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DOLFIN7400 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Change in number of units in circulation
| Unit class Unit class (A) (T) Number Number | Unit class (SIA-A) Number | Unit class (SIA-T) Number |
| --- | --- | --- |
| Units in circulation at start of period under review | 684,738.688 | 1,905,836.923 | 39,115.741 | 118,796.308 |
| Units issued | 43,814.633 | 403,129.826 | 2,452.983 | 9,321.274 |
| Units redeemed | -252,126.943 | -535,795.945 | -15,251.934 | -102,836.136 |
| Units in circulation at end of period under review | 476,426.378 | 1,773,170.804 | 26,316.790 | 25,281.446 |
| Unit class (R-A)* Number | Unit class (R-T)* Number | Unit class (USD-T) Number | Unit class (SIA CHF-T) Number |
| --- | --- | --- | --- |
| Units in circulation at start of period under review | 863.617 | 31,201.619 | 0.000 | 0.000 |
| Units issued | 220.176 | 1,578.855 | 17,210.000 | 2,601.000 |
| Units redeemed | -391.633 | -11,594.942 | -15.000 | -2,600.000 |
| Units in circulation at end of period under review | 692.160 | 21,185.532 | 17,195.000 | 1.000 | | # Entwicklung der Anzahl der Anteile im Umlauf
| Anteilklasse Anteilklasse (A) (T) Stück Stück | Anteilklasse (SIA-A) Stück | Anteilklasse (SIA-T) Stück |
| --- | --- | --- |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 684.738,688 | 1.905.836,923 | 39.115,741 | 118.796,308 |
| Ausgegebene Anteile | 43.814,633 | 403.129,826 | 2.452,983 | 9.321,274 |
| Zurückgenommene Anteile | -252.126,943 | -535.795,945 | -15.251,934 | -102.836,136 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 476.426,378 | 1.773.170,804 | 26.316,790 | 25.281,446 |
| Anteilklasse (R-A)* Stück | Anteilklasse (R-T)* Stück | Anteilklasse (USD-T) Stück | Anteilklasse (SIA CHF-T) Stück |
| --- | --- | --- | --- |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 863,617 | 31.201,619 | 0,000 | 0,000 |
| Ausgegebene Anteile | 220,176 | 1.578,855 | 17.210,000 | 2.601,000 |
| Zurückgenommene Anteile | -391,633 | -11.594,942 | -15,000 | -2.600,000 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 692,160 | 21.185,532 | 17.195,000 | 1,000 | | # Change in number of units in circulation
| Unit class Unit class (A) (T) Number Number | Unit class (SIA-A) Number | Unit class (SIA-T) Number |
| --- | --- | --- |
| Units in circulation at start of period under review | 684,738.688 | 1,905,836.923 | 39,115.741 | 118,796.308 |
| Units issued | 43,814.633 | 403,129.826 | 2,452.983 | 9,321.274 |
| Units redeemed | -252,126.943 | -535,795.945 | -15,251.934 | -102,836.136 |
| Units in circulation at end of period under review | 476,426.378 | 1,773,170.804 | 26,316.790 | 25,281.446 |
| Unit class (R-A)* Number | Unit class (R-T)* Number | Unit class (USD-T) Number | Unit class (SIA CHF-T) Number |
| --- | --- | --- | --- |
| Units in circulation at start of period under review | 863.617 | 31,201.619 | 0.000 | 0.000 |
| Units issued | 220.176 | 1,578.855 | 17,210.000 | 2,601.000 |
| Units redeemed | -391.633 | -11,594.942 | -15.000 | -2,600.000 |
| Units in circulation at end of period under review | 692.160 | 21,185.532 | 17,195.000 | 1.000 | | en | de |
DOLFIN7401 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Sovereign issuers
The investment strategy selects sovereign issuers based on their performance across the environmental, social and governance pillars. The ESG performance of each country is assessed using an internal Sovereign ESG methodology that focuses on measuring governments' efforts to produce and preserve assets, goods, and services with high ESG values, according to their level of economic development. This involves evaluation of a country against a combination of environmental, social and governance factors, which include but not limited to:
- Environmental: climate mitigation, biodiversity, energy efficiency, land resources, pollution
- Social: life conditions, economic inequality, education, employment, health infrastructure, human capital
- Governance: business rights, corruption, democratic life, political stability, securityBNP Paribas Asset Management’s Global Sustainability Strategy places a strong emphasis on combatting climate change. Therefore, given the importance of sovereigns in addressing climate change, the internal Sovereign ESG methodology includes an additional scoring component that captures the country’s contribution to progress towards the net-zero goals set out in the Paris Agreement. This additional scoring component reflects countries' commitment to future targets balanced by their current policies and their forward-looking physical climate risk exposure. It combines temperature alignment methodology for determining national contributions to climate change with an assessment of the laws and policies countries have in place for addressing climate change. | Émetteurs souverains
La stratégie d’investissement consiste à sélectionner les émetteurs souverains en fonction de leur performance au sein des piliers environnementaux, sociaux et de gouvernance. La performance ESG de chaque pays est évaluée à l’aide d’une méthodologie ESG souveraine propriétaire axée sur l’évaluation des efforts fournis par les gouvernements pour produire et préserver des actifs, des biens et des services ayant des valeurs ESG élevées, en fonction de leur niveau de développement économique. Dans ce contexte, les pays sont évalués par rapport à une combinaison de facteurs environnementaux, sociaux et de gouvernance, qui incluent, sans s’y limiter :
- L’Environnement : atténuation du changement climatique, biodiversité, efficacité énergétique, ressources terrestres, pollution
- La société : conditions de vie, inégalités économiques, éducation, emploi, infrastructures de santé, capital humain
- La gouvernance : droits des entreprises, corruption, vie démocratique, stabilité politique, sécuritéLa stratégie de développement durable de BNP Paribas Asset Management met l’accent sur la lutte contre le changement climatique. Compte tenu de l’importance des émetteurs souverains dans la lutte contre le changement climatique, la méthodologie ESG interne aux États inclut donc une composante de notation supplémentaire qui reflète la contribution du pays à la réalisation des objectifs de neutralité fixés par l’Accord de Paris. Cette composante de notation supplémentaire reflète l’engagement des pays à atteindre des objectifs futurs et tient compte de leurs politiques actuelles et de leur exposition prospective au risque climatique physique. Elle associe la méthodologie d’alignement des températures qui permet de déterminer les contributions des pays au changement climatique à l’évaluation de la législation et des politiques mises en place pour faire face au changement climatique. | Sovereign issuers
The investment strategy selects sovereign issuers based on their performance across the environmental, social and governance pillars. The ESG performance of each country is assessed using an internal Sovereign ESG methodology that focuses on measuring governments' efforts to produce and preserve assets, goods, and services with high ESG values, according to their level of economic development. This involves evaluation of a country against a combination of environmental, social and governance factors, which include but not limited to:
- Environmental: climate mitigation, biodiversity, energy efficiency, land resources, pollution
- Social: life conditions, economic inequality, education, employment, health infrastructure, human capital
- Governance: business rights, corruption, democratic life, political stability, securityBNP Paribas Asset Management’s Global Sustainability Strategy places a strong emphasis on combatting climate change. Therefore, given the importance of sovereigns in addressing climate change, the internal Sovereign ESG methodology includes an additional scoring component that captures the country’s contribution to progress towards the net-zero goals set out in the Paris Agreement. This additional scoring component reflects countries' commitment to future targets balanced by their current policies and their forward-looking physical climate risk exposure. It combines temperature alignment methodology for determining national contributions to climate change with an assessment of the laws and policies countries have in place for addressing climate change. | en | fr |
DOLFIN7402 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Strategic Co-operation between Carmignac and Credit Suisse
- Assembling of a strong, experienced and complementary team of senior portfolio managers.
- Renowned expertise in Emerging Markets stretching back more than 25 years.
- Credit Suisse’s deep expertise in investment strategy combined with Carmignac’s pioneering emerging market investment skills. | # Cooperazione strategica tra Carmignac e Credit Suisse
- Creazione di un team forte, esperto e complementare di Senior Portfolio Manager.
- Da oltre 25 anni esperto riconosciuto nei mercati emergenti.
- Competenza approfondita di Credit Suisse nella strategia d’investimento, coniugata alle capacità pionieristiche di Carmignac d’investimento nei mercati emergenti. | # Strategic Co-operation between Carmignac and Credit Suisse
- Assembling of a strong, experienced and complementary team of senior portfolio managers.
- Renowned expertise in Emerging Markets stretching back more than 25 years.
- Credit Suisse’s deep expertise in investment strategy combined with Carmignac’s pioneering emerging market investment skills. | en | it |
DOLFIN7403 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
All Net Asset Value calculations will be first made in the relevant sub-fund’s reference currency. For this purpose, assets or liabilities expressed in terms of currencies other than the reference currency will be translated into the reference currency at the prevailing market rate on the Valuation Date. The result of such calculations will be translated into each other payment currency at the prevailing market rate on the Valuation Date.
The Net Asset Value per unit of each category of each sub-fund will be rounded to two decimal places.
The process of calculation of the Net Asset Value of each category of each sub-fund ensures that any transaction in units is effected at a Net Asset Value that cannot be known to the investor or unitholder at the cut-off time.
Swing pricing adjustment
A sub-fund may suffer dilution of the Net Asset Value as a result of large subscriptions, redemptions or switches. Such dilution would arise from unitholders buying or selling units at a Net Asset Value which would not accurately reflect the dealing and other costs incurred when securities are traded to accommodate cash inflows or outflows. In order to counter such dilution impact, the Management Company adopts a swing pricing mechanism as part of its valuation policy.
If on any Valuation Date, the net aggregate amount of subscriptions or redemptions in units of a sub-fund exceeds a pre-determined threshold expressed as a percentage of the Net Asset Value of that sub-fund, the Net Asset Value may be adjusted upwards or downwards to reflect the costs attributable to the underlying trade in securities undertaken by the Management Company or the Investment Manager to accommodate inflows or outflows as the case may be.
The Net Asset Value will be first calculated separately as per the calculation principles as described above. Any swing pricing adjustment to such Net Asset Value will be applied systematically and consistently based on predefined factors.
The price adjustment may vary from sub-fund to sub-fund and will normally not exceed 2% of the original Net Asset Value. The Management Company may decide to (i) suspend the application of any swing pricing adjustment to the Net Asset Value of any particular sub-fund or (ii) increase this price adjustment limit, in exceptional circumstances to protect the interests of unitholders. Such price adjustment is available on the Management Company’s webpage at http://www.ca-indosuez-am.com/Fr/conformite with the publication of the relevant Net Asset Value.
The Management Company and its conducting officers will reassess on a periodic basis the price adjustment factors to reflect an approximation of current dealing and other costs.
In the event that extraordinary circumstances render such a valuation impracticable or inadequate or where the Management Company determines it is in the best interests of unitholders of the sub-fund, the Management Company is authorized, prudently and in good faith, to follow other rules in order to achieve a fair valuation of the assets of the sub-fund, as described in this Prospectus.
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# SUSPENSION OF THE CALCULATION OF THE NET ASSET VALUE AND ISSUE, CONVERSION AND REDEMPTION OF UNITS | Tous les calculs de la valeur liquidative seront effectués en premier lieu dans la devise de référence du compartiment concerné. À cet effet, les actifs ou passifs exprimés en devises autres que la devise de référence seront convertis dans la devise de référence au taux du marché en vigueur à la date de valorisation. Le résultat de ces calculs sera converti dans chacune des autres devises de paiement au taux du marché en vigueur à la date de valorisation.
La valeur liquidative par part de chaque catégorie de chaque compartiment sera arrondie à deux décimales.
Le processus de calcul de la valeur liquidative de chaque catégorie de chaque compartiment garantit que toute transaction en parts est effectuée à une valeur liquidative qui ne peut être connue de l’investisseur ou du porteur de parts à l’heure limite.
Ajustement de swing pricing
Un compartiment peut subir une dilution de la valeur liquidative à la suite de souscriptions, de rachats ou d’arbitrages importants.
La dilution résulterait de l’achat ou de la vente de parts à une valeur liquidative qui ne refléterait pas fidèlement les coûts de négociation et autres coûts encourus lorsque des titres sont négociés pour répondre à des entrées ou sorties de trésorerie. Afin de contrer cet impact de dilution, la Société de gestion adopte un mécanisme de « swing pricing » dans le cadre de sa politique de valorisation.
Si, à une date de valorisation, le montant total net des souscriptions ou des rachats de parts d’un compartiment dépasse un seuil prédéfini exprimé en pourcentage de la valeur liquidative de ce compartiment, la valeur liquidative peut être ajustée à la hausse ou à la baisse afin de refléter les coûts attribuables à la négociation sous-jacente entreprise par la Société de gestion ou le Gestionnaire financier pour répondre aux entrées ou sorties de trésorerie, selon le cas.
La valeur liquidative sera d’abord calculée séparément selon les principes de calcul décrits ci-dessus. Tout ajustement de swing pricing concernant cette valeur liquidative sera appliqué de manière systématique et cohérente, sur la base de facteurs prédéfinis.
L’ajustement des prix peut varier d’un compartiment à l’autre et ne dépassera normalement pas 2 % de la valeur liquidative d’origine. La Société de gestion peut décider (i) de suspendre l’application de tout ajustement de la valeur liquidative d’un compartiment donné ou (ii) d’augmenter cette limite d’ajustement des prix, dans des circonstances exceptionnelles, afin de protéger les intérêts des porteurs de parts. Cet ajustement des prix est disponible sur la page internet de la Société de gestion à l’adresse http://www.ca-indosuez-am.com/Fr/conformite avec la publication de la valeur liquidative concernée.
La Société de gestion et ses dirigeants réévalueront périodiquement les facteurs d’ajustement des prix afin de refléter l’approximation des coûts courants de négociation et d’autres coûts.
Dans le cas où des circonstances exceptionnelles rendent une telle valorisation impraticable ou insuffisante ou lorsque la Société de gestion estime que cela est dans le meilleur intérêt des porteurs de parts du compartiment, la Société de gestion est autorisée, avec prudence et de bonne foi, à suivre d’autres règles afin d’obtenir une juste évaluation des actifs du compartiment, de la manière décrite dans le présent Prospectus.
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# SUSPENSION DU CALCUL DE LA VALEUR LIQUIDATIVE ET ÉMISSION, CONVERSION ET RACHAT DE PARTS | All Net Asset Value calculations will be first made in the relevant sub-fund’s reference currency. For this purpose, assets or liabilities expressed in terms of currencies other than the reference currency will be translated into the reference currency at the prevailing market rate on the Valuation Date. The result of such calculations will be translated into each other payment currency at the prevailing market rate on the Valuation Date.
The Net Asset Value per unit of each category of each sub-fund will be rounded to two decimal places.
The process of calculation of the Net Asset Value of each category of each sub-fund ensures that any transaction in units is effected at a Net Asset Value that cannot be known to the investor or unitholder at the cut-off time.
Swing pricing adjustment
A sub-fund may suffer dilution of the Net Asset Value as a result of large subscriptions, redemptions or switches. Such dilution would arise from unitholders buying or selling units at a Net Asset Value which would not accurately reflect the dealing and other costs incurred when securities are traded to accommodate cash inflows or outflows. In order to counter such dilution impact, the Management Company adopts a swing pricing mechanism as part of its valuation policy.
If on any Valuation Date, the net aggregate amount of subscriptions or redemptions in units of a sub-fund exceeds a pre-determined threshold expressed as a percentage of the Net Asset Value of that sub-fund, the Net Asset Value may be adjusted upwards or downwards to reflect the costs attributable to the underlying trade in securities undertaken by the Management Company or the Investment Manager to accommodate inflows or outflows as the case may be.
The Net Asset Value will be first calculated separately as per the calculation principles as described above. Any swing pricing adjustment to such Net Asset Value will be applied systematically and consistently based on predefined factors.
The price adjustment may vary from sub-fund to sub-fund and will normally not exceed 2% of the original Net Asset Value. The Management Company may decide to (i) suspend the application of any swing pricing adjustment to the Net Asset Value of any particular sub-fund or (ii) increase this price adjustment limit, in exceptional circumstances to protect the interests of unitholders. Such price adjustment is available on the Management Company’s webpage at http://www.ca-indosuez-am.com/Fr/conformite with the publication of the relevant Net Asset Value.
The Management Company and its conducting officers will reassess on a periodic basis the price adjustment factors to reflect an approximation of current dealing and other costs.
In the event that extraordinary circumstances render such a valuation impracticable or inadequate or where the Management Company determines it is in the best interests of unitholders of the sub-fund, the Management Company is authorized, prudently and in good faith, to follow other rules in order to achieve a fair valuation of the assets of the sub-fund, as described in this Prospectus.
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# SUSPENSION OF THE CALCULATION OF THE NET ASSET VALUE AND ISSUE, CONVERSION AND REDEMPTION OF UNITS | en | fr |
DOLFIN7404 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Objectives
Any income the Fund generates will be accumulated and reinvested on behalf of investors.
The fund aims to achieve capital growth by investing primarily in shares of companies of all sizes traded or listed in Japan.
The fund shall invest primarily in equity and equity-related securities in Japan and also up to 30% of the value of the fund may be invested in non- Japanese companies that have business activities in Japan. The fund will target companies that are considered to have good prospects for growth including those going through significant business changes.
The fund is considered to be actively managed in reference to the index (Topix Index) by virtue of the fact that it uses the index for performance comparison purposes. However, the index is not used to define the portfolio composition of the fund or as a performance target and the fund may be wholly invested in securities which are not constituents of the index. The fund's performance is measured against the index although investment is not restricted to companies in this index. | ## Objectifs
Tout revenu généré par le Fonds sera accumulé et réinvesti pour le compte des investisseurs.
Le fonds vise à obtenir une croissance du capital en investissant principalement dans des actions de sociétés de toutes tailles, négociées ou cotées au Japon.
Le fonds investira principalement dans des titres de capital et des titres liés à des titres de capital au Japon, et jusqu'à 30% de la valeur du fonds peuvent être investis dans des sociétés non japonaises qui ont des activités commerciales au Japon. Le fonds ciblera les sociétés qui sont considérées comme ayant de bonnes perspectives de croissance y compris celles qui connaissent des modifications commerciales importantes.
Le fonds est considéré comme étant géré de manière active en référence à l'indice (Topix Indecx) en vertu du fait qu'il a recours à l'indice à des fins de comparaison des performances. Cependant, l'indice n'est pas utilisé pour définir la composition du portefeuille du fonds ou comme objectif de performance et le fonds peut être entièrement investi dans des titres qui ne sont pas des composants de l'indice. Les performances du fonds sont mesurées par rapport à l'indice bien que l'investissement ne se limite pas aux sociétés comprises dans cet indice. | ## Objectives
Any income the Fund generates will be accumulated and reinvested on behalf of investors.
The fund aims to achieve capital growth by investing primarily in shares of companies of all sizes traded or listed in Japan.
The fund shall invest primarily in equity and equity-related securities in Japan and also up to 30% of the value of the fund may be invested in non- Japanese companies that have business activities in Japan. The fund will target companies that are considered to have good prospects for growth including those going through significant business changes.
The fund is considered to be actively managed in reference to the index (Topix Index) by virtue of the fact that it uses the index for performance comparison purposes. However, the index is not used to define the portfolio composition of the fund or as a performance target and the fund may be wholly invested in securities which are not constituents of the index. The fund's performance is measured against the index although investment is not restricted to companies in this index. | en | fr |
DOLFIN7405 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Performance note
*Index disclosure: The Fund is actively managed and aims to provide an absolute return. The portfolio manager maintains full discretion to select investments for the Fund in line with the above investment policy.
The Manager may, from time to time, determine to include information in its marketing materials relative to the Index; however, the Index composition is not factored into the investment management process.
This document presents the performance of this particular unit class of the Fund from the date of inception of the unit class in its unit class currency, as specified on the front page. Performance since inception date of the Fund, which precedes the inception date of the unit class, is available upon request.
Prior to 31st December 2018, the data performance calculations reflect the month-end market close prices of the Fund's assets. After 1 January 2019, the performance data shown is based upon the Fund's Net Asset Value (NAV) prices of the last Irish business day of the month. For Funds not open for dealing on this day this will be an indicative NAV. As a result, it is possible that the stated performance and the actual investment returns available to investors will differ.
For income unit classes, returns are measured on a total return basis i.e. net investment income plus capital gain or loss from investment.
The performance data shown is net of fees and other charges but excludes any potential entry/exit charges – as such the returns an investor receives may be lower. | # Calcolo della performance
*Informativa sull'indice: Il fondo è gestito attivamente e mira a generare un rendimento assoluto. Il gestore del portafoglio mantiene la piena discrezione nella selezione degli investimenti per il Fondo in linea con la politica di investimento di cui sopra.
Il Gestore può, di volta in volta, decidere di includere nei suoi materiali di marketing informazioni relative all'Indice; tuttavia, la composizione dell'Indice non viene tenuta in considerazione nel processo di gestione degli investimenti.
Questo documento presenta la performance di questa particolare classe di quote del Fondo dalla data di lancio della stessa, nella relativa valuta, come specificato nella prima pagina. La performance dalla data di lancio del Fondo, che precede la data di lancio della classe di quote, è disponibile su richiesta.
Prima del 31 dicembre 2018, i calcoli relativi alla performance riflettono i prezzi di chiusura del mercato di fine mese delle attività del Fondo. Successivamente al 1 gennaio 2019, i dati sulla performance mostrati si basano sui prezzi del Valore Patrimoniale Netto (NAV) del Fondo dell'ultimo giorno lavorativo irlandese del mese. Per i Fondi non aperti per la negoziazione in questo giorno, questo sarà un NAV indicativo. Di conseguenza, è possibile che la performance indicata e i rendimenti effettivi dell'investimento per gli investitori siano diversi.
Per classi di quote a reddito, i rendimenti sono misurati su una base di rendimento totale, cioè reddito netto da investimento più plusvalenza o minusvalenza dall'investimento. I dati relativi alla performance illustrati sono al netto delle commissioni e di altre spese ma escludono qualsiasi potenziale commissione di ingresso/uscita – pertanto i rendimenti ricevuti da un investitore possono essere inferiori. | # Performance note
*Index disclosure: The Fund is actively managed and aims to provide an absolute return. The portfolio manager maintains full discretion to select investments for the Fund in line with the above investment policy.
The Manager may, from time to time, determine to include information in its marketing materials relative to the Index; however, the Index composition is not factored into the investment management process.
This document presents the performance of this particular unit class of the Fund from the date of inception of the unit class in its unit class currency, as specified on the front page. Performance since inception date of the Fund, which precedes the inception date of the unit class, is available upon request.
Prior to 31st December 2018, the data performance calculations reflect the month-end market close prices of the Fund's assets. After 1 January 2019, the performance data shown is based upon the Fund's Net Asset Value (NAV) prices of the last Irish business day of the month. For Funds not open for dealing on this day this will be an indicative NAV. As a result, it is possible that the stated performance and the actual investment returns available to investors will differ.
For income unit classes, returns are measured on a total return basis i.e. net investment income plus capital gain or loss from investment.
The performance data shown is net of fees and other charges but excludes any potential entry/exit charges – as such the returns an investor receives may be lower. | en | it |
DOLFIN7406 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Company has appointed RBC Investor Services Bank S.A. ("RBC"), with registered office at 14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg, as depositary bank and principal paying agent (the "Depositary Bank"), with responsibility for
- the custody of assets,
- monitoring obligations,
- cash flow monitoringin accordance with the legal provisions and the Depositary Bank and Principal Paying Agent Agreement dated 24 June 2016, concluded between the Company and RBC (the "Depositary Bank and Principal Paying Agent Agreement"). | Die Gesellschaft hat RBC Investor Services Bank S.A. („RBC“) mit eingetragenem Sitz in 14, Porte de France, L-4360 Esch-sur-Alzette, Grossherzogtum Luxemburg, als Depotbank und Hauptzahlstelle (die „Depotbank“) der Gesellschaft bestellt, mit Verantwortlichkeit für
- die Verwahrung der Vermögenswerte,
- Überwachungspflichten,
- Überwachung der Cashflowsgemäss den rechtlichen Bestimmungen und dem Depositary Bank and Principal Paying Agent Agreement datierend auf 24 Juni 2016, abgeschlossen zwischen der Gesellschaft und RBC (das „Depositary Bank and Principal Paying Agent Agreement“). | The Company has appointed RBC Investor Services Bank S.A. ("RBC"), with registered office at 14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg, as depositary bank and principal paying agent (the "Depositary Bank"), with responsibility for
- the custody of assets,
- monitoring obligations,
- cash flow monitoringin accordance with the legal provisions and the Depositary Bank and Principal Paying Agent Agreement dated 24 June 2016, concluded between the Company and RBC (the "Depositary Bank and Principal Paying Agent Agreement"). | en | de |
DOLFIN7407 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The entry, exit and conversion charges shown are maximum figures applied on the primary market only. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the current year. This figure may vary from year to year. It excludes:
Performance fees
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
The ongoing charges displayed are estimated. For each accounting period, the Sub-Fund's annual report will display the exact amount.
* Entry and exit charges will only apply when shares are subscribed or redeemed directly from the Sub-Fund, and will not apply when investors buy or sell such shares on stock exchanges. Investors dealing on exchange will pay fees charged by their intermediaries. Such charges can be obtained from intermediaries.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: amundi.com or amundietf.com.
Past Performance
40 % .
30
20
10 | Los gastos de entrada, salida y conversión indicados son gastos máximos que solo se aplican en el mercado primario. En algunos casos los gastos pueden ser inferiores; puede obtener más información consultando a su asesor financiero.
Los datos de gastos corrientes se basan en los gastos del año en curso. Estos datos pueden variar de un año a otro. No incluyen:
Comisiones de rentabilidad
Gastos de transacción de la cartera, excepto en caso de un gasto de entrada/salida abonado por el Subfondo al comprar o vender participaciones de otro organismo de inversión colectiva.
Los gastos corrientes indicados son una estimación. Para cada periodo contable, el informe anual del Compartimento indicará el importe exacto.
* Los gastos de entrada y de salida únicamente serán aplicables cuando se suscriban o se reembolsen acciones directamente del Compartimento, y no se aplicarán cuando los inversores compren o vendan estas acciones en la bolsa de valores. Los inversores que negocien en bolsa pagarán las comisiones aplicada por sus intermediarios. Estos gastos se pueden obtener de los intermediarios.
Para más información sobre los gastos, consulte el apartado de gastos del folleto del OICVM, que está disponible en: amundi.com o amundietf.com.
Rentabilidad histórica
40 % .
30
20
10 | The entry, exit and conversion charges shown are maximum figures applied on the primary market only. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the current year. This figure may vary from year to year. It excludes:
Performance fees
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
The ongoing charges displayed are estimated. For each accounting period, the Sub-Fund's annual report will display the exact amount.
* Entry and exit charges will only apply when shares are subscribed or redeemed directly from the Sub-Fund, and will not apply when investors buy or sell such shares on stock exchanges. Investors dealing on exchange will pay fees charged by their intermediaries. Such charges can be obtained from intermediaries.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: amundi.com or amundietf.com.
Past Performance
40 % .
30
20
10 | en | es |
DOLFIN7408 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Objectifs
Le Fonds cherche à accroître la valeur de ses actifs à moyen terme en investissant dans des actions émises par des sociétés européennes socialement responsables sous-évaluées par rapport au marché à la date d’achat.
Il est activement géré et, en tant que tel, peut investir dans des titres qui ne sont pas intégrés dans l’indice, le MSCI Europe Value (NR).
L’équipe d’investissement applique également la Politique d’investissement durable de BNP PARIBAS ASSET MANAGEMENT, qui prend en compte des critères environnementaux, sociaux et de gouvernance (ESG) tels que, sans s’y limiter, la réduction des émissions de gaz à effet de serre, le respect des droits de l’Homme et le respect des droits des actionnaires minoritaires, à chaque étape du processus d’investissement du Fonds.
Le Fonds suit l’approche ESG Renforcé, ce qui signifie que le Fonds met en œuvre des penchants ESG plus explicites (investir dans les sociétés les plus durables selon des critères spécifiques et/ou qui intègrent un plus large éventail d’exclusions) conduisant à des objectifs de performance ESG et/ou carbone plus stricts.
L’approche est mise en œuvre afin d’atteindre systématiquement un score ESG de portefeuille supérieur au score ESG de l’indice après élimination d’au moins 20 % des titres les moins bien notés.
Une stratégie extra-financière peut comporter des limites méthodologiques telles que le risque lié aux investissements ESG tel que défini par le gestionnaire d’actifs.
Un dividende peut être distribué.
Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus. | ## Objetivos
El Fondo trata de incrementar el valor de sus activos a medio plazo invirtiendo en acciones emitidas por empresas europeas socialmente responsables y que, en la fecha de adquisición, estén infravaloradas en comparación con el mercado.
Se gestiona de manera activa y, como tal, puede invertir en valores que no estén incluidos en el índice MSCI Europe Value (NR).
El equipo de inversiones aplica asimismo la Política de inversión sostenible de BNP PARIBAS ASSET MANAGEMENT, que tiene en cuenta los criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) en cada etapa del proceso de inversión del Fondo, incluidos, entre otros, la reducción de las emisiones de gases de efecto invernadero, el respeto de los derechos humanos o el respeto de los derechos de los accionistas minoritarios.
El Fondo sigue un enfoque ESG mejorado, lo que significa que implementa sesgos ESG más explícitos (invierte en las sociedades más sostenibles teniendo en cuenta criterios específicos y/o incorporando una gama más amplia de exclusiones), lo que da lugar a objetivos de rendimiento en materia de emisiones de carbono y/o criterios ESG más estrictos.
El enfoque se implementa con el fin de lograr de forma coherente una puntuación de ESG de la cartera superior a la puntuación de ESG del índice tras eliminar al menos el 20 % de los valores con menor puntuación.
Una estrategia extrafinanciera puede incluir limitaciones metodológicas, como el riesgo de inversión ESG definido por el gestor de activos. Se puede distribuir un dividendo.
Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. | ## Objectifs
Le Fonds cherche à accroître la valeur de ses actifs à moyen terme en investissant dans des actions émises par des sociétés européennes socialement responsables sous-évaluées par rapport au marché à la date d’achat.
Il est activement géré et, en tant que tel, peut investir dans des titres qui ne sont pas intégrés dans l’indice, le MSCI Europe Value (NR).
L’équipe d’investissement applique également la Politique d’investissement durable de BNP PARIBAS ASSET MANAGEMENT, qui prend en compte des critères environnementaux, sociaux et de gouvernance (ESG) tels que, sans s’y limiter, la réduction des émissions de gaz à effet de serre, le respect des droits de l’Homme et le respect des droits des actionnaires minoritaires, à chaque étape du processus d’investissement du Fonds.
Le Fonds suit l’approche ESG Renforcé, ce qui signifie que le Fonds met en œuvre des penchants ESG plus explicites (investir dans les sociétés les plus durables selon des critères spécifiques et/ou qui intègrent un plus large éventail d’exclusions) conduisant à des objectifs de performance ESG et/ou carbone plus stricts.
L’approche est mise en œuvre afin d’atteindre systématiquement un score ESG de portefeuille supérieur au score ESG de l’indice après élimination d’au moins 20 % des titres les moins bien notés.
Une stratégie extra-financière peut comporter des limites méthodologiques telles que le risque lié aux investissements ESG tel que défini par le gestionnaire d’actifs.
Un dividende peut être distribué.
Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus. | fr | es |
DOLFIN7409 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Promotion of Environmental, Social and Governance Characteristics
The Portfolios below promote environmental, social and governance characteristics under Article 8 of the EU Regulation 2019/2088 on sustainability-related
disclosures in the financial services sector (“SFDR”).
- Threadneedle (Lux) – Pan European ESG Equities
- Threadneedle (Lux) – Emerging Market ESG EquitiesThe Sub-Advisor’s environmental, social and governance (“ESG”) investment criteria for the Portfolio are set out in its ESG Investment Guidelines, which may be amended from time-to-time. These are specific to the Portfolio and are over and above the Sub-Advisor’s own normal ethical practices. The Portfolio’s ESG Investment Guidelines are available on request. The key components to the ESG Investment Guidelines are as follows:
- ESG exclusion screening, which excludes companies that are unable to satisfy the ESG Investment Guidelines from time to time. By way of example, it may seek to exclude companies where a significant element of the business revenue is derived from activities such as the manufacture of controversial weapons, tobacco, gambling services, or companies that breach accepted international standards and principles;
- Companies that do not satisfy this exclusion screening may be assessed as suitable for investment by the Portfolio, if in the opinion of the Sub-Advisor they are clearly demonstrating improving ESG characteristics. By way of example, this may include companies that are actively reducing their share of business revenue derived from the type of activities described above. The Sub-Advisor applies these non-financial selection criteria to at least 90% of the total net assets of the Portfolio excluding ancillary liquid assets, and uses measurement methods such as responsible investment rating and exclusion screening to ensure that the Portfolio’s ESG profile exceeds that of the index. | # Promoción de las características ambientales, sociales y de gobernanza
Las siguientes Carteras promueven las características ambientales, sociales y de gobernanza en virtud del artículo 8 del Reglamento de la UE 2019/2088 sobre
la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros («SFDR»).
- Threadneedle (Lux) – Pan European ESG Equities
- Threadneedle (Lux) – Emerging Market ESG EquitiesLos criterios de inversión ambientales, sociales y de gobernanza («ESG») del Subasesor para la Cartera se establecen en sus Directrices de inversión ESG, que pueden modificarse oportunamente. Estas son específicas de la Cartera y están por encima de las prácticas éticas habituales del Subasesor. Las Directrices de inversión ESG de la Cartera están disponibles previa solicitud. Los componentes clave de las Directrices de inversión ESG son los siguientes:
- Análisis de exclusión ESG, que excluye a las empresas que no puedan cumplir las Directrices de inversión ESG cada cierto tiempo. A modo de ejemplo, puede tratar de excluir a empresas en las que un elemento significativo de los ingresos empresariales se derive de actividades como la fabricación de armas controvertidas, tabaco, servicios de juego o empresas que incumplan los estándares y principios internacionales aceptados.
- Las sociedades que no cumplan con este análisis de exclusión podrán calificarse como aptas para la inversión por la Cartera, si, en opinión del Subasesor, demuestran claramente la mejora de las características ESG. A modo de ejemplo, esto podrá incluir empresas que estén reduciendo activamente su cuota de ingresos empresariales derivados del tipo de actividades descritas anteriormente. El Subasesor aplica estos criterios de selección no financieros a al menos el 90% del patrimonio neto total de la Cartera, excluidos los activos líquidos accesorios, y utiliza métodos de medición como la calificación de inversión responsable y la selección de exclusión para garantizar que el perfil ESG de la Cartera supere al del índice. | # Promotion of Environmental, Social and Governance Characteristics
The Portfolios below promote environmental, social and governance characteristics under Article 8 of the EU Regulation 2019/2088 on sustainability-related
disclosures in the financial services sector (“SFDR”).
- Threadneedle (Lux) – Pan European ESG Equities
- Threadneedle (Lux) – Emerging Market ESG EquitiesThe Sub-Advisor’s environmental, social and governance (“ESG”) investment criteria for the Portfolio are set out in its ESG Investment Guidelines, which may be amended from time-to-time. These are specific to the Portfolio and are over and above the Sub-Advisor’s own normal ethical practices. The Portfolio’s ESG Investment Guidelines are available on request. The key components to the ESG Investment Guidelines are as follows:
- ESG exclusion screening, which excludes companies that are unable to satisfy the ESG Investment Guidelines from time to time. By way of example, it may seek to exclude companies where a significant element of the business revenue is derived from activities such as the manufacture of controversial weapons, tobacco, gambling services, or companies that breach accepted international standards and principles;
- Companies that do not satisfy this exclusion screening may be assessed as suitable for investment by the Portfolio, if in the opinion of the Sub-Advisor they are clearly demonstrating improving ESG characteristics. By way of example, this may include companies that are actively reducing their share of business revenue derived from the type of activities described above. The Sub-Advisor applies these non-financial selection criteria to at least 90% of the total net assets of the Portfolio excluding ancillary liquid assets, and uses measurement methods such as responsible investment rating and exclusion screening to ensure that the Portfolio’s ESG profile exceeds that of the index. | en | es |
DOLFIN7410 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Without prejudice to any legal causes, the Company may suspend the calculation of the net asset value of shares and the subscription, redemption and conversion of its shares, generally or with respect to one or more specific sub-funds, if any of the following circumstances should occur:
- during all or part of a period of closure, restriction of trading or suspension of trading for the main stock markets or other markets on which a substantial portion of the investments of one or more sub-funds is listed, except during closures for normal holidays,
- when there is an emergency situation as a consequence of which the Company is unable to value or dispose of the assets of one or more sub-funds,
- in the case of the suspension of the calculation of the net asset value of one or more undertakings for collective investment in which a sub-fund has invested a major portion of its assets,
- when a service breakdown interrupts the means of communication and calculation necessary for determining the price or value of the assets or market prices for one or more sub-funds in the conditions defined in the first indent above,
- during any period in which the Company is unable to repatriate funds in order to make payments to redeem shares of one or more sub-funds or in which the transfers of funds involved in sale or acquiring investments or payments due for the redemption of shares cannot, in the opinion of the board of directors, be performed at normal exchange rates,
- in the case of the publication of (i) the notice for a general meeting of shareholders at which the dissolution and liquidation of the Company or sub-funds are proposed or (ii) of the notice informing the shareholders of the decision of the board of directors to liquidate one or more sub-funds, or to the extent that such a suspension is justified by the need to protect shareholders, (iii) of the meeting notice for a general meeting of the shareholders to deliberate on the merger of the Company or of one or more sub-funds or (iv) of a notice informing the shareholders of the decision of the board of directors to merge one or more sub-funds,
- when for any other reason, the value of the assets or the debts and liabilities attributable to the Company or to the sub-fund in question, cannot be promptly or accurately determined,
- regarding a feeder sub-fund, when its master UCITS temporarily suspends the redemption, reimbursement or subscription of its shares whether on its own initiative or on request of competent authorities, and/or when its master UCITS temporarily suspends its Net Asset Value calculation, for a duration equal to that of the suspension imposed on the master UCITS,
- for all other circumstances in which the lack of suspension could create for the Company, one of its sub-funds or shareholders, certain liabilities, financial disadvantages or any other damage that the Company, the sub-fund or its shareholders would not otherwise have experienced. | Sans préjudice de quelconques causes légales, la Société peut suspendre le calcul de la valeur nette d'inventaire des actions et dès lors, la souscription, le rachat et la conversion de ses actions, d'une manière générale ou au titre d’un ou de plusieurs compartiments plus spécifique(s), lors de la survenance de l’une quelconque des circonstances suivantes :
- pendant tout ou partie d'une période de clôture, de négociation restreinte ou suspendue des principales bourses de valeurs ou autres marchés sur lesquels une partie substantielle des placements d’un ou de plusieurs compartiments est cotée, à l’exception des clôtures dues aux congés ordinaires,
- lorsqu'il existe une situation d'urgence par suite de laquelle la Société ne peut pas évaluer ni céder les actifs d'un ou de plusieurs compartiments,
- en cas de suspension du calcul de la valeur nette d'inventaire d'un ou de plusieurs organismes de placement collectif dans lequel/lesquels un compartiment a investi une part importante de ses actifs,
- lorsque les moyens de communication et de calcul nécessaires à la détermination du prix ou de la valeur des actifs ou des cours de marché pour un ou plusieurs compartiments, dans les conditions définies ci-avant au premier tiret, sont hors service,
- lors de toute période durant laquelle la Société est incapable de rapatrier des fonds dans le but d'opérer des paiements pour le rachat d'actions d'un ou de plusieurs compartiments ou durant laquelle les transferts de fonds impliqués dans la vente ou l'acquisition d'investissements ou de paiements dus pour le rachat d'actions ne peuvent, de l’avis du conseil d'administration, être effectués à des taux de change normaux,
- en cas de publication (i) de l'avis de convocation à une assemblée générale des actionnaires à laquelle sont proposées la dissolution et la liquidation de la Société ou de compartiments ou (ii) de l'avis informant les actionnaires de la décision du conseil d'administration de liquider un ou plusieurs compartiments, ou, dans la mesure où une telle suspension est justifiée par le besoin de protéger les actionnaires, (iii) de l’avis de convocation à une assemblée générale des actionnaires appelée à se prononcer sur la fusion de la Société ou d'un ou plusieurs compartiments ou (iv) d'un avis informant les actionnaires de la décision du conseil d'administration de fusionner un ou plusieurs compartiments
- lorsque pour toute autre raison, la valeur des actifs ou des dettes et engagements attribuables à la Société ou au compartiment en question, ne peut être déterminée rapidement ou avec précision,
- à l'égard d'un compartiment nourricier, lorsque son OPCVM maître suspend temporairement le rachat, le remboursement ou la souscription de ses actions que ce soit de sa propre initiative ou à la demande de ses autorités compétentes et/ou lorsque son OPCVM maître suspend provisoirement le calcul de sa Valeur nette d’inventaire, pour une durée identique à celle de la suspension imposée au niveau de l'OPCVM maître,
- pour toutes autres circonstances dans lesquelles l'absence de suspension pourrait engendrer pour la Société, un de ses compartiments ou ses actionnaires, certains engagements, des désavantages pécuniaires ou tout autre préjudice que la Société, le compartiment ou ses actionnaires n'auraient pas autrement subis. | Without prejudice to any legal causes, the Company may suspend the calculation of the net asset value of shares and the subscription, redemption and conversion of its shares, generally or with respect to one or more specific sub-funds, if any of the following circumstances should occur:
- during all or part of a period of closure, restriction of trading or suspension of trading for the main stock markets or other markets on which a substantial portion of the investments of one or more sub-funds is listed, except during closures for normal holidays,
- when there is an emergency situation as a consequence of which the Company is unable to value or dispose of the assets of one or more sub-funds,
- in the case of the suspension of the calculation of the net asset value of one or more undertakings for collective investment in which a sub-fund has invested a major portion of its assets,
- when a service breakdown interrupts the means of communication and calculation necessary for determining the price or value of the assets or market prices for one or more sub-funds in the conditions defined in the first indent above,
- during any period in which the Company is unable to repatriate funds in order to make payments to redeem shares of one or more sub-funds or in which the transfers of funds involved in sale or acquiring investments or payments due for the redemption of shares cannot, in the opinion of the board of directors, be performed at normal exchange rates,
- in the case of the publication of (i) the notice for a general meeting of shareholders at which the dissolution and liquidation of the Company or sub-funds are proposed or (ii) of the notice informing the shareholders of the decision of the board of directors to liquidate one or more sub-funds, or to the extent that such a suspension is justified by the need to protect shareholders, (iii) of the meeting notice for a general meeting of the shareholders to deliberate on the merger of the Company or of one or more sub-funds or (iv) of a notice informing the shareholders of the decision of the board of directors to merge one or more sub-funds,
- when for any other reason, the value of the assets or the debts and liabilities attributable to the Company or to the sub-fund in question, cannot be promptly or accurately determined,
- regarding a feeder sub-fund, when its master UCITS temporarily suspends the redemption, reimbursement or subscription of its shares whether on its own initiative or on request of competent authorities, and/or when its master UCITS temporarily suspends its Net Asset Value calculation, for a duration equal to that of the suspension imposed on the master UCITS,
- for all other circumstances in which the lack of suspension could create for the Company, one of its sub-funds or shareholders, certain liabilities, financial disadvantages or any other damage that the Company, the sub-fund or its shareholders would not otherwise have experienced. | en | fr |
DOLFIN7411 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
This table shows how much you could get back in the next 5 years under different scenarios if you invest 10.000,00 EUR. The figures shown include all costs of the product itself, but may not include all costs that you must pay to your advisor or distributor, and the costs of your advisor or distributor. It also does not take into account your personal tax situation, which may also affect the amount you end up with.
The stress scenario shows what you might get back in extreme market circumstances.
The unfavourable scenario is the result of an investment between March 2015 and March 2020. The moderate scenario is the result of an investment between September 2015 and September 2020. The favourable scenario is the result of an investment between June 2016 and June 2021. | Questa tabella mostra quanto potreste ottenere nei prossimi 5 anni in diversi scenari se investite 10.000,00 EUR. Le cifre indicate comprendono tutti i costi del prodotto stesso, ma possono non comprendere tutti i costi da voi pagati al consulente o al distributore. Le cifre non tengono conto della vostra situazione fiscale personale, che può incidere anch´essa sull´importo del rimborso.
Lo scenario di stress indica quale potrebbe essere l’importo rimborsato in circostanze di mercato estreme.
Lo scenario sfavorevole è il risultato di un investimento tra marzo 2015 e marzo 2020. Lo scenario moderato è il risultato di un investimento tra settembre 2015 e settembre 2020. Lo scenario favorevole è il risultato di un investimento tra giugno 2016 e giugno 2021. | This table shows how much you could get back in the next 5 years under different scenarios if you invest 10.000,00 EUR. The figures shown include all costs of the product itself, but may not include all costs that you must pay to your advisor or distributor, and the costs of your advisor or distributor. It also does not take into account your personal tax situation, which may also affect the amount you end up with.
The stress scenario shows what you might get back in extreme market circumstances.
The unfavourable scenario is the result of an investment between March 2015 and March 2020. The moderate scenario is the result of an investment between September 2015 and September 2020. The favourable scenario is the result of an investment between June 2016 and June 2021. | en | it |
DOLFIN7412 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
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.
(Variable Interest Entity) afin d'obtenir une exposition à des secteurs soumis à des restrictions sur les investissements étrangers. Un risque existe que les investissements dans de telles structures soient affectés négativement par les changements des structures juridiques et réglementaires.
2 Investir dans des actions A chinoises présente des facteurs et des risques particuliers, y compris une plus grande volatilité des prix, un cadre réglementaire et juridique moins développé, des contrôles des changes/un risque de change, ainsi que des risques de contrepartie, fiscaux, de quota, de liquidité et réglementaires.
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 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.
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.
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 | 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.
interés variable (VIE) para obtener exposición a sectores en las que existen restricciones para propietarios extranjeros. Existe el riesgo de que las inversiones en estas estructuras se vean afectadas negativamente por cambios en el marco legal y regulatorio.
