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DOLFIN7600 | 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 | 5.00% |
| Exit charge | None |
| Conversion charge | None |
| 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 | 1.80% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 15.00% a year of any returns the Sub-Fund achieves above Libor USD 3 months + 300 bps. |
| No commission was taken over the last accounting year of the Sub-Fund. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 5,00% |
| Gastos de salida | Ninguno |
| Gastos de conversión | Ninguno |
| 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 | 1,80% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 15,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del Libor USD a 3 meses + 300 pb. |
| No se ha detraído comisión alguna durante el último año contable del Subfondo. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | None |
| Conversion charge | None |
| 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 | 1.80% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 15.00% a year of any returns the Sub-Fund achieves above Libor USD 3 months + 300 bps. |
| No commission was taken over the last accounting year of the Sub-Fund. | | en | es |
DOLFIN7601 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Publication of the unit value and issue and redemption price
The respective applicable unit value, issue and redemption price, as well as any other investor information, may be obtained at any time from the registered office of the Management Company, the Depositary, the paying agents and any sales agent. The issue and redemption prices are also published in the “Tageblatt”
newspaper every stock-market trading day in the Grand Duchy of Luxembourg. The Management Company also publishes the issue and redemption prices on a daily basis on its website (www.ethenea.com). | # Pubblicazione del valore per quota e del prezzo di emissione e di rimborso
Il valore per quota, il prezzo di emissione e di rimborso di volta in volta vigenti ed eventuali altre informazioni per gli investitori possono essere richiesti in qualsiasi momento presso la sede della Società di gestione, del Depositario, presso gli Agenti di pagamento e l'eventuale Agente di distribuzione. Inoltre, i prezzi di emissione e di rimborso vengono pubblicati in ogni giorno di contrattazione di borsa sul quotidiano "Tageblatt" nel Grandu- cato di Lussemburgo. I prezzi di emissione e di rimborso sono altresì pubblicati dalla Società di gestione sul suo sito Internet (www.ethenea.com). | # Publication of the unit value and issue and redemption price
The respective applicable unit value, issue and redemption price, as well as any other investor information, may be obtained at any time from the registered office of the Management Company, the Depositary, the paying agents and any sales agent. The issue and redemption prices are also published in the “Tageblatt”
newspaper every stock-market trading day in the Grand Duchy of Luxembourg. The Management Company also publishes the issue and redemption prices on a daily basis on its website (www.ethenea.com). | en | it |
DOLFIN7602 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Les rapports semestriels seront publiés dans les deux mois qui suivent la fin du semestre.
Ces rapports périodiques contiennent toutes les informations financières relatives à chacun des Compartiments, à la composition et à l’évolution de leurs actifs, la situation consolidée de tous les Compartiments, exprimée en euro, ainsi que les informations correspondantes relatives à la rémunération.
-
### Assemblées générales | ##### Los informes semestrales se publicarán en un plazo de dos meses tras la conclusión del primer semestre.
Estos informes periódicos contienen toda la información financiera relativa a cada uno de los Subfondos, la composición y evolución de su activo y su situación consolidada, expresada en euros, así como la información relevante acerca de las remuneraciones.
-
### Juntas generales | ##### Les rapports semestriels seront publiés dans les deux mois qui suivent la fin du semestre.
Ces rapports périodiques contiennent toutes les informations financières relatives à chacun des Compartiments, à la composition et à l’évolution de leurs actifs, la situation consolidée de tous les Compartiments, exprimée en euro, ainsi que les informations correspondantes relatives à la rémunération.
-
### Assemblées générales | fr | es |
DOLFIN7603 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The SICAV may, however, at the discretion of the Board of Directors, grant exceptions on request to individual distributors, allowing them an additional reasonable period of a maximum of 1 hour 30 minutes after the SICAV's official cut-off time in order that they may centralise, aggregate and send orders to the transfer agent, still based on an unknown net asset value.
Requests must specify the sub-fund and the type and number of shares applied for and must include a statement declaring that the buyer has received and read a copy of the Prospectus and that the subscription application is made on the basis of the terms of this Prospectus. The application must specify the name and address of the person in whose name the shares are to be registered and the address to which confirmations of entry in the register of shareholders are to be sent.
As soon as the price at which the shares are to be issued has been calculated, the Transfer Agent will notify the selling agent who, in turn, will inform the buyer about the total amount to be paid, including the sales fee, in respect of the number of shares applied for.
Full payment, including any selling fee, must be received within the period specified in the Fact Sheets.
The total amount owed must be paid in the currency specified in the Fact Sheet for the sub-fund concerned by transfer to the Transfer Agent for deposit into the SICAV's account. Purchasers must give their bank instructions to advise the Transfer Agent that payment has been made, specifying the name of the buyer for identification purposes.
If the payment and the written subscription application have not been received by that date, the application may be rejected and any allocation of shares made on the basis of the application may be cancelled. If payment in connection with a subscription application is received after the period specified, the Transfer Agent may process this request on the basis that the number of shares that can be subscribed by means of such amount (including the applicable sales fee) will be the number resulting from the next calculation of the net asset value following receipt of payment.
If an application is rejected in full or in part, the price paid or the remaining balance will be returned to the applicant by post or by bank transfer, at the latter’s risk. | La SICAV pourra toutefois, à la discrétion de son Conseil d’Administration, accorder aux distributeurs, sur leur demande, un délai supplémentaire raisonnable de maximum 1 heure 30 après le cut-off officiel de la SICAV, afin de leur permettre de centraliser, globaliser et envoyer les ordres à l’Agent de Transfert, la valeur nette d’inventaire restant inconnue.
Les demandes doivent indiquer le compartiment, le type d’actions et le nombre désirés et être accompagnées d’une déclaration attestant que l’acheteur a reçu et lu un exemplaire du Prospectus et que la demande d’achat est présentée sur la base des termes de ce Prospectus. La demande doit indiquer le nom et l’adresse de la personne au nom de laquelle les actions doivent être enregistrées et l’adresse à laquelle les confirmations d’inscription dans le registre des actionnaires doivent être expédiées.
Dès que le prix auquel les actions doivent être émises aura été déterminé, l’Agent de Transfert en informera l’agent de vente qui, à son tour, renseignera l’acheteur sur le montant total à payer, y compris la commission de vente, pour le nombre d’actions demandé.
Le paiement intégral, à l’inclusion de toute commission de vente, doit être reçu dans le délai décrit dans les Fiches Techniques.
Le paiement du montant global dû doit être effectué dans la devise telle que prévue dans la Fiche Technique du compartiment par virement en faveur de l’Agent de Transfert, pour le compte de la SICAV. Les acheteurs doivent donner ordre à leur banque d’aviser l’Agent de Transfert de l’exécution du paiement en indiquant le nom de l’acheteur, aux fins d’identification.
Si le paiement et la demande de souscription écrite n’ont pas été reçus à cette date, la demande peut être refusée et toute attribution d’actions effectuée sur la base de celle-ci peut être annulée. Si un paiement en rapport avec une demande de souscription est reçu après l’expiration du délai prévu, l’Agent de Transfert pourra traiter cette demande en considérant que le nombre d’actions pouvant être souscrit au moyen dudit montant, (y inclus la commission de vente applicable) sera celui qui résultera de la prochaine évaluation de la valeur de l’actif net subséquente à la réception du paiement.
Si une demande n’est pas acceptée en tout ou en partie, le prix payé ou le solde restant sera retourné à l’auteur de la demande par voie postale ou par virement bancaire, aux risques de ce dernier. | The SICAV may, however, at the discretion of the Board of Directors, grant exceptions on request to individual distributors, allowing them an additional reasonable period of a maximum of 1 hour 30 minutes after the SICAV's official cut-off time in order that they may centralise, aggregate and send orders to the transfer agent, still based on an unknown net asset value.
Requests must specify the sub-fund and the type and number of shares applied for and must include a statement declaring that the buyer has received and read a copy of the Prospectus and that the subscription application is made on the basis of the terms of this Prospectus. The application must specify the name and address of the person in whose name the shares are to be registered and the address to which confirmations of entry in the register of shareholders are to be sent.
As soon as the price at which the shares are to be issued has been calculated, the Transfer Agent will notify the selling agent who, in turn, will inform the buyer about the total amount to be paid, including the sales fee, in respect of the number of shares applied for.
Full payment, including any selling fee, must be received within the period specified in the Fact Sheets.
The total amount owed must be paid in the currency specified in the Fact Sheet for the sub-fund concerned by transfer to the Transfer Agent for deposit into the SICAV's account. Purchasers must give their bank instructions to advise the Transfer Agent that payment has been made, specifying the name of the buyer for identification purposes.
If the payment and the written subscription application have not been received by that date, the application may be rejected and any allocation of shares made on the basis of the application may be cancelled. If payment in connection with a subscription application is received after the period specified, the Transfer Agent may process this request on the basis that the number of shares that can be subscribed by means of such amount (including the applicable sales fee) will be the number resulting from the next calculation of the net asset value following receipt of payment.
If an application is rejected in full or in part, the price paid or the remaining balance will be returned to the applicant by post or by bank transfer, at the latter’s risk. | en | fr |
DOLFIN7604 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in CHF for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2001. The share class was launched in 2012.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (USD) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | 17.6 | -15.3 | -31.1 | 26.6 | -2.0 | -22.9 | 8.5 | -28.9 | 40.3 |
| Constraint †¹ | | 18.1 | -11.8 | -23.5 | 27.8 | 5.3 | -16.3 | 12.3 | -29.8 | 39.3 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en CHF para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 2001. La clase de acciones se lanzó en 2012.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹MSCI World Energy 30% Buffer 10-40 Index (USD) No está previsto que la rentabilidad del Fondo replique la del índice.
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | 17,6 | -15,3 | -31,1 | 26,6 | -2,0 | -22,9 | 8,5 | -28,9 | 40,3 |
| Limitación †¹ | | 18,1 | -11,8 | -23,5 | 27,8 | 5,3 | -16,3 | 12,3 | -29,8 | 39,3 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
*Antes de 4 diciembre de 2020, el Fondo utilizaba un índice de referencia distinto, lo que se refleja en los datos del índice de referencia. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in CHF for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2001. The share class was launched in 2012.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (USD) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | 17.6 | -15.3 | -31.1 | 26.6 | -2.0 | -22.9 | 8.5 | -28.9 | 40.3 |
| Constraint †¹ | | 18.1 | -11.8 | -23.5 | 27.8 | 5.3 | -16.3 | 12.3 | -29.8 | 39.3 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | en | es |
DOLFIN7605 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Profil de risque et de rendement
Risque plus faible Risque plus élevé
1 Le Fonds peut recourir activement aux IFD pour atteindre son objectif d'investissement, pour couvrir un instrument donné ou contre les mouvements anticipés d'un marché ou autre secteur, ou si cela s'avère moins coûteux que de détenir directement l'actif sous-jacent. Le recours aux IFD peut multiplier les gains ou les pertes réalisés par le Fonds sur un investissement donné ou sur ses investissements de manière générale. Les IFD peuvent permettre au Fonds d'obtenir une exposition au marché supérieure à la valeur des avoirs du Fonds (effet de levier).
1 Le recours aux IFD de manière extensive et le fait que les IFD ne demandent qu'un faible paiement d'avance signifient que le Fonds doit en permanence détenir une part importante de ses avoirs sous forme de dépôts bancaires et autres instruments du marché monétaire.
1 La devise de référence du Fonds est l'EUR. Cette classe d'actions est libellée en SEK. Le Fonds utilisera des IFD dans toute la mesure raisonnable possible dans le but de protéger les investisseurs des fluctuations du taux de change EUR/SEK.
1 Toute plus-value sur les investissements sera ajoutée à la valeur des actions des investisseurs, lesquels peuvent acheter et vendre leurs actions n'importe quel jour de négociation du Fonds.
1 La liquidité des titres non cotés en Bourse peut être irrégulière, de sorte que les frais liés à la liquidation de l'investissement peuvent s'avérer plus
Rendement typiquement plus faible
Rendement typiquement plus
élevé
importants que prévus.
1 Le Fonds investira dans des IFD : instruments financiers dérivés (c'est-à- dire des instruments dont les prix dépendent d'un ou de plusieurs actifs sous-jacents) pour atteindre son objectif d'investissement. L'utilisation d'IFD comporte des risques supplémentaires, tels qu'une forte sensibilité aux variations de prix de l'actif sur lequel il est basé. L'utilisation intensive d'IFD peut multiplier significativement les gains comme les pertes.
1 La catégorie la plus basse n'est pas synonyme d'investissement sans risque.
1 Le profil de risque et de rendement n'est pas garanti et est susceptible d'évoluer dans le temps.
1 Les données historiques peuvent ne pas constituer une indication fiable du profil de risque futur.
1 Cette classe d'actions appartient à la catégorie de risque 5 car un fonds de ce type applique des stratégies qui impliquent habituellement une volatilité modérée à forte. La catégorie de risque est déterminée sur la base de la volatilité historique de la performance du Fonds. Lorsque les données de performance du Fonds sont insuffisantes, la catégorie de risque est déterminée soit sur la base de la volatilité historique d'un indice de référence pertinent pour la stratégie d'investissement, soit sur celle de la limite de Valeur à risque (Value at Risk) déterminée par le gérant pour le Fonds. Veuillez vous référer au prospectus pour tout renseignement complémentaire sur la Valeur à risque (Value at Risk).
Les risques suivants peuvent ne pas être totalement pris en compte dans le profil de risque et de rendement :
1 Le Fonds sera exposé au risque de crédit sur les contreparties avec lesquelles il négocie en ce qui concerne les instruments négociés en bourse tels que les contrats à terme standardisés et les options et, le cas échéant, les opérations « de gré à gré » (« OTC », « non coté »). Les instruments négociés de gré à gré peuvent également être moins liquides et ne bénéficient pas des mêmes protections que celles qui peuvent s'appliquer aux instruments négociés par les participants sur une Bourse organisée.
1 L'utilisation d'IFD par le Fonds peut entraîner une augmentation de l'effet de levier, ce qui peut générer d'importantes pertes.
1 Le Fonds est un fonds régional ciblé géographiquement qui, de ce fait, peut présenter un risque plus important qu'un portefeuille plus largement diversifié au plan international.
1 La valeur des investissements désignés dans une autre devise peut varier à la hausse ou à la baisse en raison des fluctuations des taux de change. Les fluctuations défavorables des taux de change peuvent se traduire par une diminution des performances et une perte de capital. Il peut ne pas être possible ou faisable de couvrir avec succès l'exposition au risque de change dans toutes les circonstances.
1 La couverture du risque de change appliquée à cette classe d'actions dans le but de minimiser le risque de fluctuation de certains taux de change peut être imparfaite. En outre, les opérations de couverture du risque de change s'accompagnent d'un risque de contrepartie.
1 Le Fonds est soumis aux fluctuations normales du marché et aux risques associés à un investissement sur les marchés internationaux de valeurs mobilières ; par conséquent, la valeur de votre investissement et le revenu qu'il génère peuvent évoluer à la hausse comme à la baisse et vous pourriez ne pas récupérer le montant initialement investi.
1 Rien ne garantit que le Fonds atteindra son objectif d'investissement.
Une description complète des risques figure à la section du prospectus intitulée « Certains risques liés aux investissements ». | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
1 El Fondo puede utilizar activamente IFD para lograr el objetivo de inversión, cubrir un instrumento determinado o ante movimientos previstos en un mercado u otro sector, o cuando resulte económicamente más eficaz que mantener directamente el activo subyacente. El uso de IFD puede multiplicar las ganancias o pérdidas del Fondo de una inversión determinada o en el conjunto de sus inversiones. Los IFD pueden permitir que el Fondo obtenga una exposición al mercado superior al valor de los activos del Fondo (apalancamiento).
1 El amplio uso de IFD y el hecho de que los IFD únicamente exijan un pequeño pago por adelantado pueden implicar que el Fondo deba mantener sistemáticamente una parte importante de sus activos en depósitos bancarios y valores del mercado monetario.
1 La divisa de referencia del Fondo es el EUR. Esta clase de acciones está denominada en SEK. El Fondo empleará instrumentos financieros derivados en la medida de lo razonablemente posible para proteger a los inversores frente a las fluctuaciones de divisa EUR/SEK.
1 Cualquier ingreso obtenido por las inversiones se sumará al valor de las acciones de los inversores, y estos pueden comprar o vender sus acciones cada día de negociación del Fondo.
1 Las características de liquidez de las inversiones no cotizadas en bolsa pueden ser irregulares y generar costes superiores a lo previsto para liquidar
Remuneraciones habitualmente menores
Remuneraciones habitualmente
mayores
la inversión.
1 El Fondo invertirá en instrumentos financieros derivados (IFD), cuyos precios dependen de uno o varios activos subyacentes, para lograr los objetivos de inversión. El uso de IFD conlleva riesgos adicionales, como la elevada sensibilidad a las fluctuaciones de los precios del activo en el que se basan. El uso intensivo de IFD puede multiplicar considerablemente las ganancias o las pérdidas.
1 La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
1 El perfil de riesgo y remuneración no está garantizado y puede cambiar con el paso del tiempo.
1 Los datos históricos pueden no constituir una indicación fiable para el futuro.
1 La categoría de riesgo de esta clase de acciones es de 5, dado que los fondos de esta naturaleza adoptan estrategias que habitualmente tienen una volatilidad de moderada a alta. El cálculo se basa en la volatilidad histórica de la rentabilidad del Fondo. Cuando la rentabilidad del Fondo es insuficiente, el cálculo se basa en la volatilidad histórica de un índice de referencia correspondiente a la estrategia de inversión o en el límite del Valor en Riesgo que el gestor ha fijado para el Fondo. Consulte el folleto para más información relacionada con el Valor en Riesgo.
Puede que los riesgos siguientes no queden plenamente reflejados en el perfil de riesgo y remuneración:
1 El Fondo estará expuesto al riesgo de crédito de las contrapartes con las que negocia en relación con instrumentos negociados en bolsa, como futuros, opciones y, si procede, operaciones extrabursátiles (operaciones no efectuadas en el marco de una bolsa de valores, conocidas por el acrónimo inglés OTC). Los instrumentos OTC también podrán ser menos líquidos y no cuentan con la misma protección que se aplica a los participantes que negocian instrumentos en una bolsa organizada.
1 El uso de IFD por parte del Fondo puede dar lugar a un mayor apalancamiento, lo que puede ocasionar pérdidas significativas.
1 El Fondo es un fondo regional geográfico especialista que, como resultado, podría conllevar un riesgo mayor que el de carteras más diversificadas internacionalmente.
1 El valor de las inversiones en otra divisa puede aumentar o disminuir por las fluctuaciones de los tipos de cambio. Las fluctuaciones adversas de los tipos de cambio de las divisas pueden provocar una reducción de la rentabilidad y una pérdida de capital. Puede que no sea posible o factible cubrir con éxito la exposición al riesgo cambiario en todas las circunstancias.
1 La cobertura de divisas utilizada en esta clase de acciones para minimizar el efecto de ciertas fluctuaciones del tipo de cambio puede no ser un éxito total y las transacciones con cobertura de divisas implicarán riesgo de contraparte.
1 El Fondo está sujeto a las fluctuaciones normales del mercado y a los riesgos inherentes a la inversión en mercados de valores internacionales y, por consiguiente, el valor de sus inversiones y los ingresos derivados de las mismas pueden bajar o subir, y podría no recuperar la totalidad del importe inicialmente invertido.
1 No hay garantías de que vaya a alcanzarse el objetivo de inversión del Fondo. En el apartado del folleto titulado “Ciertos riesgos de inversión” se ofrece una descripción completa de los riesgos. | # Profil de risque et de rendement
Risque plus faible Risque plus élevé
1 Le Fonds peut recourir activement aux IFD pour atteindre son objectif d'investissement, pour couvrir un instrument donné ou contre les mouvements anticipés d'un marché ou autre secteur, ou si cela s'avère moins coûteux que de détenir directement l'actif sous-jacent. Le recours aux IFD peut multiplier les gains ou les pertes réalisés par le Fonds sur un investissement donné ou sur ses investissements de manière générale. Les IFD peuvent permettre au Fonds d'obtenir une exposition au marché supérieure à la valeur des avoirs du Fonds (effet de levier).
1 Le recours aux IFD de manière extensive et le fait que les IFD ne demandent qu'un faible paiement d'avance signifient que le Fonds doit en permanence détenir une part importante de ses avoirs sous forme de dépôts bancaires et autres instruments du marché monétaire.
1 La devise de référence du Fonds est l'EUR. Cette classe d'actions est libellée en SEK. Le Fonds utilisera des IFD dans toute la mesure raisonnable possible dans le but de protéger les investisseurs des fluctuations du taux de change EUR/SEK.
1 Toute plus-value sur les investissements sera ajoutée à la valeur des actions des investisseurs, lesquels peuvent acheter et vendre leurs actions n'importe quel jour de négociation du Fonds.
1 La liquidité des titres non cotés en Bourse peut être irrégulière, de sorte que les frais liés à la liquidation de l'investissement peuvent s'avérer plus
Rendement typiquement plus faible
Rendement typiquement plus
élevé
importants que prévus.
1 Le Fonds investira dans des IFD : instruments financiers dérivés (c'est-à- dire des instruments dont les prix dépendent d'un ou de plusieurs actifs sous-jacents) pour atteindre son objectif d'investissement. L'utilisation d'IFD comporte des risques supplémentaires, tels qu'une forte sensibilité aux variations de prix de l'actif sur lequel il est basé. L'utilisation intensive d'IFD peut multiplier significativement les gains comme les pertes.
1 La catégorie la plus basse n'est pas synonyme d'investissement sans risque.
1 Le profil de risque et de rendement n'est pas garanti et est susceptible d'évoluer dans le temps.
1 Les données historiques peuvent ne pas constituer une indication fiable du profil de risque futur.
1 Cette classe d'actions appartient à la catégorie de risque 5 car un fonds de ce type applique des stratégies qui impliquent habituellement une volatilité modérée à forte. La catégorie de risque est déterminée sur la base de la volatilité historique de la performance du Fonds. Lorsque les données de performance du Fonds sont insuffisantes, la catégorie de risque est déterminée soit sur la base de la volatilité historique d'un indice de référence pertinent pour la stratégie d'investissement, soit sur celle de la limite de Valeur à risque (Value at Risk) déterminée par le gérant pour le Fonds. Veuillez vous référer au prospectus pour tout renseignement complémentaire sur la Valeur à risque (Value at Risk).
Les risques suivants peuvent ne pas être totalement pris en compte dans le profil de risque et de rendement :
1 Le Fonds sera exposé au risque de crédit sur les contreparties avec lesquelles il négocie en ce qui concerne les instruments négociés en bourse tels que les contrats à terme standardisés et les options et, le cas échéant, les opérations « de gré à gré » (« OTC », « non coté »). Les instruments négociés de gré à gré peuvent également être moins liquides et ne bénéficient pas des mêmes protections que celles qui peuvent s'appliquer aux instruments négociés par les participants sur une Bourse organisée.
1 L'utilisation d'IFD par le Fonds peut entraîner une augmentation de l'effet de levier, ce qui peut générer d'importantes pertes.
1 Le Fonds est un fonds régional ciblé géographiquement qui, de ce fait, peut présenter un risque plus important qu'un portefeuille plus largement diversifié au plan international.
1 La valeur des investissements désignés dans une autre devise peut varier à la hausse ou à la baisse en raison des fluctuations des taux de change. Les fluctuations défavorables des taux de change peuvent se traduire par une diminution des performances et une perte de capital. Il peut ne pas être possible ou faisable de couvrir avec succès l'exposition au risque de change dans toutes les circonstances.
1 La couverture du risque de change appliquée à cette classe d'actions dans le but de minimiser le risque de fluctuation de certains taux de change peut être imparfaite. En outre, les opérations de couverture du risque de change s'accompagnent d'un risque de contrepartie.
1 Le Fonds est soumis aux fluctuations normales du marché et aux risques associés à un investissement sur les marchés internationaux de valeurs mobilières ; par conséquent, la valeur de votre investissement et le revenu qu'il génère peuvent évoluer à la hausse comme à la baisse et vous pourriez ne pas récupérer le montant initialement investi.
1 Rien ne garantit que le Fonds atteindra son objectif d'investissement.
Une description complète des risques figure à la section du prospectus intitulée « Certains risques liés aux investissements ». | fr | es |
DOLFIN7606 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
There were no loans outstanding under the Facility at 31 December 2021 and 31 December 2020. During the year ended 31 December 2021 and 31 December 2020, none of the Portfolios utilised the loan facility.
The Facility was renewed on 30 September 2021 for the period of 364 days.
- UNFUNDED LOAN COMMITMENTSAs of 31 December 2021, the Company had the following unfunded loan commitments: | A 31 de diciembre de 2021 y a 31 de diciembre de 2020 no existían préstamos pendientes de amortización en virtud del Servicio. Durante los años finalizados el 31 de diciembre de 2021 y el 31 de diciembre de 2020, ninguna de las Carteras recurrió a la línea de crédito.
El Servicio se renovó el 30 de septiembre de 2021 para un período de 364 días.
- COMPROMISOS DE PRÉSTAMO NO FINANCIADOSA 31 de diciembre de 2021, la Sociedad mantenía los siguientes compromisos de préstamos no financiados: | There were no loans outstanding under the Facility at 31 December 2021 and 31 December 2020. During the year ended 31 December 2021 and 31 December 2020, none of the Portfolios utilised the loan facility.
The Facility was renewed on 30 September 2021 for the period of 364 days.
- UNFUNDED LOAN COMMITMENTSAs of 31 December 2021, the Company had the following unfunded loan commitments: | en | es |
DOLFIN7607 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs ?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest and how long you hold the product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- In the first year you would get back the amount that you invested (0 % annual return).
- For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- 10,000 EUR is invested.
| Investment of 10,000 EUR | If you cash in after 1 year | If you cash in after 5 years (RHP) |
| --- | --- | --- |
| Total costs | 112 EUR | 921 EUR |
| Cost impact* | 1.12% | 1.23% |
*This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 11.16% before costs and 9.92% after costs.
Composition of costs
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | We do not charge an entry fee for this product. | Up to 0 EUR |
| Exit costs | We do not charge an exit fee for this product. | |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.05% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 105 EUR |
| Transaction costs | 0.07% 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. | 7 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees and carried interest | There is no performance fee for this product. | | | # ¿Cuáles son los costes?
La persona que le asesore sobre este producto o se lo venda puede cobrarle otros costes. En tal caso, esa persona le facilitará información acerca de estos costes y de la incidencia que tienen en su inversión.
## Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte y de cuánto tiempo mantiene el producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles.
Hemos partido de los siguientes supuestos:
- En el primer año recuperaría usted el importe invertido (rendimiento anual del 0 %).
- En relación con los demás períodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado.
- Se invierten 10 000 EUR.
| Inversión de 10 000 EUR | Si lo vende después de 1 año | Si lo vende después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 112 EUR | 921 EUR |
| Incidencia de los costes* | 1,12 % | 1,23 % |
* Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 11,16 % antes de deducir los costes y del 9,92 % después de deducir los costes.
Composición de los costes
| Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | No cobramos una comisión de entrada para este producto. | Hasta 0 EUR |
| Costes de salida | No cobramos una comisión de salida para este producto. | |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,05 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 105 EUR |
| Costes de operación | 0,07 % 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. | 7 EUR |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento y participación en cuenta | No hay comisión de rendimiento para este producto. | | | # What are the costs ?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest and how long you hold the product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- In the first year you would get back the amount that you invested (0 % annual return).
- For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- 10,000 EUR is invested.
| Investment of 10,000 EUR | If you cash in after 1 year | If you cash in after 5 years (RHP) |
| --- | --- | --- |
| Total costs | 112 EUR | 921 EUR |
| Cost impact* | 1.12% | 1.23% |
*This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 11.16% before costs and 9.92% after costs.
Composition of costs
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | We do not charge an entry fee for this product. | Up to 0 EUR |
| Exit costs | We do not charge an exit fee for this product. | |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.05% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 105 EUR |
| Transaction costs | 0.07% 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. | 7 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees and carried interest | There is no performance fee for this product. | | | en | es |
DOLFIN7608 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Exemption: if a subscription request coincides with a redemption order by the same investor for an equal amount or quantity executed on the same net asset value date, no subscription fee or redemption fee the UCITS accrues will be applied.
Operating and management fees:
These charges cover all the costs invoiced directly to the UCITS, except transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes, etc.) as well as any transaction fees that may be charged by the custodian and the management company, in particular.
The following fees may be charged on top of operating and management fees: Performance fees
Transaction fees charged to the UCITS
Fees linked to temporary purchases and sales of securities, as applicable.
For more information about the fees charged to the UCITS, please refer to the Key Investor Information Document for the corresponding units. | Caso di esenzione: se una richiesta di sottoscrizione è concomitante con un ordine di rimborso dello stesso investitore per uguale importo o quantità e sulla stessa data di valore patrimoniale netto, non verranno applicate commissioni di sottoscrizione o di rimborso percepite dall'OICVM.
Spese di esercizio e di gestione:
Queste spese consentono di recuperare tutte le spese fatturate direttamente all'OICVM, ad eccezione delle spese di transazione.
Le spese di transazione includono le spese di intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita in particolare dalla Banca depositaria e dalla Società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere: una commissione di sovraperformance
commissioni di trasferimento fatturate all'OICVM
spese legate alle eventuali operazioni temporanee di acquisto e cessione di titoli.
Per ulteriori informazioni sulle spese effettivamente fatturate all'OICVM, si rimanda al documento delle Informazioni chiave per gli investitori relativo alle quote corrispondenti. | Exemption: if a subscription request coincides with a redemption order by the same investor for an equal amount or quantity executed on the same net asset value date, no subscription fee or redemption fee the UCITS accrues will be applied.
Operating and management fees:
These charges cover all the costs invoiced directly to the UCITS, except transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes, etc.) as well as any transaction fees that may be charged by the custodian and the management company, in particular.
The following fees may be charged on top of operating and management fees: Performance fees
Transaction fees charged to the UCITS
Fees linked to temporary purchases and sales of securities, as applicable.
For more information about the fees charged to the UCITS, please refer to the Key Investor Information Document for the corresponding units. | en | it |
DOLFIN7609 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Dividends and Distributions
Save for the G Institutional, G Retail and M Retail and Investor Income A Classes, dividends paid in respect of any income class Shares in the Fund will be declared quarterly and, depending upon the Shareholder’s election, paid in cash or reinvested in additional Shares after declaration.
In the case of the G Institutional, G Retail and Investor Income A Classes, dividends will be declared annually and depending upon the Shareholder’s election, paid in cash or reinvested in additional Shares on an annual basis. The G Institutional Income, G Retail Income Classes and GBP Income Share Classes may pay distributions out of capital. The rationale for providing for payment of dividends out of capital for the G Institutional Income and G Retail Income Share Classes is to allow for the ability to provide a stable and consistent level of distribution to investors seeking income oriented investment solutions, while for the GBP Income Share Classes it is to provide a stable and consistent level of distribution to investors and to allow for the ability to distribute capital (which as further described in the Taxation section of the Prospectus entitled “UK Tax Considerations” in certain instances will be considered reportable income). Distributions out of capital may have different tax implications to distributions of income and investors should seek advice in this regard.
In the case of the M Retail Classes, dividends will be declared monthly and depending upon the Shareholder’s election, paid in cash or reinvested in additional Shares on a monthly basis. In the case of the Investor Income A Classes, dividends will be declared annually and depending upon the Shareholder’s election, paid in cash or reinvested in additional Shares on an annual basis.
In the case of the Income II Class (which seeks to provide an enhanced yield to Shareholders) the Directors may, at their discretion, pay fees out of capital as well as take into account the yield differential between the relevant hedged Share Class and the base Share Class (which constitutes a distribution from capital). The yield differential can be positive or negative and is calculated taking into account the contribution of the Share Class hedging arising from the respective type of hedged classes. In addition, in the event that realised profits on the disposal of investments less realised and unrealised losses is negative the Fund may still pay dividends to the Income II Class out of net investment income and/or capital. The rationale for providing for the payment of dividends out of capital is to allow the Fund the ability to maximise the amount distributable to investors who are seeking a higher dividend paying Share Class.
As highlighted above, it should be noted that Management Fees and any other fees, or a portion thereof, may be charged to capital of the Income II Class and that as a result capital may be eroded and income may be achieved by foregoing the potential for future capital growth. The rationale for charging to capital is to maximise the amount distributable to investors.
Distributions out of capital may have different tax implications to distributions of income and investors should seek advice in this regard. | ### Dividendi e distribuzioni
Eccettuate le Classi G istituzionale, G retail, M retail e A investitori a distribuzione, i dividendi distribuiti in riferimento ad Azioni di Classi a distribuzione del Comparto saranno dichiarati a cadenza trimestrale e, in base alla scelta dell’Azionista, pagati in contanti o reinvestiti in altre Azioni dopo essere stati dichiarati.
Nel caso di Classi G istituzionali, G retail e A investitori a distribuzione, i dividendi saranno dichiarati a cadenza annuale e, in base alla scelta dell’Azionista, pagati in contanti o reinvestiti in altre Azioni su base annuale. Le Classi G istituzionale a distribuzione, G retail a distribuzione e le Classi di Azioni a distribuzione in GBP possono pagare distribuzioni a valere sul capitale. Il principio dell’effettuazione del pagamento dei dividendi a valere sul capitale per le Classi di Azioni G istituzionale a distribuzione e G retail a distribuzione è prevedere la possibilità di offrire un livello di distribuzione stabile e costante agli investitori che desiderano soluzioni d’investimento orientate al reddito, mentre per le Classi di Azioni a distribuzione in GBP è offrire un livello di distribuzione stabile e costante agli investitori e prevedere la possibilità di distribuire capitale (che, come ulteriormente descritto nella sezione “Regime fiscale” del Prospetto intitolata “Considerazioni relative al regime fiscale UK”, in talune circostanze sarà considerato reddito dichiarabile). Le distribuzioni a valere sul capitale possono avere implicazioni fiscali diverse rispetto alle distribuzioni di reddito; gli investitori devono pertanto ottenere una consulenza in merito.
Nel caso di Classi M retail, i dividendi saranno dichiarati a cadenza mensile e, in base alla scelta dell’Azionista, pagati in contanti o reinvestiti in altre Azioni su base mensile. Nel caso di Classi A investitori a distribuzione, i dividendi saranno dichiarati a cadenza annuale e, in base alla scelta dell’Azionista, pagati in contanti o reinvestiti in altre Azioni su base annuale.
Nel caso della Classe a distribuzione II (che mira a offrire agli Azionisti un rendimento più elevato), gli Amministratori possono a loro discrezione pagare commissioni a valere sul capitale nonché tenere conto del differenziale di rendimento tra la Classe di Azioni coperta pertinente e la Classe di Azioni base (che costituisce una distribuzione dal capitale). Il differenziale di rendimento può essere positivo o negativo ed è calcolato tenendo conto del contributo della copertura della Classe di Azioni derivante dal rispettivo tipo di classi coperte. Il Comparto può inoltre distribuire dividendi, alla Classe a distribuzione II, a valere sul reddito da investimenti netto e/o sul capitale anche qualora gli utili realizzati sulla cessione di investimenti al netto delle perdite realizzate e non realizzate siano negativi. Il principio dell’effettuazione del pagamento dei dividendi a valere sul capitale è consentire al Comparto di massimizzare l’importo distribuibile agli investitori che desiderano una Classe di Azioni che distribuisce dividendi più elevati.
Come sopra rilevato, si ricorda che le Commissioni di gestione e qualunque altra commissione, o parte di esse, potranno essere imputate al capitale della Classe a distribuzione II, il quale è pertanto passibile di diminuzioni mentre il reddito può essere conseguito a scapito di una potenziale crescita futura del capitale. La ragione fondamentale dell’imputazione al capitale è la massimizzazione dell’importo distribuibile agli investitori.
Le distribuzioni a valere sul capitale possono avere implicazioni fiscali diverse rispetto alle distribuzioni di reddito; gli investitori devono pertanto ottenere una consulenza in merito. | ### Dividends and Distributions
Save for the G Institutional, G Retail and M Retail and Investor Income A Classes, dividends paid in respect of any income class Shares in the Fund will be declared quarterly and, depending upon the Shareholder’s election, paid in cash or reinvested in additional Shares after declaration.
In the case of the G Institutional, G Retail and Investor Income A Classes, dividends will be declared annually and depending upon the Shareholder’s election, paid in cash or reinvested in additional Shares on an annual basis. The G Institutional Income, G Retail Income Classes and GBP Income Share Classes may pay distributions out of capital. The rationale for providing for payment of dividends out of capital for the G Institutional Income and G Retail Income Share Classes is to allow for the ability to provide a stable and consistent level of distribution to investors seeking income oriented investment solutions, while for the GBP Income Share Classes it is to provide a stable and consistent level of distribution to investors and to allow for the ability to distribute capital (which as further described in the Taxation section of the Prospectus entitled “UK Tax Considerations” in certain instances will be considered reportable income). Distributions out of capital may have different tax implications to distributions of income and investors should seek advice in this regard.
In the case of the M Retail Classes, dividends will be declared monthly and depending upon the Shareholder’s election, paid in cash or reinvested in additional Shares on a monthly basis. In the case of the Investor Income A Classes, dividends will be declared annually and depending upon the Shareholder’s election, paid in cash or reinvested in additional Shares on an annual basis.
In the case of the Income II Class (which seeks to provide an enhanced yield to Shareholders) the Directors may, at their discretion, pay fees out of capital as well as take into account the yield differential between the relevant hedged Share Class and the base Share Class (which constitutes a distribution from capital). The yield differential can be positive or negative and is calculated taking into account the contribution of the Share Class hedging arising from the respective type of hedged classes. In addition, in the event that realised profits on the disposal of investments less realised and unrealised losses is negative the Fund may still pay dividends to the Income II Class out of net investment income and/or capital. The rationale for providing for the payment of dividends out of capital is to allow the Fund the ability to maximise the amount distributable to investors who are seeking a higher dividend paying Share Class.
As highlighted above, it should be noted that Management Fees and any other fees, or a portion thereof, may be charged to capital of the Income II Class and that as a result capital may be eroded and income may be achieved by foregoing the potential for future capital growth. The rationale for charging to capital is to maximise the amount distributable to investors.
Distributions out of capital may have different tax implications to distributions of income and investors should seek advice in this regard. | en | it |
DOLFIN7610 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Investment Objective and Policies
The investment objective of the Euro Short-Term Fund is to seek maximum current income consistent with the preservation of capital and daily liquidity.
The Fund invests at least two-thirds of its assets in a diversified portfolio of EUR-denominated Fixed Income Instruments of varying maturities. The average portfolio duration of this Fund will vary based on the Investment Advisor’s forecast for interest rates and is not expected to exceed one and a half years. The Fund will reference its performance against the ICE BofA ESTR Overnight Rate Index (the “Benchmark”). The Fund is considered to be actively managed in reference to the Benchmark by virtue of the fact that it uses the Benchmark for performance comparison purposes. However the Benchmark is not used to define the portfolio composition of the Fund or as a performance target. The Benchmark tracks the performance of a synthetic asset paying ESTR (Euro Short-Term Rate) to a stated maturity. Further information on the Benchmark is publicly available or available from the Investment Advisor upon request. Subject to the restrictions outlined below, the Fund invests primarily in investment grade Fixed Income Instruments, but may invest up to 10% of its assets in Fixed Income Instruments that are rated lower than Baa3 by Moody’s or lower than BBB- by S&P or equivalently rated by Fitch, subject to a minimum rating category of B3 by Moody’s or B- by S&P or equivalently rated by Fitch (or, if unrated, determined by the Investment Advisor to be of comparable quality).
The Fund will pursue a fixed income oriented investment strategy focused on high-quality, shorter duration securities. The objective of the strategy is to achieve maximum current income with capital preservation and daily liquidity by allocating across a range of fixed income sectors. As part of its investment strategy, the Investment Advisor will use a global secular forecast across economies and an integrated investment process as set out herein.
Asset-backed securities, credit-linked notes and other transferable securities whose yield or repayment is linked to credit risks or that are used to transfer the credit risk of a third party (for example notes issued by special purpose vehicles with no other business purposes than holding the credit risky assets ("repackaged securities/repackaged credit risks") but excluding corporate bonds issued by a operational active corporate, notes issued by an entity with operational business purposes or subordinated liabilities (tier products) and profit participation notes that are issued (securitised) via a special purpose vehicle) may only be invested into if (i) the debtor or issuing company of such investments is domiciled in the EEA or in a full member state of the OECD or (ii) if listed at a regulated market inside the EEA or admitted to the official market on an exchange in a state outside the EEA, or being included into a regulated market in such state. Such investments must be rated investment grade by the relevant recognised rating agencies (Moody's, S&P or Fitch) or, if no such external rating is available, there must be a positive assessment by the Investment Advisor of the credit quality of the receivables portfolio and of the security and profitability of the investment as a whole that is documented transparently.
The Fund may hold both non-EUR denominated Fixed Income Instruments and non-EUR denominated currency positions. Non-EUR denominated currency exposure is limited to 20% of total assets. Therefore, movements in both non-EUR denominated Fixed Income Instruments and non-EUR denominated currencies can influence the Fund’s return. Currency hedging activities and currency positions will be
implemented using spot and forward foreign exchange contracts and currency futures, options and swaps. The various efficient portfolio management techniques (including without limitation when issued, delayed delivery, forward commitment, currency transactions, repurchase and reverse repurchase and securities lending transactions) are subject to the limits and conditions set down by the Central Bank from time to time and are more fully described under the heading “Efficient Portfolio Management and Securities Financing Transactions”. There can be no assurance that the Investment Advisor will be successful in employing these techniques.
No more than 25% of the Fund’s assets may be invested in securities that are convertible into equity securities. No more than 10% of the Fund’s total assets may be invested in equity securities. The Fund is subject to an aggregate limit of one-third of its total assets on combined investments in (i) securities that are convertible into equity securities, (ii) equity securities (including warrants), (iii) certificates of deposit, and (iv) bankers’ acceptances. The Fund may invest up to 10% of its net assets in units or shares of other collective investment schemes. The Fund may also invest up to 10% of its net assets in illiquid securities and in loan participations and loan assignments which constitute money market instruments. The Fund may invest up to 10% of its assets in emerging markets securities.
