units,
- Ensuring that units are issued and redeemed and that unit value is determined in compliance with the provisions of the KAGB and the Feeder Fund’s Investment Terms and Conditions,
- Ensuring that it receives the consideration for transactions concluded for the joint account of the investors within the customary periods of time,
- Ensuring that income accruing to the Feeder Fund is appropriated in compliance with the provisions of the KAGB and the Investment Terms and Conditions,
- Monitoring any borrowing entered into by the Company for account of the Feeder Fund and, if applicable, approval of any borrowing,
- Ensuring that collateral for securities lending is provided with legally binding effect and is available at all times. | ## Verwahrstelle
Identität der Verwahrstelle
Für den Feederfonds hat die State Street Bank International GmbH mit Sitz in 80333 München, Brienner Straße 59 die Funktion der Verwahrstelle übernommen. Die Verwahrstelle ist ein Kreditinstitut nach deutschem Recht. Ihre Haupttätigkeit ist das Einlagen- und Depotgeschäft.
Zum 31. Dezember 2019 belief sich ihr Eigenkapital auf 109,3 Mio. EUR.
Aufgaben der Verwahrstelle
Das KAGB sieht eine Trennung der Verwaltung und der Verwahrung von Sondervermögen vor.
Die Verwahrstelle verwahrt die Vermögensgegenstände in Sperrdepots bzw. auf Sperrkonten. Bei Vermögensgegenständen, die nicht verwahrt werden können, prüft die Verwahrstelle, ob die Verwaltungsgesellschaft Eigentum an diesen Vermögensgegenständen erworben hat. Sie überwacht, ob die Verfügungen der Gesellschaft über die Vermögensgegenstände den Vorschriften des KAGB und den Anlagebedingungen entsprechen. Die Anlage von Vermögensgegenständen in Bankguthaben bei einem anderen Kreditinstitut ist nur mit Zustimmung der Verwahrstelle zulässig. Die Verwahrstelle muss ihre Zustimmung erteilen, wenn die Anlage mit den Anlagebedingungen und den Vorschriften des KAGB vereinbar ist.
Daneben hat die Verwahrstelle insbesondere folgende Aufgaben:
- Ausgabe und Rücknahme der Anteile des Feederfonds,
- Sicherstellung, dass die Ausgabe und Rücknahme der Anteile sowie die Anteilwertermittlung den Vorschriften des KAGB und den Anlagebedingungen des Feederfonds entsprechen,
- Sicherstellung, dass bei den für gemeinschaftliche Rechnung der Anleger getätigten Geschäften der Gegenwert innerhalb der üblichen Fristen in ihre Verwahrung gelangt,
- Sicherstellung, dass die Erträge des Feederfonds nach den Vorschriften des KAGB und nach den Anlagebedingungen verwendet werden,
- Überwachung von Kreditaufnahmen durch die Gesellschaft für Rechnung des Feederfonds sowie gegebenenfalls Zustimmung zur Kreditaufnahme,
- Sicherstellung, dass Sicherheiten für Wertpapierdarlehen rechtswirksam bestellt und jederzeit vorhanden sind. | ## Depositary
Identity of the depositary
The depositary for the Feeder Fund is State Street Bank International GmbH with registered office at Brienner Straße 59, 80333 Munich, Germany. The depositary is a credit institution under German law. Its principal activity is to conduct deposit and custodian business.
As at 31 December 2019 its liable equity capital amounted to EUR 109.3 million.
Duties of the depositary
The KAGB requires the separation of fund management from fund safe-keeping.
The depositary shall keep the assets in blocked custody accounts or blocked accounts. In the case of assets that cannot be held in custody, the depositary shall check whether the Management Company has acquired title to these assets. It shall monitor whether the Company’s disposal over the assets complies with the provisions of the KAGB and the Investment Terms and Conditions. Investment of assets in bank deposits with another financial institution is only permitted with the approval of the depositary. The depositary must grant its approval if the investment is consistent with the Investment Terms and Conditions and the provisions of the KAGB.
In addition, the depositary has the following duties in particular:
- Subscription and redemption of Feeder Fund units,
- Ensuring that units are issued and redeemed and that unit value is determined in compliance with the provisions of the KAGB and the Feeder Fund’s Investment Terms and Conditions,
- Ensuring that it receives the consideration for transactions concluded for the joint account of the investors within the customary periods of time,
- Ensuring that income accruing to the Feeder Fund is appropriated in compliance with the provisions of the KAGB and the Investment Terms and Conditions,
- Monitoring any borrowing entered into by the Company for account of the Feeder Fund and, if applicable, approval of any borrowing,
- Ensuring that collateral for securities lending is provided with legally binding effect and is available at all times. | en | de |
DOLFIN7399 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund aims to achieve returns in all market conditions over the long term primarily by investing in fixed income securities (eg bonds) denominated in local currency or in the currency of OECD countries and/or financial derivative instruments (ie instruments whose prices are dependent on one or more underlying asset ('FDI')).