2 La inversión en acciones chinas clase A implica consideraciones y riesgos especiales, incluidos una mayor volatilidad del precio, un marco legal y regulatorio menos desarrollado, riesgo/controles de divisas, riesgos de liquidación, fiscales, de cuota, de liquidez y regulatorios.
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 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.
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.
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 | 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.
(Variable Interest Entity) afin d'obtenir une exposition à des secteurs soumis à des restrictions sur les investissements étrangers. Un risque existe que les investissements dans de telles structures soient affectés négativement par les changements des structures juridiques et réglementaires.
2 Investir dans des actions A chinoises présente des facteurs et des risques particuliers, y compris une plus grande volatilité des prix, un cadre réglementaire et juridique moins développé, des contrôles des changes/un risque de change, ainsi que des risques de contrepartie, fiscaux, de quota, de liquidité et réglementaires.
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 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.
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.
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 | fr | es |
DOLFIN7413 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Holdings are for informational purposes only and are not a recommendation to buy, sell, or hold any security.
Cash -1.6%
Allocations are reported as of the date a security transaction is initiated however, certain transactions may not settle until several days later. Accordingly, cash may appear as a negative allocation as a result of forward-settling instruments such as currency forwards, certain mortgage-backed securities, and U.S. treasury futures. "Other" may include municipal bonds and non-index holdings. | Le quote sono indicate solo a scopo informativo e non rappresentano una raccomandazione all’acquisto, alla vendita o alla detenzione di titoli.
Liquidità -1,6%
Le allocazioni sono calcolate alla data di inizio di una transazione su un titolo, tuttavia alcune transazioni potrebbero essere regolate solo diversi giorni dopo. Di conseguenza, la liquidità può apparire come un'allocazione negativa per effetto di strumenti con regolamento a termine, quali i contratti di cambio a termine, alcuni titoli garantiti da ipoteca e i Treasury Futures degli Stati Uniti. “Altro” può includere obbligazioni municipali e fondi non indicizzati. | Holdings are for informational purposes only and are not a recommendation to buy, sell, or hold any security.
Cash -1.6%
Allocations are reported as of the date a security transaction is initiated however, certain transactions may not settle until several days later. Accordingly, cash may appear as a negative allocation as a result of forward-settling instruments such as currency forwards, certain mortgage-backed securities, and U.S. treasury futures. "Other" may include municipal bonds and non-index holdings. | en | it |
DOLFIN7414 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment CSIF (Lux) Equity Emerging Markets DB EUR between 17/02/2021-08/12/2022.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 7,872
-21.30%
EUR 7,939
-3.20% | # Ce type de scénario s’est produit pour un placement CSIF (Lux) Equity Emerging Markets DB EUR entre 17/02/2021-08/12/2022.
Scénario défavorable
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
EUR 7 872
-21,30%
EUR 7 939
-3,20% | # This type of scenario occurred for an investment CSIF (Lux) Equity Emerging Markets DB EUR between 17/02/2021-08/12/2022.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 7,872
-21.30%
EUR 7,939
-3.20% | en | fr |
DOLFIN7415 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 112.00 USD | 714.00 USD |
| Impact on return (RIY) per year | 1.12% | 1.17% | | | Investimento: 10.000 USD | in caso di disinvestimento dopo 1 anno | in caso di disinvestimento dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | 112.00 USD | 714.00 USD |
| Impatto sul rendimento (RIY) annuo | 1.12% | 1.17% | | | Investment USD 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 112.00 USD | 714.00 USD |
| Impact on return (RIY) per year | 1.12% | 1.17% | | en | it |
DOLFIN7416 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Liquidity
Certain Sub-Funds may acquire securities that are traded only among a limited number of investors.
The limited number of investors for those securities may make it difficult for the Sub- Funds to dispose of those securities quickly or in adverse market conditions. Many derivatives and securities that are issued by entities that pose substantial credit risks typically are among those types of securities that the Sub-Funds may acquire that only are traded among limited numbers of investors.
Some markets, on which certain Sub-Funds may invest, may prove at time to be insufficiently liquid or illiquid. This affects the market price of such a Sub-Fund’s securities and therefore its net asset value.
Furthermore, there is a risk that, because of a lack of liquidity and efficiency in certain markets due to unusual market conditions or unusual high volumes of repurchase requests or other reason, the Sub-Funds may experience some difficulties in purchasing or selling holdings of securities and, therefore, meeting subscriptions and redemptions in the time scale indicated in this Prospectus. In such circumstances, the Management Company may, in accordance with the SICAV's Articles of Incorporation and in the investors’ interest, suspend subscriptions
and redemptions or extend the settlement timeframe. | #### Liquidité
Certains Compartiments acquièrent des titres qui sont exclusivement négociés par un nombre limité d’investisseurs.
Compte tenu du nombre limité d’investisseurs pour ces titres, ces Compartiments peuvent rencontrer des difficultés à se défaire rapidement de ces titres dans des conditions de marché défavorables. Comptent parmi les titres acquis par ces Compartiments et pour lesquels le nombre d’investisseurs est limité, de nombreux produits dérivés et titres émis par des entités présentant un risque de crédit considérable.
Certains marchés, sur lesquels certains Compartiments peuvent investir, peuvent périodiquement se révéler insuffisamment liquides ou illiquides. Ceci affecte le prix du marché de ces titres et nuit par conséquent à leur valeur liquidative.
En outre, en raison d’un manque de liquidité et d’efficacité dans certains marchés dû à des conditions de marché inhabituelles, à des volumes élevés et inhabituels de demandes de rachat ou à d’autres éléments, il est possible que les Compartiments éprouvent des difficultés en matière d’achat ou de vente de titres en portefeuille et, par conséquent, rencontrent des difficultés à respecter les délais de souscriptions et de rachats mentionnés dans le présent Prospectus. Dans de telles circonstances, la Société de Gestion est en droit, conformément aux statuts de la SICAV et dans l’intérêt des investisseurs, de suspendre les souscriptions et les rachats ou de prolonger le délai de règlement. | ##### Liquidity
Certain Sub-Funds may acquire securities that are traded only among a limited number of investors.
The limited number of investors for those securities may make it difficult for the Sub- Funds to dispose of those securities quickly or in adverse market conditions. Many derivatives and securities that are issued by entities that pose substantial credit risks typically are among those types of securities that the Sub-Funds may acquire that only are traded among limited numbers of investors.
Some markets, on which certain Sub-Funds may invest, may prove at time to be insufficiently liquid or illiquid. This affects the market price of such a Sub-Fund’s securities and therefore its net asset value.
Furthermore, there is a risk that, because of a lack of liquidity and efficiency in certain markets due to unusual market conditions or unusual high volumes of repurchase requests or other reason, the Sub-Funds may experience some difficulties in purchasing or selling holdings of securities and, therefore, meeting subscriptions and redemptions in the time scale indicated in this Prospectus. In such circumstances, the Management Company may, in accordance with the SICAV's Articles of Incorporation and in the investors’ interest, suspend subscriptions
and redemptions or extend the settlement timeframe. | en | fr |
DOLFIN7417 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Investment of EUR 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | EUR 124 | EUR 822 |
| Annual cost impact (*) | 1.2% | 1.2% | | | Investition von EUR 10,000 | Wenn Sie nach 1 Jahr aussteigen | Wenn Sie nach 5 Jahren aussteigen |
| --- | --- | --- |
| Kosten insgesamt | EUR 124 | EUR 822 |
| Jährliche Auswirkungen der Kosten (*) | 1.2% | 1.2% | | | Investment of EUR 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | EUR 124 | EUR 822 |
| Annual cost impact (*) | 1.2% | 1.2% | | en | de |
DOLFIN7418 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Comgest Growth America
SIGNIFICANT PORTFOLIO CHANGES for the financial period to 30 June 2021
| Purchases 1 | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (USD) | Purchases |
| Costco Wholesale Corp | 21,800 | 7,949,820 | 11.64 |
| Equifax Inc | 39,400 | 7,389,248 | 10.82 |
| Service Corp International/US | 124,500 | 6,470,957 | 9.48 |
| JB Hunt Transport Services Inc | 37,000 | 5,563,873 | 8.15 |
| Comcast Corp - A Shares | 63,000 | 3,321,655 | 4.86 |
| Activision Blizzard Inc | 29,200 | 2,785,152 | 4.08 |
| Amazon.com Inc | 820 | 2,703,169 | 3.96 |
| New York Times Co/The | 54,792 | 2,514,019 | 3.68 |
| Vulcan Materials Co | 13,200 | 2,478,253 | 3.63 |
| Visa Inc - A Shares | 11,300 | 2,331,777 | 3.41 |
| Facebook Inc - A Shares | 7,800 | 2,265,716 | 3.32 |
| Apple Inc | 16,400 | 2,192,578 | 3.21 |
| Oracle Corp | 28,000 | 1,905,102 | 2.79 |
| Church & Dwight Co Inc | 22,000 | 1,838,432 | 2.69 |
| Medtronic PLC | 14,600 | 1,809,835 | 2.65 |
| Tyler Technologies Inc | 4,000 | 1,691,795 | 2.48 |
| Paycom Software Inc | 5,000 | 1,626,045 | 2.38 |
| Eli Lilly & Co | 8,800 | 1,614,621 | 2.36 |
| Microsoft Corp | 6,400 | 1,585,024 | 2.32 |
| Otis Worldwide Corp | 22,400 | 1,523,154 | 2.23 |
| ROBLOX Corp | 23,132 | 1,498,186 | 2.19 |
| Analog Devices Inc | 7,900 | 1,224,285 | 1.79 |
| Intuit Inc | 2,800 | 1,205,448 | 1.77 |
| Alphabet Inc - A Shares | 570 | 1,173,716 | 1.72 |
| Sales 2 | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (USD) | Sales |
| Ulta Beauty Inc | 19,400 | 6,125,140 | 14.05 |
| Omnicom Group Inc | 78,800 | 5,485,292 | 12.59 |
| Cisco Systems Inc | 97,000 | 4,623,346 | 10.61 |
| Medtronic PLC | 38,000 | 4,395,146 | 10.08 |
| Analog Devices Inc | 27,000 | 3,937,259 | 9.03 |
| Eli Lilly & Co | 14,900 | 3,138,682 | 7.20 |
| Walmart Inc | 22,000 | 3,096,905 | 7.11 |
| Comcast Corp - A Shares | 55,800 | 3,072,291 | 7.05 |
| Church & Dwight Co Inc | 35,600 | 3,063,011 | 7.03 |
| Paychex Inc | 26,500 | 2,643,260 | 6.07 |
| Amazon.com Inc | 400 | 1,237,463 | 2.84 |
| Ecolab Inc | 5,750 | 1,191,711 | 2.73 |
| Intuit Inc | 2,900 | 1,189,848 | 2.73 |
| Costco Wholesale Corp | 999 | 382,577 | 0.88 |
1 Represents total purchases during the financial period.
2 Represents total sales during the financial period. | # Comgest Growth America
WESENTLICHE BESTANDSVERÄNDERUNGEN für den Berichtszeitraum zum 30. Juni 2021
| Käufe1 | | | |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (USD) | Käufe |
| Costco Wholesale Corp | 21.800 | 7.949.820 | 11,64 |
| Equifax Inc | 39.400 | 7.389.248 | 10,82 |
| Service Corp International/US | 124.500 | 6.470.957 | 9,48 |
| JB Hunt Transport Services Inc | 37.000 | 5.563.873 | 8,15 |
| Comcast Corp – A-Aktien | 63.000 | 3.321.655 | 4,86 |
| Activision Blizzard Inc | 29.200 | 2.785.152 | 4,08 |
| Amazon.com Inc | 820 | 2.703.169 | 3,96 |
| New York Times Co/The | 54.792 | 2.514.019 | 3,68 |
| Vulcan Materials Co | 13.200 | 2.478.253 | 3,63 |
| Visa Inc – A-Aktien | 11.300 | 2.331.777 | 3,41 |
| Facebook Inc – A-Aktien | 7.800 | 2.265.716 | 3,32 |
| Apple Inc | 16.400 | 2.192.578 | 3,21 |
| Oracle Corp | 28.000 | 1.905.102 | 2,79 |
| Church & Dwight Co Inc | 22.000 | 1.838.432 | 2,69 |
| Medtronic PLC | 14.600 | 1.809.835 | 2,65 |
| Tyler Technologies Inc | 4.000 | 1.691.795 | 2,48 |
| Paycom Software Inc | 5.000 | 1.626.045 | 2,38 |
| Eli Lilly & Co | 8.800 | 1.614.621 | 2,36 |
| Microsoft Corp | 6.400 | 1.585.024 | 2,32 |
| Otis Worldwide Corp | 22.400 | 1.523.154 | 2,23 |
| ROBLOX Corp | 23.132 | 1.498.186 | 2,19 |
| Analog Devices Inc | 7.900 | 1.224.285 | 1,79 |
| Intuit Inc | 2.800 | 1.205.448 | 1,77 |
| Alphabet Inc - A-Aktien | 570 | 1.173.716 | 1,72 |
| Verkäufe2 | | | |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (USD) | Verkäufe |
| Ulta Beauty Inc | 19.400 | 6.125.140 | 14,05 |
| Omnicom Group Inc | 78.800 | 5.485.292 | 12,59 |
| Cisco Systems Inc | 97.000 | 4.623.346 | 10,61 |
| Medtronic PLC | 38.000 | 4.395.146 | 10,08 |
| Analog Devices Inc | 27.000 | 3.937.259 | 9,03 |
| Eli Lilly & Co | 14.900 | 3.138.682 | 7,20 |
| Walmart Inc | 22.000 | 3.096.905 | 7,11 |
| Comcast Corp – A-Aktien | 55.800 | 3.072.291 | 7,05 |
| Church & Dwight Co Inc | 35.600 | 3.063.011 | 7,03 |
| Paychex Inc | 26.500 | 2.643.260 | 6,07 |
| Amazon.com Inc | 400 | 1.237.463 | 2,84 |
| Ecolab Inc | 5.750 | 1.191.711 | 2,73 |
| Intuit Inc | 2.900 | 1.189.848 | 2,73 |
| Costco Wholesale Corp | 999 | 382.577 | 0,88 |
1 Steht für die gesamten Käufe im Berichtszeitraum.
2 Steht für die gesamten Verkäufe im Berichtszeitraum. | # Comgest Growth America
SIGNIFICANT PORTFOLIO CHANGES for the financial period to 30 June 2021
| Purchases 1 | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (USD) | Purchases |
| Costco Wholesale Corp | 21,800 | 7,949,820 | 11.64 |
| Equifax Inc | 39,400 | 7,389,248 | 10.82 |
| Service Corp International/US | 124,500 | 6,470,957 | 9.48 |
| JB Hunt Transport Services Inc | 37,000 | 5,563,873 | 8.15 |
| Comcast Corp - A Shares | 63,000 | 3,321,655 | 4.86 |
| Activision Blizzard Inc | 29,200 | 2,785,152 | 4.08 |
| Amazon.com Inc | 820 | 2,703,169 | 3.96 |
| New York Times Co/The | 54,792 | 2,514,019 | 3.68 |
| Vulcan Materials Co | 13,200 | 2,478,253 | 3.63 |
| Visa Inc - A Shares | 11,300 | 2,331,777 | 3.41 |
| Facebook Inc - A Shares | 7,800 | 2,265,716 | 3.32 |
| Apple Inc | 16,400 | 2,192,578 | 3.21 |
| Oracle Corp | 28,000 | 1,905,102 | 2.79 |
| Church & Dwight Co Inc | 22,000 | 1,838,432 | 2.69 |
| Medtronic PLC | 14,600 | 1,809,835 | 2.65 |
| Tyler Technologies Inc | 4,000 | 1,691,795 | 2.48 |
| Paycom Software Inc | 5,000 | 1,626,045 | 2.38 |
| Eli Lilly & Co | 8,800 | 1,614,621 | 2.36 |
| Microsoft Corp | 6,400 | 1,585,024 | 2.32 |
| Otis Worldwide Corp | 22,400 | 1,523,154 | 2.23 |
| ROBLOX Corp | 23,132 | 1,498,186 | 2.19 |
| Analog Devices Inc | 7,900 | 1,224,285 | 1.79 |
| Intuit Inc | 2,800 | 1,205,448 | 1.77 |
| Alphabet Inc - A Shares | 570 | 1,173,716 | 1.72 |
| Sales 2 | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (USD) | Sales |
| Ulta Beauty Inc | 19,400 | 6,125,140 | 14.05 |
| Omnicom Group Inc | 78,800 | 5,485,292 | 12.59 |
| Cisco Systems Inc | 97,000 | 4,623,346 | 10.61 |
| Medtronic PLC | 38,000 | 4,395,146 | 10.08 |
| Analog Devices Inc | 27,000 | 3,937,259 | 9.03 |
| Eli Lilly & Co | 14,900 | 3,138,682 | 7.20 |
| Walmart Inc | 22,000 | 3,096,905 | 7.11 |
| Comcast Corp - A Shares | 55,800 | 3,072,291 | 7.05 |
| Church & Dwight Co Inc | 35,600 | 3,063,011 | 7.03 |
| Paychex Inc | 26,500 | 2,643,260 | 6.07 |
| Amazon.com Inc | 400 | 1,237,463 | 2.84 |
| Ecolab Inc | 5,750 | 1,191,711 | 2.73 |
| Intuit Inc | 2,900 | 1,189,848 | 2.73 |
| Costco Wholesale Corp | 999 | 382,577 | 0.88 |
1 Represents total purchases during the financial period.
2 Represents total sales during the financial period. | en | de |
DOLFIN7419 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Politique d’investissement
Le Fonds investit au moins 80 % de ses actifs dans un portefeuille international d’obligations d’entreprise «investment grade» (soit une notation de BBB ou toute notation supérieure), émises par des sociétés et d’autres émetteurs.
Le Fonds peut également détenir dans d’autres actifs, y compris d'autres types d'obligations (notamment des obligations convertibles), des actions privilégiées, des liquidités et des instruments du marché monétaire.
Le gestionnaire d’investissement peut utiliser des dérivés (instruments financiers complexes) y compris des swaps de rendement total, dans le but de réaliser des gains sur les placements conformes à l’objectif du Fonds, pour réduire le risque ou pour gérer le Fonds plus efficacement.
Le Fonds est géré de façon active en se référant à l’indice Bloomberg Global Aggregate Corporate Bond Hedged USD Index, qui est largement représentatif des obligations dans lesquelles le Fonds est susceptible d’investir, dans la mesure où ledit indice constitue la base de l’objectif de performance du Fonds. Le gestionnaire d’investissement a le pouvoir discrétionnaire de choisir des investissements pour le Fonds ayant des pondérations différentes de celles de l’indice ou n’étant pas présents dans l’indice, mais le Fonds peut occasionnellement détenir des investissements similaires à ceux de l’indice. | ## Política de inversión
El Fondo invierte al menos el 80 % de sus activos en una cartera mundial de bonos corporativos de grado de inversión (equivalente a la calificación BBB o superior), emitidos por sociedades y emisores.
El Fondo también podrá tener otros activos, incluidos los bonos (incluidos los bonos convertibles), las acciones preferentes, el efectivo y los instrumentos del mercado monetario.
El gestor de inversiones podrá utilizar derivados (instrumentos financieros complejos), incluidas las permutas de rendimiento total, con el fin de obtener ganancias de inversión en línea con el objetivo del Fondo, para reducir el riesgo o gestionar el Fondo de forma más eficiente.
El Fondo se gestiona de manera activa con referencia al Bloomberg Global Aggregate Corporate Bond Hedged USD Index, que es ampliamente representativo de los bonos en los que puede invertir, ya que constituye la base del objetivo de rendimiento del Fondo. El gestor de inversiones tiene la discreción de elegir inversiones para el Fondo con ponderaciones diferentes al índice o que no estén en el índice, pero en ocasiones el Fondo puede tener inversiones similares al índice. | ## Politique d’investissement
Le Fonds investit au moins 80 % de ses actifs dans un portefeuille international d’obligations d’entreprise «investment grade» (soit une notation de BBB ou toute notation supérieure), émises par des sociétés et d’autres émetteurs.
Le Fonds peut également détenir dans d’autres actifs, y compris d'autres types d'obligations (notamment des obligations convertibles), des actions privilégiées, des liquidités et des instruments du marché monétaire.
Le gestionnaire d’investissement peut utiliser des dérivés (instruments financiers complexes) y compris des swaps de rendement total, dans le but de réaliser des gains sur les placements conformes à l’objectif du Fonds, pour réduire le risque ou pour gérer le Fonds plus efficacement.
Le Fonds est géré de façon active en se référant à l’indice Bloomberg Global Aggregate Corporate Bond Hedged USD Index, qui est largement représentatif des obligations dans lesquelles le Fonds est susceptible d’investir, dans la mesure où ledit indice constitue la base de l’objectif de performance du Fonds. Le gestionnaire d’investissement a le pouvoir discrétionnaire de choisir des investissements pour le Fonds ayant des pondérations différentes de celles de l’indice ou n’étant pas présents dans l’indice, mais le Fonds peut occasionnellement détenir des investissements similaires à ceux de l’indice. | fr | es |
DOLFIN7420 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The Fund is authorised to employ EPM Techniques subject to the following conditions:
- they are economically appropriate in that they are realised in a cost- effective way;
- they are entered into for one or more of the following specific aims:
- reduction of risk;
- reduction of cost;
- generation of additional capital or income for the Fund with a level of risk which is consistent with the risk profile of the Fund and the risk diversification rules described on point C. of the section “Investment restrictions”;
- their risks are adequately captured by the risk management process of the Fund.
The efficient portfolio management techniques (EPM Techniques) that may be employed by the Fund in accordance with the above point include securities lending, repurchase agreements and reverse repurchase agreements. A repurchase agreement transaction is a forward transaction at the maturity of which the Fund has the obligation to repurchase the assets sold and the buyer (counterparty) the obligation to return the assets received under the transaction. A reverse repurchase agreement transaction is a forward transaction at the maturity of which the seller (counterparty) has the obligation to repurchase the assets sold and the Fund has the obligation to return the assets received under the transaction. | # Le Fonds est autorisé à employer des Techniques de GPE sous réserve des conditions suivantes :
- elles sont économiquement appropriées en ce sens que leur mise en œuvre est rentable ;
- elles sont utilisées dans l’un ou plusieurs des buts spécifiques suivants :
- réduction des risques ;
- réduction des coûts ;
- génération d’une plus-value ou de revenus supplémentaires pour le Fonds moyennant un niveau de risque qui soit compatible avec le profil de risque du Fonds et les règles de diversification des risques décrites au point C. de la section« Restrictions d’investissement” ;
- les risques y afférents sont dûment pris en compte dans le processus de gestion des risques du Fonds.
Les techniques de gestion de portefeuille efficace (Techniques de GPE) pouvant être employées par le Fonds conformément au point ci-dessus comprennent les accords de prêt de titres, de mise et de prise en pension. Une opération de mise en pension est une opération à terme à l’échéance de laquelle le Fonds a l’obligation de racheter les actifs vendus et l’acheteur (contrepartie), l’obligation de restituer les actifs reçus dans le cadre de la transaction. Une opération de prise en pension est une opération à terme à l’échéance de laquelle le vendeur (contrepartie) a l’obligation de racheter les actifs vendus et le Fonds, l’obligation de restituer les actifs reçus dans le cadre de la transaction. | # The Fund is authorised to employ EPM Techniques subject to the following conditions:
- they are economically appropriate in that they are realised in a cost- effective way;
- they are entered into for one or more of the following specific aims:
- reduction of risk;
- reduction of cost;
- generation of additional capital or income for the Fund with a level of risk which is consistent with the risk profile of the Fund and the risk diversification rules described on point C. of the section “Investment restrictions”;
- their risks are adequately captured by the risk management process of the Fund.
The efficient portfolio management techniques (EPM Techniques) that may be employed by the Fund in accordance with the above point include securities lending, repurchase agreements and reverse repurchase agreements. A repurchase agreement transaction is a forward transaction at the maturity of which the Fund has the obligation to repurchase the assets sold and the buyer (counterparty) the obligation to return the assets received under the transaction. A reverse repurchase agreement transaction is a forward transaction at the maturity of which the seller (counterparty) has the obligation to repurchase the assets sold and the Fund has the obligation to return the assets received under the transaction. | en | fr |
DOLFIN7421 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Risk Management Procedure
The Mmanagement Company employs a risk management procedure that allows it to monitor and measure the risks associated with an investment position and the individual portion of the total risk profile of the investment portfolio at all times. Furthermore, the Management Company employs a process for accurate and independent assessment of the value of OTC derivative instruments. Consistent with the requirements of the German Capital Investment Act (Kapitalanlagegesetzbuch – KAGB) and the relevant regulation by the German Federal Financial Supervisory Authority (»BaFin«), the Management Company assesses, monitors and reviews the risk management procedure regularly, at least once per year, and it notifies to the BaFin any material amendments of the risk management procedure.
As part of the risk management procedure, the Management Company uses appropriate and expedient methods to ensure that the Fund’s global exposure relating to derivative instruments does not exceed the total net value of its portfolio. To this end, the Management Company is using the following methods:
Commitment approach:
This approach entails converting positions in financial derivative instruments into their underlying equivalents by means of the delta method. Netting and hedging effects between financial derivative instruments and their underlyings are taken into account. The sum of these underlying equivalents must not exceed the total net value of the Fund’s portfolio.
Value-at-Risk approach:
The value-at-risk figure (VaR) is a mathematical-statistical concept and is used as a standard risk measure in the financial sector. The VaR indicates the possible loss of a portfolio that will not be exceeded during a certain period (the holding period) with a certain probability (the confidence level). In the context of the VaR approach, either the relative or the absolute VaR approach is applied. With the relative VaR approach, the VaR of the Fund may not exceed a maximum of twice the VaR of a reference portfolio. The reference portfolio is essentially an accurate reflection of the Fund’s investment policy. With the absolute VaR approach, the VaR (99% confidence level, 20-day holding period) of the Fund may not exceed 20% of the Fund’s assets.
For funds whose total risk associated with derivatives is determined using the VaR approach, the Management Company estimates the expected degree of leverage. Leverage is defined pursuant to the CSSF as the total of the nominal values of the derivatives used by the respective sub-funds. Depending on the respective market situation, this degree of leverage may deviate from the actual value and may either exceed or be less than that value. Investors are notified that no conclusions about the risk content of the Fund may be drawn from this data. In addition, the published expected degree of leverage is explicitly not to be considered an investment limit.
The method used in order to determine the total risk associated with derivatives and, if applicable, the disclosure of the benchmark portfolio and the expected degree of leverage, as well as its calculation method, will be indicated in the sub-fund specific special regulations of this sales prospectus . There, the expected leverage is expressed as a ratio between the total of the nominal value of the used derivatives and the net asset value of the respective sub-fund and is based on historical data. For sub-funds which have not yet been launched, the expected leverage value will be calculated on the basis of a model portfolio or on the investments of a comparable sub-fund. | ### Risikomanagement-Verfahren
Die Kapitalverwaltungsgesellschaft verwendet ein Risikomanagement-Verfahren, das es ihr erlaubt, das mit einer Anlageposition verbundene Risiko sowie den jeweiligen Anteil am Gesamtrisikoprofil des Anlageportfolios jederzeit zu überwachen und zu messen. Ferner verwendet sie ein Verfahren, das eine präzise und unabhängige Bewertung des Werts von OTC-Derivaten erlaubt. Im Einklang mit den Bestimmungen des deutschen Kapitalanlagegesetzbuches (»KAGB«) bzw. den anwendbaren aufsichts- rechtlichen Vorschriften der Bundesanstalt für Finanzdienstleistungsaufsicht (»BaFin«) bewertet, überwacht und überprüft die Kapitalverwaltungsgesellschaft das Risikomanagement-Verfahren regelmässig, mindestens aber einmal jährlich, und unterrichtet die BaFin über wesentliche Änderungen beim Risikomanagement- Verfahren.
Die Kapitalverwaltungsgesellschaft stellt im Rahmen des Risikomanagement-Verfahrens anhand zweck- dienlicher und angemessener Methoden sicher, dass das mit Derivaten verbundene Gesamtrisiko den Gesamtnettowert des Fondsvermögens nicht überschreitet. Dazu bedient sich die Kapitalverwaltungs- gesellschaft folgender Methoden:
Commitment-Ansatz:
Bei dieser Methode werden die Positionen aus derivativen Finanzinstrumenten in ihre entsprechenden Basiswertäquivalente mittels des Delta-Ansatzes umgerechnet. Dabei werden Netting- und Hedgingeffekte zwischen derivativen Finanzinstrumenten und ihren Basiswerten berücksichtigt. Die Summe dieser Basiswertäquivalente darf den Gesamtnettowert des Fondsportfolios nicht überschreiten.
Value-at-Risk-Ansatz:
Die Kennzahl Value-at-Risk (VaR) ist ein mathematisch-statistisches Konzept und wird als ein Standard-Risikomass im Finanzsektor verwendet. Der VaR gibt den möglichen Verlust eines Portfolios während eines bestimmten Zeitraums (sogenannte Halteperiode) an, der mit einer bestimmten Wahrscheinlichkeit (sogenanntes Konfidenzniveau) nicht überschritten wird. Im Rahmen des Value-at-Risk- Ansatzes zur Anwendung gelangt entweder der relative oder der absolute VaR-Ansatz. Beim relativen VaR- Ansatz darf der VaR des Fonds den VaR eines Referenzportfolios nicht um mehr als maximal das Doppelte übersteigen. Dabei ist das Referenzportfolio grundsätzlich ein korrektes Abbild der Anlagepolitik des Fonds. Beim absoluten VaR-Ansatz darf der VaR (99% Konfidenzniveau, 20 Tage Haltedauer) des Fonds maximal 20% des Fondsvermögens nicht überschreiten.
Für Fonds, deren Ermittlung des mit Derivaten verbundenen Gesamtrisikos durch die VaR-Ansätze erfolgt, schätzt die Kapitalverwaltungsgesellschaft den erwarteten Grad der Hebelwirkung. Hebelwirkung ist gemäss der CSSF als die Summe der Nominalwerte der von dem jeweiligen Teilfonds verwendeten Derivate definiert. Der Grad der Hebelwirkung kann in Abhängigkeit der jeweiligen Marktlagen vom tatsächlichen Wert abweichen und über- als auch unterschritten werden. Der Anleger wird darauf hingewiesen, dass sich aus dieser Angabe keine Rückschlüsse auf den Risikogehalt des Fonds ergeben. Darüber hinaus ist der veröffentlichte erwartete Grad der Hebelwirkung explizit nicht als Anlagegrenze zu verstehen.
Die verwendete Methode zur Bestimmung des mit Derivaten verbundenen Gesamtrisikos und, soweit anwendbar, die Offenlegung des Referenzportfolios und des erwarteten Grades der Hebelwirkung sowie dessen Berechnungsmethode werden im teilfondsspezifischen Sonderreglement dieses Verkaufsprospekts angegeben. Dort wird die erwartete Hebelwirkung als Verhältnis zwischen der Summe der Nominalwerte der verwendeten Derivate und des Netto-Inventarwertes der jeweiligen Teilfonds ausgedrückt und basiert auf historischen Daten. Bei noch nicht aufgelegten Teilfonds wird der erwartete Wert der Hebelwirkung auf Grundlage eines Modellportfolios oder der Anlagen eines vergleichbaren Teilfonds berechnet. | ### Risk Management Procedure
The Mmanagement Company employs a risk management procedure that allows it to monitor and measure the risks associated with an investment position and the individual portion of the total risk profile of the investment portfolio at all times. Furthermore, the Management Company employs a process for accurate and independent assessment of the value of OTC derivative instruments. Consistent with the requirements of the German Capital Investment Act (Kapitalanlagegesetzbuch – KAGB) and the relevant regulation by the German Federal Financial Supervisory Authority (»BaFin«), the Management Company assesses, monitors and reviews the risk management procedure regularly, at least once per year, and it notifies to the BaFin any material amendments of the risk management procedure.
As part of the risk management procedure, the Management Company uses appropriate and expedient methods to ensure that the Fund’s global exposure relating to derivative instruments does not exceed the total net value of its portfolio. To this end, the Management Company is using the following methods:
Commitment approach:
This approach entails converting positions in financial derivative instruments into their underlying equivalents by means of the delta method. Netting and hedging effects between financial derivative instruments and their underlyings are taken into account. The sum of these underlying equivalents must not exceed the total net value of the Fund’s portfolio.
Value-at-Risk approach:
The value-at-risk figure (VaR) is a mathematical-statistical concept and is used as a standard risk measure in the financial sector. The VaR indicates the possible loss of a portfolio that will not be exceeded during a certain period (the holding period) with a certain probability (the confidence level). In the context of the VaR approach, either the relative or the absolute VaR approach is applied. With the relative VaR approach, the VaR of the Fund may not exceed a maximum of twice the VaR of a reference portfolio. The reference portfolio is essentially an accurate reflection of the Fund’s investment policy. With the absolute VaR approach, the VaR (99% confidence level, 20-day holding period) of the Fund may not exceed 20% of the Fund’s assets.
For funds whose total risk associated with derivatives is determined using the VaR approach, the Management Company estimates the expected degree of leverage. Leverage is defined pursuant to the CSSF as the total of the nominal values of the derivatives used by the respective sub-funds. Depending on the respective market situation, this degree of leverage may deviate from the actual value and may either exceed or be less than that value. Investors are notified that no conclusions about the risk content of the Fund may be drawn from this data. In addition, the published expected degree of leverage is explicitly not to be considered an investment limit.
The method used in order to determine the total risk associated with derivatives and, if applicable, the disclosure of the benchmark portfolio and the expected degree of leverage, as well as its calculation method, will be indicated in the sub-fund specific special regulations of this sales prospectus . There, the expected leverage is expressed as a ratio between the total of the nominal value of the used derivatives and the net asset value of the respective sub-fund and is based on historical data. For sub-funds which have not yet been launched, the expected leverage value will be calculated on the basis of a model portfolio or on the investments of a comparable sub-fund. | en | de |
DOLFIN7422 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Compartiment vise un taux de rendement total supérieur à celui de l'indice JP Morgan Corporate Emerging Market Diversified High Yield. La mesure dans laquelle le portefeuille et la performance du Compartiment peuvent dévier de celles de l'indice de référence n'est pas limitée. Dans le cadre du processus d'investissement, la composition du portefeuille du Compartiment est laissée à la libre appréciation du Gestionnaire, qui peut s'exposer à des entreprises, pays ou secteurs ne figurant pas dans l'indice de référence.
Pour atteindre son objectif, le Compartiment investira au moins les deux tiers de ses actifs nets dans des titres à revenu fixe de qualité inférieure à investment grade émis par des entreprises domiciliées dans un pays émergent. Le Compartiment pourra en outre investir dans des titres de dette distressed.
Le Compartiment s'adresse aux investisseurs disposant d'un horizon de placement de moyen à long terme (3 à 5 ans) désireux d'investir dans un portefeuille géré activement, composé de titres à revenu fixe d'émetteurs des marchés émergents.
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#### BlueBay Funds – BlueBay Global Investment Grade Corporate Bond Fund | El objetivo de inversión del Subfondo consiste en lograr una rentabilidad total superior a la del índice JP Morgan Corporate Emerging Market Diversified High Yield. No existe ninguna restricción en cuanto al grado de desviación de la cartera y la rentabilidad del Subfondo con respecto al índice de referencia. Como parte del proceso de inversión, la Gestora de inversiones puede decidir, a su entera discreción, la composición de la cartera del Subfondo y podrá adquirir exposición a sociedades, países o sectores que no formen parte del índice de referencia.
Con el fin de conseguir este objetivo, el Subfondo invertirá al menos dos tercios de su patrimonio neto en valores de renta fija con calificación inferior a investment grade emitidos por emisores corporativos con domicilio en un país emergente. Asimismo, el Subfondo podrá invertir en títulos de deuda distressed.
El Subfondo ha sido concebido para inversores con un horizonte de inversión de medio a largo plazo (de 3 a 5 años) que busquen una cartera gestionada activamente de valores de renta fija de emisores de mercados emergentes.
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#### BlueBay Funds – BlueBay Global Investment Grade Corporate Bond Fund | Le Compartiment vise un taux de rendement total supérieur à celui de l'indice JP Morgan Corporate Emerging Market Diversified High Yield. La mesure dans laquelle le portefeuille et la performance du Compartiment peuvent dévier de celles de l'indice de référence n'est pas limitée. Dans le cadre du processus d'investissement, la composition du portefeuille du Compartiment est laissée à la libre appréciation du Gestionnaire, qui peut s'exposer à des entreprises, pays ou secteurs ne figurant pas dans l'indice de référence.
Pour atteindre son objectif, le Compartiment investira au moins les deux tiers de ses actifs nets dans des titres à revenu fixe de qualité inférieure à investment grade émis par des entreprises domiciliées dans un pays émergent. Le Compartiment pourra en outre investir dans des titres de dette distressed.
Le Compartiment s'adresse aux investisseurs disposant d'un horizon de placement de moyen à long terme (3 à 5 ans) désireux d'investir dans un portefeuille géré activement, composé de titres à revenu fixe d'émetteurs des marchés émergents.
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#### BlueBay Funds – BlueBay Global Investment Grade Corporate Bond Fund | fr | es |
DOLFIN7423 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- of Cash funds:
- the value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid, and not yet received shall be deemed to be the full amount thereof, unless, however, the same is unlikely to be paid or received in full, in which case the value thereof shall be determined after making such discount as the Board may consider appropriate in such case to reflect the true value thereof;
- Shares or units of Money Market Funds shall be valued at their last available net asset value as reported by such money market funds;
- liquid assets and Money Market Instruments will be valued at Mark-to-Market or Mark-to-Model where the use of mark-to-market is not possible or the market data is not of sufficient quality; and
- any assets or liabilities in currencies other than the Fund currency will be converted using the relevant spot rate quoted by a bank or other recognised financial institution. | - des Compartiments Monétaires :
- la valeur de toute liquidité disponible ou en dépôt, des billets à ordre, billets à demande et créances, des charges payées d’avance, des dividendes et intérêts, déclarée ou cumulée comme susmentionné, mais non encore perçue, sera estimée être le montant total de l’instrument en question, sauf toutefois, s’il est peu probable que ce montant soit payé ou perçu en totalité, auquel cas la valeur de l’instrument sera déterminée après avoir effectué toute déduction que le Conseil considère appropriée pour refléter la valeur réelle ;
- les actions et les parts des Fonds du Marché monétaire doivent être évaluées à leur dernière Valeur Liquidative communiquée par ces Fonds du Marché Monétaire ;
- les actifs liquides et les Instruments du marché monétaire seront évalués au prix du marché ou par référence à un modèle lorsque le recours au prix du marché n’est pas possible ou que les données de marché sont de qualité insuffisante ; et
- tout actif ou passif libellé dans une devise autre que la devise de la SICAV sera converti à l’aide du taux au comptant approprié d’une banque ou autre établissement financier reconnu. | - of Cash funds:
- the value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid, and not yet received shall be deemed to be the full amount thereof, unless, however, the same is unlikely to be paid or received in full, in which case the value thereof shall be determined after making such discount as the Board may consider appropriate in such case to reflect the true value thereof;
- Shares or units of Money Market Funds shall be valued at their last available net asset value as reported by such money market funds;
- liquid assets and Money Market Instruments will be valued at Mark-to-Market or Mark-to-Model where the use of mark-to-market is not possible or the market data is not of sufficient quality; and
- any assets or liabilities in currencies other than the Fund currency will be converted using the relevant spot rate quoted by a bank or other recognised financial institution. | en | fr |
DOLFIN7424 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Risques spécifiques au fonds
Le Fonds peut perdre de l’argent si une contrepartie avec laquelle le Fonds négocie ne veut ou ne peut plus honorer ses obligations, ou en raison d’un échec ou d’un retard dans les processus opérationnels ou de la défaillance d’un fournisseur tiers. Les actions/parts peuvent perdre rapidement de la valeur et impliquent généralement des niveaux de risques plus élevés que les obligations ou les instruments du marché monétaire. La valeur de votre placement peut par conséquent chuter. Les actions des sociétés petites et moyennes peuvent être plus volatiles que celles des grandes sociétés, et il peut parfois s’avérer difficile de valoriser ou de vendre des actions au prix ou dans le délai souhaités, ce qui augmente le risque de pertes. Le Fonds peut avoir recours à des instruments dérivés dans le but de réduire le risque ou de gérer le portefeuille plus efficacement. Toutefois, cela introduit d’autres risques, et en particulier celui qu’une contrepartie à un instrument dérivé ne respecte pas ses obligations contractuelles. Si le Fonds détient des actifs dans des devises autres que la devise de référence du Fonds ou si vous investissez dans une catégorie d’actions/de parts d’une devise différente de celle du Fonds (sauf si elle est «couverte»), la valeur de votre investissement peut être soumise aux variations des taux de change. Les titres du Fonds peuvent devenir difficiles à valoriser ou à céder au prix ou au moment désiré, surtout dans des conditions de marché extrêmes où les prix des actifs peuvent chuter, ce qui augmente le risque de pertes sur investissements. Tout ou partie des frais courants peuvent être prélevés sur le capital, ce qui peut éroder le capital ou réduire le potentiel de croissance du capital. | # Riesgos específicos del fondo
El Fondo podría perder dinero si una contraparte con la que negocia el Fondo no está dispuesto o no es capaz de cumplir sus obligaciones, o como resultado de un fallo o retraso en los procesos operativos o del fallo de un proveedor externo. Las acciones/participaciones pueden perder valor con rapidez y, por lo general, implican un mayor riesgo que los bonos o los instrumentos del mercado monetario. Como resultado, el valor de su inversión puede bajar. Las acciones de sociedades pequeñas o medianas pueden ser más volátiles que las acciones de grandes sociedades, y en ocasiones puede ser difícil valorar o vender acciones en tiempos y precios deseados, lo que aumenta el riesgo de pérdida. El Fondo podrá utilizar derivados con el fin de reducir el riesgo o gestionar la cartera de forma más eficiente. Sin embargo, esto conlleva otros riesgos, en particular, que la contraparte de un derivado no pueda cumplir sus obligaciones contractuales. "Si el Fondo mantiene activos en divisas distintas de la divisa base del Fondo o si usted invierte en una clase de acciones/ participaciones de una divisa diferente a la del Fondo (a menos que esté \"cubierto\"), el valor de su inversión puede verse afectado por las variaciones de los tipos de cambio. "Los valores del Fondo podrían resultar difíciles de valorar o de vender en el momento y al precio deseados, especialmente en condiciones de mercado extremas, cuando los precios de los activos pueden estar bajando, lo que aumenta el riesgo de pérdidas en las inversiones. Una parte o la totalidad de los gastos en curso del Fondo se pueden tomar del capital, lo que puede debilitar el capital o reducir el potencial de crecimiento de capital. | # Risques spécifiques au fonds
Le Fonds peut perdre de l’argent si une contrepartie avec laquelle le Fonds négocie ne veut ou ne peut plus honorer ses obligations, ou en raison d’un échec ou d’un retard dans les processus opérationnels ou de la défaillance d’un fournisseur tiers. Les actions/parts peuvent perdre rapidement de la valeur et impliquent généralement des niveaux de risques plus élevés que les obligations ou les instruments du marché monétaire. La valeur de votre placement peut par conséquent chuter. Les actions des sociétés petites et moyennes peuvent être plus volatiles que celles des grandes sociétés, et il peut parfois s’avérer difficile de valoriser ou de vendre des actions au prix ou dans le délai souhaités, ce qui augmente le risque de pertes. Le Fonds peut avoir recours à des instruments dérivés dans le but de réduire le risque ou de gérer le portefeuille plus efficacement. Toutefois, cela introduit d’autres risques, et en particulier celui qu’une contrepartie à un instrument dérivé ne respecte pas ses obligations contractuelles. Si le Fonds détient des actifs dans des devises autres que la devise de référence du Fonds ou si vous investissez dans une catégorie d’actions/de parts d’une devise différente de celle du Fonds (sauf si elle est «couverte»), la valeur de votre investissement peut être soumise aux variations des taux de change. Les titres du Fonds peuvent devenir difficiles à valoriser ou à céder au prix ou au moment désiré, surtout dans des conditions de marché extrêmes où les prix des actifs peuvent chuter, ce qui augmente le risque de pertes sur investissements. Tout ou partie des frais courants peuvent être prélevés sur le capital, ce qui peut éroder le capital ou réduire le potentiel de croissance du capital. | fr | es |
DOLFIN7425 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
### Risk indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
### Risque le plus faible Risque le plus élevé
### L'indicateur de risque suppose que vous conservez le produit pendant la Période de détention recommandée de 5 ans.
### Le risque réel peut varier considérablement si vous sortez avant l'échéance et vous courez le risque de ne pas récupérer le montant que vous avez initialement investi.
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de la part du Portefeuille de vous payer.
Nous avons classé ce Portefeuille dans la classe de risque 3 sur 7, qui est une classe de risque entre faible et moyen. Autrement dit, les pertes potentielles liées aux futurs résultats du Portefeuille se situent à un niveau entre faible et moyen et, si la situation venait à se détériorer sur les marchés, il est peu probable que la capacité du Portefeuille à vous payer en soit affectée.
## Attention au risque de change. Dans certains cas, les sommes qui vous seront versées pourront l'être dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus.
Les Autres risques importants relatifs au Portefeuille qui ne sont pas inclus dans l'indicateur synthétique de risque sont exposés dans le Prospectus. Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
### Si le Fonds n'est pas en mesure de vous verser les sommes dues, vous pouvez perdre l'intégralité de votre investissement. | # ¿Qué riesgos corro y qué podría obtener a cambio?
### Risk indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
### Riesgo más bajo Riesgo más alto
### El indicador de riesgo presupone que usted mantendrá el producto durante el período de mantenimiento recomendado de 5 años.
### El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
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 la Cartera no pueda pagarle.
Hemos clasificado esta Cartera en la clase de riesgo 3 en una escala de 7, en la que 3 significa un riesgo medio a bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media a baja y la probabilidad de que una mala coyuntura de mercado influya en la capacidad de la Cartera de pagarle como improbable.
## Tenga en cuenta el riesgo cambiario. En determinadas circunstancias, puede recibir pagos en una moneda diferente, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador mostrado anteriormente.