Subject to the Regulations as set forth in Appendix 4 and as more fully described under the headings “Efficient Portfolio Management and Securities Financing Transactions” and “Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques”, the Fund may use derivative instruments such as futures, options and swap agreements (which may be listed or over-the- counter) and may also enter into currency forward contracts. Such derivative instruments may be used (i) for hedging purposes and/or (ii) for investment purposes and/or (iii) efficient portfolio management. For example, the Fund may use derivatives (which will be based only on underlying assets or sectors which are permitted under the investment policy of the Fund) (i) to hedge a currency exposure, (ii) as a substitute for taking a position in the underlying asset where the Investment Advisor feels that a derivative exposure to the underlying asset represents better value than a direct exposure, (iii) to tailor the Fund’s interest rate exposure to the Investment Advisor’s outlook for interest rates, and/or (iv) to gain an exposure to the composition and performance of a particular index (provided always that the Fund may not have an indirect exposure through an index to an instrument, issuer or currency to which it cannot have a direct exposure).
The use of derivative instruments may expose the Fund to the risks disclosed under the headings “General Risk Factors” and detailed under “Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques”. Position exposure to underlying assets of derivative instruments (other than index based derivatives), when combined with positions resulting from direct investments, will not exceed the investment limits set out in Appendix 4. The use of derivatives will give rise to an additional leveraged exposure. The level of leverage for the Fund is expected to range from 0% to 600% of Net Asset Value. The Fund’s leverage may increase to higher levels, for example, at times when PIMCO deems it most appropriate to use derivative instruments to alter the Fund’s equity, interest rate, currency or credit exposure. The leverage figure is calculated using the sum of the notionals of the derivatives used as is required by the Central Bank and as such does not take into account any netting and hedging arrangements that the Fund has in place at any time.
Where the Investment Advisor believes it appropriate to do so as a result of detailed investment analysis, the Fund may use derivatives to create synthetic short positions. Synthetic short positions are positions which are in economic terms equivalent to short positions and will be implemented through the use of financial derivative instruments in accordance with the Central Bank’s requirements. The Fund will take long and synthetic short positions over a variety of time periods in accordance with the requirements of the Central Bank. Further information on the Fund’s use of derivatives is set out below. The proportion of long to short exposure in the Fund will depend on the market conditions at any given time. It is possible that the Fund may have long only exposure, or conversely short only exposure at any point in time. Although under normal market conditions it is not anticipated that the Fund would be directionally short, on a net basis. Such positions may be taken across various asset classes contemplated under the investment policy of the Fund as set out herein. When calculated using the gross notional value of any derivatives in the Fund and the market value of any direct investments, the combination of total gross long positions and total gross short positions are not expected to exceed 800% of the Net Asset Value of the Fund. For further information, please refer to the
paragraph in this section of the Supplement outlining the level of leverage expected for the Fund which is calculated using the sum of the notionals of the derivatives used.
The market risk associated with the use of derivatives will be covered and will be risk managed using the Value at Risk (“VaR”) methodology in accordance with the Central Bank’s requirements. VaR is a statistical methodology that predicts, using historical data, the likely maximum daily loss that the fund could lose calculated to a one-tailed 99% confidence level. However there is a 1% statistical chance that the daily VaR number may be exceeded. The VaR approach uses a historical observation period and thus the VaR result may be biased if abnormal market conditions are not prevalent or are omitted from the historical observation period. Accordingly, the Fund could suffer significant financial losses in abnormal market conditions.
The Fund intends to use the Absolute VaR model. Accordingly, the VaR of the Fund’s portfolio will not exceed 20% of the NAV of the Fund and the holding period shall be 20 days. The historical observation period shall not be less than one year. It should be noted that the above limit is the current VaR limit required by the Central Bank. However, should the VaR model for the Fund or the Central Bank limits change, the Fund will have the ability to avail of such new model or limits by updating this Supplement and the Risk Management Process of the Company accordingly. The measurement and monitoring of all exposures relating to the use of derivative instruments will be performed on at least a daily basis. | ### Obiettivo e politiche di investimento
L’obiettivo di investimento del Comparto Euro Short-Term è la massimizzazione del reddito corrente compatibilmente con tutela di capitale e liquidità giornaliera.
Il Comparto investe almeno due terzi del proprio patrimonio in un portafoglio diversificato di Strumenti a reddito fisso denominati in EUR aventi scadenze diverse. La duration media del portafoglio di questo Comparto varierà in funzione delle stime per i tassi d’interesse elaborate dal Consulente per gli investimenti ed è destinata a non superare un anno e mezzo. Il Comparto intende confrontare la propria performance con l'Indice ICE BofA ESTR Overnight Rate (il “Benchmark”). Il Comparto è considerato a gestione attiva con riferimento al Benchmark, dato che usa lo stesso a fini di confronto delle performance. Il Benchmark, tuttavia, non viene utilizzato per stabilire la composizione del portafoglio del Comparto o l'obiettivo di performance. Il Benchmark replica la performance di un asset sintetico pagante l'ESTR (Euro Short-Term Rate) a una scadenza prevista. Maggiori dettagli sul Benchmark sono disponibili pubblicamente oppure possono essere richiesti al Consulente per gli investimenti. Subordinatamente alle restrizioni indicate qui di seguito, il Comparto investe prevalentemente in Strumenti a reddito fisso investment grade, ma può investire sino al 10% del patrimonio in Strumenti a reddito fisso aventi un rating inferiore a Baa3 (Moody’s) o BBB- (S&P) o rating equivalente attribuito da Fitch, purché rientranti in una categoria di rating minimo B3 (Moody’s) o B- (S&P) o rating equivalente attribuito da Fitch (oppure, se privi di rating, considerati di qualità analoga dal Consulente per gli investimenti).
Il Comparto adotterà una strategia di investimento orientata al reddito fisso, concentrata su titoli di alta qualità e duration inferiore. L’obiettivo della strategia è generare il massimo reddito corrente, compatibilmente con tutela del capitale e liquidità giornaliera, allocando le attività a una gamma di settori obbligazionari. Nell'ambito della propria strategia di investimento, il Consulente per gli investimenti utilizzerà una stima globale a lungo termine delle varie economie e un processo d'investimento integrato, come descritto nel presente documento.
Titoli garantiti da attività, titoli legati al credito e altri valori mobiliari il cui rendimento o rimborso è legato a rischi di credito ovvero che sono utilizzati per trasferire il rischio di credito di terzi (ad esempio titoli emessi da società veicolo al puro scopo di detenere attività di credito rischiose (“titoli riassemblati/rischi di credito riassemblati”), ma escluse le obbligazioni societarie emesse da una persona giuridica attiva operativa, titoli emessi da un'entità con scopi sociali operativi o passività subordinate (prodotti tier) e titoli di compartecipazione agli utili che sono emessi (cartolarizzati) tramite una società veicolo), possono essere oggetto d'investimento soltanto qualora (i) il debitore o la società emittente di tali investimenti siano domiciliati nel SEE o in uno Stato membro a tutti gli effetti dell'OCSE oppure (ii) se quotati su un mercato regolamentato all'interno del SEE o ammessi a un mercato ufficiale di una borsa in uno Stato al di fuori del SEE, o inclusi in un mercato regolamentato in tale Stato. Tali investimenti devono essere classificati come investment grade dalle relative agenzie di rating riconosciute (Moody’s, S&P o Fitch) ovvero, in assenza di tale rating esterno, il Consulente per gli investimenti deve avere formulato una valutazione positiva della qualità di credito del portafoglio di crediti nonché della sicurezza e della redditività dell’investimento nel suo complesso, che sia documentata in modo trasparente.
Il Comparto può detenere sia Strumenti a reddito fisso non denominati in EUR che posizioni valutarie non denominate in EUR. L’esposizione delle posizioni valutarie non denominate in EUR è limitata al 20% del patrimonio totale. Le oscillazioni degli Strumenti a reddito fisso non denominati in EUR e delle valute non
denominate in EUR possono pertanto influenzare il rendimento del Comparto. Le attività di copertura valutaria e le posizioni valutarie verranno implementate utilizzando contratti di cambio a termine e a pronti, nonché futures su valute, opzioni e swap. Le varie tecniche di gestione efficiente del portafoglio (quali, a titolo esemplificativo e non esaustivo, when-issued, consegna differita, impegno a termine, transazioni valutarie, operazioni di vendita a pronti con patto di riacquisto a termine e di acquisto a pronti con patto di rivendita a termine e di prestito di titoli) sono soggette alle limitazioni e condizioni stabilite di volta in volta dalla Banca centrale e descritte più dettagliatamente nella sezione intitolata “Gestione efficiente del portafoglio e Operazioni di finanziamento tramite titoli”. Non è possibile garantire che il Consulente per gli investimenti utilizzi con successo tali tecniche.
Il Comparto non può investire oltre il 25% del proprio patrimonio in valori mobiliari convertibili in titoli azionari. Il Comparto non può investire oltre il 10% del proprio patrimonio totale in titoli azionari. Il Comparto è soggetto a un limite complessivo, pari a un terzo del suo patrimonio totale, agli investimenti combinati in (i) valori mobiliari convertibili in titoli azionari, (ii) titoli azionari (inclusi warrant), (iii) certificati di deposito e (iv) accettazioni bancarie. Il Comparto può investire sino al 10% del proprio patrimonio netto in quote o azioni di altri organismi di investimento collettivo. Il Comparto può inoltre investire sino al 10% del proprio patrimonio netto in titoli illiquidi nonché prestiti partecipativi e cessioni di crediti che costituiscano strumenti del mercato monetario. Il Comparto può investire sino al 10% del proprio patrimonio in titoli dei mercati emergenti.
Subordinatamente ai Regolamenti riportati nell’Appendice 4 e come illustrato in modo più dettagliato nelle sezioni “Gestione efficiente del portafoglio e Operazioni di finanziamento tramite titoli” e “Titoli, strumenti derivati, altri investimenti e tecniche di investimento: caratteristiche e rischi”, il Comparto può fare ricorso a strumenti derivati come futures, opzioni e contratti swap (quotati in borsa o negoziati fuori borsa) e stipulare anche contratti di cambio a termine. Tali strumenti derivati possono essere utilizzati (i) a fini di copertura e/o (ii) a scopo di investimento e/o (iii) per una gestione efficiente del portafoglio. Per esempio, il Comparto può utilizzare strumenti derivati (che si basino solo su attività o settori sottostanti consentiti nell’ambito della propria politica di investimento) (i) per coprire un’esposizione valutaria, (ii) in sostituzione di una posizione nell’attività sottostante nel caso in cui il Consulente per gli investimenti ritenga che un’esposizione in derivati verso l’attività sottostante rappresenti un vantaggio rispetto all’esposizione diretta,
(iii) per adattare l’esposizione del Comparto in termini di tassi d’interesse alle prospettive del Consulente per gli investimenti circa l’andamento dei tassi d’interesse, e/o (iv) per acquisire un’esposizione alla composizione e performance di un particolare indice (a condizione che il Comparto non possa avere un’esposizione indiretta tramite un indice verso uno strumento, un emittente o una valuta nei cui confronti non può avere un’esposizione diretta).
L’utilizzo di strumenti derivati può esporre il Comparto ai rischi illustrati nella voce “Fattori generali di rischio” e descritti dettagliatamente nella sezione “Titoli, strumenti derivati, altri investimenti e tecniche di investimento: caratteristiche e rischi”. L’esposizione di una posizione verso le attività sottostanti di strumenti derivati (all’infuori di derivati basati su indici), allorché combinata con posizioni derivanti da investimenti diretti, non può superare i limiti di investimento definiti nell’Appendice 4. L’utilizzo di strumenti derivati genererà una maggiore esposizione in termini di leva finanziaria. Il livello di leva finanziaria atteso per il Comparto sarà compreso tra lo 0% e il 600% del Valore patrimoniale netto. La leva finanziaria del Comparto potrà salire a livelli maggiori, per esempio nei momenti in cui PIMCO ritenga più appropriato utilizzare strumenti derivati per modificare l’esposizione del Comparto in termini di capitale, tassi d’interesse, valute o credito. Il dato relativo alla leva finanziaria è calcolato usando la somma dei nozionali dei derivati impiegati con le modalità richieste dalla Banca centrale e pertanto non tiene conto di meccanismi di compensazione e copertura attuati dal Comparto in un determinato momento.
Laddove il Consulente per gli investimenti lo ritenga appropriato a seguito di una dettagliata analisi dell’investimento, il Comparto può utilizzare derivati per creare posizioni short sintetiche. Le posizioni short sintetiche sono posizioni che, in termini economici, equivalgono a posizioni allo scoperto e vengono attuate tramite il ricorso a strumenti finanziari derivati in conformità ai requisiti della Banca centrale. Il Comparto assumerà posizioni long e short sintetiche per vari periodi di tempo in conformità ai requisiti della Banca centrale. Di seguito sono fornite maggiori informazioni sul ricorso del Comparto a strumenti derivati. La percentuale di esposizione long e short nel Comparto dipenderà dalle condizioni del mercato in qualsiasi momento. Il Comparto potrà avere solo un'esposizione long, o al contrario solo un'esposizione short in qualsiasi momento. In normali condizioni di mercato, si prevede comunque che il Comparto non detenga una posizione direzionalmente short, su base netta. Tali posizioni potranno essere assunte nell'ambito di diverse classi di asset contemplate nella politica di investimento del Comparto descritta in questo documento. Quando il calcolo si effettua utilizzando il valore nozionale lordo di tutti gli eventuali strumenti derivati presenti nel
Comparto e il valore di mercato di tutti gli eventuali investimenti diretti, la combinazione del totale delle posizioni long lorde e del totale delle posizioni short lorde prevedibilmente non sarà superiore all'800% del Valore patrimoniale netto del Comparto. Per ulteriori informazioni si rimanda al paragrafo di questa sezione del Supplemento dove è delineato il livello di leva finanziaria previsto per il Comparto che è calcolato utilizzando la somma dei valori nozionali degli strumenti derivati utilizzati.
Il rischio di mercato associato all’uso di derivati sarà soggetto a copertura e gestito utilizzando la metodologia Value at Risk (“VaR”) in conformità ai requisiti prescritti dalla Banca centrale. Il VaR è un metodo statistico che, con l’ausilio di dati storici, prevede la perdita giornaliera massima probabile cui è esposto il Comparto, calcolata con un livello di confidenza a una coda del 99%. Esiste tuttavia una probabilità statistica dell’1% che il valore VaR giornaliero possa essere superato. L’approccio VaR utilizza un periodo di osservazione dei dati storici e il risultato VaR può pertanto essere alterato se non sono prevalenti condizioni di mercato anomale oppure se tali condizioni sono omesse dal suddetto periodo. In condizioni di mercato anomale il Comparto potrebbe pertanto subire perdite significative.
Il Comparto intende utilizzare il modello VaR assoluto. Di conseguenza, il VaR del portafoglio del Comparto non eccederà il 20% del Valore patrimoniale netto del Comparto e il periodo di detenzione sarà di 20 giorni. Il periodo di osservazione dei dati storici non sarà inferiore a un anno. È opportuno rilevare che il limite suddetto è il limite VaR corrente richiesto dalla Banca centrale. Qualora il modello VaR del Comparto o i limiti della Banca centrale dovessero cambiare, il Comparto potrà comunque avvalersi di tali nuovi limiti o modello, aggiornando di conseguenza il presente Supplemento e il Processo di gestione del rischio. La misurazione e il monitoraggio di tutte le esposizioni associate all’uso di strumenti derivati saranno eseguiti a cadenza almeno giornaliera. | ### Investment Objective and Policies
The investment objective of the Euro Short-Term Fund is to seek maximum current income consistent with the preservation of capital and daily liquidity.
The Fund invests at least two-thirds of its assets in a diversified portfolio of EUR-denominated Fixed Income Instruments of varying maturities. The average portfolio duration of this Fund will vary based on the Investment Advisor’s forecast for interest rates and is not expected to exceed one and a half years. The Fund will reference its performance against the ICE BofA ESTR Overnight Rate Index (the “Benchmark”). The Fund is considered to be actively managed in reference to the Benchmark by virtue of the fact that it uses the Benchmark for performance comparison purposes. However the Benchmark is not used to define the portfolio composition of the Fund or as a performance target. The Benchmark tracks the performance of a synthetic asset paying ESTR (Euro Short-Term Rate) to a stated maturity. Further information on the Benchmark is publicly available or available from the Investment Advisor upon request. Subject to the restrictions outlined below, the Fund invests primarily in investment grade Fixed Income Instruments, but may invest up to 10% of its assets in Fixed Income Instruments that are rated lower than Baa3 by Moody’s or lower than BBB- by S&P or equivalently rated by Fitch, subject to a minimum rating category of B3 by Moody’s or B- by S&P or equivalently rated by Fitch (or, if unrated, determined by the Investment Advisor to be of comparable quality).
The Fund will pursue a fixed income oriented investment strategy focused on high-quality, shorter duration securities. The objective of the strategy is to achieve maximum current income with capital preservation and daily liquidity by allocating across a range of fixed income sectors. As part of its investment strategy, the Investment Advisor will use a global secular forecast across economies and an integrated investment process as set out herein.
Asset-backed securities, credit-linked notes and other transferable securities whose yield or repayment is linked to credit risks or that are used to transfer the credit risk of a third party (for example notes issued by special purpose vehicles with no other business purposes than holding the credit risky assets ("repackaged securities/repackaged credit risks") but excluding corporate bonds issued by a operational active corporate, notes issued by an entity with operational business purposes or subordinated liabilities (tier products) and profit participation notes that are issued (securitised) via a special purpose vehicle) may only be invested into if (i) the debtor or issuing company of such investments is domiciled in the EEA or in a full member state of the OECD or (ii) if listed at a regulated market inside the EEA or admitted to the official market on an exchange in a state outside the EEA, or being included into a regulated market in such state. Such investments must be rated investment grade by the relevant recognised rating agencies (Moody's, S&P or Fitch) or, if no such external rating is available, there must be a positive assessment by the Investment Advisor of the credit quality of the receivables portfolio and of the security and profitability of the investment as a whole that is documented transparently.
The Fund may hold both non-EUR denominated Fixed Income Instruments and non-EUR denominated currency positions. Non-EUR denominated currency exposure is limited to 20% of total assets. Therefore, movements in both non-EUR denominated Fixed Income Instruments and non-EUR denominated currencies can influence the Fund’s return. Currency hedging activities and currency positions will be
implemented using spot and forward foreign exchange contracts and currency futures, options and swaps. The various efficient portfolio management techniques (including without limitation when issued, delayed delivery, forward commitment, currency transactions, repurchase and reverse repurchase and securities lending transactions) are subject to the limits and conditions set down by the Central Bank from time to time and are more fully described under the heading “Efficient Portfolio Management and Securities Financing Transactions”. There can be no assurance that the Investment Advisor will be successful in employing these techniques.
No more than 25% of the Fund’s assets may be invested in securities that are convertible into equity securities. No more than 10% of the Fund’s total assets may be invested in equity securities. The Fund is subject to an aggregate limit of one-third of its total assets on combined investments in (i) securities that are convertible into equity securities, (ii) equity securities (including warrants), (iii) certificates of deposit, and (iv) bankers’ acceptances. The Fund may invest up to 10% of its net assets in units or shares of other collective investment schemes. The Fund may also invest up to 10% of its net assets in illiquid securities and in loan participations and loan assignments which constitute money market instruments. The Fund may invest up to 10% of its assets in emerging markets securities.
Subject to the Regulations as set forth in Appendix 4 and as more fully described under the headings “Efficient Portfolio Management and Securities Financing Transactions” and “Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques”, the Fund may use derivative instruments such as futures, options and swap agreements (which may be listed or over-the- counter) and may also enter into currency forward contracts. Such derivative instruments may be used (i) for hedging purposes and/or (ii) for investment purposes and/or (iii) efficient portfolio management. For example, the Fund may use derivatives (which will be based only on underlying assets or sectors which are permitted under the investment policy of the Fund) (i) to hedge a currency exposure, (ii) as a substitute for taking a position in the underlying asset where the Investment Advisor feels that a derivative exposure to the underlying asset represents better value than a direct exposure, (iii) to tailor the Fund’s interest rate exposure to the Investment Advisor’s outlook for interest rates, and/or (iv) to gain an exposure to the composition and performance of a particular index (provided always that the Fund may not have an indirect exposure through an index to an instrument, issuer or currency to which it cannot have a direct exposure).
The use of derivative instruments may expose the Fund to the risks disclosed under the headings “General Risk Factors” and detailed under “Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques”. Position exposure to underlying assets of derivative instruments (other than index based derivatives), when combined with positions resulting from direct investments, will not exceed the investment limits set out in Appendix 4. The use of derivatives will give rise to an additional leveraged exposure. The level of leverage for the Fund is expected to range from 0% to 600% of Net Asset Value. The Fund’s leverage may increase to higher levels, for example, at times when PIMCO deems it most appropriate to use derivative instruments to alter the Fund’s equity, interest rate, currency or credit exposure. The leverage figure is calculated using the sum of the notionals of the derivatives used as is required by the Central Bank and as such does not take into account any netting and hedging arrangements that the Fund has in place at any time.
Where the Investment Advisor believes it appropriate to do so as a result of detailed investment analysis, the Fund may use derivatives to create synthetic short positions. Synthetic short positions are positions which are in economic terms equivalent to short positions and will be implemented through the use of financial derivative instruments in accordance with the Central Bank’s requirements. The Fund will take long and synthetic short positions over a variety of time periods in accordance with the requirements of the Central Bank. Further information on the Fund’s use of derivatives is set out below. The proportion of long to short exposure in the Fund will depend on the market conditions at any given time. It is possible that the Fund may have long only exposure, or conversely short only exposure at any point in time. Although under normal market conditions it is not anticipated that the Fund would be directionally short, on a net basis. Such positions may be taken across various asset classes contemplated under the investment policy of the Fund as set out herein. When calculated using the gross notional value of any derivatives in the Fund and the market value of any direct investments, the combination of total gross long positions and total gross short positions are not expected to exceed 800% of the Net Asset Value of the Fund. For further information, please refer to the
paragraph in this section of the Supplement outlining the level of leverage expected for the Fund which is calculated using the sum of the notionals of the derivatives used.
The market risk associated with the use of derivatives will be covered and will be risk managed using the Value at Risk (“VaR”) methodology in accordance with the Central Bank’s requirements. VaR is a statistical methodology that predicts, using historical data, the likely maximum daily loss that the fund could lose calculated to a one-tailed 99% confidence level. However there is a 1% statistical chance that the daily VaR number may be exceeded. The VaR approach uses a historical observation period and thus the VaR result may be biased if abnormal market conditions are not prevalent or are omitted from the historical observation period. Accordingly, the Fund could suffer significant financial losses in abnormal market conditions.
The Fund intends to use the Absolute VaR model. Accordingly, the VaR of the Fund’s portfolio will not exceed 20% of the NAV of the Fund and the holding period shall be 20 days. The historical observation period shall not be less than one year. It should be noted that the above limit is the current VaR limit required by the Central Bank. However, should the VaR model for the Fund or the Central Bank limits change, the Fund will have the ability to avail of such new model or limits by updating this Supplement and the Risk Management Process of the Company accordingly. The measurement and monitoring of all exposures relating to the use of derivative instruments will be performed on at least a daily basis. | en | it |
DOLFIN7611 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# European Benchmark Regulation
The Benchmark Regulation introduces authorisation and registration requirements for the administrators of benchmarks (as defined in the Benchmark Regulation). These requirements apply from 1 January 2018 however transitional arrangements can be relied upon until 31 December 2021.
In respect of each of the relevant Funds, the Company is working with the applicable benchmark administrator for each benchmark used by the Fund to confirm that the benchmark administrator is, or intends to procure that it is, included in the register maintained by ESMA under the Benchmark Regulations.
A plan has been adopted by the Company to address the contingency of a benchmark changing materially or ceasing to be provided in accordance with the Benchmark Regulations. Further information on this is available on request. | # Europäische Referenzwerte-Verordnung
Die Referenzwerte-Verordnung führt Zulassungs- und Registrierungsanforderungen für die Administratoren von Referenzwerten (wie in der Referenzwerte-Verordnung definiert) ein. Diese Anforderungen gelten ab dem 1. Januar 2018, es können jedoch bis zum 31. Dezember 2021 Übergangsregelungen in Anspruch genommen werden.
In Bezug auf jeden der relevanten Fonds arbeitet die Gesellschaft mit dem jeweiligen Referenzwert- Administrator für jeden vom Fonds verwendeten Referenzwert zusammen, um zu bestätigen, dass der Referenzwert-Administrator in das von der ESMA gemäß der Referenzwerte-Verordnung geführte Register aufgenommen ist bzw. beabsichtigt, dafür zu sorgen, dass er aufgenommen wird.
Die Gesellschaft hat einen Plan für den Fall verabschiedet, dass sich ein Referenzwert wesentlich ändert oder nicht mehr zur Verfügung gestellt wird, in Übereinstimmung mit der Referenzwerte-Verordnung. Weitere Informationen hierzu sind auf Anfrage erhältlich. | # European Benchmark Regulation
The Benchmark Regulation introduces authorisation and registration requirements for the administrators of benchmarks (as defined in the Benchmark Regulation). These requirements apply from 1 January 2018 however transitional arrangements can be relied upon until 31 December 2021.
In respect of each of the relevant Funds, the Company is working with the applicable benchmark administrator for each benchmark used by the Fund to confirm that the benchmark administrator is, or intends to procure that it is, included in the register maintained by ESMA under the Benchmark Regulations.
A plan has been adopted by the Company to address the contingency of a benchmark changing materially or ceasing to be provided in accordance with the Benchmark Regulations. Further information on this is available on request. | en | de |
DOLFIN7612 | 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 | 1,81 % |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance : 20,00 % par an des rendements réalisés par le Fonds au-delà de l’indice de référence. Une Commission de performance peut toujours être due si la Classe concernée a une performance négative, mais a surperformé son indice de référence au cours d’une Période de calcul. Commission de performance réelle imputée l’année dernière : 2,02 % | | | 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 del capital del inversor antes de proceder a la inversión o de abonar el producto de esta. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1,81% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad: 20,00% anual sobre los rendimientos que el Fondo obtenga por encima del índice de referencia. Es posible que todavía se deba pagar una Comisión de Rentabilidad si el Tipo en cuestión tiene una rentabilidad negativa, pero ha superado la rentabilidad de su índice de referencia durante un Periodo de Cálculo. Comisión de rentabilidad real percibida el pasado ejercicio: 2,02% | | | 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 | 1,81 % |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance : 20,00 % par an des rendements réalisés par le Fonds au-delà de l’indice de référence. Une Commission de performance peut toujours être due si la Classe concernée a une performance négative, mais a surperformé son indice de référence au cours d’une Période de calcul. Commission de performance réelle imputée l’année dernière : 2,02 % | | fr | es |
DOLFIN7613 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
###### PAYMENT OF RETROCESSIONS AND REBATES
The management company and/or its agents may pay retrocessions as remuneration for distribution activity in respect of fund shares in or from Switzerland. This remuneration may be deemed payment for the following services in particular: Any activity aimed at promoting the distribution of fund shares.
Retrocessions are not deemed to be rebates even if they are ultimately passed on, in full or in part, to the investors.
The recipients of the retrocessions must ensure transparent disclosure and inform investors, unsolicited and free of charge, about the amount of remuneration they may receive for distribution.
On request, the recipients of retrocessions must disclose the amounts they actually receive for distributing the collective investment schemes of the investors concerned.
In the case of distribution activity in or from Switzerland, the management company and/or its agents may, upon request, pay rebates directly to investors. The purpose of rebates is to reduce the fees or costs incurred by the investor in question. Rebates are permitted provided that:
- they are paid from fees received by the management company or the investment manager and therefore do not represent an additional charge on the fund assets; and
- they are granted on the basis of objective criteria; and
- all investors who meet these objective criteria and demand rebates are also granted these within the same timeframe and to the same extent. | ##### PAGAMENTO DI RETROCESSIONI E RIMBORSI
La società di gestione e/o i suoi agenti possono versare retrocessioni a titolo di remunerazione per l'attività di distribuzione delle azioni dei comparti in o dalla Svizzera. Tale remunerazione può essere considerata un pagamento in particolare per i seguenti servizi: Qualsiasi attività mirata a promuovere la distribuzione di azioni dei comparti.
Le retrocessioni non sono considerate come sconti anche se in definitiva vengono trasmesse, del tutto o in parte, agli investitori.
I destinatari delle retrocessioni devono assicurare la divulgazione trasparente e informare gli investitori, senza essere sollecitati e gratuitamente, in merito all'importo della remunerazione da essi eventualmente ricevuta per la distribuzione.
Su richiesta, i destinatari delle retrocessioni devono comunicare gli importi effettivamente ricevuti per la distribuzione degli investimenti collettivi di capitale degli investitori interessati.
Nel caso di attività di distribuzione in o dalla Svizzera, la società di gestione e/o i suoi agenti possono, su richiesta, effettuare rimborsi direttamente agli investitori. Lo scopo dei rimborsi consiste nel ridurre le commissioni o i costi sostenuti dagli investitori interessati. I rimborsi sono consentiti a condizione che:
- siano prelevati dalle commissioni ricevute dalla società di gestione o dal gestore degli investimenti e quindi non rappresentino un onere aggiuntivo per il patrimonio del comparto; e
- siano concessi sulla base criteri oggettivi;
- e a tutti gli investitori che soddisfano questi criteri obiettivi e chiedono rimborsi, questi siano concessi negli stessi tempi e nella stessa misura. | ###### PAYMENT OF RETROCESSIONS AND REBATES
The management company and/or its agents may pay retrocessions as remuneration for distribution activity in respect of fund shares in or from Switzerland. This remuneration may be deemed payment for the following services in particular: Any activity aimed at promoting the distribution of fund shares.
Retrocessions are not deemed to be rebates even if they are ultimately passed on, in full or in part, to the investors.
The recipients of the retrocessions must ensure transparent disclosure and inform investors, unsolicited and free of charge, about the amount of remuneration they may receive for distribution.
On request, the recipients of retrocessions must disclose the amounts they actually receive for distributing the collective investment schemes of the investors concerned.
In the case of distribution activity in or from Switzerland, the management company and/or its agents may, upon request, pay rebates directly to investors. The purpose of rebates is to reduce the fees or costs incurred by the investor in question. Rebates are permitted provided that:
- they are paid from fees received by the management company or the investment manager and therefore do not represent an additional charge on the fund assets; and
- they are granted on the basis of objective criteria; and
- all investors who meet these objective criteria and demand rebates are also granted these within the same timeframe and to the same extent. | en | it |
DOLFIN7614 | 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: | €10 000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n’existe aucun rendement minimum garanti. Le retour sur investissement et la valeur en principal fluctueront de telle sorte que vos actions peuvent valoir plus ou moins que leur coût initial au moment du rachat. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €470 | €410 |
| Rendement annuel moyen | -95,3% | -47,2% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €6 030 | €3 190 |
| Rendement annuel moyen | -39,7% | -20,4% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10 500 | €13 740 |
| Rendement annuel moyen | 5,0% | 6,6% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €22 960 | €20 290 |
| Rendement annuel moyen | 129,6% | 15,2% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | €10.000 |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado. El rendimiento de la inversión y el valor del capital fluctuarán, por lo que sus acciones, al ser reembolsadas, podrán valer más o menos que su coste original. |
| Tensión | Lo que podría recibir tras deducir los costes | €470 | €410 |
| Rendimiento medio cada año | -95,3% | -47,2% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €6.030 | €3.190 |
| Rendimiento medio cada año | -39,7% | -20,4% |
| Moderado | Lo que podría recibir tras deducir los costes | €10.500 | €13.740 |
| Rendimiento medio cada año | 5,0% | 6,6% |
| Favorable | Lo que podría recibir tras deducir los costes | €22.960 | €20.290 |
| Rendimiento medio cada año | 129,6% | 15,2% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | €10 000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n’existe aucun rendement minimum garanti. Le retour sur investissement et la valeur en principal fluctueront de telle sorte que vos actions peuvent valoir plus ou moins que leur coût initial au moment du rachat. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €470 | €410 |
| Rendement annuel moyen | -95,3% | -47,2% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €6 030 | €3 190 |
| Rendement annuel moyen | -39,7% | -20,4% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10 500 | €13 740 |
| Rendement annuel moyen | 5,0% | 6,6% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €22 960 | €20 290 |
| Rendement annuel moyen | 129,6% | 15,2% | | fr | es |
DOLFIN7615 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## 01.2020 07.2020 01.2021 07.2021 01.2022 07.2022
Portfolio net - monthly return Portfolio net - cumulated return
Portfolio net - cumulated return | ## 01.2020 07.2020 01.2021 07.2021 01.2022 07.2022
Portefeuille net - rendement mensuel Portefeuille net - rendement cumulé
Portefeuille net - rendement cumulé | ## 01.2020 07.2020 01.2021 07.2021 01.2022 07.2022
Portfolio net - monthly return Portfolio net - cumulated return
Portfolio net - cumulated return | en | fr |
DOLFIN7616 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- With the exception of subscription notes
- With the exception of commercial paper, subscription notes, promissory notes and mortgage notes.
-
## Distribution of financial instruments by currency | - Ad eccezione dei buoni di sottoscrizione
- Ad eccezione degli effetti commerciali, dei buoni di sottoscrizione, dei vaglia cambiari e degli effetti ipotecari.
-
## Ripartizione per divise degli strumenti finanziari | - With the exception of subscription notes
- With the exception of commercial paper, subscription notes, promissory notes and mortgage notes.
-
## Distribution of financial instruments by currency | en | it |
DOLFIN7617 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# IMPORTANT INFORMATION
This marketing material contains or may incorporate by reference information concerning certain collective investment schemes ("funds") which are only available for distribution in the registered countries. It is for your exclusive use only and it is not intended for any person who is a citizen or resident of any jurisdiction where the publication, distribution or use of the information contained herein would be subject to any restrictions. It may not be copied or transferred.
This material is provided for information purposes only and shall not be construed as an offer or a recommendation to subscribe, retain or dispose of fund units or shares, investment products or strategies. Before investing in any fund or pursuing any investment strategy, potential investors should take into account all their characteristics or objectives as well as consult the relevant legal documents. Potential investors are recommended to seek prior professional financial, legal and tax advice. The sources of the information contained within are deemed reliable. However, the accuracy or completeness of the information cannot be guaranteed and some figures may only be estimates. In addition, any opinions expressed are subject to change without notice. There is no guarantee that objectives and targets will be met by the portfolio manager.
All investment involves risks, returns may decrease or increase because of currency fluctuations and investors may lose the amount of their original investment. Past performance is not indicative or a guarantee of future returns.
This communication may only be circulated to Eligible Counterparties and Professional Investors and should not be circulated to Retail Investors for which it is not suitable.
Issued by: in the UK: Mirabaud Asset Management Limited which is authorised and regulated by the Financial Conduct Authority. In Switzerland: Mirabaud Asset Management (Suisse) SA, 29, boulevard Georges-Favon, 1204 Geneva, as Swiss representative. Swiss paying agent: Mirabaud & Cie SA, 29, boulevard Georges-Favon, 1204 Geneva. In France: Mirabaud Asset Management (France) SAS., 13, avenue Hoche, 75008 Paris. In Luxembourg, Italy and Spain: Mirabaud Asset Management (Europe) SA, 6B, rue du Fort Niedergruenewald, 2226 Luxembourg. The Prospectus, the Articles of Association, the Key Investor Information Document (KIID) as well as the annual and semi-annual reports (as the case may be), of the funds may be obtained free of charge from the above- mentioned entities and on the webpage: https://www.mirabaud-am.com/en/funds-list/.Further information on sustainability is available at the following link: https://www.mirabaud-am.com/en/responsibly-sustainable.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on such funds or securities are based, The Prospectus contains a more detailed description of the limited relationship MSCI has with Mirabaud Asset Management (Suisse) SA and any related funds, as well as additional disclaimers that apply or the MSCI indices. The MSCI indices are the exclusive property of MSCI any may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind.
S&P Trucost Limited © Trucost 2023. All rights in the Trucost data and reports vest in Trucost and/or its licensors. Neither Trucost, nor its affiliates, nor its licensors accept any liability for any errors, omissions or interruptions in the Trucost data and/or reports. No further distribution of the Data and/or Reports is permitted without Trucost's express written consent. | # INFORMATIONS IMPORTANTES
Le présent document publicitaire contient ou peut contenir par référence des données concernant certains placements collectifs de capitaux («fonds») qui sont disponibles à la distribution uniquement dans les pays dans lesquels ils ont été enregistrés. Il est destiné à votre usage exclusif et n'est pas destiné à toute personne citoyenne ou résidente d'une juridiction dans laquelle la publication, la distribution ou l'utilisation des informations contenues dans le présent document seraient soumises à des restrictions. Il ne peut pas non plus être copié ou transféré.
Ce document est fourni à titre d'information uniquement et ne doit pas être considéré comme une offre ou une recommandation de souscrire, conserver ou vendre des parts ou actions de fonds, une stratégie d'investissement ou tout autre produit d'investissement. Avant d'investir dans un fonds ou d'adopter toute stratégie d'investissement, les investisseurs potentiels sont invités à prendre en compte toutes leurs caractéristiques ou objectifs et consulter les documents juridiques pertinents. Il est recommandé aux investisseurs potentiels de consulter préalablement des conseillers financiers, juridiques et fiscaux professionnels. Les informations contenues dans le présent document sont issues de sources jugées fiables. Toutefois, l'exactitude et l'exhaustivité des informations ne peuvent être garanties, et certains chiffres peuvent n'être que des estimations. En outre, toute opinion exprimée est susceptible d'être modifiée sans préavis. Aucune garantie n'est donnée quant à la réalisation des objectifs et cibles par le gérant du fonds.
Tout investissement comporte des risques, les rendements peuvent diminuer ou augmenter en raison des fluctuations des devises et les investisseurs peuvent perdre le montant de leur investissement initial. La performance historique ne représente pas un indicateur ou une garantie de performance future.
Cette communication est uniquement destinée à des contreparties éligibles et des investisseurs professionnels et ne doit pas être distribuée aux investisseurs de détail pour lesquels elle n'est pas adaptée.
Emis par: au Royaume-Uni: Mirabaud Asset Management Limited, qui est autorisée et réglementée par la Financial Conduct Authority. En Suisse: Mirabaud Asset Management (Suisse) SA, 29, boulevard Georges-Favon, 1204 Genève, en qualité de représentant en Suisse. Agent payeur en Suisse: Mirabaud & Cie SA, 29, boulevard Georges-Favon, 1204 Genève. En France: Mirabaud Asset Management (France) SAS, 13, avenue Hoche, 75008 Paris. Au Luxembourg, en Italie et en Espagne : Mirabaud Asset Management (Europe) SA, 6B, rue du Fort Niedergruenewald, 2226 Luxembourg. Le Prospectus, les Statuts, le Document d'information clé pour l'investisseur (DICI) ainsi que les rapports annuels et semestriels (selon le cas) relatifs aux fonds peuvent être obtenus sans frais auprès des entités susmentionnées et sur le site Internet: https://www.mirabaud-am.com/en/funds-list/. De plus amples informations sur la durabilité sont accessibles via le lien suivant: https://www.mirabaud-am.com/en/responsibly-sustainable.
Les fonds ou titres mentionnés dans le présent document ne sont ni sponsorisés, ni cautionnés, ni promus par MSCI, et MSCI décline toute responsabilité à l'égard de ces fonds ou titres ou de tout indice basé sur ces fonds ou titres. Le Prospectus contient une description plus détaillée de la relation limitée que MSCI entretient avec Mirabaud Asset Management (Suisse) SA et les fonds associés, ainsi que des avis de non-responsabilité supplémentaires qui s'appliquent aux indices MSCI. Les indices MSCI sont la propriété exclusive de MSCI et ne peuvent être reproduits ou extraits et utilisés à d'autres fins sans le consentement de MSCI. Les indices MSCI sont fournis sans aucune garantie de quelque nature que ce soit.
S&P Trucost Limited © Trucost 2023. Tous les droits sur les données et les rapports de Trucost appartiennent à Trucost et/ou à ses affiliés. Ni Trucost, ni ses affiliés n'acceptent de responsabilité pour toute erreur, omission ou interruption dans les données et/ou rapports de Trucost. Aucune autre distribution des Données et/ou Rapports n'est autorisée sans le consentement écrit de Trucost. | # IMPORTANT INFORMATION
This marketing material contains or may incorporate by reference information concerning certain collective investment schemes ("funds") which are only available for distribution in the registered countries. It is for your exclusive use only and it is not intended for any person who is a citizen or resident of any jurisdiction where the publication, distribution or use of the information contained herein would be subject to any restrictions. It may not be copied or transferred.
This material is provided for information purposes only and shall not be construed as an offer or a recommendation to subscribe, retain or dispose of fund units or shares, investment products or strategies. Before investing in any fund or pursuing any investment strategy, potential investors should take into account all their characteristics or objectives as well as consult the relevant legal documents. Potential investors are recommended to seek prior professional financial, legal and tax advice. The sources of the information contained within are deemed reliable. However, the accuracy or completeness of the information cannot be guaranteed and some figures may only be estimates. In addition, any opinions expressed are subject to change without notice. There is no guarantee that objectives and targets will be met by the portfolio manager.
All investment involves risks, returns may decrease or increase because of currency fluctuations and investors may lose the amount of their original investment. Past performance is not indicative or a guarantee of future returns.
This communication may only be circulated to Eligible Counterparties and Professional Investors and should not be circulated to Retail Investors for which it is not suitable.
Issued by: in the UK: Mirabaud Asset Management Limited which is authorised and regulated by the Financial Conduct Authority. In Switzerland: Mirabaud Asset Management (Suisse) SA, 29, boulevard Georges-Favon, 1204 Geneva, as Swiss representative. Swiss paying agent: Mirabaud & Cie SA, 29, boulevard Georges-Favon, 1204 Geneva. In France: Mirabaud Asset Management (France) SAS., 13, avenue Hoche, 75008 Paris. In Luxembourg, Italy and Spain: Mirabaud Asset Management (Europe) SA, 6B, rue du Fort Niedergruenewald, 2226 Luxembourg. The Prospectus, the Articles of Association, the Key Investor Information Document (KIID) as well as the annual and semi-annual reports (as the case may be), of the funds may be obtained free of charge from the above- mentioned entities and on the webpage: https://www.mirabaud-am.com/en/funds-list/.Further information on sustainability is available at the following link: https://www.mirabaud-am.com/en/responsibly-sustainable.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on such funds or securities are based, The Prospectus contains a more detailed description of the limited relationship MSCI has with Mirabaud Asset Management (Suisse) SA and any related funds, as well as additional disclaimers that apply or the MSCI indices. The MSCI indices are the exclusive property of MSCI any may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind.