1 The fixed income securities primarily invested in will be issued or guaranteed by companies providing exposure to emerging markets or which have their registered office in emerging markets or by governments, government agencies or supranational bodies in emerging markets. The securities may be listed or traded on developed markets or the issuers may be developed market issuers providing emerging markets exposure. The fixed income securities are not subject to minimum rating requirements. The Fund may invest up to 100% in emerging markets.
1 The Fund may retain a significant proportion of its portfolio in cash and/or invest a significant proportion of the portfolio in liquid assets (ie securities that can be quickly and easily turned into cash). In addition, the Fund may trade in global currencies.
1 The Portfolio may invest up to 25% of its Net Asset Value in aggregate in convertible bonds (which may embed derivatives and/or leverage) and options.
1 The Fund may invest up to 10% of its assets in shares of companies of emerging market countries or which carry out a significant part of their business in an emerging market country. The Fund may also invest up to 10% in other collective investment schemes.
1 Benchmark. The Fund is actively managed; no benchmark is used as a universe for selection or for performance comparison purposes.
1 The Portfolio's investment, directly, or indirectly through the use of derivatives, in fixed-income securities listed or traded on Recognised Markets in Russia shall not exceed 25% of the Net Asset Value of the Portfolio. | # Objetivos y política de inversión
1 El Fondo trata de lograr rentabilidades en todas las condiciones de mercado a largo plazo, principalmente mediante la inversión en valores de renta fija (como bonos) denominados en divisa local o en la divisa de los países de la OCDE y/o instrumentos financieros derivados (es decir, instrumentos cuyo precio dependa de uno o más activos subyacentes (IFD)).
1 Los valores de renta fija en los que principalmente se invierta serán emitidos o garantizados por sociedades que ofrezcan exposición a mercados emergentes o cuyo domicilio social se encuentre en mercados emergentes o por gobiernos, agencias gubernamentales u organismos supranacionales de mercados emergentes. Los valores se cotizarán o negociarán en mercados desarrollados o los emisores deberán pertenecer a mercados desarrollados y ofrecer exposición a mercados emergentes. Los valores de renta fija no están sujetos a requisitos de valoración mínima. El Fondo puede invertir hasta el 100% en mercados emergentes.
1 El Fondo podrá mantener una proporción considerable de su cartera en efectivo y/o invertir una proporción considerable de la cartera en activos líquidos (es decir, valores que puedan convertirse en efectivo de forma rápida y sencilla). Además, el Fondo podrá negociar en divisas globales.
1 Además, la Cartera podrá invertir hasta el 25% de su valor de inventario neto en bonos convertibles (que pueden integrar derivados y/o apalancamiento) y opciones.
1 El Fondo podrá invertir hasta el 10% de sus activos en acciones de sociedades de países de mercados emergentes o que ejerzan una parte preponderante de su actividad en un país de mercado emergente. El Fondo también podrá invertir hasta el 10% en otras instituciones de inversión colectiva.
1 Índice de referencia. El Fondo se gestiona de forma activa y no se utiliza ningún índice de referencia como universo de selección ni a efectos de comparación de la rentabilidad.
1 Las inversiones de la Cartera, ya sea de manera directa o indirecta mediante derivados, en valores de renta fija cotizados o negociados en Mercados Reconocidos en Rusia no excederán el 25 % del Valor liquidativo de la Cartera. | # Objectives and investment policy
1 The Fund aims to achieve returns in all market conditions over the long term primarily by investing in fixed income securities (eg bonds) denominated in local currency or in the currency of OECD countries and/or financial derivative instruments (ie instruments whose prices are dependent on one or more underlying asset ('FDI')).
1 The fixed income securities primarily invested in will be issued or guaranteed by companies providing exposure to emerging markets or which have their registered office in emerging markets or by governments, government agencies or supranational bodies in emerging markets. The securities may be listed or traded on developed markets or the issuers may be developed market issuers providing emerging markets exposure. The fixed income securities are not subject to minimum rating requirements. The Fund may invest up to 100% in emerging markets.
1 The Fund may retain a significant proportion of its portfolio in cash and/or invest a significant proportion of the portfolio in liquid assets (ie securities that can be quickly and easily turned into cash). In addition, the Fund may trade in global currencies.
1 The Portfolio may invest up to 25% of its Net Asset Value in aggregate in convertible bonds (which may embed derivatives and/or leverage) and options.
1 The Fund may invest up to 10% of its assets in shares of companies of emerging market countries or which carry out a significant part of their business in an emerging market country. The Fund may also invest up to 10% in other collective investment schemes.
1 Benchmark. The Fund is actively managed; no benchmark is used as a universe for selection or for performance comparison purposes.
1 The Portfolio's investment, directly, or indirectly through the use of derivatives, in fixed-income securities listed or traded on Recognised Markets in Russia shall not exceed 25% of the Net Asset Value of the Portfolio. | en | es |
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