### En el Folleto se recogen otros riesgos significativos relevantes para la Cartera que no están incluidos en el indicador resumido de riesgo.
Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder parte o la totalidad de su inversión. Si el Fondo no puede pagarle lo que se debe, podría perder la totalidad de su inversión. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
### Risk indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
### Risque le plus faible Risque le plus élevé
### L'indicateur de risque suppose que vous conservez le produit pendant la Période de détention recommandée de 5 ans.
### Le risque réel peut varier considérablement si vous sortez avant l'échéance et vous courez le risque de ne pas récupérer le montant que vous avez initialement investi.
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de la part du Portefeuille de vous payer.
Nous avons classé ce Portefeuille dans la classe de risque 3 sur 7, qui est une classe de risque entre faible et moyen. Autrement dit, les pertes potentielles liées aux futurs résultats du Portefeuille se situent à un niveau entre faible et moyen et, si la situation venait à se détériorer sur les marchés, il est peu probable que la capacité du Portefeuille à vous payer en soit affectée.
## Attention au risque de change. Dans certains cas, les sommes qui vous seront versées pourront l'être dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus.
Les Autres risques importants relatifs au Portefeuille qui ne sont pas inclus dans l'indicateur synthétique de risque sont exposés dans le Prospectus. Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
### Si le Fonds n'est pas en mesure de vous verser les sommes dues, vous pouvez perdre l'intégralité de votre investissement. | fr | es |
DOLFIN7426 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Applicable law, place of performance and legally binding document language
The Luxembourg District Court shall have jurisdiction to hear all legal disputes between the shareholders, the Company, the Management Company and the Depositary. Luxembourg law shall apply. However, in matters concerning the claims of investors from other countries, the Company and/or the Depositary may elect to make themselves subject to the jurisdiction of the countries in which the shares were bought and sold.
Only the German version of this Sales Prospectus shall be legally binding. However, the Company may recognise translations (it itself has approved) into the languages of the countries in which shares are offered or sold to investors as binding upon themselves in matters concerning those shares. | # Anwendbares Recht, Gerichtsstand und massgebende Sprache
Für sämtliche Rechtsstreitigkeiten zwischen den Aktionären, der Gesellschaft, der Verwaltungsgesellschaft und der Verwahrstelle ist das Bezirksgericht Luxemburg zuständig. Es findet luxemburgisches Recht Anwendung. Die Gesellschaft und/oder die Verwahrstelle können sich jedoch im Zusammenhang mit Forderungen von Anlegern aus anderen Ländern dem Gerichtsstand jener Länder unterwerfen, in denen Aktien angeboten und verkauft werden.
Die deutsche Fassung dieses Verkaufsprospektes ist massgebend. Die Gesellschaft kann jedoch von ihr genehmigte Übersetzungen in Sprachen der Länder, in welchen Aktien angeboten und verkauft werden, für sich als verbindlich bezüglich solcher Aktien anerkennen, die an Anleger dieser Länder verkauft wurden. | # Applicable law, place of performance and legally binding document language
The Luxembourg District Court shall have jurisdiction to hear all legal disputes between the shareholders, the Company, the Management Company and the Depositary. Luxembourg law shall apply. However, in matters concerning the claims of investors from other countries, the Company and/or the Depositary may elect to make themselves subject to the jurisdiction of the countries in which the shares were bought and sold.
Only the German version of this Sales Prospectus shall be legally binding. However, the Company may recognise translations (it itself has approved) into the languages of the countries in which shares are offered or sold to investors as binding upon themselves in matters concerning those shares. | en | de |
DOLFIN7427 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Risque additionnel
Risque de contrepartie : risque de faillite, d'insolvabilité ou de défaillance d'une contrepartie du Compartiment, pouvant entraîner un défaut de paiement ou de livraison.
Risque de liquidité : risque de faible liquidité dans certaines conditions de marché pouvant empêcher le Compartiment de valoriser, acheter ou vendre tout ou partie de ses actifs, et avoir un impact potentiel sur sa Valeur liquidative.
Risque de crédit : risque que les émetteurs de titres de créance détenus par le Compartiment ne s'acquittent pas de leurs obligations ou voient leur note de crédit abaissée, ce qui entraînerait une baisse de la Valeur liquidative.
Impact des techniques telles que les produits dérivés : Certaines stratégies de gestion comportent des risques spécifiques, tels que le risque de liquidité, le risque de crédit, le risque de contrepartie, le risque juridique, le risque de valorisation, le risque opérationnel et les risques liés aux actifs sous-jacents.L'utilisation de telles stratégies peut également induire un effet de levier, qui peut accroître l'effet des mouvements du marché sur le Compartiment et engendrer un risque de pertes importantes.
Veuillez consulter le chapitre Facteurs de risques du Prospectus de l'ICAV et du Supplément relatif au Compartiment pour plus d'informations sur les risques. | ## Riesgos adicionales
Riesgo de contraparte: Riesgo de quiebra, insolvencia o falta de pago de cualquiera de las contrapartes del Subfondo, que lleve a impago o incumplimiento de la entrega.
Riesgo de liquidez: Riesgo de nivel de liquidez bajo en ciertas condiciones de mercado que pueden llevar al Subfondo a enfrentarse a dificultades en la valoración, compra o venta de todos o parte de sus activos, con un impacto potencial en su Valor Liquidativo.
Riesgo crediticio: Riesgo de que los emisores de los títulos de deuda incluidos en el Subfondo no cumplan sus obligaciones o vean reducida su calificación crediticia, lo que traería como consecuencia la disminución del Valor Liquidativo.
Impacto de técnicas como los derivados: Algunas estrategias de gestión conllevan riesgos específicos, como el riesgo de liquidez, el riesgo crediticio, el riesgo de contraparte, riesgos jurídicos, riesgos de valoración, riesgos operacionales y riesgos relacionados con los activos subyacentes.El uso de dichas estrategias puede también implicar apalancamiento, lo que puede incrementar el efecto de las fluctuaciones del mercado en el Subfondo y acarrear un riesgo significativo de pérdidas.
Por favor, consulte la sección «Factores de riesgo» del Folleto de la ICAV y el Suplemento del Subfondo, donde encontrará información más detallada sobre los riesgos existentes. | ## Risque additionnel
Risque de contrepartie : risque de faillite, d'insolvabilité ou de défaillance d'une contrepartie du Compartiment, pouvant entraîner un défaut de paiement ou de livraison.
Risque de liquidité : risque de faible liquidité dans certaines conditions de marché pouvant empêcher le Compartiment de valoriser, acheter ou vendre tout ou partie de ses actifs, et avoir un impact potentiel sur sa Valeur liquidative.
Risque de crédit : risque que les émetteurs de titres de créance détenus par le Compartiment ne s'acquittent pas de leurs obligations ou voient leur note de crédit abaissée, ce qui entraînerait une baisse de la Valeur liquidative.
Impact des techniques telles que les produits dérivés : Certaines stratégies de gestion comportent des risques spécifiques, tels que le risque de liquidité, le risque de crédit, le risque de contrepartie, le risque juridique, le risque de valorisation, le risque opérationnel et les risques liés aux actifs sous-jacents.L'utilisation de telles stratégies peut également induire un effet de levier, qui peut accroître l'effet des mouvements du marché sur le Compartiment et engendrer un risque de pertes importantes.
Veuillez consulter le chapitre Facteurs de risques du Prospectus de l'ICAV et du Supplément relatif au Compartiment pour plus d'informations sur les risques. | fr | es |
DOLFIN7428 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
These transactions aim to:
- For repos and reverse repos: manage UCITS residual cash flow related to subscriptions/redemptions and optimise income.
For protection against a counterparty default, temporary purchases and sales of securities may give rise to the delivery of financial collateral in the form of securities and/or cash held in distinct accounts by the depository. These conditions are stipulated in the section “Derivatives”.
These transactions may be completed with counterparties selected by the management company among financial establishments whose registered office is located in an OECD member State. These counterparties may be companies affiliated with HSBC Group.
These counterparties must have trustworthy credit and, in any case, a minimum Standard & Poor’s rating of BBB-, the equivalent, or a rating deemed equivalent by the management company.
- Anticipated level of use: 0-10%; maximum permitted level of use: 100%
- Leverage: up to 10%
- Remuneration: see additional information in the “Charges and fees” section.
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# Risk profile: | Diese Geschäfte haben folgendes Ziel:
- Inpensionsnahme- und Inpensionsgabegeschäfte: Management der liquiden Mittel des OGAW in Verbindung mit Zeichnungen und Rücknahmen und Verbesserung der Erträge.
Als Schutz vor einem Ausfall einer Gegenpartei können für befristete Wertpapiergeschäfte Sicherheiten in Form von Wertpapieren und/oder Barmitteln gestellt werden, die von der Verwahrstelle auf gesonderten Konten verwahrt werden. Die entsprechenden Bedingungen sind im Abschnitt "Derivative Finanzinstrumente" beschrieben.
Diese Geschäfte dürfen mit Gegenparteien abgeschlossen werden, die von der Verwaltungsgesellschaft aus Finanzinstituten mit Sitz in einem OECD-Mitgliedstaat ausgewählt werden. Diese Gegenparteien können mit der HSBC-Gruppe verbundene Unternehmen sein.
Diese Gegenparteien müssen ein gutes Bonitätsrating besitzen und in jedem Fall mindestens ein Rating der Stufe BBB- von Standard & Poor’s bzw. ein gleichwertiges Rating oder ein von der Verwaltungsgesellschaft als gleichwertig angesehenes Rating.
- Vorgesehener Umfang des Einsatzes: 0-10%; maximal zulässiger Umfang des Einsatzes: 100 %
- Hebeleffekt: bis zu 10%
- Vergütung: Ergänzende Informationen sind im Abschnitt „Kosten und Gebühren“ angegeben.
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# Risikoprofil: | These transactions aim to:
- For repos and reverse repos: manage UCITS residual cash flow related to subscriptions/redemptions and optimise income.
For protection against a counterparty default, temporary purchases and sales of securities may give rise to the delivery of financial collateral in the form of securities and/or cash held in distinct accounts by the depository. These conditions are stipulated in the section “Derivatives”.
These transactions may be completed with counterparties selected by the management company among financial establishments whose registered office is located in an OECD member State. These counterparties may be companies affiliated with HSBC Group.
These counterparties must have trustworthy credit and, in any case, a minimum Standard & Poor’s rating of BBB-, the equivalent, or a rating deemed equivalent by the management company.
- Anticipated level of use: 0-10%; maximum permitted level of use: 100%
- Leverage: up to 10%
- Remuneration: see additional information in the “Charges and fees” section.
-
# Risk profile: | en | de |
DOLFIN7429 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Without prejudice to the generality of the last preceding Article, the Directors may delegate any of their powers to any committee whether or not consisting of Directors. Any such delegation may be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion of their own powers and may be revoked. Subject to any such conditions, the proceedings of a committee with two or more members shall be governed by the provisions of these Articles regulating the proceedings of Directors so far as they are capable of applying.
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## Appointment of attorneys/agents/delegates/Depositary
- The Directors, from time to time and at any time by power of attorney under seal or otherwise, may appoint any company, firm or person or fluctuating body of persons, whether nominated directly or indirectly by the Directors, to be the attorney or agent or delegate of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Directors under these Articles) and for such period and subject to such conditions as they may think fit. Any such power of attorney may contain such provisions for the protection of persons dealing with any such appointee as the Directors may think fit, may contain indemnities in favour of any attorney and may authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. | Sans porter atteinte à la généralité de l’Article précédent, les Administrateurs pourront déléguer leurs pouvoirs aux différents comités, constitués ou non d’Administrateurs. Ces délégations pourront être assujetties aux conditions que les administrateurs imposeront, que ce soit parallèlement ou à l’exclusion de leurs propres pouvoirs et pourront être révoquées. Sous réserve de ces conditions, les délibérations d’un comité de deux membres ou plus seront régis par les dispositions des présents Statuts réglementant les délibérations des Administrateurs dans la mesure où ils y sont applicables.
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## Nomination des représentants/agents/délégués/Dépositaires
- Les Administrateurs pourront nommer, le cas échéant et à tout moment et au moyen d’une procuration notarisée ou autrement, des sociétés, entreprises ou personnes ou groupements de personnes variables, nommés directement ou indirectement par les Administrateurs, en tant que représentants, agents ou déléguées de la Société à ces fins et avec les pouvoirs, autorités et discrétions (lesquels ne sauraient excéder ceux conférés ou exerçables par les Administrateurs au titre des présents Statuts) et pour les périodes et sous réserve des conditions qu’ils jugeront appropriées. Ces mandats pourront prévoir des dispositions relatives à la protection des personnes traitant avec lesdites personnes nommées que les Administrateurs jugeront appropriées et prévoir des indemnités en faveur desdits représentants et autoriser lesdits représentants à déléguer tout ou partie des pouvoirs, autorités et discrétions qui leur sont conférés. | Without prejudice to the generality of the last preceding Article, the Directors may delegate any of their powers to any committee whether or not consisting of Directors. Any such delegation may be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion of their own powers and may be revoked. Subject to any such conditions, the proceedings of a committee with two or more members shall be governed by the provisions of these Articles regulating the proceedings of Directors so far as they are capable of applying.
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## Appointment of attorneys/agents/delegates/Depositary
- The Directors, from time to time and at any time by power of attorney under seal or otherwise, may appoint any company, firm or person or fluctuating body of persons, whether nominated directly or indirectly by the Directors, to be the attorney or agent or delegate of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Directors under these Articles) and for such period and subject to such conditions as they may think fit. Any such power of attorney may contain such provisions for the protection of persons dealing with any such appointee as the Directors may think fit, may contain indemnities in favour of any attorney and may authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. | en | fr |
DOLFIN7430 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
À compter du 1er janvier 2021, l'assemblée générale annuelle des actionnaires ne sera plus fixée au dernier jeudi d'avril à 10h30, mais se tiendra dans les 6 mois suivant la fin de l'exercice financier du Fonds par décision du conseil d'administration.
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# Modification des dispositions relatives aux placements en ce qui concerne les restrictions sur les investissements conformes au droit fiscal | A partir del 1 de enero de 2021, la junta general anual de accionistas ya no estará fijada para las 10:30 horas del último jueves del mes de abril, sino que se celebrarán en el plazo de seis meses siguientes al cierre del ejercicio financiero del fondo por decisión del consejo de administración.
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# Complementación del reglamento de inversión en relación con las restricciones de inversión en virtud de la legislación fiscal | À compter du 1er janvier 2021, l'assemblée générale annuelle des actionnaires ne sera plus fixée au dernier jeudi d'avril à 10h30, mais se tiendra dans les 6 mois suivant la fin de l'exercice financier du Fonds par décision du conseil d'administration.
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# Modification des dispositions relatives aux placements en ce qui concerne les restrictions sur les investissements conformes au droit fiscal | fr | es |
DOLFIN7431 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 5 ans Exemple d'investissement: 100,000 HKD Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Il n'existe pas de performance minimum garantie. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 22,560 HKD | 18,880 HKD |
| Rendement annuel moyen | -77.44% | -28.35% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 78,810 HKD | 76,500 HKD |
| Rendement annuel moyen | -21.19% | -5.22% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 101,840 HKD | 130,960 HKD |
| Rendement annuel moyen | 1.84% | 5.54% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 153,000 HKD | 166,330 HKD |
| Rendement annuel moyen | 53.00% | 10.71% | | | Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: 100,000 HKD En caso de salida después de 1 año Escenarios | En caso de salida después de 5 años |
| --- | --- |
| Mínimo | No hay rentabilidad mínima garantizada. Podría perder una parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 22,560 HKD | 18,880 HKD |
| Rendimiento medio cada año | -77.44% | -28.35% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 78,810 HKD | 76,500 HKD |
| Rendimiento medio cada año | -21.19% | -5.22% |
| Moderado | Lo que podría recibir tras deducir los costes | 101,840 HKD | 130,960 HKD |
| Rendimiento medio cada año | 1.84% | 5.54% |
| Favorable | Lo que podría recibir tras deducir los costes | 153,000 HKD | 166,330 HKD |
| Rendimiento medio cada año | 53.00% | 10.71% | | | Période de détention recommandée: 5 ans Exemple d'investissement: 100,000 HKD Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Il n'existe pas de performance minimum garantie. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 22,560 HKD | 18,880 HKD |
| Rendement annuel moyen | -77.44% | -28.35% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 78,810 HKD | 76,500 HKD |
| Rendement annuel moyen | -21.19% | -5.22% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 101,840 HKD | 130,960 HKD |
| Rendement annuel moyen | 1.84% | 5.54% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 153,000 HKD | 166,330 HKD |
| Rendement annuel moyen | 53.00% | 10.71% | | fr | es |
DOLFIN7432 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d'entrée | 5.00% |
| Frais de sortie | 3.00% |
| Commission de conversion | 1.00% |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi / avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 0.75% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance | Néant | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5.00% |
| Gastos de salida | 3.00% |
| Comisión de cambio | 1.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 0.75% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Ninguna | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d'entrée | 5.00% |
| Frais de sortie | 3.00% |
| Commission de conversion | 1.00% |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi / avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 0.75% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance | Néant | | fr | es |
DOLFIN7433 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Qualified Unitholders and Total Redemption
The Manager shall have the power (but shall not be under a duty) to impose such restrictions as it may think necessary for the purpose of ensuring that no Units are acquired or held by any person in breach of the law or any requirements of any country or governmental authority, including any foreign exchange control regulations or by a United States Person or Japanese person (except in transactions exempt from the requirements of the United States Securities Act of 1933 (as amended) and applicable state securities laws) or by any person described in (a) to (f) below.
The Manager may at any time give notice in writing for the redemption of, or request the transfer of, Units held directly or beneficially by:-
- any person in breach of any law or requirement of any country or governmental authority or by virtue of which such person is not qualified to hold such Units;
- any United States Person;
- any Japanese person;
- any person or persons in circumstances which, (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Manager to be relevant) in the opinion of the Manager might result in the Unit Trust or its Unitholders incurring any liability to taxation or suffering pecuniary disadvantages which the Unit Trust or its Unitholders might not otherwise have incurred or suffered;
- any Unitholder, on the basis of the circumstances of the Unitholder concerned, if it has reasonable grounds to believe that the Unitholder is engaging in any activity which might result in the Unit Trust or its Unitholders as a whole suffering any regulatory, pecuniary, legal, taxation or other material administrative disadvantage which the Unit Trust or its Unitholders as a whole might not otherwise have suffered; or
- any person or persons holding Units with a value less than the Minimum Holding.
The Manager shall be entitled to give notice to such persons requiring him/her to transfer such Units to a person who is qualified or entitled to own them or submit a request for redemption. If any such person upon whom such a notice is served as aforesaid does not within 30 days after such notice transfer such Units or request the Manager to purchase such Units as aforesaid he shall be deemed forthwith upon the expiration of 30 days to have requested the Manager to purchase his Units and the Manager shall be entitled to appoint any delegate to sign on his/her behalf such documents as may be required for the purposes of the purchase of the said Units by the Manager.
All of the Units of any Fund or of the Unit Trust may be realised by the Manager if the holders of 75% in value of the relevant Class or Fund resolve at a meeting of the Unitholders duly convened and held that such Units should be redeemed.
The Manager may resolve at its discretion to retain sufficient monies prior to effecting a total redemption of Units to cover the costs associated with the subsequent termination of the Unit Trust or relevant Fund. | # Titulares de participaciones aptos y Amortización total
La Entidad gestora tendrá la facultad (pero no la obligación) de imponer las restricciones que considere necesarias a los efectos de garantizar que ninguna Participación sea adquirida por una persona, o sea propiedad de esta, en incumplimiento de la ley o de cualesquiera requisitos de un país o de una autoridad oficial, incluido el Reglamento de control de cambio de moneda, por una persona estadounidense o por una persona japonesa (salvo en transacciones exentas de los requisitos de la Ley de Valores de 1933 de Estados Unidos [en su versión modificada] y de las leyes estatales de valores que estén vigentes), o por alguna de las personas que se describen en los siguientes apartados (a) a (f).
La Entidad gestora podrá notificar en cualquier momento, por escrito, la amortización o la solicitud de transmisión de Participaciones de las que sea propietaria directa o usufructuaria:-
- una persona que incumpla una ley o un requisito de un país o de una autoridad gubernamental, o en virtud de los cuales esa persona no es apta para poseer dichas Participaciones;
- una Persona estadounidense;
- una Persona japonesa;
- una o varias personas que estén en circunstancias que (directa o indirectamente afecten a esas persona o personas, tomadas por separado o en conjunto con cualesquiera otras persona o personas vinculadas o no, o en cualquier otra circunstancia que la Entidad gestora considere relevante) en opinión de la Entidad gestora podrían causar que el Fideicomiso de inversiones o sus Titulares de participaciones incurran en una responsabilidad tributaria o sufran desventajas pecuniarias en las que, de otro modo, el Fideicomiso de inversiones o sus Titulares de participaciones no habrían incurrido o sufrido;
- un Titular de participaciones, tomando como base las circunstancias del Titular de participaciones en cuestión, si se tienen motivos suficientes para creer que el Titular de participaciones se dedica a actividades que podrían provocar que el Fideicomiso de inversiones o sus Titulares de participaciones en conjunto sufran un perjuicio reglamentario, pecuniario, legal, tributario o administrativo importante, que en caso contrario el Fideicomiso de inversiones o sus Titulares de participaciones en conjunto podrían no haber sufrido; o
- una persona o personas que posean Participaciones con un valor inferior al de la Participación mínima.
La Entidad gestora tendrá derecho a notificar a dichas personas solicitándoles que transmitan esas Participaciones a una persona cualificada o facultada para poseerlas o enviar una solicitud de amortización. Si esa persona a la que se entrega una notificación como se ha indicado antes, en el plazo de 30 días a partir de esa notificación, no transmite esas Participaciones ni solicita a la Entidad gestora que compre dichas Participaciones en la forma antes indicada, se considerará de inmediato, al vencimiento de los 30 días, que ha solicitado a la Entidad gestora que compre sus Participaciones y la Entidad gestora tendrá derecho a designar a un delegado para que suscriba en representación suya los documentos que se requieran a los efectos de la compra de dichas Participaciones por parte de la Entidad gestora.
La Entidad gestora podrá realizar todas las Participaciones de un Fondo o del Fideicomiso de inversiones cuando los titulares del 75% del valor de la Clase o Fondo pertinente acuerden, en una junta de Titulares de participaciones debidamente convocada, que dichas Participaciones deben ser amortizadas.
La Entidad gestora podrá determinar, a su discreción, la retención de importes dinerarios suficientes antes de tramitar una amortización total de Participaciones con el objetivo de cubrir los costes asociados con una disolución posterior del Fideicomiso de inversiones o el Fondo pertinente. | # Qualified Unitholders and Total Redemption
The Manager shall have the power (but shall not be under a duty) to impose such restrictions as it may think necessary for the purpose of ensuring that no Units are acquired or held by any person in breach of the law or any requirements of any country or governmental authority, including any foreign exchange control regulations or by a United States Person or Japanese person (except in transactions exempt from the requirements of the United States Securities Act of 1933 (as amended) and applicable state securities laws) or by any person described in (a) to (f) below.
The Manager may at any time give notice in writing for the redemption of, or request the transfer of, Units held directly or beneficially by:-
- any person in breach of any law or requirement of any country or governmental authority or by virtue of which such person is not qualified to hold such Units;
- any United States Person;
- any Japanese person;
- any person or persons in circumstances which, (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Manager to be relevant) in the opinion of the Manager might result in the Unit Trust or its Unitholders incurring any liability to taxation or suffering pecuniary disadvantages which the Unit Trust or its Unitholders might not otherwise have incurred or suffered;
- any Unitholder, on the basis of the circumstances of the Unitholder concerned, if it has reasonable grounds to believe that the Unitholder is engaging in any activity which might result in the Unit Trust or its Unitholders as a whole suffering any regulatory, pecuniary, legal, taxation or other material administrative disadvantage which the Unit Trust or its Unitholders as a whole might not otherwise have suffered; or
- any person or persons holding Units with a value less than the Minimum Holding.
The Manager shall be entitled to give notice to such persons requiring him/her to transfer such Units to a person who is qualified or entitled to own them or submit a request for redemption. If any such person upon whom such a notice is served as aforesaid does not within 30 days after such notice transfer such Units or request the Manager to purchase such Units as aforesaid he shall be deemed forthwith upon the expiration of 30 days to have requested the Manager to purchase his Units and the Manager shall be entitled to appoint any delegate to sign on his/her behalf such documents as may be required for the purposes of the purchase of the said Units by the Manager.
All of the Units of any Fund or of the Unit Trust may be realised by the Manager if the holders of 75% in value of the relevant Class or Fund resolve at a meeting of the Unitholders duly convened and held that such Units should be redeemed.
The Manager may resolve at its discretion to retain sufficient monies prior to effecting a total redemption of Units to cover the costs associated with the subsequent termination of the Unit Trust or relevant Fund. | en | es |
DOLFIN7434 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to shareholders or any encashment, redemption, cancellation or transfer of shares.
No Irish tax will arise on the Company regarding chargeable events in respect of:
- a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company; and
- certain exempted Irish tax resident shareholders who have provided the Company with the necessary signed statutory declarations. | Tuttavia, l'imposta sui redditi in Irlanda può essere applicabile al verificarsi di un "evento generatore di imposta". Tra gli eventi generatori di imposta si annoverano i pagamenti di distribuzioni agli azionisti o qualsiasi incasso, riscatto, cancellazione o trasferimento di azioni.
Non è dovuta alcuna imposta in Irlanda per la Società per un evento generatore di imposta in relazione:
- a un azionista che non è residente o non normalmente residente in Irlanda a fini fiscali, al momento dell'evento generatore di imposta, a condizione che la Società disponga di appropriate dichiarazioni valide in conformità al disposto del Taxes Consolidation Act, 1997, e successivi emendamenti; e
- a taluni azionisti esenti residenti in Irlanda che hanno fornito alla Società le debite dichiarazioni di legge sottoscritte. | However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to shareholders or any encashment, redemption, cancellation or transfer of shares.
No Irish tax will arise on the Company regarding chargeable events in respect of:
- a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company; and
- certain exempted Irish tax resident shareholders who have provided the Company with the necessary signed statutory declarations. | en | it |
DOLFIN7435 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Swiss Life funds (f) Equity Europe Minimum Volatility D
## Main Positions
| NO | ISSUE | COUNTRY | SECTOR | % |
| --- | --- | --- | --- | --- |
| 1 | ROCHE HOLDING AG-GENUSSCHEIN | Switzerland | Health Care | 2.41% |
| 2 | GLAXOSMITHKLINE PLC | United Kingdom | Health Care | 2.17% |
| 3 | NATIONAL GRID PLC | United Kingdom | Utilities | 2.16% |
| 4 | GIVAUDAN-REG | Switzerland | Materials | 1.99% |
| 5 | SWISSCOM AG-REG | Switzerland | Communication Services | 1.88% |
| 6 | GEBERIT AG-REG | Switzerland | Industrials | 1.84% |
| 7 | ZURICH INSURANCE GROUP AG | Switzerland | Financials | 1.71% |
| 8 | KONINKLIJKE AHOLD DELHAIZE N | Netherlands | Consumer Staples | 1.66% |
| 9 | L'OREAL | France | Consumer Staples | 1.65% |
| 10 | WOLTERS KLUWER | Netherlands | Industrials | 1.60% |
| | TOTAL MAIN POSITIONS | | | 19.07% |
| | TOTAL NUMBER OF HOLDINGS | | | 119 |
Disclaimer: This document was produced with the greatest of care and to the best knowledge and belief. The information contained herein is exclusively intended as information, and should not be considered as a contractual document, or investment advice, or an investment recommendation, or a solicitation to buy or sell investment fund units. Prior to any subscription, investors should obtain and carefully read the detailed information on the investment fund contained in the regulatory documentation for each fund (sales prospectus, fund contract or articles of association and the investment regulations, latest annual/interim reports, key investor information document (KIID)), which serve as the sole applicable legal basis for the purchase of fund units. They are available free of charge, in paper or electronic format from the fund management company or the representative: Switzerland: Swiss Life Asset Management Ltd, General-Guisan-Quai 40, 8002 Zurich | Paying agent: UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zurich | Germany: Swiss Life Invest GmbH, Zeppelinstrasse 1, 85784 Garching b. Munich | France : Swiss Life Asset Managers France, 153, rue Saint-Honoré, 75001 Paris | or on www.swisslife-am.com. Returns from and the value of fund units may decrease or increase and the total loss of the capital invested in the units cannot be excluded. Historical performance is not a sufficient basis for making forecast regarding future performance or price trends. Past performance is no indicator of current or future performance. In no way does this constitute a guarantee of future performance or capital. The performance takes account of all the commissions and costs incurred at fund level (e.g. management fee). The performance does not include the costs incurred at customer level (subscription and redemption costs and commissions, custody fees, etc.). Swiss Life Asset Managers funds may not be offered for sale or sold in the USA or on behalf of US citizens or US person residing in the USA. "Swiss Life Asset Managers" is the brand name for the Swiss Life Group’s asset management activities. More information is available at www.swisslife-am.com. Source: Swiss Life Asset Managers / ©2021, Morningstar. All rights reserved. Customer Service: [email protected] | # Swiss Life funds (f) Equity Europe Minimum Volatility D
## Posizioni principali
| N. | EMISSIONE | PAESE | SETTORE | % |
| --- | --- | --- | --- | --- |
| 1 | ROCHE HOLDING AG-GENUSSCHEIN | Svizzera | Salute | 2.41% |
| 2 | GLAXOSMITHKLINE PLC | Regno Unito | Salute | 2.17% |
| 3 | NATIONAL GRID PLC | Regno Unito | Servizi di pubblica utilità | 2.16% |
| 4 | GIVAUDAN-REG | Svizzera | Materie prime | 1.99% |
| 5 | SWISSCOM AG-REG | Svizzera | Servizi di comunicazione | 1.88% |
| 6 | GEBERIT AG-REG | Svizzera | Industrie | 1.84% |
| 7 | ZURICH INSURANCE GROUP AG | Svizzera | Finanza | 1.71% |
| 8 | KONINKLIJKE AHOLD DELHAIZE N | Paesi Bassi | Beni di prima necessità | 1.66% |
| 9 | L'OREAL | Francia | Beni di prima necessità | 1.65% |
| 10 | WOLTERS KLUWER | Paesi Bassi | Industrie | 1.60% |
| | TOTALE POSIZIONI PRINCIPALI | | | 19.07% |
| | TOTALE NUMERO DI TITOLI | | | 119 |
Nota legale: Il presente documento è stato redatto con la massima cura e secondo scienza e coscienza. Le informazioni riportate in questo documento hanno fini esclusivamente informativi e non costituiscono né un documento contrattuale, né una consulenza finanziaria o una raccomandazione d'investimento, né un invito all'acquisto o alla vendita di quote di fondi. Prima della sottoscrizione si consiglia agli investitori di procurarsi e leggere attentamente le informazioni dettagliate sul fondo in questione nei rispettivi documenti normativi (prospetto di vendita, contratto o statuto del fondo e regolamento in materia d'investimenti, attuali rapporti annuali e intermedi e Informazioni essenziali per gli investitori [KIID]), che rappresentano l'unico fondamento giuridico applicabile per l'cquisto di quote di fondi. Esse sono reperibili gratuitamente, sotto forma cartacea o elettronica, presso la direzione del fondo o il rappresentante: Svizzera: Swiss Life Asset Management SA, General-Guisan-Quai 40, 8002 Zurigo / Luogo di pagamento: UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zurigo / Germania: Swiss Life Invest GmbH, Zeppelinstrasse 1, 85784 Garching b. Monaco / Francia: Swiss Life Asset Managers France, 153, rue Saint-Honoré, 75001 Paris | o sito www.swisslife-am.com. I proventi e il valore delle quote di fondi possono scendere o salire e non è possibile escludere la perdita totale del capitale investito nelle quote. Le evoluzioni storiche del valore non costituiscono una base sufficiente ai fini della previsione di future tendenze del valore e dei prezzi. L'andamento del valore passato non è garanzia di rendimenti attuali o futuri. Ciò non costituisce in alcun modo una garanzia per l'evoluzione futura del valore o il capitale. L'evoluzione del valore tiene conto di tutti i costi risultanti a livello di fondi (p.es. commissione di gestione). L'evoluzione del valore non tiene conto dei costi risultanti a livello di cliente (costi e commissioni di emissione e di riscatto, diritti di custodia ecc.). I fondi di Swiss Life Asset Managers non possono essere né offerti, né venduti negli Stati Uniti o per conto di cittadini statunitensi o US Person residenti negli Stati Uniti. "Swiss Life Asset Managers" è il nome del marchio per le attività di gestione patrimoniale del gruppo Swiss Life. Maggiori informazioni al sito www.swisslife-am.com. Fonte: Swiss Life Asset Managers / ©2021, Morningstar. Tutti i diritti riservati. Servizio alla clientela: [email protected] | # Swiss Life funds (f) Equity Europe Minimum Volatility D
## Main Positions
| NO | ISSUE | COUNTRY | SECTOR | % |
| --- | --- | --- | --- | --- |
| 1 | ROCHE HOLDING AG-GENUSSCHEIN | Switzerland | Health Care | 2.41% |
| 2 | GLAXOSMITHKLINE PLC | United Kingdom | Health Care | 2.17% |
| 3 | NATIONAL GRID PLC | United Kingdom | Utilities | 2.16% |
| 4 | GIVAUDAN-REG | Switzerland | Materials | 1.99% |
| 5 | SWISSCOM AG-REG | Switzerland | Communication Services | 1.88% |
| 6 | GEBERIT AG-REG | Switzerland | Industrials | 1.84% |
| 7 | ZURICH INSURANCE GROUP AG | Switzerland | Financials | 1.71% |
| 8 | KONINKLIJKE AHOLD DELHAIZE N | Netherlands | Consumer Staples | 1.66% |
| 9 | L'OREAL | France | Consumer Staples | 1.65% |
| 10 | WOLTERS KLUWER | Netherlands | Industrials | 1.60% |
| | TOTAL MAIN POSITIONS | | | 19.07% |
| | TOTAL NUMBER OF HOLDINGS | | | 119 |
Disclaimer: This document was produced with the greatest of care and to the best knowledge and belief. The information contained herein is exclusively intended as information, and should not be considered as a contractual document, or investment advice, or an investment recommendation, or a solicitation to buy or sell investment fund units. Prior to any subscription, investors should obtain and carefully read the detailed information on the investment fund contained in the regulatory documentation for each fund (sales prospectus, fund contract or articles of association and the investment regulations, latest annual/interim reports, key investor information document (KIID)), which serve as the sole applicable legal basis for the purchase of fund units. They are available free of charge, in paper or electronic format from the fund management company or the representative: Switzerland: Swiss Life Asset Management Ltd, General-Guisan-Quai 40, 8002 Zurich | Paying agent: UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zurich | Germany: Swiss Life Invest GmbH, Zeppelinstrasse 1, 85784 Garching b. Munich | France : Swiss Life Asset Managers France, 153, rue Saint-Honoré, 75001 Paris | or on www.swisslife-am.com. Returns from and the value of fund units may decrease or increase and the total loss of the capital invested in the units cannot be excluded. Historical performance is not a sufficient basis for making forecast regarding future performance or price trends. Past performance is no indicator of current or future performance. In no way does this constitute a guarantee of future performance or capital. The performance takes account of all the commissions and costs incurred at fund level (e.g. management fee). The performance does not include the costs incurred at customer level (subscription and redemption costs and commissions, custody fees, etc.). Swiss Life Asset Managers funds may not be offered for sale or sold in the USA or on behalf of US citizens or US person residing in the USA. "Swiss Life Asset Managers" is the brand name for the Swiss Life Group’s asset management activities. More information is available at www.swisslife-am.com. Source: Swiss Life Asset Managers / ©2021, Morningstar. All rights reserved. Customer Service: [email protected] | en | it |
DOLFIN7436 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
UCITSA-7-4a-iVm-5-3-b
The Management Company shall conduct the Fund’s business in the Fund’s name and for the account of the investors in accordance with the relevant statutory provisions and the constituent documents and in ac- cordance with the provisions of the Appointment and Delegation Agreement.
- Company name, legal form, registered office and headquartersUCITSA-Annex-I-1-2-1.1VP Fund Solutions (Liechtenstein) AG, Aktiengesell- schaft, 9490 Vaduz, LIECHTENSTEIN (LI)
- Member state of originUCITSG-Annex-I-1-2-1LIECHTENSTEIN (LI)
- Date of entry in the Commercial RegisterUCITSA-Annex-I-1-2-1.223.06.1999
- DurationUCITSA-Annex-I-1-2-1.2Unlimited
- Subscribed and paid-in capitalUCITSA-Annex-I-1-2-1.9Current status as per commercial register at the loca- tion of the Management Company’s registered office:Amt für Justiz (AJU), 9490 Vaduz, LIECHTENSTEIN (LI)
- Board of Directors and Executive BoardUCITSA-Annex-I-1-2-1.8Current status as per commercial register at the loca- tion of the Management Company’s registered office:Amt für Justiz (AJU), 9490 Vaduz, LIECHTENSTEIN (LI)
- Information on other managed investment companies and/or investment fundsUCITSA-Annex-I-1-2-1.3Current status as per the register of the responsible supervisory authority at the location of the Manage- ment Company’s registered office:Finanzmarktaufsicht (FMA), 9490 Vaduz, LIECHTEN- STEIN (LI)
- Liability in respect of professional activitiesIn conformity with the applicable statutory provisions, the Management Company must have adequate capi- tal resources at its disposal in case its business activi- ties unavoidably give rise to damage for which the Management Company would be liable.
- Delegation of dutiesIn accordance with legal provisions, the Management Company may delegate some of its duties to third par- ties with a view to ensuring that its business is con- ducted more efficiently. Such delegation of duties will be regulated by an agreement concluded between the Management Company and the third party concerned.
- Conflicts of interest associated with the delegation of dutiesConflicts of interest may arise from the delegation of management functions to third parties, especially if one of those third parties is a company associated with the Management Company. | UCITSG-7-4a-iVm-5-3-b
Die Verwaltungsgesellschaft führt die Geschäfte der Investmentgesellschaft in deren Namen und für Rech- nung der Anleger nach Massgabe der gesetzlichen Bestimmungen, der konstituierenden Dokumente so- wie des Bestimmungs- und Delegationsvertrages.
- Firma, Rechtsform, Sitz und Ort der HauptverwaltungUCITSG-Anhang-I-1-2-1.1VP Fund Solutions (Liechtenstein) AG, Aktiengesell- schaft, 9490 Vaduz, LIECHTENSTEIN (LI)
- HerkunftsmitgliedstaatUCITSG-Anhang-I-1-2-1Liechtenstein (LI)
- Eintragungsdatum im HandelsregisterUCITSG-Anhang-I-1-2-1.223.06.1999
- DauerUCITSG-Anhang-I-1-2-1.2Unbegrenzt
- Gezeichnetes und eingezahltes KapitalUCITSG-Anhang-I-1-2-1.9Aktueller Stand gemäss Handelsregister am Sitz:Amt für Justiz (AJU), 9490 Vaduz, LIECHTENSTEIN (LI)
- Verwaltungsrat und GeschäftsleitungUCITSG-Anhang-I-1-2-1.8Aktueller Stand gemäss Handelsregister am Sitz:Amt für Justiz (AJU), 9490 Vaduz, LIECHTENSTEIN (LI)
- Angabe der weiteren verwalteten Investmentgesell- schaften bzw. FondsUCITSG-Anhang-I-1-2-1.3Aktueller Stand gemäss Register der zuständigen Auf- sichtsbehörde am Sitz:Finanzmarktaufsicht (FMA), 9490 Vaduz, LIECHTEN- STEIN (LI)
- Haftung aus beruflicher TätigkeitSollten sich potentielle Schäden im Zuge der Ge- schäftstätigkeit nicht vermeiden lassen können und sollte daraus eine Verantwortung der Verwaltungsge- sellschaft entstehen, muss diese, entsprechend den gesetzlichen Bestimmungen, über ausreichende Ei- genmittel verfügen.
- AufgabenübertragungDie Verwaltungsgesellschaft kann einen Teil ihrer Auf- gaben zum Zwecke einer effizienteren Geschäftsfüh- rung gemäss den gesetzlichen Bestimmungen auf Dritte übertragen. Die Übertragung von Aufgaben wird jeweils in einem zwischen der Verwaltungsgesellschaft und dem Beauftragten abgeschlossenen Vertrag ge- regelt.
- Mit der Übertragung verbundene InteressenkonflikteAus der Übertragung der Verwaltungsfunktionen an die jeweiligen Dritten können sich Interessenkonflikte ergeben, insbesondere wenn es sich bei den Dritten um ein mit der Verwaltungsgesellschaft verbundenes Unternehmen handelt. | UCITSA-7-4a-iVm-5-3-b
The Management Company shall conduct the Fund’s business in the Fund’s name and for the account of the investors in accordance with the relevant statutory provisions and the constituent documents and in ac- cordance with the provisions of the Appointment and Delegation Agreement.
- Company name, legal form, registered office and headquartersUCITSA-Annex-I-1-2-1.1VP Fund Solutions (Liechtenstein) AG, Aktiengesell- schaft, 9490 Vaduz, LIECHTENSTEIN (LI)
- Member state of originUCITSG-Annex-I-1-2-1LIECHTENSTEIN (LI)
- Date of entry in the Commercial RegisterUCITSA-Annex-I-1-2-1.223.06.1999
- DurationUCITSA-Annex-I-1-2-1.2Unlimited
- Subscribed and paid-in capitalUCITSA-Annex-I-1-2-1.9Current status as per commercial register at the loca- tion of the Management Company’s registered office:Amt für Justiz (AJU), 9490 Vaduz, LIECHTENSTEIN (LI)
- Board of Directors and Executive BoardUCITSA-Annex-I-1-2-1.8Current status as per commercial register at the loca- tion of the Management Company’s registered office:Amt für Justiz (AJU), 9490 Vaduz, LIECHTENSTEIN (LI)
- Information on other managed investment companies and/or investment fundsUCITSA-Annex-I-1-2-1.3Current status as per the register of the responsible supervisory authority at the location of the Manage- ment Company’s registered office:Finanzmarktaufsicht (FMA), 9490 Vaduz, LIECHTEN- STEIN (LI)
- Liability in respect of professional activitiesIn conformity with the applicable statutory provisions, the Management Company must have adequate capi- tal resources at its disposal in case its business activi- ties unavoidably give rise to damage for which the Management Company would be liable.
- Delegation of dutiesIn accordance with legal provisions, the Management Company may delegate some of its duties to third par- ties with a view to ensuring that its business is con- ducted more efficiently. Such delegation of duties will be regulated by an agreement concluded between the Management Company and the third party concerned.
- Conflicts of interest associated with the delegation of dutiesConflicts of interest may arise from the delegation of management functions to third parties, especially if one of those third parties is a company associated with the Management Company. | en | de |
DOLFIN7437 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les frais que vous payez en tant qu’investisseur du Fonds servent à couvrir les coûts d’exploitation du Fonds y compris les coûts de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de votre investissement.
Le montant des frais courants se fonde sur les chiffres de l’exercice clos le 31 décembre 2021.
Ce chiffre peut varier d’un exercice à l’autre et n’inclut pas les coûts detransaction du Fonds.
Aucune commission de performance ne sera exigée.
Pour en savoir plus sur les frais, veuillez vous reporter au prospectus du Fonds, disponible sur le site www.johcm.com.
Performances passées
17,5 %
Performances (en %)
15,0 %
12,5 %
10,0 %
7,5 %
5,0 %
2,5 %
0,0 %
Les performances passées ne constituent pas un indicateur fiable de la performance future.
16,3
Ces performances incluent les frais courants prélevés sur le Fonds, mais excluent les frais d’entrée que vous pourriez avoir à payer.
11,1
La catégorie d’actions a été créée en 2020.
Les performances passées ont été calculées en USD.
2017 2018 2019 2020 2021
JOHCM UK Growth Fund - Catégorie USD de non-distribution X
FTSE All Share TR Index
Informations pratiques
Dépositaire : RBC Investor Services Bank S.A., Succursale de Dublin
J O Hambro Capital Management Umbrella Fund Plc (la « Société ») est structurée sous la forme d’un fonds à compartiments multiples. L’actif et le passif du Fonds sont séparés de ceux des autres compartiments du fonds à compartiments multiples, mais d’autres pays ne reconnaîtront pas nécessairement cette séparation. Le prospectus et les rapports périodiques sont préparés pour la Société prise dans son ensemble. Ce document d’information clé pour l’investisseur ne concerne qu’une catégorie d’actions d’un compartiment de la Société.
Les informations qui suivent sont disponibles sans frais sur le site www.fundinfo.com :
- Le prospectus ainsi que les rapports annuels et semestriels. Des exemplaires imprimés de ces documents sont disponibles sur demande écrite au Gestionnaire des investissements ou à l’Agent administratif.
- Informations concernant les autres catégories d’actions de ce Fonds ou d’autres compartiments de la Société.
- Prix des actions. | Los gastos que usted soporta como inversor en el Fondo están destinados a sufragar los costes de funcionamiento del Fondo, incluidos los costes de comercialización y distribución. Estos gastos reducen el potencial de crecimiento de su inversión.
Los gastos corrientes están basados en las cifras correspondientes al ejercicio finalizado el 31 de diciembre de 2021.
Dicha cifra puede variar de un año a otro y no incluye los costes de operaciones del Fondo.
No se cobrará ninguna comisión de rentabilidad.
Para obtener más información sobre los gastos consulte el folleto del Fondo, disponible en www.johcm.com.
Rentabilidad histórica
17,5%
15,0%
Rentabilidad (%)
12,5%
10,0%
7,5%
5,0%
2,5%
0,0%
La rentabilidad histórica no constituye una indicación fiable de la rentabilidad futura.
11,1
16,3
Estos resultados de rentabilidad incluyen los gastos corrientes deducidos del Fondo, pero no incluyen los gastos de entrada que usted podría tener que abonar.
La clase de acciones se lanzó en 2020.
La rentabilidad histórica se ha calculado en USD.