S&P Trucost Limited © Trucost 2023. All rights in the Trucost data and reports vest in Trucost and/or its licensors. Neither Trucost, nor its affiliates, nor its licensors accept any liability for any errors, omissions or interruptions in the Trucost data and/or reports. No further distribution of the Data and/or Reports is permitted without Trucost's express written consent. | en | fr |
DOLFIN7618 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Investments through Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect
Stock Connect is the mutual market access program through which foreign investors can deal in selected securities listed on a PRC stock exchange through the Hong Kong Stock Exchange (“SEHK”) and the clearing house in Hong Kong, i.e. the Hong Kong Securities and Clearing Company (“HKSCC”).
The securities which can be accessed through the Stock Connect program are, for the time being, all constituent stocks of the SSE 180 Index, the SSE 380 Index and all SSE-listed China A-Shares, as well as certain other securities, and selected securities listed on the SZSE including any constituent stock of the SZSE Component Index and SZSE Small/Mid Cap Innovation Index which has a market capitalization of RMB 6 billion or above and all SZSE-listed shares of companies which have issued both China A-Shares and H Shares (the “Stock Connect Shares”). It is expected that the list of eligible securities which may be accessed through the Stock Connect program will develop over time. In addition to the Stock Connect Shares described in this paragraph, a Sub-Fund may, subject to its investment policy, invest in any other security listed on the SSE or SZSE which is made available in the future through the Stock Connect program. | ## Anlagen über Shanghai-Hong Kong und Shenzhen- Hong Kong Stock Connect
Stock Connect ist das Programm für den gegenseitigen Marktzugang, durch das ausländische Anleger über die Hongkonger Börse („SEHK“) und die Clearingstelle in Hongkong, d.h. die Hong Kong Securities and Clearing Company („HKSCC“), mit ausgewählten Wertpapieren handeln können, die an einer Börse der VR China notiert sind.
Bei den Wertpapieren, die über das Stock-Connect- Programm zugänglich sind, handelt es sich derzeit um alle im SSE 180-Index und SSE 380-Index enthaltenen Aktien und alle an der SSE notierten chinesischen A- Aktien sowie um bestimmte weitere Wertpapiere und ausgewählte Wertpapiere, die an der SZSE notiert sind, einschliesslich aller im SZSE Component Index und im SZSE Small/Mid Cap Innovation Index enthaltenen Aktien mit einer Marktkapitalisierung von mindestens 6 Milliarden RMB und aller an der SZSE notierten Aktien von Unternehmen, die sowohl chinesische A-Aktien als auch H-Aktien ausgegeben haben (die „Stock-Connect-Aktien“). Es wird erwartet, dass sich die Liste der zulässigen Wertpapiere, die über das Stock-Connect-Programm zugänglich sind, im Laufe der Zeit weiterentwickeln wird. Zusätzlich zu den in diesem Absatz beschriebenen Stock-Connect-Aktien kann ein Teilfonds vorbehaltlich seiner Anlagepolitik in jedes andere an der SSE oder SZSE notierte Wertpapier investieren, das in Zukunft über das Stock- Connect-Programm zur Verfügung gestellt wird. | ## Investments through Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect
Stock Connect is the mutual market access program through which foreign investors can deal in selected securities listed on a PRC stock exchange through the Hong Kong Stock Exchange (“SEHK”) and the clearing house in Hong Kong, i.e. the Hong Kong Securities and Clearing Company (“HKSCC”).
The securities which can be accessed through the Stock Connect program are, for the time being, all constituent stocks of the SSE 180 Index, the SSE 380 Index and all SSE-listed China A-Shares, as well as certain other securities, and selected securities listed on the SZSE including any constituent stock of the SZSE Component Index and SZSE Small/Mid Cap Innovation Index which has a market capitalization of RMB 6 billion or above and all SZSE-listed shares of companies which have issued both China A-Shares and H Shares (the “Stock Connect Shares”). It is expected that the list of eligible securities which may be accessed through the Stock Connect program will develop over time. In addition to the Stock Connect Shares described in this paragraph, a Sub-Fund may, subject to its investment policy, invest in any other security listed on the SSE or SZSE which is made available in the future through the Stock Connect program. | en | de |
DOLFIN7619 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
This extra-financial scoring system impacts the overall portfolio structure and is used to ensure a certain overall ESG quality level of the portfolio. In particular, the weighted average ESG rating of the portfolio shall be above of the ESG weighted average of the investment universe pursuant to our internal scoring.
The ESG internal team will analyze the issuers selected by the Investment Manager’s management team, consequently, at least 90% of the net assets of the Sub-Fund are subject to an internal ESG rating.
- From this eligible universe, the Investment Manager’s management team will follow an investmentprocess as detailed in the general part of this Prospectus. | Dieses Punktesystem, das finanzielle Aspekte unberücksichtigt lässt, beeinflusst die gesamte Portfoliostruktur und wird zur Sicherstellung einer bestimmten Gesamtqualität in Bezug auf ESG- Kriterien genutzt. Insbesondere muss das durchschnittliche ESG-Rating des Portfolios nach unserer internen Bewertungsmethode über dem ESG-gewichteten Durchschnitt des Anlageuniversums liegen.
Das interne ESG-Team analysiert die vom Managementteam des Anlageverwalters ausgewählten Emittenten, sodass mindestens 90% des Nettovermögens des Teilfonds einem internen ESG-Rating unterzogen werden.
- Bei diesem zulässigen Universum führt das Managementteam des Anlageverwalters einen Anlageprozess durch, wie im allgemeinen Teil dieses Prospekts dargelegt. | This extra-financial scoring system impacts the overall portfolio structure and is used to ensure a certain overall ESG quality level of the portfolio. In particular, the weighted average ESG rating of the portfolio shall be above of the ESG weighted average of the investment universe pursuant to our internal scoring.
The ESG internal team will analyze the issuers selected by the Investment Manager’s management team, consequently, at least 90% of the net assets of the Sub-Fund are subject to an internal ESG rating.
- From this eligible universe, the Investment Manager’s management team will follow an investmentprocess as detailed in the general part of this Prospectus. | en | de |
DOLFIN7620 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Payments
Any dividends declared and any liquidation and mandatory redemption proceeds are paid by the ICAV or its authorised agent (for example, the Paying Agent) to the ICSD. Investors, where they are ICSD Participants, must look solely to the ICSD for their share of each dividend payment or any liquidation or mandatory redemption proceeds paid by the ICAV or, where they are not ICSD Participants, they must look to their respective nominee, broker or CSD (as appropriate, which may be an ICSD Participant or have an arrangement with an ICSD Participant) for any share of each dividend payment or any liquidation or mandatory redemption proceeds paid by the ICAV that relates to their investment.
Investors shall have no claim directly against the ICAV in respect of dividend payments and any liquidation and mandatory redemption proceeds due on Shares and the obligations of the ICAV will be discharged by payment to the ICSD. | ## Paiements
Les dividendes déclarés et les éventuels produits de liquidation et de rachat obligatoire sont payés par l'ICAV ou son agent habilité (par exemple, l’Agent payeur) au DCTI. Les investisseurs, lorsqu'ils sont des Participants à un DCTI, doivent uniquement s’adresser au DCTI pour obtenir leur part de chaque versement de dividendes ou des éventuels produits de liquidation et de rachat obligatoire versés par l'ICAV ou, lorsqu'ils ne sont pas des Participants à un DCTI, doivent s’adresser à leur mandataire, courtier ou DCT respectif (suivant le cas, qui peut être un Participant à un DCTI ou disposer d’un arrangement avec un Participant à un DCTI) pour obtenir leur part de chaque versement de dividende ou des éventuels produits de liquidation et de rachat obligatoire versés par l'ICAV en lien avec leur investissement.
Les investisseurs ne peuvent réclamer directement à l'ICAV les versements de dividendes et les éventuels produits de liquidation et de rachat obligatoire dus sur les Actions et l'ICAV sera libérée de ses obligations en procédant au paiement au DCTI. | ## Payments
Any dividends declared and any liquidation and mandatory redemption proceeds are paid by the ICAV or its authorised agent (for example, the Paying Agent) to the ICSD. Investors, where they are ICSD Participants, must look solely to the ICSD for their share of each dividend payment or any liquidation or mandatory redemption proceeds paid by the ICAV or, where they are not ICSD Participants, they must look to their respective nominee, broker or CSD (as appropriate, which may be an ICSD Participant or have an arrangement with an ICSD Participant) for any share of each dividend payment or any liquidation or mandatory redemption proceeds paid by the ICAV that relates to their investment.
Investors shall have no claim directly against the ICAV in respect of dividend payments and any liquidation and mandatory redemption proceeds due on Shares and the obligations of the ICAV will be discharged by payment to the ICSD. | en | fr |
DOLFIN7621 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment approach The Fund invests across all sectors of equities in African countries, including the Gulf Cooperation Council countries.
Investment policy The Fund invests at least two thirds of the net assets of Bellevue African Opportunities in a portfolio of carefully chosen shares and other equity securities of companies that have their registered office or carry out the majority of their economic activity in African countries, including the Gulf Cooperation Council countries. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The Fund may engage in derivative transactions in order to achieve an efficient portfolio management, in particular also for hedging purposes.
Benchmark The benchmark, DJ African Titans 50 reference index, is used for comparison purposes and for analyzing value. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | ## Enfoque de inversión El Fondo invierte en todos los sectores de la renta variable de los países africanos, incluidos los países del Consejo de Cooperación del Golfo.
Política de inversión El fondo invierte al menos dos tercios del patrimonio neto de Bellevue African Opportunities en una cartera de acciones y otros valores de renta variable cuidadosamente seleccionados de empresas que tienen su domicilio social o desarrollan la mayor parte de su actividad económica en países africanos, incluidos los países del Consejo de Cooperación del Golfo. Hasta un tercio del patrimonio neto puede invertirse en títulos de deuda de emisores privados y gubernamentales con diversos plazos y calificaciones crediticias. El Fondo puede realizar operaciones con derivados para lograr una gestión eficaz de la cartera, en particular también con fines de cobertura.
valor de referencia El índice de referencia, el DJ African Titans 50, se utiliza con fines de comparación y para analizar el valor. El índice de referencia no se utiliza para la construcción de la cartera y tiene cierta discreción para desviarse de su composición y características de riesgo. El Fondo se gestiona activamente y no sigue el índice; por lo tanto, la discreción del Gestor de Inversiones puede dar lugar a una rentabilidad que difiera del índice de referencia. | ## Investment approach The Fund invests across all sectors of equities in African countries, including the Gulf Cooperation Council countries.
Investment policy The Fund invests at least two thirds of the net assets of Bellevue African Opportunities in a portfolio of carefully chosen shares and other equity securities of companies that have their registered office or carry out the majority of their economic activity in African countries, including the Gulf Cooperation Council countries. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The Fund may engage in derivative transactions in order to achieve an efficient portfolio management, in particular also for hedging purposes.
Benchmark The benchmark, DJ African Titans 50 reference index, is used for comparison purposes and for analyzing value. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | en | es |
DOLFIN7622 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
However, if the assets of the Investment Company fall to below two-thirds of the minimum capital, the Board of Directors is required to convene a general meeting and to propose the liquidation of the Investment Company to this meeting. Liquidation shall be approved by a simple majority of shares present and/or represented at the general meeting.
If the assets of the Investment Company fall to below one quarter of the minimum capital, the Board of Directors is also required to convene a generalmeeting and to propose the liquidation of the Investment Company to this meeting. Liquidation in this case shall be approved by a majority of 25% of shares present and/or represented at the general meeting.
General meetings will be convened within 40 days of discovery of the fact that the Investment Company's assets have fallen to below two-thirds or one-quarter of the minimum capital.
The decision of the general meeting to liquidate the Investment Company will be published pursuant to the applicable legislative provisions.
On the basis of a decision by the Board of Directors, a sub-fund of the Investment Company may be liquidated. A liquidation decision may be made in particular in the following cases:
- if the net sub-fund assets on a Valuation Day have fallen below an amount which is deemed to be a minimum amount for the purpose of managing the sub-fund in a manner which is commercially viable. The Investment Company has set this amount at EUR 2.5 million.
- if, due to a significant change in the commercial or political environment or for rea- sons of commercial profitability, it is not deemed to be commercially viable to con- tinue to operate the sub-fund.
- Unless otherwise decided by the Board of Directors, the Investment Company or a sub-fund shall cease to issue, redeem or exchange shares of the Investment Company or the sub-fund from the date of the liquidation decision until the liquidation is implemented. The redemption of shares will continue to be possible if the equal treatment of the shareholders is ensured.
- Any net liquidation proceeds that are not claimed by investors by the completion of the liqui- dation process willbe forwarded by the Depositary Bank after the completion of the liquidation process to the Caisse des Consignations in the Grand Duchy of Luxembourg on behalf of the entitled shareholders. These sums will be forfeited if they are not claimed within the statutory period.
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# Sub-funds and duration of one or several sub-funds | Sinkt das Fondsvermögen der Investmentgesellschaft hingegen unter zwei Drittel des Mindestkapitals, hat der Verwaltungsrat eine Generalversammlung einzuberufen und auf dieser die Liquidierung der Investmentgesellschaft vorzuschlagen. Die Liquidierung wird durch einfache Mehrheit der in der Generalversammlung anwesenden bzw. vertretenden Aktionäre beschlossen.
Sinkt das Fondsvermögen der Investmentgesellschaft unter ein Viertel des Mindestkapitals, hat der Verwaltungsrat ebenfalls eine Generalversammlung einzuberufen und auf dieser die Liquidierung der Investmentgesellschaft vorzuschlagen. Die Liquidierung wird in diesem Fall durcheine Mehrheit von 25 % der in der Generalversammlung anwesenden bzw. vertretenen Aktionäre beschlossen.
Generalversammlungen werdeninnerhalb von 40 Tagen nach Feststellung des Sachverhalts einberufen, dass das Vermögen der Investmentgesellschaft unter zwei Drittel bzw. unter ein Viertel des Mindestkapitals gesunken ist.
Der Beschluss der Generalversammlung über die Liquidierung der Investmentgesellschaft wirdentsprechend den gesetzlichen Bestimmungenveröffentlicht.
Teilfonds können durch Beschluss des Verwaltungsrats der Investmentgesellschaft liquidiert werden. Die Liquidierung kann insbesondere in folgenden Fällen beschlossen werden:
- sofern das Netto-Teilfondsvermögen aneinem Bewertungstag unter einen Betrag gefallen ist, der als Mindestbetrag zur Verwaltung des Teilfonds in wirtschaftlich sinnvoller Weise gilt. Die Investmentgesellschaft hat diesen Betrag mit 2,5 Mio. EUR veranschlagt.
- sofern die Verwaltung des Teilfonds aufgrund einer wesentlichen Änderung im wirtschaftlichen oder politischen Umfeld oder aus Gründen wirtschaftlicher Rentabilität nicht wirtschaftlich sinnvoll erscheint.
- Sofern vom Verwaltungsrat nicht anders entschieden, wird die Investmentgesellschaft oder ein Teilfonds ab dem Tag des Liquidierungsbeschlusses bis zur Durchführung der Liquidierung keine Aktien der Investmentgesellschaft oder des Teilfonds mehr ausgeben, zurücknehmen oder umtauschen. Die Rücknahme von Anteilen wird weiterhin möglichsein, wenn die Gleichbehandlung aller Anteilsinhaber gewährleistet ist.
- Sämtliche Nettoerlöse aus der Liquidierung, die bis zum Abschluss des Liquidierungsverfahrens von Anlegern nicht geltend gemacht wurden, werden von der Verwahrstelle nach Abschluss des Liquidierungsverfahrens im Namen der berechtigten Aktionäre bei der Caisse des Consignations im Großherzogtum Luxemburg hinterlegt. Diese Beträge verfallen, wenn sie nicht innerhalb der gesetzlichen Frist geltendgemacht werden.
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# Teilfonds und Dauer eines oder mehrerer Teilfonds | However, if the assets of the Investment Company fall to below two-thirds of the minimum capital, the Board of Directors is required to convene a general meeting and to propose the liquidation of the Investment Company to this meeting. Liquidation shall be approved by a simple majority of shares present and/or represented at the general meeting.
If the assets of the Investment Company fall to below one quarter of the minimum capital, the Board of Directors is also required to convene a generalmeeting and to propose the liquidation of the Investment Company to this meeting. Liquidation in this case shall be approved by a majority of 25% of shares present and/or represented at the general meeting.
General meetings will be convened within 40 days of discovery of the fact that the Investment Company's assets have fallen to below two-thirds or one-quarter of the minimum capital.
The decision of the general meeting to liquidate the Investment Company will be published pursuant to the applicable legislative provisions.
On the basis of a decision by the Board of Directors, a sub-fund of the Investment Company may be liquidated. A liquidation decision may be made in particular in the following cases:
- if the net sub-fund assets on a Valuation Day have fallen below an amount which is deemed to be a minimum amount for the purpose of managing the sub-fund in a manner which is commercially viable. The Investment Company has set this amount at EUR 2.5 million.
- if, due to a significant change in the commercial or political environment or for rea- sons of commercial profitability, it is not deemed to be commercially viable to con- tinue to operate the sub-fund.
- Unless otherwise decided by the Board of Directors, the Investment Company or a sub-fund shall cease to issue, redeem or exchange shares of the Investment Company or the sub-fund from the date of the liquidation decision until the liquidation is implemented. The redemption of shares will continue to be possible if the equal treatment of the shareholders is ensured.
- Any net liquidation proceeds that are not claimed by investors by the completion of the liqui- dation process willbe forwarded by the Depositary Bank after the completion of the liquidation process to the Caisse des Consignations in the Grand Duchy of Luxembourg on behalf of the entitled shareholders. These sums will be forfeited if they are not claimed within the statutory period.
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# Sub-funds and duration of one or several sub-funds | en | de |
DOLFIN7623 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: MSCI China 10/40 Net Return Index, calculated with net dividends reinvested
2017 2018 2019 2020 2021
CHINA J USD
Benchmark | ## Índice de referencia: MSCI China 10/40 Net Return Index, calculado con los dividendos netos reinvertidos.
2017 2018 2019 2020 2021
CHINA J USD
Índice de referencia | ## Benchmark: MSCI China 10/40 Net Return Index, calculated with net dividends reinvested
2017 2018 2019 2020 2021
CHINA J USD
Benchmark | en | es |
DOLFIN7624 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
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 notre part de vous payer.
performance et le fonds peut être totalement investi dans des titres qui ne sont pas des composantes de l’Indice.
La duration moyenne du portefeuille du fonds sera normalement comprise dans une fourchette de (plus ou moins) trois ans de l’indice Bloomberg Global Aggregate Index. La duration mesure la sensibilité des actifs au risque de taux d’intérêt. Plus la duration est longue, plus la sensibilité aux variations des taux d’intérêt est forte.
Le fonds investit principalement dans des titres de qualité « investment grade » émis par des entreprises ou des gouvernements. Le fonds peut investir jusqu’à 10 % dans des titres de qualité « non-investment grade ». Les titres de qualité non-investment grade sont considérés comme plus risqués, mais produisent d’ordinaire un niveau de revenu supérieur.
Le fonds peut investir largement dans les marchés émergents qui, en termes d’investissement, sont les marchés d’économies moins développés. Le fonds peut investir dans des instruments dérivés (tels que les contrats à terme standardisés, les options et les swaps) au lieu d’investir directement dans les titres sous-jacents. Le rendement des instruments dérivés est lié aux variations des cours des actifs sous- jacents.
Les actifs détenus par le fonds peuvent être libellés dans une grande variété de devises, avec une exposition de change hors USD limitée à 20 % du total des actifs. Le conseiller en investissement peut avoir recours à des opérations de change et instruments dérivés y afférents pour couvrir ou mettre en place des positions de change.
Jour de négociation Les Actions du fonds peuvent généralement être rachetées quotidiennement. Veuillez consulter la section du prospectus intitulée « Comment obtenir le rachat des actions ».
Politique de distribution Cette catégorie d’actions distribue tout revenu d’investissement généré par le fonds. Vous pouvez choisir de le réinvestir dans le fonds.
Investisseurs de détail visés
Les investisseurs types du Fonds sont généralement des investisseurs désireux d’optimiser leur rendement total en combinant revenu et croissance du capital et de construire une exposition diversifiée aux marchés du revenu fixe mondiaux. Ce sont par ailleurs des investisseurs prêts à accepter la volatilité et les risques associés à ces marchés, et visant un horizon d’investissement de moyen à long terme.
Cette classification est susceptible de modifications.
Nous avons classé ce produit dans la classe de risque 2 sur 7, qui est une classe de risque basse. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau faible et, si la situation venait à se détériorer sur les marchés, il est très peu probable que la valeur de votre investissement 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, le cas échéant, du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques non couverts par l’indicateur de risque comprennent le risque lié aux taux d’intérêt, le risque de crédit et de défaut et le risque de change. Veuillez vous reporter au prospectus du fonds pour obtenir la liste complète des risques encourus.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | 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.
composición de la cartera del fondo ni un objetivo de rentabilidad, y el fondo podrá estar totalmente invertido en valores que no forman parte del Índice.
La duración media de la cartera del fondo variará normalmente entre tres años más y tres años menos que la duración del Bloomberg Global Aggregate Index. La duración mide la sensibilidad de los activos al riesgo de tipos de interés. Cuanto mayor es la duración, mayor es la sensibilidad a las variaciones de los tipos de interés.
El fondo invierte principalmente en valores con «grado de inversión» emitidos por sociedades o gobiernos. El fondo puede invertir un máximo del 10% de sus activos en valores «sin grado de inversión». Se considera que los valores «sin grado de inversión» son inversiones más arriesgadas, pero habitualmente generan ingresos más elevados.
El fondo puede invertir considerablemente en mercados emergentes, que, en términos de inversión, son aquellas economías que no están plenamente desarrolladas. El fondo puede invertir en instrumentos derivados (tales como futuros, opciones y permutas financieras), en vez de hacerlo directamente en los valores subyacentes. El rendimiento de los derivados está ligado a los movimientos de los activos subyacentes.
Los activos que posee el fondo pueden estar denominados en una amplia variedad de divisas, y la exposición a divisas distintas del dólar estadounidense estará limitada al 20% de los activos totales. El asesor de inversiones puede usar divisas e instrumentos derivados relacionados para cubrir o abrir posiciones en divisas.
Día de negociación Las acciones del fondo pueden reembolsarse normalmente a diario. Remítase a la sección del folleto titulada «How to Redeem Shares» (Cómo reembolsar las acciones).
Política de distribución Esta clase de acciones distribuye los ingresos de la inversión generados por el fondo. Usted puede optar por reinvertirlos en el fondo.
Inversor minorista al que va dirigido
El inversor tipo del Fondo será aquel que trate de maximizar la rentabilidad total mediante una combinación de ingresos y crecimiento del capital, que busca una exposición diversificada a los mercados mundiales de renta fija y está dispuesto a aceptar los riesgos y la volatilidad asociados con la inversión en este tipo de mercados, con un horizonte de inversión de medio a largo plazo.
Esta clasificación está sujeta a cambios con el tiempo.
Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que 2 significa un riesgo bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como baja y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión como «muy improbable».
Tenga presente el riesgo de cambio. En algunas circunstancias usted puede recibir pagos en una moneda diferente, por lo que su rentabilidad final podrá depender del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Otros riesgos no reflejados en el indicador de riesgo son, por ejemplo, el riesgo de tipos de interés, el riesgo de crédito y de impago y el riesgo de cambio. Si desea obtener una lista completa de los riesgos, consulte el folleto del fondo.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | 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 notre part de vous payer.
performance et le fonds peut être totalement investi dans des titres qui ne sont pas des composantes de l’Indice.
La duration moyenne du portefeuille du fonds sera normalement comprise dans une fourchette de (plus ou moins) trois ans de l’indice Bloomberg Global Aggregate Index. La duration mesure la sensibilité des actifs au risque de taux d’intérêt. Plus la duration est longue, plus la sensibilité aux variations des taux d’intérêt est forte.
Le fonds investit principalement dans des titres de qualité « investment grade » émis par des entreprises ou des gouvernements. Le fonds peut investir jusqu’à 10 % dans des titres de qualité « non-investment grade ». Les titres de qualité non-investment grade sont considérés comme plus risqués, mais produisent d’ordinaire un niveau de revenu supérieur.
Le fonds peut investir largement dans les marchés émergents qui, en termes d’investissement, sont les marchés d’économies moins développés. Le fonds peut investir dans des instruments dérivés (tels que les contrats à terme standardisés, les options et les swaps) au lieu d’investir directement dans les titres sous-jacents. Le rendement des instruments dérivés est lié aux variations des cours des actifs sous- jacents.
Les actifs détenus par le fonds peuvent être libellés dans une grande variété de devises, avec une exposition de change hors USD limitée à 20 % du total des actifs. Le conseiller en investissement peut avoir recours à des opérations de change et instruments dérivés y afférents pour couvrir ou mettre en place des positions de change.
Jour de négociation Les Actions du fonds peuvent généralement être rachetées quotidiennement. Veuillez consulter la section du prospectus intitulée « Comment obtenir le rachat des actions ».
Politique de distribution Cette catégorie d’actions distribue tout revenu d’investissement généré par le fonds. Vous pouvez choisir de le réinvestir dans le fonds.
Investisseurs de détail visés
Les investisseurs types du Fonds sont généralement des investisseurs désireux d’optimiser leur rendement total en combinant revenu et croissance du capital et de construire une exposition diversifiée aux marchés du revenu fixe mondiaux. Ce sont par ailleurs des investisseurs prêts à accepter la volatilité et les risques associés à ces marchés, et visant un horizon d’investissement de moyen à long terme.
Cette classification est susceptible de modifications.
Nous avons classé ce produit dans la classe de risque 2 sur 7, qui est une classe de risque basse. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau faible et, si la situation venait à se détériorer sur les marchés, il est très peu probable que la valeur de votre investissement 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, le cas échéant, du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques non couverts par l’indicateur de risque comprennent le risque lié aux taux d’intérêt, le risque de crédit et de défaut et le risque de change. Veuillez vous reporter au prospectus du fonds pour obtenir la liste complète des risques encourus.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | fr | es |
DOLFIN7625 | 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 Brookfield Global Listed Real Estate UCITS Fund (the “Fund”) seeks to achieve total return through growth of capital and current income.
- The Fund mainly invests in real estate investment trusts (REITs) and other related securities issued by U.S. and non-U.S. real estate companies. A REIT is a company that generally derives its income from owned, income producing real estate properties and capital gains from the sale of such properties. REITs or REIT-like entities often are not taxed on income distributed to shareholders.
- The Fund may also invest in real estate companies that are traded on an exchange and which either derive half of their revenue from the ownership, development, construction, management, or similar activity of real estate, or invest at least half of their assets in real estate.
- The Fund mainly invests in equities (securities that represent an ownership stake in a business).
- The Fund does not invest in real estate directly.
- The Fund may invest in securities issued by U.S. and non-U.S. issuers, including companies in emerging markets around the world. In investment terms, emerging markets are regions of the world that are typically still developing their economies.
- The Fund may invest in derivatives, such as forward currency contracts, options, futures, and swaps which are linked to the rise and fall of other assets.
- Derivatives may be used for investment purposes and for efficient portfolio management such as reducing risk, costs, or generating additional capital or income for the Fund.
- Any income the Fund generates for this share class will be reinvested to grow the value of your investment.
- You can buy and sell shares on most working days in Dublin. Exceptions are more fully described in the prospectus.
- This share class is a different currency to the base currency of the Fund and the underlying investments. The investment manager is not obligated to protect against changes in exchange rates by hedging (a currency transaction which can protect against exchange rate movements) and it is expected that this will have an effect on the value of your investment and on the performance of the share class.
- Investment in the Fund may be suitable for investors with a medium to long term investment horizon.
- For full investment objectives and policy details, please refer to the prospectus. | # Objetivos y política de inversión
- El Brookfield Global Listed Real Estate UCITS Fund (el «Fondo») busca obtener un rendimiento total, mediante el crecimiento del capital y de la renta corriente.
- El Fondo invierte principalmente en fondos de inversión inmobiliaria (REIT) y otros valores relacionados emitidos por empresas de bienes inmuebles estadounidenses y extranjeras. Un REIT es una empresa que, en general, obtiene sus ingresos de los bienes inmuebles que posee y de las ganancias de capital por la venta de dichos bienes. Los REIT y las entidades similares suelen no estar gravadas con el impuesto a los ingresos que se distribuyen a los accionistas.
- El Fondo también puede invertir en empresas de bienes inmuebles que se negocien en una bolsa y que obtengan la mitad de sus ingresos de la propiedad, el desarrollo, la construcción, la gestión u otra actividad similar de bienes inmuebles, o que inviertan al menos la mitad de sus activos en bienes inmuebles.
- El Fondo invierte principalmente en renta variable (valores que representan una participación accionaria en un negocio).
- El Fondo no invierte directamente en bienes inmuebles.
- El Fondo puede invertir en valores emitidos por emisores estadounidenses y extranjeros, incluidas empresas de mercados emergentes de todo el mundo. En lo referente a inversiones, mercados emergentes son las regiones del mundo cuyas economías aún se están desarrollando.
- El Fondo puede invertir en derivados, tales como contratos de divisas a plazos, opciones, futuros y permutas financieras, que estén vinculados a la subida y bajada de otros activos.
- Los derivados pueden utilizarse con fines de inversión y para una gestión eficiente de la cartera, como reducir riesgos o costes, o generar capital o ingresos adicionales para el Fondo.
- Todo ingreso que el Fondo genere para esta clase de acciones se reinvertirá, para aumentar el valor de su inversión.
- Se puede comprar y vender acciones en la mayoría de días que sean hábiles en Dublín. Las excepciones se describen con todo detalle en el folleto.
- Esta clase de acciones es de una moneda distinta a la moneda de base del Fondo y de las inversiones subyacentes. El gestor de inversiones no está obligado a tomar medidas de protección ante variaciones en los tipos de cambio mediante la cobertura (una operación de divisas que puede proporcionar protección ante las variaciones de los tipos de cambio), y se prevé que esto afecte al valor de su inversión y al rendimiento de la clase de acciones.
- La inversión en el Fondo puede ser adecuada para inversores con un horizonte de inversión de plazo medio a largo.
- Consulte el folleto para obtener la información detallada sobre los objetivos y la política de inversión. | # Objectives and Investment Policy
- The Brookfield Global Listed Real Estate UCITS Fund (the “Fund”) seeks to achieve total return through growth of capital and current income.
- The Fund mainly invests in real estate investment trusts (REITs) and other related securities issued by U.S. and non-U.S. real estate companies. A REIT is a company that generally derives its income from owned, income producing real estate properties and capital gains from the sale of such properties. REITs or REIT-like entities often are not taxed on income distributed to shareholders.
- The Fund may also invest in real estate companies that are traded on an exchange and which either derive half of their revenue from the ownership, development, construction, management, or similar activity of real estate, or invest at least half of their assets in real estate.
- The Fund mainly invests in equities (securities that represent an ownership stake in a business).
- The Fund does not invest in real estate directly.
- The Fund may invest in securities issued by U.S. and non-U.S. issuers, including companies in emerging markets around the world. In investment terms, emerging markets are regions of the world that are typically still developing their economies.
- The Fund may invest in derivatives, such as forward currency contracts, options, futures, and swaps which are linked to the rise and fall of other assets.
- Derivatives may be used for investment purposes and for efficient portfolio management such as reducing risk, costs, or generating additional capital or income for the Fund.
- Any income the Fund generates for this share class will be reinvested to grow the value of your investment.
- You can buy and sell shares on most working days in Dublin. Exceptions are more fully described in the prospectus.
- This share class is a different currency to the base currency of the Fund and the underlying investments. The investment manager is not obligated to protect against changes in exchange rates by hedging (a currency transaction which can protect against exchange rate movements) and it is expected that this will have an effect on the value of your investment and on the performance of the share class.
- Investment in the Fund may be suitable for investors with a medium to long term investment horizon.
- For full investment objectives and policy details, please refer to the prospectus. | en | es |
DOLFIN7626 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Sector allocation
The fund had an overall overweight in industrials, utilities, real estate, materials, healthcare and consumer discretionary. It was underweight in financials, consumer staples, communication services, energy and information technology. | # Allocation sectorielle
Le fonds était dans l'ensemble surpondéré sur l'industrie, les services aux collectivités, l'immobilier, les matériaux, la santé et la consommation cyclique. Il était sous-pondéré dans les secteurs des finances, de la consommation de base, des services de communication, de l'énergie et des technologies de l'information. | # Sector allocation
The fund had an overall overweight in industrials, utilities, real estate, materials, healthcare and consumer discretionary. It was underweight in financials, consumer staples, communication services, energy and information technology. | en | fr |
DOLFIN7627 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Neuberger Berman US Real Estate Securities Fund
## Investment Manager’s Report
For the six months ended 30 June 2021, the total return of the USD I Accumulating Class was 21.50%. Over the same period, the Portfolio's benchmark index, the FTSE NAREIT All Equity REITs Index (Total Return, Net of Tax, USD) (the “Index”), returned 20.82%. (Performance data quoted represent past performance, and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any.)
The overall US stock market generated strong results and reached several new all-time highs during the reporting period. The market was supported by overall solid corporate profits, significant fiscal and monetary stimulus, robust investor demand and strengthening economic activity as the rollout of COVID-19 vaccines progressed. These factors more than offset rising inflation, which the US Federal Reserve Board (“Fed”) characterised as largely transitory. All told, the S&P 500 Index gained 15.25% during the reporting period. In contrast, the Index, returned 20.82% during the same period.
The Portfolio outperformed the Index during the reporting period. Both stock selection and sector allocation contributed to the Portfolio's relative returns. From a stock selection perspective, the Portfolio's holdings in the Regional Malls, Office and Health Care sectors contributed the most to performance. In contrast, holdings in the Timber, Data Center and Specialty sectors detracted the most from results. In terms of sector positioning, overweights to Regional Malls and Self Storage contributed the most to performance. Conversely, an underweight to Specialty and a small cash position were the largest detractors from returns.
The rollout of multiple COVID-19 vaccines, in our view, marked a major turning point in the fight against the global pandemic and sparked a strong market rally. Although it may be premature to say that the COVID-19 crisis has ended in the US, we believe the vaccination of the majority of the US population over 12 years-old increases visibility to a post-COVID-19 environment and may lead to a sustainable market recovery. The challenges presented by the Delta and other variants, many of which are more contagious, remind us that elevated uncertainty and market volatility could persist. The exceptional level of fiscal stimulus, the accelerating re-opening of the US economy and the potential for additional infrastructure spending has led to higher headline inflation. However, dovish commentary by the US Treasury and Fed have moderated some of these concerns and should anchor rates near historically low levels.
Longer term, policy details relating to deficit spending, tax policy, and global trade could weigh on investor sentiment. Higher inflation can be viewed as a positive for the owners of real estate assets, as landlords can capture higher inflation by raising the rents, they charge their tenants.
44 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BALANCE SHEET FINANCIAL STATEMENTS | # Neuberger Berman US Real Estate Securities Fund
## Bericht des Investment-Managers
Für den sechsmonatigen Berichtszeitraum zum 30. Juni 2021 betrug die Gesamtrendite für Anteile der Thesaurierenden Klasse USD I 21,50 %. Der FTSE NAREIT All Equity REITs Index (Total Return, abzüglich Steuern, USD) (der „Index“) verbuchte während des gleichen Zeitraums 20,82 %. (Die zur Wertentwicklung gemachten Angaben beziehen sich auf die Wertentwicklung in der Vergangenheit und sind kein Hinweis auf künftige Ergebnisse. Die Angaben zur Gesamtrendite berücksichtigen eine Wiederanlage von etwaigen Dividenden und sonstigen Ausschüttungen.)
Der US-Aktienmarkt erzielte insgesamt starke Ergebnisse und erreichte im Berichtszeitraum mehrere neue Rekordmarken. Der Markt wurde durch im Großen und Ganzen solide Unternehmensgewinne, erhebliche fiskalische und geldpolitische Anreize, eine robuste Nachfrage seitens der Anleger und eine zunehmende Wirtschaftstätigkeit im Zuge der fortschreitenden Einführung der COVID-19-Impfstoffe unterstützt. Diese Faktoren glichen die steigende Inflation mehr als aus, die von der US-Notenbank („Fed“) als weitgehend vorübergehend bezeichnet wurde. Insgesamt rentierte der S&P 500 Index im Berichtszeitraum 15,25 %. Der Index kam unterdessen in demselben Zeitraum auf 20,82 %.
Im Berichtszeitraum schnitt das Portfolio besser ab als der Index. Sowohl die Einzeltitelauswahl als auch die Sektorallokation trugen zu den relativen Portfoliorenditen bei. Nach Einzeltiteln lieferten die Portfoliopositionen in den Segmenten regionale Einkaufszentren, Büroimmobilien und Gesundheit den größten Beitrag zur Performance. Positionen in den Sektoren Nutzholz, Datenzentren und Spezialobjekte beeinträchtigten das Ergebnis dagegen am meisten. Auf Sektorebene leistete eine Übergewichtung von regionalen Einkaufszentren und Mietlagern die größten Beiträge zur Wertentwicklung.
Gemindert wurde der Ertrag dagegen vor allem von einer Untergewichtung von Spezialobjekten und einer kleinen Barposition.
Die Zulassung mehrerer COVID-19-Impfstoffe markierte aus unserer Sicht einen wichtigen Wendepunkt im Kampf gegen die weltweite Pandemie und löste eine starke Marktrally aus. Auch wenn es noch zu früh ist, die COVID-19-Krise in den USA für beendet zu erklären, glauben wir, dass die Impfung der Mehrheit der US-Bevölkerung über 12 Jahren den Blick auf ein Umfeld nach der Pandemie ermöglicht und zu einer nachhaltigen Markterholung führen kann. Die Herausforderungen durch Delta und andere Varianten, von denen viele ansteckender sind, erinnern uns jedoch daran, dass eine erhöhte Unsicherheit und Marktvolatilität fortbestehen könnten. Das außergewöhnliche Ausmaß der fiskalischen Stimuli, die sich beschleunigende Wiedereröffnung der US-Wirtschaft und das Potenzial für zusätzliche Infrastrukturausgaben haben zu einer höheren Gesamtinflation geführt. Die zurückhaltenden Kommentare des US-Finanzministeriums und der Fed haben einige dieser Bedenken allerdings abgemildert und dürften die Zinssätze in der Nähe des historisch niedrigen Niveaus verankern. Längerfristig könnten politische Details in Bezug auf die Defizitausgaben, die Steuerpolitik und den globalen Handel die Stimmung der Anleger belasten. Eine höhere Inflation kann als positiv für die Eigentümer von Immobilienvermögen angesehen werden, da Vermieter die höhere Inflation für Mieterhöhungen nutzen können.
44 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BILANZ HALBJAHRESABSCHLUSS | # Neuberger Berman US Real Estate Securities Fund
## Investment Manager’s Report
For the six months ended 30 June 2021, the total return of the USD I Accumulating Class was 21.50%. Over the same period, the Portfolio's benchmark index, the FTSE NAREIT All Equity REITs Index (Total Return, Net of Tax, USD) (the “Index”), returned 20.82%. (Performance data quoted represent past performance, and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any.)
The overall US stock market generated strong results and reached several new all-time highs during the reporting period. The market was supported by overall solid corporate profits, significant fiscal and monetary stimulus, robust investor demand and strengthening economic activity as the rollout of COVID-19 vaccines progressed. These factors more than offset rising inflation, which the US Federal Reserve Board (“Fed”) characterised as largely transitory. All told, the S&P 500 Index gained 15.25% during the reporting period. In contrast, the Index, returned 20.82% during the same period.
The Portfolio outperformed the Index during the reporting period. Both stock selection and sector allocation contributed to the Portfolio's relative returns. From a stock selection perspective, the Portfolio's holdings in the Regional Malls, Office and Health Care sectors contributed the most to performance. In contrast, holdings in the Timber, Data Center and Specialty sectors detracted the most from results. In terms of sector positioning, overweights to Regional Malls and Self Storage contributed the most to performance. Conversely, an underweight to Specialty and a small cash position were the largest detractors from returns.
The rollout of multiple COVID-19 vaccines, in our view, marked a major turning point in the fight against the global pandemic and sparked a strong market rally. Although it may be premature to say that the COVID-19 crisis has ended in the US, we believe the vaccination of the majority of the US population over 12 years-old increases visibility to a post-COVID-19 environment and may lead to a sustainable market recovery. The challenges presented by the Delta and other variants, many of which are more contagious, remind us that elevated uncertainty and market volatility could persist. The exceptional level of fiscal stimulus, the accelerating re-opening of the US economy and the potential for additional infrastructure spending has led to higher headline inflation. However, dovish commentary by the US Treasury and Fed have moderated some of these concerns and should anchor rates near historically low levels.
Longer term, policy details relating to deficit spending, tax policy, and global trade could weigh on investor sentiment. Higher inflation can be viewed as a positive for the owners of real estate assets, as landlords can capture higher inflation by raising the rents, they charge their tenants.
44 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BALANCE SHEET FINANCIAL STATEMENTS | en | de |
DOLFIN7628 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Use of this report
This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with section 391 of the Companies Act 2014 (as amended) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting | #### Verwendung dieses Berichts
Dieser Bericht, einschließlich des Prüfvermerks, wurde ausschließlich für die Anteilsinhaber der Gesellschaft als Gesamtheit in Übereinstimmung mit Section 391 des Companies Act von 2014 (in seiner jeweils gültigen Fassung) und für keinen anderen Zweck erstellt. Durch die Erteilung dieses Prüfvermerks übernehmen wir keine Verantwortung für einen anderen Zweck oder gegenüber anderen Personen, denen dieser Bericht gezeigt wird oder in deren Hände er gelangen könnte, es sei denn, wir hätten dem zuvor schriftlich zugestimmt.
Sonstige vorgeschriebene Angaben | #### Use of this report
This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with section 391 of the Companies Act 2014 (as amended) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting | en | de |
DOLFIN7629 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The figures do not take into account your personal tax situation, which may also affect how much you get back.