2017 2018 2019 2020 2021
JOHCM UK Growth Fund - X en USD sin distribución
FTSE All Share TR Index
Información práctica
Depositario: RBC Investor Services Bank S.A., Sucursal de Dublín
J O Hambro Capital Management Umbrella Fund Plc (la «Sociedad») está organizada como un fondo paraguas con varios compartimentos. Los activos y pasivos del Fondo están segregados de otros compartimentos dentro del fondo paraguas; no obstante, es posible que otras jurisdicciones no reconozcan dicha segregación. El folleto y los informes periódicos se elaboran para el conjunto de la Sociedad. El presente Documento de datos fundamentales para el inversor hace referencia a una clase de acciones de un compartimento de la Sociedad.
La siguiente información está disponible de forma gratuita en www.johcm.com:
- El folleto y los informes anuales y semestrales. Puede solicitar por escrito copias impresas al Gestor de inversiones o al Administrador.
- Información sobre otras clases de acciones del Fondo u otros compartimentos de la Sociedad.
- Precio por acción. | Les frais que vous payez en tant qu’investisseur du Fonds servent à couvrir les coûts d’exploitation du Fonds y compris les coûts de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de votre investissement.
Le montant des frais courants se fonde sur les chiffres de l’exercice clos le 31 décembre 2021.
Ce chiffre peut varier d’un exercice à l’autre et n’inclut pas les coûts detransaction du Fonds.
Aucune commission de performance ne sera exigée.
Pour en savoir plus sur les frais, veuillez vous reporter au prospectus du Fonds, disponible sur le site www.johcm.com.
Performances passées
17,5 %
Performances (en %)
15,0 %
12,5 %
10,0 %
7,5 %
5,0 %
2,5 %
0,0 %
Les performances passées ne constituent pas un indicateur fiable de la performance future.
16,3
Ces performances incluent les frais courants prélevés sur le Fonds, mais excluent les frais d’entrée que vous pourriez avoir à payer.
11,1
La catégorie d’actions a été créée en 2020.
Les performances passées ont été calculées en USD.
2017 2018 2019 2020 2021
JOHCM UK Growth Fund - Catégorie USD de non-distribution X
FTSE All Share TR Index
Informations pratiques
Dépositaire : RBC Investor Services Bank S.A., Succursale de Dublin
J O Hambro Capital Management Umbrella Fund Plc (la « Société ») est structurée sous la forme d’un fonds à compartiments multiples. L’actif et le passif du Fonds sont séparés de ceux des autres compartiments du fonds à compartiments multiples, mais d’autres pays ne reconnaîtront pas nécessairement cette séparation. Le prospectus et les rapports périodiques sont préparés pour la Société prise dans son ensemble. Ce document d’information clé pour l’investisseur ne concerne qu’une catégorie d’actions d’un compartiment de la Société.
Les informations qui suivent sont disponibles sans frais sur le site www.fundinfo.com :
- Le prospectus ainsi que les rapports annuels et semestriels. Des exemplaires imprimés de ces documents sont disponibles sur demande écrite au Gestionnaire des investissements ou à l’Agent administratif.
- Informations concernant les autres catégories d’actions de ce Fonds ou d’autres compartiments de la Société.
- Prix des actions. | fr | es |
DOLFIN7438 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Scenarios | If you exit after 1 year If you exit after 3 years (recommended holding period) |
| --- | --- |
| Stress scenario | What you might get back after costs | GBP 6,650 | GBP 9,050 |
| Average return each year | -33.5% | -3.3% |
| Unfavourable scenario | What you might get back after costs | GBP 9,900 | GBP 10,270 |
| Average return each year | -1.0% | 0.9% |
| Moderate scenario | What you might get back after costs | GBP 10,360 | GBP 11,100 |
| Average return each year | 3.6% | 3.5% |
| Favourable scenario | What you might get back after costs | GBP 10,800 | GBP 11,940 |
| Average return each year | 8.0% | 6.1% | | | Escenarios | En caso de salida después de 1 año En caso de salida después de 3 años (período de mantenimiento recomendado) |
| --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 6.650 GBP | 9.050 GBP |
| Rendimiento medio cada año | -33,5% | -3,3% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 9.900 GBP | 10.270 GBP |
| Rendimiento medio cada año | -1,0% | 0,9% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10.360 GBP | 11.100 GBP |
| Rendimiento medio cada año | 3,6% | 3,5% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 10.800 GBP | 11.940 GBP |
| Rendimiento medio cada año | 8,0% | 6,1% | | | Scenarios | If you exit after 1 year If you exit after 3 years (recommended holding period) |
| --- | --- |
| Stress scenario | What you might get back after costs | GBP 6,650 | GBP 9,050 |
| Average return each year | -33.5% | -3.3% |
| Unfavourable scenario | What you might get back after costs | GBP 9,900 | GBP 10,270 |
| Average return each year | -1.0% | 0.9% |
| Moderate scenario | What you might get back after costs | GBP 10,360 | GBP 11,100 |
| Average return each year | 3.6% | 3.5% |
| Favourable scenario | What you might get back after costs | GBP 10,800 | GBP 11,940 |
| Average return each year | 8.0% | 6.1% | | en | es |
DOLFIN7439 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Depositary has established a functional, hierarchical and/or contractual separation between the performance of its depositary bank functions and the performance of other tasks on behalf of the SICAV, in particular its administrative agent and registrar services.
The SICAV and the Depositary may terminate the Depositary Bank Agreement at any time with written notice of ninety (90) days. The SICAV may only dismiss the Depositary, however, if a new depositary bank is appointed within two months to perform the functions and responsibilities of the depositary bank. Once dismissed, the Depositary may continue to discharge its functions and responsibilities until all the assets of the sub-fund have been transferred to the new depositary bank.
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# Investment objectives | Il Depositario ha attuato una separazione funzionale, gerarchica e/o contrattuale tra l'assolvimento delle sue funzioni di banca depositaria e l'assolvimento di altri compiti per conto della SICAV, in particolare la prestazione di servizi di agente amministrativo e di agente per le attività di custodia dei registri.
La SICAV e il Depositario possono risolvere il Contratto di Banca Depositaria in qualsiasi momento con un preavviso scritto di novanta (90) giorni. Tuttavia, la SICAV può sollevare il Depositario dalle sue funzioni unicamente se un nuovo depositario viene nominato entro due mesi per riprendere le funzioni e responsabilità di banca depositaria. Una volta sollevato dall'incarico, il Depositario deve continuare ad assolvere le sue funzioni e responsabilità fino quando la totalità degli attivi è stata trasferita alla nuova banca depositaria.
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# Obiettivi di investimento | The Depositary has established a functional, hierarchical and/or contractual separation between the performance of its depositary bank functions and the performance of other tasks on behalf of the SICAV, in particular its administrative agent and registrar services.
The SICAV and the Depositary may terminate the Depositary Bank Agreement at any time with written notice of ninety (90) days. The SICAV may only dismiss the Depositary, however, if a new depositary bank is appointed within two months to perform the functions and responsibilities of the depositary bank. Once dismissed, the Depositary may continue to discharge its functions and responsibilities until all the assets of the sub-fund have been transferred to the new depositary bank.
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# Investment objectives | en | it |
DOLFIN7440 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Under the law of the Principality of Liechtenstein the constituent documents (By-Laws including Annex A, “Sub-fund summary”) are subject to approval by the FMA. Such approval relates only to information pertaining to the implementation of the provisions of the UCITSA. For this reason, the information based on foreign law given in the Annexes (where applicable) is not subject to examination by the FMA and is not covered by any approval granted.
The Annexes give country-specific information regarding distribution for the following individual countries:
The UCITS is authorised for public distribution / sale to non-qualified investors in the following countries in addition to the Principality of Liechtenstein:
- ItalyIn addition, the UCITS is authorised for sale to qualified investors in the following countries:
- SwitzerlandDetails are given in Annex C, “Country-specific information regarding distribution”. | Nach geltendem Recht im Fürstentum Liechtenstein werden die konstituierenden Dokumente (Satzung inklusive Anhang A „Teilfonds im Überblick“) durch die FMA genehmigt. Diese Genehmigung bezieht sich nur auf Angaben, welche die Umsetzung der Bestimmungen des UCITSG betreffen. Aus diesem Grund sind die in allfälligen Anhängen auf ausländischem Recht basierenden Informationen nicht Gegenstand der Prüfung durch die FMA und sind von der Genehmigung ausgeschlossen.
Für folgende Länder sind in Anhängen spezifische Informationen für einzelne Vertriebsländer geregelt:
Der OGAW ist ausser im Fürstentum Liechtenstein noch in folgenden Ländern zum öffentlichen Vertrieb / Vertrieb an nicht qualifizierte Anleger zugelassen:
- ItalienDer OGAW ist ausserdem noch in folgenden Ländern zum Vertrieb an qualifizierte Anleger zugelassen:
- SchweizDetails sind in Anhang C „Spezifische Informationen für einzelne Vertriebsländer“ geregelt. | Under the law of the Principality of Liechtenstein the constituent documents (By-Laws including Annex A, “Sub-fund summary”) are subject to approval by the FMA. Such approval relates only to information pertaining to the implementation of the provisions of the UCITSA. For this reason, the information based on foreign law given in the Annexes (where applicable) is not subject to examination by the FMA and is not covered by any approval granted.
The Annexes give country-specific information regarding distribution for the following individual countries:
The UCITS is authorised for public distribution / sale to non-qualified investors in the following countries in addition to the Principality of Liechtenstein:
- ItalyIn addition, the UCITS is authorised for sale to qualified investors in the following countries:
- SwitzerlandDetails are given in Annex C, “Country-specific information regarding distribution”. | en | de |
DOLFIN7441 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Derivatives may involve a number of associated risks such as leverage, liquidity, counterparty, market and operational risks.
- - Impact of inflation:The UCITS may be exposed to the risk associated with inflation, i.e. the general rise in prices.
- - Risks related to securities financing transactions and risks related to the management of financial guarantees:These transactions and the collateral received on them could create risks for the UCITS, such as (i) counterparty risk (as described above), (ii) legal risk, (iii) custody risk, (iv) liquidity risk (i.e. the risk resulting from the difficulty of purchasing, selling, terminating or valuing a security or transaction because of the lack of buyers, sellers or counterparties) and, where applicable, (v) risks linked to the reuse of collateral (i.e. mainly the risk that the collateral posted by the UCITS will not be returned to it, e.g. as a result of the default of the counterparty).
- - Risks linked to investments in a single entity:Risk resulting from the concentration of investments made by the UCITS on certain issuers and which may lead to a fall in the net asset value when these issuers present a risk of loss in value or default.
- - Currency risk (residual):The UCITS may invest in foreign securities, i.e. securities denominated in currencies other than the reference currency.
Consequently, the UCITS may be subject to currency risk through its intervention on international markets (outside the euro zone) when these investments and/or exposures are not fully hedged or when currency hedging is not perfect.
- ESG Risk:The inclusion of ESG criteria and sustainability in the investment process may exclude securities of certain issuers for reasons other than investment and therefore certain market opportunities available for funds that do not use ESG or sustainability criteria may not be available to the UCITS, and the performance of the UCITS may sometimes be better or worse than that of comparable funds that do not use ESG or sustainability criteria. In part, the selection of assets may be based on an ESG rating process or on ‘ban list’ that is partly based on third party data. The lack of common or harmonised definitions and labels integrating ESG and sustainability criteria at EU level may result in different approaches by managers when setting ESG objectives and determining that these objectives have been met by the funds they manage. This also means that it may be difficult to compare strategies integrating ESG and sustainability criteria to the extent that the selection and weightings applied to select investments may to a certain extent be subjective or based on metrics that may share the same name but have different underlying meanings.
Investors should note that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Investment Manager’s methodology. The lack of harmonised definitions may also potentially result in certain investments not benefitting from preferential tax treatments or credits because ESG criteria are assessed differently than initially thought.
- Integration of sustainability risks in the investment decision making process:The sustainability risk is an event or situation in the environmental, social or governance field that, if it occurs, could have a significant negative impact, real or potential, on the value of the investment in the UCITS.
The UCITS uses a sustainability risk approach that results from significant integration of ESG (environment, social and governance) criteria in the research and investment process. The UCITS has set up a framework for integrating sustainability risks into investment decisions based on sustainability factors (or ‘ESG factors,’ hereinafter) which is based in particular on sectoral and normative exclusions and an ESG rating methodology. | # Los derivados pueden conllevar una serie de riesgos asociados, como el apalancamiento, la liquidez, la contraparte, el mercado y los riesgos operativos.
- - Consecuencias de la inflación:El OICVM podrá estar expuesto al riesgo vinculado a la inflación, es decir, al aumento general de los precios.
- - Riesgos vinculados a las operaciones de financiación con valores y riesgos vinculados a la gestión de garantías financieras:Dichas operaciones y garantías relacionadas con ellas pueden generar riesgos para el OICVM, como por ejemplo (i) el riesgo de contraparte (según se describe anteriormente), (ii) el riesgo jurídico, (iii) el riesgo de custodia, (iv) el riesgo de liquidez (es decir, el riesgo resultante de la dificultad de comprar, vender, rescindir o valorar un título o una transacción debido a la falta de compradores, vendedores, o contrapartes) y, en su caso, (v) los riesgos relacionados con la reutilización de las garantías (es decir, principalmente el riesgo de que no se le devuelvan las garantías financieras entregadas por el OICVM, por ejemplo, a raíz del incumplimiento de la contraparte).
- - Riesgos inherentes a las inversiones en una misma entidad:Riesgo resultante de la concentración de las inversiones realizadas por el OICVM en determinados emisores y que pueden conllevar una disminución del valor liquidativo cuando dichos emisores presentan concretamente un riesgo de pérdida de valor o de impago.
- - Riesgo de cambio (residual):El OICVM podrá invertir en valores extranjeros, es decir, títulos denominados en divisas distintas de la divisa de referencia.
Por lo tanto, el OICVM puede estar sujeto al riesgo de cambio por su intervención en los mercados internacionales (fuera de la zona euro) cuando dichas inversiones y/o exposiciones no se cubren íntegramente o cuando no se han perfeccionado las coberturas de divisas.
- Riesgo vinculado a los criterios ESG:La integración de los criterios ASG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por motivos distintos de la inversión y, en consecuencia, ciertas oportunidades de mercado disponibles para los fondos que no utilizan los criterios ASG o de sostenibilidad pueden no estar disponibles para el OICVM, y en ocasiones la rentabilidad del OICVM puede ser mejor o peor que la de fondos comparables que no utilizan los criterios ESG o de sostenibilidad. La selección de activos puede basarse en parte en un proceso de calificación ESG o en listas de exclusión ("banlist") que se basan en parte en datos de terceros. La ausencia de definiciones y etiquetas comunes o armonizadas que incorporen los criterios ASG y de sostenibilidad a nivel de la UE puede llevar a los gestores a adoptar enfoques diferentes a la hora de definir los objetivos ASG y determinar que dichos objetivos han sido alcanzados por los fondos que gestionan. También significa que puede resultar difícil comparar estrategias que incorporan criterios ASG y de sostenibilidad, ya que la selección y las ponderaciones que se aplican a las inversiones seleccionadas pueden ser, hasta cierto punto, subjetivas o basadas en indicadores que pueden apostar por el mismo nombre, pero con distintos significados subyacentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden o no asignar a ciertos tipos de criterios ASG puede diferir sustancialmente de la metodología del gestor de inversiones. La falta de definiciones armonizadas puede también tener como consecuencia que algunas inversiones no se beneficien de regímenes fiscales preferenciales o de créditos, ya que los criterios ESG se valoran de manera diferente a la prevista inicialmente.
- Integración de los riesgos de sostenibilidad en el proceso de toma de decisiones de inversión:El riesgo de sostenibilidad es un acontecimiento o una situación medioambiental, social o de gobernanza que, de producirse, podría perjudicar considerablemente, ya sea real o potencial, el valor de la inversión en el OICVM.
El OICVM utiliza un enfoque de los riesgos en materia de sostenibilidad que se deriva de una integración importante de los criterios ESG (medioambiental, social y gobierno corporativo) en el proceso de investigación e inversión. El OICVM ha establecido un marco para integrar los riesgos de sostenibilidad en las decisiones de inversión basado en factores de sostenibilidad (o "factores ESG", en lo sucesivo) que se basa principalmente en exclusiones sectoriales y normativas y en una metodología de calificación ESG. | # Derivatives may involve a number of associated risks such as leverage, liquidity, counterparty, market and operational risks.
- - Impact of inflation:The UCITS may be exposed to the risk associated with inflation, i.e. the general rise in prices.
- - Risks related to securities financing transactions and risks related to the management of financial guarantees:These transactions and the collateral received on them could create risks for the UCITS, such as (i) counterparty risk (as described above), (ii) legal risk, (iii) custody risk, (iv) liquidity risk (i.e. the risk resulting from the difficulty of purchasing, selling, terminating or valuing a security or transaction because of the lack of buyers, sellers or counterparties) and, where applicable, (v) risks linked to the reuse of collateral (i.e. mainly the risk that the collateral posted by the UCITS will not be returned to it, e.g. as a result of the default of the counterparty).
- - Risks linked to investments in a single entity:Risk resulting from the concentration of investments made by the UCITS on certain issuers and which may lead to a fall in the net asset value when these issuers present a risk of loss in value or default.
- - Currency risk (residual):The UCITS may invest in foreign securities, i.e. securities denominated in currencies other than the reference currency.
Consequently, the UCITS may be subject to currency risk through its intervention on international markets (outside the euro zone) when these investments and/or exposures are not fully hedged or when currency hedging is not perfect.
- ESG Risk:The inclusion of ESG criteria and sustainability in the investment process may exclude securities of certain issuers for reasons other than investment and therefore certain market opportunities available for funds that do not use ESG or sustainability criteria may not be available to the UCITS, and the performance of the UCITS may sometimes be better or worse than that of comparable funds that do not use ESG or sustainability criteria. In part, the selection of assets may be based on an ESG rating process or on ‘ban list’ that is partly based on third party data. The lack of common or harmonised definitions and labels integrating ESG and sustainability criteria at EU level may result in different approaches by managers when setting ESG objectives and determining that these objectives have been met by the funds they manage. This also means that it may be difficult to compare strategies integrating ESG and sustainability criteria to the extent that the selection and weightings applied to select investments may to a certain extent be subjective or based on metrics that may share the same name but have different underlying meanings.
Investors should note that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Investment Manager’s methodology. The lack of harmonised definitions may also potentially result in certain investments not benefitting from preferential tax treatments or credits because ESG criteria are assessed differently than initially thought.
- Integration of sustainability risks in the investment decision making process:The sustainability risk is an event or situation in the environmental, social or governance field that, if it occurs, could have a significant negative impact, real or potential, on the value of the investment in the UCITS.
The UCITS uses a sustainability risk approach that results from significant integration of ESG (environment, social and governance) criteria in the research and investment process. The UCITS has set up a framework for integrating sustainability risks into investment decisions based on sustainability factors (or ‘ESG factors,’ hereinafter) which is based in particular on sectoral and normative exclusions and an ESG rating methodology. | en | es |
DOLFIN7442 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### The investment objective of the Fund is to track the performance of large sized U.S. financial companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Financials Select Sector Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Financials Select Sector Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
Background to the Company (continued)
INVESTMENT OBJECTIVE (continued)
SPDR S&P U.S. Health Care Select Sector UCITS ETF | ###### Das Anlageziel des Teilfonds ist die Nachbildung der Wertentwicklung von großen US-amerikanischen Unternehmen im Finanzsektor im S&P 500 Index. Die Anlagepolitik des Fonds ist es, die Wertentwicklung des S&P Financials Select Sector Index (oder eines anderen vom Verwaltungsrat von Zeit zu Zeit festgelegten Index, der im Wesentlichen denselben Markt nachbildet wie der S&P Financials Select Sector Index und vom Verwaltungsrat als ein geeigneter Index für die Nachbildungsziele des Fonds gemäß Prospekt betrachtet wird) (der „Index“) so genau wie möglich nachzubilden und dabei so weit wie möglich die Tracking Difference zwischen der Wertentwicklung des Fonds und der Index-Wertentwicklung zu minimieren.
Hintergrund der Gesellschaft (Fortsetzung)
ANLAGEZIEL (Fortsetzung)
SPDR S&P U.S. Health Care Select Sector UCITS ETF | ##### The investment objective of the Fund is to track the performance of large sized U.S. financial companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Financials Select Sector Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Financials Select Sector Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
Background to the Company (continued)
INVESTMENT OBJECTIVE (continued)
SPDR S&P U.S. Health Care Select Sector UCITS ETF | en | de |
DOLFIN7443 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Conflicts of Interest
The Management Company, the Central Administration Agent and the Depositary are part of Credit Suisse Group AG (the "Affiliated Person").
The Affiliated Person is a worldwide, full-service private banking, investment banking, asset management and financial services organization and a major participant in the global financial markets. As such, the Affiliated Person is active in various business activities and may have other direct or indirect interests in the financial markets in which the Investment Company invests. The Investment Company will not be entitled to compensation related to such business activities.
The Management Company is not prohibited to enter into any transactions with the Affiliated Person, provided that such transactions are carried out as if effected on normal commercial terms negotiated at arm's length. In such case, in addition to the management fees the Management Company earns for managing the Investment Company, it may also have an arrangement with the issuer, dealer and/or distributor of any products entitling it to a share in the revenue from such products that it purchases on behalf of the Investment Company.
Moreover, the Management Company is not prohibited to purchase or to provide advice to purchase any products on behalf of the Investment Company where the issuer, dealer and/or distributor of such products is part of the Affiliated Person provided that such transactions are carried out in the best interest of the Investment Company as if effected on normal commercial terms negotiated at arm's length. Entities of the Affiliated Person act as counterparty and in respect of financial derivative contracts entered into by the Investment Company.
Potential conflicts of interest or duties may arise because the Affiliated Person may have invested directly or indirectly in the Investment Company. The Affiliated Person could hold a relatively large proportion of shares in the Investment Company.
Potential conflicts of interest may also arise out of integration of Sustainability Risks (as defined in sub-section 8 of the sub-funds) into Partners Group's processes, systems and internal controls. Those conflicts of interest may include conflicts arising from remuneration or personal transactions of staff involved into the investment-decision process, conflicts of interest that could give rise to greenwashing, mis-selling or misrepresentation of investment strategies and conflicts of interest between different investment vehicles managed by Partners Group.
Employees and directors of the Affiliated Person may hold shares in the Investment Company. Employees of the Affiliated Person are bound by the terms of the respective policy on personal transactions and conflicts of interest applicable to them.
In the conduct of its business the Management Company and the Affiliated Person's policy is to identify, manage and where necessary prohibit any action or transaction that may pose a conflict between the interests of the Affiliated Persons' various business activities and the Investment Company or its investors. The Affiliated Person, as well as the Management Company strive to manage any conflicts in a manner consistent with the highest standards of integrity and fair dealing. For this purpose, both have implemented procedures that shall ensure that any business activities involving a conflict which may harm the interests of the Investment Company or its investors, are carried out with an appropriate level of independence and that any conflicts are resolved fairly.
Such procedures include, but are not limited to the following:
- Procedure to prevent or control the exchange of information between entities of the Affiliated Person;
- Procedure to ensure that any voting rights attached to the Investment Company's assets are exercised in the sole interests of the Investment Company and its investors;
- Procedures to ensure that any investment activities on behalf of the Investment Company are executed in accordance with the highest ethical standards and in the interests of the Investment Company and its investors;
- Procedure on management of conflicts of interest. | ### Interessenkonflikte
Die Verwaltungsgesellschaft, die Zentralverwaltungsstelle und die Depotbank sind Teil der Credit Suisse Group AG («verbundene Person»).
Die verbundene Person ist eine weltweit tätige Full-Service-Organisation im Bereich Private Banking, Investment Banking, Vermögensverwaltung und Finanzdienstleistungen und ein wichtiger Teilnehmer auf den weltweiten Finanzmärkten. Als solche ist die verbundene Person in verschiedenen Geschäftsfeldern tätig und hat möglicherweise direkte oder indirekte Interessen in den Finanzmärkten, in denen die Investmentgesellschaft investiert. Die Investmentgesellschaft hat keinen Anspruch auf eine Entschädigung in Bezug auf diese Geschäftstätigkeiten.
Der Verwaltungsgesellschaft ist es nicht untersagt, Geschäfte mit der verbundenen Person abzuschliessen, sofern diese Geschäfte nach den normalen geschäftlichen Bedingungen zu Marktkonditionen erfolgen. Neben den Verwaltungsgebühren für die Verwaltung der Investmentgesellschaft, die die Verwaltungsgesellschaft erhält, hat diese im vorliegenden Fall möglicherweise zusätzlich eine Vereinbarung mit dem Emittenten, Händler und/oder der Vertriebsstelle für die Produkte geschlossen, nach der sie am Gewinn dieser Produkte, die sie für die Investmentgesellschaft erwerben, beteiligt werden.
Zudem ist es der Verwaltungsgesellschaft nicht untersagt, Beratungsleistungen für den Kauf von Produkten für die Investmentgesellschaft zu erwerben oder zu erbringen, deren Emittent, Händler und/oder Vertriebsstellen zur verbundenen Person gehören, sofern diese Geschäfte im besten Interesse der Investmentgesellschaft gemäss den normalen geschäftlichen Bedingungen zu Marktkonditionen abgewickelt werden. Einheiten der verbundenen Person agieren möglicherweise als Gegenpartei und als Berechnungsstelle für Derivatkontrakte, die von der Gesellschaft abgeschlossen werden.
Es können potenzielle Interessenkonflikte oder Konflikte zwischen den Pflichten auftreten, da die verbundene Person möglicherweise mittelbar oder unmittelbar in die Investmentgesellschaft investiert hat. Die verbundene Person kann einen relativ grossen Teil der Aktien der Investmentgesellschaft halten.
Potenzielle Interessenkonflikte können sich auch aus der Integration von Nachhaltigkeitsrisiken (wie in Unterabschnitt 8 der Subfonds definiert) in die Prozesse, Systeme und internen Kontrollen von Partners Group ergeben. Dazu zählen unter anderem Interessenkonflikte, die sich aus der Vergütung oder persönlichen Geschäften des an den Anlageentscheidungen beteiligten Personals ergeben, Interessenkonflikte, die zu Greenwashing, Mis- Selling oder einer Fehldarstellung von Anlagestrategien führen könnten, sowie Interessenkonflikte zwischen verschiedenen von Partners Group verwalteten Anlagevehikeln.
Mitarbeiter und Direktoren der verbundenen Person können Aktien an der Investmentgesellschaft halten. Mitarbeiter der verbundenen Person sind an die Bestimmungen der für sie geltenden Richtlinie zu persönlichen Geschäften und Interessenkonflikten gebunden.
Im Rahmen der Ausübung ihrer Tätigkeit ist ein Grundsatz der Verwaltungsgesellschaft und der verbundenen Person, gegebenenfalls jede Massnahme oder Transaktion zu ermitteln, verwalten und untersagen, die einen Konflikt zwischen den Interessen der verschiedenen Geschäftstätigkeiten der verbundenen Person und der Investmentgesellschaft bzw. ihrer Anleger darstellen könnte. Die verbundene Person sowie die Verwaltungsgesellschaft bemühen sich, etwaige Konflikte konsistent nach den höchsten Standards in Bezug auf Integrität und Redlichkeit zu lösen. Zu diesem Zweck haben beide Verfahren eingeführt, mit denen sichergestellt wird, dass alle Geschäftstätigkeiten, bei denen ein Konflikt besteht, der den Interessen der Investmentgesellschaft oder ihrer Anleger abträglich sein könnte, mit einem angemessenen Grad an Unabhängigkeit ausgeführt werden und etwaige Konflikte fair beigelegt werden.
Zu diesen Verfahren gehören unter anderem:
- Verfahren zur Verhinderung oder Kontrolle eines Informationsaustausches zwischen Einheiten der verbundenen Person,
- Verfahren zur Sicherstellung, dass etwaige mit dem Vermögen der Investmentgesellschaft verbundenen Stimmrechte im ausschliesslichen Interesse der Investmentgesellschaft und ihrer Anleger ausgeübt werden;
- Verfahren zur Sicherstellung, dass Anlagegeschäfte für die Investmentgesellschaft gemäss den höchsten ethischen Standards und im Interesse der Investmentgesellschaft und ihrer Anleger durchgeführt werden;
- Verfahren für das Management von Interessenkonflikten. | ### Conflicts of Interest
The Management Company, the Central Administration Agent and the Depositary are part of Credit Suisse Group AG (the "Affiliated Person").
The Affiliated Person is a worldwide, full-service private banking, investment banking, asset management and financial services organization and a major participant in the global financial markets. As such, the Affiliated Person is active in various business activities and may have other direct or indirect interests in the financial markets in which the Investment Company invests. The Investment Company will not be entitled to compensation related to such business activities.
The Management Company is not prohibited to enter into any transactions with the Affiliated Person, provided that such transactions are carried out as if effected on normal commercial terms negotiated at arm's length. In such case, in addition to the management fees the Management Company earns for managing the Investment Company, it may also have an arrangement with the issuer, dealer and/or distributor of any products entitling it to a share in the revenue from such products that it purchases on behalf of the Investment Company.
Moreover, the Management Company is not prohibited to purchase or to provide advice to purchase any products on behalf of the Investment Company where the issuer, dealer and/or distributor of such products is part of the Affiliated Person provided that such transactions are carried out in the best interest of the Investment Company as if effected on normal commercial terms negotiated at arm's length. Entities of the Affiliated Person act as counterparty and in respect of financial derivative contracts entered into by the Investment Company.
Potential conflicts of interest or duties may arise because the Affiliated Person may have invested directly or indirectly in the Investment Company. The Affiliated Person could hold a relatively large proportion of shares in the Investment Company.
Potential conflicts of interest may also arise out of integration of Sustainability Risks (as defined in sub-section 8 of the sub-funds) into Partners Group's processes, systems and internal controls. Those conflicts of interest may include conflicts arising from remuneration or personal transactions of staff involved into the investment-decision process, conflicts of interest that could give rise to greenwashing, mis-selling or misrepresentation of investment strategies and conflicts of interest between different investment vehicles managed by Partners Group.
Employees and directors of the Affiliated Person may hold shares in the Investment Company. Employees of the Affiliated Person are bound by the terms of the respective policy on personal transactions and conflicts of interest applicable to them.
In the conduct of its business the Management Company and the Affiliated Person's policy is to identify, manage and where necessary prohibit any action or transaction that may pose a conflict between the interests of the Affiliated Persons' various business activities and the Investment Company or its investors. The Affiliated Person, as well as the Management Company strive to manage any conflicts in a manner consistent with the highest standards of integrity and fair dealing. For this purpose, both have implemented procedures that shall ensure that any business activities involving a conflict which may harm the interests of the Investment Company or its investors, are carried out with an appropriate level of independence and that any conflicts are resolved fairly.
Such procedures include, but are not limited to the following:
- Procedure to prevent or control the exchange of information between entities of the Affiliated Person;
- Procedure to ensure that any voting rights attached to the Investment Company's assets are exercised in the sole interests of the Investment Company and its investors;
- Procedures to ensure that any investment activities on behalf of the Investment Company are executed in accordance with the highest ethical standards and in the interests of the Investment Company and its investors;
- Procedure on management of conflicts of interest. | en | de |
DOLFIN7444 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Policy Review
There were two reasons the fund behaved as it did: what it held and what it did not hold. The fund’s holdings are typically, high- quality growth businesses whose earnings are not tied to domestic European economies. The earnings from the likes of bioscience and technology-utilising companies, where the fund has meaningful exposure, were seen as more reliable and thus prized more highly than economically sensitive businesses like airlines, travel operators and retailers. The latter are areas where the fund has little or no exposure.
Returns were also helped by holding no oil & gas companies and no traditional banks. The former suffered a double blow from a deliberate oversupply of oil by Saudi Arabia at a time when the demand for fuel fell sharply as so many vehicles and aircraft were mothballed by the lockdown. Traditional banks suffered from a combination of lower interest rates (which squeezed profit margins), a directive to suspend dividends and expectations that the economic contraction would trigger a rise in bad debts. | ## Analyse de la politique d’investissement
Deux raisons expliquent le comportement du compartiment : ce qu'il détenait en portefeuille et ce qu'il n'y détenait pas. Les participations du compartiment sont typiquement des valeurs de croissance de qualité supérieure dont les résultats ne sont pas liés aux économies euro- péennes domestiques. Les résultats des sociétés axées sur les sciences biologiques et la technologie, auxquelles le fonds est largement exposé, ont été perçues comme plus fiables et donc plus fortement valorisés que des activités plus sensibles au cycle économique comme les compa- gnies aériennes, les opérateurs de voyage et le commerce de détail. Le fonds n'est que peu, voire pas, exposé à ces derniers secteurs.
Les résultats ont également été soutenus par l'absence en portefeuille de sociétés pétrolières et gazières et de banques traditionnelles. Les premières ont subi un double revers : la mise sur le marché délibérée par l'Arabie Saoudite d'une offre surabondante de pétrole au moment même où la demande s'écroulait puisque la plupart des véhicules et avions étaient immobilisés du fait du confinement. Les banques tradi- tionnelles ont subi une combinaison de facteurs : baisse des taux d'in- térêt (qui ont comprimé leurs marges bénéficiaires), directive de sus- pension de leurs dividendes et anticipation d'une hausse des créances douteuses du fait de la crise économique. | ## Policy Review
There were two reasons the fund behaved as it did: what it held and what it did not hold. The fund’s holdings are typically, high- quality growth businesses whose earnings are not tied to domestic European economies. The earnings from the likes of bioscience and technology-utilising companies, where the fund has meaningful exposure, were seen as more reliable and thus prized more highly than economically sensitive businesses like airlines, travel operators and retailers. The latter are areas where the fund has little or no exposure.
Returns were also helped by holding no oil & gas companies and no traditional banks. The former suffered a double blow from a deliberate oversupply of oil by Saudi Arabia at a time when the demand for fuel fell sharply as so many vehicles and aircraft were mothballed by the lockdown. Traditional banks suffered from a combination of lower interest rates (which squeezed profit margins), a directive to suspend dividends and expectations that the economic contraction would trigger a rise in bad debts. | en | fr |
DOLFIN7445 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d'entrée | 0.00% |
| Frais de sortie | 0.00% |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi / avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 0.96% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance | 20.00 % par an de tout rendement réalisé par la catégorie supérieur à celui de l’indice de référence, le JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified. Veuillez noter qu’une commission de performance est susceptible d’être facturée, et ce même si la performance de la catégorie est négative, dès lors que la performance de la catégorie est supérieure à la performance de l’indice de référence sur la période de calcul. Pour la période de 12 mois clôturée le 31 octobre 2021, la commission de performance prélevée s'élevait à 0.00 % de la valeur nette d'inventaire moyenne de la catégorie d'actions. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 0.00% |
| Gastos de salida | 0.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 0.96% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20.00 % al año de cualquier rentabilidad que la clase alcance por encima del índice de referencia, el JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified. Tenga en cuenta que puede cobrarse una comisión de rentabilidad incluso si la rentabilidad de la clase es negativa, siempre que sea superior a la del índice durante el periodo de cálculo. Durante los 12 meses finalizados el 31 de octubre de 2021, la comisión real de rentabilidad fue de 0.00% del valor liquidativo medio de la clase de acciones. | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d'entrée | 0.00% |
| Frais de sortie | 0.00% |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi / avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 0.96% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance | 20.00 % par an de tout rendement réalisé par la catégorie supérieur à celui de l’indice de référence, le JP Morgan Corporate Emerging Market Bond Index (CEMBI) Diversified. Veuillez noter qu’une commission de performance est susceptible d’être facturée, et ce même si la performance de la catégorie est négative, dès lors que la performance de la catégorie est supérieure à la performance de l’indice de référence sur la période de calcul. Pour la période de 12 mois clôturée le 31 octobre 2021, la commission de performance prélevée s'élevait à 0.00 % de la valeur nette d'inventaire moyenne de la catégorie d'actions. | | fr | es |
DOLFIN7446 | 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%, normally 75% in shares of companies in countries which are members of the Economic and Monetary Union (EMU) and denominated in Euro.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in shares of companies that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time. In addition, the Investment Manager will exclude investment in issuers with a MSCI ESG rating below ‘’A’’, having exposure to adult entertainment, gambling, uranium mining, nuclear power plant operators or producers of key nuclear- specific products, the nuclear power industry, coal mining, oil sands, fracking, fossil fuel extraction, coalfired power generation, or with high carbon intensity (over 500 tonnes of CO2 per $1m sales, Scope 1 & 2).
- 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.
- 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 will aim to have a lower carbon footprint compared to that of the MSCI EMU Index (Net) (the ‘‘Index’’).
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the Index as the Index constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager references the Index for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Index and do not imply that the fund will invest in the Index’s constituents. Where the fund invests in securities that are included in the Index, its allocation to those securities is likely to differ from the Index allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Index in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Index. However, over short time periods, the fund’s performance may be close to the Index, depending on market conditions.
- The fund’s performance can be compared to the Index.
- Income earned by the fund is accumulated in the share price.
- 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 fondo invertirá al menos el 70 %, normalmente el 75 %, en acciones de empresas de países miembros de la Unión Económica y Monetaria (UEM) denominadas en euros.
- El Subfondo sigue una estrategia centrada en la sostenibilidad en virtud de la cual, como mínimo un 70 % de su patrimonio neto se invertirá en acciones de empresas que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- Tendrá siempre en cuenta un amplio abanico de características medioambientales y sociales, como la mitigación del cambio climático y la adaptación al mismo, la gestión del agua y los residuos, la biodiversidad, la seguridad de los productos, la cadena de suministro, la salud y seguridad y los Derechos Humanos. El Subfondo trata de promocionar estas características adhiriéndose al Marco de la Familia Sostenible de Fidelity.
- El Subfondo se ciñe a un marco de exclusión por principios que incluye el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones. Además, el Gestor de Inversiones excluirá la inversión en aquellos sectores con una calificación ESG de MSCI inferior a A, expuestos al entretenimiento para adultos, el juego, la extracción de uranio, la gestión de centrales nucleares o la producción de energía nuclear, o productos nucleares clave concretos, la energía nuclear, la minería de carbón, las arenas bituminosas, el fracking, la extracción de combustibles fósiles o la generación de energía en centrales de carbón, o con alta intensidad de carbono (más de 500 toneladas de CO2 por cada millón de dólares en ventas, emisiones de alcance 1 y 2).
- 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.
- 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 tiene como objetivo contar con una huella de carbono inferior a la del MSCI EMU Index (Net) (el «Índice»).
- El Subfondo se gestiona de forma 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 Índice, ya que las empresas que forman parte de dicho Índice representan el tipo de empresas en el que invierte el Subfondo. Al supervisar el riesgo, el Gestor de Inversiones se remite al Índice para establecer directrices internas. Dichas directrices representan niveles generales de exposición en relación con el Índice y no suponen que el Subfondo invierta en aquellas empresas que lo componen. Cuando el Subfondo invierte en valores que forman parte del Índice, es probable que su asignación a los mismos sea distinta a la del Índice. El Gestor de Inversiones dispone de un amplio margen de libertad con respecto a la selección de inversiones y puede invertir en empresas, sectores, países y valores no incluidos en el Índice para aprovechar las oportunidades de inversión. Se espera que la rentabilidad del Subfondo sea distinta a la del Índice durante periodos de tiempo prolongados. Sin embargo, habrá periodos de tiempo cortos en los que la rentabilidad del Subfondo será parecida a la del Índice, en función de las condiciones del mercado.
- La rentabilidad del Subfondo puede compararse con la del Índice.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- 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%, normally 75% in shares of companies in countries which are members of the Economic and Monetary Union (EMU) and denominated in Euro.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in shares of companies that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time. In addition, the Investment Manager will exclude investment in issuers with a MSCI ESG rating below ‘’A’’, having exposure to adult entertainment, gambling, uranium mining, nuclear power plant operators or producers of key nuclear- specific products, the nuclear power industry, coal mining, oil sands, fracking, fossil fuel extraction, coalfired power generation, or with high carbon intensity (over 500 tonnes of CO2 per $1m sales, Scope 1 & 2).
- 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.
- 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 will aim to have a lower carbon footprint compared to that of the MSCI EMU Index (Net) (the ‘‘Index’’).
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the Index as the Index constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager references the Index for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Index and do not imply that the fund will invest in the Index’s constituents. Where the fund invests in securities that are included in the Index, its allocation to those securities is likely to differ from the Index allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Index in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Index. However, over short time periods, the fund’s performance may be close to the Index, depending on market conditions.
- The fund’s performance can be compared to the Index.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN7447 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Politique d'investissement
RobecoSAM Circular Economy Equities est un fonds à gestion active qui investit mondialement dans des sociétés alignées sur les principes de l'économie circulaire. La sélection de ces titres est basée sur une analyse fondamentale. Le fonds a pour objectif l'investissement durable au sens de l'Article 9 du Règlement européen sur la publication d'informations en matière de durabilité dans le secteur financier. Le fonds favorise les business models économes en ressources pour la production et la consommation de biens de consommation, conformes aux principes de l'économie circulaire, en investissant dans des sociétés contribuant aux Objectifs de développement durable de l'ONU (ODD) : Faim « zéro », Bonne santé et bien-être, Travail décent et croissance économique, Industrie, innovation et infrastructure, Villes et communautés durables, et Consommation et production responsables. Le fonds intègre les critères ESG (environnementaux, sociaux et de gouvernance) dans son processus d'investissement et applique la bonne gouvernance de Robeco. Le fonds applique des indicateurs de durabilité, y compris, mais sans s'y limiter, des exclusions normatives, ainsi qu'en ce qui concerne les activités et les régions, et le vote par procuration. Le fonds vise en outre une performance supérieure à l'indice. Le processus de sélection de titres intègre les critères de durabilité grâce à l'évaluation de la durabilité spécifique à la thématique. Le portefeuille est basé sur un univers d'investissement éligible qui comprend des sociétés dont les business models contribuent aux objectifs d'investissement thématique. L'évaluation relative aux ODD concernés est basée sur un cadre développé en interne. Pour en savoir plus, consultez www.robeco.com/si. Indice de référence : MSCI World Index TRN. La majorité des titres sélectionnés seront des composantes de l'indice, mais pas nécessairement. Bien que la politique d'investissement ne soit pas restreinte par un indice, le fonds peut se référer à un indice de référence à des fins de comparaison. Le fonds peut dévier considérablement des pondérations de l'indice de référence en termes d'émetteurs, de pays et de secteurs. Il n'y a aucune restriction quant à l'écart par rapport à l'indice de référence. Le benchmark est un indice général de marché pondéré non conforme aux objectifs d'investissement durable poursuivis par le fonds. | # Política de inversión
RobecoSAM Circular Economy Equities es un fondo de gestión activa que invierte en empresas de todo el mundo que adoptan los principios de la economía circular. La selección de estos valores se basa en el análisis por fundamentales. El fondo tiene como objetivo la inversión sostenible en el marco del artículo 9 del Reglamento europeo sobre divulgación de información relativa a las inversiones sostenibles. El fondo fomenta modelos de negocio con un uso eficiente de los recursos para producción y consumo de bienes de consumo, coherentes con principios de economía circular, invirtiendo en empresas que promueven los siguientes Objetivos de Desarrollo Sostenible de las Naciones Unidas (ODS): Hambre cero; salud y bienestar; trabajo decente y crecimiento económico; industria, innovación e infraestructura; ciudades y comunidades sostenibles; y producción y consumo responsables. El fondo integra factores ASG (ambientales, sociales y de gobernanza) en el proceso inversor, y aplica la política de buen gobierno de Robeco. El fondo aplica indicadores de sostenibilidad, como pueden ser las exclusiones regionales, normativas y de actividad, o la delegación de voto. Además de ello, el fondo tiene como objetivo superar el rendimiento del índice. La estrategia integra criterios de sostenibilidad en el proceso de selección de valores, así como mediante una evaluación de la sostenibilidad por temas. La cartera se construye sobre la base de un universo de inversiones elegibles que incluye empresas cuyos modelos de negocio contribuyen a los objetivos de inversión temáticos. Para la evaluación en relación con los ODS relevantes, se utiliza un marco desarrollado internamente, del que se puede obtener más información en www.robeco.com/es/fortalezas/inversion-sostenible. Índice de referencia: MSCI World Index TRN. Aunque podrán incluirse títulos ajenos al índice de referencia, la mayor parte de los títulos seleccionados pertenecerá al índice de referencia. Aunque la política de inversión no está condicionada por un índice de referencia, el fondo podría utilizar uno a efectos comparativos. El fondo podrá apartarse significativamente de las ponderaciones por emisor, país y sector del índice de referencia. La desviación frente al índice de referencia no está sometida a restricciones. El índice de referencia es un índice ponderado del mercado exterior que no es coherente con el objetivo de sostenibilidad del fondo. | # Politique d'investissement
RobecoSAM Circular Economy Equities est un fonds à gestion active qui investit mondialement dans des sociétés alignées sur les principes de l'économie circulaire. La sélection de ces titres est basée sur une analyse fondamentale. Le fonds a pour objectif l'investissement durable au sens de l'Article 9 du Règlement européen sur la publication d'informations en matière de durabilité dans le secteur financier. Le fonds favorise les business models économes en ressources pour la production et la consommation de biens de consommation, conformes aux principes de l'économie circulaire, en investissant dans des sociétés contribuant aux Objectifs de développement durable de l'ONU (ODD) : Faim « zéro », Bonne santé et bien-être, Travail décent et croissance économique, Industrie, innovation et infrastructure, Villes et communautés durables, et Consommation et production responsables. Le fonds intègre les critères ESG (environnementaux, sociaux et de gouvernance) dans son processus d'investissement et applique la bonne gouvernance de Robeco. Le fonds applique des indicateurs de durabilité, y compris, mais sans s'y limiter, des exclusions normatives, ainsi qu'en ce qui concerne les activités et les régions, et le vote par procuration. Le fonds vise en outre une performance supérieure à l'indice. Le processus de sélection de titres intègre les critères de durabilité grâce à l'évaluation de la durabilité spécifique à la thématique. Le portefeuille est basé sur un univers d'investissement éligible qui comprend des sociétés dont les business models contribuent aux objectifs d'investissement thématique. L'évaluation relative aux ODD concernés est basée sur un cadre développé en interne. Pour en savoir plus, consultez www.robeco.com/si. Indice de référence : MSCI World Index TRN. La majorité des titres sélectionnés seront des composantes de l'indice, mais pas nécessairement. Bien que la politique d'investissement ne soit pas restreinte par un indice, le fonds peut se référer à un indice de référence à des fins de comparaison. Le fonds peut dévier considérablement des pondérations de l'indice de référence en termes d'émetteurs, de pays et de secteurs. Il n'y a aucune restriction quant à l'écart par rapport à l'indice de référence. Le benchmark est un indice général de marché pondéré non conforme aux objectifs d'investissement durable poursuivis par le fonds. | fr | es |
DOLFIN7448 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 4 years Example Investment: 10 000 EUR If you exit after 1 year If you exit after 4 years Scenarios |
| --- |
| Minimum | |
| Stress | What you might get back after costs | 4 480 EUR | 5 020 EUR |
| Average return each year | -55.20% | -15.83% |
| Unfavourable | What you might get back after costs | 8 480 EUR | 8 680 EUR |
| Average return each year | -15.20% | -3.48% |
| Moderate | What you might get back after costs | 10 400 EUR | 11 780 EUR |
| Average return each year | 4.00% | 4.18% |
| Favourable | What you might get back after costs | 12 300 EUR | 13 140 EUR |
| Average return each year | 23.00% | 7.07% | | | Periodo de mantenimiento recomendado: 4 años Ejemplo de inversión: 10 000 EUR En caso de salida En caso de salida después de 1 año después de 4 años Escenarios |
| --- |
| Mínimo | |
| Tensión | Lo que podría recibir tras deducir los costes | 4 480 EUR | 5 020 EUR |
| Rendimiento medio cada año | -55.20% | -15.83% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8 480 EUR | 8 680 EUR |
| Rendimiento medio cada año | -15.20% | -3.48% |
| Moderado | Lo que podría recibir tras deducir los costes | 10 400 EUR | 11 780 EUR |
| Rendimiento medio cada año | 4.00% | 4.18% |
| Favorable | Lo que podría recibir tras deducir los costes | 12 300 EUR | 13 140 EUR |
| Rendimiento medio cada año | 23.00% | 7.07% | | | Recommended holding period: 4 years Example Investment: 10 000 EUR If you exit after 1 year If you exit after 4 years Scenarios |
| --- |
| Minimum | |
| Stress | What you might get back after costs | 4 480 EUR | 5 020 EUR |
| Average return each year | -55.20% | -15.83% |
| Unfavourable | What you might get back after costs | 8 480 EUR | 8 680 EUR |
| Average return each year | -15.20% | -3.48% |
| Moderate | What you might get back after costs | 10 400 EUR | 11 780 EUR |
| Average return each year | 4.00% | 4.18% |
| Favourable | What you might get back after costs | 12 300 EUR | 13 140 EUR |
| Average return each year | 23.00% | 7.07% | | en | es |
DOLFIN7449 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What is this product?
The fund has an unlimited term.
The investment objective of the fund management is to achieve the highest possible level of growth. In order to achieve this investment objective, the Fund invests mainly in shares of listed infrastructure companies.
The Fund uses the NMX Infrastructure Composite TR Index (EUR) as a benchmark. The Fund does not replicate the benchmark; rather, it attempts to outperform it. It may therefore deviate substantially – both positively and negatively – from the benchmark.
Stock selection is carried out using active management by applying the La Française Systematic Asset Management stock selection rules. The main focus is on the selection of the individual stocks. This is the job of the fund management and it is carried out based on rankings using a purely systematic points system, which also takes account of sustainability criteria and corporate governance. The selection process is repeated on a regular basis. The aim is to have a list of at least 45 stocks which can be purchased for the Fund on an equally weighted basis. The country and sector weightings are derived from the regularly reviewed individual stock selection.
The Fund can use derivative instruments in order to temporarily reduce market risks (in particular stock market, interest and/or foreign currency risks). Furthermore, the Fund can use such instruments to temporarily increase market risks.
The Fund is suitable for investors who have a long-term investment horizon of at least five years. The Fund's income is not distributed but remains in the Fund ("accumulation").
As a matter of principle investors can demand the redemption of units on any trading day. However, the Company may suspend the redemption if this appears to be necessary due to extraordinary circumstances while taking due account of investors' interests.
The units in this Fund may be redeemed on any banking day except for the 24th and 31st of December. Environmental, social and/or governance (ESG) criteria are taken into account when selecting suitable investments. | # Um welche Art von Produkt handelt es sich?
Der Fonds hat eine unbegrenzte Laufzeit.
Das Anlageziel des Fondsmanagements ist ein möglichst hoher Wertzuwachs. Um dieses Anlageziel zu erreichen, investiert der Fonds schwerpunktmäßig in Aktien börsennotierter Infrastrukturgesellschaften.
Der Fonds orientiert sich als Vergleichsmaßstab am NMX Infrastructure Composite TR Index (EUR). Der Fonds bildet den Vergleichsmaßstab nicht nach, ist aber bestrebt, dessen Wertentwicklung zu übertreffen. Deshalb kann er wesentlich – sowohl positiv als auch negativ – vom Vergleichsmaßstab abweichen.
Die Aktienauswahl erfolgt bei aktivem Management, indem das Regelwerk von La Française Systematic Asset Management zur Aktienselektion angewandt wird. Im Vordergrund steht die Auswahl der Einzeltitel. Diese obliegt dem Fondsmanagement und erfolgt nach einem rein systematischen Punktesystem auf Basis von Rangfolgen, wobei auch Nachhaltigkeitskriterien und gute Unternehmensführung berücksichtigt werden. Der Auswahlprozess wird regelmäßig wiederholt. Ziel ist eine Liste von mindestens 45 Aktien, die gleichgewichtet in den Fonds gekauft werden. Die Länder- und Sektorengewichtung ergibt sich aus der regelmäßig überprüften Einzeltitelselektion.
Der Fonds kann derivative Instrumente einsetzen, um Marktrisiken (insbesondere Aktienmarkt-, Zins- und/oder Fremdwährungsrisiken) zeitweise zu verringern. Ferner kann der Fonds solche Instrumente einsetzen, um Marktrisiken zeitweise zu steigern.
Der Fonds eignet sich für Anleger, die einen langfristigen Anlagehorizont von mindestens fünf Jahren haben. Die Erträge des Fonds werden nicht ausgeschüttet sondern verbleiben im Fonds („Thesaurierung“).
Die Anleger können grundsätzlich börsentäglich die Rücknahme der Anteile verlangen. Die Gesellschaft kann jedoch die Rücknahme aussetzen, wenn außergewöhnliche Umstände dies unter Berücksichtigung der Anlegerinteressen erforderlich erscheinen lassen.
Die Anteile an diesem Fonds können an jedem Bankarbeitstag mit Ausnahme des 24. und 31. Dezembers zurückgegeben werden.
Bei der Auswahl der geeigneten Anlagen werden ökologische, soziale und/ oder die Unternehmenführung betreffende Kriterien (ESG-Kriterien) berücksichtigt. | # What is this product?
The fund has an unlimited term.
The investment objective of the fund management is to achieve the highest possible level of growth. In order to achieve this investment objective, the Fund invests mainly in shares of listed infrastructure companies.
The Fund uses the NMX Infrastructure Composite TR Index (EUR) as a benchmark. The Fund does not replicate the benchmark; rather, it attempts to outperform it. It may therefore deviate substantially – both positively and negatively – from the benchmark.
Stock selection is carried out using active management by applying the La Française Systematic Asset Management stock selection rules. The main focus is on the selection of the individual stocks. This is the job of the fund management and it is carried out based on rankings using a purely systematic points system, which also takes account of sustainability criteria and corporate governance. The selection process is repeated on a regular basis. The aim is to have a list of at least 45 stocks which can be purchased for the Fund on an equally weighted basis. The country and sector weightings are derived from the regularly reviewed individual stock selection.
The Fund can use derivative instruments in order to temporarily reduce market risks (in particular stock market, interest and/or foreign currency risks). Furthermore, the Fund can use such instruments to temporarily increase market risks.
The Fund is suitable for investors who have a long-term investment horizon of at least five years. The Fund's income is not distributed but remains in the Fund ("accumulation").
As a matter of principle investors can demand the redemption of units on any trading day. However, the Company may suspend the redemption if this appears to be necessary due to extraordinary circumstances while taking due account of investors' interests.
The units in this Fund may be redeemed on any banking day except for the 24th and 31st of December. Environmental, social and/or governance (ESG) criteria are taken into account when selecting suitable investments. | en | de |
DOLFIN7450 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Objectives
This Fund is actively managed. The benchmark 100% ICE BofAML European Crncy Non-Fin High Yield BB-B Constrained (hedged in EUR) is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark.
The Fund seeks to increase the value of its assets over the medium term by investing in high-yield bonds or other debt instruments denominated in various european currencies.
After hedging, the exposure to currencies other than the euro will not exceed 5%.
The investment team applies also BNP PARIBAS ASSET MANAGEMENT Sustainable Investment Policy, which takes into account Environmental, Social and Governance (ESG) criteria such as but not limited to reduction of emissions of greenhouse gas, respect of human rights, respect of minority shareholders rights, at each step of the investment process of the Fund. An extra-financial strategy may comprise methodological limitations such as the ESG Investment Risk as defined by the asset manager. Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making.
Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. | ## Objetivos
Este Fondo se gestiona de manera activa. El índice de referencia 100% ICE BofAML European Crncy Non-Fin High Yield BB-B Constrained (hedged in EUR) se utiliza únicamente para comparar la rentabilidad. El Fondo no está limitado por el índice de referencia, y su rentabilidad puede diferir considerablemente de la de dicho índice.
El Fondo trata de incrementar el valor de sus activos a medio plazo invirtiendo en bonos de alto rendimiento o en otros instrumentos de deuda denominados en diversas divisas europeas.
Después de la cobertura, la exposición a monedas diferentes del EUR no excederá el 5
El equipo de inversiones aplica asimismo la Política de inversión sostenible de BNP PARIBAS ASSET MANAGEMENT, que tiene en cuenta los criterios ambientales, sociales y de gobernanza (ESG) en cada etapa de las inversiones del Fondo, incluidos, entre otros, la reducción de las emisiones de gases de efecto invernadero, el respeto de los derechos humanos o el respeto de los derechos de los accionistas minoritarios. Una estrategia extrafinanciera puede incluir limitaciones metodológicas, como el riesgo de inversióndefinido por el gestor de activos. Los criterios ambientales, sociales y de gobernanza (ESG) contribuyen a la toma de decisiones del gestor, pero no constituyen un factor determinante.
Los ingresos se reinvierten sistemáticamente.
Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. | ## Objectives
This Fund is actively managed. The benchmark 100% ICE BofAML European Crncy Non-Fin High Yield BB-B Constrained (hedged in EUR) is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark.
The Fund seeks to increase the value of its assets over the medium term by investing in high-yield bonds or other debt instruments denominated in various european currencies.
After hedging, the exposure to currencies other than the euro will not exceed 5%.
The investment team applies also BNP PARIBAS ASSET MANAGEMENT Sustainable Investment Policy, which takes into account Environmental, Social and Governance (ESG) criteria such as but not limited to reduction of emissions of greenhouse gas, respect of human rights, respect of minority shareholders rights, at each step of the investment process of the Fund. An extra-financial strategy may comprise methodological limitations such as the ESG Investment Risk as defined by the asset manager. Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making.
Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. | en | es |
DOLFIN7451 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Recommended holding period: three to six months
Frequency of unit buying or selling: Daily, with the exception of public holidays in France and days on which the French markets are closed (official calendar of Euronext Paris S.A.), for all orders received by the clearing house before 12.30 p.m. on each NAV calculation day and processed at an unknown price based on that day’s net asset value.
Allocation of income: Distribution
Allocation of net realised gains: Accumulation and/or Distribution and/or Carried forward | ## Plazo de inversión recomendado de 3 a 6 meses
Frecuencia para comprar o vender participaciones: Todos los días, a excepción de los días festivos o los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.) para las órdenes recibidas por el centralizador cada día de cálculo del valor liquidativo antes de las 12:30 horas y tramitadas a precio desconocido en función del valor liquidativo del día.
Asignación de los ingresos: Distribución
Asignación de las plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | ## Recommended holding period: three to six months
Frequency of unit buying or selling: Daily, with the exception of public holidays in France and days on which the French markets are closed (official calendar of Euronext Paris S.A.), for all orders received by the clearing house before 12.30 p.m. on each NAV calculation day and processed at an unknown price based on that day’s net asset value.
Allocation of income: Distribution
Allocation of net realised gains: Accumulation and/or Distribution and/or Carried forward | en | es |
DOLFIN7452 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The
The fund promotes environmental and social characteristics or a combination of these characteristics without pursuing an explicit ESG and/or sustainable investment strategy. The currency of the fund is EUR. The fund distributes annually. You may request the redemption of shares generally on a daily basis. The Company may, however, suspend or restrict the redemption if extraordinary circumstances appear to make this necessary, taking into account the interests of the investors.
fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The risk of a payment default may also fluctuate among issuers. The fund invests in financial instruments that are basically sufficiently liquid but which may be illiquid under certain circumstances. This means that regular trade may be temporarily disrupted or impossible. The fund invests in contingent convertible bonds. Compared to traditional bonds, this type of bond may be more likely to result in partial or complete loss of value. An investment in this special type of bond may result in substantial losses for the portfolio due to certain trigger events. Bonds of this type can also be converted into equities of the issuing company, which may also suffer a loss in value.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 4, dado que su precio por acción fluctúa y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser relativamente elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo invierte en bonos cuyo valor depende de que el
características medioambientales y sociales, o una combinación de ambas, pero no persigue con ello una estrategia de inversión orientada explícitamente a cuestiones ESG o a la sostenibilidad. La moneda del fondo es EUR. El fondo reparte dividendos anual. Por lo general, puede solicitar el reembolso de sus acciones diariamente. La sociedad podrá, no obstante, suspender o limitar el reembolso cuando, por circunstancias extraordinarias, la suspensión o restricción resulte indispensable en atención a los intereses de los inversores.
emisor esté en condiciones de efectuar pagos. El riesgo de impago también puede estar sujeto a fluctuaciones en los emisores. El fondo invierte en instrumentos financieros que, en principio, cuentan con una liquidez suficiente pero que, en determinadas circunstancias, pueden volverse ilíquidos. Es decir, es posible que la negociación ordinaria se vea afectada de forma transitoria o resulte irrealizable. El fondo invierte en bonos convertibles contingentes. Este tipo de bonos conlleva una mayor probabilidad de devaluación total o parcial que los bonos clásicos. La inversión en esta clase especial de bonos puede producir pérdidas considerables en la cartera como consecuencia de determinados eventos desencadenantes. Las inversiones de este tipo también pueden convertirse en acciones de la empresa emisora, que pueden sufrir igualmente retrocesos en su valor.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively high. The following risks could be of particular significance for the fund: The
The fund promotes environmental and social characteristics or a combination of these characteristics without pursuing an explicit ESG and/or sustainable investment strategy. The currency of the fund is EUR. The fund distributes annually. You may request the redemption of shares generally on a daily basis. The Company may, however, suspend or restrict the redemption if extraordinary circumstances appear to make this necessary, taking into account the interests of the investors.
fund invests in bonds, the value of which depends on whether the issuer is able to afford its payments. The risk of a payment default may also fluctuate among issuers. The fund invests in financial instruments that are basically sufficiently liquid but which may be illiquid under certain circumstances. This means that regular trade may be temporarily disrupted or impossible. The fund invests in contingent convertible bonds. Compared to traditional bonds, this type of bond may be more likely to result in partial or complete loss of value. An investment in this special type of bond may result in substantial losses for the portfolio due to certain trigger events. Bonds of this type can also be converted into equities of the issuing company, which may also suffer a loss in value.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN7453 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Article 15 – Directors' term of office – Renewal of the Board
Subject to the provisions of the last paragraph of this article, the term of office of Directors is a maximum of three years, with each year defined as the interval between two consecutive Annual General Meetings.
In the event of the resignation or death of a Director, and if the number of Directors remaining in office is at least equal to the statutory minimum, the Board may, temporarily and for the remainder of the term of office, provide a replacement. Their appointment is subject to ratification at the next Ordinary General Meeting.
All outgoing Directors are eligible for reappointment. They may be dismissed at any time by the Ordinary General Meeting.
The functions of each member of the Board of Directors shall come to an end at the close of the Ordinary General Meeting of shareholders called to approve the financial statements
for the preceding year and held in the year in which their term of office expires, on the understanding that, if the General Meeting does not meet during that year, the said functions of the member in question shall end on 31 December of that year, subject to the following exceptions.
A Director may be appointed for a term of less than three years if this is necessary to ensure that the renewal of the Board remains as even and complete as possible within each three- year period. This will be the case in particular if the number of Directors is increased or decreased, and the lawfulness of the renewal is therefore affected.
If the number of members of the Board of Directors falls below the statutory minimum, the remaining member(s) shall immediately convene a General Meeting of shareholders in order to appoint new members of the Board. | ## Articolo 15 – Durata delle funzioni di amministratore - Rinnovo del consiglio
Fatte salve le disposizioni dell'ultimo comma del presente articolo, gli Amministratori restano in carica non più di tre anni, intendendosi per un anno l'intervallo tra due Assemblee generali annuali consecutive.
In caso di dimissioni o decesso di un Amministratore e purché il numero di Amministratori restanti in carica sia superiore o uguale al minimo statutario, il Consiglio può provvedere alla sua sostituzione, in via provvisoria e per la durata del mandato residuo. Tale nomina
è subordinata alla ratifica dell’Assemblea generale ordinaria immediatamente successiva.
Tutti gli Amministratori uscenti sono rieleggibili. Essi possono essere revocati in qualsiasi momento dall'Assemblea generale ordinaria.
Le funzioni di ciascun Consigliere d’amministrazione cesseranno alla fine dello svolgimento dell'Assemblea generale ordinaria degli azionisti tenutasi nell'anno in cui scade il suo mandato e che avrà deliberato sul bilancio dell'esercizio precedente, restando inteso che, se l’Assemblea non si riunisce in quell'anno, le funzioni di quel consigliere si concludono il 31 dicembre dello stesso anno, ferme restando anche le eccezioni descritte qui di seguito.
Ogni amministratore può essere nominato per una durata inferiore a tre anni affinché ciò si renda necessario per far sì che il rinnovo del consiglio resti il più regolare e completo possibile nei singoli trienni. Tale circostanza si verificherà in particolare se il numero degli Amministratori è aumentato o diminuito, riflettendosi sulla regolarità del rinnovo.
Se il numero dei Consiglieri d’amministrazione diventa inferiore al minimo legale, il Consigliere o i Consiglieri restanti devono convocare immediatamente l’Assemblea generale degli azionisti per ripristinare tale numero. | ## Article 15 – Directors' term of office – Renewal of the Board
Subject to the provisions of the last paragraph of this article, the term of office of Directors is a maximum of three years, with each year defined as the interval between two consecutive Annual General Meetings.
In the event of the resignation or death of a Director, and if the number of Directors remaining in office is at least equal to the statutory minimum, the Board may, temporarily and for the remainder of the term of office, provide a replacement. Their appointment is subject to ratification at the next Ordinary General Meeting.
All outgoing Directors are eligible for reappointment. They may be dismissed at any time by the Ordinary General Meeting.
The functions of each member of the Board of Directors shall come to an end at the close of the Ordinary General Meeting of shareholders called to approve the financial statements
for the preceding year and held in the year in which their term of office expires, on the understanding that, if the General Meeting does not meet during that year, the said functions of the member in question shall end on 31 December of that year, subject to the following exceptions.
A Director may be appointed for a term of less than three years if this is necessary to ensure that the renewal of the Board remains as even and complete as possible within each three- year period. This will be the case in particular if the number of Directors is increased or decreased, and the lawfulness of the renewal is therefore affected.
If the number of members of the Board of Directors falls below the statutory minimum, the remaining member(s) shall immediately convene a General Meeting of shareholders in order to appoint new members of the Board. | en | it |
DOLFIN7454 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In addition to paying trading fees and stamp duties in connection with China A-Shares trading, the Sub-Funds carrying out Northbound Trading should also take note of any new portfolio fees and taxes which would be determined by the relevant authorities.
-
##### RMB Currency Risk | Neben der Zahlung von Handels- und Stempelgebühren in Verbindung mit dem Handel mit chinesischen A-Aktien sollten Teilfonds, die Northbound-Handelsgeschäfte tätigen, auch alle neuen Portfoliogebühren und Steuern beachten, die von den relevanten Behörden festgelegt werden.
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##### RMB-Währungsrisiko | In addition to paying trading fees and stamp duties in connection with China A-Shares trading, the Sub-Funds carrying out Northbound Trading should also take note of any new portfolio fees and taxes which would be determined by the relevant authorities.
-
##### RMB Currency Risk | en | de |
DOLFIN7455 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Each Share Class of each Fund is charged with all costs and expenses attributable to it. Such costs may be amortised over such period as the Directors may determine but not in excess of five years. Costs and expenses not attributable to a particular Class or Fund are allocated between all of the Classes of Shares pro rata to their respective net asset values.
In the case of amortised costs allocated pro rata, the Directors reserve the right to recalculate such allocation over the course of the amortisation period if they believe that such is fair and equitable in the light of the changes in Funds’ respective net asset values.
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##### Other Expenses | Jeder Anteilklasse eines jeden Fonds werden sämtliche Kosten und Ausgaben in Rechnung gestellt, die diesem zuzuordnen sind. Diese Kosten können über einen Zeitraum abgeschrieben werden, den der Verwaltungsrat bestimmt, der jedoch nicht länger als fünf Jahre sein darf. Kosten und Ausgaben, die keiner bestimmten Klasse und keinem bestimmten Fonds zugeordnet werden können, werden anteilmäßig zu deren jeweiligem Nettoinventarwert allen Klassen aller Anteile zugeteilt.
Im Fall von abgeschriebenen Kosten, die anteilmäßig zugeteilt werden, behält sich der Verwaltungsrat das Recht vor, diese Zuteilung im Laufe des Abschreibungszeitraums erneut zu berechnen, wenn er der Ansicht ist, dass dies angesichts der Veränderung des jeweiligen Nettoinventarwerts der Fonds recht und billig ist.
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##### Sonstige Aufwendungen | Each Share Class of each Fund is charged with all costs and expenses attributable to it. Such costs may be amortised over such period as the Directors may determine but not in excess of five years. Costs and expenses not attributable to a particular Class or Fund are allocated between all of the Classes of Shares pro rata to their respective net asset values.
In the case of amortised costs allocated pro rata, the Directors reserve the right to recalculate such allocation over the course of the amortisation period if they believe that such is fair and equitable in the light of the changes in Funds’ respective net asset values.
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##### Other Expenses | en | de |
DOLFIN7456 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## “hedged”
For unit classes with “hedged” in their name and with reference currencies different to the subfund’s currency of account (“unit classes in foreign currencies”), the risk of fluctuations in the value of the reference currency is hedged against the subfund’s currency of account. This hedging shall be between 95% and 105% of the total net assets of the unit class in foreign currency. Changes in the market value of the portfolio, as well as subscriptions and redemptions of unit classes in foreign currencies, can result in the hedging temporarily surpassing the afore- mentioned range. The Management Company and the Portfolio Manager will take all necessary steps to bring the hedging back within the aforementioned limits.
The hedging described has no effect on possible currency risks resulting from investments denominated in a currency other than the subfund’s currency of account. | ## «hedged»
Concernant les catégories de parts dont la devise de ré- férence ne correspond pas à la monnaie de compte du compartiment et dont la dénomination comporte la men- tion «hedged» («catégories de parts en devise étran- gère»), le risque de fluctuation du cours de la devise de référence de chaque catégorie de parts est couvert par rapport à la monnaie de compte du compartiment. Cette couverture sera comprise entre 95% et 105% de l’actif net total de la catégorie de parts en devise étrangère. Du fait des variations de la valeur de marché du porte- feuille ainsi que des souscriptions et des rachats au titre des catégories de parts en devises étrangères, le niveau de couverture peut ponctuellement être inférieur ou su- périeur aux limites précitées. La Société de gestion et le gestionnaire de portefeuille mettront alors tout en œuvre pour ramener la couverture dans les limites précitées.
La couverture décrite est sans effet sur les risques de change pouvant résulter des placements effectués dans d’autres monnaies que la monnaie de compte du com- partiment considéré. | ## “hedged”
For unit classes with “hedged” in their name and with reference currencies different to the subfund’s currency of account (“unit classes in foreign currencies”), the risk of fluctuations in the value of the reference currency is hedged against the subfund’s currency of account. This hedging shall be between 95% and 105% of the total net assets of the unit class in foreign currency. Changes in the market value of the portfolio, as well as subscriptions and redemptions of unit classes in foreign currencies, can result in the hedging temporarily surpassing the afore- mentioned range. The Management Company and the Portfolio Manager will take all necessary steps to bring the hedging back within the aforementioned limits.
The hedging described has no effect on possible currency risks resulting from investments denominated in a currency other than the subfund’s currency of account. | en | fr |
DOLFIN7457 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 années |
| --- | --- | --- |
| 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 | 1 050 EUR | 1 230 EUR |
| Rendement annuel moyen | -89,50 % | -34,24 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 300 EUR | 6 960 EUR |
| Rendement annuel moyen | -27,03 % | -6,99 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 690 EUR | 10 380 EUR |
| Rendement annuel moyen | -3,05 % | 0,75 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12 610 EUR | 12 090 EUR |
| Rendement annuel moyen | 26,06 % | 3,87 % | | | Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 1.050 EUR | 1.230 EUR |
| Rendimiento medio cada año | -89,50 % | -34,24 % |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7.300 EUR | 6.960 EUR |
| Rendimiento medio cada año | -27,03 % | -6,99 % |
| Moderado | Lo que podría recibir tras deducir los costes | 9.690 EUR | 10.380 EUR |
| Rendimiento medio cada año | -3,05 % | 0,75 % |
| Favorable | Lo que podría recibir tras deducir los costes | 12.610 EUR | 12.090 EUR |
| Rendimiento medio cada año | 26,06 % | 3,87 % | | | Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 années |
| --- | --- | --- |
| 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 | 1 050 EUR | 1 230 EUR |
| Rendement annuel moyen | -89,50 % | -34,24 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 300 EUR | 6 960 EUR |
| Rendement annuel moyen | -27,03 % | -6,99 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 690 EUR | 10 380 EUR |
| Rendement annuel moyen | -3,05 % | 0,75 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12 610 EUR | 12 090 EUR |
| Rendement annuel moyen | 26,06 % | 3,87 % | | fr | es |
DOLFIN7458 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Special Risks of Investing in Russian Securities
Although investment in Russian securities does not constitute the principal investment focus of any Fund, rather it constitutes a sector in the investment discretion of certain Funds, the Funds may invest a portion of their assets in securities of issuers located in Russia. In addition to the risks disclosed above under the heading “Emerging Markets Securities”, investments in securities of Russian issuers may involve a particularly high degree of risk and special considerations not typically associated with investing in more developed markets, many of which stem from Russia’s continuing political and economic instability and the slow-paced development of its market economy. In particular, investments in Russia are subject to the risk that non-Russian countries may impose economic sanctions, which may impact companies in many sectors, including energy, financial services and defence, among others, which may negatively impact the Fund’s performance and/or ability to achieve its investment objective. For example, certain investments may become illiquid (e.g. in the event that the Funds are prohibited from transacting in certain investments tied to Russia), which could cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet Shareholder redemptions. It is also possible that such sanctions may prevent non-Russian entities that provide services to the Funds from transacting with Russian entities. Under such circumstances, the Funds may not receive payments due with respect to certain investments, such as the payments due in connection with a Fund’s holding of a fixed income security. More generally, investments in Russian securities should be considered highly speculative. Such risks and special considerations include: (a) delays in settling portfolio transactions and the risk of loss arising out of Russia’s system of share registration and custody; (b) pervasiveness of corruption, insider trading, and crime in the Russian economic system; (c) difficulties associated in obtaining accurate market valuations of many Russian securities, based partly on the limited amount of publicly available information; (d) the general financial condition of Russian companies, which may involve particularly large amounts of inter-company debt; (e) the risk that the Russian tax system will not be reformed to prevent inconsistent, retroactive and/or exorbitant taxation or, in the alternative, the risk that a reformed tax system may result in the inconsistent and unpredictable enforcement of the new tax laws (f) the risk that the government of Russia or other executive or legislative bodies may decide not to continue to support the economic reform programs implemented since the dissolution of the Soviet Union (g) the lack of corporate governance provisions applying in Russia generally, and (h) the lack of any rules or regulations relating to investor protection.
Russian securities are issued in book-entry form, with ownership recorded in a share register held by the issuer’s registrar. Transfers are effected by entries to the books of registrars. Transferees of shares have no proprietary rights in respect of shares until their name appears in the register of Shareholders of the issuer. The law and practice relating to registration of shareholdings are not well developed in Russia and registration delays and failures to register shares can occur. In common with other emerging markets, Russia has no central source for the issuance or publication of
corporate actions information. The Depositary therefore cannot guarantee the completeness or timeliness of the distribution of corporate actions notifications. | #### Rischi speciali associati all’investimento in titoli russi
Sebbene l’investimento in titoli russi non costituisca l’obiettivo primario di alcun Comparto, ma rientri nell’ambito della discrezionalità di investimento di alcuni di essi, i Comparti possono investire una percentuale delle loro attività in titoli di emittenti situati in Russia. Oltre ai rischi sopra descritti nella sezione “Titoli dei mercati emergenti”, gli investimenti in titoli di emittenti russi possono implicare un grado di rischio particolarmente elevato e considerazioni particolari solitamente non associate all’investimento in mercati più sviluppati, molte delle quali derivano dalla permanente instabilità politica ed economica della Russia e dal ritmo lento dello sviluppo della sua economia di mercato. In particolare, gli investimenti in Russia sono soggetti al rischio che altri paesi impongano sanzioni economiche in grado di influenzare le società operanti in molti settori quali energia, servizi finanziari e difesa, fra gli altri, con conseguenti potenziali impatti negativi sulla performance e/o sulla capacità del Comparto di conseguire l’obiettivo d’investimento. Per esempio, alcuni investimenti possono diventare illiquidi (es. nel caso in cui ai Comparti sia vietato eseguire operazioni in taluni investimenti legati alla Russia) e ciò potrebbe costringere il Comparto a vendere altre partecipazioni in portafoglio in un momento o a un prezzo svantaggioso, allo scopo di far fronte ai rimborsi richiesti dagli Azionisti. È inoltre possibile che tali sanzioni impediscano a entità non russe, che forniscono servizi ai Comparti, di operare con entità russe. In tali circostanze, i Comparti potrebbero non ricevere i pagamenti dovuti in ordine a taluni investimenti, come per esempio i pagamenti dovuti in riferimento alla detenzione di un titolo a reddito fisso da parte di un Comparto. Più in generale, gli investimenti in titoli russi devono essere considerati altamente speculativi. Tali rischi e considerazioni speciali includono: (a) ritardi nel regolamento di operazioni sul portafoglio e rischio di perdite derivanti dal sistema russo di registrazione e deposito delle Azioni; (b) diffusione di corruzione, insider trading e reati nel sistema economico russo; (c) difficoltà associate all’ottenimento di valutazioni di mercato accurate di molti titoli russi, dovute in parte alla quantità limitata di informazioni disponibili per il pubblico; (d) la situazione finanziaria generale delle società russe, che può comportare livelli particolarmente elevati di debito intersocietario; (e) il rischio che il sistema fiscale russo non venga riformato per prevenire una tassazione incongruente, retroattiva e/o eccessiva ovvero, in alternativa, il rischio che un sistema fiscale riformato possa tradursi nell’applicazione incongruente e imprevedibile della nuova legislazione fiscale; (f) il rischio che il governo russo, ovvero altri organi esecutivi o legislativi possano decidere di non continuare a promuovere i programmi di riforma economica adottati dopo la dissoluzione dell’Unione Sovietica; (g) la mancanza di disposizioni in tema di corporate governance applicabili in Russia in generale; e (h) la mancanza di regole o regolamenti in materia di tutela degli investitori.
I titoli russi sono emessi in forma scritturale e la proprietà è riportata in un registro delle Azioni detenuto dal conservatore del registro dell’emittente. I trasferimenti sono effettuati mediante iscrizioni nei libri dei conservatori dei registri. I cessionari delle Azioni non hanno diritti di proprietà in ordine alle Azioni finché il loro nome appare nel registro degli Azionisti dell’emittente. La legge e la prassi attinenti alla registrazione delle partecipazioni azionarie non sono ben sviluppate in Russia e possono verificarsi ritardi nella registrazione e mancate registrazioni delle Azioni. Così come altri mercati emergenti, la Russia non dispone di una fonte centrale di emissione o pubblicazione di informazioni sulle operazioni societarie. Il Depositario non può pertanto garantire la completezza o tempestività della distribuzione delle comunicazioni relative alle operazioni societarie. | #### Special Risks of Investing in Russian Securities
Although investment in Russian securities does not constitute the principal investment focus of any Fund, rather it constitutes a sector in the investment discretion of certain Funds, the Funds may invest a portion of their assets in securities of issuers located in Russia. In addition to the risks disclosed above under the heading “Emerging Markets Securities”, investments in securities of Russian issuers may involve a particularly high degree of risk and special considerations not typically associated with investing in more developed markets, many of which stem from Russia’s continuing political and economic instability and the slow-paced development of its market economy. In particular, investments in Russia are subject to the risk that non-Russian countries may impose economic sanctions, which may impact companies in many sectors, including energy, financial services and defence, among others, which may negatively impact the Fund’s performance and/or ability to achieve its investment objective. For example, certain investments may become illiquid (e.g. in the event that the Funds are prohibited from transacting in certain investments tied to Russia), which could cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet Shareholder redemptions. It is also possible that such sanctions may prevent non-Russian entities that provide services to the Funds from transacting with Russian entities. Under such circumstances, the Funds may not receive payments due with respect to certain investments, such as the payments due in connection with a Fund’s holding of a fixed income security. More generally, investments in Russian securities should be considered highly speculative. Such risks and special considerations include: (a) delays in settling portfolio transactions and the risk of loss arising out of Russia’s system of share registration and custody; (b) pervasiveness of corruption, insider trading, and crime in the Russian economic system; (c) difficulties associated in obtaining accurate market valuations of many Russian securities, based partly on the limited amount of publicly available information; (d) the general financial condition of Russian companies, which may involve particularly large amounts of inter-company debt; (e) the risk that the Russian tax system will not be reformed to prevent inconsistent, retroactive and/or exorbitant taxation or, in the alternative, the risk that a reformed tax system may result in the inconsistent and unpredictable enforcement of the new tax laws (f) the risk that the government of Russia or other executive or legislative bodies may decide not to continue to support the economic reform programs implemented since the dissolution of the Soviet Union (g) the lack of corporate governance provisions applying in Russia generally, and (h) the lack of any rules or regulations relating to investor protection.
Russian securities are issued in book-entry form, with ownership recorded in a share register held by the issuer’s registrar. Transfers are effected by entries to the books of registrars. Transferees of shares have no proprietary rights in respect of shares until their name appears in the register of Shareholders of the issuer. The law and practice relating to registration of shareholdings are not well developed in Russia and registration delays and failures to register shares can occur. In common with other emerging markets, Russia has no central source for the issuance or publication of
corporate actions information. The Depositary therefore cannot guarantee the completeness or timeliness of the distribution of corporate actions notifications. | en | it |
DOLFIN7459 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# GROWTH OF USD 10,000
## Past performance does not predict future returns.
32 Years Industry Experience
Andrew H. O'Brien, CFA, Partner & Portfolio Manager
25 Years Industry Experience
Kewjin Yuoh, Partner & Portfolio Manager
29 Years Industry Experience
Robert S. Clark, CFA, Portfolio Manager
26 Years Industry Experience
Christopher Gizzo, CFA, Partner & Portfolio Manager
15 Years Industry Experience
Karen J. Gunnerson, Portfolio Manager
13 Years Industry Experience | # CRESCITA DI USD 10.000
## La performance passata non è una previsione dei rendimenti futuri.
32 Anni di esperienza nel settore
Andrew H. O'Brien, CFA, Partner & Portfolio Manager
25 Anni di esperienza nel settore
Kewjin Yuoh, Partner & Portfolio Manager
29 Anni di esperienza nel settore
Robert S. Clark, CFA, Portfolio Manager
26 Anni di esperienza nel settore
Christopher Gizzo, CFA, Partner & Portfolio Manager
15 Anni di esperienza nel settore
Karen J. Gunnerson, Portfolio Manager
13 Anni di esperienza nel settore | # GROWTH OF USD 10,000
## Past performance does not predict future returns.
32 Years Industry Experience
Andrew H. O'Brien, CFA, Partner & Portfolio Manager
25 Years Industry Experience
Kewjin Yuoh, Partner & Portfolio Manager
29 Years Industry Experience
Robert S. Clark, CFA, Portfolio Manager
26 Years Industry Experience
Christopher Gizzo, CFA, Partner & Portfolio Manager
15 Years Industry Experience
Karen J. Gunnerson, Portfolio Manager
13 Years Industry Experience | en | it |
DOLFIN7460 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
For the purpose of effective management the Board may choose that the assets of certain funds within the Fidelity Funds range be co-managed. In such cases, assets of different funds will be managed in common. Co-managed assets are referred to as a ‘pool’, notwithstanding the fact that such pools are used solely for internal management purposes. The pools do not constitute separate entities and are not directly accessible to investors. Each of the co-managed funds shall be allocated its specific assets.
Where the assets of more than one fund are pooled, the assets attributable to each participating fund will initially be determined by reference to its initial allocation of assets to such a pool and will change in the event of additional allocations or withdrawals.
The entitlement of each participating fund to the co-managed assets applies to each and every line of investments of such pool.
Additional investments made on behalf of the co-managed funds shall be allotted to such funds in accordance with their entitlements whereas assets sold shall be levied similarly on the assets attributable to each participating fund.
-
##### Temporary Suspension of Determination of Net Asset Value and of the Issue, Switching and Redemption of Shares | À des fins de gestion efficace, le Conseil peut opter pour une cogestion des actifs de certains Compartiments au sein de la gamme Fidelity Funds. Si tel est le cas, les actifs des différents Compartiments sont gérés en commun. Les actifs en co-gestion sont appelés « pools », ces pools étant uniquement destinés à des fins de gestion interne. Les pools ne forment pas des entités distinctes et ne sont pas directement accessibles aux investisseurs. Des actifs spécifiques sont attribués à chaque Compartiment co-géré.
Lorsque les actifs de plus d’un Compartiment sont regroupés en pool, les actifs qui peuvent être attribués à chacun des Compartiments concernés sont déterminés par référence à l’allocation initiale des actifs de ce Compartiment à ce pool et changent en cas d’allocations supplémentaires ou de retraits.
Les droits de chaque Compartiment concerné sur les actifs co-gérés s’appliquent à tous les investissements du pool.
Les investissements supplémentaires réalisés pour le compte des Compartiments co-gérés seront alors attribués à ces Compartiments, conformément à leurs droits, tandis que les actifs vendus seront prélevés de façon identique sur les actifs qui peuvent être attribués à chaque Compartiment.
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##### Suspension temporaire du calcul de la Valeur Liquidative et de l’Émission, l’Arbitrage et le Rachat d’Actions | For the purpose of effective management the Board may choose that the assets of certain funds within the Fidelity Funds range be co-managed. In such cases, assets of different funds will be managed in common. Co-managed assets are referred to as a ‘pool’, notwithstanding the fact that such pools are used solely for internal management purposes. The pools do not constitute separate entities and are not directly accessible to investors. Each of the co-managed funds shall be allocated its specific assets.
Where the assets of more than one fund are pooled, the assets attributable to each participating fund will initially be determined by reference to its initial allocation of assets to such a pool and will change in the event of additional allocations or withdrawals.
The entitlement of each participating fund to the co-managed assets applies to each and every line of investments of such pool.
Additional investments made on behalf of the co-managed funds shall be allotted to such funds in accordance with their entitlements whereas assets sold shall be levied similarly on the assets attributable to each participating fund.
-
##### Temporary Suspension of Determination of Net Asset Value and of the Issue, Switching and Redemption of Shares | en | fr |
DOLFIN7461 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Board of Directors of the Management Company may decide to split the units into tenths, hundredths, thousandths or ten thousandths, known as fractional units.
The provisions of the Regulations governing the issue and redemption of units shall also apply to fractional units, the value of which is always proportional to that of the unit they represent. Unless otherwise stipulated, all other provisions of these Regulations relating to units shall also apply to fractional units, without it being necessary to state this explicitly.
Finally, the Board of Directors of the Management Company may, at its sole discretion, split the units by creating new units that are allocated to unitholders in exchange for old units. | Les parts pourront être fractionnées, sur décision du Conseil d’Administration de la société de gestion en dixièmes, centièmes, millièmes, ou dix millièmes, dénommées fractions de parts.
Les dispositions du règlement réglant l’émission et le rachat de parts sont applicables aux fractions de parts dont la valeur sera toujours proportionnelle à celle de la part qu’elles représentent. Toutes les autres dispositions du règlement relatives aux parts s’appliquent aux fractions de parts sans qu’il soit nécessaire de le spécifier, sauf lorsqu’il en est disposé autrement.
Enfin, le Conseil d’Administration de la société de gestion peut, sur ses seules décisions, procéder à la division des parts par la création de parts nouvelles qui sont attribuées aux porteurs en échange des parts anciennes. | The Board of Directors of the Management Company may decide to split the units into tenths, hundredths, thousandths or ten thousandths, known as fractional units.
The provisions of the Regulations governing the issue and redemption of units shall also apply to fractional units, the value of which is always proportional to that of the unit they represent. Unless otherwise stipulated, all other provisions of these Regulations relating to units shall also apply to fractional units, without it being necessary to state this explicitly.
Finally, the Board of Directors of the Management Company may, at its sole discretion, split the units by creating new units that are allocated to unitholders in exchange for old units. | en | fr |
DOLFIN7462 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
28 December 2021
Announcement via the Internet: LA FRANCAISE CARBON IMPACT 2026 sub-fund of the La Française SICAV
In order to comply with Regulation (EU) 2020/852 referred to as “Taxonomy”, we hereby inform you that the management company has decided to amend the prospectus of the LA FRANCAISE CARBON IMPACT 2026 sub- fund of the La Française SICAV by adding the following statement:
“The objective of the European Union Taxonomy is to identify economic activities considered to be sustainable from an environmental perspective. The taxonomy identifies these activities according to their contribution to six major environmental objectives:
- Climate change mitigation;
- Climate change adaptation;
- The sustainable use and protection of water and marine resources;
- Transition to a circular economy (waste, prevention and recycling);
- Pollution prevention and control;
- The protection and restoration of biodiversity and ecosystems. | 28 dicembre 2021
Avviso web: comparto LA FRANCAISE CARBON IMPACT 2026 della SICAV La Française
Nell'ambito dell'attuazione del regolamento (UE) 2020/852 "Tassonomia", informiamo che la società di gestione ha deciso di modificare il prospetto del comparto LA FRANCAISE CARBON IMPACT 2026 della SICAV La Française aggiungendo la seguente menzione:
"La Tassonomia dell'Unione Europea mira a identificare le attività economiche considerate sostenibili dal punto di vista ambientale. La Tassonomia identifica queste attività in base al loro contributo a sei grandi obiettivi ambientali:
- Mitigazione del cambiamento climatico,
- Adattamento al cambiamento climatico,
- Uso sostenibile e tutela dell'acqua e delle risorse marine,
- Transizione verso un'economia circolare (rifiuti, prevenzione e riciclaggio),
- Prevenzione e controllo dell'inquinamento
- Tutela degli ecosistemi incontaminati. | 28 December 2021
Announcement via the Internet: LA FRANCAISE CARBON IMPACT 2026 sub-fund of the La Française SICAV
In order to comply with Regulation (EU) 2020/852 referred to as “Taxonomy”, we hereby inform you that the management company has decided to amend the prospectus of the LA FRANCAISE CARBON IMPACT 2026 sub- fund of the La Française SICAV by adding the following statement:
“The objective of the European Union Taxonomy is to identify economic activities considered to be sustainable from an environmental perspective. The taxonomy identifies these activities according to their contribution to six major environmental objectives:
- Climate change mitigation;
- Climate change adaptation;
- The sustainable use and protection of water and marine resources;
- Transition to a circular economy (waste, prevention and recycling);
- Pollution prevention and control;
- The protection and restoration of biodiversity and ecosystems. | en | it |
DOLFIN7463 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit ?
## Type
### Il s'agit d'un fonds d'investissement créé en tant que véhicule irlandais de gestion collective d'actifs (ICAV).
## Objectifs
### Objectif d’investissement L'objectif du Compartiment est d'augmenter la valeur de vos actions sur le long terme.
Politiques d’investissement Le Compartiment s'efforcera de réaliser son objectif en investissant dans des titres inclus dans le thème robotique et automatisation dans différents pays, secteurs et marchés. Ce thème n'inclut pas seulement les sociétés impliquées dans la production de robots et machines automatisées, mais également des entreprises qui développent ou produisent des logiciels ou technologies d'automatisation, des techniques ou systèmes d'intelligence artificielle, des techniques d'impression en 3D, des véhicules autonomes, des services automatisés, des composants et des sous-systèmes.
Les montants pouvant être investis par le Compartiment ne font l'objet d'aucune restriction par pays ou taille d'entreprise. Cependant, il existe une limite générale de 35% concernant les investissements dans les marchés émergents, lesquels marchés ne sont pas considérés comme étant aussi avancés que ceux des nations industrialisées majeures en matière d'économie et de réglementation.
Le Compartiment peut directement investir dans une société en achetant des titres de capital ou indirectement par le biais de titres liés à des actions, des organismes de placement collectif et des dérivés.
Le Compartiment peut également avoir recours à des dérivés afin de se couvrir contre le risque de marché. Les dérivés utilisés peuvent inclure des bons de souscription (warrants), des swaps, des options, des contrats pour différence, des contrats de change à terme (forwards) et des options sur swap.