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 463 CHF | 1,171 CHF |
| Annual cost impact (*) | 4.6% | 2.2% each year |
This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 2,3 % before costs and 0,0 % after costs. | # Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 463 CHF | 1,171 CHF |
| Incidencia anual de los costes (*) | 4.6% | 2.2% cada año |
Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del periodo de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 2,3 % antes de deducir los costes y del 0,0 % después de deducir los costes. | # The figures do not take into account your personal tax situation, which may also affect how much you get back.
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 463 CHF | 1,171 CHF |
| Annual cost impact (*) | 4.6% | 2.2% each year |
This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 2,3 % before costs and 0,0 % after costs. | en | es |
DOLFIN7630 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# In order to manage such situations, the Custodian has implemented and maintains a conflict of interest management policy with the objective of:
- Identification and analysis of potential conflicts of interest situations
- To record, manage and monitor situations with conflicts of interest by:O Using the permanent measures in place to manage conflicts of interest such as maintaining separate legal entities, segregation of duties, separation of reporting lines, monitoring of internal insider lists;O Implementing on a case by case basis:
- Preventive and appropriate measures such as the creation of an ad hoc monitoring list, new Chinese walls, checking that transactions are processed in an appropriate manner and/or informing the clients concerned;
- Or refusing to manage activities that could give rise to conflicts of interest.
## Description of any custody functions delegated by the Custodian, list of delegates and sub delegates and identification of conflicts of interest that may result from such delegation:
The UCITS Depositary, BNP Paribas SA, is responsible for the safekeeping of the assets (as defined in article 22.5 of the Directive 2009/65/EC as amended by Directive 2014/91/EU). In order to offer services related to the safekeeping of assets in a large number of countries, enabling the UCITS to achieve their investment objectives, BNP Paribas SA has appointed sub custodians in countries where BNP Paribas SA has no local presence. These entities are listed on the following website http://securities.bnpparibas.com/solutions/asset- fund-services/depositary-bank-and-trustee-serv.html The appointment and monitoring process of the sub custodians adheres to the highest quality standards, including the management of potential conflicts of interest which may arise as a result of these appointments. | # Con el fin de gestionar estas situaciones, el Depositario ha establecido y actualizado una política de gestión de los conflictos de intereses que tiene como objetivo:
- La identificación y el análisis de las situaciones de potenciales conflictos de intereses
- El registro, la gestión y el seguimiento de las situaciones de conflictos de intereses mediante:O Basándose en las medidas permanentes establecidas para gestionar los conflictos de intereses, como el mantenimiento de entidades jurídicas separadas, la segregación de tareas, la separación de líneas jerárquicas, el seguimiento de las listas de iniciadores internas;O Se aplicará caso por caso:
- Medidas preventivas y adecuadas, como la creación de una lista de seguimiento ad hoc, nuevas murallas de China o la verificación de que las operaciones se tratan adecuadamente y/o la información a los clientes afectados;
- O negándose a gestionar actividades que puedan dar lugar a conflictos de intereses.
## Descripción de las posibles funciones de custodia delegadas por el Depositario, lista de delegados y subdelegados e identificación de los conflictos de intereses que podrían derivarse de dicha delegación:
El Depositario del OICVM, BNP Paribas SA, es responsable de la custodia de los activos (según se define en el artículo 22.5 de la Directiva 2009/65/CE modificada por la Directiva 2014/91/UE). Con el fin de ofrecer los servicios relacionados con la conservación de activos en numerosos Estados, que permitan a los OICVM realizar sus objetivos de inversión, BNP Paribas SA ha designado subcustodios en aquellos Estados en los que BNP Paribas SA no tendría presencia local. Estas entidades están cotizadas en el siguiente sitio web http://securities.bnpparibas.com/solutions/asset-fund-services/depositary-bank-and-trustee-serv.html El proceso de designación y supervisión de los subcustodios sigue los estándares de calidad más altos, incluida la gestión de los posibles conflictos de intereses que podrían surgir con motivo de estas designaciones. | # In order to manage such situations, the Custodian has implemented and maintains a conflict of interest management policy with the objective of:
- Identification and analysis of potential conflicts of interest situations
- To record, manage and monitor situations with conflicts of interest by:O Using the permanent measures in place to manage conflicts of interest such as maintaining separate legal entities, segregation of duties, separation of reporting lines, monitoring of internal insider lists;O Implementing on a case by case basis:
- Preventive and appropriate measures such as the creation of an ad hoc monitoring list, new Chinese walls, checking that transactions are processed in an appropriate manner and/or informing the clients concerned;
- Or refusing to manage activities that could give rise to conflicts of interest.
## Description of any custody functions delegated by the Custodian, list of delegates and sub delegates and identification of conflicts of interest that may result from such delegation:
The UCITS Depositary, BNP Paribas SA, is responsible for the safekeeping of the assets (as defined in article 22.5 of the Directive 2009/65/EC as amended by Directive 2014/91/EU). In order to offer services related to the safekeeping of assets in a large number of countries, enabling the UCITS to achieve their investment objectives, BNP Paribas SA has appointed sub custodians in countries where BNP Paribas SA has no local presence. These entities are listed on the following website http://securities.bnpparibas.com/solutions/asset- fund-services/depositary-bank-and-trustee-serv.html The appointment and monitoring process of the sub custodians adheres to the highest quality standards, including the management of potential conflicts of interest which may arise as a result of these appointments. | en | es |
DOLFIN7631 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Management process
- The Fund is actively managed. Our investment team will seek to obtain and maintain an AAA or equivalent credit rating assigned by at least one ratings agency.
- abrdn integrate environmental, social and governance (ESG) considerations within the investment process. A comprehensive analysis of ESG factors is therefore performed at the credit quality assessment stage of the investment process. Details on the Fixed Income ESG Integration Approach are published at www.abrdn.com under "Sustainable Investing".
- This Fund is a Low Volatility Net Asset Value Money Market Fund under the Money Market FundsRegulation (EU) 2017/1131 (MMF Regulation). | # Processo di gestione
- Il Fondo è gestito attivamente. Il nostro team d'investimento punta a ottenere e mantenere un rating del credito pari ad AAA o equivalente, assegnato da almeno un’agenzia di rating.
- Il processo di investimento di abrdn integra considerazioni di carattere ambientale, sociale e di governance (ESG). Pertanto, tutti i fattori ESG sono accuratamente analizzati nella fase di valutazione della qualità creditizia del processo d'investimento. Informazioni dettagliatesull'approccio di integrazione dei criteri ESG negli investimenti obbligazionari sono pubblicate sulla pagina www.abrdn.com alla voce “Investimento sostenibile”.
- Questo fondo è un fondo monetario LVNAV (Low Volatility Net Asset Value) ai sensi del Regolamento sui fondi comuni monetari (UE) 2017/1131 (Regolamento FMC). | # Management process
- The Fund is actively managed. Our investment team will seek to obtain and maintain an AAA or equivalent credit rating assigned by at least one ratings agency.
- abrdn integrate environmental, social and governance (ESG) considerations within the investment process. A comprehensive analysis of ESG factors is therefore performed at the credit quality assessment stage of the investment process. Details on the Fixed Income ESG Integration Approach are published at www.abrdn.com under "Sustainable Investing".
- This Fund is a Low Volatility Net Asset Value Money Market Fund under the Money Market FundsRegulation (EU) 2017/1131 (MMF Regulation). | en | it |
DOLFIN7632 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Climate Transition Equity Fund S+ CHF Acc between 13/01/2022-31/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 8,033
-19.7%
CHF 9,148
-1.3% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Climate Transition Equity Fund S+ CHF Acc entre 13/01/2022-31/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 033 CHF
-19,7%
9 148 CHF
-1,3% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Climate Transition Equity Fund S+ CHF Acc between 13/01/2022-31/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 8,033
-19.7%
CHF 9,148
-1.3% | en | es |
DOLFIN7633 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| FLEXIBLE CONVERTIBLE BOND, a subfund of the SICAV BNP PARIBAS FLEXI I Class ''Privilege Capitalisation'' - ISIN code LU2020654229 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed without reference to an index. The Fund seeks to increase the value of its assets over the medium term by investing in convertible securities issued by companies from all over the world and/or other fixed income securities such as corporate bonds. The Fund may use financial derivative instruments for both hedging and investment purposes. After hedging, the exposure to currencies other than USD may not exceed 25%. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | | FLEXIBLE CONVERTIBLE BOND, ein Teilfonds der SICAV BNP PARIBAS FLEXI I Klasse „Privilege Capitalisation“- ISIN-Code LU2020654229 Dieser Fonds wird von BNP PARIBAS ASSET MANAGEMENT Luxembourg verwaltet, einem Unternehmen der BNP Paribas-Gruppe. |
| --- |
| Ziele und Anlagepolitik |
| Der Fonds wird aktiv verwaltet, ohne Bezugnahme auf einen Index. Ziel des Fonds ist die mittelfristige Wertsteigerung seines Vermögens durch Anlage in Wandelanleihen, die von Unternehmen aus aller Welt begeben werden, und/oder in sonstigen festverzinslichen Wertpapieren wie Unternehmensanleihen. Der Fonds darf sowohl zu Absicherungs- als auch zu Anlagezwecken derivative Finanzinstrumente einsetzen. Nach der Absicherung darf das Engagement in anderen Währungen als dem US-Dollar 25% nicht übersteigen. Die Erträge werden grundsätzlich reinvestiert. Anleger können ihre Anteile täglich (an Bankarbeitstagen in Luxemburg) zurückgeben, wie im Verkaufsprospekt beschrieben. |
| Risiko- und Ertragsprofil |
| Geringeres Risiko Höheres Risiko Weitere Risiken, die für den Fonds materiell relevant sind und durch den Indikator nicht angemessen erfasst werden: Typischerweise geringerer Ertrag Typischerweise höherer Ertrag - Dieses Risiko bezieht sich auf die Fähigkeit eines Emittenten, seinen Verpflichtungen nachzukommen: Rating-Herabstufungen einer Emission oder eines Emittenten können zu einer Wertminderung der damit verbundenen Anleihen führen. | | FLEXIBLE CONVERTIBLE BOND, a subfund of the SICAV BNP PARIBAS FLEXI I Class ''Privilege Capitalisation'' - ISIN code LU2020654229 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed without reference to an index. The Fund seeks to increase the value of its assets over the medium term by investing in convertible securities issued by companies from all over the world and/or other fixed income securities such as corporate bonds. The Fund may use financial derivative instruments for both hedging and investment purposes. After hedging, the exposure to currencies other than USD may not exceed 25%. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | en | de |
DOLFIN7634 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le placement des actifs de chaque Compartiment doit impérativement être effectué conformément à la Réglementation. Un énoncé détaillé des restrictions en matière d’investissement et d’emprunt applicables à tous les Compartiments est présenté en Annexe III. Des précisions concernant les restrictions d’investissement complémentaires spécifiques aux différents Compartiments seront données dans les Fiches signalétiques correspondantes.
La Société de gestion pourra aussi imposer en tant que de besoin des restrictions de placement supplémentaires si celles- ci s’avèrent nécessaires ou souhaitables en vue de se conformer aux lois et règlements des pays où sont domiciliés des Détenteurs de parts des Compartiments ou dans lesquels des Parts sont commercialisées.
Un Compartiment peut investir dans des organismes de placement collectif (y compris dans des ETF - Exchange Traded Funds) qui remplissent les conditions fixées par la Banque centrale et qui respectent les restrictions d’investissement spécifiées dans l’Annexe III.
Il est prévu que la Société de gestion, sous réserve d’un accord préalable de la Banque centrale, ait la possibilité de se prévaloir de toute modification apportée aux restrictions en matière d’investissement stipulées dans la Réglementation et qui permettrait à un Compartiment d’investir dans des titres, des IFD ou toute autre forme d’investissement qui, à la date du présent Prospectus, sont soumises à restriction ou interdites en vertu de la Réglementation. La Société de gestion informera par écrit les Détenteurs de parts, au moins quatre semaines au préalable, de son intention de se prévaloir d’un changement (par essence) majeur.
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#### Politique de distribution | Los activos de los Subfondos deben invertirse de conformidad con el Reglamento. En el Apéndice III se recogen minuciosamente los límites de inversión y endeudamiento que se aplican a todos los Subfondos. Los detalles de cualquier límite de inversión adicional específico de los Subfondos correspondientes se incluirán en los Detalles de los Subfondos.
Asimismo, la Sociedad Gestora podrá imponer oportunamente nuevos límites de inversión, según resulte necesario o deseable, con el fin de cumplir con la legislación o los reglamentos de los países en los que se sitúen los Partícipes de un Subfondo o se comercialicen las Participaciones.
Un Subfondo podrá invertir en fondos de inversión colectiva (incluidos los fondos cotizados en bolsa) que cumplan las exigencias del Banco Central y de acuerdo con los límites de inversión estipulados en el Apéndice III.
Está previsto que la Sociedad Gestora, previa autorización del Banco Central, pueda valerse de cualquier cambio realizado en los límites de inversión estipulados en el Reglamento para invertir los activos de un Subfondo en valores, instrumentos derivados financieros o cualquier otro tipo de inversión que, a la fecha del presente Folleto, esté restringida o prohibida de conformidad con el Reglamento. La Sociedad Gestora notificará a los Partícipes con un mínimo de cuatro semanas de antelación su intención de acogerse a dichos cambios sustanciales.
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#### Política de distribución | Le placement des actifs de chaque Compartiment doit impérativement être effectué conformément à la Réglementation. Un énoncé détaillé des restrictions en matière d’investissement et d’emprunt applicables à tous les Compartiments est présenté en Annexe III. Des précisions concernant les restrictions d’investissement complémentaires spécifiques aux différents Compartiments seront données dans les Fiches signalétiques correspondantes.
La Société de gestion pourra aussi imposer en tant que de besoin des restrictions de placement supplémentaires si celles- ci s’avèrent nécessaires ou souhaitables en vue de se conformer aux lois et règlements des pays où sont domiciliés des Détenteurs de parts des Compartiments ou dans lesquels des Parts sont commercialisées.
Un Compartiment peut investir dans des organismes de placement collectif (y compris dans des ETF - Exchange Traded Funds) qui remplissent les conditions fixées par la Banque centrale et qui respectent les restrictions d’investissement spécifiées dans l’Annexe III.
Il est prévu que la Société de gestion, sous réserve d’un accord préalable de la Banque centrale, ait la possibilité de se prévaloir de toute modification apportée aux restrictions en matière d’investissement stipulées dans la Réglementation et qui permettrait à un Compartiment d’investir dans des titres, des IFD ou toute autre forme d’investissement qui, à la date du présent Prospectus, sont soumises à restriction ou interdites en vertu de la Réglementation. La Société de gestion informera par écrit les Détenteurs de parts, au moins quatre semaines au préalable, de son intention de se prévaloir d’un changement (par essence) majeur.
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#### Politique de distribution | fr | es |
DOLFIN7635 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
To comply with the time requirement, prompt dispatch of the revocation notice shall suffice. The time limit for revocation commences only when the copy of the application to conclude a contract has been handed to the pur- chaser or he/she has been sent an invoice, and the copy or invoice contains information on the right of revocation which satisfies the requirements of Art. 246 (3), sentences 2 and 3 of the Introductory Act to the BGB. If the begin- ning of the period according to sentence 2 is disputed, the seller shall bear the burden of proof.
There shall be no right of revocation if the seller can prove that
- the purchaser is not a consumer as defined in Art. 13 of the German Civil Code, or
- the seller made contact with the purchaser for the negotiations which led to the sale of the shares because of a previous order in accordance with Art. 55(1) of the Trade Act (Gewerbeordnung). | Zur Wahrung der Frist genügt die rechtzeitige Absendung der Widerrufserklärung. Die Widerrufsfrist beginnt erst zu laufen, wenn dem Käufer die Durchschrift des Antrags auf Vertragsabschluss ausgehändigt oder eine Kaufabrechnung übersandt worden ist und in der Durchschrift oder der Kaufabrechnung eine Belehrung über das Widerrufsrecht ent- halten ist, die den Anforderungen des Artikel 246 Absatz 3 Satz 2 und 3 des Einführungsgesetzes zum Bürgerlichen Gesetzbuch genügt. Ist der Fristbeginn nach Satz 2 streitig, trifft die Beweislast den Verkäufer.
Das Recht zum Widerruf besteht nicht, wenn der Verkäufer nachweist, dass
- der Käufer kein Verbraucher im Sinne des § 13 des Bürgerlichen Gesetzbuchs ist oder
- er den Käufer zu den Verhandlungen, die zum Verkauf der Anteile geführt haben, auf Grund vorhergehender Bestellung gemäß § 55 Absatz 1 der Gewerbeordnung aufgesucht hat. | To comply with the time requirement, prompt dispatch of the revocation notice shall suffice. The time limit for revocation commences only when the copy of the application to conclude a contract has been handed to the pur- chaser or he/she has been sent an invoice, and the copy or invoice contains information on the right of revocation which satisfies the requirements of Art. 246 (3), sentences 2 and 3 of the Introductory Act to the BGB. If the begin- ning of the period according to sentence 2 is disputed, the seller shall bear the burden of proof.
There shall be no right of revocation if the seller can prove that
- the purchaser is not a consumer as defined in Art. 13 of the German Civil Code, or
- the seller made contact with the purchaser for the negotiations which led to the sale of the shares because of a previous order in accordance with Art. 55(1) of the Trade Act (Gewerbeordnung). | en | de |
DOLFIN7636 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée ?
Période de détention recommandée : 5 ans
Le produit est conçu pour un investissement à long terme et nous vous recommandons de le conserver pendant au moins 5 ans.
Vous pouvez demander à retirer une partie ou la totalité de votre argent à tout moment. De plus amples informations sont disponibles dans le Prospectus.
Vous pouvez généralement acheter ou vendre vos actions dans le produit tout jour ouvré des banques à Dublin ou de la New York Stock Exchange. Si vous sortez du produit avant échéance, vous augmentez le risque d’un rendement inférieur ou d’une perte. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
Período de mantenimiento recomendado: 5 años
El producto está diseñado para un periodo de mantenimiento a largo plazo, aunque recomendamos que mantenga la inversión durante al menos 5 años.
Puede solicitar la retirada de parte o la totalidad de su dinero en cualquier momento. En el Folleto puede consultarse más información.
Normalmente usted puede solicitar la compra o la venta de acciones del producto en cualquier día en el que los bancos de Dublín y la Bolsa de Nueva York abran para el desarrollo de su actividad.
El riesgo de obtener rendimientos de la inversión inferiores o de sufrir pérdidas aumentará en caso de salida anticipada. | # Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée ?
Période de détention recommandée : 5 ans
Le produit est conçu pour un investissement à long terme et nous vous recommandons de le conserver pendant au moins 5 ans.
Vous pouvez demander à retirer une partie ou la totalité de votre argent à tout moment. De plus amples informations sont disponibles dans le Prospectus.
Vous pouvez généralement acheter ou vendre vos actions dans le produit tout jour ouvré des banques à Dublin ou de la New York Stock Exchange. Si vous sortez du produit avant échéance, vous augmentez le risque d’un rendement inférieur ou d’une perte. | fr | es |
DOLFIN7637 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Domiciliary and Administrative Agent
The Management Company has undertaken to provide the SICAV with certain administration services, including general administration as well as bookkeeping and maintenance of all accounts of the SICAV, the periodic determination of the Net Asset Value per Share, the preparation and filing of the SICAV’s financial reports and the liaison with the Auditors.
In addition, the Management Company will, under the terms of the Management Company Services Agreement act as corporate and domiciliary agent for the SICAV.
The Management Company has delegated the above mentioned domiciliary and administrative functions to the Domiciliary and Administrative Agent pursuant to the Investment Fund Services Agreement. Pursuant to a restructuring event which took place under Directive 2005/56/EC on 1 January 2016, all contractual obligations of Citibank International Limited (Luxembourg Branch) (the former domiciliary and administrative agent) were transferred by way of operation of law to the Domiciliary and Administrative Agent. The Investment Fund Services Agreement was concluded for an unlimited duration and may be terminated as provided therein. | ###### Domiziliar- und Verwaltungsstelle
Die Verwaltungsgesellschaft hat sich verpflichtet, der SICAV bestimmte administrative Dienste zu erbringen, wie die allgemeine Verwaltung sowie die Buchführung und die Führung der Konten der SICAV, die periodische Ermittlung des Nettoinventarwertes je Anteil, die Vorbereitung und Einreichung der Finanzberichte der SICAV und die Zusammenarbeit mit den Wirtschaftsprüfern.
Darüber hinaus handelt die Verwaltungsgesellschaft gemäß den Bestimmungen des Dienstleistungsvertrages als Gesellschafts- und Domiziliarstelle der SICAV.
Die Verwaltungsgesellschaft hat die vorstehende Funktion als Domiziliar- und Verwaltungsstelle gemäß dem Investmentfondsservicevertrag an die Domiziliar- und Verwaltungsstelle übertragen. Im Rahmen eines Umstrukturierungsereignisses gemäß Richtlinie 2005/56/EG, das am 1. Januar 2016 stattfand, wurden alle vertraglichen Verpflichtungen von Citibank International Limited (Niederlassung Luxemburg) (der früheren Domiziliar- und Verwaltungsstelle) kraft Gesetzes an die Domiziliar- und Verwaltungsstelle übertragen. Der Investmentfondsservicevertrag wurde auf unbestimmte Zeitdauer geschlossen und kann gemäß den darin enthaltenen Bestimmungen gekündigt werden. | ###### Domiciliary and Administrative Agent
The Management Company has undertaken to provide the SICAV with certain administration services, including general administration as well as bookkeeping and maintenance of all accounts of the SICAV, the periodic determination of the Net Asset Value per Share, the preparation and filing of the SICAV’s financial reports and the liaison with the Auditors.
In addition, the Management Company will, under the terms of the Management Company Services Agreement act as corporate and domiciliary agent for the SICAV.
The Management Company has delegated the above mentioned domiciliary and administrative functions to the Domiciliary and Administrative Agent pursuant to the Investment Fund Services Agreement. Pursuant to a restructuring event which took place under Directive 2005/56/EC on 1 January 2016, all contractual obligations of Citibank International Limited (Luxembourg Branch) (the former domiciliary and administrative agent) were transferred by way of operation of law to the Domiciliary and Administrative Agent. The Investment Fund Services Agreement was concluded for an unlimited duration and may be terminated as provided therein. | en | de |
DOLFIN7638 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| HOW LONG SHOULD I HOLD IT AND CAN I TAKE MONEY OUT EARLY? |
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| Recommended holding period: | 5 Years |
| The Fund's recommended holding period is 5 years as the Fund invests for the long term. Investors can sell their units on demand on each Business Day (as defined in the Fund's Prospectus). For further information on the Fund's divestment procedure and when divestment is possible, please refer to the "Redemption of Units" section of the Fund's Prospectus. | | | COMBIEN DE TEMPS DOIS-JE LE CONSERVER, ET PUIS-JE RETIRER DE L’ARGENT DE FAÇON ANTICIPÉE? |
| --- |
| Période de détention recommandée : | 5 Ans |
| La période de détention recommandée pour le Fonds est de 5 ans dans la mesure où le Fonds investit sur le long terme. Les investisseurs peuvent vendre leurs parts sur demande chaque Jour ouvré (tel que défini dans le Prospectus du Fonds). Pour en savoir plus sur la procédure de désinvestissement du Fonds et à quel moment un désinvestissement est possible, veuillez consulter la section « Rachats de Parts » du Prospectus du Fonds. | | | HOW LONG SHOULD I HOLD IT AND CAN I TAKE MONEY OUT EARLY? |
| --- |
| Recommended holding period: | 5 Years |
| The Fund's recommended holding period is 5 years as the Fund invests for the long term. Investors can sell their units on demand on each Business Day (as defined in the Fund's Prospectus). For further information on the Fund's divestment procedure and when divestment is possible, please refer to the "Redemption of Units" section of the Fund's Prospectus. | | en | fr |
DOLFIN7639 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In addition to investments in derivative financial instruments, the Company may also make use of other investment techniques and instruments based on securities and money market instruments such as repurchase
agreements (repurchase or reverse repurchase transactions) and securities lending transactions pursuant to the terms of the CSSF Circular 08/356 (as last amended and any replacement circular) and the Guidelines of the European Securities and Markets Authority ESMA/2012/832 (as implemented in Luxembourg by the CSSF Circular 13/559 (as last amended by the CSSF Circular 14/592), as well as any other guidelines introduced in this regard. Investment techniques and instruments based on securities and money market instruments that are used for the purposes of efficient portfolio management, including financial derivatives that are not used for direct investment purposes, shall fulfil the following criteria:
- they are economically appropriate in that they are used cost-effectively;
- they are used with one or more of the following specific aims:
- To reduce risk;
- To cut costs;
- Generation of additional capital or revenue for the Company, associated with a risk that is compatible with the risk profile of the Company and the relevant Subfunds of the Company and with the applicable rules on risk diversification; | Outre ses investissements en instruments financiers dérivés, la Société peut, dans le respect des conditions énoncées dans la circulaire CSSF 08/356 (dans sa version en vigueur, ainsi que toute circulaire la remplaçant) et des lignes directrices ESMA/2012/832 de l'Autorité européenne des marchés financiers, mises en œuvre au Luxembourg par la directive CSSF 13/559 (dans la version modifiée par la circulaire CSSF 14/592) ainsi que des autres lignes directrices éventuellement publiées en la matière, avoir recours à d'autres techniques et instruments d'investissement portant sur des titres et des instruments du marché monétaire, comme par exemple des
«repurchase agreements» («repurchase agreements» et «reverse repurchase agreements») et des opérations de prêt de titres. Les techniques et instruments d'investissement portant sur des titres et des instruments du marché monétaire et utilisés à des fins de gestion efficace du portefeuille, en ce compris les instruments financiers utilisés à des fins autres que l'investissement direct, doivent répondre aux critères suivants:
- Ils sont adaptés du point de vue économique dans la mesure où ils présentent un bon rapport coût/rendement.
- Ils sont utilisés dans un ou plusieurs des buts suivants:
- réduction des risques;
- réduction des coûts;
- génération d'un capital ou rendement supplémentaire pour la Société moyennant un risque compatible avec le profil de risque de la Société et du Compartiment concerné de la Société et respectant les prescriptions de diversification du risque qui lui sont applicables. | In addition to investments in derivative financial instruments, the Company may also make use of other investment techniques and instruments based on securities and money market instruments such as repurchase
agreements (repurchase or reverse repurchase transactions) and securities lending transactions pursuant to the terms of the CSSF Circular 08/356 (as last amended and any replacement circular) and the Guidelines of the European Securities and Markets Authority ESMA/2012/832 (as implemented in Luxembourg by the CSSF Circular 13/559 (as last amended by the CSSF Circular 14/592), as well as any other guidelines introduced in this regard. Investment techniques and instruments based on securities and money market instruments that are used for the purposes of efficient portfolio management, including financial derivatives that are not used for direct investment purposes, shall fulfil the following criteria:
- they are economically appropriate in that they are used cost-effectively;
- they are used with one or more of the following specific aims:
- To reduce risk;
- To cut costs;
- Generation of additional capital or revenue for the Company, associated with a risk that is compatible with the risk profile of the Company and the relevant Subfunds of the Company and with the applicable rules on risk diversification; | en | fr |
DOLFIN7640 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of this Fund is to achieve reasonable capital growth, while at the same time taking into consideration sustainability as- pects (LGT Sustainable Investing). The Fund will seek to achieve the investment objective by investing primarily in interest-bearing debt securities or equivalent securities. The investment policy does not provide for capital protection. The issuer is an emerging markets entity, or the currency is an emerging markets currency, or the se- curities are economically linked to currencies of such countries. “Emerging Markets” are countries that are in the process of devel- oping into modern industrialised nations and therefore offer a high potential but also an elevated risk. The focus is on issuers with pos- itive macroeconomic indicators, particularly with regard to budget
deficits. The Fund may invest in derivatives (financial instruments derived from other securities or assets) for hedging purposes, effi- cient portfolio management and / or investment purposes. The Fund’s portfolio is actively managed. The Fund is not managed in reference to a benchmark.
The Fund may have positions in cash and cash equivalents. Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance.
The Fund may not be appropriate for investors who plan to with- draw their money within less than 4 years.
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# Risk and Reward Profile | El objetivo de este Fondo es generar una revalorización razonable del capital, teniendo en cuenta al mismo tiempo los aspectos de sostenibilidad (LGT Sustainable Investing). El Fondo tratará de alcan- zar su objetivo de inversión invirtiendo principalmente en valores de deuda que devengan intereses o en valores equivalentes. La política de inversión no prevé la protección del capital. El emisor es una en- tidad de mercados emergentes, la moneda es una moneda de mer- cados emergentes o los valores están vinculados económicamente a las monedas de dichos países. Los «Mercados emergentes» son paí- ses que están en proceso de convertirse en países industrializados modernos y que, por lo tanto, ofrecen un alto potencial, pero tam- bién un elevado riesgo. El objetivo principal lo constituyen los emi- sores con indicadores macroeconómicos positivos, especialmente en lo que se refiere a los déficits presupuestarios. El Fondo podrá in- vertir en derivados (instrumentos financieros derivados de otros va- lores o activos) con fines de cobertura, de gestión eficiente de la
cartera y/o de inversión. La cartera del Fondo se gestiona de forma activa. El Fondo no se gestiona según un índice de referencia.
El Fondo podrá tener posiciones en efectivo y equivalentes de efec- tivo.
Los inversores podrán negociar acciones del Fondo diariamente. To- dos los ingresos generados por el Fondo se reinvierten en el Fondo, lo que aumenta el valor de las acciones.
Los costes de transacción de la cartera pueden tener un impacto importante en el rendimiento.
El Fondo puede no resultar adecuado para aquellos inversores que planeen retirar su dinero en menos de 4 años.
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# Perfil de riesgo y beneficio | The objective of this Fund is to achieve reasonable capital growth, while at the same time taking into consideration sustainability as- pects (LGT Sustainable Investing). The Fund will seek to achieve the investment objective by investing primarily in interest-bearing debt securities or equivalent securities. The investment policy does not provide for capital protection. The issuer is an emerging markets entity, or the currency is an emerging markets currency, or the se- curities are economically linked to currencies of such countries. “Emerging Markets” are countries that are in the process of devel- oping into modern industrialised nations and therefore offer a high potential but also an elevated risk. The focus is on issuers with pos- itive macroeconomic indicators, particularly with regard to budget
deficits. The Fund may invest in derivatives (financial instruments derived from other securities or assets) for hedging purposes, effi- cient portfolio management and / or investment purposes. The Fund’s portfolio is actively managed. The Fund is not managed in reference to a benchmark.
The Fund may have positions in cash and cash equivalents. Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance.
The Fund may not be appropriate for investors who plan to with- draw their money within less than 4 years.
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# Risk and Reward Profile | en | es |
DOLFIN7641 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Investment Policy
The Fund will invest primarily (i.e. at least 80% of its Net Asset Value) in equity and equity related securities (including preference shares, warrants, participation notes and depositary receipts) issued by companies, based anywhere in the world (including emerging markets) and which the Investment Manager believes are leading the transition to a more sustainable world.
The investment process considers how companies manage their operational approach and the impact of the product or services they sell. The Investment Manager takes sustainability risk and ESG Characteristics (as defined below) into account as part of its selection process (as further described in section "Sustainability Approach" below).
Subject to the limits set out in the Investment Restrictions, the Fund may hold liquid assets (cash, deposits, money market instruments and money market funds) and collective investment schemes on an ancillary basis in order to achieve its investment goals, for treasury purposes and in case of unfavourable market conditions. The Fund may not invest more than 10% of its Net Asset Value in other collective investment schemes.
Subject to the limits set out in the Investment Restrictions, the Fund will have the ability to use financial derivative instruments, including forward currency contracts, options and futures, for Efficient Portfolio Management and hedging purposes only. Financial derivative instruments will not be used either (i) extensively or primarily in order to achieve the Fund’s investment objectives or (ii) for investment purposes.
The Fund will not invest in underlying collective investment schemes that utilise financial derivatives for investment purposes. | # Politique d’investissement
Le Compartiment investira principalement (c’est-à-dire au moins 80 % de sa Valeur nette d'inventaire) dans des actions et titres liés à des actions (y compris des actions privilégiées, des warrants, des titres participatifs et des certificats de dépôt) de sociétés basées dans le monde entier (marchés émergents y compris) dont le Gestionnaire de portefeuille par délégation estime qu’elles participent à la transition vers un monde plus durable.
Le processus d’investissement examine la gestion par les entreprises de leur approche opérationnelle et l’impact des produits ou services qu’elles commercialisent. Le Gestionnaire de portefeuille prend en compte le risque de durabilité et les Caractéristiques ESG (définies ci-dessous) dans le cadre de son processus de sélection (décrit plus en détail à la section « Approche de durabilité » ci-dessous).
Dans le respect des limites énoncées dans les Restrictions d’investissement, le Compartiment peut également détenir des actifs liquides (espèces, dépôts, instruments du marché monétaire, fonds monétaires) à titre accessoire afin de réaliser ses objectifs d’investissement, à des fins de trésorerie et en cas de conditions défavorables sur les marchés. Le Fonds ne peut pas investir plus de 10 % de sa Valeur nette d'inventaire dans d’autres organismes de placement collectif.
Sous réserve des limites stipulées dans les Restrictions d’investissement, le Compartiment peut utiliser des instruments financiers dérivés, incluant des contrats à terme, options et futures de change à des fins d’optimisation de la gestion de portefeuille et de couverture uniquement. Les instruments financiers dérivés ne seront pas utilisés (i) largement ou essentiellement aux fins d'atteindre les objectifs d'investissement du Fonds ni (ii) à des fins d'investissement.
Le Compartiment n'investira pas en organismes de placement collectif sous-jacents utilisant des instruments financiers dérivés à des fins d'investissement. | # Investment Policy
The Fund will invest primarily (i.e. at least 80% of its Net Asset Value) in equity and equity related securities (including preference shares, warrants, participation notes and depositary receipts) issued by companies, based anywhere in the world (including emerging markets) and which the Investment Manager believes are leading the transition to a more sustainable world.
The investment process considers how companies manage their operational approach and the impact of the product or services they sell. The Investment Manager takes sustainability risk and ESG Characteristics (as defined below) into account as part of its selection process (as further described in section "Sustainability Approach" below).
Subject to the limits set out in the Investment Restrictions, the Fund may hold liquid assets (cash, deposits, money market instruments and money market funds) and collective investment schemes on an ancillary basis in order to achieve its investment goals, for treasury purposes and in case of unfavourable market conditions. The Fund may not invest more than 10% of its Net Asset Value in other collective investment schemes.
Subject to the limits set out in the Investment Restrictions, the Fund will have the ability to use financial derivative instruments, including forward currency contracts, options and futures, for Efficient Portfolio Management and hedging purposes only. Financial derivative instruments will not be used either (i) extensively or primarily in order to achieve the Fund’s investment objectives or (ii) for investment purposes.
The Fund will not invest in underlying collective investment schemes that utilise financial derivatives for investment purposes. | en | fr |
DOLFIN7642 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Investment Policy:
The Index is comprised of investment grade corporate bonds (and other similar securities). The Index is multi-currency but is hedged to US dollars (USD). The Index includes bonds from developed and emerging markets. The issuers of the bonds are within the industrial, utility and financial sectors.
The Fund is passively managed and invests in, or gain exposure to: bonds issued by companies; and asset backed securities (ABS) and mortgage backed securities (MBS), all of which are Index constituents. The Fund utilises an investment technique called optimisation, which seeks to minimise the difference in return between the Fund and the Index by taking into account tracking error (the risk that the Fund return varies from the Index return) and trading costs when constructing a portfolio. The Fund will not necessarily invest in every constituent of the Index, or invest proportionally to each constituents’ Index weight. If the overall portfolio matches the characteristics of the Index, the Fund can also invest in assets outside of the Index, such as: bonds with a credit rating of Ba1, BB+ and below; securities which are expected to provide similar performance and risk characteristics to certain Index constituents. | ### Política de inversión:
El Índice se compone de bonos corporativos con grado de inversión (y otros valores similares). El Índice es multidivisa, pero está cubierto en USD. El Índice incluye bonos de mercados desarrollados y emergentes. Los emisores de los bonos pertenecen a los sectores industrial, financiero y de los servicios públicos.
El Fondo se gestiona pasivamente e invierte en bonos emitidos por empresas, ABS y MBS que serán componentes del Índice, o gana exposición a estos. El Fondo usa una técnica de inversión denominada optimización, que trata de minimizar la diferencia de rentabilidad entre el Fondo y el Índice considerando el error de seguimiento (el riesgo de que la rentabilidad del Fondo se desvíe de la del Índice) y los costes de negociación al crear la cartera. El Fondo no tendrá que invertir en todos los instrumentos del Índice, ni invertirá proporcionalmente con respecto a la ponderación de cada uno de estos. Si la composición general de la cartera coincide con la del Índice, el Fondo también puede invertir en activos no incluidos en el Índice, como bonos con una calificación crediticia de Ba1, BB+ o inferior, o valores cuyas características de riesgo y rentabilidad se prevean similares a las de ciertos componentes del Índice. | ### Investment Policy:
The Index is comprised of investment grade corporate bonds (and other similar securities). The Index is multi-currency but is hedged to US dollars (USD). The Index includes bonds from developed and emerging markets. The issuers of the bonds are within the industrial, utility and financial sectors.
The Fund is passively managed and invests in, or gain exposure to: bonds issued by companies; and asset backed securities (ABS) and mortgage backed securities (MBS), all of which are Index constituents. The Fund utilises an investment technique called optimisation, which seeks to minimise the difference in return between the Fund and the Index by taking into account tracking error (the risk that the Fund return varies from the Index return) and trading costs when constructing a portfolio. The Fund will not necessarily invest in every constituent of the Index, or invest proportionally to each constituents’ Index weight. If the overall portfolio matches the characteristics of the Index, the Fund can also invest in assets outside of the Index, such as: bonds with a credit rating of Ba1, BB+ and below; securities which are expected to provide similar performance and risk characteristics to certain Index constituents. | en | es |
DOLFIN7643 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Counterparty risk including credit risk and receivables risk
The risks that may affect the Fund as the result of a business relationship with another party ("coun- terparty") are outlined below. There is a risk that the counterparty may no longer be able to fulfil its agreed obligations. This may be detrimental to the performance of the Fund and thereby have an adverse effect on the unit value and the capital invested by the investor.
## Default risk / counterparty risks (other than central counterparties)
The default of an issuer ("issuer") or a contracting partner ("counterparty") against whom the Fund has claims may result in losses for the Fund. Issuer risk refers to the impact of particular developments concerning a given issuer that, in addition to the influence exerted by general trends in capital markets, affect the price of a transferable security. Even when the utmost care is exercised in selecting the
transferable securities, it cannot be ruled out that losses may be incurred due to the financial collapse of issuers. The counterparty of a contract concluded on behalf of the Fund may default either wholly or partly (counterparty risk). This applies to all contracts entered into on behalf of the Fund.
## Risk associated with central counterparties
A central counterparty (CCP) acts as an intermediary on behalf of the Fund in particular transactions, particularly those involving financial derivatives. In these cases, it will act as the buyer vis-à-vis the seller and as the seller vis-à-vis the buyer. A CCP hedges against the risk that its business partners will not be able to fulfil their contractual commitments through a range of protective mechanisms that enable it at all times to offset losses from transactions concluded (e.g. using collateral). Despite such protective mechanisms, it is still possible for a CCP to be overindebted and to default, which could also affect claims of the Company on behalf of the Fund. This could result in losses for the Fund. | # Kontrahentenrisiko inklusive Kredit- und Forderungsrisiko
Nachfolgend werden die Risiken dargestellt, die sich für den Fonds im Rahmen einer Geschäftsbezie- hung mit einer anderen Partei (sogenannte Gegenpartei) ergeben können. Dabei besteht das Risiko, dass die Gegenpartei ihren vereinbarten Verpflichtungen nicht mehr nachkommen kann. Dies kann die Wertentwicklung des Fonds beeinträchtigen und sich damit auch nachteilig auf den Anteilwert und auf das vom Anleger investierte Kapital auswirken.
## Adressenausfallrisiko / Gegenpartei-Risiken (außer zentrale Kontrahenten)
Durch den Ausfall eines Ausstellers (nachfolgend „Emittent“) oder eines Vertragspartners (nachfolgend
„Kontrahent“), gegen den der Fonds Ansprüche hat, können für den Fonds Verluste entstehen. Das Emittentenrisiko beschreibt die Auswirkung der besonderen Entwicklungen des jeweiligen Emittenten, die neben den allgemeinen Tendenzen der Kapitalmärkte auf den Kurs eines Wertpapiers einwirken. Auch bei sorgfältiger Auswahl der Wertpapiere kann nicht ausgeschlossen werden, dass Verluste durch Vermögensverfall von Emittenten eintreten. Die Partei eines für Rechnung des Fonds geschlossenen Vertrags kann teilweise oder vollständig ausfallen (Kontrahentenrisiko). Dies gilt für alle Verträge, die für Rechnung eines Fonds geschlossen werden.
## Risiko durch zentrale Kontrahenten
Ein zentraler Kontrahent (Central Counterparty – „CCP“) tritt als zwischengeschaltete Institution in be- stimmte Geschäfte für den Fonds ein, insbesondere in Geschäfte über derivative Finanzinstrumente. In diesem Fall wird er als Käufer gegenüber dem Verkäufer und als Verkäufer gegenüber dem Käufer tätig. Ein CCP sichert sich gegen das Risiko, dass seine Geschäftspartner die vereinbarten Leistungen nicht erbringen können, durch eine Reihe von Schutzmechanismen ab, die es ihm jederzeit ermögli- chen, Verluste aus den eingegangen Geschäften auszugleichen (z.B. durch Besicherungen). Es kann trotz dieser Schutzmechanismen nicht ausgeschlossen werden, dass ein CCP seinerseits überschuldet wird und ausfällt, wodurch auch Ansprüche der Gesellschaft für den Fonds betroffen sein können. Hierdurch können Verluste für den Fonds entstehen. | # Counterparty risk including credit risk and receivables risk
The risks that may affect the Fund as the result of a business relationship with another party ("coun- terparty") are outlined below. There is a risk that the counterparty may no longer be able to fulfil its agreed obligations. This may be detrimental to the performance of the Fund and thereby have an adverse effect on the unit value and the capital invested by the investor.
## Default risk / counterparty risks (other than central counterparties)
The default of an issuer ("issuer") or a contracting partner ("counterparty") against whom the Fund has claims may result in losses for the Fund. Issuer risk refers to the impact of particular developments concerning a given issuer that, in addition to the influence exerted by general trends in capital markets, affect the price of a transferable security. Even when the utmost care is exercised in selecting the
transferable securities, it cannot be ruled out that losses may be incurred due to the financial collapse of issuers. The counterparty of a contract concluded on behalf of the Fund may default either wholly or partly (counterparty risk). This applies to all contracts entered into on behalf of the Fund.
## Risk associated with central counterparties
A central counterparty (CCP) acts as an intermediary on behalf of the Fund in particular transactions, particularly those involving financial derivatives. In these cases, it will act as the buyer vis-à-vis the seller and as the seller vis-à-vis the buyer. A CCP hedges against the risk that its business partners will not be able to fulfil their contractual commitments through a range of protective mechanisms that enable it at all times to offset losses from transactions concluded (e.g. using collateral). Despite such protective mechanisms, it is still possible for a CCP to be overindebted and to default, which could also affect claims of the Company on behalf of the Fund. This could result in losses for the Fund. | en | de |
DOLFIN7644 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Fonds peut investir dans certains instruments dérivés afin d’obtenir une exposition efficace aux entreprises sous-jacentes, ce qui pourrait exposer le Fonds à un effet de levier. L’allocation des actifs du Fonds sera déterminée par le Gestionnaire à son entière discrétion et peut varier en fonction des conditions du marché. Le Fonds est géré selon
une approche ascendante (« bottom-up ») de la sélection de titres et un processus de gestion des risques rigoureux.
Il peut investir dans toute entreprise d'Europe de l'Est et être exposé à tout titre, secteur ou territoire, à l'entière discrétion du gestionnaire.
Le Fonds peut faire appel à l’effet de levier à hauteur de 100% de sa valeur d’inventaire nette.
Les frais de transaction du portefeuille auront un impact significatif sur la performance. Ces frais sont déduits de l’actif du Fonds.
La devise de référence du Fonds est l’euro. Toute catégorie de parts libellée dans une devise autre que la devise de référence sera couverte contre le risque de change entre la devise de libellé de la catégorie et la devise de référence du fonds.
Recommandation : ce Fonds doit être considéré comme un placement à long terme. Cette Catégorie est une catégorie de capitalisation et n’a pas l’intention de distribuer les revenus issus des investissements qu’elle détient. Les autres catégories du Fonds procèdent soit par capitalisation, soit par distribution.
Vous pouvez obtenir le remboursement de vos parts dans le Fonds tout jour ouvrable bancaire à Dublin et Londres.
De plus amples informations figurent aux sections « Objectifs d’investissement » et « Politique d’investissement » du supplément relatif au Fonds (le « Supplément »). Sauf mention contraire dans le présent document, tous les termes et expressions définis dans le prospectus de la Société (le « Prospectus ») auront le même sens dans les présentes. | El fondo podrá invertir en algunos instrumentos derivados para adquirir exposición eficiente a las empresas subyacentes, lo que puede dar lugar a apalancamiento del fondo. La asignación de los activos del fondo la determinará exclusivamente el gestor de inversiones, y podrá variar en función de las condiciones de mercado. El fondo se gestiona
con un estilo de inversión de selección de títulos "bottom up" y está sujeto a un proceso riguroso de gestión del riesgo.
Cualquier empresa de Europa del Este puede ser objetivo de inversión, y la decisión sobre la exposición del fondo a un título, sector o territorio específicos corresponde en exclusiva al gestor de inversiones.
El fondo podrá emplear apalancamiento hasta un 100% de su valor liquidativo.
Los costes de operaciones de la cartera afectarán sustancialmente a la rentabilidad. Dichos costes se detraen de los activos del fondo.
La divisa base del fondo es el euro. Toda clase de acciones que no esté denominada en la divisa base tendrá cobertura cambiaria frente a la exposición en divisas entre la moneda de denominación de la clase y la divisa base del fondo.
Recomendación: este fondo debe considerarse una inversión a largo plazo.
Esta clase es una clase de acumulación y no tiene previsto distribuir los ingresos que obtenga de sus inversiones. Otras clases del fondo son de acumulación o de distribución. Las acciones del fondo pueden reembolsarse en cualquier día hábil bancario en Dublín y Londres.
Para más información, consulte las secciones "Objetivo de inversión" y "Política de inversión del suplemento del fondo (el "Suplemento"). Salvo que se definan aquí de otra forma, todos los términos y expresiones definidos en el folleto con respecto a la sociedad (el "Folleto") tienen el mismo significado en este documento. | Le Fonds peut investir dans certains instruments dérivés afin d’obtenir une exposition efficace aux entreprises sous-jacentes, ce qui pourrait exposer le Fonds à un effet de levier. L’allocation des actifs du Fonds sera déterminée par le Gestionnaire à son entière discrétion et peut varier en fonction des conditions du marché. Le Fonds est géré selon
une approche ascendante (« bottom-up ») de la sélection de titres et un processus de gestion des risques rigoureux.
Il peut investir dans toute entreprise d'Europe de l'Est et être exposé à tout titre, secteur ou territoire, à l'entière discrétion du gestionnaire.
Le Fonds peut faire appel à l’effet de levier à hauteur de 100% de sa valeur d’inventaire nette.
Les frais de transaction du portefeuille auront un impact significatif sur la performance. Ces frais sont déduits de l’actif du Fonds.
La devise de référence du Fonds est l’euro. Toute catégorie de parts libellée dans une devise autre que la devise de référence sera couverte contre le risque de change entre la devise de libellé de la catégorie et la devise de référence du fonds.
Recommandation : ce Fonds doit être considéré comme un placement à long terme. Cette Catégorie est une catégorie de capitalisation et n’a pas l’intention de distribuer les revenus issus des investissements qu’elle détient. Les autres catégories du Fonds procèdent soit par capitalisation, soit par distribution.
Vous pouvez obtenir le remboursement de vos parts dans le Fonds tout jour ouvrable bancaire à Dublin et Londres.
De plus amples informations figurent aux sections « Objectifs d’investissement » et « Politique d’investissement » du supplément relatif au Fonds (le « Supplément »). Sauf mention contraire dans le présent document, tous les termes et expressions définis dans le prospectus de la Société (le « Prospectus ») auront le même sens dans les présentes. | fr | es |
DOLFIN7645 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# European Economic Risk
In recent years, European financial markets have periodically experienced volatility and been adversely affected by concerns about government debt levels, credit rating downgrades, and or restructuring of, government debt. There have been concerns that certain Member States within the Eurozone may default on meet their debt obligations or funding requirements. These states may be reliant on continuing assistance from other governments and institutions and/or multilateral agencies and offices, and could be detrimentally affected by any change in or withdrawal of such assistance. Any sovereign default is likely to have adverse consequences for the Member State concerned, the Eurozone and the wider world economy.
It is possible that one or more Member States within the Eurozone could at some point exit the Euro and return to a national currency and/or that the Euro will cease to exist as a single currency in its current form. The effects of a Member State’s exit from the Euro are impossible to predict, but are likely to be
negative, and may include, without limitation, flight of capital from perceived weaker countries to stronger countries in the EU, default on the exiting state’s domestic debt, collapse of its domestic banking system, seizure of cash or assets, imposition of capital controls that may discriminate in particular against foreigners’ asset holdings, and political or civil unrest. The exit of any country from the Euro is likely to have an extremely destabilising effect on all Eurozone countries and their economies and a negative effect the global economy as a whole.
Events of this nature could have an adverse impact on the Fund including, among other things, causing extreme fluctuations in the value and exchange rate of the euro, market disruption, governmental intervention, and difficulties in valuing assets, obtaining funding or credit, transacting business with counterparties and managing investment risk. | # Risque économique européen
Ces dernières années, les marchés financiers européens ont connu des périodes de volatilité et ont été affectés par les inquiétudes suscitées par le niveau élevé des dettes publiques, la baisse des notations de crédit et la restructuration de ces dettes. Des doutes sont apparus sur le fait que certains États membres au sein de la zone euro pourraient faire défaut ou que leurs besoins de financement ne soient pas satisfaits. Ces États peuvent être tributaires du maintien d’aides fournies par d’autres gouvernements, institutions et/ou agences et organismes multilatéraux, et pourraient pâtir d’une modification ou d’un retrait éventuel de celles-ci. Toute situation de défaut concernant un emprunteur souverain est susceptible d’avoir des conséquences néfastes pour l’État membre concerné, la zone euro et l’ensemble de l’économie mondiale.
Il est possible que certains États membres de la zone euro quittent l’euro pour revenir à leur monnaie nationale, et/ou que l’euro cesse d’exister en tant que monnaie unique sous sa forme actuelle. Les effets de la sortie d’un État membre de l’euro sont imprévisibles, mais seraient probablement négatifs et pourraient notamment inclure, la fuite des capitaux des pays perçus comme plus faibles vers les économies les plus solides au sein de l’UE, le défaut de paiement sur la dette intérieure de cet État, l’effondrement de son système bancaire, la saisie des liquidités ou des actifs, la mise en place de contrôles des capitaux susceptibles en particulier d’être discriminatoires à l’encontre des avoirs étrangers, ainsi que l’instabilité politique ou des troubles sociaux. La sortie de n’importe quel pays de l’euro pourrait avoir un effet extrêmement déstabilisant sur tous les pays de la zone euro et leurs économies et retentir sur l’économie mondiale dans son ensemble.
Les événements de cette nature pourraient avoir un impact défavorable sur le Fonds, et, notamment, provoquer des fluctuations extrêmes de la valeur et du taux de change de l’euro, une désorganisation du marché, l’intervention des gouvernements, et engendrer des difficultés en vue de valoriser les actifs, obtenir des financements ou du crédit, conclure des transactions avec des contreparties ou de gérer les risques inhérents à l’investissement. | # European Economic Risk
In recent years, European financial markets have periodically experienced volatility and been adversely affected by concerns about government debt levels, credit rating downgrades, and or restructuring of, government debt. There have been concerns that certain Member States within the Eurozone may default on meet their debt obligations or funding requirements. These states may be reliant on continuing assistance from other governments and institutions and/or multilateral agencies and offices, and could be detrimentally affected by any change in or withdrawal of such assistance. Any sovereign default is likely to have adverse consequences for the Member State concerned, the Eurozone and the wider world economy.
It is possible that one or more Member States within the Eurozone could at some point exit the Euro and return to a national currency and/or that the Euro will cease to exist as a single currency in its current form. The effects of a Member State’s exit from the Euro are impossible to predict, but are likely to be
negative, and may include, without limitation, flight of capital from perceived weaker countries to stronger countries in the EU, default on the exiting state’s domestic debt, collapse of its domestic banking system, seizure of cash or assets, imposition of capital controls that may discriminate in particular against foreigners’ asset holdings, and political or civil unrest. The exit of any country from the Euro is likely to have an extremely destabilising effect on all Eurozone countries and their economies and a negative effect the global economy as a whole.
Events of this nature could have an adverse impact on the Fund including, among other things, causing extreme fluctuations in the value and exchange rate of the euro, market disruption, governmental intervention, and difficulties in valuing assets, obtaining funding or credit, transacting business with counterparties and managing investment risk. | en | fr |
DOLFIN7646 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La Société a déposé une demande d’inscription au nouveau régime de « fonds déclarant » britannique pour tous les Compartiments et Catégories d’Actions qui sont enregistrés au Royaume-Uni. Tous ces Compartiments et Catégories d’Actions ont été certifiés en tant que « fonds déclarants britanniques » par les autorités fiscales britanniques pour la période comptable entamée le 1er octobre 2010 ou, si ultérieurement, à la date à laquelle la distribution du Compartiment ou de la Catégorie d’Actions à des Actionnaires britanniques a été enregistrée pour la première fois. Le statut de fonds déclarant s’appliquera à toutes les périodes comptables futures, sous réserve du respect des exigences de déclaration annuelle imposées par le droit fiscal britannique. Les montants des revenus à déclarer sont en général disponibles six mois après la date de clôture de l’exercice annuel.
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# État des modifications des investissements | La Sociedad ha solicitado la entrada en el nuevo régimen de fondos “United Kingdom Reporting Fund” (Fondo informante del Reino Unido) con respecto a todos los subfondos y clases de Acciones registrados en el Reino Unido. Todos esos subfondos y clases de Acciones han sido declarados como “Fondos informantes del Reino Unido” por la HM Revenue & Customs con respecto al periodo contable iniciado el 1 de octubre de 2010 o, si fuese más tarde, la fecha en la que el subfondo o clase de Acciones se haya registrado por primera vez para su distribución a Accionistas residentes en el Reino Unido. La condición de fondo informante también se aplicará a todos los periodos contables futuros, con arreglo al cumplimiento de los requisitos de información anual establecidos en la normativa fiscal del Reino Unido. Las cifras de beneficios que deben presentarse están disponibles generalmente seis meses después del cierre del ejercicio.
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# Estado de variaciones de las inversiones | La Société a déposé une demande d’inscription au nouveau régime de « fonds déclarant » britannique pour tous les Compartiments et Catégories d’Actions qui sont enregistrés au Royaume-Uni. Tous ces Compartiments et Catégories d’Actions ont été certifiés en tant que « fonds déclarants britanniques » par les autorités fiscales britanniques pour la période comptable entamée le 1er octobre 2010 ou, si ultérieurement, à la date à laquelle la distribution du Compartiment ou de la Catégorie d’Actions à des Actionnaires britanniques a été enregistrée pour la première fois. Le statut de fonds déclarant s’appliquera à toutes les périodes comptables futures, sous réserve du respect des exigences de déclaration annuelle imposées par le droit fiscal britannique. Les montants des revenus à déclarer sont en général disponibles six mois après la date de clôture de l’exercice annuel.
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# État des modifications des investissements | fr | es |
DOLFIN7647 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Fund’s investments will be limited to investments permitted by the UCITS Regulations. The Fund may invest up to 70% of its net asset value in debt securities issued by Emerging Market Countries. The Fund may invest up to 30% of its net asset value in debt securities rated below BBB- by S&P, below Baa3 by Moody’s or below BBB- by Fitch or, if unrated, deemed to be of comparable quality by the Investment Manager. The Fund may invest in Money Market Instruments including in money market UCITS or eligible collective investment schemes denominated in US Dollars. Investments made in units or shares of UCITS and / or eligible collective investment schemes may not in aggregate exceed 10% of the net asset value of the Fund.
The Fund may invest (whether for investment purposes or the purposes of efficient portfolio management) in certain types of FDIs as described in the “Investment Techniques and Instruments and Financial Derivative Instruments” section of the Prospectus, including currency forwards transactions (including deliverable and non-deliverable forwards), currency futures transactions, enter into forward purchase settlement transactions, and repurchase agreement transactions, interest rate swaps, interest rate futures, credit default swaps, TRS and borrow cash up to 10% of its net assets on a secured or unsecured basis provided that such borrowings are made only on a temporary basis.
Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund Series 3
The Fund’s investment objective is to generate income through a diversified portfolio of developed and Emerging Market Countries’ fixed income debt securities such as freely transferable promissory notes, debentures, fixed and floating rate bonds, zero coupon bonds, non-convertible notes, credit-linked notes, commercial paper, certificates of deposit, and bankers’ acceptances; and repurchase agreements with debt securities as the underlying instruments (for efficient portfolio management purposes only); STRIPS and inflation index-linked securities; denominated in US Dollars and a variety of other currencies, issued by sovereign, quasi-sovereign, supranational and corporate issuers that are listed or traded on Regulated Markets. At the time of purchase, the Fund may invest up to 80% of its net asset value in debt securities issued by Emerging Market Countries. The Fund has a limited maturity and will mature on or around 30 September 2023 or such other later date as the Directors shall notify to Shareholders.
The Fund may invest in money market instruments including in money market UCITS or eligible collective investment schemes within the meaning of Regulation 68(1)(e) of the UCITS Regulations denominated in US Dollars. Investments made in units or shares of UCITS and / or eligible collective investment schemes may not in aggregate exceed 10% of the net asset value of the Fund.
The Fund may invest (whether for investment purposes or the purposes of efficient portfolio management) in certain types of FDIs within the limits set out in the “Investment Restrictions” section of the Prospectus, as described in the “Investment Techniques and Instruments and Financial Derivative Instruments” section of the Prospectus, including currency forwards transactions (including deliverable and non-deliverable forwards) and credit default swaps, and borrow cash up to 10% of its net assets on a secured or unsecured basis provided that such borrowings are made only on a temporary basis. A risk management process has been submitted to the Central Bank. The use of such FDI is not expected to affect the Fund’s over-all risk profile.
- Use of Financial Derivative Instruments and Efficient Portfolio ManagementSubject to the conditions and within the limits from time to time laid down by the Central Bank, and except where otherwise stated in the investment objective and policies of a Fund in the relevant Fund supplement, a Fund may engage in transactions in FDIs, whether for efficient portfolio management purposes (i.e., hedging, reducing risks or costs, or increasing capital or income returns) or investment purposes. A list of the Regulated Markets on which the FDIs may be quoted or traded is set out in Schedule II of the Prospectus. A Fund may invest in FDIs under the terms and criteria contained in the Prospectus of the Company and its supplements. | Las inversiones del Fondo se limitarán a las inversiones permitidas por el Reglamento sobre OICVM. El Fondo podrá invertir ha sta un 70 % de su valor liquidativo en títulos de deuda emitidos por Países de Mercados Emergentes. El Fondo podrá invertir hasta un 30 % de su valor liquidativo en títulos de deuda calificados por debajo de BBB- por S&P, por debajo de Baa3 por Moody’s o por debajo de BBB- por Fitch o, si no están calificados, que el Gestor de Inversiones considere de calidad comparable. El Fondo podrá invertir en Instrumentos del Mercado Monetario, incluidos los OICVM del mercado monetario o los planes de inversión colectiva admisibles denominados en dólares estadounidenses. Las inversiones realizadas en unidades o acciones de OICVM y/o en planes de inversión colectiva admisibles no podrán exceder en conjunto el 10 % del valor liquidativo del Fondo.
El Fondo podrá invertir (ya sea con fines de inversión o de gestión eficiente de la cartera) en determinados tipos de FDI tal y como se describe en la sección “Técnicas e Instrumentos de Inversión e Instrumentos Financieros Derivados” del Folleto, incluidas las transacciones de divisas a plazo (incluidos los contratos a plazo entregables y no entregables), las transacciones de futuros de divisas, entrar en transacciones de liquidación de compra a plazo, y transacciones de acuerdo de recompra, swaps de tipos de interés, los futuro s sobre tipos de interés, los swaps de impago de crédito, El TRS y toman prestado efectivo hasta un 10 % de sus activos netos de forma asegurada o no asegurada, siempre que dichos préstamos se realicen solo de forma temporal.
Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund Series 3
El objetivo de inversión del Fondo es generar ingresos a través de una cartera diversificada de valores de deuda de renta fija de países desarrollados y de mercados emergentes, como pagarés libremente transferibles, las obligaciones, de tipo fijo y variable, de cupón cero, las notas no convertibles, notas vinculadas al crédito, el papel comercial, certificados de depósito, y las aceptaciones de los banqueros; y acuerdos de recompra con títulos de deuda como instrumentos subyacentes (solo con fines de gestión eficiente de la cartera); valores vinculados a índices de inflación y STRIPS; denominados en dólares estadounidenses y una variedad de otras divisas, emitidos por la deuda soberana, casi soberano, emisor es supranacionales y corporativos que coticen o se negocien en Mercados Regulados. En el momento de la compra, el Fondo podrá invertir hasta el 80 % de su valor liquidativo en títulos de deuda emitidos por Países de Mercados Emergentes. El Fondo tiene un vencimiento limitado y vencerá en torno al 30 de septiembre de 2023 o en cualquier otra fecha posterior que los Consejeros notifiquen a los Accionistas.
El Fondo podrá invertir en instrumentos del mercado monetario, incluidos los OICVM del mercado monetario o los planes de inve rsión colectiva admisibles, en el sentido del Artículo 68(1)(e) del Reglamento sobre OICVM denominado en dólares estadounidenses. Las inversiones realizadas en unidades o acciones de OICVM y/o en planes de inversión colectiva admisibles no podrán exceder en conjunto el 10 % del valor liquidativo del Fondo.
El Fondo podrá invertir (ya sea con fines de inversión o de gestión eficiente de la cartera) en determinados tipos de FDI dentro de los límites establecidos en la sección “Res tricciones de Inversión” del Folleto, como se describe en la sección “Técnicas e Instrumentos de Inversión e Instrumentos Financieros Derivados” del Folleto, como transacciones de contratos a plazo de divisas (incluidos contratos a plazo de entrega y no entregables) y swaps de incumplimiento de crédito, y tomar prestado efectivo hasta el 10 % de sus activos netos de forma asegurada o no garantizada siempre que dichos préstamos se realicen solo de forma temporal. Se ha enviado un proceso de gestión de riesgos al Banco Central. No se e spera que el uso de dicho FDI afecte al perfil de riesgo general del Fondo.
- Uso de instrumentos financieros derivados y gestión eficiente de la carteraCon sujeción a las condiciones y dentro de los límites establecidos en cualquier momento por el Banco Central, y salvo que se establezca otra cosa en los objetivos y las políticas de inversión de un Fondo en el suplemento correspondiente, un Fondo podrá realizar operaciones con IFD, ya sea con el fin de lograr una gestión eficaz de la cartera (es decir, con fines de cobertura, reducción de los riesgos o incremento del capital o de los rendimientos) o con fines de inversión. En el Anexo II del Folleto se incluye una lista de los Mercados Regulados en los que pueden cotizar o negociarse los IFD. Un Fondo podrá invertir en IFD conforme a las condiciones y los criterios que se establecen en el Folleto de la Sociedad y sus suplementos. | The Fund’s investments will be limited to investments permitted by the UCITS Regulations. The Fund may invest up to 70% of its net asset value in debt securities issued by Emerging Market Countries. The Fund may invest up to 30% of its net asset value in debt securities rated below BBB- by S&P, below Baa3 by Moody’s or below BBB- by Fitch or, if unrated, deemed to be of comparable quality by the Investment Manager. The Fund may invest in Money Market Instruments including in money market UCITS or eligible collective investment schemes denominated in US Dollars. Investments made in units or shares of UCITS and / or eligible collective investment schemes may not in aggregate exceed 10% of the net asset value of the Fund.
The Fund may invest (whether for investment purposes or the purposes of efficient portfolio management) in certain types of FDIs as described in the “Investment Techniques and Instruments and Financial Derivative Instruments” section of the Prospectus, including currency forwards transactions (including deliverable and non-deliverable forwards), currency futures transactions, enter into forward purchase settlement transactions, and repurchase agreement transactions, interest rate swaps, interest rate futures, credit default swaps, TRS and borrow cash up to 10% of its net assets on a secured or unsecured basis provided that such borrowings are made only on a temporary basis.
Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund Series 3
The Fund’s investment objective is to generate income through a diversified portfolio of developed and Emerging Market Countries’ fixed income debt securities such as freely transferable promissory notes, debentures, fixed and floating rate bonds, zero coupon bonds, non-convertible notes, credit-linked notes, commercial paper, certificates of deposit, and bankers’ acceptances; and repurchase agreements with debt securities as the underlying instruments (for efficient portfolio management purposes only); STRIPS and inflation index-linked securities; denominated in US Dollars and a variety of other currencies, issued by sovereign, quasi-sovereign, supranational and corporate issuers that are listed or traded on Regulated Markets. At the time of purchase, the Fund may invest up to 80% of its net asset value in debt securities issued by Emerging Market Countries. The Fund has a limited maturity and will mature on or around 30 September 2023 or such other later date as the Directors shall notify to Shareholders.
The Fund may invest in money market instruments including in money market UCITS or eligible collective investment schemes within the meaning of Regulation 68(1)(e) of the UCITS Regulations denominated in US Dollars. Investments made in units or shares of UCITS and / or eligible collective investment schemes may not in aggregate exceed 10% of the net asset value of the Fund.
The Fund may invest (whether for investment purposes or the purposes of efficient portfolio management) in certain types of FDIs within the limits set out in the “Investment Restrictions” section of the Prospectus, as described in the “Investment Techniques and Instruments and Financial Derivative Instruments” section of the Prospectus, including currency forwards transactions (including deliverable and non-deliverable forwards) and credit default swaps, and borrow cash up to 10% of its net assets on a secured or unsecured basis provided that such borrowings are made only on a temporary basis. A risk management process has been submitted to the Central Bank. The use of such FDI is not expected to affect the Fund’s over-all risk profile.
- Use of Financial Derivative Instruments and Efficient Portfolio ManagementSubject to the conditions and within the limits from time to time laid down by the Central Bank, and except where otherwise stated in the investment objective and policies of a Fund in the relevant Fund supplement, a Fund may engage in transactions in FDIs, whether for efficient portfolio management purposes (i.e., hedging, reducing risks or costs, or increasing capital or income returns) or investment purposes. A list of the Regulated Markets on which the FDIs may be quoted or traded is set out in Schedule II of the Prospectus. A Fund may invest in FDIs under the terms and criteria contained in the Prospectus of the Company and its supplements. | en | es |
DOLFIN7648 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes.
FundPartner Solutions (Europe) S.A. n’effectue aucun paiement en votre faveur concernant ce Compartiment et vous serez toujours payé en cas de défaut de FundPartner Solutions (Europe) S.A..
Les actifs du Compartiment sont détenus par Pictet & Cie (Europe) S.A. et sont séparés des actifs des autres Compartiments du Fonds. Les actifs du Compartiment ne peuvent pas être utilisés pour payer les dettes d'autres Compartiments. | El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados.
FundPartner Solutions (Europe) S.A. no le efectúa ningún pago en relación con este Subfondo y usted cobraría de todos modos en caso de impago por parte de FundPartner Solutions (Europe) S.A..
Los activos del Subfondo se mantienen en Pictet & Cie (Europe) S.A. y están segregados de los activos de los demás Subfondos del Fondo. Los activos del Subfondo no pueden utilizarse para pagar las deudas de otros Subfondos. | Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes.
FundPartner Solutions (Europe) S.A. n’effectue aucun paiement en votre faveur concernant ce Compartiment et vous serez toujours payé en cas de défaut de FundPartner Solutions (Europe) S.A..
Les actifs du Compartiment sont détenus par Pictet & Cie (Europe) S.A. et sont séparés des actifs des autres Compartiments du Fonds. Les actifs du Compartiment ne peuvent pas être utilisés pour payer les dettes d'autres Compartiments. | fr | es |
DOLFIN7649 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Management process
- The Fund is actively managed and does not use a benchmark for portfolio construction, risk management or performance assessment purposes.
- Our investment team will seek to reduce the risk of losses and the expected change (as measured by annual volatility) in the value of the Fund is not ordinarily expected to exceed 7.5%.
- If the Fund's assets fall below USD 100m or if the Fund's Investment Objective can no longer be met, the Board of Directors may decide to liquidate the Fund.
- It is intended that the Fund will be liquidated when it reaches its Maturity Date on 02 October 2023.
- abrdn integrate environmental, social and governance (ESG) considerations within the investment process. Details of the Fixed Income ESG Integration Approach are published at www.abrdn.com under "Sustainable Investing". | # Processo di gestione
- Il fondo è gestito attivamente e non utilizza un benchmark per la costruzione del portafoglio, per la gestione del rischio o per la valutazione della performance.
- Il nostro team d’investimento punta a ridurre il rischio di perdite; in circostanze ordinarie, la variazione di valore nel lungo periodo attesa per il fondo (derivata dalla volatilità annuale) non supera il 7,5%.
- Se gli attivi del fondo scendono al di sotto di USD 100 milioni o se l'obiettivo d'investimento non può più essere raggiunto, il Consiglio di amministrazione può decidere di liquidare il fondo.
- Il fondo verrà liquidato alla data di scadenza, il 2 ottobre 2023.
- Il processo di investimento di abrdn integra considerazioni di carattere ambientale, sociale e di governance (ESG).
Dettagli dell'approccio di integrazione ESG Fixed Income sono pubblicati all'indirizzo www.abrdn.com alla voce “Investimento sostenibile”. | # Management process
- The Fund is actively managed and does not use a benchmark for portfolio construction, risk management or performance assessment purposes.
- Our investment team will seek to reduce the risk of losses and the expected change (as measured by annual volatility) in the value of the Fund is not ordinarily expected to exceed 7.5%.
- If the Fund's assets fall below USD 100m or if the Fund's Investment Objective can no longer be met, the Board of Directors may decide to liquidate the Fund.
- It is intended that the Fund will be liquidated when it reaches its Maturity Date on 02 October 2023.
- abrdn integrate environmental, social and governance (ESG) considerations within the investment process. Details of the Fixed Income ESG Integration Approach are published at www.abrdn.com under "Sustainable Investing". | en | it |
DOLFIN7650 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Risks of the Fund’s limited or increased liquidity in relation to multiple subscriptions or redemptions (liquidity risk)
The risks that may have a negative impact on the Fund’s liquidity are shown below. This may lead to the Fund not being able to meet its payment obligations temporarily or permanently and to the Com- pany not being able to meet the redemption requests of investors temporarily or permanently. Investors may not be able to hold their investment for the length of time envisaged and the invested capital or parts thereof may not be available to the investors for an indefinite period. The materialisation of li- quidity risks may also cause a decrease in the value of the Fund’s assets and thereby a decrease in the unit value, for example, if the Company were forced to sell assets on behalf of the Fund, at less than their market value, to the extent legally permitted. If the Company is unable to meet the redemption requests of the investors, this may also result in the suspension of the redemption and, in extreme cases, in the subsequent liquidation of the Fund.
## Risk associated with investing in assets
Assets that are neither admitted to a stock exchange nor admitted to an organised market nor included in this market may also be acquired for the Fund. These assets may only be sold on at significant price discounts, with a time delay or not at all. Even assets admitted to a stock exchange may, depending on the market situation, volume, time frame and planned costs, be sold only at high price discounts or not sold at all. Although it is only possible to acquire assets for the Fund that can, in principle, be liquidated at any time, it cannot be ruled out that they can only be sold temporarily or permanently whilst realising losses.
## Risk from borrowing
The Company may take out loans on behalf of the Fund. Variable-interest loans may have a negative impact on the Fund’s assets in the event of rising interest rates. If the Company has to pay back a loan and may not offset it with follow-up financing or the liquidity of the Fund, it may be forced to sell assets prematurely or at worse conditions than planned.
## Risks associated with increased volumes of redemptions or subscriptions
Investor buying and selling orders add liquidity to or remove it from the Fund's assets. These inflows and outflows may result in a net inflow or outflow from the Fund's liquid assets after netting, which may cause the fund manager to buy or sell assets, resulting in transaction costs. This applies in particular if the inflows and outflows exceed or do not reach the limit set for the Fund by the Company. The resulting transaction costs are charged to the Fund's assets and may adversely affect the Fund's per- formance. For inflows, increased Fund liquidity may adversely affect the Fund's performance if the Company cannot invest the funds under appropriate conditions. | # Risiken der eingeschränkten oder erhöhten Liquidität des Fonds im Zu- sammenhang mit vermehrten Zeichnungen oder Rückgaben (Liquiditäts- risiko)
Nachfolgend werden die Risiken dargestellt, die die Liquidität des Fonds beeinträchtigen können. Dies kann dazu führen, dass der Fonds seinen Zahlungsverpflichtungen vorübergehend oder dauerhaft nicht nachkommen kann bzw. dass die Gesellschaft die Rückgabeverlangen von Anlegern vorüberge- hend oder dauerhaft nicht erfüllen kann. Der Anleger kann gegebenenfalls die von ihm geplante Hal- tedauer nicht realisieren und ihm kann das investierte Kapital oder Teile hiervon für unbestimmte Zeit nicht zur Verfügung stehen. Durch die Verwirklichung der Liquiditätsrisiken könnte zudem der Wert des Fondsvermögens und damit der Anteilwert sinken, etwa wenn die Gesellschaft gezwungen ist, soweit gesetzlich zulässig, Vermögensgegenstände für den Fonds unter Verkehrswert zu veräußern. Ist die Gesellschaft nicht in der Lage, die Rückgabeverlangen der Anleger zu erfüllen, kann dies au- ßerdem zur Aussetzung der Rücknahme und im Extremfall zur anschließenden Auflösung des Fonds führen.
## Risiko aus der Anlage in Vermögensgegenstände
Für den Fonds dürfen auch Vermögensgegenstände erworben werden, die nicht an einer Börse zuge- lassen oder an einen anderen organisierten Markt zugelassen oder in diesen einbezogen sind. Diese Vermögensgegenstände können gegebenenfalls nur mit hohen Preisabschlägen, zeitlicher Verzöge- rung oder gar nicht weiterveräußert werden. Auch an einer Börse zugelassene Vermögensgegenstän- de können abhängig von der Marktlage, dem Volumen, dem Zeitrahmen und den geplanten Kosten gegebenenfalls nicht oder nur mit hohen Preisabschlägen veräußert werden. Obwohl für den Fonds nur Vermögensgegenstände erworben werden dürfen, die grundsätzlich jederzeit liquidiert werden können, kann nicht ausgeschlossen werden, dass diese zeitweise oder dauerhaft nur unter Realisie- rung von Verlusten veräußert werden können.
## Risiko durch Kreditaufnahme
Die Gesellschaft darf für Rechnung des Fonds Kredite aufnehmen. Kredite mit einer variablen Verzin- sung können sich durch steigende Zinssätze negativ auf das Fondsvermögen auswirken. Muss die Gesellschaft einen Kredit zurückzahlen und kann ihn nicht durch eine Anschlussfinanzierung oder im Fonds vorhandene Liquidität ausgleichen, ist sie möglicherweise gezwungen, Vermögensgegenstände vorzeitig oder zu schlechteren Konditionen als geplant zu veräußern.
## Risiken durch vermehrte Rückgaben oder Zeichnungen
Durch Kauf- und Verkaufsaufträge von Anlegern fließt dem Fondsvermögen Liquidität zu oder vom Fondsvermögen Liquidität ab. Die Zu- und Abflüsse können nach Saldierung zu einem Nettozu- oder - abfluss der liquiden Mittel des Fonds führen. Dieser Nettozu- oder -abfluss kann den Fondsmanager veranlassen, Vermögensgegenstände zu kaufen oder zu verkaufen, wodurch Transaktionskosten ent- stehen. Dies gilt insbesondere, wenn durch die Zu- oder Abflüsse eine von der Gesellschaft für den Fonds vorgesehene Quote liquider Mittel über- bzw. unterschritten wird. Die hierdurch entstehenden Transaktionskosten werden dem Fondsvermögen belastet und können die Wertentwicklung des Fonds beeinträchtigen. Bei Zuflüssen kann sich eine erhöhte Fondsliquidität belastend auf die Wert- entwicklung des Fonds auswirken, wenn die Gesellschaft die Mittel nicht zu adäquaten Bedingungen anlegen kann. | # Risks of the Fund’s limited or increased liquidity in relation to multiple subscriptions or redemptions (liquidity risk)
The risks that may have a negative impact on the Fund’s liquidity are shown below. This may lead to the Fund not being able to meet its payment obligations temporarily or permanently and to the Com- pany not being able to meet the redemption requests of investors temporarily or permanently. Investors may not be able to hold their investment for the length of time envisaged and the invested capital or parts thereof may not be available to the investors for an indefinite period. The materialisation of li- quidity risks may also cause a decrease in the value of the Fund’s assets and thereby a decrease in the unit value, for example, if the Company were forced to sell assets on behalf of the Fund, at less than their market value, to the extent legally permitted. If the Company is unable to meet the redemption requests of the investors, this may also result in the suspension of the redemption and, in extreme cases, in the subsequent liquidation of the Fund.
## Risk associated with investing in assets
Assets that are neither admitted to a stock exchange nor admitted to an organised market nor included in this market may also be acquired for the Fund. These assets may only be sold on at significant price discounts, with a time delay or not at all. Even assets admitted to a stock exchange may, depending on the market situation, volume, time frame and planned costs, be sold only at high price discounts or not sold at all. Although it is only possible to acquire assets for the Fund that can, in principle, be liquidated at any time, it cannot be ruled out that they can only be sold temporarily or permanently whilst realising losses.
## Risk from borrowing
The Company may take out loans on behalf of the Fund. Variable-interest loans may have a negative impact on the Fund’s assets in the event of rising interest rates. If the Company has to pay back a loan and may not offset it with follow-up financing or the liquidity of the Fund, it may be forced to sell assets prematurely or at worse conditions than planned.
## Risks associated with increased volumes of redemptions or subscriptions
Investor buying and selling orders add liquidity to or remove it from the Fund's assets. These inflows and outflows may result in a net inflow or outflow from the Fund's liquid assets after netting, which may cause the fund manager to buy or sell assets, resulting in transaction costs. This applies in particular if the inflows and outflows exceed or do not reach the limit set for the Fund by the Company. The resulting transaction costs are charged to the Fund's assets and may adversely affect the Fund's per- formance. For inflows, increased Fund liquidity may adversely affect the Fund's performance if the Company cannot invest the funds under appropriate conditions. | en | de |
DOLFIN7651 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Ireland has implemented the “Standard for Automatic Exchange of Financial Account Information”, also known as the Common Reporting Standard (“CRS”), into Irish law.
The CRS is a single global standard on Automatic Exchange of Information (“AEOI”) which was approved by the Council of the OECD in July 2014. It draws on earlier work of the OECD and the EU, global anti- money laundering standards and, in particular, the Model FATCA Intergovernmental Agreement. It draws on earlier work of the OECD and the EU, global anti-money laundering standards and, in particular, the Model FATCA Intergovernmental Agreement. The CRS sets out details of the financial information to be exchanged, the financial institutions required to report, together with common due diligence standards to be followed by financial institutions.
Under the CRS, participating jurisdictions are required to exchange certain information held by financial institutions regarding their non-resident customers. To comply with its obligations under the CRS (or similar information sharing arrangements), the Company may require additional information and documentation from Shareholders. The Company may disclose the information, certifications or other documentation that they receive from or in relation to Shareholders to the Revenue Commissioners of Ireland who may in turn exchange this information with tax authorities in other territories.
By subscribing for Shares in the Company, each Shareholder is agreeing to provide such information upon request from the Company or its delegate. Shareholders refusing to provide the requisite information to the Company may be reported to the Irish tax authorities or other parties as necessary to comply with the CRS.
The above description is based in part on regulations, guidance from the OECD and the CRS, all of which are subject to change. Each prospective investor should consult their own tax adviser on the requirements applicable to their own situation under these arrangements. | ## L’Irlande a transposé la Norme d’échange automatique d’informations relatives aux comptes financiers », aussi appelée Norme commune de déclaration (« NCD ») dans le droit irlandais.
La NCD est une norme unique et mondiale d’Échange automatique d’informations (« EAI ») approuvée par le Conseil de l’OCDE de juillet 2014. Elle s’inspire des travaux précédents de l’OCDE et de l’UE, de normes de lutte contre le blanchiment de capitaux et, surtout, de l’accord intergouvernemental FATCA. Elle s’inspire des travaux précédents de l’OCDE et de l’UE, de normes de lutte contre le blanchiment de capitaux et, surtout, de l’accord intergouvernemental FATCA. La NCD détaille les informations financières devant être échangées, les institutions financières tenues de les déclarer, ainsi que les normes communes de diligence raisonnable que doivent respecter les institutions financières.
En vertu de la NCD, les juridictions participantes sont tenues d’échanger certaines informations détenues par des institutions financières et concernant leurs clients non-résidents. Pour se conformer à ses obligations en vertu de la NCD (ou aux accords de partage d’informations similaires), la Société peut exiger des informations et des documents supplémentaires de la part des Actionnaires. La Société peut diffuser les informations, certifications ou autres documents qu’elle reçoit de la part des Actionnaires ou à leur sujet à la Direction irlandaise des impôts qui peut à son tour échanger ces informations avec les autorités fiscales d’autres territoires.
En souscrivant à des Actions de la Société, chaque Actionnaire consent à fournir ces informations sur demande de la Société ou de son délégué. Les Actionnaires qui refusent de fournir les informations nécessaires à la Société peuvent être déclarés aux autorités fiscales irlandaises ou à d’autres parties si nécessaire, afin de se conformer à la NCD.
La description ci-dessus se base en partie sur la réglementation et les directives de l’OCDE et la NCD, toutes susceptibles d’être modifiées. Tous les investisseurs potentiels sont invités à consulter leur propre conseiller fiscal au sujet des exigences qui s’appliquent à leur propre situation au titre de ces accords. | ## Ireland has implemented the “Standard for Automatic Exchange of Financial Account Information”, also known as the Common Reporting Standard (“CRS”), into Irish law.
The CRS is a single global standard on Automatic Exchange of Information (“AEOI”) which was approved by the Council of the OECD in July 2014. It draws on earlier work of the OECD and the EU, global anti- money laundering standards and, in particular, the Model FATCA Intergovernmental Agreement. It draws on earlier work of the OECD and the EU, global anti-money laundering standards and, in particular, the Model FATCA Intergovernmental Agreement. The CRS sets out details of the financial information to be exchanged, the financial institutions required to report, together with common due diligence standards to be followed by financial institutions.
Under the CRS, participating jurisdictions are required to exchange certain information held by financial institutions regarding their non-resident customers. To comply with its obligations under the CRS (or similar information sharing arrangements), the Company may require additional information and documentation from Shareholders. The Company may disclose the information, certifications or other documentation that they receive from or in relation to Shareholders to the Revenue Commissioners of Ireland who may in turn exchange this information with tax authorities in other territories.
By subscribing for Shares in the Company, each Shareholder is agreeing to provide such information upon request from the Company or its delegate. Shareholders refusing to provide the requisite information to the Company may be reported to the Irish tax authorities or other parties as necessary to comply with the CRS.
The above description is based in part on regulations, guidance from the OECD and the CRS, all of which are subject to change. Each prospective investor should consult their own tax adviser on the requirements applicable to their own situation under these arrangements. | en | fr |
DOLFIN7652 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Manager has delegated responsibility for the investment and re-investment of the assets of each of the Sub-Funds (save AXA IM Eurobloc Equity) to AXA Investment Managers UK Limited pursuant to the investment management agreement described in Section
9.4.1 (“Material Contracts”).
The Investment Manager is also the promoter of the Fund.