Finalités de l’indice de référence Le Compartiment fait l'objet d'une gestion active, ce qui signifie que les titres dans lesquels il investit pour atteindre son objectif d'investissement sont sélectionnés de manière active par le Gestionnaire d'investissement, et n'est par géré en rapport à un quelconque indice de référence.
Rachat et négociation Vous pouvez vendre vos actions tous les jours d'ouverture des banques en Irlande et au Royaume-Uni. Vous devez déposer votre demande auprès de l'Agent administratif du Compartiment au plus tard à 13 h cinq jours ouvrés avant le jour où vous souhaitez vendre.
### Politique de distribution Vos actions ne versent pas de revenus, mais le Compartiment réinvestit ces revenus pour faire fructifier votre capital.
### Date de lancement Le sous-fonds a vu le jour en 2016. Cette classe Share a été lancée le 13/04/2017.
Devise du fonds Étant donné que vos actions sont libellées en EUR et que le Compartiment est valorisé en USD, des contrats de change à terme sont utilisés pour tenter d'éliminer les effets des variations des taux de change.
### Conversion des parts/actions Vous pouvez convertir vos actions en actions d'un autre Compartiment de MontLake UCITS Platform ICAV sans frais.
## Investisseurs de détail visés
Ce produit est destiné aux investisseurs qui prévoient de rester investis pendant au moins 5 ans et qui sont prêts à assumer un un niveau modéré à élevé de risque de perte de leur capital initial afin d'obtenir un rendement potentiel plus élevé. Il est conçu pour faire partie d'un portefeuille d'investissements pour un investisseur professionnel.
## Terme
Le Fonds est ouvert et n'a pas de date d'échéance. Sous réserve des droits de liquidation, de dissolution et de résiliation du conseil d'administration du Fonds tels qu'énoncés dans le prospectus du Fonds, le Fonds ne peut pas être automatiquement dissous. Le fabricant, RoboCap Asset Management Ltd, n'est pas autorisé à résilier unilatéralement le produit.
## Informations pratiques
### Dépositaire Les actifs du Compartiment sont détenus auprès de son dépositaire, Northern Trust Fiduciary Services (Ireland) Limited.
Autres informations De plus amples informations sur MontLake UCITS Platform ICAV, des copies de son prospectus, des rapports annuels et semestriels peuvent être obtenus gratuitement en anglais. Écrivez à l'administrateur du Compartiment, Northern Trust International Fund Administration Services (Ireland) Limited, à Georges Court, 54-62 Townsend Street, Dublin 2, Irlande ou visitez le www.montlakeucits. com. D'autres informations pratiques, y compris les derniers cours des actions, sont disponibles au siège social de la Société de gestion et de l'Agent administratif pendant les heures normales d'ouverture et seront publiées quotidiennement sur le site Internet www.montlakeucits.com. | # ¿Qué es este producto?
## Tipo
### Este es un fondo de inversión constituido como sociedad de inversión de capital variable (SICAV)
## Objetivos
### Objetivo de inversión El objetivo del subfondo es hacer crecer el valor de sus acciones a largo plazo.
Políticas de inversión El subfondo invertirá en el ámbito de la robótica y la automatización en distintos países, sectores y mercados. Este tema no solo incluye empresas que se dedican a fabricar robots y maquinaria automatizada, sino también aquellas que desarrollan o producen tecnología y software de automatización, inteligencia artificial, impresión 3D, vehículos autónomos, además de servicios, componentes y subsistemas automatizados.
No existen restricciones respecto al importe que puede invertir el subfondo en cualquier país, y tampoco sobre el tamaño de la empresa en la que puede hacerlo. No obstante, existe un límite general del 35% que se aplica a la inversión en mercados emergentes, los cuales no se consideran tan avanzados como las principales naciones industrializadas en lo que a regulación económica o del mercado se refiere.
El subfondo puede invertir de forma directa en una empresa mediante la compra de acciones o indirecta mediante valores relacionados con instrumentos de renta variable, instituciones de inversión colectiva y derivados.
Asimismo, el subfondo podrá recurrir a los derivados para obtener cobertura ante el riesgo de mercado. Entre los derivados que se utilizan se incluyen warrants, permutas financieras, opciones, contratos por diferencias, forwards y swaptions.
Usos del Índice de referencia El Subfondo se gestiona de forma activa, lo que significa que el Gestor de inversiones selecciona e invierte activamente en los valores del Subfondo con la finalidad de cumplir el objetivo de inversión de este, y no se gestiona por comparación con ningún índice de referencia.
Reembolso y negociación Puede vender sus acciones cualquier día en el que los bancos estén abiertos en Irlanda y el Reino Unido. Debe enviar su solicitud al Administrador del subfondo antes de las 13.00 horas cinco días hábiles antes de la fecha en la que se desee hacer la venta.
### Política de distribución Sus acciones no abonan ingresos, sino que el subfondo los reinvierte para hacer crecer su capital.
### Fecha de lanzamiento El Subfondo fue lanzado en 2016. Esta clase de acciones se lanzó el 13/04/2017.
Moneda del fondo Dado que sus acciones están denominadas en EUR y el Subfondo se valora en USD, se utilizan contratos a plazo para reducir los efectos de las variaciones en los tipos de cambio de divisas.
### Conversión de participaciones/acciones Puede cambiar sus acciones a las acciones de otro Subfondo de MontLake UCITS Platform ICAV de forma gratuita.
## Inversor minorista al que va dirigido
Este producto se dirige a los inversores que prevén mantener su inversión durante al menos 5 años y que están dispuestos a asumir un un nivel medio alto de riesgo de pérdida de su capital original con el fin de obtener una mayor rentabilidad potencial. Ha sido diseñado para formar parte de una cartera de inversiones para un inversor profesional.
## Término
El Fondo es abierto y no tiene fecha de vencimiento. Sujeto a los derechos de liquidación, disolución y rescision de la junta del Fondo según lo establecido en el prospecto del Fondo, el Fondo no puede ser rescindido automáticamente. El fabricante, RoboCap Asset Management Ltd, no tiene derecho a rescindir el producto unilateralmente.
## Información práctica
### Entidad depositaria El depositario de los activos del subfondo es Northern Trust Fiduciary Services (Ireland) Limited.
Información adicional Se puede obtener más información sobre MontLake UCITS Platform ICAV, así como ejemplares del prospecto y de los informes anuales y semestrales en inglés de forma gratuita. Para ello, diríjase al Administrador del Subfondo, Northern Trust International Fund Administration Services (Ireland) Limited, escribiendo a la dirección Georges Court, 54-62 Townsend Street, Dublín 2, Irlanda, o visite www.montlakeucits.com. Otra información práctica, incluidos los últimos precios de las acciones, está disponible en el domicilio social de la Sociedad Administradora y del Administrador durante el horario comercial normal y se publicará diariamente en el sitio web www. montlakeucits.com. | # En quoi consiste ce produit ?
## Type
### Il s'agit d'un fonds d'investissement créé en tant que véhicule irlandais de gestion collective d'actifs (ICAV).
## Objectifs
### Objectif d’investissement L'objectif du Compartiment est d'augmenter la valeur de vos actions sur le long terme.
Politiques d’investissement Le Compartiment s'efforcera de réaliser son objectif en investissant dans des titres inclus dans le thème robotique et automatisation dans différents pays, secteurs et marchés. Ce thème n'inclut pas seulement les sociétés impliquées dans la production de robots et machines automatisées, mais également des entreprises qui développent ou produisent des logiciels ou technologies d'automatisation, des techniques ou systèmes d'intelligence artificielle, des techniques d'impression en 3D, des véhicules autonomes, des services automatisés, des composants et des sous-systèmes.
Les montants pouvant être investis par le Compartiment ne font l'objet d'aucune restriction par pays ou taille d'entreprise. Cependant, il existe une limite générale de 35% concernant les investissements dans les marchés émergents, lesquels marchés ne sont pas considérés comme étant aussi avancés que ceux des nations industrialisées majeures en matière d'économie et de réglementation.
Le Compartiment peut directement investir dans une société en achetant des titres de capital ou indirectement par le biais de titres liés à des actions, des organismes de placement collectif et des dérivés.
Le Compartiment peut également avoir recours à des dérivés afin de se couvrir contre le risque de marché. Les dérivés utilisés peuvent inclure des bons de souscription (warrants), des swaps, des options, des contrats pour différence, des contrats de change à terme (forwards) et des options sur swap.
Finalités de l’indice de référence Le Compartiment fait l'objet d'une gestion active, ce qui signifie que les titres dans lesquels il investit pour atteindre son objectif d'investissement sont sélectionnés de manière active par le Gestionnaire d'investissement, et n'est par géré en rapport à un quelconque indice de référence.
Rachat et négociation Vous pouvez vendre vos actions tous les jours d'ouverture des banques en Irlande et au Royaume-Uni. Vous devez déposer votre demande auprès de l'Agent administratif du Compartiment au plus tard à 13 h cinq jours ouvrés avant le jour où vous souhaitez vendre.
### Politique de distribution Vos actions ne versent pas de revenus, mais le Compartiment réinvestit ces revenus pour faire fructifier votre capital.
### Date de lancement Le sous-fonds a vu le jour en 2016. Cette classe Share a été lancée le 13/04/2017.
Devise du fonds Étant donné que vos actions sont libellées en EUR et que le Compartiment est valorisé en USD, des contrats de change à terme sont utilisés pour tenter d'éliminer les effets des variations des taux de change.
### Conversion des parts/actions Vous pouvez convertir vos actions en actions d'un autre Compartiment de MontLake UCITS Platform ICAV sans frais.
## Investisseurs de détail visés
Ce produit est destiné aux investisseurs qui prévoient de rester investis pendant au moins 5 ans et qui sont prêts à assumer un un niveau modéré à élevé de risque de perte de leur capital initial afin d'obtenir un rendement potentiel plus élevé. Il est conçu pour faire partie d'un portefeuille d'investissements pour un investisseur professionnel.
## Terme
Le Fonds est ouvert et n'a pas de date d'échéance. Sous réserve des droits de liquidation, de dissolution et de résiliation du conseil d'administration du Fonds tels qu'énoncés dans le prospectus du Fonds, le Fonds ne peut pas être automatiquement dissous. Le fabricant, RoboCap Asset Management Ltd, n'est pas autorisé à résilier unilatéralement le produit.
## Informations pratiques
### Dépositaire Les actifs du Compartiment sont détenus auprès de son dépositaire, Northern Trust Fiduciary Services (Ireland) Limited.
Autres informations De plus amples informations sur MontLake UCITS Platform ICAV, des copies de son prospectus, des rapports annuels et semestriels peuvent être obtenus gratuitement en anglais. Écrivez à l'administrateur du Compartiment, Northern Trust International Fund Administration Services (Ireland) Limited, à Georges Court, 54-62 Townsend Street, Dublin 2, Irlande ou visitez le www.montlakeucits. com. D'autres informations pratiques, y compris les derniers cours des actions, sont disponibles au siège social de la Société de gestion et de l'Agent administratif pendant les heures normales d'ouverture et seront publiées quotidiennement sur le site Internet www.montlakeucits.com. | fr | es |
DOLFIN7464 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### It is not possible to forecast whether the swing will be applied at a given time in the future, or how often the management company will carry out such adjustments.
Such adjustments may not exceed a pre-established threshold set by the Management Company and defined on the basis of objective criteria as a percentage of the net assets of the sub-fund. Investors will be informed that the volatility of the net asset value of the sub-fund may not reflect only that of the securities held in the portfolio due to the application of swing pricing.
The swung net asset value is the only net asset value of the sub-fund and the only one communicated to shareholders in the sub- fund. However, if there are outperformance fees, these shall be calculated on the basis of the net asset value before application of the adjustment mechanism.
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## Remuneration | #### Il n’est pas possible de prédire s'il sera fait application du "swing" à un moment donné dans le futur, ni la fréquence à laquelle la société de gestion effectuera de tels ajustements.
De tels ajustements ne pourront pas dépasser un seuil préétabli par la société de gestion et déterminé sur la base de critères objectifs en pourcentage de l’actif net du compartiment. Les investisseurs sont informés que la volatilité de la valeur liquidative du compartiment peut ne pas refléter uniquement celle des titres détenus en portefeuille en raison de l’application du swing pricing.
La valeur liquidative « swinguée » est la seule valeur liquidative du compartiment et la seule communiquée aux actionnaires du compartiment. Toutefois, en cas d’existence d’une commission de surperformance, celle-ci est calculée sur la valeur liquidative avant application du mécanisme d’ajustement.
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## Rémunération | #### It is not possible to forecast whether the swing will be applied at a given time in the future, or how often the management company will carry out such adjustments.
Such adjustments may not exceed a pre-established threshold set by the Management Company and defined on the basis of objective criteria as a percentage of the net assets of the sub-fund. Investors will be informed that the volatility of the net asset value of the sub-fund may not reflect only that of the securities held in the portfolio due to the application of swing pricing.
The swung net asset value is the only net asset value of the sub-fund and the only one communicated to shareholders in the sub- fund. However, if there are outperformance fees, these shall be calculated on the basis of the net asset value before application of the adjustment mechanism.
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## Remuneration | en | fr |
DOLFIN7465 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The Refinitiv Global Focus Convertible Bond TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. It mainly invests in bonds that may be converted into equities and in associated instruments such as warrants and convertible preference shares, denominated in various currencies, as well as synthetic convertible bonds (segregated purchase of bonds and options) and financial derivative instruments on convertible bonds. The Sub-Fund focuses on the asymmetrical profile of the asset class, i.e. profiting from equity market upturns while benefiting from the downside protection of a fixed-income structure. Derivatives is used for hedging
and efficient of portfolio management and as part of investment strategy. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El subfondo se gestiona activamente. El índice Refinitiv Global Focus Convertible Bond TR se utiliza a efectos de comparación de la rentabilidad y con fines de control del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del subfondo. Los valores a los que se dirige el subfondo pueden ser similares a los del índice en un grado que varía con el tiempo, pero se espera que su ponderación difiera sustancialmente. La rentabilidad del subfondo puede diferir sustancialmente de la rentabilidad del índice. El subfondo busca invertir en empresas de alta calidad provistas de modelos financieros, prácticas comerciales y modelos de negocio sostenibles que exhiban resiliencia y la capacidad de evolucionar y aprovechar las tendencias estructurales a largo plazo, aplicando herramientas y metodologías internas de LOIM de definición de perfiles de sostenibilidad y ESG. Invierte principalmente en bonos que pueden convertirse en acciones y en instrumentos relacionados como warrants y acciones preferentes convertibles, denominadas en diversas divisas, así como en bonos convertibles sintéticos (compras segregadas de bonos y opciones) y en instrumentos derivados financieros sobre bonos convertibles. El subfondo intenta explotar el perfil asimétrico de esta clase de activo, es decir, la posibilidad de participar en la revalorización del mercado de renta variable y, al mismo tiempo, estar protegido frente a pérdidas
gracias a una estructura de renta fija. Los derivados se utilizan con fines de cobertura y gestión eficaz de la cartera, así como dentro de la estrategia de inversión.
El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de ambas, a efectos del artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional al analizar el perfil de sostenibilidad de las inversiones del subfondo (lo que incluye selección y puntuaciones, exclusiones, restricciones y revisiones cualitativas y cuantitativas de sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Refinitiv Global Focus Convertible Bond TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. It mainly invests in bonds that may be converted into equities and in associated instruments such as warrants and convertible preference shares, denominated in various currencies, as well as synthetic convertible bonds (segregated purchase of bonds and options) and financial derivative instruments on convertible bonds. The Sub-Fund focuses on the asymmetrical profile of the asset class, i.e. profiting from equity market upturns while benefiting from the downside protection of a fixed-income structure. Derivatives is used for hedging
and efficient of portfolio management and as part of investment strategy. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN7466 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 183 | EUR 929 |
| Annual cost impact (*) | 1.8% | 1.8% | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | EUR 183 | EUR 929 |
| Impatto sui costi annuali (*) | 1,8% | 1,8% | | | | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 183 | EUR 929 |
| Annual cost impact (*) | 1.8% | 1.8% | | en | it |
DOLFIN7467 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Management Company has delegated, on the one hand, the execution of the tasks relating to central administration of the SICAV to Société Générale Bank & Trust (the “Domiciliary Agent, Administrative Agent”) in accordance with the terms of an administration agent agreement concluded between the Management Company, Société Générale Bank & Trust and the SICAV on 15 January 2015 for an indefinite term, and, on the other hand, the execution of the transfer tasks and of the registrar’s tasks in accordance with the terms of an agreement concluded between the Management Company, Société Générale Bank & Trust (the "Registrar) and the SICAV.
Under the terms of these agreements, Société Générale Bank & Trust performs the duties of Domiciliary Agent, Administrative Agent, and Registrar of the SICAV. To this end, it assumes the administrative functions required under Luxembourg law, such as accounting and maintaining the Company's books, including maintaining the shareholders register. It is also in charge of the periodic calculation of the net asset value per share in each sub-fund and in each class/category, where applicable.
Subject to three months’ prior written notice, the SICAV may terminate the duties of Société Générale Bank & Trust as Domiciliary Agent, Administrative Agent and the latter may terminate its own duties under the same conditions.
Subject to three months’ prior written notice, the SICAV may terminate the duties of Société Générale Bank & Trust as Registrar and the latter may terminate its own duties under the same conditions.
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# MONITORING THE SICAV'S TRANSACTIONS | La Société de Gestion a délégué d’une part l’exécution des tâches liées à l’administration centrale de la SICAV à la Société Générale Bank & Trust ( l’« Agent Domiciliataire, Agent Administratif ») aux termes d’une convention d’agent administratif conclue entre la Société de Gestion, Société Générale Bank & Trust et la SICAV pour une durée indéterminée en date du 15 janvier 2015, et d’autre part l’exécution des tâches de transfert et de teneur de registre aux termes d’une convention conclue entre la Société de Gestion, Société Générale Bank & Trust (l’ « Agent Teneur de Registre ») et la SICAV.
Aux termes de ces contrats, Société Générale Bank & Trust remplit les fonctions d'Agent Domiciliataire, d'Agent Administratif et d’Agent Teneur de Registre de la SICAV. Dans ce cadre, elle assume les fonctions administratives requises par la loi luxembourgeoise, comme la tenue de la comptabilité et des livres sociaux, y compris la tenue du registre des actionnaires. Elle prend également en charge le calcul périodique de la valeur nette d'inventaire par action dans chaque compartiment et dans chaque Classe/catégorie d’actions le cas échéant.
Moyennant un préavis écrit de trois mois, la SICAV pourra mettre fin aux fonctions de Société Générale Bank & Trust agissant comme Agent Domiciliataire, Agent Administratif et cette dernière pourra mettre fin à ses propres fonctions dans les mêmes conditions.
Moyennant un préavis écrit de trois mois, la SICAV pourra mettre fin aux fonctions de Société Générale Bank & Trust agissant comme Agent Teneur de Registre et cette dernière pourra mettre fin à ses propres fonctions dans les mêmes conditions.
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# CONTROLE DES OPERATIONS DE LA SICAV | The Management Company has delegated, on the one hand, the execution of the tasks relating to central administration of the SICAV to Société Générale Bank & Trust (the “Domiciliary Agent, Administrative Agent”) in accordance with the terms of an administration agent agreement concluded between the Management Company, Société Générale Bank & Trust and the SICAV on 15 January 2015 for an indefinite term, and, on the other hand, the execution of the transfer tasks and of the registrar’s tasks in accordance with the terms of an agreement concluded between the Management Company, Société Générale Bank & Trust (the "Registrar) and the SICAV.
Under the terms of these agreements, Société Générale Bank & Trust performs the duties of Domiciliary Agent, Administrative Agent, and Registrar of the SICAV. To this end, it assumes the administrative functions required under Luxembourg law, such as accounting and maintaining the Company's books, including maintaining the shareholders register. It is also in charge of the periodic calculation of the net asset value per share in each sub-fund and in each class/category, where applicable.
Subject to three months’ prior written notice, the SICAV may terminate the duties of Société Générale Bank & Trust as Domiciliary Agent, Administrative Agent and the latter may terminate its own duties under the same conditions.
Subject to three months’ prior written notice, the SICAV may terminate the duties of Société Générale Bank & Trust as Registrar and the latter may terminate its own duties under the same conditions.
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# MONITORING THE SICAV'S TRANSACTIONS | en | fr |
DOLFIN7468 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
As at 31 May 2021 and 30 November 2020, the liquidity risk arises at Fund level.
Liquidity risk is the risk that a Fund may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous.
Liquidity risk exists when a particular instrument is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid as is the case with many privately negotiated derivatives, it may not be possible to negotiate or liquidate a position at an advantageous price, or at all. The Investment Manager is satisfied that the approved counterparties will close out their swaps at any time at fair value.
Liquidity is managed by investing predominantly in UCITS eligible listed securities that are traded in an active market and can be readily disposed. The liquidity of these equities can be utilised in responding to changes in the notional value of the swaps of the Funds.
The Investment Manager monitors the 10 days average daily trading volume of the underlying equity stocks for the OTC derivatives (swaps) to ensure that sufficient liquidity remains in the market for these securities.
All financial liabilities settle within 1 month.
Redeemable Shares are redeemed on demand at the Shareholder’s option.
The quantitative disclosures are contained in Note 2 to the individual Fund's Financial Statements.
Even though the Shares may be listed on one or more relevant stock exchanges, there can be no certainty that there will be liquidity in the Shares on any relevant stock exchange or that the market price at which the Shares may be traded on a relevant stock exchange will be the same as or approximately equal to the Net Asset Value per Share.
As the Shares may be dealt in by means of subscription and redemption, the Directors consider that large discounts or premiums in the Net Asset Value of a Fund would not be sustainable. There can be no guarantee that once the Shares are listed on a relevant stock exchange they will remain listed or that the conditions of listing will not change.
Trading in Shares on a relevant stock exchange may be halted or suspended due to market conditions or for the reason that, in the relevant stock exchange's view, trading in the Shares is inadvisable, or otherwise pursuant to the relevant stock exchange's rules. If trading on a relevant stock exchange is halted, investors may not be able to sell their Shares until trading resumes however such investors
should be able to apply to the Company to redeem Shares in accordance with the provisions set out in the Prospectus | Au 31 mai 2021 et au 30 novembre 2020, le risque de liquidité se présente au niveau du Fonds.
Le risque de liquidité correspond au risque qu’un Fonds ne puisse générer suffisamment de ressources liquides pour régler intégralement ses obligations lorsqu’elles parviennent à échéance, ou que le règlement de ses obligations soit effectué à des conditions très désavantageuses.
Le risque de liquidité apparaît dès lors que l’achat ou la vente d’un instrument en particulier se révèle difficile. Lorsqu’une transaction sur dérivés est particulièrement importante ou lorsque le marché concerné est illiquide comme c’est le cas pour de nombreux dérivés négociés de manière privée, il peut se révéler difficile, voire impossible, de négocier ou de liquider une position à un cours avantageux. Le Gestionnaire d’investissement est convaincu que la Contrepartie agréée clôturera le swap à tout moment à la juste valeur.
La liquidité est gérée en investissant principalement sur des titres cotés éligibles OPCVM négociés sur un marché actif et qui peuvent être aisément liquidés. La liquidité de ces titres de participation peut être utilisée pour répondre aux variations de la valeur théorique des swaps des Fonds.
Le Gestionnaire d’investissement contrôle le volume de négociation quotidien moyen sur 10 jours d’actions sous- jacentes pour les dérivés de gré à gré (swaps) afin d’assurer une liquidité suffisante sur le marché pour ces titres.
Toutes les dettes sont réglées à 1 mois.
Les Actions rachetables sont rachetées sur demande au gré des Actionnaires.
Les déclarations quantitatives sont présentées à la Note 2 des États financiers individuels des Fonds.
Bien que les Actions puissent être cotées sur une ou plusieurs Bourses, il est impossible de garantir que les liquidités seront suffisantes ou que le cours de marché auquel les Actions pourront se négocier sera identique ou approximativement équivalent à la Valeur liquidative par Action.
Compte tenu du fait que les Actions peuvent être négociées par voie de souscription ou de rachat, les Administrateurs estiment que d’importantes décotes ou primes sur la Valeur liquidative d’un Fonds ne seraient pas viables. Rien ne garantit que les Actions cotées sur la Bourse des valeurs correspondante le restent ou que les conditions de cotation ne soient pas modifiées.
Les transactions d’Actions effectuées sur la Bourse de valeurs correspondante peuvent être interrompues ou suspendues en raison des conditions de marché, ou lorsque la Bourse de valeurs correspondante estime que les transactions sont déconseillées, ou autrement au titre des réglementations de la Bourse de valeurs correspondante. Lorsque les opérations sont interrompues sur la Bourse des valeurs correspondante, les investisseurs peuvent ne pas être en mesure de vendre leurs actions jusqu’à ce que les transactions reprennent, mais peuvent en revanche requérir le rachat des Actions auprès de la Société, conformément aux dispositions
définies dans le Prospectus | As at 31 May 2021 and 30 November 2020, the liquidity risk arises at Fund level.
Liquidity risk is the risk that a Fund may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous.
Liquidity risk exists when a particular instrument is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid as is the case with many privately negotiated derivatives, it may not be possible to negotiate or liquidate a position at an advantageous price, or at all. The Investment Manager is satisfied that the approved counterparties will close out their swaps at any time at fair value.
Liquidity is managed by investing predominantly in UCITS eligible listed securities that are traded in an active market and can be readily disposed. The liquidity of these equities can be utilised in responding to changes in the notional value of the swaps of the Funds.
The Investment Manager monitors the 10 days average daily trading volume of the underlying equity stocks for the OTC derivatives (swaps) to ensure that sufficient liquidity remains in the market for these securities.
All financial liabilities settle within 1 month.
Redeemable Shares are redeemed on demand at the Shareholder’s option.
The quantitative disclosures are contained in Note 2 to the individual Fund's Financial Statements.
Even though the Shares may be listed on one or more relevant stock exchanges, there can be no certainty that there will be liquidity in the Shares on any relevant stock exchange or that the market price at which the Shares may be traded on a relevant stock exchange will be the same as or approximately equal to the Net Asset Value per Share.
As the Shares may be dealt in by means of subscription and redemption, the Directors consider that large discounts or premiums in the Net Asset Value of a Fund would not be sustainable. There can be no guarantee that once the Shares are listed on a relevant stock exchange they will remain listed or that the conditions of listing will not change.
Trading in Shares on a relevant stock exchange may be halted or suspended due to market conditions or for the reason that, in the relevant stock exchange's view, trading in the Shares is inadvisable, or otherwise pursuant to the relevant stock exchange's rules. If trading on a relevant stock exchange is halted, investors may not be able to sell their Shares until trading resumes however such investors
should be able to apply to the Company to redeem Shares in accordance with the provisions set out in the Prospectus | en | fr |
DOLFIN7469 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 2.15% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above MSCI WORLD (dividend reinvested)(EUR). |
| Over the last accounting year, a performance fee of 0.05% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 4,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 2,15% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | El 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del MSCI WORLD, dividendos reinvertidos (EUR). |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,05%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 2.15% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above MSCI WORLD (dividend reinvested)(EUR). |
| Over the last accounting year, a performance fee of 0.05% was charged. | | en | es |
DOLFIN7470 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Investment by the Company in other UCIs or UCITS entails the following risks:
The value of an investment represented by a mutual fund or UCITS in which the Company invests may be affected by fluctuations in the currency where this mutual fund or UCITS invests, or by exchange-control regulations, the application of tax laws in different countries, including withholding at source, changes of government or of economic or monetary policy in the countries concerned. Furthermore, it should be noted that the net asset value per share of the Company will fluctuate according to the net asset value of the UCIs and/or UCITS targeted, particularly in the case of a mutual fund investing mainly in shares because they are more volatile than UCIs investing in bonds and/or in other liquid financial assets.
In the case of investments made by a sub-fund in shares of UCITS and/or other UCIs (hereafter a “Fund of Funds Structure”), investors’ attention is drawn to the fact that it is possible to have duplication of the expenses payable, both to those providing services to the Company and to those providing services to the UCITS and/or other UCIs in which the Company intends to invest. Because of this, all of the operational fees resulting from a Fund of Funds Structure may prove to be higher than in the case of investments made in other securities or eligible money market instruments, as described in the "Investment restrictions" section of the Prospectus.
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###### Absent or insufficient diversification | L’investissement par la Société dans d’autres OPC ou OPCVM entraîne les risques suivants :
La valeur d'un investissement représenté par un OPC ou OPCVM dans lequel la Société investit peut être affectée par les fluctuations de la devise du pays où cet OPC ou OPCVM investit, ou par la réglementation du contrôle des changes, l'application des lois fiscales des différents pays, y compris les retenues à la source, les changements de gouvernement ou de politique économique ou monétaire dans les pays concernés. De plus, il faut noter que la valeur nette d'inventaire par action de la Société fluctuera en fonction de la valeur nette d'inventaire des OPC et/ou l'OPCVM visés notamment lorsqu'il s'agit d'OPC investissant principalement en actions puisqu'ils présentent en effet une volatilité plus importante que les OPC investissant en obligations et/ou en autres actifs financiers liquides.
Dans le cadre des investissements effectués par un compartiment dans les parts d’OPCVM et/ou d’autres OPC (ci- après une « Structure Fonds de Fonds »), l’attention des investisseurs est attirée sur le fait qu’il est possible d’avoir un dédoublement des frais payables d’une part, aux prestataires des services de la Société et d’autre part, aux prestataires des services des OPCVM et/ou autres OPC dans lesquels la Société entend investir. De ce fait, l’ensemble des frais opérationnels supportés en résultat d’une Structure de Fonds de Fonds peut s’avérer plus élevé que dans le cadre des investissements effectués dans d’autres valeurs mobilières ou instruments du marché monétaire éligibles, tels que décrits dans la section « Restrictions d’investissement » du Prospectus.
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###### Absence ou déficit de diversification | Investment by the Company in other UCIs or UCITS entails the following risks:
The value of an investment represented by a mutual fund or UCITS in which the Company invests may be affected by fluctuations in the currency where this mutual fund or UCITS invests, or by exchange-control regulations, the application of tax laws in different countries, including withholding at source, changes of government or of economic or monetary policy in the countries concerned. Furthermore, it should be noted that the net asset value per share of the Company will fluctuate according to the net asset value of the UCIs and/or UCITS targeted, particularly in the case of a mutual fund investing mainly in shares because they are more volatile than UCIs investing in bonds and/or in other liquid financial assets.
In the case of investments made by a sub-fund in shares of UCITS and/or other UCIs (hereafter a “Fund of Funds Structure”), investors’ attention is drawn to the fact that it is possible to have duplication of the expenses payable, both to those providing services to the Company and to those providing services to the UCITS and/or other UCIs in which the Company intends to invest. Because of this, all of the operational fees resulting from a Fund of Funds Structure may prove to be higher than in the case of investments made in other securities or eligible money market instruments, as described in the "Investment restrictions" section of the Prospectus.
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###### Absent or insufficient diversification | en | fr |
DOLFIN7471 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Past Performance
EMF Microfinance Fund AGmvK Klasse Distributed (FO/A CHF)
1%
The Fund was founded on 31/03/2012. The Dis- tributed (FO/A CHF) share class shown here was founded on 01/08/2019.
0%
2015 2016 2017 2018 2019 | ## Performance storica
EMF Microfinance Fund AGmvK Klasse Distributed (FO/A CHF)
1%
Il fondo è stato istituito il 31.03.2012. La classe di quote qui indicata, Distributed (FO/A CHF), è stata lanciata il 01.08.2019.
0%
2015 2016 2017 2018 2019 | ## Past Performance
EMF Microfinance Fund AGmvK Klasse Distributed (FO/A CHF)
1%
The Fund was founded on 31/03/2012. The Dis- tributed (FO/A CHF) share class shown here was founded on 01/08/2019.
0%
2015 2016 2017 2018 2019 | en | it |
DOLFIN7472 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# RISK AND REWARD PROFILE
Historical data, such as is used to calculate the synthetic indicator, may not be a reliable indication of the future risk profile of the Fund.
The risk profile is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment. The capital initially invested is not guaranteed.
Lower risk Higher risk
Potentially lower return Potentially higher return
## Why is the Fund placed in category 6?
The Fund presents a high level of risk due to its strategy of investing at least 75% of its assets in Euro Zone equities.
## Material risks to the Fund that are not taken into account in the indicator:
Liquidity risk:the Fund invests in markets which may be affected by declines in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions.
Counterparty risk: the risk of a counterparty’s collapse, causing it to default on payment. The Fund may be exposed to this risk resulting from the use of forward financial instruments or temporary purchases and sales of securities contracts negotiated over-the-counter with a credit institution if the latter is unable to honour its commitments.
If one of these risks were to materialise, the Fund’s net asset value may fall. | # PERFIL DE RIESGO Y REMUNERACIÓN
Los datos históricos, como los utilizados para calcular el indicador sintético, pueden no constituir una indicación fiable del futuro perfil de riesgo del Fondo.
El perfil de riesgo no es constante y podrá evolucionar con el tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El capital inicialmente invertido no está garantizado.
A menor riesgo A mayor riesgo
Remuneración potencialmente menor Remuneración potencialmente mayor
## Motivos por los que se ha asignado al Fondo la categoría 6:
El Fondo presenta un nivel de riesgo elevado debido a su estrategia de inversión, que consiste en invertir como mínimo el 75% de su patrimonio en renta variable de países de la zona euro.
## Riesgos importantes para el Fondo que no engloba el indicador:
Riesgo de liquidez:el Fondo invierte en mercados que pueden verse afectados por una reducción de liquidez. El escaso volumen de transacciones en estos mercados puede influir negativamente en los precios a los que el gestor inicie o liquide sus posiciones.
Riesgo de contraparte: representa el riesgo de impago de una contraparte que le impida satisfacer sus obligaciones de pago. El Fondo podrá estar expuesto a este riesgo cuando la entidad de crédito con la que ha celebrado contratos extrabursátiles u OTC de instrumentos financieros a plazo o de adquisición y cesión temporal de valores no pueda cumplir sus compromisos.
Cualquiera de estos riesgos podría conllevar una disminución de valor liquidativo del Fondo. | # RISK AND REWARD PROFILE
Historical data, such as is used to calculate the synthetic indicator, may not be a reliable indication of the future risk profile of the Fund.
The risk profile is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment. The capital initially invested is not guaranteed.
Lower risk Higher risk
Potentially lower return Potentially higher return
## Why is the Fund placed in category 6?
The Fund presents a high level of risk due to its strategy of investing at least 75% of its assets in Euro Zone equities.
## Material risks to the Fund that are not taken into account in the indicator:
Liquidity risk:the Fund invests in markets which may be affected by declines in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions.
Counterparty risk: the risk of a counterparty’s collapse, causing it to default on payment. The Fund may be exposed to this risk resulting from the use of forward financial instruments or temporary purchases and sales of securities contracts negotiated over-the-counter with a credit institution if the latter is unable to honour its commitments.
If one of these risks were to materialise, the Fund’s net asset value may fall. | en | es |
DOLFIN7473 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Company may be wound up by a special resolution of the Company passed at a general meeting of the Company. A special resolution requires at least 75% of the votes cast at the meeting to be voted in favour of the resolution in question. The winding up would be governed by the applicable provisions of the Act. The assets available for distribution among the holders of the Shares would be distributed in a winding up in accordance with their respective interests in the respective Funds. The Liquidator may, with the authority of a special resolution, divide among the Shareholders in specie the whole or any part of the assets of the Company. For the avoidance of doubt, if the special resolution referred to above is passed, each Shareholder is entitled to elect on winding-up whether or not they wish to receive a distribution in specie or a distribution in cash. However, in the absence of a Shareholder electing to receive a distribution in specie on winding-up, such Shareholder shall receive their relevant distribution in cash in accordance with their respective interests in the relevant Funds.
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# PUBLICATION OF PRICES | Die Gesellschaft kann durch einen Sonderbeschluss der Gesellschaft, der auf einer Hauptversammlung der Gesellschaft gefasst wird, aufgelöst werden. Ein Sonderbeschluss erfordert mindestens 75 % der auf der Hauptversammlung abgegebenen Stimmen zugunsten des Beschlusses. Für die Auflösung gelten die anwendbaren Bestimmungen des Gesetzes über Gesellschaften. Die für die Verteilung unter den Inhabern der Fondsanteile zur Verfügung stehenden Vermögenswerte werden bei einer Auflösung gemäß deren jeweiliger Beteiligung an den betreffenden Fonds verteilt. Der Liquidator kann auf der Grundlage der Ermächtigung durch einen Sonderbeschluss das gesamte oder Teile des Gesellschaftsvermögen(s) als Sachauskehrung an die Anteilseigner verteilen. Zur Klarstellung: Falls der vorstehend beschriebene Sonderbeschluss gefasst wird, ist jeder Anteilseigner berechtigt, bei Auflösung zu wählen, ob er eine Ausschüttung in bar oder eine Sachauskehrung wünscht. Falls der Anteilseigner bei Auflösung eine solche Wahl zur Entgegennahme einer Sachauskehrung jedoch nicht trifft, erhält der Anteilseigner seine anteilige Ausschüttung in bar in Übereinstimmung mit seiner Anteilsquote am betreffenden Fonds.
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# PREISVERÖFFENTLICHUNG | The Company may be wound up by a special resolution of the Company passed at a general meeting of the Company. A special resolution requires at least 75% of the votes cast at the meeting to be voted in favour of the resolution in question. The winding up would be governed by the applicable provisions of the Act. The assets available for distribution among the holders of the Shares would be distributed in a winding up in accordance with their respective interests in the respective Funds. The Liquidator may, with the authority of a special resolution, divide among the Shareholders in specie the whole or any part of the assets of the Company. For the avoidance of doubt, if the special resolution referred to above is passed, each Shareholder is entitled to elect on winding-up whether or not they wish to receive a distribution in specie or a distribution in cash. However, in the absence of a Shareholder electing to receive a distribution in specie on winding-up, such Shareholder shall receive their relevant distribution in cash in accordance with their respective interests in the relevant Funds.
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# PUBLICATION OF PRICES | en | de |
DOLFIN7474 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Other relevant information
You can get further information about this fund, including the prospectus, latest annual report, any subsequent half-yearly report and the latest price of shares from www.gam.com. A paper copy of these documents is available free of charge upon request from GAM Fund Management Limited, Dockline, Mayor Street, IFSC, Dublin, Ireland . This key information document will be updated at least every 12 months following the date of the initial publication, unless there are any adhoc changes.
### You can find information related to the product past performance up to the last 10 years and to previous performance scenario calculations at:
- https://docs.data2report.lu/documents/KID_PP/KID_annex_PP_GAM_IE00BMVBC217_en.pdf.
- https://docs.data2report.lu/documents/KID_PS/KID_annex_PS_GAM_IE00BMVBC217_en.pdf. | # Altre informazioni pertinenti
Ulteriori informazioni riguardo a questo fondo, compreso il prospetto, l'ultima relazione annuale, o relazione semestrale (se più recente), e l'ultimo prezzo delle azioni sono disponibili sul sito web www.gam.com. È possibile richiedere copie cartacee di questi documenti gratuitamente a GAM Fund Management Limited, Dockline, Mayor Street, IFSC, Dublino, Irlanda. Il presente documento contenente le informazioni chiave viene aggiornato al più tardi ogni 12 mesi dalla data della sua prima pubblicazione, salvo nei casi in cui si rendessero necessarie modifiche puntuali.
### Per le informazioni relative alla performance passata del prodotto negli ultimi 10 anni e ai calcoli dello scenario di performance precedente si rimanda ai:
- https://docs.data2report.lu/documents/KID_PP/KID_annex_PP_GAM_IE00BMVBC217_en.pdf.
- https://docs.data2report.lu/documents/KID_PS/KID_annex_PS_GAM_IE00BMVBC217_en.pdf. | # Other relevant information
You can get further information about this fund, including the prospectus, latest annual report, any subsequent half-yearly report and the latest price of shares from www.gam.com. A paper copy of these documents is available free of charge upon request from GAM Fund Management Limited, Dockline, Mayor Street, IFSC, Dublin, Ireland . This key information document will be updated at least every 12 months following the date of the initial publication, unless there are any adhoc changes.
### You can find information related to the product past performance up to the last 10 years and to previous performance scenario calculations at:
- https://docs.data2report.lu/documents/KID_PP/KID_annex_PP_GAM_IE00BMVBC217_en.pdf.
- https://docs.data2report.lu/documents/KID_PS/KID_annex_PS_GAM_IE00BMVBC217_en.pdf. | en | it |
DOLFIN7475 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it to other products.
| Product | MFS MERIDIAN® FUNDS -- EUROPEAN RESEARCH FUND -- Class A1EUR ISIN: LU0094557526 |
| --- | --- |
| Product Manufacturer and Management Company | MFS Investment Management Company (Lux) S.à r.l www.meridian.mfs.com For additional information, you may contact the Transfer Agent at +352-46-40-10-600, or your local agent or financial intermediary. |
| Competent Authority | The Commission de Surveillance du Secteur Financier (“CSSF”) is responsible for supervising MFS Investment Management Company (Lux) S.à r.l in relation to this Key Information Document. This PRIIP is authorised in Luxembourg. MFS Investment Management Company (Lux) S.à r.l is authorised in Luxembourg and regulated by the CSSF. |
| This document was prepared on 15 December 2023. | | # Scopo
Il presente documento contiene le informazioni chiave relative a questo prodotto d'investimento. Non si tratta di un documento promozionale. Le informazioni, prescritte per legge, hanno lo scopo di aiutarvi a capire le caratteristiche, i rischi, i costi, i guadagni e le perdite potenziali legati a questo prodotto e di aiutarvi a fare un raffronto con altri prodotti.
| Prodotto | MFS MERIDIAN® FUNDS -- EUROPEAN RESEARCH FUND -- Categoria A1EUR ISIN: LU0094557526 |
| --- | --- |
| Ideatore del prodotto e Società di gestione | MFS Investment Management Company (Lux) S.à r.l www.meridian.mfs.com Per ulteriori informazioni, contattare l'Agente per i Trasferimenti al numero +352-46-40-10-600 oppure il proprio agente locale o intermediario finanziario. |
| Autorità competente | La Commission de Surveillance du Secteur Financier ("CSSF") è responsabile della vigilanza su MFS Investment Management Company (Lux) S.à r.l in relazione al presente Documento contenente le informazioni chiave. Il presente PRIIP è autorizzato in Lussemburgo. MFS Investment Management Company (Lux) S.à r.l è autorizzata in Lussemburgo e sottoposta alla vigilanza della CSSF. |
| Il presente documento è stato redatto il 15 dicembre 2023. | | # 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 to other products.
| Product | MFS MERIDIAN® FUNDS -- EUROPEAN RESEARCH FUND -- Class A1EUR ISIN: LU0094557526 |
| --- | --- |
| Product Manufacturer and Management Company | MFS Investment Management Company (Lux) S.à r.l www.meridian.mfs.com For additional information, you may contact the Transfer Agent at +352-46-40-10-600, or your local agent or financial intermediary. |
| Competent Authority | The Commission de Surveillance du Secteur Financier (“CSSF”) is responsible for supervising MFS Investment Management Company (Lux) S.à r.l in relation to this Key Information Document. This PRIIP is authorised in Luxembourg. MFS Investment Management Company (Lux) S.à r.l is authorised in Luxembourg and regulated by the CSSF. |
| This document was prepared on 15 December 2023. | | en | it |
DOLFIN7476 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Politique d'investissement
Le Fonds investit entre 35 % et 65 % de ses actifs dans des actions (titres de participation) essentiellement de sociétés étasuniennes, et entre 35 % et 65 % de ses actifs dans des obligations de n’importe quelle qualité, y compris jusqu’à 35 % dans des obligations à haut rendement (de notation inférieure à «investment grade») et des prêts (de notation inférieure à «investment grade») émis principalement par des sociétés étasuniennes ou le gouvernement des États-Unis. Le Fonds peut également investir dans d’autres actifs, y compris des sociétés et des obligations hors zone euro, des liquidités et des instruments du marché monétaire. Le gestionnaire d’investissement peut avoir recours à des dérivés (instruments financiers complexes) pour réduire le risque, pour gérer le Fonds plus efficacement ou pour générer du capital et des revenus supplémentaires pour le Fonds. Le Fonds est géré de façon active en se référant à l’indice «équilibré» (55
% S&P 500 + 45 % Bloomberg US Aggregate Bond), qui est largement représentatif des sociétés et obligations dans lesquelles le Fonds est susceptible d’investir, dans la mesure où ledit indice constitue la base de l’objectif de performance du Fonds. Le gestionnaire d’investissement dispose d’une grande liberté d’action pour choisir des investissements individuels pour le Fonds. | # Política de inversión
El Fondo invierte entre el 35 % y el 65 % de sus activos en acciones (valores de renta variable) de sociedades estadounidenses principalmente. Además, invierte entre el 35 % y el 65 % de sus activos en bonos de cualquier calidad, incluidos los segmentos de bonos de alto rendimiento (sin grado de inversión) y préstamos (sin grado de inversión) emitidos principalmente por sociedades estadounidenses o por el Gobierno de EE. UU, a los que podrá destinar hasta un 35 % de sus activos. El Fondo también podrá invertir en otros activos, incluidas las sociedades y los bonos fuera de EE. UU., el efectivo y los instrumentos del mercado monetario. El gestor de inversiones podrá utilizar derivados (instrumentos financieros complejos) para reducir el riesgo, para gestionar el Fondo de forma más eficiente, o para generar capital o ingresos adicionales para el Fondo. El Fondo se gestiona de manera activa con referencia al índice «equilibrado» (55 % S&P 500 + 45 % Bloomberg US Aggregate Bond), que es ampliamente representativo de las sociedades y los bonos en los que puede invertir, ya que constituye la base del objetivo de rendimiento del Fondo. El gestor de inversiones tiene un alto grado de libertad para elegir inversiones individuales para el Fondo. | # Politique d'investissement
Le Fonds investit entre 35 % et 65 % de ses actifs dans des actions (titres de participation) essentiellement de sociétés étasuniennes, et entre 35 % et 65 % de ses actifs dans des obligations de n’importe quelle qualité, y compris jusqu’à 35 % dans des obligations à haut rendement (de notation inférieure à «investment grade») et des prêts (de notation inférieure à «investment grade») émis principalement par des sociétés étasuniennes ou le gouvernement des États-Unis. Le Fonds peut également investir dans d’autres actifs, y compris des sociétés et des obligations hors zone euro, des liquidités et des instruments du marché monétaire. Le gestionnaire d’investissement peut avoir recours à des dérivés (instruments financiers complexes) pour réduire le risque, pour gérer le Fonds plus efficacement ou pour générer du capital et des revenus supplémentaires pour le Fonds. Le Fonds est géré de façon active en se référant à l’indice «équilibré» (55
% S&P 500 + 45 % Bloomberg US Aggregate Bond), qui est largement représentatif des sociétés et obligations dans lesquelles le Fonds est susceptible d’investir, dans la mesure où ledit indice constitue la base de l’objectif de performance du Fonds. Le gestionnaire d’investissement dispose d’une grande liberté d’action pour choisir des investissements individuels pour le Fonds. | fr | es |
DOLFIN7477 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Recherche ESG
En tant que composante intégrée au processus d’investissement de tous nos produits ESG STARS, une analyse ESG approfon- die en interne est effectuée par notre équipe RI indépendante et expérimentée. L’équipe utilise plusieurs sources d’informa- tions dans son analyse propriétaire (la plus importante étant les entreprises elles-mêmes), où nous visons à ce que chaque analyse ESG soit réalisée par le biais d’une conférence en face à face avec les représentants concernés.