The Investment Manager was incorporated in England and Wales as a private limited company in 1979. Its ultimate holding company is AXA S.A., through AXA Investment Managers S.A. Both the holding and ultimate holding companies are incorporated in France. The principal activity of the Investment Manager is to act as a fund manager primarily for large institutional clients around the world, through both separate accounts and collective investment schemes. As of 30 September 2021 assets under investment management and advice of the Investment Manager totalled €879 billion. The Investment Manager is regulated in the UK by the FCA.
In making its investment decisions, the Investment Manager will have regard to any stock selection policies or restrictions agreed to by the Investment Manager and or its direct or indirect parent companies with regards to the holding of either individual securities or various categories or classes of securities.
The stock selection universe may also be modified as a result of any local regulatory limitations on stock holdings imposed as a result of the Manager offering units in the Fund in various jurisdictions.
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##### The Master Distributor | La Sociedad Gestora ha delegado la responsabilidad sobre la inversión y la reinversión de los activos de los Subfondos (salvo AXA
IM Eurobloc Equity) en AXA Investment Managers UK Limited con arreglo al contrato de gestión de inversiones descrito en el apartado 9.4.1 (“Contratos importantes”).
La Gestora de Inversiones es además la promotora del Fondo.
La Gestora de Inversiones se constituyó en Inglaterra y Gales como sociedad de responsabilidad limitada en 1979. Su sociedad tenedora matriz es AXA S.A., a través de AXA Investment Managers S.A. Tanto la sociedad de control como la tenedora matriz están constituidas en Francia. La principal actividad de la Gestora de Inversiones es actuar como gestora de fondos fundamentalmente para grandes clientes institucionales de todo el mundo, tanto mediante cuentas independientes como a través de planes de inversión colectiva. A 30 de septiembre de 2021, la Gestora de Inversiones gestionaba y asesoraba inversiones valoradas en unos 879.000 millones de euros. La Gestora de Inversiones está regulada en el Reino Unido por la FCA.
A la hora de tomar sus decisiones en materia de inversión, la Gestora de Inversiones tomará en consideración las políticas relativas a la selección de los valores o las restricciones acordadas por la Gestora de Inversiones y/o sus sociedades matrices directas o indirectas con respecto a la tenencia de valores concretos o de diferentes categorías o clases de valores.
El ámbito de la selección de los valores también se podrá modificar como consecuencia de las limitaciones de las normativas locales sobre la tenencia de valores impuestas como consecuencia de la oferta de Participaciones del Fondo en diferentes jurisdicciones por parte de la Sociedad Gestora.
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##### El Distribuidor Principal | The Manager has delegated responsibility for the investment and re-investment of the assets of each of the Sub-Funds (save AXA IM Eurobloc Equity) to AXA Investment Managers UK Limited pursuant to the investment management agreement described in Section
9.4.1 (“Material Contracts”).
The Investment Manager is also the promoter of the Fund.
The Investment Manager was incorporated in England and Wales as a private limited company in 1979. Its ultimate holding company is AXA S.A., through AXA Investment Managers S.A. Both the holding and ultimate holding companies are incorporated in France. The principal activity of the Investment Manager is to act as a fund manager primarily for large institutional clients around the world, through both separate accounts and collective investment schemes. As of 30 September 2021 assets under investment management and advice of the Investment Manager totalled €879 billion. The Investment Manager is regulated in the UK by the FCA.
In making its investment decisions, the Investment Manager will have regard to any stock selection policies or restrictions agreed to by the Investment Manager and or its direct or indirect parent companies with regards to the holding of either individual securities or various categories or classes of securities.
The stock selection universe may also be modified as a result of any local regulatory limitations on stock holdings imposed as a result of the Manager offering units in the Fund in various jurisdictions.
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##### The Master Distributor | en | es |
DOLFIN7653 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
These adjustments are normally applied on any Valuation Day when the total volume of trading in a Sub-Fund’s Shares (meaning both subscriptions and redemptions) exceeds a certain threshold. The adjustments will seek to reflect the anticipated prices at which the Sub-Fund will be buying and selling assets, as well as estimated transaction costs. The NAV will be adjusted upward when there are large cash net inflows into the Sub-Fund and downward when there are net large outflows. The SICAV Board has delegated to the Management Company all necessary powers to increase the maximum swing factor applied to Sub-Funds from 2% up to a maximum of 5% in exceptional market circumstances caused by the Covid-19 outbreak. The Management Company will promptly notify the SICAV Board and the CSSF in the event where swing factors increase beyond 2%. During the period, no Sub-Fund has applied a swing factor exceeding 2%. The swing factors typically include the estimated dealing costs, stamp duty and other taxes and market bid/offer spreads. The price adjustment applicable to a specific Sub-Fund is available on request from the Management Company at its registered office.
The Management Company makes, and periodically reviews, the operational decisions about swing pricing, including the thresholds that trigger it, the extent of the adjustment in each case, and which Sub-Funds will and will not be subject to swing pricing at any given time.
The official Net Asset Value per Share as at period end, disclosed in the Statistical Information section of this report may therefore include a swing pricing adjustment, which would not be recognised in the Combined Statement of Net Assets and in the Combined Statement of Operations and Changes in Net Assets.
During the period, the swing pricing mechanism was applied across all Sub-Funds except for JPMorgan Funds - Emerging Markets Diversified Equity Plus Fund due to net flows not reaching the swing threshold and JPMorgan Funds - EUR Money Market VNAV Fund, JPMorgan Funds - Global Multi-Strategy Income Fund and JPMorgan Funds - USD Money Market VNAV Fund, due to Prospectus restriction.
As at period end, Swing Pricing adjustments have not been applied to the Sub-Funds.
Similarly, in order to protect the interests of Shareholders in a Sub-Fund that is being merged, the Management Company may adjust the final Net Asset Value per Share of the merging Sub-Fund, or make other appropriate adjustments in order to neutralise for the Sub-Fund being merged, the impact of any pricing adjustment made through the swing pricing mechanism in the absorbing Sub-Fund as a result of cash inflows or outflows in the absorbing Sub-Fund on the merger date.
The Management Company may consider it appropriate not to apply the swing pricing adjustment to the Net Asset Value per Share of a Sub-Fund where it is seeking to attract inflows so that the Sub-Fund reaches a certain size. If a decision is taken in relation to a Sub-Fund the Management Company will pay the dealing and other costs resulting from securities trades to avoid the Sub-Fund suffering dilution of the net asset value. Where this happens shareholders will subscribe or redeem at a net asset value that will not have been adjusted upwards as would have been the case if the swing pricing mechanism had been applied.
- Realised and Unrealised Gains or Losses on InvestmentsInvestment transactions are accounted for on the trade date (the date the order to buy or sell is executed). For trades into other collective investment schemes, transactions are accounted for on receipt of the trade confirmation from the underlying transfer agents. | Estos ajustes se aplican normalmente en cualquier Día de Valoración en que el volumen total de negociación de las Acciones de un Subfondo (que incluye tanto suscripciones como reembolsos) supere cierto límite. Los ajustes tienen como objetivo reflejar los precios previstos a los que el Subfondo comprará y venderá activos, así como los costes previstos de las transacciones. El VL se ajustará al alza cuando se registren grandes entradas de efectivo neto en el Subfondo y a la baja cuando se produzcan grandes salidas. El Consejo de la SICAV delegó en la Sociedad gestora todas las facultades necesarias para incrementar el factor máximo de swing pricing aplicado a los Subfondos desde el 2% hasta un máximo del 5% en las circunstancias excepcionales de mercado provocadas por la COVID-19. La Sociedad gestora notificará inmediatamente al Consejo de la SICAV y la CSSF en el caso de que los factores de swing pricing se incrementen por encima del 2%. Durante el período, ningún Subfondo ha aplicado un factor de swing pricing superior al 2%. Los factores de swing pricing incluyen generalmente costes de negociación previstos, impuesto de timbre y otros impuestos, así como el diferencial entre el precio del comprador y el precio de vendedor en el mercado. El ajuste de precios aplicable a un Subfondo específico puede obtenerse, previa solicitud, en el domicilio social de la Sociedad gestora.
La Sociedad gestora toma las decisiones operativas (y las revisa periódicamente) sobre el ajuste mediante swing pricing, lo cual incluye los límites que activan su aplicación, el alcance del ajuste en cada caso y qué Subfondos estarán y no estarán sujetos al ajuste mediante swing pricing en un momento dado.
Así pues, el Valor de Activo Neto por Acción oficial al cierre del período, publicado en la sección Información Estadística del presente informe, puede incluir un ajuste de swing pricing no reconocido en el Estado consolidado del activo neto ni en el Estado consolidado de operaciones y variaciones del activo neto.
Durante el período, el mecanismo de swing pricing se aplicó en todos los Subfondos, excepto en JPMorgan Funds - Emerging Markets Diversified Equity Plus Fund, debido a que los flujos netos no alcanzan el límite para la aplicación de swing princing y JPMorgan Funds - EUR Money Market VNAV Fund, JPMorgan Funds - Global Multi-Strategy Income Fund y JPMorgan Funds - USD Money Market VNAV Fund, debido a restricción del Folleto.
Al cierre del período, no se aplicó el mecanismo de swing pricing a los Subfondos.
Del mismo modo, con el fin de proteger los intereses de los Accionistas de un Subfondo objeto de una fusión, la Sociedad gestora puede ajustar el Valor Liquidativo por Acción del Subfondo absorbido o realizar cualesquiera otros ajustes adecuados con el fin de neutralizar para el Subfondo absorbido la repercusión de todo ajuste de preciosaplicado mediante el mecanismo de swing pricing en el Subfondo absorbente como consecuencia de los flujos de entrada y salida de efectivo del Subfondo absorbente en la fecha de la fusión.
La Sociedad Gestora podría considerar oportuno no aplicar el mecanismo de ajuste de precios swingpricing al Valor de Activo Neto por Acción de un Subfondo cuando pretenda atraer entradas de fondos de manera que el Subfondo alcance un tamaño determinado. Si se toma una decisión en relación con un Subfondo, la Sociedad Gestora abonará los costes de negociación y de otro tipo derivados de las operaciones con títulos-valores a fin de evitar la dilución del Valor de Activo Neto del Subfondo. Cuando esto ocurra, los accionistas suscribirán o amortizarán al Valor de Activo Neto que no se haya ajustado al alza que hubiera correspondido si el mecanismo compensatorio de precios se hubiera aplicado.
- Plusvalías o minusvalías materializadas y latentes sobre inversionesLas operaciones de inversión se contabilizan en la fecha de la transacción (la fecha en que se ejecutó la orden de compra o de venta). En las negociaciones relativas a otros planes de inversión colectivos, las transacciones se contabilizan cuando se recibe confirmación de la negociación por parte de los agentes de transferencia subyacentes. | These adjustments are normally applied on any Valuation Day when the total volume of trading in a Sub-Fund’s Shares (meaning both subscriptions and redemptions) exceeds a certain threshold. The adjustments will seek to reflect the anticipated prices at which the Sub-Fund will be buying and selling assets, as well as estimated transaction costs. The NAV will be adjusted upward when there are large cash net inflows into the Sub-Fund and downward when there are net large outflows. The SICAV Board has delegated to the Management Company all necessary powers to increase the maximum swing factor applied to Sub-Funds from 2% up to a maximum of 5% in exceptional market circumstances caused by the Covid-19 outbreak. The Management Company will promptly notify the SICAV Board and the CSSF in the event where swing factors increase beyond 2%. During the period, no Sub-Fund has applied a swing factor exceeding 2%. The swing factors typically include the estimated dealing costs, stamp duty and other taxes and market bid/offer spreads. The price adjustment applicable to a specific Sub-Fund is available on request from the Management Company at its registered office.
The Management Company makes, and periodically reviews, the operational decisions about swing pricing, including the thresholds that trigger it, the extent of the adjustment in each case, and which Sub-Funds will and will not be subject to swing pricing at any given time.
The official Net Asset Value per Share as at period end, disclosed in the Statistical Information section of this report may therefore include a swing pricing adjustment, which would not be recognised in the Combined Statement of Net Assets and in the Combined Statement of Operations and Changes in Net Assets.
During the period, the swing pricing mechanism was applied across all Sub-Funds except for JPMorgan Funds - Emerging Markets Diversified Equity Plus Fund due to net flows not reaching the swing threshold and JPMorgan Funds - EUR Money Market VNAV Fund, JPMorgan Funds - Global Multi-Strategy Income Fund and JPMorgan Funds - USD Money Market VNAV Fund, due to Prospectus restriction.
As at period end, Swing Pricing adjustments have not been applied to the Sub-Funds.
Similarly, in order to protect the interests of Shareholders in a Sub-Fund that is being merged, the Management Company may adjust the final Net Asset Value per Share of the merging Sub-Fund, or make other appropriate adjustments in order to neutralise for the Sub-Fund being merged, the impact of any pricing adjustment made through the swing pricing mechanism in the absorbing Sub-Fund as a result of cash inflows or outflows in the absorbing Sub-Fund on the merger date.
The Management Company may consider it appropriate not to apply the swing pricing adjustment to the Net Asset Value per Share of a Sub-Fund where it is seeking to attract inflows so that the Sub-Fund reaches a certain size. If a decision is taken in relation to a Sub-Fund the Management Company will pay the dealing and other costs resulting from securities trades to avoid the Sub-Fund suffering dilution of the net asset value. Where this happens shareholders will subscribe or redeem at a net asset value that will not have been adjusted upwards as would have been the case if the swing pricing mechanism had been applied.
- Realised and Unrealised Gains or Losses on InvestmentsInvestment transactions are accounted for on the trade date (the date the order to buy or sell is executed). For trades into other collective investment schemes, transactions are accounted for on receipt of the trade confirmation from the underlying transfer agents. | en | es |
DOLFIN7654 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Actively and Passively Managed Funds
Each Fund will be either actively or passively managed. Passively managed Funds are designed to track and replicate the performance of a specified index as further disclosed in the relevant Supplement. Actively managed Funds will not follow a passive investment strategy and the Investment Advisor will apply investment techniques and risk analysis in making investment decisions for such Funds. Whether a Fund is actively or passively managed will be disclosed in the relevant Supplement. Prospective investors attention is drawn to the section of the Prospectus entitled “Portfolio Holdings Disclosure”.
Where referenced in the relevant Supplement, a benchmark may be used as part of the active management of a Fund including, but not limited to, for duration measurement, as a benchmark which the Fund seeks to outperform, performance comparison purposes and/or Relative VaR measurement. In such instances, certain of the Fund’s securities may be components of and may have similar weightings to the benchmark and the Fund may from time to time show a high degree of correlation with the performance of any such benchmark. However the benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the benchmark.
Unless otherwise referenced in the relevant Supplement, a benchmark shall not be used in the active management of a Fund. However, investors should note that a Fund may from time to time show a high degree of correlation with the performance of one or more financial indices not referenced in the Supplement. Such correlation may be coincidental or may arise because any such financial index may be representative of the asset class, market sector or geographic location in which the Fund is invested or uses a similar investment methodology to that used in managing the Fund.
TABLE OF CONTENTS | ##### Aktiv und passiv verwaltete Fonds
Jeder Fonds wird entweder aktiv oder passiv verwaltet. Passiv verwaltete Fonds sind darauf ausgelegt, die Performance eines bestimmten Index gemäß den Angaben im jeweiligen Nachtrag nachzubilden. Aktiv verwaltete Fonds verfolgen keine passive Anlagestrategie, und der Anlageberater wendet bei den Anlageentscheidungen für diese Fonds Anlagetechniken und Risikoanalysen an. Im jeweiligen Nachtrag ist angegeben, ob ein Fonds aktiv oder passiv verwaltet wird. Potenzielle Anleger werden auf den Abschnitt des Prospekts mit der Überschrift „Offenlegung der Portfoliobestände“ hingewiesen.
Wenn dies im entsprechenden Nachtrag angegeben ist, kann eine Benchmark als Teil der aktiven Verwaltung eines Fonds verwendet werden, insbesondere für die Messung der Duration, als Benchmark, die der Fonds übertreffen möchte, zu Zwecken des Wertentwicklungsvergleichs und/oder zur Messung des relativen VaR. In solchen Fällen können bestimmte Wertpapiere des Fonds Bestandteile der Benchmark sein und ähnliche Gewichtungen wie diese aufweisen, und der Fonds kann bisweilen einen hohen Grad an Korrelation mit der Wertentwicklung einer solchen Benchmark aufweisen. Allerdings wird die Benchmark nicht zur Definition der Portfoliozusammensetzung des Fonds verwendet und der Fonds kann vollständig in Wertpapieren investiert sein, die nicht Bestandteil der Benchmark sind.
Sofern im entsprechenden Nachtrag nicht anders angegeben, wird bei der aktiven Verwaltung eines Fonds keine Benchmark verwendet. Anleger werden jedoch darauf hingewiesen, dass ein Fonds bisweilen eine hohe Korrelation mit der Wertentwicklung eines oder mehrerer Finanzindizes haben kann, die im Nachtrag nicht angegeben sind. Eine solche Korrelation kann Zufall sein, oder sie kann dadurch entstehen, dass ein solcher Finanzindex möglicherweise repräsentativ für die Anlageklasse, den Marktsektor oder die geografische Region ist, in die bzw. in dem der Fonds investiert ist, oder eine ähnliche Anlagemethode wie der Fonds verwendet.
INHALTSVERZEICHNIS | ###### Actively and Passively Managed Funds
Each Fund will be either actively or passively managed. Passively managed Funds are designed to track and replicate the performance of a specified index as further disclosed in the relevant Supplement. Actively managed Funds will not follow a passive investment strategy and the Investment Advisor will apply investment techniques and risk analysis in making investment decisions for such Funds. Whether a Fund is actively or passively managed will be disclosed in the relevant Supplement. Prospective investors attention is drawn to the section of the Prospectus entitled “Portfolio Holdings Disclosure”.
Where referenced in the relevant Supplement, a benchmark may be used as part of the active management of a Fund including, but not limited to, for duration measurement, as a benchmark which the Fund seeks to outperform, performance comparison purposes and/or Relative VaR measurement. In such instances, certain of the Fund’s securities may be components of and may have similar weightings to the benchmark and the Fund may from time to time show a high degree of correlation with the performance of any such benchmark. However the benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the benchmark.
Unless otherwise referenced in the relevant Supplement, a benchmark shall not be used in the active management of a Fund. However, investors should note that a Fund may from time to time show a high degree of correlation with the performance of one or more financial indices not referenced in the Supplement. Such correlation may be coincidental or may arise because any such financial index may be representative of the asset class, market sector or geographic location in which the Fund is invested or uses a similar investment methodology to that used in managing the Fund.
TABLE OF CONTENTS | en | de |
DOLFIN7655 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Other relevant information
We are required to provide you with further documentation, such as the product’s latest prospectus, annual and semi-annual reports. These documents and other product information are available online at www.cullenfunds.com/US/U/Documents/UCITS-Funds/.
Please visit https://www.cullenfunds.co.uk/UK/A/UCITS-Fund/Emerging-Markets-High-Dividend/ to view historical performance and the latest monthly performance scenarios. | # Altre informazioni rilevanti
Siamo tenuti a fornirvi ulteriori documenti, come l’ultimo prospetto e le relazioni annuali e semestrali del prodotto. Tali documenti e altre informazioni sul prodotto sono disponibili online sul sito web www.cullenfunds.com/US/U/Documents/UCITS-Funds/.
Visitare https://www.cullenfunds.co.uk/UK/A/UCITS-Fund/Emerging-Markets-High-Dividend/ per visualizzare lo storico della performance e gli ultimi scenari di performance mensile. | # Other relevant information
We are required to provide you with further documentation, such as the product’s latest prospectus, annual and semi-annual reports. These documents and other product information are available online at www.cullenfunds.com/US/U/Documents/UCITS-Funds/.
Please visit https://www.cullenfunds.co.uk/UK/A/UCITS-Fund/Emerging-Markets-High-Dividend/ to view historical performance and the latest monthly performance scenarios. | en | it |
DOLFIN7656 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### The Company may acquire securities of domestic and for- eign Issuers on account of the Fund,
- if they are admitted to trading in a Member State of the European Union (“EU”) or another signatory state of the Agreement on the European Economic Area (“EEA”), or if they are admitted to or included in an- other organised market in one of these States;
- if they are admitted to trading exclusively at a stock exchange outside of the Member States of the EU or outside of the other signatory states of the Agreement on the EEA, or if they are admitted to or included in another organised market in one of these States, pro- vided that the BaFin has permitted the choice of this stock exchange or this organised market. | ###### La société est autorisée à acquérir des titres d'émetteurs nationaux et étrangers pour le compte du fonds,
- s'ils sont admis à la négociation sur un marché boursier d'un État membre de l'Union européenne (« UE ») ou d'un autre État partie à l'Accord sur l'Espace économique européen (« EEE ») ou s'ils sont admis sur un autre marché organisé dans un de ces États ou inclus dans un tel marché,
- s’ils sont admis exclusivement à la négociation sur une bourse de valeurs en dehors des États membres de l'UE ou des autres États signataires de l'EEE ou s’ils sont admis ou inclus sur un autre marché organisé dans l'un de ces États, à condition que la BaFin ait admis le choix de cette bourse de valeurs ou de ce marché organisé. | ##### The Company may acquire securities of domestic and for- eign Issuers on account of the Fund,
- if they are admitted to trading in a Member State of the European Union (“EU”) or another signatory state of the Agreement on the European Economic Area (“EEA”), or if they are admitted to or included in an- other organised market in one of these States;
- if they are admitted to trading exclusively at a stock exchange outside of the Member States of the EU or outside of the other signatory states of the Agreement on the EEA, or if they are admitted to or included in another organised market in one of these States, pro- vided that the BaFin has permitted the choice of this stock exchange or this organised market. | en | fr |
DOLFIN7657 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Profil de risque et de rendement
| Risque faible | | | | | Risque élevé |
| --- | --- | --- | --- | --- | --- |
| Rendements potentiellement plus faibles | Rendements potentiellement plus élevés |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Cet indicateur est basé sur des données synthétiques et pourrait ne pas constituer un indicateur fiable du profil de risque et de rendement futur du Fonds. La catégorie de risque présentée n’est pas garantie et est susceptible d’évoluer dans le temps. La catégorie 1 n’est pas synonyme d’investissement sans risque.
La Catégorie A EUH du Fonds a été classifiée dans la catégorie 5 en raison de la fluctuation modérément élevée de sa Valeur d’actif net. L’opportunité de réaliser des bénéfices modérés est corrélée à un risque de pertes mesurées.
Lors de la catégorisation d’un fonds, il est possible que la méthodologie utilisée ne couvre pas l’ensemble des risques importants. Une description détaillée des risques peut être retrouvée dans le Prospectus. Les risques suivants n'ont pas d’incidence sur la catégorisation du Fonds, mais peuvent avoir une influence sur le profil de risque global du Fonds :
Risques liés aux investissements dans des sociétés toutes capitalisations confondues : Investir dans des sociétés toutes capitalisations confondues comporte le risque que les émetteurs moins importants et plus récents dans lesquels le Fonds investit aient des gammes de produits ou des ressources financières limitées ou aient une gestion peu approfondie.
Risques liés aux investissements dans des valeurs de croissance : Les cours des valeurs de croissance sont en principe supérieurs aux bénéfices de leurs entreprises. Les valeurs de croissance peuvent être plus sensibles aux marchés, aux développements économiques et politiques que d’autres valeurs, ce qui rend leurs cours plus volatils.
Risques liés à l’utilisation de produits dérivés : Le Fonds peut investir dans, ou souscrire à, des produits dérivés pour différentes raisons, y compris pour des raisons de couverture contre certains risques de marché, pour fournir un substitut à l’achat ou la vente de titres particuliers ou pour augmenter les revenus potentiels. Un investissement négligeable dans des produits dérivés peut avoir une incidence importante sur la performance du Fonds.
DocID: KIID_LU2249582003_fr_20220210_143_3_Class_A_EUH_476143 | # Perfil de riesgo y remuneración de la inversión
| Menor riesgo | | | | | Mayor riesgo |
| --- | --- | --- | --- | --- | --- |
| Generalmente, menor remuneración de la inversión | | Generalmente, mayor remuneración de la inversión |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Este indicador se basa en datos históricos y podría no ser una referencia fiable del perfil de riesgo y remuneración futura del Fondo. La categoría de riesgo mostrada no está garantizada y puede cambiar a lo largo del tiempo. El hecho de que una inversión pertenezca a la categoría 1 no significa que esté exenta de riesgo.
La Clase A EUH del Fondo ha sido clasificada en la categoría 5 porque la fluctuación de su valor liquidativo es moderadamente elevada. La oportunidad de obtener ganancias moderadas es proporcional al riesgo de incurrir en pérdidas moderadas.
La metodología utilizada en la asignación de categoría a un fondo puede no recoger todos los riesgos significativos. En el Folleto se incluye una descripción detallada de los riesgos. Los siguientes riesgos no influyen en la asignación de categoría del Fondo, pero pueden ser importantes para el perfil de riesgo general del Fondo:
Riesgos asociados a la inversión en empresas de todo tipo de capitalización: Invertir en empresas de todo tipo de capitalización comporta el riesgo de que los emisores de menor tamaño y menos consolidados en los que invierte el Fondo posean unas líneas de productos o recursos financieros más reducidos, o carezcan de una gestión sólida.
Riesgos asociados a inversiones en acciones de crecimiento: Los precios de las acciones de crecimiento suelen ser superiores en relación con las ganancias de las empresas. Las acciones de crecimiento pueden ser más sensibles a los acontecimientos del mercado, económicos y políticos que otras acciones, por lo que sus precios son más volátiles.
Riesgos asociados a la inversión en derivados: El Fondo puede invertir en derivados o realizar operaciones con ellos por distintos motivos, como por ejemplo, para obtener cobertura frente a ciertos riesgos de mercado, para utilizarlos como sustitutos en la compra o venta de determinados valores o para incrementar el potencial de rentabilidad. Una pequeña inversión en derivados puede influir sustancialmente en la rentabilidad del Fondo.
DocID: KIID_LU2249582003_es_20220210_143_6_Class_A_EUH_476143 | # Profil de risque et de rendement
| Risque faible | | | | | Risque élevé |
| --- | --- | --- | --- | --- | --- |
| Rendements potentiellement plus faibles | Rendements potentiellement plus élevés |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Cet indicateur est basé sur des données synthétiques et pourrait ne pas constituer un indicateur fiable du profil de risque et de rendement futur du Fonds. La catégorie de risque présentée n’est pas garantie et est susceptible d’évoluer dans le temps. La catégorie 1 n’est pas synonyme d’investissement sans risque.
La Catégorie A EUH du Fonds a été classifiée dans la catégorie 5 en raison de la fluctuation modérément élevée de sa Valeur d’actif net. L’opportunité de réaliser des bénéfices modérés est corrélée à un risque de pertes mesurées.
Lors de la catégorisation d’un fonds, il est possible que la méthodologie utilisée ne couvre pas l’ensemble des risques importants. Une description détaillée des risques peut être retrouvée dans le Prospectus. Les risques suivants n'ont pas d’incidence sur la catégorisation du Fonds, mais peuvent avoir une influence sur le profil de risque global du Fonds :
Risques liés aux investissements dans des sociétés toutes capitalisations confondues : Investir dans des sociétés toutes capitalisations confondues comporte le risque que les émetteurs moins importants et plus récents dans lesquels le Fonds investit aient des gammes de produits ou des ressources financières limitées ou aient une gestion peu approfondie.
Risques liés aux investissements dans des valeurs de croissance : Les cours des valeurs de croissance sont en principe supérieurs aux bénéfices de leurs entreprises. Les valeurs de croissance peuvent être plus sensibles aux marchés, aux développements économiques et politiques que d’autres valeurs, ce qui rend leurs cours plus volatils.
Risques liés à l’utilisation de produits dérivés : Le Fonds peut investir dans, ou souscrire à, des produits dérivés pour différentes raisons, y compris pour des raisons de couverture contre certains risques de marché, pour fournir un substitut à l’achat ou la vente de titres particuliers ou pour augmenter les revenus potentiels. Un investissement négligeable dans des produits dérivés peut avoir une incidence importante sur la performance du Fonds.
DocID: KIID_LU2249582003_fr_20220210_143_3_Class_A_EUH_476143 | fr | es |
DOLFIN7658 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d'investissement
L'objectif d'investissement du compartiment est d'obtenir une appréciation du capital à long terme. Le Compartiment vise cette croissance en investissant au moins les deux tiers de son actif dans des actions de sociétés actives essentiellement dans le secteur de l'énergie solaire ou liées d'une façon ou d'une autre à ce secteur. Le Compartiment tiendra compte d'objectifs d'investissement durables et des risques en matière de durabilité (définis dans le prospectus) dans l'évaluation des sociétés. En particulier, le Compartiment vise un objectif d'exposition minime aux émissions de carbone afin de favoriser la réalisation des objectifs à long terme de l'Accord de Paris visant à limiter le réchauffement climatique.
L'objectif du Compartiment est d'investir dans des sociétés du secteur de l'énergie solaire affichant les meilleures performances. Ces sociétés sont sélectionnées au terme d'une analyse approfondie des données fondamentales, après exclusion de celles qui n'appliquent pas de bonnes pratiques de gouvernance, notamment en matière de structures de gestion, de dialogue social, de rémunération du personnel et de conformité fiscale. Pour appliquer la stratégie du fonds, les gestionnaires de portefeuille ne se limitent pas à une seule technologie ou à un seul marché; ils essayent de discerner les sociétés phares des différents segments du marché et de repérer des sections distinctes créatrices de valeur. Pour atteindre l'objectif de zéro émission nette de carbone, les émissions de gaz à effet de serre des sociétés détenues seront | # Objetivos y política de inversión
El objetivo de inversión del subfondo es lograr la revalorización del capital a largo plazo. El subfondo aspira a conseguirlo invirtiendo al menos dos terceras partes de sus activos en acciones de empresas activas principalmente en el sector solar o relacionadas de alguna forma con el sector solar. El subfondo aspira a alcanzar objetivos de inversión sostenible y tiene en cuenta riesgos de sostenibilidad (según se define este término en el folleto de comercialización) en la evaluación de las empresas. Más específicamente, el subfondo tiene un objetivo de baja exposición a emisiones de carbono, con vistas a alcanzar los objetivos a largo plazo de lucha contra el calentamiento global del Acuerdo de París.
El subfondo tiene como objetivo invertir en las empresas de mayor éxito del sector solar. Estas compañías se seleccionan mediante un exhaustivo análisis de los fundamentales y excluyendo a las empresas que no siguen prácticas de buen gobierno, en particular con respecto a estructuras de gestión sólidas, relaciones con los empleados, remuneración de la plantilla y cumplimiento de las obligaciones fiscales. En la implementación de la estrategia del fondo, los gestores de inversiones no se limitan a una sola tecnología o un único mercado, sino que tratan de identificar empresas líderes de mercado en diversos segmentos y en cada una de las fases del proceso de creación de valor. A fin de alcanzar el objetivo de cero emisiones de carbono netas, se medirán las emisiones de gases de efecto invernadero de las empresas en que se invierta | # Objectifs et politique d'investissement
L'objectif d'investissement du compartiment est d'obtenir une appréciation du capital à long terme. Le Compartiment vise cette croissance en investissant au moins les deux tiers de son actif dans des actions de sociétés actives essentiellement dans le secteur de l'énergie solaire ou liées d'une façon ou d'une autre à ce secteur. Le Compartiment tiendra compte d'objectifs d'investissement durables et des risques en matière de durabilité (définis dans le prospectus) dans l'évaluation des sociétés. En particulier, le Compartiment vise un objectif d'exposition minime aux émissions de carbone afin de favoriser la réalisation des objectifs à long terme de l'Accord de Paris visant à limiter le réchauffement climatique.
L'objectif du Compartiment est d'investir dans des sociétés du secteur de l'énergie solaire affichant les meilleures performances. Ces sociétés sont sélectionnées au terme d'une analyse approfondie des données fondamentales, après exclusion de celles qui n'appliquent pas de bonnes pratiques de gouvernance, notamment en matière de structures de gestion, de dialogue social, de rémunération du personnel et de conformité fiscale. Pour appliquer la stratégie du fonds, les gestionnaires de portefeuille ne se limitent pas à une seule technologie ou à un seul marché; ils essayent de discerner les sociétés phares des différents segments du marché et de repérer des sections distinctes créatrices de valeur. Pour atteindre l'objectif de zéro émission nette de carbone, les émissions de gaz à effet de serre des sociétés détenues seront | fr | es |
DOLFIN7659 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Investment Objective and Policy
The Fund aims to achieve a real return in EUR (i.e. a return above inflation) over a market cycle.
The Fund seeks to achieve its objective by gaining exposure to at least 50% of its NAV in inflation-linked bonds and other inflation- linked debt instruments, issued globally.
In addition, up to 50% of the NAV of the Fund may be invested in aggregate in other debt securities issued by governments, supranational bodies, local authorities, national public bodies, corporate debt, convertibles, securitised debt (such as MBS and ABS), eligible loans as well as cash, cash equivalents and other Money Market Instruments. The investment in debt securities may be investment grade, non-investment grade as well as unrated debt securities.
Securitised debt may include Commercial Mortgage Backed Securities (CMBS) and Residential Mortgage Backed Securities (RMBS) including Collateralised Mortgage Obligations (CMOs) and Collateralised Loan Obligations (CLOs).
Exposure to MBS can be taken through agency (issued by government-sponsored enterprises such as Fannie Mae, Freddie Mac or Ginnie Mae) or non-agency (traditionally issued by an investment bank). Furthermore, exposure to ABS/MBS can be made through senior and junior tranches.
Exposure to eligible loans will generally be taken via investment in Collateralised Loan Obligations (CLOs), collective investment schemes, Floating Rate Notes (FRNs) as well as swaps and other derivatives on UCITS eligible loan indices.
Investments in convertibles and bonds with warrants attached may in aggregate not exceed 25% of the Fund’s NAV.
While it is not the intention of the Fund to invest in equity securities, it is possible that such securities may be held as a result of corporate action or other conversion.
The Fund may invest up to 10% of its NAV in contingent convertibles.
The Fund may invest up to 5% of its NAV in securities which are either in default or deemed to be at high risk of default as determined by the SICAV (“Distressed Securities”).
The Fund’s use of financial derivative instruments may include, but is not limited to, derivatives on credit, rates (including inflation) and currencies and can be used to achieve both long and short positions. Such derivatives may include, but are not limited to, credit default swaps, total return swaps, interest rate swaps, inflation swaps, currency forwards, TBA Mortgages, futures and options.
Non-Euro investments are intended to be hedged back into Euro at the discretion of the Investment Manager. | ###### Objectifs et politique d’investissement
Le Compartiment vise à réaliser un rendement réel en EUR (c’est-à-dire supérieur à l’inflation) sur un cycle de marché.
Le Compartiment cherche à atteindre son objectif en exposant au moins 50 % de sa VL aux obligations indexées sur l’inflation et autres instruments de dette indexés sur l’inflation émanant d’émetteurs internationaux.
De plus, le Compartiment pourra investir jusqu’à 50 % de sa VL dans d’autres titres de créance émis par des gouvernements, des organismes supranationaux, des autorités locales ou des organes publics nationaux, des obligations d’entreprise, des obligations convertibles, des dettes garanties (ex. : MBS et ABS), des prêts éligibles, ainsi que des espèces, quasi-espèces et Instruments du marché monétaire. Les titres de créance dans lesquels le Compartiment investit peuvent être de qualité « investment grade » ou « non-investment grade » ou ne pas être notés.
La dette garantie peut se composer d’actifs et crédits adossés à de l’immobilier commercial (CMBS) et d’actifs et crédits adossés à de l’immobilier résidentiel (RMBS), y compris des obligations hypothécaires garanties (CMO) et des obligations de prêt garanties (CLO).
L’exposition aux MBS peut être assurée via des agences (émission par des entreprises soutenues par l’État, comme Fannie Mae, Freddie Mac ou Ginnie Mae) ou hors agence (émission classique par une banque d’investissement). En outre, l’exposition aux ABS/MBS peut être assurée via des tranches de rangs inférieur et supérieur.
L’exposition à des prêts autorisés sera généralement constituée par des engagements dans des CLO (Collateralised Loan Obligations), des organismes de placement collectif, des titres de créance à taux variable (FRN), ainsi que des contrats d’échange et autres produits dérivés d’indices de prêt autorisés dans le cadre d’OPCVM.
Les investissements en obligations convertibles et obligations à bons de souscription ne doivent pas dépasser à eux tous 25 % de la VL du Compartiment.
Bien que le Compartiment n’ait pas l’intention d’acheter de titres de fonds propres, il est possible que de tels titres soient détenus par suite d’opérations sur titres ou autres conversions.
Le Compartiment peut investir jusqu’à 10 % de sa VL dans des obligations conditionnelles convertibles (CCO).
Le Compartiment peut investir jusqu’à 5 % de sa VL dans des titres qui, de l’avis de la SICAV, sont en défaut ou qui ont de fortes chances d’être en défaut (« Titres en détresse »).
Les instruments financiers dérivés dans lesquels investit le Compartiment peuvent comprendre, sans exhaustivité, des produits dérivés de crédit, de taux (y compris l’inflation) et de devises, et peuvent être utilisés pour prendre des positions longues comme courtes. Ces dérivés peuvent inclure (de manière non exhaustive) des contrats d’échange sur défaillance (credit default swaps), des contrats d’échange sur rendement total (total return swaps), des contrats d’échange de taux d’intérêt (interest rate swaps), des contrats d’échange d’inflation (inflation swaps),
des contrats de change à terme (currency forwards), des hypothèques TBA et des contrats à terme standardisés (futures) ainsi que des options.
Il est prévu que les placements dans des devises autres que l’EUR soient couverts en EUR à la discrétion du Gestionnaire d’investissements. | #### Investment Objective and Policy
The Fund aims to achieve a real return in EUR (i.e. a return above inflation) over a market cycle.
The Fund seeks to achieve its objective by gaining exposure to at least 50% of its NAV in inflation-linked bonds and other inflation- linked debt instruments, issued globally.
In addition, up to 50% of the NAV of the Fund may be invested in aggregate in other debt securities issued by governments, supranational bodies, local authorities, national public bodies, corporate debt, convertibles, securitised debt (such as MBS and ABS), eligible loans as well as cash, cash equivalents and other Money Market Instruments. The investment in debt securities may be investment grade, non-investment grade as well as unrated debt securities.
Securitised debt may include Commercial Mortgage Backed Securities (CMBS) and Residential Mortgage Backed Securities (RMBS) including Collateralised Mortgage Obligations (CMOs) and Collateralised Loan Obligations (CLOs).
Exposure to MBS can be taken through agency (issued by government-sponsored enterprises such as Fannie Mae, Freddie Mac or Ginnie Mae) or non-agency (traditionally issued by an investment bank). Furthermore, exposure to ABS/MBS can be made through senior and junior tranches.
Exposure to eligible loans will generally be taken via investment in Collateralised Loan Obligations (CLOs), collective investment schemes, Floating Rate Notes (FRNs) as well as swaps and other derivatives on UCITS eligible loan indices.
Investments in convertibles and bonds with warrants attached may in aggregate not exceed 25% of the Fund’s NAV.
While it is not the intention of the Fund to invest in equity securities, it is possible that such securities may be held as a result of corporate action or other conversion.
The Fund may invest up to 10% of its NAV in contingent convertibles.
The Fund may invest up to 5% of its NAV in securities which are either in default or deemed to be at high risk of default as determined by the SICAV (“Distressed Securities”).
The Fund’s use of financial derivative instruments may include, but is not limited to, derivatives on credit, rates (including inflation) and currencies and can be used to achieve both long and short positions. Such derivatives may include, but are not limited to, credit default swaps, total return swaps, interest rate swaps, inflation swaps, currency forwards, TBA Mortgages, futures and options.
Non-Euro investments are intended to be hedged back into Euro at the discretion of the Investment Manager. | en | fr |
DOLFIN7660 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Depositary shall regularly provide the Management Company and the Fund with a comprehensive list of all the Fund’s assets.
The assets held in custody by the Depositary shall not be reused by the Depositary, or by any third party to which the custody function has been delegated, for its own account. Reuse is defined as any transaction relating to assets held in custody, including transfer, pledging, sale and loan.
The assets held in custody by the Depositary may only be reused provided that
- the reuse of the assets is for the account of the Fund,
- the Depositary complies with the Fund’s instructions,
- the reuse benefits the Fund and is in the interests of the unitholders, and
- the transaction is covered by high-quality liquid collateral received by the Fund pursuant to a title transfer agreement. | Die Verwahrstelle übermittelt der Verwaltungsgesellschaft und dem Fonds regelmäßig eine umfassende Aufstellung sämtlicher Vermögenswerte des Fonds.
Die von der Verwahrstelle verwahrten Vermögenswerte werden von der Verwahrstelle oder einem Dritten, dem die Verwahrfunktion übertragen wurde, nicht für eigene Rechnung wiederverwendet. Als Wiederverwendung gilt jede Transaktion verwahrter Vermögenswerte, darunter Übertragung, Verpfändung, Verkauf und Leihe.
Die von der Verwahrstelle verwahrten Vermögenswerte dürfen nur wiederverwendet werden, sofern
- die Wiederverwendung der Vermögenswerte für Rechnung des Fonds erfolgt,
- die Verwahrstelle den Weisungen des Fonds Folge leistet,
- die Wiederverwendung dem Fonds zugutekommt sowie im Interesse der Anteileigentümer liegt und
- die Transaktion durch liquide Sicherheiten hoher Qualität gedeckt ist, die der Fonds gemäß einer Vereinbarung über eine Vollrechtsübertragung erhalten hat. | The Depositary shall regularly provide the Management Company and the Fund with a comprehensive list of all the Fund’s assets.
The assets held in custody by the Depositary shall not be reused by the Depositary, or by any third party to which the custody function has been delegated, for its own account. Reuse is defined as any transaction relating to assets held in custody, including transfer, pledging, sale and loan.
The assets held in custody by the Depositary may only be reused provided that
- the reuse of the assets is for the account of the Fund,
- the Depositary complies with the Fund’s instructions,
- the reuse benefits the Fund and is in the interests of the unitholders, and
- the transaction is covered by high-quality liquid collateral received by the Fund pursuant to a title transfer agreement. | en | de |
DOLFIN7661 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In order to transfer Units, the transferee shall be required to execute the Transfer Agreement as provided by the Administrator upon request. A transfer of Units shall not be registered if, in consequence of such transfer, the transferor or transferee would hold Units in contravention of the Trust Deed as set out in section “Mandatory Repurchases.”
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###### CALCULATION OF NET ASSET VALUE/VALUATION OF ASSETS | Für Übertragungen von Anteilen muss der Erwerber auf Verlangen eine von der Administrationsstelle vorgeschriebene Übertragungsvereinbarung ausfüllen. Eine Übertragung von Anteilen wird nicht eingetragen, falls der Übertragende oder der Erwerber infolge einer solchen Übertragung Anteile in Verletzung des Treuhandvertrags halten würde, wie beschrieben im Abschnitt „Zwangsrücknahmen“.
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##### BERECHNUNG DES NETTOINVENTARWERTS/BEWERTUNG VON VERMÖGENSWERTEN | In order to transfer Units, the transferee shall be required to execute the Transfer Agreement as provided by the Administrator upon request. A transfer of Units shall not be registered if, in consequence of such transfer, the transferor or transferee would hold Units in contravention of the Trust Deed as set out in section “Mandatory Repurchases.”
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###### CALCULATION OF NET ASSET VALUE/VALUATION OF ASSETS | en | de |
DOLFIN7662 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Investment EUR 10,000 | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 250 | EUR 1,340 |
| Impact on return (RIY) per year | 2.5% | 1.8% | | | Investissement de 10.000 EUR | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 250 EUR | 1.340 EUR |
| Incidence sur le rendement (RIY) par an | 2,5% | 1,8% | | | Investment EUR 10,000 | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 250 | EUR 1,340 |
| Impact on return (RIY) per year | 2.5% | 1.8% | | en | fr |
DOLFIN7663 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### The information given is not exhaustive and does not constitute legal or tax advice. Prospective investors should consult their own professional advisers as to the implications of their subscribing for, purchasing, holding, switching or disposing of Shares under the laws of the jurisdictions in which they may be subject to tax.
The following is a brief summary of certain aspects of Irish and United Kingdom tax law and practice relevant to the transactions contemplated in this Prospectus. It is based on the law and practice and official interpretation currently in effect, all of which are subject to change.
Dividends, interest and capital gains (if any) the Company receives with respect to its Investments (other than securities of Irish issuers) may be subject to taxes, including withholding taxes, in the countries in which the issuers of Investments are located. It is anticipated that the Company may not be able to benefit from reduced rates of withholding tax in double taxation agreements between Ireland and such countries. If this position changes in the future and the application of a lower rate results in a repayment to the Company, the Net Asset Value will not be re-stated and the benefit will be allocated to the existing Shareholders rateably at the time of the repayment.
Potential investors and Shareholders should note that the statements on taxation which are set out below are based on advice which has been received by the Directors regarding the law and practice in force in the relevant jurisdiction as at the date of this Prospectus. As is the case with any investment there can be no guarantee that the tax position or proposed tax position prevailing at the time an investment is made in the Company will endure indefinitely. | ###### Les informations fournies ne sont pas exhaustives et ne constituent pas un conseil juridique ou fiscal. Les investisseurs potentiels doivent consulter leurs propres conseillers professionnels quant aux implications de leurs souscriptions, achats, détentions, conversions ou cessions d’Actions en application des lois des juridictions dans lesquelles ils peuvent être soumis à des impôts.
Le passage suivant résume brièvement certains aspects de la fiscalité en Irlande et au Royaume-Uni et de la pratique afférente aux transactions évoquées dans ce Prospectus. Il est basé sur les lois et la pratique, ainsi que sur leur interprétation officielle actuelle, qui sont sujettes à modification.
Les éventuels dividendes, intérêts et plus-values obtenus par la Société au titre des investissements (autres que les valeurs mobilières d’émetteurs irlandais) peuvent être soumis à des impôts, y compris des retenues d’impôts, dans les pays où les émetteurs des investissements sont domiciliés. La Société pourrait ne pas bénéficier de taux réduits de retenues d’impôts dans les conventions relatives aux doubles impositions entre l’Irlande et ces pays. Si cette situation change à l’avenir et si l’application d’un taux réduit permet des remboursements à la Société, la valeur liquidative ne sera pas réétablie et les bénéfices seront versés au prorata aux Actionnaires existant au moment dudit remboursement.
Nous attirons l’attention des investisseurs potentiels et des Actionnaires sur le fait que les présentes déclarations relatives à la fiscalité reposent sur les avis reçus par les Administrateurs concernant les lois et pratiques en vigueur dans la juridiction concernée à la date du présent Prospectus. Comme pour tout investissement, il ne peut être garanti que la situation fiscale ou la situation fiscale visée prévalant au moment où un investissement est effectué dans la Société perdure indéfiniment. | ###### The information given is not exhaustive and does not constitute legal or tax advice. Prospective investors should consult their own professional advisers as to the implications of their subscribing for, purchasing, holding, switching or disposing of Shares under the laws of the jurisdictions in which they may be subject to tax.
The following is a brief summary of certain aspects of Irish and United Kingdom tax law and practice relevant to the transactions contemplated in this Prospectus. It is based on the law and practice and official interpretation currently in effect, all of which are subject to change.
Dividends, interest and capital gains (if any) the Company receives with respect to its Investments (other than securities of Irish issuers) may be subject to taxes, including withholding taxes, in the countries in which the issuers of Investments are located. It is anticipated that the Company may not be able to benefit from reduced rates of withholding tax in double taxation agreements between Ireland and such countries. If this position changes in the future and the application of a lower rate results in a repayment to the Company, the Net Asset Value will not be re-stated and the benefit will be allocated to the existing Shareholders rateably at the time of the repayment.
Potential investors and Shareholders should note that the statements on taxation which are set out below are based on advice which has been received by the Directors regarding the law and practice in force in the relevant jurisdiction as at the date of this Prospectus. As is the case with any investment there can be no guarantee that the tax position or proposed tax position prevailing at the time an investment is made in the Company will endure indefinitely. | en | fr |
DOLFIN7664 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The ICAV has prepared a document outlining the ICAV's data protection obligations and the data protection rights of individuals under the Data Protection Legislation (the "Privacy Notice").
All new investors shall receive a copy of the Privacy Notice as part of the process to subscribe for Shares in the ICAV and a copy of the Privacy Notice was sent to all existing investors in the ICAV that subscribed before the Data Protection Legislation came into effect.
The Privacy Notice contains information on the following matters in relation to data protection:
- that investors will provide the ICAV with certain personal information which constitutes personal data within the meaning of the Data Protection Legislation;
- a description of the purposes and legal bases for which the personal data may be used;
- details on the transmission of personal data, including (if applicable) to entities located outside the EEA;
- details of data protection measures taken by the ICAV;
- an outline of the various data protection rights of individuals as data subjects under the Data Protection Legislation;
- information on the ICAV's policy for retention of personal data;
- contact details for further information on data protection matters. | L’ICAV ha predisposto un documento che illustra gli obblighi dell’ICAV in materia di protezione dei dati e i diritti delle persone fisiche ai sensi della Legislazione sulla protezione dei dati (l’"Informativa sulla privacy").
Tutti i nuovi investitori riceveranno una copia dell’Informativa sulla privacy nell’ambito del processo di sottoscrizione delle azioni dell’ICAV e una copia dell’Informativa sulla privacy è stata inviata a tutti gli attuali investitori dell’ICAV che hanno effettuato la sottoscrizione prima dell’entrata in vigore della Legislazione sulla protezione dei dati personali.
L’informativa sulla privacy contiene informazioni sulle seguenti questioni relative alla protezione dei dati:
- che gli investitori forniranno all’ICAV alcune informazioni personali che rientrano nei dati personali ai sensi della Legislazione sulla protezione dei dati personali;
- una descrizione delle finalità e delle basi giuridiche per le quali i dati personali possono essere utilizzati;
- dettagli sulla trasmissione di dati personali, ivi compresi (se del caso) a soggetti situati al di fuori del SEE;
- dettagli sulle misure di protezione dei dati adottate dall’ICAV;
- uno schema dei vari diritti delle persone fisiche in quanto interessati ai sensi della Legislazione sulla protezione dei dati;
- informazioni sulla politica dell’ICAV in materia di conservazione dei dati personali;
- le informazioni di contatto per ulteriori informazioni in materia di protezione dei dati. | The ICAV has prepared a document outlining the ICAV's data protection obligations and the data protection rights of individuals under the Data Protection Legislation (the "Privacy Notice").
All new investors shall receive a copy of the Privacy Notice as part of the process to subscribe for Shares in the ICAV and a copy of the Privacy Notice was sent to all existing investors in the ICAV that subscribed before the Data Protection Legislation came into effect.
The Privacy Notice contains information on the following matters in relation to data protection:
- that investors will provide the ICAV with certain personal information which constitutes personal data within the meaning of the Data Protection Legislation;
- a description of the purposes and legal bases for which the personal data may be used;
- details on the transmission of personal data, including (if applicable) to entities located outside the EEA;
- details of data protection measures taken by the ICAV;
- an outline of the various data protection rights of individuals as data subjects under the Data Protection Legislation;
- information on the ICAV's policy for retention of personal data;
- contact details for further information on data protection matters. | en | it |
DOLFIN7665 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# 1/5
| Monthly commentary / 31.01.2023 Vontobel Asset Management |
| --- |
| Vontobel Fund - Bond Global Aggregate |
| Marketing document for institutional investors in: AT, CH, DE, ES, FI, FR, GB, IT, LI, LU, NL, NO, PT, SE, SG (Professional Investors only). Investors in France should note that, relative to the expectations of the Autorité des Marchés Financiers, this fund presents disproportionate communication on the consideration of non-financial criteria in its investment policy. | | # 1/6
| Aggiornamento mensile / 31.01.2023 Vontobel Asset Management |
| --- |
| Vontobel Fund - Bond Global Aggregate |
| Documento di marketing per gli investitori istituzionali in: AT, CH, DE, ES, FI, FR, GB, IT, LI, LU, NL, NO, PT, SE. Gli investitori in Francia dovrebbero notare che, rispetto alle aspettative di Autorité des Marchés Financiers, questo fondo presenta una comunicazione sproporzionata sulla considerazione di criteri non finanziari nella sua politica di investimento. | | # 1/5
| Monthly commentary / 31.01.2023 Vontobel Asset Management |
| --- |
| Vontobel Fund - Bond Global Aggregate |
| Marketing document for institutional investors in: AT, CH, DE, ES, FI, FR, GB, IT, LI, LU, NL, NO, PT, SE, SG (Professional Investors only). Investors in France should note that, relative to the expectations of the Autorité des Marchés Financiers, this fund presents disproportionate communication on the consideration of non-financial criteria in its investment policy. | | en | it |
DOLFIN7666 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Perspectives
Qu’elles soient dues à la demande ou à l’offre, l’inflation globale et l’inflation sous-jacente restent obstinément élevées. Nous considérons que la crédibilité des banques centrales est davantage liée à la maîtrise de cette situation plutôt qu’à l’évitement d’une récession.
Bien qu’il y ait davantage de signes d’un pic de l’inflation globale aux États- Unis, les hausses sont toujours évaluées de manière agressive et ne prendront effet qu’avec un décalage au dernier trimestre 2022. En Europe, nous considérons toujours que les risques sont fortement orientés à la baisse en raison de la situation énergétique avec la Russie. En outre, l’inflation plus élevée en périphérie rend l’objectif anti-fragmentation de la BCE beaucoup plus difficile. Nous considérons que cette combinaison de facteurs favorise l’inflation sous-jacente à moyen terme, ce qui signifie des taux plus élevés à plus long terme. Au Royaume-Uni, la perspective d’une augmentation significative des emprunts devrait alimenter de nouvelles hausses des rendements des gilts.
Sur les marchés du crédit, si les fondamentaux semblent relativement positifs en surface, on observe une dispersion de plus en plus forte sous la surface, avec des inquiétudes concernant les sociétés de moindre qualité dont le pouvoir de fixation des prix est plus faible vis-à-vis des fournisseurs et des clients. Dans un contexte de poursuite de l’affaiblissement du contexte macroéconomique, les défauts devraient augmenter, avec une migration négative des notations, les sociétés ressentant l’augmentation des coûts à mesure que les couvertures disparaissent et que les marges se contractent. Les révisions à la baisse continues des perspectives de croissance à l’échelle mondiale augmentent le risque d’observer une augmentation du nombre d’« anges déchus » et de défauts, inférieurs aux moyennes à long terme depuis 2021. | # Visión de futuro
Ya fuera como consecuencia de la demanda o de la oferta, tanto la inflación general como la subyacente permanecieron en niveles obstinadamente altos. Por ello, consideramos que la credibilidad de los bancos centrales pasará más por contener el avance de ambas que por evitar una recesión. Pese a que ahora hay más evidencias de que la inflación general ha alcanzado su máximo en EE. UU., los mercados siguen descontando de forma agresiva incrementos adicionales, situación que se dejará sentir con efectos retardados en el último trimestre de 2022. En Europa, seguimos viendo que los riesgos se inclinan fuertemente a la baja como consecuencia de los problemas con el suministro energético ruso. Además, el aumento de la inflación en la periferia hace que el objetivo antifragmentación del BCE resulte mucho más difícil de alcanzar. En nuestra opinión, esta combinación de factores favorece el mantenimiento de la inflación subyacente a medio plazo, lo que supondrá que los tipos de interés se mantengan en niveles elevados. En el Reino Unido, es probable que las perspectivas de un fuerte incremento del endeudamiento provoquen avances adicionales en los rendimientos de la deuda pública. Aunque en el nivel superficial de los mercados de crédito los fundamentales parecen relativamente positivos, la dispersión subyacente va en aumento y crece la preocupación por la situación de las empresas de baja calidad cuyo poder de fijación de precios es menor que el de sus proveedores y clientes. Conforme el panorama macroeconómico sigue debilitándose, es de esperar un aumento de los impagos, que podría traer consigo rebajas a negativo en las calificaciones cuando las empresas acusen los aumentos de costes tras la reducción de las coberturas y la comprensión de los márgenes. El continuo empeoramiento de las perspectivas de crecimiento a nivel global hace aumentar el riesgo de
«ángeles caídos» e impagos, que desde 2021 se habían mantenido en ambos casos por debajo de las medias a largo plazo. | # Perspectives
Qu’elles soient dues à la demande ou à l’offre, l’inflation globale et l’inflation sous-jacente restent obstinément élevées. Nous considérons que la crédibilité des banques centrales est davantage liée à la maîtrise de cette situation plutôt qu’à l’évitement d’une récession.
Bien qu’il y ait davantage de signes d’un pic de l’inflation globale aux États- Unis, les hausses sont toujours évaluées de manière agressive et ne prendront effet qu’avec un décalage au dernier trimestre 2022. En Europe, nous considérons toujours que les risques sont fortement orientés à la baisse en raison de la situation énergétique avec la Russie. En outre, l’inflation plus élevée en périphérie rend l’objectif anti-fragmentation de la BCE beaucoup plus difficile. Nous considérons que cette combinaison de facteurs favorise l’inflation sous-jacente à moyen terme, ce qui signifie des taux plus élevés à plus long terme. Au Royaume-Uni, la perspective d’une augmentation significative des emprunts devrait alimenter de nouvelles hausses des rendements des gilts.
Sur les marchés du crédit, si les fondamentaux semblent relativement positifs en surface, on observe une dispersion de plus en plus forte sous la surface, avec des inquiétudes concernant les sociétés de moindre qualité dont le pouvoir de fixation des prix est plus faible vis-à-vis des fournisseurs et des clients. Dans un contexte de poursuite de l’affaiblissement du contexte macroéconomique, les défauts devraient augmenter, avec une migration négative des notations, les sociétés ressentant l’augmentation des coûts à mesure que les couvertures disparaissent et que les marges se contractent. Les révisions à la baisse continues des perspectives de croissance à l’échelle mondiale augmentent le risque d’observer une augmentation du nombre d’« anges déchus » et de défauts, inférieurs aux moyennes à long terme depuis 2021. | fr | es |
DOLFIN7667 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Management Company is not allowed to rebate any portion of the Management Fee received in relation to U, I, M, L and N Shares.
When the Directors decide to apply the Swing Pricing, as defined in paragraph 15.1, any Performance Fee will be charged on the basis of the unswung NAV.
- Distribution FeeFor the services provided in the promotion of the Shares, described in Section 11, the Management Company, as Global Distributor, is entitled to a Distribution Fee calculated and accrued at each Valuation Day by reference to the Net Asset Value of P Shares of the relevant Sub-Funds and payable monthly in arrears. No Distribution Fee is payable on U, I, S, M, N, L, E and EM Shares. | La Société de gestion n’est pas autorisée à rétrocéder une partie de la Commission de gestion reçue en relation avec des Actions U, I, M, L et N.
Lorsque les Administrateurs décident de procéder au Swing Pricing, tel que défini au paragraphe 15.1, une éventuelle Commission de performance est le cas échéant calculée sur la base de la VNI avant application du Swing Pricing.
- Commission de distributionPour les services rendus dans le cadre de la promotion des Actions, services décrits à la Section 11, la Société de gestion, en tant que Distributeur mondial, a droit à une Commission de distribution calculée et échue chaque Jour d’évaluation sur la base de la Valeur nette d’inventaire des Actions P des Compartiments concernés et payable mensuellement à terme échu. Aucune Commission de distribution n’est prélevée sur les Actions U, I, S, M, N, L, E et EM. | The Management Company is not allowed to rebate any portion of the Management Fee received in relation to U, I, M, L and N Shares.
When the Directors decide to apply the Swing Pricing, as defined in paragraph 15.1, any Performance Fee will be charged on the basis of the unswung NAV.
- Distribution FeeFor the services provided in the promotion of the Shares, described in Section 11, the Management Company, as Global Distributor, is entitled to a Distribution Fee calculated and accrued at each Valuation Day by reference to the Net Asset Value of P Shares of the relevant Sub-Funds and payable monthly in arrears. No Distribution Fee is payable on U, I, S, M, N, L, E and EM Shares. | en | fr |
DOLFIN7668 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| BlueBay Euro Bond Aggregate, a subfund of the SICAV AMSelect Class ''Privilege Capitalisation'' - ISIN code LU2310407064 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed. The benchmark Bloomberg Euro Aggregate Bond is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark The Fund seeks to increase the value of its assets over the medium term by investing mainly in investment grade corporate and government bonds denominated in EUR and issued either by a member states of the European Union or by companies that are domiciled or do most of their business in Europe. The Fund may also invest a minor part of its assets in other bonds, equities and money market instruments. The Fund can use derivatives for hedging, efficient portfolio management and to seek investment gains. Investment grade securitised products may represent up to 20% of the assets and up to 10% can be invested in coco bonds. The fund maintains at least 95% exposure to EUR, using hedging to achieve this if necessary. The Fund uses macroeconomic, market and proprietary credit analysis to select securities that appear to offer a favourable risk-adjusted return (top-down approach). The investment team applies also BNP PARIBAS ASSET MANAGEMENT Responsible Business Conduct Policy, including norm-based screens, exclusion lists and stewardship activities when taking into account Environmental, Social and Governance (ESG) criteria in the investments of the Fund, as well as its own ESG integration methodologies. An extra-financial strategy may comprise methodological limitations such as the environmental, social and governance (ESG) investing 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. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | | BlueBay Euro Bond Aggregate, ein Teilfonds der SICAV AMSelect Klasse „Privilege Capitalisation“- ISIN-Code LU2310407064 Dieser Fonds wird von BNP PARIBAS ASSET MANAGEMENT Luxembourg verwaltet, einem Unternehmen der BNP Paribas-Gruppe. |
| --- |
| Ziele und Anlagepolitik |
| Der Fonds wird aktiv verwaltet. Der Referenzindex Bloomberg Euro Aggregate Bond wird nur für den Vergleich der Wertentwicklung verwendet. Der Fonds ist benchmarkunabhängig und seine Wertentwicklung kann erheblich von der des Referenzindex abweichen Ziel des Fonds ist die mittelfristige Wertsteigerung seiner Vermögenswerte vornehmlich durch Anlagen in auf EUR lautenden Unternehmens- oder Staatsanleihen mit Investment-Grade-Rating, die entweder von einem Mitgliedstaat der Europäischen Union oder von Unternehmen, die ihren Sitz in Europa haben oder dort den überwiegenden Teil ihrer Geschäftstätigkeit ausüben, begeben werden. Der Fonds kann auch einen geringen Teil seines Vermögens in andere Anleihen, Aktien und Geldmarktinstrumente investieren. Der Fonds kann Derivate zur Absicherung, zur effizienten Portfolioverwaltung oder zur Erzielung von Anlagegewinnen einsetzen. Verbriefte Produkte mit Investment-Grade-Rating können bis zu 20 % der Vermögenswerte ausmachen und bis zu 10 % können in CoCo-Bonds investiert werden. Der Fonds hält ein Engagement im EUR von mindestens 95 % aufrecht, wobei er bei Bedarf Absicherungsmaßnahmen einsetzt, um dies zu erreichen. Der Fonds nutzt makroökonomische, Markt- und firmeneigene Kreditanalysen, um Wertpapiere auszuwählen, die offenbar eine günstige risikobereinigte Rendite bieten (Top-down-Ansatz). Das Anlageteam wendet zudem die Richtlinien von BNP PARIBAS ASSET MANAGEMENT für verantwortungsbewusstes unternehmerisches Handeln an, einschließlich normenbasierter Screenings, Ausschlusslisten und Stewardship-Aktivitäten, wenn bei Anlagen des Fonds die Kriterien für Umwelt, Soziales und Governance (ESG) sowie seine eigene Methodik zur ESG-Integration berücksichtigt werden. Eine nicht finanzbezogene Strategie kann methodische Einschränkungen beinhalten, wie das vom Anlageverwalter definierte Anlagerisiko in Bezug auf Umwelt, Soziales und Unternehmensführung (ESG). ESG-Kriterien (Umwelt, Soziales und Unternehmensführung) tragen zur Entscheidungsfindung des Managers bei, sind aber kein ausschlaggebender Faktor. Die Erträge werden grundsätzlich reinvestiert. Anleger können ihre Anteile täglich (an Bankarbeitstagen in Luxemburg) zurückgeben, wie im Verkaufsprospekt beschrieben. |
| Risiko- und Ertragsprofil |
| Geringeres Risiko Höheres Risiko Weitere Risiken, die für den Fonds materiell relevant sind und durch den Indikator nicht angemessen erfasst werden: Typischerweise geringerer Ertrag Typischerweise höherer Ertrag - Dieses Risiko bezieht sich auf die Fähigkeit eines Emittenten, seinen Verpflichtungen nachzukommen: Rating-Herabstufungen einer Emission oder eines Emittenten können zu einer Wertminderung der damit verbundenen Anleihen führen. | | BlueBay Euro Bond Aggregate, a subfund of the SICAV AMSelect Class ''Privilege Capitalisation'' - ISIN code LU2310407064 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed. The benchmark Bloomberg Euro Aggregate Bond is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark The Fund seeks to increase the value of its assets over the medium term by investing mainly in investment grade corporate and government bonds denominated in EUR and issued either by a member states of the European Union or by companies that are domiciled or do most of their business in Europe. The Fund may also invest a minor part of its assets in other bonds, equities and money market instruments. The Fund can use derivatives for hedging, efficient portfolio management and to seek investment gains. Investment grade securitised products may represent up to 20% of the assets and up to 10% can be invested in coco bonds. The fund maintains at least 95% exposure to EUR, using hedging to achieve this if necessary. The Fund uses macroeconomic, market and proprietary credit analysis to select securities that appear to offer a favourable risk-adjusted return (top-down approach). The investment team applies also BNP PARIBAS ASSET MANAGEMENT Responsible Business Conduct Policy, including norm-based screens, exclusion lists and stewardship activities when taking into account Environmental, Social and Governance (ESG) criteria in the investments of the Fund, as well as its own ESG integration methodologies. An extra-financial strategy may comprise methodological limitations such as the environmental, social and governance (ESG) investing 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. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | en | de |
DOLFIN7669 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse de valeurs et/ou négociées sur un autre marché réglementé
Instruments du marché monétaire
États-Unis | ###### Valores mobiliarios e instrumentos del mercado monetario admitidos a cotización oficial en una Bolsa de valores y/o negociados en otro mercado reglamentado
Instrumentos del mercado monetario
Estados Unidos | ##### Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse de valeurs et/ou négociées sur un autre marché réglementé
Instruments du marché monétaire
États-Unis | fr | es |
DOLFIN7670 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# MANAGEMENT COMPANY REMUNERATION
Franklin Templeton International Services S.à r.l., for performing, as Management Company, registrar and transfer, corporate, domiciliary and administrative agent for the Company will receive as remuneration an annual fee of up to 0.20% of the Net Asset Value of the relevant Share Class plus an additional amount (consisting of a fixed and variable component) per Investor Holding at the relevant Share Class level over each one (1) year period. Such remuneration will be calculated and accrued daily and will be paid monthly in arrears to the Management Company by the Company. This annual fee includes any remuneration paid to J.P. Morgan Bank Luxembourg S.A. for its services rendered to the Company as Administrative Agent.
Pursuant to Article 111bis of the Law of 17 December 2010, the Management Company has established and apply a remuneration policy which is consistent with, and promote sound and effective risk management. Such policies and practices must not encourage risk taking which is inconsistent with the risk profile, Prospectus or Articles of the Company, and must not impair compliance with the Management Company’s duty to act in the best interest of the Company.
The remuneration requirements apply to categories of staff, including senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers and whose professional activities have a material impact on the risk profile of the Management Company or the Company. The remuneration includes a fixed (essentially the base salary) and variable component (annual bonuses). The level of funding of the annual bonus (which can be paid in cash, equity awards or a combination of both) is dependent on overall FRI corporate performance, is approved by a compensation committee and is granted with reference to the actual performance of the relevant individual. A significant portion of the bonus can be deferred for at least three years and payment of bonus is subject to claw back provisions.
The details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, how it is consistent with the integration of sustainability risks, the identity of persons responsible for awarding the remuneration and benefits, including the composition of the compensation committee is available on the Internet site: http://www.franklintempleton.lu (a paper copy will be made available free of charge upon request). | # Rémunération de la société de gestion
Franklin Templeton International Services S.à r.l., pour les fonctions qu’elle remplit pour la Société de Société de gestion, de teneur de registre et d’agent de transfert, d’agent de la société, d’agent domiciliaire et d’agent administratif, reçoit à titre de rémunération une commission annuelle maximum de 0,20 % de la valeur liquidative de la catégorie d’actions concernée, majorée d’un montant supplémentaire (constitué d’un élément fixe et d’un élément variable) par placement d’investisseur au niveau de la catégorie d’actions concernée sur une période d’un (1) an. Cette rémunération est calculée et comptabilisée quotidiennement et est versée mensuellement à terme échu par la Société à la Société de Gestion. Cette commission annuelle comprend toute rémunération versée à J.P. Morgan Bank Luxembourg S.A. pour les services rendus à la Société en tant qu'agent administratif.
Conformément à l’article 111bis de la loi du 17 décembre 2010, la Société de gestion a mis en place et applique une politique de rémunération cohérente, avec une gestion des risques saine et efficace qui favorise une telle gestion. Ces politiques et pratiques ne doivent pas encourager une prise de risque qui ne serait pas cohérente avec le profil de risque, le prospectus ou les statuts de la Société, et ne doivent pas compromettre le respect par la Société de gestion de son devoir d’agir au mieux des intérêts de la Société.
Les exigences en matière de rémunération s’appliquent à toutes les catégories de personnel, y compris la direction, les preneurs de risque, les fonctions de contrôle et tous les employés qui perçoivent une rémunération les plaçant dans la même fourchette de rémunération que les membres de la direction et les preneurs de risque et dont les activités professionnelles ont une incidence significative sur le profil de risque de la Société de Gestion ou de la Société. La rémunération comprend une partie fixe (essentiellement le salaire de base) et une partie variable (les primes annuelles). Le niveau de financement des primes annuelles (qui peuvent être payées en espèces, en actions ou par une combinaison des deux) dépend de la performance globale de la société FRI, est approuvé par un comité des rémunérations et est accordé en fonction de la performance réelle de la personne concernée. Une part importante de la prime peut être différée pendant au moins trois ans et son paiement est soumis à des clauses de restitution.
Les détails de la politique de rémunération mise à jour, y compris, mais sans s’y limiter, l’exposé de la méthode de calcul des rémunérations et des avantages, de sa cohérence avec la prise en compte des risques de durabilité, l’identité des personnes responsables de l’octroi des rémunérations et des avantages, notamment la composition du comité des rémunérations, sont disponibles sur le site internet http://www.franklintempleton.lu (un exemplaire papier sera fourni gratuitement sur demande). | # MANAGEMENT COMPANY REMUNERATION
Franklin Templeton International Services S.à r.l., for performing, as Management Company, registrar and transfer, corporate, domiciliary and administrative agent for the Company will receive as remuneration an annual fee of up to 0.20% of the Net Asset Value of the relevant Share Class plus an additional amount (consisting of a fixed and variable component) per Investor Holding at the relevant Share Class level over each one (1) year period. Such remuneration will be calculated and accrued daily and will be paid monthly in arrears to the Management Company by the Company. This annual fee includes any remuneration paid to J.P. Morgan Bank Luxembourg S.A. for its services rendered to the Company as Administrative Agent.
Pursuant to Article 111bis of the Law of 17 December 2010, the Management Company has established and apply a remuneration policy which is consistent with, and promote sound and effective risk management. Such policies and practices must not encourage risk taking which is inconsistent with the risk profile, Prospectus or Articles of the Company, and must not impair compliance with the Management Company’s duty to act in the best interest of the Company.
The remuneration requirements apply to categories of staff, including senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers and whose professional activities have a material impact on the risk profile of the Management Company or the Company. The remuneration includes a fixed (essentially the base salary) and variable component (annual bonuses). The level of funding of the annual bonus (which can be paid in cash, equity awards or a combination of both) is dependent on overall FRI corporate performance, is approved by a compensation committee and is granted with reference to the actual performance of the relevant individual. A significant portion of the bonus can be deferred for at least three years and payment of bonus is subject to claw back provisions.
The details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, how it is consistent with the integration of sustainability risks, the identity of persons responsible for awarding the remuneration and benefits, including the composition of the compensation committee is available on the Internet site: http://www.franklintempleton.lu (a paper copy will be made available free of charge upon request). | en | fr |
DOLFIN7671 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Annex for Switzerland
The representative in Switzerland is GAM Investment Management (Switzerland) Ltd., Hardstrasse 201, P.O. Box, 8037 Zürich. The paying agent in Switzerland is Banca Popolare di Sondrio (SUISSE) S.A., Via Maggio 1, 6900 Lugano.
Relevant documents, such as the prospectus, the key information document, the Articles of Association and the semi-annual and annual reports are available free of charge from the representative in Switzerland, GAM Investment Management (Switzerland) AG, Hardstrasse 201, Postfach, 8037 Zurich, and on the websites funds.gam.com and www.fundinfo.com. | ## Allegato per la Svizzera
Il rappresentante in Svizzera è GAM Investment Management (Switzerland) Ltd., Hardstrasse 201, P.O. Box, 8037 Zurigo. L'agente pagatore in Svizzera è Banca Popolare di Sondrio (SUISSE) S.A., Via Maggio 1, 6900 Lugano.
I documenti utili, come il prospetto informativo, il documento contenente le informazioni chiave, lo statuto e le relazioni semestrali e annuali sono disponibili gratuitamente presso il rappresentante in Svizzera, GAM Investment Management (Switzerland) AG, Hardstrasse 201, Postfach, 8037 Zurigo e sui siti web funds.gam.com e www.fundinfo.com. | ## Annex for Switzerland
The representative in Switzerland is GAM Investment Management (Switzerland) Ltd., Hardstrasse 201, P.O. Box, 8037 Zürich. The paying agent in Switzerland is Banca Popolare di Sondrio (SUISSE) S.A., Via Maggio 1, 6900 Lugano.
Relevant documents, such as the prospectus, the key information document, the Articles of Association and the semi-annual and annual reports are available free of charge from the representative in Switzerland, GAM Investment Management (Switzerland) AG, Hardstrasse 201, Postfach, 8037 Zurich, and on the websites funds.gam.com and www.fundinfo.com. | en | it |
DOLFIN7672 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d’investissement
Alger SICAV - Alger Small Cap Focus Fund (le « Fonds ») est activement géré et vise une appréciation du capital sur le long terme.
Le Fonds investit généralement au moins deux tiers de ses actifs nets dans les titres de capital d'entreprises dont la capitalisation boursière se situe, au moment de l'achat des titres, entre :
- La somme la plus élevée entre :
- 5 milliards d’USD ; ou (b) la société dotée de la plus forte capitalisation boursière dans le Russell 2000 Growth Index, à tout moment durant la période de douze mois la plus récente, comme attesté par cet Indice ;ou (c) la société dotée de la plus forte capitalisation boursière dans le MSCI USA Small Cap Index, à tout moment durant la période de douze mois la plus récente, comme attesté par cet Indice ; et,
- la somme la plus faible entre :
- la société dotée de la plus faible capitalisation boursière dans le Russell 2000 Growth Index, à tout moment durant la période de douze mois la plus récente, comme attesté par cet Indice ; ou (b) la société dotée de la plus faible capitalisation boursière dans le MSCI USA Small Cap Index, à tout moment durant la période de douze mois la plus récente, comme attesté par cet Indice.
Le Fonds n’est géré par rapport à aucun de ces indices. Le Fonds peut investir dans des instruments financiers dérivés pour des besoins de couverture et de gestion efficace du portefeuille.
Le Fonds investit également dans des entreprises de technologie spécialisées dans les domaines de la médecine et de l’information.
Le Fonds entend investir une part substantielle de ses actifs dans un petit nombre d’émetteurs et peut concentrer ses participations sur un nombre de secteurs d’activités ou d’industries plus restreint. Le Fonds détiendra environ 50 titres. Le nombre de titres détenus par le Fonds peut occasionnellement dépasser cette limite, et ce pour différentes raisons.
Les Actionnaires peuvent racheter leurs parts en adressant une demande de rachat écrite à l’Agent de tenue des registres et des transferts. Les demandes de rachat doivent être réceptionnés en bonne et due forme par l’Agent de tenue des registres et des transferts avant 17 h (heure du Luxembourg) le Jour ouvrable précédant la Date de valorisation à laquelle les parts doivent être rachetées. Le droit de rachat peut être suspendu dans certaines circonstances extraordinaires. Actuellement, le Conseil d’administration n’envisage pas de verser des dividendes en espèces sur les résultats nets. En principe, tous les revenus sur investissements nets et les plus-values nettes réalisées et non réalisées seront accumulés et augmenteront la Valeur d’actif net par part. Veuillez vous reporter à la section intitulée « Dividendes et Distributions » du Prospectus pour toute information complémentaire.
Recommandation : Il est possible que ce Fonds ne convienne pas à des investisseurs ayant l’intention de retirer leurs fonds dans un délai inférieur à cinq ans. | # Objetivos y política de inversión
Alger SICAV - Alger Small Cap Focus Fund (el “Fondo”) se gestiona de forma activa y trata de conseguir una revalorización del capital a largo plazo.
El Fondo invierte normalmente como mínimo dos tercios de su patrimonio neto en valores de renta variable de empresas que, en el momento de la inversión, tienen una capitalización bursátil total entre:
(1) El mayor entre:
(a) 5.000 millones de USD; o (b) la empresa con la mayor capitalización del Russell 2000 Growth Index, en cualquier momento durante el periodo de 12 meses más reciente sobre el que haya informado ese Índice; o (c) la empresa con la mayor capitalización del MSCI USA Small Cap Index, en cualquier momento durante el periodo de 12 meses más reciente sobre el que haya informado ese Índice; y
2) El menor entre:
(a) la capitalización de la empresa del índice Russell 2000 Growth Index con la capitalización más baja, en cualquier momento durante el periodo de 12 meses más reciente sobre el que haya informado ese Índice (b) la capitalización de la empresa del índice MSCI USA Small Cap con la capitalización más baja, en cualquier momento durante el periodo de 12 meses más reciente sobre el que haya informado ese Índice.
El Fondo no se gestiona por referencia a los citados índices. El Fondo puede invertir en instrumentos financieros derivados con fines de cobertura y para lograr una gestión eficaz de la cartera.
El Fondo también invierte en empresas tecnológicas orientadas a los ámbitos de la medicina y la información.
El Fondo prevé invertir una parte sustancial de sus activos en un número reducido de emisores y puede concentrar sus posiciones en menos sectores empresariales o industrias. El Fondo tendrá en cartera aproximadamente 50 valores. Los valores en cartera del Fondo podrán superar ocasionalmente ese número por diversas razones.
Los accionistas pueden reembolsar sus acciones enviando una solicitud de reembolso por escrito al Registrador y Agente de Transmisiones. El Registrador y Agente de Transmisiones deberá recibir correctamente las solicitudes de reembolso antes de las 17.00 horas (hora de Luxemburgo) del Día Hábil anterior a la Fecha de Valoración en que deban reembolsarse las acciones. En determinadas circunstancias excepcionales, podrá suspenderse el derecho de reembolso. El Consejo de Administración no tiene previsto actualmente recomendar el pago de dividendos en efectivo con cargo a los resultados netos. Por lo general, todos los ingresos netos procedentes de la inversión y todas las plusvalías realizadas y no realizadas se acumularán e incrementarán el Valor liquidativo por acción. Para más información, consulte el apartado “Dividends and Distributions” del Folleto.
Recomendación: Este Fondo podría no ser apropiado para inversores que tengan previsto retirar su dinero en un período inferior a cinco años. | # Objectifs et politique d’investissement
Alger SICAV - Alger Small Cap Focus Fund (le « Fonds ») est activement géré et vise une appréciation du capital sur le long terme.
Le Fonds investit généralement au moins deux tiers de ses actifs nets dans les titres de capital d'entreprises dont la capitalisation boursière se situe, au moment de l'achat des titres, entre :
- La somme la plus élevée entre :
- 5 milliards d’USD ; ou (b) la société dotée de la plus forte capitalisation boursière dans le Russell 2000 Growth Index, à tout moment durant la période de douze mois la plus récente, comme attesté par cet Indice ;ou (c) la société dotée de la plus forte capitalisation boursière dans le MSCI USA Small Cap Index, à tout moment durant la période de douze mois la plus récente, comme attesté par cet Indice ; et,
- la somme la plus faible entre :
- la société dotée de la plus faible capitalisation boursière dans le Russell 2000 Growth Index, à tout moment durant la période de douze mois la plus récente, comme attesté par cet Indice ; ou (b) la société dotée de la plus faible capitalisation boursière dans le MSCI USA Small Cap Index, à tout moment durant la période de douze mois la plus récente, comme attesté par cet Indice.
Le Fonds n’est géré par rapport à aucun de ces indices. Le Fonds peut investir dans des instruments financiers dérivés pour des besoins de couverture et de gestion efficace du portefeuille.
Le Fonds investit également dans des entreprises de technologie spécialisées dans les domaines de la médecine et de l’information.
Le Fonds entend investir une part substantielle de ses actifs dans un petit nombre d’émetteurs et peut concentrer ses participations sur un nombre de secteurs d’activités ou d’industries plus restreint. Le Fonds détiendra environ 50 titres. Le nombre de titres détenus par le Fonds peut occasionnellement dépasser cette limite, et ce pour différentes raisons.
Les Actionnaires peuvent racheter leurs parts en adressant une demande de rachat écrite à l’Agent de tenue des registres et des transferts. Les demandes de rachat doivent être réceptionnés en bonne et due forme par l’Agent de tenue des registres et des transferts avant 17 h (heure du Luxembourg) le Jour ouvrable précédant la Date de valorisation à laquelle les parts doivent être rachetées. Le droit de rachat peut être suspendu dans certaines circonstances extraordinaires. Actuellement, le Conseil d’administration n’envisage pas de verser des dividendes en espèces sur les résultats nets. En principe, tous les revenus sur investissements nets et les plus-values nettes réalisées et non réalisées seront accumulés et augmenteront la Valeur d’actif net par part. Veuillez vous reporter à la section intitulée « Dividendes et Distributions » du Prospectus pour toute information complémentaire.
Recommandation : Il est possible que ce Fonds ne convienne pas à des investisseurs ayant l’intention de retirer leurs fonds dans un délai inférieur à cinq ans. | fr | es |
DOLFIN7673 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## What are the costs?
Costs over Time
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. Total costs include one-off, ongoing and incidental costs. The amounts shown here are the cumulative costs of the Product itself, for the different holding periods. These include potential early exit penalties. The figures assume you invest CHF 10,000. The figures are estimates and may change in the future.
The person advising on or selling you this Product may charge you other costs. If so, this person will provide you with information about these costs and how all the costs affect your investment over time. | ## ¿Cuáles son los costes?
Costes a lo largo del tiempo
La reducción del rendimiento (RIY) muestra la incidencia anual de los costes totales que usted paga sobre el rendimiento que podría obtener de su inversión. Los costes totales incluyen los costes únicos, recurrentes e imprevistos. Los importes que se muestran aquí son los costes acumulados relacionados con el producto propiamente dicho, para los diferentes periodos de mantenimiento. Incluyen posibles penalizaciones por salida anticipada. Las cifras presentadas parten del supuesto de que usted invierte 10 000 CHF. Estas cifras son estimaciones y pueden cambiar en el futuro.
La persona que le asesore sobre este producto o se lo venda puede cobrarle otros costes. En tal caso, esa persona le facilitará información acerca de estos costes y la incidencia que tienen en su inversión a lo largo del tiempo. | ## What are the costs?
Costs over Time
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. Total costs include one-off, ongoing and incidental costs. The amounts shown here are the cumulative costs of the Product itself, for the different holding periods. These include potential early exit penalties. The figures assume you invest CHF 10,000. The figures are estimates and may change in the future.
The person advising on or selling you this Product may charge you other costs. If so, this person will provide you with information about these costs and how all the costs affect your investment over time. | en | es |
DOLFIN7674 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# HOW LONG SHOULD I HOLD IT AND CAN I TAKE MY MONEY OUT EARLY?