Toutes les sociétés considérées comme des investissements sont analysées par notre équipe RI. L’analyse est effectuée de façon « bottom-up » et se concentre sur la manière dont l’entreprise fonctionne avec les parties prenantes, en particu- lier dans les zones de conflit potentielles. Pour chaque secteur, nous avons identifié leurs problématiques ESG importantes, qui
sont incluses dans notre évaluation. Ces données sont utilisées pour former notre propre vision de l’entreprise, ce qui signifie que nous ne sommes pas liés par des évaluations ESG externes. En outre, lors de l’évaluation du profil de risque ESG d’une entreprise, nous nous concentrons également sur des thèmes spécifiques utilisant les objectifs de développement durable (ODD) de l’ONU.
En outre, notre recherche ESG a un impact systématique sur le modèle d’évaluation. Dans le cadre du DCF, les entreprises ayant un profil ESG solide ont tendance à générer des rende- ments excédentaires supérieurs à leur coût du capital investi. D’autres choses étant égales, cela se traduit par une meilleure estimation de la juste valeur pour les bons résultats ESG. | # Investigación ASG
Siendo una parte integral del proceso de inversión de todos nuestros productos ASG STARS, nuestro independiente y expe- rimentado equipo de RI realiza un análisis interno de los fac- tores ASG. El equipo utiliza múltiples fuentes de información en su exclusivo análisis (siendo la más importante las propias empresas), teniendo como objetivo que cada análisis ASG hecho se realice a través de una reunión cara a cara con los representantes pertinentes.
Todas las empresas consideradas para inversión son analiza- das por nuestro equipo de RI. El análisis se realiza “bottom-up” y se centra en la forma en que la empresa opera con las partes interesadas, especialmente en las posibles áreas de conflicto. En cada sector identificamos los temas más materiales en cues- tiones ASG, los cuales incluimos en nuestra evaluación. Estas aportaciones se utilizan para formar nuestra propia visión de
la empresa, lo que significa que no estamos sujetos a ninguna evaluación ASG externa. Además, al evaluar el perfil de riesgo de una empresa en el marco ASG, también nos centramos en temas específicos que abordan los Objetivos de Desarrollo Sos- tenible (ODS) de las Naciones Unidas.
Además, nuestra investigación ASG interna influye sistemática- mente a nuestro modelo de valoración. En el marco del DCF, las empresas con los perfiles ASG más sólidos tienden a generar rendimientos por arriba de su costo del capital invertido. Ceteris paribus, esto resulta en una estimación de valor mayor para las empresas con sólidas características ASG. | # Recherche ESG
En tant que composante intégrée au processus d’investissement de tous nos produits ESG STARS, une analyse ESG approfon- die en interne est effectuée par notre équipe RI indépendante et expérimentée. L’équipe utilise plusieurs sources d’informa- tions dans son analyse propriétaire (la plus importante étant les entreprises elles-mêmes), où nous visons à ce que chaque analyse ESG soit réalisée par le biais d’une conférence en face à face avec les représentants concernés.
Toutes les sociétés considérées comme des investissements sont analysées par notre équipe RI. L’analyse est effectuée de façon « bottom-up » et se concentre sur la manière dont l’entreprise fonctionne avec les parties prenantes, en particu- lier dans les zones de conflit potentielles. Pour chaque secteur, nous avons identifié leurs problématiques ESG importantes, qui
sont incluses dans notre évaluation. Ces données sont utilisées pour former notre propre vision de l’entreprise, ce qui signifie que nous ne sommes pas liés par des évaluations ESG externes. En outre, lors de l’évaluation du profil de risque ESG d’une entreprise, nous nous concentrons également sur des thèmes spécifiques utilisant les objectifs de développement durable (ODD) de l’ONU.
En outre, notre recherche ESG a un impact systématique sur le modèle d’évaluation. Dans le cadre du DCF, les entreprises ayant un profil ESG solide ont tendance à générer des rende- ments excédentaires supérieurs à leur coût du capital investi. D’autres choses étant égales, cela se traduit par une meilleure estimation de la juste valeur pour les bons résultats ESG. | fr | es |
DOLFIN7478 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# ESG rating (vs. benchmark)
Portfolio exposure by ESG pillar
Source: All data is from MSCI ESG Fund Ratings as of 31/10/2022, based on holdings as of 31/08/2022. | # Rating ESG (vs. Indice di Riferimento)
Esposizione del portafoglio per criterio ESG
Fonte: Tutti i dati provengono da MSCI ESG Fund Ratings al 31/10/2022, basati sulle posizioni detenute al 31/08/2022. | # ESG rating (vs. benchmark)
Portfolio exposure by ESG pillar
Source: All data is from MSCI ESG Fund Ratings as of 31/10/2022, based on holdings as of 31/08/2022. | en | it |
DOLFIN7479 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Cette durée correspond à la période durant laquelle vous devez rester investi dans le Produit afin d’obtenir un rendement potentiel tout en minimisant le risque de perte. Cette durée est liée à la combinaison d’actifs, à l’objectif de gestion et à la stratégie d’investissement de votre Produit.
Vous pouvez demander la vente de votre Produit tous les jours. Vous pouvez recevoir moins que prévu si vous en sortez avant la fin de la période de détention recommandée. La période de détention recommandée est une estimation et elle ne doit pas être considérée comme une garantie ou une indication de la performance, du rendement ou des niveaux de risque futurs.
La responsabilité de Natixis Investment Managers S.A. ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou incohérentes avec les parties correspondantes du Prospectus du Produit. Si vous souhaitez formuler une plainte contre la personne qui conseille ou vend le Produit ou concernant le Produit, vous pouvez envoyer un e- mail au service clientèle à l’adresse [email protected] ou écrire à Natixis Investment Managers S.A., 2 rue Jean Monnet, L-2180 Luxembourg.
Des informations sur les performances passées du Produit sont disponibles à l’adresse suivante : https://priips.im.natixis.com/ past_performance?id=LU2095319682. Des données de performances passées sont présentées sur 0 an. | Esta duración corresponde al período durante el cual debe mantener su inversión en el Producto para obtener una rentabilidad potencial y minimizar el riesgo de pérdidas. Esta duración está vinculada a la combinación de activos, el objetivo de gestión y la estrategia de inversión de su Producto.
Puede solicitar la venta de su Producto todos los días. Puede recibir un importe inferior al esperado si hace efectivo el Producto antes del período de mantenimiento recomendado. El período de mantenimiento recomendado es una estimación y no debe tomarse como garantía ni como indicación del rendimiento, la rentabilidad ni niveles de riesgo futuros.
Natixis Investment Managers S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes con respecto a las correspondientes partes del folleto del Producto. Si desea presentar una reclamación acerca del Producto o el asesor o agente comercial del Producto, puede enviar un correo electrónico a la dirección de atención al cliente ([email protected]) o escribir a Natixis Investment Managers S.A., en la dirección: 2 rue Jean Monnet L-2180, Luxemburgo.
La información sobre la rentabilidad histórica del Producto está disponible en https://priips.im.natixis.com/past_performance? id=LU2095319682. Los datos de la rentabilidad histórica hacen referencia a los últimos 0 años. | Cette durée correspond à la période durant laquelle vous devez rester investi dans le Produit afin d’obtenir un rendement potentiel tout en minimisant le risque de perte. Cette durée est liée à la combinaison d’actifs, à l’objectif de gestion et à la stratégie d’investissement de votre Produit.
Vous pouvez demander la vente de votre Produit tous les jours. Vous pouvez recevoir moins que prévu si vous en sortez avant la fin de la période de détention recommandée. La période de détention recommandée est une estimation et elle ne doit pas être considérée comme une garantie ou une indication de la performance, du rendement ou des niveaux de risque futurs.
La responsabilité de Natixis Investment Managers S.A. ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou incohérentes avec les parties correspondantes du Prospectus du Produit. Si vous souhaitez formuler une plainte contre la personne qui conseille ou vend le Produit ou concernant le Produit, vous pouvez envoyer un e- mail au service clientèle à l’adresse [email protected] ou écrire à Natixis Investment Managers S.A., 2 rue Jean Monnet, L-2180 Luxembourg.
Des informations sur les performances passées du Produit sont disponibles à l’adresse suivante : https://priips.im.natixis.com/ past_performance?id=LU2095319682. Des données de performances passées sont présentées sur 0 an. | fr | es |
DOLFIN7480 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Valuation Risk
The Administrator may consult the Investment Advisors with respect to the valuation of investments which are
(i) unlisted, or (ii) listed or traded on a Regulated Market but where the market price is unrepresentative or not available. There is a possible conflict of interest because of an Investment Advisor’s role in determining the valuation of the Fund’s investments and the fact that the Investment Advisor receives a fee which increases as the value of the Fund increases. | #### Rischio di valutazione
L’Agente amministrativo può consultare i Consulenti per gli investimenti per quanto attiene alla valutazione di investimenti
(i) non quotati oppure (ii) quotati o negoziati in un Mercato regolamentato, ma il cui prezzo di mercato non sia rappresentativo ovvero non sia disponibile. Vi è un potenziale conflitto di interesse a causa del ruolo di un Consulente per gli investimenti nella determinazione della valutazione degli investimenti e il fatto che il Consulente per gli investimenti percepisca una commissione che diventa più elevata a mano a mano che aumenta il valore del Comparto. | #### Valuation Risk
The Administrator may consult the Investment Advisors with respect to the valuation of investments which are
(i) unlisted, or (ii) listed or traded on a Regulated Market but where the market price is unrepresentative or not available. There is a possible conflict of interest because of an Investment Advisor’s role in determining the valuation of the Fund’s investments and the fact that the Investment Advisor receives a fee which increases as the value of the Fund increases. | en | it |
DOLFIN7481 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Entry costs | 3.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the Sub-Fund will inform you of the actual charge. | 296 EUR |
| --- | --- | --- |
| Exit costs | We do not charge an exit fee for this Sub-Fund, but the person selling you the Sub-Fund may do so. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 1.40 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 135 EUR |
| Transaction costs | 0.34 % 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 Sub-Fund. The actual amount will vary depending on how much we buy and sell. | 34 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this Sub-Fund. | 0 EUR | | | Costi di ingresso | 3,00 % dell’importo pagato al momento della sottoscrizione dell’investimento. Questa è la cifra massima che può essere addebitata. La persona che vende il Comparto vi informerà del costo effettivo. | 296 EUR |
| --- | --- | --- |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo Comparto ma la persona che vende il prodotto può farlo. | 0 EUR |
| Costi correnti | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1,40 % del valore dell’investimento all’anno. Si tratta di una stima basata sui costi effettivi dell’ultimo anno. | 135 EUR |
| Costi di transazione | 0,34 % 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 Comparto sottostante. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 34 EUR |
| Oneri accessori sostenuti in determinate condizioni | |
| Commissioni di performance | Non sono previste commissioni di performance per questo Comparto. | 0 EUR | | | Entry costs | 3.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the Sub-Fund will inform you of the actual charge. | 296 EUR |
| --- | --- | --- |
| Exit costs | We do not charge an exit fee for this Sub-Fund, but the person selling you the Sub-Fund may do so. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 1.40 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 135 EUR |
| Transaction costs | 0.34 % 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 Sub-Fund. The actual amount will vary depending on how much we buy and sell. | 34 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this Sub-Fund. | 0 EUR | | en | it |
DOLFIN7482 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## ‡MORNINGSTAR INFORMATION
Morningstar measures risk-adjusted returns. The overall rating is a weighted average based on the Fund’s 3-, 5-, and 10-year star rating. Source: Morningstar. Inception: 31 March 2020. Ratings 3yr 4/350, 5yr N/A, 10yr N/A.
The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts,exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange- traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustments for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. | ## ‡INFORMATIONS MORNINGSTAR
Morningstar mesure les rendements ajustés en fonction du risque. La notation globale est une moyenne pondérée basée sur le classement par étoiles à 3, 5 et 10 ans du Fonds. Source: Morningstar. Lancement: 31 mars 2020. Notations à 3 ans 4/350, 5 ans N/A, 10 ans N/A.
La notation Morningstar pour les fonds, ou « notation par étoiles », est calculée pour les produits gérés (y compris les fonds communs de placement, les annuités variables et les comptes auxiliaires assortis d'une rente à vie, les fonds négociés en bourse, les fonds à capital fixe et les comptes séparés) avec un historique d'au moins trois ans. Les fonds négociés en bourse et les fonds communs de placement à capital variable sont considérés comme une seule population à des fins de comparaison. Elle est calculée sur la base d'une mesure de la performance ajustée du risque de Morningstar qui tient compte de la variation de la performance excédentaire mensuelle d'un produit géré, en mettant davantage l'accent sur les variations à la baisse et en récompensant les performances constantes. La notation Morningstar n'inclut aucun ajustement pour les frais de vente. Les premiers 10 % de chaque catégorie de produits reçoivent 5 étoiles, les 22,5 % suivants reçoivent 4 étoiles, les 35 % suivants reçoivent 3 étoiles, les 22,5 % suivants reçoivent 2 étoiles et les 10 % restants reçoivent 1 étoile. La Notation globale Morningstar d'un produit géré est calculée à partir d'une moyenne pondérée des chiffres de performance associés aux mesures de notation Morningstar sur trois, cinq et dix ans (le cas échéant). Les pondérations sont: 100 % pour la notation à trois ans entre 36 et 59 mois de rendements totaux, 60 % pour la notation à cinq ans/40 % pour la notation à trois ans de 60 à 119 mois de rendements totaux et 50 % pour la notation à dix ans/30 % pour la notation à cinq ans/20 % pour la notation à trois ans à partir de 120 mois de rendements totaux. Bien que la formule de notation globale à base d'étoiles à 10 ans semble donner le plus de poids à la période de 10 ans, la période de trois ans la plus récente a en fait l'impact le plus important parce qu'elle est incluse dans les trois périodes de notation. | ## ‡MORNINGSTAR INFORMATION
Morningstar measures risk-adjusted returns. The overall rating is a weighted average based on the Fund’s 3-, 5-, and 10-year star rating. Source: Morningstar. Inception: 31 March 2020. Ratings 3yr 4/350, 5yr N/A, 10yr N/A.
The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts,exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange- traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustments for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. | en | fr |
DOLFIN7483 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Futures contracts: The Subfunds may buy and sell different types of futures contracts, including those based on interest rates, bonds, currencies and indices, in order to increase the overall return through exposure to interest rates, securities prices, prices of other investments or index prices, or to hedge themselves against changes in interest rates, securities prices, prices of other investments or index prices. An exposure achieved using futures must be compatible with the investment policy applicable to the Subfund concerned. Futures contracts are traded on regulated markets, involve brokerage costs and have margin requirements.
Contracts for difference (CFDs): The Subfunds may conclude contracts for difference (CFDs). A CFD is a contractual agreement between two parties - buyer and seller - stipulating that the seller pays the buyer the difference between the current value of an asset (security, instrument, basket of securities or index) and its value on conclusion of the contract. If the difference is negative, the buyer owes the (corresponding) payment to the seller. CFDs are traded off exchange (OTC) and the counterparty must be a first-class financial institution specialising in this type of transaction.
Forward currency contracts: The Subfunds may conclude forward currency contracts. With a forward currency contract, the holder of the contract agrees to buy or sell the currency at a predetermined price, in a predetermined quantity and at a predetermined future date. Forward currency contracts are traded off exchange (OTC) and the counterparty must be a first-class financial institution specialising in this type of transaction.
- S
- WAPSInterest rate swaps or currency swaps: The Subfunds may engage in interest rate and currency swap transactions. With an interest rate swap, one stream of future interest payments is exchanged for another on the basis of a specified principal sum. With interest rate swaps, a fixed payment is frequently exchanged for a variable payment that is tied to an interest rate. With a currency swap, interest payments and a principal sum in a particular currency are exchanged for a principal sum and interest payments with the same value in a different currency. Interest rate swaps and currency swaps are traded off exchange (OTC) and the counterparty must be a first-class financial institution specialising in this type of transaction. | Futures-Kontrakte: Die Subfonds dürfen verschiedene Arten von Futures-Kontrakten, unter anderem auf Zinssätze, Anleihen, Währungen und Indizes, kaufen und verkaufen, um die Gesamtrendite durch ein Engagement in Zinssätzen, Wertpapierkursen, Kursen anderer Anlagen oder Indexkursen zu steigern oder um sich gegen Veränderungen von Zinssätzen, Wertpapierkursen, Kursen anderer Anlagen oder Indexkursen abzusichern. Ein mittels Futures erreichtes Engagement muss mit der geltenden Anlagepolitik des betreffenden Subfonds vereinbar sein. Futures-Kontrakte werden an geregelten Märkten gehandelt, sind mit Maklerkosten verbunden und erfordern Einschusszahlungen.
Differenzkontrakte (CFD): Die Subfonds dürfen Differenzkontrakte (CFD) abschliessen. Ein CFD ist eine vertragliche Vereinbarung zwischen zwei Parteien - Käufer und Verkäufer -, die festlegt, dass der Verkäufer die Differenz zwischen dem aktuellen Wert eines Vermögenswerts (eines Wertpapiers, Instruments, Wertpapierkorbes oder Index) und dessen Wert bei Abschluss des Vertrages an den Käufer zahlt. Ist die Differenz negativ, schuldet der Käufer dem Verkäufer die (entsprechende) Zahlung. CFD werden ausserbörslich (OTC) gehandelt und die Gegenpartei muss ein erstklassiges Finanzinstitut sein, das auf diese Art von Geschäften spezialisiert ist.
Devisenterminkontrakte: Die Subfonds dürfen Devisenterminkontrakte abschliessen. Bei einem Devisenterminkontrakt verpflichtet sich der Inhaber des Kontrakts, die Währung zu einem bestimmten Preis, in einer bestimmten Menge und an einem bestimmten zukünftigen Termin zu kaufen oder zu verkaufen. Devisenterminkontrakte werden ausserbörslich (OTC) gehandelt und die Gegenpartei muss ein erstklassiges Finanzinstitut sein, das auf diese Art von Geschäften spezialisiert ist.
- S
- WAPSZinsswaps oder Währungsswaps: Die Subfonds dürfen Zinsswap- und Währungsswap-Geschäfte tätigen. Bei einem Zinsswap wird ein Strom von zukünftigen Zinszahlungen gegen einen anderen auf der Basis einesbestimmten Kapitalbetrags getauscht. Bei Zinsswaps wird häufig eine feste Zahlung gegen eine variable Zahlung getauscht, die an einen Zinssatz gebunden ist. Bei einem Währungsswap werden Zinszahlungen und ein Kapitalbetrag in einer Währung gegen einen Kapitalbetrag und Zinszahlungen mit gleichem Wert in einer anderen Währung getauscht. Zinsswaps und Währungsswaps werden ausserbörslich (OTC) gehandelt und die Gegenpartei muss ein erstklassiges Finanzinstitut sein, das auf diese Art von Geschäften spezialisiert ist. | Futures contracts: The Subfunds may buy and sell different types of futures contracts, including those based on interest rates, bonds, currencies and indices, in order to increase the overall return through exposure to interest rates, securities prices, prices of other investments or index prices, or to hedge themselves against changes in interest rates, securities prices, prices of other investments or index prices. An exposure achieved using futures must be compatible with the investment policy applicable to the Subfund concerned. Futures contracts are traded on regulated markets, involve brokerage costs and have margin requirements.
Contracts for difference (CFDs): The Subfunds may conclude contracts for difference (CFDs). A CFD is a contractual agreement between two parties - buyer and seller - stipulating that the seller pays the buyer the difference between the current value of an asset (security, instrument, basket of securities or index) and its value on conclusion of the contract. If the difference is negative, the buyer owes the (corresponding) payment to the seller. CFDs are traded off exchange (OTC) and the counterparty must be a first-class financial institution specialising in this type of transaction.
Forward currency contracts: The Subfunds may conclude forward currency contracts. With a forward currency contract, the holder of the contract agrees to buy or sell the currency at a predetermined price, in a predetermined quantity and at a predetermined future date. Forward currency contracts are traded off exchange (OTC) and the counterparty must be a first-class financial institution specialising in this type of transaction.
- S
- WAPSInterest rate swaps or currency swaps: The Subfunds may engage in interest rate and currency swap transactions. With an interest rate swap, one stream of future interest payments is exchanged for another on the basis of a specified principal sum. With interest rate swaps, a fixed payment is frequently exchanged for a variable payment that is tied to an interest rate. With a currency swap, interest payments and a principal sum in a particular currency are exchanged for a principal sum and interest payments with the same value in a different currency. Interest rate swaps and currency swaps are traded off exchange (OTC) and the counterparty must be a first-class financial institution specialising in this type of transaction. | en | de |
DOLFIN7484 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Within the Calvert Research System, the Calvert Governance Score is a common element across all peer group models. It is designed to capture the relationship between corporate governance and financial performance and to reduce country bias in company-level governance scoring.
The score breaks issuers into four country clusters based on written rules and market practices in those countries.
The score then applies 10 custom composite KPIs weighted by financial materiality within each country context. The KPIs assess the issuer’s corporate governance and business practices, including but not limited to evidence of sound management structures and employee relations, fair remuneration of staff, and tax compliance, in order to ensure that every investee company follows good governance practices.
The Calvert Principles, DEI Leadership or Improvement criteria and exclusionary criteria (as described above in response to the question, “What are the binding elements of the investment strategy used to select the investments to attain the sustainable investment objective?”) will be applied to 90% of the investments within the portfolio and the Fund will only aim to make sustainable investments with social objectives (alongside investments for hedging or liquidity purposes).
The diversity commitments to be better than the MSCI World Index are applied at a portfolio level (and not at the level of individual holdings, meaning that individual holdings may have a lower weighted average number of women or underrepresented ethnicities at the board level than the portfolio level average or target).
As a result, 90% of the Fund is expected to consist of sustainable investments, and the remaining 10% is expected to consist of investments held for ancillary liquidity and hedging instruments.
These percentages are measured according to the portfolio weight, which is based on market value of the investments.
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#### How does the use of derivatives attain the sustainable investment objective promoted by the financial product? | Dans le cadre du Calvert Research System, le Calvert Governance Score est un élément commun à tous les modèles de groupes de pairs. Il est conçu pour cerner la relation entre la gouvernance d’entreprise et la performance financière et réduire les partis-pris par pays dans l’évaluation de la gouvernance au niveau des entreprises.
Ce score regroupe les émetteurs en quatre clusters de pays sur la base des règles écrites et des pratiques de marché de ces pays.
Le score applique ensuite 10 KPI composites personnalisés pondérés en fonction de l’importance financière dans le contexte de chaque pays. Les KPI évaluent les pratiques de gouvernance d’entreprise et des pratiques commerciales d’un émetteur, y compris, mais sans s’y limiter, les éléments indiquant des structures de direction saines et de bonnes relations avec les salariés, une rémunération équitable du personnel et la conformité fiscale afin de s’assurer que chaque entreprise en portefeuille suive des pratiques de bonne gouvernance.
Les Principes Calvert, les critères de leadership ou d’amélioration en matière de DEI et les critères d’exclusion (décrits ci-dessus en réponse à la question « Quels sont les éléments contraignants de la stratégie d’investissement utilisés pour sélectionner les investissements afin d’atteindre l’objectif d’investissement durable ? ») seront appliqués à 90 % des investissements en portefeuille, et le Compartiment visera à réaliser uniquement des investissements durables ayant des objectifs sociaux (outre les investissements à des fins de couverture ou de liquidité).
Les engagements à faire mieux que l’indice MSCI World en matière de diversité sont appliqués au niveau du portefeuille (et non au niveau de chaque position, de sorte que certaines positions peuvent présenter un nombre moyen pondéré de femmes ou de groupes ethniques sous- représentés au niveau du conseil d’administration inférieur à la moyenne ou à l’objectif au niveau du Compartiment).
En conséquence, il est prévu que le Compartiment se compose à 90 % d’investissements durables, les 10 % restants étant composés d’investissements détenus à des fins de liquidité accessoire et d’instruments de couverture.
Ces pourcentages sont mesurés selon la pondération en portefeuille, qui est basée sur la valeur de marché des investissements.
-
#### Comment l’utilisation de produits dérivés atteint-elle l’objectif d’investissement durable promu par le produit financier ? | Within the Calvert Research System, the Calvert Governance Score is a common element across all peer group models. It is designed to capture the relationship between corporate governance and financial performance and to reduce country bias in company-level governance scoring.
The score breaks issuers into four country clusters based on written rules and market practices in those countries.
The score then applies 10 custom composite KPIs weighted by financial materiality within each country context. The KPIs assess the issuer’s corporate governance and business practices, including but not limited to evidence of sound management structures and employee relations, fair remuneration of staff, and tax compliance, in order to ensure that every investee company follows good governance practices.
The Calvert Principles, DEI Leadership or Improvement criteria and exclusionary criteria (as described above in response to the question, “What are the binding elements of the investment strategy used to select the investments to attain the sustainable investment objective?”) will be applied to 90% of the investments within the portfolio and the Fund will only aim to make sustainable investments with social objectives (alongside investments for hedging or liquidity purposes).
The diversity commitments to be better than the MSCI World Index are applied at a portfolio level (and not at the level of individual holdings, meaning that individual holdings may have a lower weighted average number of women or underrepresented ethnicities at the board level than the portfolio level average or target).
As a result, 90% of the Fund is expected to consist of sustainable investments, and the remaining 10% is expected to consist of investments held for ancillary liquidity and hedging instruments.
These percentages are measured according to the portfolio weight, which is based on market value of the investments.
-
#### How does the use of derivatives attain the sustainable investment objective promoted by the financial product? | en | fr |
DOLFIN7485 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
Risk indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
!
Risque le plus faible Risque le plus élevé L'indicateur de risque suppose que vous détenez le produit pendant 5 ans.
L'indicateur synthétique de risque est un indicateur du niveau de risque de ce produit par rapport à d'autres produits. Il montre la probabilité que
le produit perde de l'argent en raison de mouvements sur les marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce produit comme 2 sur 7, ce qui correspond à une classe de risque faible.
Ce chiffre évalue la probabilité de perdre de l'argent à l'avenir, sur la base de la Valeur nette d'inventaire de cette Classe d'actions au cours des dix dernières années, comme un risque faible.
Ayez conscience du risque de change. Si vous sélectionnez une classe d'actions en devise étrangère, vous serez exposé au risque de change, recevrez des paiements dans une devise différente de votre devise locale et votre rendement final dépendra du taux de change entre ces deux devises. Ce risque n'est pas pris en compte dans l'indicateur présenté ci-dessus.
Les investissements dans le Fonds sont soumis à des risques d'investissement généraux, tels que les risques de marché, de contrepartie et de liquidité. Les risques spécifiques à ce Fonds sont détaillés dans le prospectus.
Ce produit n'inclut aucune protection contre les performances futures du marché, vous pourriez donc perdre tout ou partie de votre investissement. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Risk indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
!
Riesgo más bajo Riesgo más alto
El indicador de riesgo supone que conservas el producto durante 5 años.
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.
Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que 2 significa un riesgo bajo.
Esta cifra valora la probabilidad de perder dinero en el futuro, tomando como base el Valor Activo Neto de esta Clase de Acciones a lo largo de los últimos diez años, como un riesgo bajo.
Tenga presente el riesgo de tipo de cambio. Si selecciona una clase de acciones en divisa extranjera, estará expuesto al riesgo de tipo de cambio, recibirá pagos en una divisa diferente a su divisa local y su rentabilidad final dependerá del tipo de cambio entre estas dos divisas. Este riesgo no se tiene en cuenta en el indicador mencionado anteriormente.
Las inversiones en el fondo están sujetas a riesgos generales de inversión, como los riesgos de mercado, de contraparte y de liquidez. Cualquier riesgo específico para este fondo se detalla en el folleto.
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. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
Risk indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
!
Risque le plus faible Risque le plus élevé L'indicateur de risque suppose que vous détenez le produit pendant 5 ans.
L'indicateur synthétique de risque est un indicateur du niveau de risque de ce produit par rapport à d'autres produits. Il montre la probabilité que
le produit perde de l'argent en raison de mouvements sur les marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce produit comme 2 sur 7, ce qui correspond à une classe de risque faible.
Ce chiffre évalue la probabilité de perdre de l'argent à l'avenir, sur la base de la Valeur nette d'inventaire de cette Classe d'actions au cours des dix dernières années, comme un risque faible.
Ayez conscience du risque de change. Si vous sélectionnez une classe d'actions en devise étrangère, vous serez exposé au risque de change, recevrez des paiements dans une devise différente de votre devise locale et votre rendement final dépendra du taux de change entre ces deux devises. Ce risque n'est pas pris en compte dans l'indicateur présenté ci-dessus.
Les investissements dans le Fonds sont soumis à des risques d'investissement généraux, tels que les risques de marché, de contrepartie et de liquidité. Les risques spécifiques à ce Fonds sont détaillés dans le prospectus.
Ce produit n'inclut aucune protection contre les performances futures du marché, vous pourriez donc perdre tout ou partie de votre investissement. | fr | es |
DOLFIN7486 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# DIRECTORS AND OTHER INFORMATION
REGISTERED OFFICE
One Dockland Central, Guild Street IFSC, Dublin 1, D01E4XO
Ireland
THE DIRECTORS
The Directors of the Company are as follows: David Dillon (Irish)*^
Gerald Rehn (American) Greg Brisk (British) Claire Cawley (Irish)^
Caylie Stallard (New Zealand)~ Mark Flaherty (Irish)<
All of the Directors listed are non-executive Directors
*
Chairman of the Board of Directors
^
Independent Director
~
Please refer to Note 18 of the financial statements.
<
Please refer to Note 19 of the financial statements.
MANAGER
BNY Mellon Fund Management (Luxembourg) S.A. 2-4 Rue Eugène Ruppert
L-2453
Luxembourg
INVESTMENT MANAGERS, SUB-INVESTMENT MANAGERS AND DELEGATED INVESTMENT MANAGERS
Newton Investment Management Limited BNY Mellon Centre
160 Queen Victoria Street London EC4V 4LA
United Kingdom
Walter Scott & Partners Limited One Charlotte Square Edinburgh EH2 4DR
Scotland United Kingdom
ARX Investimentos Ltda
Avenida Borges de Medeiros, 633, 4th floor, Leblon
Rio de Janeiro, R.J. 22430-041 Brazil
BNY Mellon Asset Management Japan Limited Maranouchi Trust Tower Main
1-8-3 Maranouchi Chiyoda – ku Toyko 100-0005 Japan
Insight Investment Management (Global) Limited BNY Mellon Centre
160 Queen Victoria Street London EC4V 4LA
United Kingdom
Alcentra NY, LLC 200 Park Avenue New York
NY 10166
United States of America
Insight North America LLC 200 Park Avenue
New York NY 10166
United States of America
Maybank Asset Management Singapore Pte. LTD. 9 Temasek Boulevard
13-01 Suntec Tower Two Singapore 038989 Singapore
Alcentra Limited
160 Quesen Victoria Street London EC4V 4LA
United Kingdom
Newton Investment Management North America LLC One Boston Place
201 Washington Street
Boston MA 02108
ADMINISTRATOR, REGISTRAR & TRANSFER AGENT
BNY Mellon Fund Services (Ireland) Designated Activity Company One Dockland Central, Guild Street
IFSC, Dublin 1, D01E4XO
Ireland
SECRETARY
Tudor Trust Limited
33 Sir John Rogerson’s Quay Dublin 2, D02 XK09
Ireland
LEGAL ADVISERS TO THE COMPANY
Dillon Eustace
33 Sir John Rogerson’s Quay Dublin 2, D02 XK09
Ireland
INDEPENDENT AUDITORS
Ernst & Young
Chartered Accountants & Registered Auditors Harcourt Centre
Harcourt Street Dublin 2, D02 YA40 Ireland
DEPOSITARY
The Bank of New York Mellon SA/NV Dublin Branch
Riverside 2, Sir John Rogerson’s Quay Grand Canal Dock, Dublin 2
D02 KV60, Ireland
DIRECTORS AND OTHER INFORMATION cont’d.
DISTRIBUTOR (EXCLUDING THE EEA)
BNY Mellon Investment Management EMEA Limited BNY Mellon Centre
160 Queen Victoria Street London EC4V 4LA
United Kingdom
DISTRIBUTOR (WITHIN THE EEA)
BNY Mellon Fund Management (Luxembourg) S.A. 2-4 Rue Eugène Ruppert
L-2453
Luxembourg | # AMMINISTRATORI E ALTRE INFORMAZIONI
SEDE LEGALE
One Dockland Central, Guild Street IFSC, Dublin 1, D01E4XO
Irlanda
AMMINISTRATORI
Gli Amministratori della Società sono i seguenti: David Dillon (irlandese)*^
Gerald Rehn (americano) Greg Brisk (britannico) Claire Cawley (irlandese)^
Caylie Stallard (New Zealand)~ Mark Flaherty (irlandese)<
Tutti gli Amministratori elencati sono Amministratori non esecutivi
*
Presidente del Consiglio di amministrazione
^
Amministratore indipendente
~
Si rimanda alla Nota 18 del bilancio.
<
Si rimanda alla Nota 19 del bilancio.
GESTORE
BNY Mellon Fund Management (Luxembourg) S.A. 2-4 Rue Eugène Ruppert
L-2453
Lussemburgo
GESTORI DEGLI INVESTIMENTI, SUBGESTORI DEGLI INVESTIMENTI E GESTORI DEGLI INVESTIMENTI DELEGATI
Newton Investment Management Limited BNY Mellon Centre
160 Queen Victoria Street London EC4V 4LA
Regno Unito
Walter Scott & Partners Limited One Charlotte Square Edinburgh EH2 4DR
Scozia Regno Unito
ARX Investimentos Ltda.
Avenida Borges de Medeiros, 633, 4th floor, Leblon
Rio de Janeiro, R.J. 22430-041 Brasile
BNY Mellon Asset Management Japan Limited Maranouchi Trust Tower Main
1-8-3 Maranouchi Chiyoda – ku Toyko 100-0005 Giappone
Insight Investment Management (Global) Limited BNY Mellon Centre
160 Queen Victoria Street London EC4V 4LA
Regno Unito
Alcentra NY, LLC 200 Park Avenue New York
NY 10166
Stati Uniti d’America
Insight North America LLC 200 Park Avenue
New York NY 10166
Stati Uniti d’America
Maybank Asset Management Singapore Pte. LTD. 9 Temasek Boulevard
13-01 Suntec Tower Two Singapore 038989 Singapore
Alcentra Limited
160 Quesen Victoria Street London EC4V 4LA
Regno Unito
Newton Investment Management North America LLC One Boston Place
201 Washington Street
Boston MA 02108
AMMINISTRATORE, AGENTE INCARICATO DELLA CUSTODIA DEL REGISTRO E DEI TRASFERIMENTI
BNY Mellon Fund Services (Ireland) Designated Activity Company One Dockland Central, Guild Street
IFSC, Dublin 1, D01E4XO
Irlanda
SEGRETARIO
Tudor Trust Limited
33 Sir John Rogerson’s Quay Dublin 2, D02 XK09
Irlanda
CONSULENTI LEGALI DELLA SOCIETÀ
Dillon Eustace
33 Sir John Rogerson’s Quay Dublin 2, D02 XK09
Irlanda
SOCIETÀ DI REVISIONE INDIPENDENTE
Ernst & Young
Chartered Accountants & Registered Auditors Harcourt Centre
Harcourt Street Dublin 2, D02 YA40 Irlanda
DEPOSITARIO
The Bank of New York Mellon SA/NV Dublin Branch
Riverside 2, Sir John Rogerson’s Quay Grand Canal Dock, Dublin 2
D02 KV60, Irlanda
565
AMMINISTRATORI E ALTRE INFORMAZIONI continua
DISTRIBUTORE (SEE ESCLUSO)
BNY Mellon Investment Management EMEA Limited BNY Mellon Centre
160 Queen Victoria Street London EC4V 4LA
Regno Unito
DISTRIBUTORE (NEL SEE )
BNY Mellon Fund Management (Luxembourg) S.A. 2-4 Rue Eugène Ruppert
L-2453
Lussemburgo
566 | # DIRECTORS AND OTHER INFORMATION
REGISTERED OFFICE
One Dockland Central, Guild Street IFSC, Dublin 1, D01E4XO
Ireland
THE DIRECTORS
The Directors of the Company are as follows: David Dillon (Irish)*^
Gerald Rehn (American) Greg Brisk (British) Claire Cawley (Irish)^
Caylie Stallard (New Zealand)~ Mark Flaherty (Irish)<
All of the Directors listed are non-executive Directors
*
Chairman of the Board of Directors
^
Independent Director
~
Please refer to Note 18 of the financial statements.
<
Please refer to Note 19 of the financial statements.
MANAGER
BNY Mellon Fund Management (Luxembourg) S.A. 2-4 Rue Eugène Ruppert
L-2453
Luxembourg
INVESTMENT MANAGERS, SUB-INVESTMENT MANAGERS AND DELEGATED INVESTMENT MANAGERS
Newton Investment Management Limited BNY Mellon Centre
160 Queen Victoria Street London EC4V 4LA
United Kingdom
Walter Scott & Partners Limited One Charlotte Square Edinburgh EH2 4DR
Scotland United Kingdom
ARX Investimentos Ltda
Avenida Borges de Medeiros, 633, 4th floor, Leblon
Rio de Janeiro, R.J. 22430-041 Brazil
BNY Mellon Asset Management Japan Limited Maranouchi Trust Tower Main
1-8-3 Maranouchi Chiyoda – ku Toyko 100-0005 Japan
Insight Investment Management (Global) Limited BNY Mellon Centre
160 Queen Victoria Street London EC4V 4LA
United Kingdom
Alcentra NY, LLC 200 Park Avenue New York
NY 10166
United States of America
Insight North America LLC 200 Park Avenue
New York NY 10166
United States of America
Maybank Asset Management Singapore Pte. LTD. 9 Temasek Boulevard
13-01 Suntec Tower Two Singapore 038989 Singapore
Alcentra Limited
160 Quesen Victoria Street London EC4V 4LA
United Kingdom
Newton Investment Management North America LLC One Boston Place
201 Washington Street
Boston MA 02108
ADMINISTRATOR, REGISTRAR & TRANSFER AGENT
BNY Mellon Fund Services (Ireland) Designated Activity Company One Dockland Central, Guild Street
IFSC, Dublin 1, D01E4XO
Ireland
SECRETARY
Tudor Trust Limited
33 Sir John Rogerson’s Quay Dublin 2, D02 XK09
Ireland
LEGAL ADVISERS TO THE COMPANY
Dillon Eustace
33 Sir John Rogerson’s Quay Dublin 2, D02 XK09
Ireland
INDEPENDENT AUDITORS
Ernst & Young
Chartered Accountants & Registered Auditors Harcourt Centre
Harcourt Street Dublin 2, D02 YA40 Ireland
DEPOSITARY
The Bank of New York Mellon SA/NV Dublin Branch
Riverside 2, Sir John Rogerson’s Quay Grand Canal Dock, Dublin 2
D02 KV60, Ireland
DIRECTORS AND OTHER INFORMATION cont’d.
DISTRIBUTOR (EXCLUDING THE EEA)
BNY Mellon Investment Management EMEA Limited BNY Mellon Centre
160 Queen Victoria Street London EC4V 4LA
United Kingdom
DISTRIBUTOR (WITHIN THE EEA)
BNY Mellon Fund Management (Luxembourg) S.A. 2-4 Rue Eugène Ruppert
L-2453
Luxembourg | en | it |
DOLFIN7487 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
*used for comparative purposes only
Commentary
The first half of 2020 has been one of the most incredible periods in history and the range of possible outcomes is particularly wide. Investment markets grapple with more uncertainty than usual with respect to the global pandemic and potential for second waves, the economic impact of lockdowns and social distancing, record levels of stimulus, political and trade uncertainty, protests and unrest.
In an environment fraught with uncertainty, your fund has meaningfully outperformed the benchmark year-to-date.
The portfolio continues to reflect the stocks in which we have the highest conviction, based on deep, bottom-up, fundamental analysis. At the start of the year, we conducted a stock-by-stock review of the quality and growth characteristics of each name in the Investment Universe. This regular exercise saw us well placed to exercise discipline and act opportunistically in the uncertain and volatile period that followed.
We conducted further deep stress tests of the names on your portfolio, exploring top line impacts, the potential for supply chain issues, debt levels, an exploration of impending debt maturities and inventory levels. Our analysis suggested that we had little to no solvency risk and conviction in our stocks remained strong despite the wider market and economic uncertainty.
During this period, the top performing names included NetEase and Tencent, the Chinese internet and gaming platforms, as well as Pan Pacific International Holdings, the discount retailer in Japan. Each of these names benefitted from the Covid-19 lockdown measures with the video gaming names executing well in a period of accelerated audience growth. Due to high levels of engagement, gamers are sticky and drive revenue growth through microtransactions. Pan Pacific International holdings continued to grow same store sales as it levered its wide and diverse supply chain to win share that it will possibly keep once the world normalises.
Laggards during the period included Amadeus IT Group which is understandable given it provides booking systems and data for the airline industry. We deeply stress tested the company and concluded that following its debt issuance and capital increase Amadeus could withstand zero air traffic for another three years. Valuations also looked attractive based on a return to 2019 traffic levels in 2023 and as a result we added to our holding.
Ping An, the largest private life insurer in China, suffered as lockdown measures reduced business activity and investment income fell. FEMSA, the Mexican holding company exposed to convenience stores, suffered from Mexican Peso depreciation as well as concerns around capital allocation.
During this period, we opportunistically upgraded stocks along the lines of quality, growth or valuation. We bought leading Indian mortgage provider Housing Development Finance Corp (HDFC), aircraft engine manufacturer MTU, luxury goods provider LVMH, gaming provider NetEase, leader in diabetes Novo Nordisk and spirits company Pernod Ricard.
We sold Hangzhou Hikvision, the leading Chinese video surveillance company, which we had owned for more than three and a half years on ESG concerns. We also sold med-tech company Coloplast, Japanese makeup manufacturer Kosé and convenience store operator FEMSA as risk-adjusted prospects were more appealing elsewhere.
It is interesting that we can generally separate names in the portfolio and Investment Universe into three buckets. Those that benefitted from the pandemic, those that weren’t impacted and those that were negatively affected. Despite this distinction, all share prices experienced weakness during the period. We expect that market wide volatility will continue and aim to selectively purchase or add to our highest conviction names, particularly when share price movements seem unjustified.
As our outlook is not market driven but stock specific it is insightful to consider the case of HDFC mentioned below.
HDFC was first covered by an Analyst on our regional team in 1994, who wrote their first report at Comgest in 2009. It then featured in a country portfolio and the global Investment Universe in 2014, however it wasn’t until valuations returned to global financial crisis levels and we had built confidence in its ability to navigate various environments that it was first added to your portfolio.
Many years of research, combined with patience and discipline, can take place before a name culminates into a portfolio position. We envisage this disciplined approach will result in the name remaining a long-term compounder in your fund (in the absence of new, thesis-altering information).
The range of outcomes today seems particularly wide, with many sources of potential shock. Over the long term, and particularly in these environments, we continue to have confidence in our investment philosophy and process focused on strong business models with long-term resilience and growth. Combined with patience and valuation discipline we endeavour to continue delivering you superior long-term returns. | * utilisé uniquement à des fins de comparaison
Commentaire
Le premier semestre 2020 a été l’une des périodes les plus incroyables de l’histoire et l’éventail de conséquences possibles est particulièrement large. Les marchés d’investissement sont confrontés à une plus grande incertitude que d’habitude en raison de la pandémie mondiale et du risque de deuxièmes vagues, de l’impact économique des confinements et de la distanciation sociale, des niveaux record de programmes de relance, de l’incertitude politique et commerciale, des manifestations et des troubles sociaux.
Dans cet environnement marqué par l’incertitude, votre fonds a largement surperformé l’indice de référence depuis le début de l’année.
Le portefeuille continue de refléter les titres dans lesquels nous avons la plus forte conviction, sur la base d’une analyse fondamentale approfondie et ascendante. Au début de l’année, nous avons procédé à une revue des caractéristiques de qualité et de croissance de chaque titre de l’univers d’investissement. Cet exercice régulier nous a permis d’être bien placés pour faire preuve de discipline et pour agir de manière opportuniste pendant la période incertaine et volatile qui a suivi.
Nous avons mené d’autres tests de résistance approfondis sur les titres de votre portefeuille, en explorant les impacts de premier plan, les problèmes potentiels au sein des chaînes d’approvisionnement, les niveaux d’endettement, ou encore les échéances imminentes de dettes et les niveaux de stocks. Notre analyse suggérait que nous ne courions pas ou peu de risques de solvabilité, aussi sommes-nous restés convaincus de la solidité de nos titres malgré le climat général d'incertitude
Au cours de cette période, NetEase et Tencent, les plateformes chinoises de l’Internet et des jeux, ainsi que Pan Pacific International Holdings, un détaillant à bas prix au Japon, ont enregistré les meilleures performances. Chacun de ces titres a bénéficié des mesures de confinement dues à la Covid-19, les titres de jeux vidéo s’étant bien comportés dans une période de croissance accélérée de leur public. En raison de niveaux d’implication élevés, les joueurs sont fidèles et augmentent le chiffre d’affaires grâce aux microtransactions. Les participations dans Pan Pacific International ont continué à augmenter à nombre de magasins constant, car la société a su exploiter une chaîne d’approvisionnement à la fois vaste et diversifiée pour gagner des parts de marché qu’elle conservera probablement une fois que le monde se sera normalisé.
Au cours de la période, Amadeus IT Group était à la traîne, ce qui est compréhensible puisque la société fournit des systèmes de réservation et des données pour le secteur aérien. Nous avons procédé à des tests de résistance poussés sur cette société selon lesquels, après son émission de dette et son augmentation de capital, Amadeus pourrait supporter un trafic aérien nul pendant trois années supplémentaires. Les valorisations semblaient également attrayantes sur la base d’un retour aux niveaux de circulation de 2019 en 2023 ; c’est pourquoi nous avons renforcé notre participation.
Ping An, la plus grande compagnie d’assurance-vie privée de Chine, a souffert des mesures de confinement qui ont réduit l’activité des entreprises et fait chuter les produits des investissements. FEMSA, la holding mexicaine exposée aux commerces de proximité, a souffert de la dépréciation du peso mexicain ainsi que des inquiétudes concernant l’allocation du capital.
Au cours de cette période, nous avons procédé à un relèvement opportuniste du niveau des titres selon des critères de qualité, de croissance ou de valorisation. Nous avons fait l’acquisition de titres du principal fournisseur de prêts hypothécaires indien Housing Development Finance Corp (HDFC), du fabricant de moteurs d’avions MTU, du fournisseur de produits de luxe LVMH, du fournisseur de jeux NetEase, du leader du diabète Novo Nordisk et des spiritueux Pernod Ricard.
Nous avons vendu Hangzhou Hikvision, la société chinoise de vidéosurveillance leader sur le marché, que nous détenions depuis plus de trois ans et demi à cause de préoccupations en matière d’ESG. Nous avons également vendu la société de technologie médicale Coloplast, le fabricant de maquillage japonais Kosé et l’opérateur de magasins de proximité FEMSA, car les perspectives ajustées du risque étaient plus attrayantes ailleurs.
Il est intéressant de noter que nous pouvons généralement séparer les titres du portefeuille et de l’univers d’investissement en trois catégories. Ceux qui ont bénéficié de la pandémie, ceux qui n’ont pas été impactés, et ceux qui en ont souffert. Malgré cette distinction, les cours de toutes les actions ont été affaiblis au cours de la période. Nous nous attendons à ce que la volatilité à l’échelle du marché se poursuive ; aussi, notre but est-il d’acheter ou de renforcer de manière sélective nos titres à forte conviction, en particulier lorsque les fluctuations des cours des actions semblent injustifiées.
Puisque nos perspectives ne sont pas axées sur le marché mais spécifiques aux titres, il est intéressant de s’arrêter sur le cas de HDFC mentionné ci-dessous.
HDFC a été traité pour la première fois par un analyste de notre équipe régionale en 1994, et le premier rapport de Comgest date de 2009. La société est ensuite entrée dans un portefeuille pays et dans l’univers d’investissement mondial en 2014. Cependant, elle n’a été ajoutée à votre portefeuille que lorsque les valorisations ont retrouvé leurs niveaux d’avant la crise financière mondiale et lorsque nous avons été convaincus de sa capacité à s’en sortir dans différents environnements.
De nombreuses années de recherche, conjuguées à beaucoup de patience et de discipline, peuvent être nécessaires avant qu’un titre ne décroche une position en portefeuille. Nous pensons qu’à travers cette approche disciplinée le titre restera une composante à long terme dans votre fonds (en l’absence de nouvelles informations susceptibles de modifier cette thèse).
Aujourd’hui, l’éventail de scénarios d'évolution semble particulièrement vaste, avec de nombreuses sources de choc potentiel. Sur le long terme, et en particulier dans ces environnements, nous continuons à avoir confiance dans notre philosophie et notre processus d’investissement axés sur des modèles commerciaux solides, caractérisés par une résilience et une croissance à long terme. En ajoutant à cela notre patience et notre discipline en matière de valorisation, nous nous efforçons de continuer à vous offrir des rendements supérieurs à long terme. | *used for comparative purposes only
Commentary
The first half of 2020 has been one of the most incredible periods in history and the range of possible outcomes is particularly wide. Investment markets grapple with more uncertainty than usual with respect to the global pandemic and potential for second waves, the economic impact of lockdowns and social distancing, record levels of stimulus, political and trade uncertainty, protests and unrest.
In an environment fraught with uncertainty, your fund has meaningfully outperformed the benchmark year-to-date.
The portfolio continues to reflect the stocks in which we have the highest conviction, based on deep, bottom-up, fundamental analysis. At the start of the year, we conducted a stock-by-stock review of the quality and growth characteristics of each name in the Investment Universe. This regular exercise saw us well placed to exercise discipline and act opportunistically in the uncertain and volatile period that followed.
We conducted further deep stress tests of the names on your portfolio, exploring top line impacts, the potential for supply chain issues, debt levels, an exploration of impending debt maturities and inventory levels. Our analysis suggested that we had little to no solvency risk and conviction in our stocks remained strong despite the wider market and economic uncertainty.
During this period, the top performing names included NetEase and Tencent, the Chinese internet and gaming platforms, as well as Pan Pacific International Holdings, the discount retailer in Japan. Each of these names benefitted from the Covid-19 lockdown measures with the video gaming names executing well in a period of accelerated audience growth. Due to high levels of engagement, gamers are sticky and drive revenue growth through microtransactions. Pan Pacific International holdings continued to grow same store sales as it levered its wide and diverse supply chain to win share that it will possibly keep once the world normalises.
Laggards during the period included Amadeus IT Group which is understandable given it provides booking systems and data for the airline industry. We deeply stress tested the company and concluded that following its debt issuance and capital increase Amadeus could withstand zero air traffic for another three years. Valuations also looked attractive based on a return to 2019 traffic levels in 2023 and as a result we added to our holding.
Ping An, the largest private life insurer in China, suffered as lockdown measures reduced business activity and investment income fell. FEMSA, the Mexican holding company exposed to convenience stores, suffered from Mexican Peso depreciation as well as concerns around capital allocation.
During this period, we opportunistically upgraded stocks along the lines of quality, growth or valuation. We bought leading Indian mortgage provider Housing Development Finance Corp (HDFC), aircraft engine manufacturer MTU, luxury goods provider LVMH, gaming provider NetEase, leader in diabetes Novo Nordisk and spirits company Pernod Ricard.
We sold Hangzhou Hikvision, the leading Chinese video surveillance company, which we had owned for more than three and a half years on ESG concerns. We also sold med-tech company Coloplast, Japanese makeup manufacturer Kosé and convenience store operator FEMSA as risk-adjusted prospects were more appealing elsewhere.
It is interesting that we can generally separate names in the portfolio and Investment Universe into three buckets. Those that benefitted from the pandemic, those that weren’t impacted and those that were negatively affected. Despite this distinction, all share prices experienced weakness during the period. We expect that market wide volatility will continue and aim to selectively purchase or add to our highest conviction names, particularly when share price movements seem unjustified.
As our outlook is not market driven but stock specific it is insightful to consider the case of HDFC mentioned below.
HDFC was first covered by an Analyst on our regional team in 1994, who wrote their first report at Comgest in 2009. It then featured in a country portfolio and the global Investment Universe in 2014, however it wasn’t until valuations returned to global financial crisis levels and we had built confidence in its ability to navigate various environments that it was first added to your portfolio.
Many years of research, combined with patience and discipline, can take place before a name culminates into a portfolio position. We envisage this disciplined approach will result in the name remaining a long-term compounder in your fund (in the absence of new, thesis-altering information).
The range of outcomes today seems particularly wide, with many sources of potential shock. Over the long term, and particularly in these environments, we continue to have confidence in our investment philosophy and process focused on strong business models with long-term resilience and growth. Combined with patience and valuation discipline we endeavour to continue delivering you superior long-term returns. | en | fr |
DOLFIN7488 | 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 | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 0.00%, We do not charge an entry fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Exit costs | 0.00%, We do not charge an exit fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Ongoing costs taken each year | | |
| Management fee and other administrative or operating costs | 1.31% of the value of your investments per year. This is an estimate based on the actual costs over the last year. | 131.5 USD |
| Transaction costs | 0.28% 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. | 27.7 USD |
| Incidental costs taken under specific conditions | | |
| Performance fees | 0.30%, a performance fee of 10% p.a. above the benchmark (with high watermark) is appplicable. The actual amount will vary depending on how well your investment performs. The estimation in this document includes the average over the last 5 years. | 30 USD | | | Costes únicos de entrada o salida | | If you exit after 1 year |
| --- | --- | --- |
| Costes de entrada | 0.00%, no cobramos una tarifa de entrada por este producto, pero la persona que le vende el producto puede hacerlo. | Up to 0 USD |
| Costes de salida | 0.00%, no cobramos una tarifa de salida para este producto, pero la persona que le vende el producto puede hacerlo. | Up to 0 USD |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativ os o de funcionamien to | 1.31% del valor de sus inversiones por año. Esta es una estimación basada en los costos reales durante el último año. | 131.5 USD |
| Costes de operación | 0.28% 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. | 27.7 USD |
| Costes accesorios detraídos en condiciones específicas | | |
| Comisiones de rendimiento | 0.30%, una tarifa de rendimiento del 10 % p.a. por encima del punto de referencia (con marca de agua alta) es aplicable. La cantidad real variará según el rendimiento de su inversión. La estimación de este documento incluye la media de los últimos 5 años. | 30 USD | | | One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 0.00%, We do not charge an entry fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Exit costs | 0.00%, We do not charge an exit fee for this product, but the person selling you the product may do so. | Up to 0 USD |
| Ongoing costs taken each year | | |
| Management fee and other administrative or operating costs | 1.31% of the value of your investments per year. This is an estimate based on the actual costs over the last year. | 131.5 USD |
| Transaction costs | 0.28% 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. | 27.7 USD |
| Incidental costs taken under specific conditions | | |
| Performance fees | 0.30%, a performance fee of 10% p.a. above the benchmark (with high watermark) is appplicable. The actual amount will vary depending on how well your investment performs. The estimation in this document includes the average over the last 5 years. | 30 USD | | en | es |
DOLFIN7489 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### RESPONSIBILITIES
The management company is responsible for investment management, administrative services, marketing services and distribution services. The management company also serves as domiciliary agent, in which capacity it is responsible for the administrative work required by law and the articles of incorporation, and for keeping the books and records of the sub-funds and the SICAV. The management company is subject to Chapter 15 of the 2010 Law.
The management company has the option of delegating to third parties some or all of its responsibilities. For example, so long as it retains control and supervision, the management company can appoint one or more investment managers to handle the day-to-day management of sub-fund assets, or one or more advisors to provide investment information, recommendations and research concerning prospective and existing investments. The management company can also appoint various service providers, including those listed below, and can appoint distributors to market and distribute sub-fund shares in any jurisdiction where the shares are approved for sale. | ##### RESPONSABILIDADES
La sociedad gestora es responsable de la gestión de inversiones, de los servicios administrativos, de marketing y de distribución. La sociedad gestora actúa además como agente domiciliario y, como tal, es responsable del trabajo administrativo requerido por la ley y por los estatutos de constitución, así como del mantenimiento de los libros y registros de los subfondos y de la SICAV. La sociedad gestora está sujeta al capítulo 15 de la ley de 2010.
La sociedad gestora tiene la opción de delegar en terceras partes todas o algunas de sus responsabilidades. Por ejemplo, siempre que mantenga el control y la supervisión, la sociedad gestora podrá nombrar a uno o más gestores de inversiones para que se encarguen de la gestión diaria de los activos de los subfondos, o a uno o más asesores que proporcionen información, recomendaciones y estudios sobre posibles inversiones y sobre las inversiones actuales. La sociedad gestora podrá además nombrar a varios proveedores de servicios, incluidos los enumerados a continuación, y podrá nombrar a distribuidores que comercialicen y distribuyan las acciones de los subfondos en cualquier jurisdicción en la que esté permitida la venta de las acciones. | ##### RESPONSIBILITIES
The management company is responsible for investment management, administrative services, marketing services and distribution services. The management company also serves as domiciliary agent, in which capacity it is responsible for the administrative work required by law and the articles of incorporation, and for keeping the books and records of the sub-funds and the SICAV. The management company is subject to Chapter 15 of the 2010 Law.
The management company has the option of delegating to third parties some or all of its responsibilities. For example, so long as it retains control and supervision, the management company can appoint one or more investment managers to handle the day-to-day management of sub-fund assets, or one or more advisors to provide investment information, recommendations and research concerning prospective and existing investments. The management company can also appoint various service providers, including those listed below, and can appoint distributors to market and distribute sub-fund shares in any jurisdiction where the shares are approved for sale. | en | es |
DOLFIN7490 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over a year |
| --- |
| Ongoing charges | 1.33% |
| Charges taken from the Fund under specific conditions |
| Performance charge | No performance fee for the previous year. | | | Gastos detraídos del Fondo a lo largo de un año |
| --- |
| Gastos corrientes | 1,33% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | No se aplicó ninguna comisión de rentabilidad durante el ejercicio anterior. | | | Charges taken from the Fund over a year |
| --- |
| Ongoing charges | 1.33% |
| Charges taken from the Fund under specific conditions |
| Performance charge | No performance fee for the previous year. | | en | es |
DOLFIN7491 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 4 years |
| --- | --- |
| Total costs | 956 CHF | 1,466 CHF |
| Annual cost impact (*) | 9.6% | 3.5% each year | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 4 anni |
| --- | --- |
| Costi totali | 956 CHF | 1,466 CHF |
| Incidenza annuale dei costi (*) | 9.6% | 3.5% ogni anno | | | If you exit after 1 year | If you exit after 4 years |
| --- | --- |
| Total costs | 956 CHF | 1,466 CHF |
| Annual cost impact (*) | 9.6% | 3.5% each year | | en | it |
DOLFIN7492 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# PERFORMANCES (CUMULÉES SUR UNE PÉRIODE DE 5 ANS EN EUR)
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(%)
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20182019202020212022
Performances cumulées au 30.11.2022 (en %)
| YTD | 1 mois | 3 mois | 6 mois | 1 an | 2 ans | 3 ans | 4 ans | 5 ans |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | -24,89 | 12,04 | -14,70 | -4,54 | -35,06 | -21,74 | 92,50 | 63,97 | 62,85 |
| INDICE DE RÉFÉRENCE | -6,14 | 3,43 | 0,90 | 1,43 | -3,39 | 22,46 | 29,82 | 31,28 | 34,46 |
Performances calendaires au 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | -9,72 | 166,97 | 5,38 | -18,65 | -13,25 | 35,60 | -15,50 | -9,90 | 11,20 | -1,00 |
| INDICE DE RÉFÉRENCE | 27,54 | 6,65 | 14,96 | -12,08 | -7,46 | 31,70 | -14,70 | 0,40 | 13,00 | 0,20 |
(1) Tous les chiffres sont nets de frais (en EUR). Les performances ou réalisations du passé ne sont pas indicatives des performances futures.
2011 - 2013 : À la suite d’une opération sur titres le 17/05/2013, les performances indiquées correspondent à celles du compartiment BNP PARIBAS L1 EQUITY WORLD ENERGY. Le compartiment BNP Paribas Funds Energy Transition est géré conformément à des processus, stratégie d’investissement et frais absolument identiques.
2014 - 2019 : Au cours de cette période, le fonds avait une politique d’investissement et un Indice de référence différents. Source : BNP Paribas Asset Management | # RENDIMIENTO (ACUMULADO A 5 AÑOS) (EUR)
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20182019202020212022
Rendimiento Acumulado a 30.11.2022 (en %)
| Año en curso | 1 Mes | 3 Meses | 6 Meses | 1 Año | 2 Años | 3 Años | 4 Años | 5 Años |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDO | -24,89 | 12,04 | -14,70 | -4,54 | -35,06 | -21,74 | 92,50 | 63,97 | 62,85 |
| INDICE DE REFERENCIA | -6,14 | 3,43 | 0,90 | 1,43 | -3,39 | 22,46 | 29,82 | 31,28 | 34,46 |
Rendimiento Anual a 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDO | -9,72 | 166,97 | 5,38 | -18,65 | -13,25 | 35,60 | -15,50 | -9,90 | 11,20 | -1,00 |
| INDICE DE REFERENCIA | 27,54 | 6,65 | 14,96 | -12,08 | -7,46 | 31,70 | -14,70 | 0,40 | 13,00 | 0,20 |
(1) Todos los datos son netos de comisiones (en EUR en Privilege, Capitalización).La rentabilidad histórica o el logro no es indicativo de los resultados actuales o futuros. 2011-2013: Tras una acción corporativa el 17/5/2013, las rentabilidades enumeradas son las del subfondo BNP PARIBAS L1 EQUITY WORLD ENERGY. El subfondo BNP Paribas Funds Energy Transition se gestiona según idénticos procesos, estrategia de inversión y comisiones.
2014-2019: Durante este periodo, el fondo tenía una política de inversión y un Índice de referencia diferentes. Fuente: BNP Paribas Asset Management | # PERFORMANCES (CUMULÉES SUR UNE PÉRIODE DE 5 ANS EN EUR)
300
250
(%)
200
150
100
50
20182019202020212022
Performances cumulées au 30.11.2022 (en %)
| YTD | 1 mois | 3 mois | 6 mois | 1 an | 2 ans | 3 ans | 4 ans | 5 ans |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | -24,89 | 12,04 | -14,70 | -4,54 | -35,06 | -21,74 | 92,50 | 63,97 | 62,85 |
| INDICE DE RÉFÉRENCE | -6,14 | 3,43 | 0,90 | 1,43 | -3,39 | 22,46 | 29,82 | 31,28 | 34,46 |
Performances calendaires au 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | -9,72 | 166,97 | 5,38 | -18,65 | -13,25 | 35,60 | -15,50 | -9,90 | 11,20 | -1,00 |
| INDICE DE RÉFÉRENCE | 27,54 | 6,65 | 14,96 | -12,08 | -7,46 | 31,70 | -14,70 | 0,40 | 13,00 | 0,20 |
(1) Tous les chiffres sont nets de frais (en EUR). Les performances ou réalisations du passé ne sont pas indicatives des performances futures.
2011 - 2013 : À la suite d’une opération sur titres le 17/05/2013, les performances indiquées correspondent à celles du compartiment BNP PARIBAS L1 EQUITY WORLD ENERGY. Le compartiment BNP Paribas Funds Energy Transition est géré conformément à des processus, stratégie d’investissement et frais absolument identiques.
2014 - 2019 : Au cours de cette période, le fonds avait une politique d’investissement et un Indice de référence différents. Source : BNP Paribas Asset Management | fr | es |
DOLFIN7493 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
À la demande de l’investisseur concerné recevant de tels rabais, Aberdeen Standard Investments Luxembourg S.A. ou ses affiliés doivent déclarer gratuitement les montants de telles indemnités.
- Lieu d’exécution et juridictionLe lieu d’exécution et la juridiction compétente dans le cadre des Actions distribuées en ou en provenance de la Suisse sont le siège social du représentant.
- INFORMATIONS SUPPLÉMENTAIRES POUR LESINVESTISSEURS AU ROYAUME-UNIAberdeen Standard Liquidity Fund (Lux) a nommé Aberdeen Asset Management Limited, sis 10 Queen’s terrace, Aberdeen, AB10 1Yg, Royaume-Uni, en tant qu’Agent de service, de commercialisation et de vente au Royaume-Uni. Aberdeen Asset Management Limited est agréée et régie, dans le cadre de la conduite de ses activités d’investissement, par la Financial Conduct Authority (« FCA »). | Tras la solicitud del inversor correspondiente que reciba dicha devolución, Aberdeen Standard Investments Luxembourg S.A. o sus filiales deberán revelar el importe de forma gratuita.
- Lugar de cumplimiento y jurisdicciónEl lugar de cumplimiento y jurisdicción de las Acciones distribuidas en o desde Suiza se encuentra en el domicilio social del representante.
- INFORMACIÓN ADICIONAL PARA LOS INVERSORES EN EL REINO UNIDOAberdeen Standard Liquidity Fund (Lux) ha asignado a Aberdeen Asset Managers Limited como Agente de Instalaciones, Comercialización y Ventas del Reino Unido, cuyo principal domicilio social está en 10 Queens Terrace, Aberdeen, AB10 1YG, Reino Unido. Aberdeen Asset Managers Limited está autorizada y regulada por la Autoridad de Conducta Financiera (Financial Conduct Authority, “FCA”). | À la demande de l’investisseur concerné recevant de tels rabais, Aberdeen Standard Investments Luxembourg S.A. ou ses affiliés doivent déclarer gratuitement les montants de telles indemnités.
- Lieu d’exécution et juridictionLe lieu d’exécution et la juridiction compétente dans le cadre des Actions distribuées en ou en provenance de la Suisse sont le siège social du représentant.
- INFORMATIONS SUPPLÉMENTAIRES POUR LESINVESTISSEURS AU ROYAUME-UNIAberdeen Standard Liquidity Fund (Lux) a nommé Aberdeen Asset Management Limited, sis 10 Queen’s terrace, Aberdeen, AB10 1Yg, Royaume-Uni, en tant qu’Agent de service, de commercialisation et de vente au Royaume-Uni. Aberdeen Asset Management Limited est agréée et régie, dans le cadre de la conduite de ses activités d’investissement, par la Financial Conduct Authority (« FCA »). | fr | es |
DOLFIN7494 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| I/A(EUR) | LU2169558033 | Institutional investors | Euro | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| I/A(GBP) | LU2188768118 | Institutional investors | Great Britain Pound | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| I/A(USD) | LU2188768209 | Institutional investors | U.S. Dollar | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| I/A(CHF) | LU2188768035 | Institutional investors | Swiss Franc | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | | Información práctica |
| --- |
| Depositario y agente administrativo del fondo: Sociedad de gestión: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Hora límite para instrucciones: D a las 13:30 h (hora de Irlanda) Puede obtenerse información adicional gratuita sobre la SICAV y el fondo (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la sociedad de gestión o del depositario y el agente administrativo. El precio por acción del fondo puede obtenerse en im.natixis.com o en el domicilio social de la sociedad de gestión o del agente administrativo. Los activos y pasivos de cada subfondo están segregados, por lo que los derechos de los inversores y los acreedores respecto a un subfondo se limitan a los activos de ese subfondo, salvo que en los documentos de constitución de la SICAV se indique algo distinto. El fondo puede estar sujeto a tratamiento fiscal específico en Luxemburgo. Según cuál sea su país de residencia, esto podría afectar a su inversión. Para conocer más detalles, consúltese a un asesor. Los detalles de la política de remuneración actual de la sociedad de gestión, que describe cómo se calculan y otorgan la remuneración y los beneficios, pueden consultarse en el siguiente sitio web: https://im.natixis.com/intl/regulatory-information. También se encuentra disponible una copia impresa de la política de remuneración, sin cargo alguno, previa solicitud a la sociedad de gestión. |
| Información adicional |
| Clase de acciones | ISIN | Tipo de inversores | Moneda | Inversión inicial mínima** | Tenencia mínima** | Política de dividendos | TER |
| I/A(EUR) | LU2169558033 | Inversores institucionales | Euro | 100.000 EUR | 1 acción | Acumulación | 0,98% anual |
| I/A(GBP) | LU2188768118 | Inversores institucionales | Libra esterlina | 100.000 EUR | 1 acción | Acumulación | 0,98% anual |
| I/A(USD) | LU2188768209 | Inversores institucionales | Dólar estadounidense | 100.000 EUR | 1 acción | Acumulación | 0,98% anual |
| I/A(CHF) | LU2188768035 | Inversores institucionales | Franco suizo | 100.000 EUR | 1 acción | Acumulación | 0,98% anual |
| **o equivalente en la divisa de la clase de acciones correspondiente, en caso de que la inversión inicial mínima/tenencia mínima se exprese como un importe de una divisa. Natixis Investment Managers S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo. | | | Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| I/A(EUR) | LU2169558033 | Institutional investors | Euro | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| I/A(GBP) | LU2188768118 | Institutional investors | Great Britain Pound | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| I/A(USD) | LU2188768209 | Institutional investors | U.S. Dollar | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| I/A(CHF) | LU2188768035 | Institutional investors | Swiss Franc | EUR 100,000 | 1 Share | Accumulating | 0.98% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | en | es |
DOLFIN7495 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The sub-fund is set up for an indefinite period.
The Special Regulations of the Management Regulations and any changes thereto shall enter into force on the date they are signed, unless otherwise stipulated.
-
## ISSUERS | Der Teilfonds ist auf unbeschränkte Zeit errichtet.
Das Sonderreglement des Verwaltungsreglements sowie jegliche Änderung desselben treten am Tag ihrer Unterzeichnung in Kraft, sofern nichts anderes bestimmt ist.
-
## Emittenten | The sub-fund is set up for an indefinite period.
The Special Regulations of the Management Regulations and any changes thereto shall enter into force on the date they are signed, unless otherwise stipulated.
-
## ISSUERS | en | de |
DOLFIN7496 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Changes of the tax framework conditions, tax risk
The statements relating to tax matters in this Sales Pro- spectus are premised on the legal situation as currently known. The summary information on tax regulations is ad- dressed to persons with unlimited income tax obligation or unlimited corporation tax obligation in Germany. How- ever, no warranty can be given that the tax assessment will not change through legislation, the case law or decrees of the fiscal authority.
The present draft of the Investment Tax Reform Law also prescribes that, in spite of tax exemption, funds will have to pay the capital gains tax on domestic dividends and re- turns from domestic equity-like coupons received as of 1 January 2016, insofar as they are the economic owner and owner under civil law of the stocks or coupons during the period of 45 days before and 45 days after the dividend dates. Days for which the Fund hedges against price change risks resulting from the stocks and coupons, so that it does not bear these risks or only in a lesser portion, do not count in this respect. The planned regulation can have effects on the share prices and the investor's tax position. This can also be due to the implementation of the invest- ment strategy. | ### Modifications du cadre fiscal, risques fiscaux
Les explications fiscales contenues dans le présent prospectus de vente sont basées sur la situation juridique en vigueur. Les informations succinctes sur la réglementation fiscale s'adressent aux personnes soumises à l'impôt illimité sur le revenu ou à l'impôt sur les sociétés en Allemagne. Toutefois, aucune garantie ne peut être donnée que l'évaluation fiscale ne sera pas modifiée à la suite d'une législation, d'une décision de justice ou d'un décret de l'administration fiscale.
L'actuel projet de loi sur la réforme de la fiscalité de l'investissement prévoit, entre autres, que, malgré l'exonération fiscale, les fonds doivent payer l'impôt sur les plus-values sur les dividendes domestiques et les revenus des titres participatifs assimilables à des fonds analogues reçus à partir du 1er janvier 2016 s'ils sont maximum 45 jours les propriétaires effectifs et civils des actions ou titres participatifs pendant une période comprenant les 45 jours avant et les 45 jours après l'échéance des gains en capital. Sont exempts du compte les jours pendant lesquels le fonds se couvre contre les risques de variation de cours des actions et des titres participatifs de telle sorte qu'il ne les supporte pas du tout ou seulement dans une faible mesure. Le régime proposé peut avoir une incidence sur les prix unitaires et la situation fiscale de l'investisseur. Cela peut être dû à la mise en œuvre de la stratégie d'investissement. | ### Changes of the tax framework conditions, tax risk
The statements relating to tax matters in this Sales Pro- spectus are premised on the legal situation as currently known. The summary information on tax regulations is ad- dressed to persons with unlimited income tax obligation or unlimited corporation tax obligation in Germany. How- ever, no warranty can be given that the tax assessment will not change through legislation, the case law or decrees of the fiscal authority.
The present draft of the Investment Tax Reform Law also prescribes that, in spite of tax exemption, funds will have to pay the capital gains tax on domestic dividends and re- turns from domestic equity-like coupons received as of 1 January 2016, insofar as they are the economic owner and owner under civil law of the stocks or coupons during the period of 45 days before and 45 days after the dividend dates. Days for which the Fund hedges against price change risks resulting from the stocks and coupons, so that it does not bear these risks or only in a lesser portion, do not count in this respect. The planned regulation can have effects on the share prices and the investor's tax position. This can also be due to the implementation of the invest- ment strategy. | en | fr |
DOLFIN7497 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Perspectives
En raison de l’augmentation des risques d’erreurs de politique des banques centrales et des risques de pertes extrêmes liés à la situation géopolitique en raison de l’escalade de la Russie dans le conflit ukrainien, nous restons spectateurs pour le moment. Toutefois, les valorisations redeviennent intéressantes dans certains secteurs des actions et du crédit et nous chercherons à accroître notre exposition lorsque des opportunités se présenteront.
Nous tablons toujours sur une hausse des rendements des obligations souveraines. La gestion dynamique des positions est plus que jamais essentielle dans l’environnement de risque actuel.
Au niveau du portefeuille, nous avons continué à réduire le risque lié aux actions, qui se situe désormais à des niveaux historiquement bas. Nous avons notamment supprimé notre exposition directionnelle aux actions des marchés européens et émergents et réduit le risque dans les autres régions. Nous continuons de préférer les actions axées sur la valeur par rapport au facteur de croissance aux États-Unis et en Europe, ainsi que dans le secteur des ressources naturelles. Nous recherchons des opportunités de renforcer notre position vendeuse sur la volatilité, que nous avons réduite de manière significative, et nous nous concentrons sur notre position vendeuse sur les taux au Japon, compte tenu de l’asymétrie. | # Visión de futuro
La mayor probabilidad de error monetario por parte de los bancos centrales y el aumento de los riesgos de cola geopolíticos tras la intensificación de las hostilidades rusas en la guerra de Ucrania nos llevan a mantenernos en los márgenes por el momento. Sin embargo, las valoraciones comienzan a parecer atractivas en determinados sectores de la renta variable y el crédito y, en consecuencia, trataremos de ampliar nuestra exposición conforme se presenten oportunidades.
En el actual contexto de riesgo, parece que los rendimientos de la deuda soberana irán probablemente al alza. Por tanto, la gestión dinámica de las posiciones será más importante que nunca.
En el nivel de la cartera, continuamos reduciendo nuestro riesgo de renta variable, que actualmente se encuentra en mínimos históricos. En concreto, eliminamos nuestra exposición direccional a renta variable europea y de países emergentes y redujimos nuestros niveles de riesgo en otras regiones. Entretanto, seguimos mostrando preferencia por los títulos de valor frente a los de crecimiento en EE. UU. y Europa y favoreciendo las inversiones en el sector de los recursos. Por último, estamos buscando oportunidades de ampliar nuestra estrategia en corto en volatilidad, que redujimos sustancialmente, y centrándonos en la posición corta en tipos japoneses a la vista de la asimetría. | # Perspectives
En raison de l’augmentation des risques d’erreurs de politique des banques centrales et des risques de pertes extrêmes liés à la situation géopolitique en raison de l’escalade de la Russie dans le conflit ukrainien, nous restons spectateurs pour le moment. Toutefois, les valorisations redeviennent intéressantes dans certains secteurs des actions et du crédit et nous chercherons à accroître notre exposition lorsque des opportunités se présenteront.
Nous tablons toujours sur une hausse des rendements des obligations souveraines. La gestion dynamique des positions est plus que jamais essentielle dans l’environnement de risque actuel.
Au niveau du portefeuille, nous avons continué à réduire le risque lié aux actions, qui se situe désormais à des niveaux historiquement bas. Nous avons notamment supprimé notre exposition directionnelle aux actions des marchés européens et émergents et réduit le risque dans les autres régions. Nous continuons de préférer les actions axées sur la valeur par rapport au facteur de croissance aux États-Unis et en Europe, ainsi que dans le secteur des ressources naturelles. Nous recherchons des opportunités de renforcer notre position vendeuse sur la volatilité, que nous avons réduite de manière significative, et nous nous concentrons sur notre position vendeuse sur les taux au Japon, compte tenu de l’asymétrie. | fr | es |
DOLFIN7498 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to a benchmark. The Sub-Fund investment objective is to seek attractive long-term returns through an investment portfolio comprised of long and short positions in equity securities. The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies worldwide, as well as in Cash and Cash Equivalents. The Investment Manager may invest up to one-third (1/3rd) of the Sub-Fund's portfolio outside these parameters, in particular in (i) bonds and fixed or floating-rate securities and/or (ii) convertible bonds. Non-investment grade debt securities may not be purchased. The Sub- Fund seeks to invest in companies whose businesses are focused on commercial solutions to the world’s challenges in areas such as modernizing capital and industrial infrastructure, healthy and productive living, environmental solutions, sustainable food systems, and others. The Sub-Fund will seek, through the use of short derivative instruments, to short over-valued equities of companies exacerbating these
challenges. The investment approach applied by the Investment Manager utilizes a proprietary impact assessment methodology and follows a rigorous, fundamental, bottom-up research process. The Investment Manager will strive to construct a diversified portfolio of positions and the strategy is expected to have limited correlation to traditional markets. The Sub-Fund may invest up to 10% of its net assets in UCIs. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. | ### Objetivos y política de inversión
El subfondo se gestiona activamente. El subfondo no se gestiona con referencia a un índice. El objetivo de inversión del subfondo es lograr rentabilidades atractivas a largo plazo mediante una cartera de inversiones compuesta de posiciones largas y cortas en valores de renta variable. El subfondo invierte en renta variable y valores relacionados con renta variable (incluidos, entre otros, warrants) emitidos por empresas de todo el mundo, así como en efectivo y equivalentes de efectivo. El gestor de inversiones podrá invertir hasta un tercio (1/3) de la cartera del subfondo fuera de estos parámetros, en particular en (i) bonos y valores a tipo fijo o variable y/o (ii) bonos convertibles. No se pueden comprar valores de deuda sin grado de inversión. El subfondo busca invertir en empresas cuyos negocios se centran en soluciones comerciales para los desafíos que afronta la sociedad, en áreas como modernización de capital e infraestructura industrial, vida saludable y productiva, soluciones medioambientales, sistemas alimentarios sostenibles y otros. El subfondo buscará, mediante el uso de instrumentos derivados cortos, adoptar posiciones cortas en acciones sobrevaloradas de empresas que exacerben estos desafíos. El enfoque
de inversión aplicado por el gestor de inversiones utiliza una metodología de evaluación de impacto propia y sigue un proceso de investigación riguroso, fundamental y ascendente (bottom-up). El gestor de inversiones se esforzará por construir una cartera diversificada de posiciones y se espera que la estrategia tenga una correlación limitada con los mercados tradicionales. El subfondo podrá invertir hasta un 10% de su patrimonio neto en OIC. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de dichas características, a los efectos del Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to a benchmark. The Sub-Fund investment objective is to seek attractive long-term returns through an investment portfolio comprised of long and short positions in equity securities. The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies worldwide, as well as in Cash and Cash Equivalents. The Investment Manager may invest up to one-third (1/3rd) of the Sub-Fund's portfolio outside these parameters, in particular in (i) bonds and fixed or floating-rate securities and/or (ii) convertible bonds. Non-investment grade debt securities may not be purchased. The Sub- Fund seeks to invest in companies whose businesses are focused on commercial solutions to the world’s challenges in areas such as modernizing capital and industrial infrastructure, healthy and productive living, environmental solutions, sustainable food systems, and others. The Sub-Fund will seek, through the use of short derivative instruments, to short over-valued equities of companies exacerbating these
challenges. The investment approach applied by the Investment Manager utilizes a proprietary impact assessment methodology and follows a rigorous, fundamental, bottom-up research process. The Investment Manager will strive to construct a diversified portfolio of positions and the strategy is expected to have limited correlation to traditional markets. The Sub-Fund may invest up to 10% of its net assets in UCIs. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. | en | es |
DOLFIN7499 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Emerging Market Corporate Debt – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the USD I Accumulating Class was -0.73%. Performance for all share classes is provided in Appendix II. Over the same period, the benchmark index, the JPMorgan CEMBI Diversified Index (Total Return, USD) (the “Index”), returned 0.49%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any).
The year started with a strong belief in a “reflation” narrative among investors, with the economic recovery set to be supported by vast quantities of stimulus and by the global vaccine rollout. Inflation began to rise sharply across major economies in the second quarter and – despite earlier central bank rhetoric that price pressures would be transient – it ultimately led to hawkish pivot from policymakers over the summer and became a major concern later in the year. The other significant theme for the markets was the COVID-19 pandemic which persisted with the more transmissible Delta and Omicron variants leading to new restrictions. Emerging market (“EM”) assets struggled in this environment, also hindered by concerns over the Chinese financial and property sectors and the broader economy, as well as rising inflation and public debt levels, particularly in the high yielding emerging and frontier countries.
The index posted positive returns for the year. Spreads started the year at 316bps, hit lows of 280bps in June, but ended the year at 310bps coming off the highs for year following the defaults in the Chinese property sector. The high yield segment of the market outperformed investment grade during the year. By region, CEEMEA posted positive returns, while Asia and Latin America saw negative returns for the year. The best performing countries in the index were Ghana, Azerbaijan, and Argentina while the worst performers were Colombia, China and Chile. By sector, metals & mining and infrastructure were the top performers. The real estate and consumer sectors were the only negative performers during the year.
The Portfolio underperformed the benchmark over the year. The primary detractor was country allocation though security selection was also negative. The primary driver of underperformance was the overweight allocation to and security selection in China driven by exposure to the property sector which faced significant stress at the end of the year resulting in the highest number of defaults China has ever had. The underweight allocations to lower beta Asian countries including the Philippines and Hong Kong also detracted. In security selection, positioning in the UAE and Ukraine detracted from performance. However, this was largely offset by positioning in Brazilian metals & mining and exporters, Mexican consumer and industrial names, and Chilean utilities and consumer sectors.
Notwithstanding COVID-19 related challenges our base case is for EM growth to stay above potential in the coming year, on the back of strong global demand, robust EM exports and supportive commodity prices. However, the growth pickup versus developed markets is expected to remain slim.
Tighter financial conditions may create bumps on the road amid a hiking US Federal Reserve, though the market has increased its expectation for tightening already meaningfully and most EM central banks have been proactively raising rates, creating some buffers for time ahead.
Following the decade high default rate of 7.1% in 2021, we anticipate the EM corporate high yield default rate to decline towards a still above average level of 4.7% in 2022, with the China property sector remaining the main area we believe Government action going forward may ease the stress in the market. As for valuations, we see spreads for EM hard currency corporates at the high end of the fair value range following the recent widening, and attractive relative to developed markets fixed income.
64 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | # Emerging Market Corporate Debt – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I USD en el periodo de 12 meses finalizado el 31 de diciembre de 2021 ascendió al -0,73%. En el Anexo II se recoge la rentabilidad de todas las clases de acciones. En el mismo periodo, el índice de referencia, el JPMorgan CEMBI Diversified Index (rentabilidad total en USD) (el "índice") rindió un 0,49%. (En el Anexo II se recoge la rentabilidad de todas las clases de acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. En la rentabilidad total mostrada se han descontado todas las comisiones y los gastos, y se incluye la reinversión de ingresos por dividendos y otras distribuciones, en su caso).
El año arrancó con una fuerte confianza en una historia de "reflación" entre los inversores, en la que la recuperación económica se vería favorecida por enormes cantidades de estímulos y por el avance de la vacunación en todo el mundo. La inflación comenzó a subir bruscamente en las principales economías en el segundo trimestre, y —a pesar de que anteriormente la retórica de los bancos centrales había apuntado al carácter transitorio de las presiones de precios— en última instancia provocó un endurecimiento de la postura de los responsables políticos en el verano y se convirtió en una preocupación importante más avanzado el año. El otro tema importante para los mercados fue la pandemia de la COVID-19, que persistió mediante las variantes delta y ómicron —con una mayor capacidad de contagio—, dando lugar a nuevas restricciones. Los activos de mercados emergentes ("ME") atravesaron dificultades en este entorno, también perjudicados por la preocupación por los sectores financiero e inmobiliario y por el conjunto de la economía de China, así como por el aumento de la inflación y los niveles de endeudamiento de los gobiernos, particularmente en los países frontera y emergentes de alta rentabilidad.
El índice obtuvo una rentabilidad positiva en el conjunto del año. Los diferenciales arrancaron el año en 316 pb, alcanzaron mínimos de 280 pb en junio y cerraron el ejercicio en 310 pb, perdiendo sus máximos del año siguiente a los impagos del sector inmobiliario chino. El segmento de alta rentabilidad del mercado superó al de grado de inversión durante el año. Por regiones, CEEMEA generó una rentabilidad positiva, mientras que Asia y América Latina obtuvieron resultados negativos. Los países del índice que mejor se comportaron fueron Ghana, Azerbaiyán y Argentina, mientras que por el extremo contrario destacaron Colombia, China y Chile. Por sectores, metales y minería e infraestructuras obtuvieron los mejores resultados. El sector inmobiliario y el de consumo fueron los únicos que generaron rentabilidades negativas durante el año.
La rentabilidad de la Cartera fue inferior a la del índice de referencia durante el año. La asignación sectorial fue lo que más lastró los resultados, aunque la selección de valores también perjudicó. Los principales impulsores de la rentabilidad inferior fueron la sobreponderación y la sección de valores en China, como consecuencia de la exposición al sector inmobiliario, que estuvo sometido a fuertes tensiones al final del periodo y esto provocó la mayor cifra de impagos de la historia en el país. La infraponderación en países asiáticos de beta baja, incluyendo Filipinas y Hong Kong, también restó rentabilidad. Por lo que respecta a la selección de valores, las posiciones en los EAU y Ucrania lastraron los resultados. Sin embargo, esto se compensó en gran parte con las posiciones en metales y minería y exportadores de Brasil, en empresas de consumo e industriales de México, y en sectores de suministros públicos y consumo de Chile.
Con independencia de las dificultades relacionadas con la COVID-19, nuestra principal hipótesis es que el crecimiento de ME se mantendrá por encima de su potencial en el próximo ejercicio, gracias a una sólida demanda mundial, a las fuertes exportaciones de estos mercados y a unos precios favorables de las materias primas. Sin embargo, se espera que la recuperación de estos mercados en comparación con sus homólogos desarrollados sea modesta.
El endurecimiento de las condiciones financieras puede crear baches en el camino, en un contexto de subida de tipos de la Reserva Federal estadounidense, aunque el mercado ya ha elevado sus expectativas de endurecimiento de forma significativa y la mayoría de los bancos centrales de ME han aplicado subidas de tipos proactivas, lo que genera un cierto colchón para el futuro.
Tras la tasa de impago más elevada en una década, del 7,1% en 2021, prevemos que la tasa de impago del segmento de deuda corporativa de alta rentabilidad de ME descenderá hasta un nivel todavía superior a la media, del 4,7% en 2022, y creemos que el sector inmobiliario chino será el segmento en el que la actuación del gobierno más aliviará la tensión del mercado de cara al futuro. Con respecto a las valoraciones, los diferenciales de la deuda corporativa de ME en monedas fuertes se sitúan en el nivel máximo del intervalo de valor razonable tras la reciente ampliación, y la clase de activos resulta atractiva en comparación con la renta fija de mercados desarrollados.
64 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INFORME DEL GESTOR DE INVERSIONES CUENTAS | # Emerging Market Corporate Debt – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the USD I Accumulating Class was -0.73%. Performance for all share classes is provided in Appendix II. Over the same period, the benchmark index, the JPMorgan CEMBI Diversified Index (Total Return, USD) (the “Index”), returned 0.49%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any).
The year started with a strong belief in a “reflation” narrative among investors, with the economic recovery set to be supported by vast quantities of stimulus and by the global vaccine rollout. Inflation began to rise sharply across major economies in the second quarter and – despite earlier central bank rhetoric that price pressures would be transient – it ultimately led to hawkish pivot from policymakers over the summer and became a major concern later in the year. The other significant theme for the markets was the COVID-19 pandemic which persisted with the more transmissible Delta and Omicron variants leading to new restrictions. Emerging market (“EM”) assets struggled in this environment, also hindered by concerns over the Chinese financial and property sectors and the broader economy, as well as rising inflation and public debt levels, particularly in the high yielding emerging and frontier countries.
The index posted positive returns for the year. Spreads started the year at 316bps, hit lows of 280bps in June, but ended the year at 310bps coming off the highs for year following the defaults in the Chinese property sector. The high yield segment of the market outperformed investment grade during the year. By region, CEEMEA posted positive returns, while Asia and Latin America saw negative returns for the year. The best performing countries in the index were Ghana, Azerbaijan, and Argentina while the worst performers were Colombia, China and Chile. By sector, metals & mining and infrastructure were the top performers. The real estate and consumer sectors were the only negative performers during the year.
The Portfolio underperformed the benchmark over the year. The primary detractor was country allocation though security selection was also negative. The primary driver of underperformance was the overweight allocation to and security selection in China driven by exposure to the property sector which faced significant stress at the end of the year resulting in the highest number of defaults China has ever had. The underweight allocations to lower beta Asian countries including the Philippines and Hong Kong also detracted. In security selection, positioning in the UAE and Ukraine detracted from performance. However, this was largely offset by positioning in Brazilian metals & mining and exporters, Mexican consumer and industrial names, and Chilean utilities and consumer sectors.
Notwithstanding COVID-19 related challenges our base case is for EM growth to stay above potential in the coming year, on the back of strong global demand, robust EM exports and supportive commodity prices. However, the growth pickup versus developed markets is expected to remain slim.
Tighter financial conditions may create bumps on the road amid a hiking US Federal Reserve, though the market has increased its expectation for tightening already meaningfully and most EM central banks have been proactively raising rates, creating some buffers for time ahead.
Following the decade high default rate of 7.1% in 2021, we anticipate the EM corporate high yield default rate to decline towards a still above average level of 4.7% in 2022, with the China property sector remaining the main area we believe Government action going forward may ease the stress in the market. As for valuations, we see spreads for EM hard currency corporates at the high end of the fair value range following the recent widening, and attractive relative to developed markets fixed income.
64 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | en | es |
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