The Fund has no required minimum holding period but has a recommended holding period of 5 years and is designed for medium- long term investment. The investment objective of the Fund is to seek to maximise long-term total returns for Shareholders of the Fund. As such, a recommended holding period of 5 years is appropriate in light of this investment objective
You can redeem your investment at any time during the recommended holding period, or hold the investment longer. You may sell your shares in the Fund each business day on which banks in Dublin and London are open for normal banking business. When you sell shares, a charge (anti-dilution levy) may be payable to cover the costs incurred by the Fund in selling investments for the Fund. No other fees or penalties will be charged by the Fund for any such transaction, however an execution fee might be chargeable by your broker if applicable. By selling your shares in the Fund earlier than the recommended holding period, you may receive back less than you would have received if you had kept the shares for the recommended holding period. In volatile or unusual market conditions, or in the event of technical faults/disruptions, the purchase and/or sale of the product can be temporarily hindered and/or suspended and may not be possible at all. | # ¿CUÁNTO TIEMPO DEBO MANTENER LA INVERSIÓN, Y PUEDO RETIRAR DINERO DE MANERA ANTICIPADA?
El Fondo no tiene un período de mantenimiento mínimo exigido pero sí un período de mantenimiento recomendado de 5 años y ha sido diseñado para la inversión de medio a largo plazo. El objetivo de inversión del Fondo es tratar de maximizar la rentabilidad total a largo plazo para sus Accionistas. Por consiguiente, teniendo en cuenta este objetivo de inversión, es adecuado un período de mantenimiento recomendado de 5 años.
Usted puede reembolsar su inversión en todo momento durante el período de mantenimiento recomendado, o mantener la inversión durante más tiempo. Puede vender sus acciones del Fondo cada día hábil en el que los bancos de Dublín y Londres estén abiertos para su actividad bancaria normal. Cuando venda sus acciones, puede que deba pagar una tasa (gravamen de protección contra la dilución) a fin de cubrir los costes en que haya incurrido el Fondo en la venta de sus inversiones. El Fondo no cobrará ninguna otra tasa o sanción por ninguna operación de este tipo, pero su corredor, en su caso, podría aplicar una comisión de ejecución. Si usted vende sus acciones del Fondo antes del período de mantenimiento recomendado, puede que reciba menos de lo que habría recibido si hubiera mantenido las acciones durante dicho período. En condiciones de mercado volátiles o inusuales, o en caso de fallos o interrupciones técnicas, la compra o la venta del producto puede verse obstaculizada temporalmente o suspendida y puede que no sea posible. | # HOW LONG SHOULD I HOLD IT AND CAN I TAKE MY MONEY OUT EARLY?
The Fund has no required minimum holding period but has a recommended holding period of 5 years and is designed for medium- long term investment. The investment objective of the Fund is to seek to maximise long-term total returns for Shareholders of the Fund. As such, a recommended holding period of 5 years is appropriate in light of this investment objective
You can redeem your investment at any time during the recommended holding period, or hold the investment longer. You may sell your shares in the Fund each business day on which banks in Dublin and London are open for normal banking business. When you sell shares, a charge (anti-dilution levy) may be payable to cover the costs incurred by the Fund in selling investments for the Fund. No other fees or penalties will be charged by the Fund for any such transaction, however an execution fee might be chargeable by your broker if applicable. By selling your shares in the Fund earlier than the recommended holding period, you may receive back less than you would have received if you had kept the shares for the recommended holding period. In volatile or unusual market conditions, or in the event of technical faults/disruptions, the purchase and/or sale of the product can be temporarily hindered and/or suspended and may not be possible at all. | en | es |
DOLFIN7675 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 138 | EUR 689 |
| Annual cost impact (*) | 1.4% | 1.3% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 6.3% before costs and 5.0% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.1% of the value of your investment when entering. This includes distribution costs of 0.1% of amount invested. | EUR 5 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | EUR 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.9% of the value of your investment per year. | EUR 90 |
| Transaction costs | 0.4% 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. | EUR 43 |
Performance fees 0.0% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
The performance fee is calculated as 15% of any excess return the Sub-fund achieved over the higher of High Water Mark and Hurdle Rate Index Value (ESTR + 2%).
EUR 0 | # Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás periodos de mantenimiento, hemos supuesto que el producto evoluciona tal y como muestra el escenario moderado
- 10 000 EUR está invertido
| | En caso de salida después de 1 año | En caso de salida después de 5 años (Periodo de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 138 EUR | 689 EUR |
| Incidencia anual de los costes (*) | 1,4% | 1,3% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que si sale en el periodo de mantenimiento recomendado, se prevé que su rendimiento medio anual sea 6,3% antes de deducir los costes y 5,0% después de deducir los costes.
| Composición de los costes | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año |
| Costes de entrada | 0,1% del valor de su inversión al participar. Esto incluye costes de distribución equivalentes al 0,1% del importe invertido. | 5 EUR |
| Costes de salida | 0,0% del valor de su inversión antes de que se le pague. | 0 EUR |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,9% del valor de su inversión por año. | 90 EUR |
| Costes de operación | 0,4% del valor de su inversión por año. Esta es una estimación de los costes incurridos al comprar y vender las inversiones subyacentes para el producto. El importe real variará dependiendo de cuánto compremos y vendamos. | 43 EUR |
Comisiones de rendimiento 0,0% El importe real variará dependiendo de lo buenos que sean los resultados de su
inversión. La estimación de costes agregados incluye el promedio de los últimos 5 años. La comisión de rendimiento equivale al 15% de toda rentabilidad excedente que el fondo haya obtenido por encima de la valor que sea más alto entre High Water Mark y Hurdle Rate Index Value (ESTR + 2%).
0 EUR | # We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 138 | EUR 689 |
| Annual cost impact (*) | 1.4% | 1.3% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 6.3% before costs and 5.0% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.1% of the value of your investment when entering. This includes distribution costs of 0.1% of amount invested. | EUR 5 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | EUR 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.9% of the value of your investment per year. | EUR 90 |
| Transaction costs | 0.4% 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. | EUR 43 |
Performance fees 0.0% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
The performance fee is calculated as 15% of any excess return the Sub-fund achieved over the higher of High Water Mark and Hurdle Rate Index Value (ESTR + 2%).
EUR 0 | en | es |
DOLFIN7676 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Collateral diversification (asset concentration)
Collateral should be sufficiently diversified in terms of country, markets and issuers. The criterion of sufficient diversification with respect to issuer concentration is considered to be respected if the Fund receives from a counterparty of efficient portfolio management and over-the-counter financial derivative transactions a basket of collateral with a maximum exposure to a given issuer of 20% of its net asset value. When the Fund is exposed to different counterparties, the different baskets of collateral should be aggregated to calculate the 20% limit of exposure to a single issuer. By way of derogation, the Fund may be fully collateralized in different transferable securities and money market instruments issued or guaranteed by a Member State, one or more of its
local authorities, a Third Country part of the OECD, Brazil, Indonesia, Russia, Singapore and South Africa, or a public international body to which one or more Member States belong. Such Fund should receive securities from at least six different issues, but securities from any single issue should not account for more than 30% of the Fund’s net asset value. | # Diversification des garanties (concentration des actifs)
Les garanties doivent être suffisamment diversifiées en termes de pays, de marchés et d’émetteurs. Le critère de diversification suffisante en termes de concentration des émetteurs est considéré comme respecté si le Fonds reçoit d’une contrepartie de gestion de portefeuille efficace et de transactions sur dérivés de gré à gré un panier de garanties avec une exposition maximale à un émetteur donné de 20 % de sa valeur nette d’inventaire. Lorsque le Fonds est exposé à différentes contreparties, les différents paniers de garanties doivent être cumulés pour vérifier la limite d’exposition de 20 % à un émetteur unique. À titre de dérogation, le Fonds peut détenir des garanties constituées exclusivement de différentes émissions de valeurs mobilières et d’instruments du marché monétaire émis ou garantis par un État membre, l’une ou plusieurs de ses collectivités publiques territoriales, par un Pays tiers membre de l’OCDE, par le Brésil, l’Indonésie, la Russie, Singapour ou l’Afrique du Sud ou par des organismes publics internationaux dont un ou plusieurs États membres font partie. Le Fonds doit recevoir des valeurs appartenant à six émissions différentes au moins, sans que les valeurs appartenant à une même émission n’excèdent 30 % de sa valeur nette d’inventaire. | # Collateral diversification (asset concentration)
Collateral should be sufficiently diversified in terms of country, markets and issuers. The criterion of sufficient diversification with respect to issuer concentration is considered to be respected if the Fund receives from a counterparty of efficient portfolio management and over-the-counter financial derivative transactions a basket of collateral with a maximum exposure to a given issuer of 20% of its net asset value. When the Fund is exposed to different counterparties, the different baskets of collateral should be aggregated to calculate the 20% limit of exposure to a single issuer. By way of derogation, the Fund may be fully collateralized in different transferable securities and money market instruments issued or guaranteed by a Member State, one or more of its
local authorities, a Third Country part of the OECD, Brazil, Indonesia, Russia, Singapore and South Africa, or a public international body to which one or more Member States belong. Such Fund should receive securities from at least six different issues, but securities from any single issue should not account for more than 30% of the Fund’s net asset value. | en | fr |
DOLFIN7677 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# BIL Invest Bonds EUR High Yield
| Geographical breakdown | |
| --- | --- |
| Luxembourg | 59.28 |
| Ireland | 29.89 |
| France | 9.30 |
| | 98.47 |
Geographical and economic breakdown of investments as at June 30, 2023 (expressed as a percentage of net assets)
| Economic breakdown |
| --- |
| Investment funds 98.47 |
| 98.47 |
| | 60,884,692 | 43.36 |
| --- | --- | --- |
| Total investment funds | 136,298,563 | 97.08 |
| |
| Total Undertakings for Collective Investment | 136,298,563 | 97.08 |
| |
| Total investment portfolio | 136,298,563 | 97.08 |
| Acquisition cost | 156,853,000 | | | # BIL Invest Bonds EUR High Yield
| Répartition géographique | |
| --- | --- |
| Luxembourg | 59,28 |
| Irlande | 29,89 |
| France | 9,30 |
| | 98,47 |
Répartition géographique du portefeuille-titres au 30 juin 2023 (en pourcentage de l’actif net)
| Répartition économique |
| --- |
| Fonds d’investissement 98,47 |
| 98,47 |
| | 60.884.692 | 43,36 |
| --- | --- | --- |
| Total fonds d’investissement | 136.298.563 | 97,08 |
| |
| Total Organismes de Placement Collectif | 136.298.563 | 97,08 |
| |
| Total du portefeuille-titres | 136.298.563 | 97,08 |
| Coût d’acquisition | 156.853.000 | | | # BIL Invest Bonds EUR High Yield
| Geographical breakdown | |
| --- | --- |
| Luxembourg | 59.28 |
| Ireland | 29.89 |
| France | 9.30 |
| | 98.47 |
Geographical and economic breakdown of investments as at June 30, 2023 (expressed as a percentage of net assets)
| Economic breakdown |
| --- |
| Investment funds 98.47 |
| 98.47 |
| | 60,884,692 | 43.36 |
| --- | --- | --- |
| Total investment funds | 136,298,563 | 97.08 |
| |
| Total Undertakings for Collective Investment | 136,298,563 | 97.08 |
| |
| Total investment portfolio | 136,298,563 | 97.08 |
| Acquisition cost | 156,853,000 | | | en | fr |
DOLFIN7678 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective: The Sub-Fund seeks to provide returns that correspond to those of its Index.
Investment Policy: The Sub-Fund pursues a passively managed (index- tracking) strategy.
The Sub-Fund aims to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund's performance and that of the Index.
The Index is comprised of large and mid-capitalisation equity securities issued in the US market, is published by FTSE Russell and rebalances quarterly (as referred to under the "Index Tracking Risk" in the Prospectus). Further details on the Index, including its components and performance, are available at https://www.ftse.com/products/ indices/jpmorgan-factor.
The Index is designed to capture the performance of stocks which display certain factor characteristics more strongly when compared to their peer group (i.e. other stocks in the same sector). Factors are characteristics that describe the risk and return profile of securities from which investors expect to achieve above average returns over time, through assuming a particular risk or taking advantage of a behavioural bias.
The Index uses a two-step rules-based approach that weighs sectors equally based on volatility, followed by a stock selection process that uses multiple factors referred to as "multi-factor". This process involves investing in stocks in the Russell 1000 Index according to an overall | # Objetivos y política de inversión
Objetivo de inversión: El Subfondo pretende generar rentabilidades similares a las de su Índice.
Política de inversión: El Subfondo lleva a cabo una estrategia de gestión pasiva (replicación del índice o «index tracking»).
El Subfondo trata de replicar la rentabilidad del Índice con la mayor precisión posible, con independencia de si el valor del Índice aumenta o desciende, al tiempo que trata de reducir al máximo el error de seguimiento («tracking error») entre la rentabilidad del Subfondo y la del Índice.
El Índice está compuesto por valores de renta variable de mediana y gran capitalización emitidos en el mercado estadounidense, es publicado por FTSE Russell y se reajusta cada trimestre (como se indica en el apartado «Riesgo vinculado al seguimiento de índices» del Folleto). Se puede obtener más información sobre el Índice, incluidos sus componentes y rentabilidad, en la página web https:// www.ftse.com/products/indices/jpmorgan-factor.
El Índice ha sido concebido para capturar la rentabilidad de los valores que exhiben ciertas características factoriales de manera más significativa cuando se comparan con su grupo de homólogos (es decir, otros valores del mismo sector). Los factores son características que describen el perfil de riesgo y rentabilidad de los valores a través de los cuales los inversores esperan cosechar rentabilidades por encima de la media con el paso del tiempo, bien asumiendo un riesgo particular, bien aprovechando un sesgo conductual.
El Índice recurre a un enfoque de dos pasos basado en normas que equipondera los sectores en función de la volatilidad, seguido de un proceso de selección de valores que utiliza múltiples factores (o«multifactorial»). Este proceso implica la inversión en valores del índice Russell 1000, con arreglo a una puntuación multifactorial global | # Objectives and Investment Policy
Investment Objective: The Sub-Fund seeks to provide returns that correspond to those of its Index.
Investment Policy: The Sub-Fund pursues a passively managed (index- tracking) strategy.
The Sub-Fund aims to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund's performance and that of the Index.
The Index is comprised of large and mid-capitalisation equity securities issued in the US market, is published by FTSE Russell and rebalances quarterly (as referred to under the "Index Tracking Risk" in the Prospectus). Further details on the Index, including its components and performance, are available at https://www.ftse.com/products/ indices/jpmorgan-factor.
The Index is designed to capture the performance of stocks which display certain factor characteristics more strongly when compared to their peer group (i.e. other stocks in the same sector). Factors are characteristics that describe the risk and return profile of securities from which investors expect to achieve above average returns over time, through assuming a particular risk or taking advantage of a behavioural bias.
The Index uses a two-step rules-based approach that weighs sectors equally based on volatility, followed by a stock selection process that uses multiple factors referred to as "multi-factor". This process involves investing in stocks in the Russell 1000 Index according to an overall | en | es |
DOLFIN7679 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Minimum Holding
A Shareholder may not make a partial redemption of Shares which would result in less than the minimum holding amount, specified for the relevant Class of Shares in this Supplement under the heading “The Fund”, (or its Class Currency equivalent) unless otherwise determined by the Company.
In the event that a Shareholder requests a partial redemption of its Shares which would result in such Shareholder holding less than the minimum holding amount above, the Company may, in its sole discretion (a) treat such redemption request as a redemption of the relevant Shareholder’s entire holding of the relevant Class of Shares; (b) reject such partial redemption request; or (c) accept such partial redemption request. The relevant Shareholder will be notified before or after the relevant Dealing Day in the event that the Company or the Manager determines to (i) treat such redemption request as a redemption of the relevant Shareholder’s entire holding of the relevant Class of Shares or (ii) reject such partial redemption request.
Where the value of a Shareholder’s Shares has fallen below the minimum holding requirement due to a decline in the NAV of the Fund or an unfavourable change in currency rates, this will not be considered to be a breach of the minimum holding requirement. | ## Mindestbestand
Ein Anteilinhaber darf keine Teilrücknahme von Anteilen vornehmen, die weniger als den für die betreffende Anteilsklasse in dieser Ergänzung unter der Überschrift «Der Fonds» angegebenen Mindestanlagebestand (oder den entsprechenden Gegenwert in der Klassenwährung) ergeben würde, sofern die Gesellschaft nichts anderes bestimmt.
Für den Fall, dass ein Anteilinhaber eine Teilrücknahme seiner Anteile beantragt, die dazu führen würde, dass dieser Anteilinhaber weniger als den oben genannten Mindestanlagebestand hält, kann die Gesellschaft nach eigenem Ermessen (a) einen solchen Rücknahmeantrag als Rücknahme des gesamten Anteilsbesitzes des betreffenden Anteilinhabers der betreffenden Anteilsklasse behandeln;
(b) einen solchen Teilrücknahmeantrag ablehnen; oder (c) einen solchen Teilrücknahmeantrag annehmen. Der betreffende Anteilinhaber wird vor oder nach dem betreffenden Handelstag benachrichtigt, falls die Gesellschaft oder der Manager beschliesst, (i) einen solchen Rücknahmeantrag als Rücknahme des gesamten Anteilsbesitzes des betreffenden Anteilinhabers der betreffenden Anteilsklasse zu behandeln oder (ii) einen solchen Teilrücknahmeantrag abzulehnen.
Wenn der Wert der Anteile eines Anteilinhabers aufgrund eines Rückgangs des Nettoinventarwerts des Fonds oder einer ungünstigen Veränderung der Währungskurse unter die Mindestbestandsanforderung gefallen ist, wird dies nicht als Verletzung der Mindestbestandsanforderung betrachtet. | ## Minimum Holding
A Shareholder may not make a partial redemption of Shares which would result in less than the minimum holding amount, specified for the relevant Class of Shares in this Supplement under the heading “The Fund”, (or its Class Currency equivalent) unless otherwise determined by the Company.
In the event that a Shareholder requests a partial redemption of its Shares which would result in such Shareholder holding less than the minimum holding amount above, the Company may, in its sole discretion (a) treat such redemption request as a redemption of the relevant Shareholder’s entire holding of the relevant Class of Shares; (b) reject such partial redemption request; or (c) accept such partial redemption request. The relevant Shareholder will be notified before or after the relevant Dealing Day in the event that the Company or the Manager determines to (i) treat such redemption request as a redemption of the relevant Shareholder’s entire holding of the relevant Class of Shares or (ii) reject such partial redemption request.
Where the value of a Shareholder’s Shares has fallen below the minimum holding requirement due to a decline in the NAV of the Fund or an unfavourable change in currency rates, this will not be considered to be a breach of the minimum holding requirement. | en | de |
DOLFIN7680 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
-2.9
-5
-10
Share class launch date: 9 October 2014 Base currency: Pound Sterling.
4.0
6.8
23.7
Indicative Benchmark: MSCI Daily TR Net World Index.
-2.3
-3.3
2015 2016 2017 2018 2019
Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund R
Benchmark | -2,9
-5
-10
Data di creazione della classe di azioni: 9 ottobre 2014 Valuta di riferimento: Sterlina britannica.
4,0
6,8
23,7
Indice di riferimento indicativo: Indice MSCI Daily TR Net World.
-2,3
-3,3
2015 2016 2017 2018 2019
Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund R
Indice di riferimento | -2.9
-5
-10
Share class launch date: 9 October 2014 Base currency: Pound Sterling.
4.0
6.8
23.7
Indicative Benchmark: MSCI Daily TR Net World Index.
-2.3
-3.3
2015 2016 2017 2018 2019
Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund R
Benchmark | en | it |
DOLFIN7681 | 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 | We do not charge an entry fee. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | If you exit after 1 year |
| Management fees and other administrative or operating costs | 0.3% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 34 EUR |
| Transaction costs | 0.1% 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. | 5 EUR |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | There is no performance fee for this product. | 0 EUR | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | No cobramos comisión de entrada. | 0 EUR |
| Costes de salida | No cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 EUR |
| Costes corrientes detraídos cada año | En caso de salida después de 1 año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,3% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 34 EUR |
| Costes de operación | 0,1% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 5 EUR |
| Costes accesorios detraídos en condiciones específicas | En caso de salida después de 1 año |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto. | 0 EUR | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | We do not charge an entry fee. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | If you exit after 1 year |
| Management fees and other administrative or operating costs | 0.3% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 34 EUR |
| Transaction costs | 0.1% 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. | 5 EUR |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | There is no performance fee for this product. | 0 EUR | | en | es |
DOLFIN7682 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### The performance of the sub-fund, denominated in EUR, is not hedged against the USD currency risk.
* The benchmark is the BNP Paribas Equity Low Vol US TR Index with net dividends reinvested, calculated and published in USD by Solactive AG and sponsored by BNP Paribas (Index composition: https://indx.bnpparibas.com/Strategy/Index?pid=QcztxJzW%2fhV4fvacPEMnyQ%3d%3d&subid=MVT0bfUdXeBOm16pmWITCA%3d%3d).
The composition of the index is reviewed on a monthly basis. The index is valued daily. BNP Paribas Equity Low Vol US Index is a US equity index measuring the performance of US companies that exhibit a low historical volatility. The performance of the index includes the dividends paid by the shares that compose the index. Further information is available on the website: https://indx.bnpparibas.com/nr/FLVUTR.pdf
The Index is sponsored by BNP Paribas (the “Index Sponsor”), a Benchmark Index administrator registered in the Benchmark Register at the date of this Prospectus and calculated and published by Solactive AG (the “Index Calculation Agent”). BNP Paribas Arbitrage SNC (the “Index Weight Calculation Agent”) provides certain data to the Index Calculation Agent for use in the Index. None of the Index Sponsor, the Index Calculation Agent nor the Index Weight Calculation Agent, under any circumstances, offer any guarantee as to the results achieved using the index or the value of the Index at any time on any day. The Index Sponsor draws the attention of owners of the ETF to the disclaimers appearing in Sections 5 and 6 of Part C (General Index Rules) of the Index Rule Book, which is available on the website quoted above. | ### La performance du compartiment, libellé en EUR, ne fait pas l’objet d’une couverture par rapport au risque de change EUR-USD.
* L’indice de référence est l’indice BNP Paribas Equity Low Vol US TR, dividendes nets réinvestis, calculé et publié en USD par Solactive AG et sponsorisé par BNP Paribas (composition de l’indice : https://indx.bnpparibas.com/Strategy/Index?pid=QcztxJzW%2fhV4fvacPEMnyQ%3d%3d&subid=MVT0bfUdXeBOm16pmWITCA%3d%3d).
La composition de l’indice est revue mensuellement. L’indice est évalué quotidiennement. L’indice BNP Paribas Equity Low Vol US est un indice boursier américain mesurant la performance des sociétés américaines ayant une faible volatilité historique. La performance de l’indice inclut les dividendes générés par les actions qui le composent. De plus amples informations sont disponibles sur le site Internet : https://indx.bnpparibas.com/nr/FLVUTR.pdf
L’indice est sponsorisé par BNP Paribas (le « Promoteur de l’indice »), un administrateur d’indices de référence inscrit au Registre des indices de référence à la date du présent Prospectus, et calculé et publié par Solactive AG (l’« Agent de calcul de l’indice »). BNP Paribas Arbitrage SNC (l’« Agent de calcul de la pondération de l’indice ») fournit certaines informations à l’Agent de calcul de l’indice pour une utilisation dans l’Indice. En toute circonstance, ni le Promoteur de l’indice, ni l’Agent de calcul de l’indice, ni l’Agent de calcul de la pondération de l’indice n’offre de garantie quant aux résultats obtenus en recourant à l’Indice ou à sa valeur n’importe quel jour et à n’importe quelle heure. Le Promoteur de l’indice attire l’attention des propriétaires des ETF sur les avertissements figurant aux Sections 5 et 6 de la Partie C (Règles générales de l’Indice) des Règles de l’Indice, qui sont disponibles sur le site Internet susmentionné. | ### The performance of the sub-fund, denominated in EUR, is not hedged against the USD currency risk.
* The benchmark is the BNP Paribas Equity Low Vol US TR Index with net dividends reinvested, calculated and published in USD by Solactive AG and sponsored by BNP Paribas (Index composition: https://indx.bnpparibas.com/Strategy/Index?pid=QcztxJzW%2fhV4fvacPEMnyQ%3d%3d&subid=MVT0bfUdXeBOm16pmWITCA%3d%3d).
The composition of the index is reviewed on a monthly basis. The index is valued daily. BNP Paribas Equity Low Vol US Index is a US equity index measuring the performance of US companies that exhibit a low historical volatility. The performance of the index includes the dividends paid by the shares that compose the index. Further information is available on the website: https://indx.bnpparibas.com/nr/FLVUTR.pdf
The Index is sponsored by BNP Paribas (the “Index Sponsor”), a Benchmark Index administrator registered in the Benchmark Register at the date of this Prospectus and calculated and published by Solactive AG (the “Index Calculation Agent”). BNP Paribas Arbitrage SNC (the “Index Weight Calculation Agent”) provides certain data to the Index Calculation Agent for use in the Index. None of the Index Sponsor, the Index Calculation Agent nor the Index Weight Calculation Agent, under any circumstances, offer any guarantee as to the results achieved using the index or the value of the Index at any time on any day. The Index Sponsor draws the attention of owners of the ETF to the disclaimers appearing in Sections 5 and 6 of Part C (General Index Rules) of the Index Rule Book, which is available on the website quoted above. | en | fr |
DOLFIN7683 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### The selection :
- only concerns financial institutions of OECD countries (without any legal status criteria) whose minimum rating ranges between AAA to BBB- by Standard and Poor's, at the moment of transaction’s, or considered to be equivalent by the Management Company according its own criteria and
- is made from among reputable financial intermediaries on the basis of multiple criteria related to the provision of research services (fundamental financial analysis, company information, value added by partners, solid basis for recommendations, etc.) or execution services (access to market information, transaction costs, execution prices, good transaction settlement practices, etc.). | ###### La selección:
- únicamente concierne a instituciones financieras de países de la OCDE (sin ningún criterio sobre el estatuto jurídico) cuyas calificaciones mínimas estén entre AAA y BBB- (Standard and Poor's) en el momento de la transacción, o calificaciones consideradas como equivalentes por la sociedad gestora, según su propio criterio; y
- se hace entre intermediarios financieros de confianza, teniendo en cuenta diversos criterios en relación con la prestación de servicios de estudios (análisis financiero fundamental, información sobre la empresa, valor añadido por los socios, fundamentos sólidos para su recomendación, etc.) o de servicios de ejecución (acceso a la información de los mercados, costes de las transacciones, precios de ejecución, buenas prácticas de liquidación de operaciones, etc.). | ###### The selection :
- only concerns financial institutions of OECD countries (without any legal status criteria) whose minimum rating ranges between AAA to BBB- by Standard and Poor's, at the moment of transaction’s, or considered to be equivalent by the Management Company according its own criteria and
- is made from among reputable financial intermediaries on the basis of multiple criteria related to the provision of research services (fundamental financial analysis, company information, value added by partners, solid basis for recommendations, etc.) or execution services (access to market information, transaction costs, execution prices, good transaction settlement practices, etc.). | en | es |
DOLFIN7684 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les administrateurs exécutifs ne perçoivent aucune rémunération directe du Gestionnaire. Les administrateurs non exécutifs indépendants perçoivent une rémunération pour leurs services de la part du Gestionnaire, qui comprend des honoraires fixes et aucune composante de rémunération variable.
Les opérations et activités du Gestionnaire et des OPCVM dont il assure la gestion sont exécutées en grande partie par les salariés d’autres sociétés au sein du groupe BNY Mellon, et la rémunération de ces personnes est déterminée par la direction des sociétés concernées conformément aux politiques, principes et pratiques de BNY Mellon au niveau mondial et régional. Dans le cas d’accords de services ou de délégation formelle de la gestion de portefeuille, le Gestionnaire s’efforce de faire en sorte que les modalités de rémunération du Personnel identifié soient aussi effectives que celles auxquelles le Gestionnaire est soumis, y compris en ce qui concerne le principe de proportionnalité. En outre, le cadre de risque utilisé par le Gestionnaire pour les accords de délégation de la gestion de portefeuille est conçu pour faire en sorte que les personnes actives au sein de ces tierces parties n’aient pas la possibilité d’avoir une incidence importante sur le profil de risque de l’OPCVM.
La philosophie et les principes de rémunération de BNY Mellon visent à offrir une rémunération globale propice à la concrétisation de ses valeurs fondamentales que sont la focalisation sur le client, l’intégrité, le travail d’équipe et l’excellence. Les performances sont récompensées au niveau individuel comme au niveau de la société et déterminées sur la base de facteurs financiers et non financiers. Cette approche vise à aligner les intérêts des salariés sur ceux des actionnaires et/ ou clients en encourageant les actions qui contribuent à la performance financière et à la valeur à long terme et en faisant en sorte que les éléments de rémunération liés au résultat n’encouragent pas les salariés à prendre des risques inutiles et excessifs. La structure de rémunération globale de BNY Mellon présente un équilibre entre les primes d’intéressement à court terme et à long terme et une rémunération composée de numéraire et d’actions. Elle vise à décourager les salariés de prendre des risques excessifs susceptibles d’avoir un impact négatif sur la performance à long terme des sociétés du groupe BNY Mellon et d’avoir une incidence sur une part importante de leur rémunération.
BNY Mellon possède des comités de rémunération au niveau mondial, régional et de chaque société. Ces comités sont chargés de superviser les politiques et programmes en matière de rémunération et d’avantages des salariés. Le Gestionnaire ne possède pas de comité de rémunération propre.
Rémunération du Personnel identifié pour l’exercice clos le 31 décembre 2021 : | Los consejeros ejecutivos no reciben compensación alguna directamente de la Sociedad gestora. Los consejeros independientes no ejecutivos reciben de la Sociedad gestora una remuneración por sus servicios, la cual comprende unos honorarios fijos y ningún componente de retribución variable.
Las operaciones y actividades de la Sociedad gestora y del OICVM para el que actúa como gestora son realizados en gran medida por empleados de otras sociedades pertenecientes al grupo BNY Mellon Group, y la compensación a estas personas la determina la alta dirección de la línea de negocio de que se trate, de conformidad con las políticas, los procedimientos y las prácticas de BNY Mellon en el plano mundial y regional. En aquellos casos en que se hayan establecido acuerdos de servicios o la delegación formal de la gestión de carteras, la Sociedad gestora trata de asegurarse de que las disposiciones sobre remuneración del Personal identificado tengan la misma consideración de efectividad que aquellos a los cuales está directamente sujeta la Sociedad gestora, incluidos los principios de proporcionalidad. Además, el marco de riesgo en que opera la Sociedad gestora con respecto a los acuerdos de delegación de la gestión de carteras está diseñado para asegurar que las personas físicas que desempeñan actividades con esos terceros no tienen la capacidad de afectar significativamente al perfil de riesgo del OICVM.
POLÍTICA DE REMUNERACIÓN EN VIRTUD DE OICVM V (sin auditar) cont.
La filosofía y los principios de compensación de BNY Mellon están basados en ofrecer una remuneración global que sustente sus valores básicos en cuanto a: Enfoque sobre el cliente, Integridad, Trabajo en equipo y Excelencia. El rendimiento se remunera en el plano tanto individual como corporativo, y se determina a partir de factores financieros y no financieros. Se pretende alinear los intereses de los empleados y los accionistas y / o los clientes mediante la creación de incentivos para los comportamientos que contribuyan a un superior rendimiento financiero y al valor a largo plazo, asegurando que los mecanismos de retribución por incentivos no alienten a los empleados a tomar riesgos innecesarios y excesivos. La estructura general de compensaciones de BNY Mellon está equilibrada entre los incentivos a corto y largo plazo, y combina la compensación mediante efectivo y participaciones en el capital. Pretende desalentar que los empleados asuman riesgos excesivos que pudieran afectar negativamente al rendimiento a largo plazo de las sociedades del Grupo BNY Mellon, repercutiendo sobre una proporción sustancial de su propia compensación.
En BNY Mellon funcionan unos comités de remuneraciones en el plano mundial, regional y de empresa, con responsabilidades relacionadas con la supervisión de las políticas y programas de compensación y prestaciones de los empleados. La Sociedad gestora no cuenta con un comité de remuneraciones individuales.
Remuneraciones para el personal identificado con respecto al año finalizado el 31 de diciembre de 2021: | Les administrateurs exécutifs ne perçoivent aucune rémunération directe du Gestionnaire. Les administrateurs non exécutifs indépendants perçoivent une rémunération pour leurs services de la part du Gestionnaire, qui comprend des honoraires fixes et aucune composante de rémunération variable.
Les opérations et activités du Gestionnaire et des OPCVM dont il assure la gestion sont exécutées en grande partie par les salariés d’autres sociétés au sein du groupe BNY Mellon, et la rémunération de ces personnes est déterminée par la direction des sociétés concernées conformément aux politiques, principes et pratiques de BNY Mellon au niveau mondial et régional. Dans le cas d’accords de services ou de délégation formelle de la gestion de portefeuille, le Gestionnaire s’efforce de faire en sorte que les modalités de rémunération du Personnel identifié soient aussi effectives que celles auxquelles le Gestionnaire est soumis, y compris en ce qui concerne le principe de proportionnalité. En outre, le cadre de risque utilisé par le Gestionnaire pour les accords de délégation de la gestion de portefeuille est conçu pour faire en sorte que les personnes actives au sein de ces tierces parties n’aient pas la possibilité d’avoir une incidence importante sur le profil de risque de l’OPCVM.
La philosophie et les principes de rémunération de BNY Mellon visent à offrir une rémunération globale propice à la concrétisation de ses valeurs fondamentales que sont la focalisation sur le client, l’intégrité, le travail d’équipe et l’excellence. Les performances sont récompensées au niveau individuel comme au niveau de la société et déterminées sur la base de facteurs financiers et non financiers. Cette approche vise à aligner les intérêts des salariés sur ceux des actionnaires et/ ou clients en encourageant les actions qui contribuent à la performance financière et à la valeur à long terme et en faisant en sorte que les éléments de rémunération liés au résultat n’encouragent pas les salariés à prendre des risques inutiles et excessifs. La structure de rémunération globale de BNY Mellon présente un équilibre entre les primes d’intéressement à court terme et à long terme et une rémunération composée de numéraire et d’actions. Elle vise à décourager les salariés de prendre des risques excessifs susceptibles d’avoir un impact négatif sur la performance à long terme des sociétés du groupe BNY Mellon et d’avoir une incidence sur une part importante de leur rémunération.
BNY Mellon possède des comités de rémunération au niveau mondial, régional et de chaque société. Ces comités sont chargés de superviser les politiques et programmes en matière de rémunération et d’avantages des salariés. Le Gestionnaire ne possède pas de comité de rémunération propre.
Rémunération du Personnel identifié pour l’exercice clos le 31 décembre 2021 : | fr | es |
DOLFIN7685 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For the purposes of efficient portfolio management and without deviating from its investment objectives, the Sub- fund may enter into repurchase agreements covering eligible Transferable Securities or Money Market Instruments, subject to a limit of 25% of its net assets. In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
The Sub-fund may hold securities denominated in a currency other than the dollar. In particular, it may invest in securities in denominated in euros and in Canadian dollars. These securities will be hedged against currency risk. However, residual exposure to currency risk of up to 10% of net assets may remain.
Subject to a limit of 100% of its net assets, the Sub-fund may use over-the-counter derivative instruments or financial contracts traded on a regulated or organised market in order to conclude:
- equity options, equity index contracts or futures contracts on indices
- forward currency contracts
- forward exchange (currency swaps) and forward currency contracts
- equity index futures contracts
- futures and/or options contracts on volatility indicesDerivative instruments will be used for the purposes of hedging and exposure, subject to an equity risk exposure limit of between 0% and 90%. | A los efectos de una gestión eficaz de la cartera y sin alejarse de sus objetivos de inversión, el subfondo puede formalizar contratos de recompra de valores mobiliarios o instrumentos del mercado monetario elegibles, con un límite del 25 % de su patrimonio neto. Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
El subfondo podrá invertir en títulos denominados en una divisa distinta del dólar. Concretamente, podrá invertir en títulos en euros o dólares canadienses. Estos títulos estarán cubiertos frente al riesgo de cambio. Sin embargo, podrá existir una exposición residual al riesgo de cambio hasta el 10 % del patrimonio neto.
Dentro del límite del 100 % de su patrimonio neto, el subfondo podrá utilizar instrumentos derivados extrabursátiles o contratos financieros negociados en un mercado regulado u organizado con el fin de formalizar, concretamente, los siguientes:
- contratos de opciones sobre acciones, sobre índices de renta variable o sobre futuros de índices de renta variable
- contratos a plazo de divisas
- contratos de permuta a plazo (swaps de divisas) y cambio a plazo
- contratos de futuros sobre índices de renta variable
- contratos de futuros y/o de opciones sobre índices de volatilidadLos instrumentos derivados se emplearán con fines de cobertura y exposición dentro del límite de exposición al riesgo de renta variable del 0 % al 90 %. | For the purposes of efficient portfolio management and without deviating from its investment objectives, the Sub- fund may enter into repurchase agreements covering eligible Transferable Securities or Money Market Instruments, subject to a limit of 25% of its net assets. In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
The Sub-fund may hold securities denominated in a currency other than the dollar. In particular, it may invest in securities in denominated in euros and in Canadian dollars. These securities will be hedged against currency risk. However, residual exposure to currency risk of up to 10% of net assets may remain.
Subject to a limit of 100% of its net assets, the Sub-fund may use over-the-counter derivative instruments or financial contracts traded on a regulated or organised market in order to conclude:
- equity options, equity index contracts or futures contracts on indices
- forward currency contracts
- forward exchange (currency swaps) and forward currency contracts
- equity index futures contracts
- futures and/or options contracts on volatility indicesDerivative instruments will be used for the purposes of hedging and exposure, subject to an equity risk exposure limit of between 0% and 90%. | en | es |
DOLFIN7686 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Risque de suspension des rachats
Les investisseurs peuvent en principe demander le rachat de leurs parts à la Société de gestion chaque jour d’évaluation. La Société de gestion peut toutefois suspendre provisoirement le rachat des parts au vu de cir- constances exceptionnelles et ne procéder au rachat des parts qu’à une date ultérieure, au cours en vigueur à ladite date (voir à cet égard également l’article 7 du règlement de gestion intitulé « Suspension du calcul de la valeur unitaire des parts » et l’article 10 du règlement de gestion intitulé « Rachat et conversion de parts »). Ce prix peut être inférieur à celui en vigueur avant la suspension du rachat.
La Société de gestion peut également être contrainte de suspendre les rachats lorsqu'un ou plusieurs fonds dont les parts ont été achetées pour le compte du Fonds suspendent le rachat de leurs propres parts et que ces dernières constituent une portion importante de l'actif net du Fonds. | # Riesgo de suspensión del reembolso
Por regla general, los inversores podrán solicitar a la sociedad gestora el reembolso de sus participaciones en cualquier día de valoración. No obstante, la sociedad gestora podrá suspender temporalmente el reembolso de las participaciones, en el caso de que se produzcan circunstancias extraordinarias, y reembolsar las participa- ciones solo en una fecha posterior y al precio vigente en esta última (véase al respecto el artículo 7 del regla- mento de gestión «Suspensión del cálculo del valor liquidativo de la participación» y el artículo 10 del regla- mento de gestión «Reembolso y canje de participaciones»). Este precio podrá ser inferior al vigente antes de la suspensión del reembolso.
Asimismo, la sociedad gestora se podrá ver obligada a suspender el reembolso especialmente cuando uno o varios fondos, cuyas participaciones se han adquirido para el fondo, suspendan a su vez el reembolso de parti- cipaciones y estos constituyan una parte importante del patrimonio neto del fondo. | # Risque de suspension des rachats
Les investisseurs peuvent en principe demander le rachat de leurs parts à la Société de gestion chaque jour d’évaluation. La Société de gestion peut toutefois suspendre provisoirement le rachat des parts au vu de cir- constances exceptionnelles et ne procéder au rachat des parts qu’à une date ultérieure, au cours en vigueur à ladite date (voir à cet égard également l’article 7 du règlement de gestion intitulé « Suspension du calcul de la valeur unitaire des parts » et l’article 10 du règlement de gestion intitulé « Rachat et conversion de parts »). Ce prix peut être inférieur à celui en vigueur avant la suspension du rachat.
La Société de gestion peut également être contrainte de suspendre les rachats lorsqu'un ou plusieurs fonds dont les parts ont été achetées pour le compte du Fonds suspendent le rachat de leurs propres parts et que ces dernières constituent une portion importante de l'actif net du Fonds. | fr | es |
DOLFIN7687 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations Pratiques
La banque dépositaire du fonds est la State Street Bank International GmbH, Luxembourg Branch.
La politique de rémunération actualisée de la Société de gestion, y compris notamment une description de la manière dont sont calculées la rémunération et les bénéfices, l'identité des personnes responsables d’attribuer la rémunération et les bénéfices, y compris la composition du comité de rémunération, le cas échéant, sont disponibles sur le site https://www.fundrock.com/policies-and-compliance/remuneration-policy/ et une copie papier sera disponible gratuitement sur demande au siège social de la Société de Gestion.
Il est possible d’obtenir plus de renseignements sur le fonds dans le prospectus le plus récent et, le cas échéant, dans le rapport annuel et les rapports semestriels publiés ultérieurement. Ces documents sont disponibles gratuitement dans les langues suivantes : anglais, français, allemand et espagnol. Ils peuvent être trouvés, ainsi que d’autres informations telles que le cours des actions, sur le site Web de Davis Funds SICAV à https://www.davisfunds.com/sicav/.
L’attention des investisseurs est attirée sur le fait que la législation fiscale applicable au fonds peut avoir un impact sur leur situation fiscale personnelle concernant leur placement auprès du fonds.
La responsabilité du Davis Funds SICAV ne peut être engagée que sur la base des déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du Davis Funds SICAV.
Le présent document d’informations clés pour l’investisseur décrit un compartiment du Davis Funds
SICAV. Le prospectus et les rapports périodiques sont préparés pour l’OPCVM tout entier.
La loi stipule que les actifs et les obligations de chaque compartiment doivent être conservés séparément afin d’éviter que les actifs d’un compartiment servent à faire face aux obligations d’un autre compartiment à l’intérieur de l’OPCVM.
Les parts d’un compartiment peuvent être échangées contre des parts d’un autre compartiment à l’intérieur de l’OPCVM. Il n’est facturé de frais pour la conversion d’actions que dans le cas d’opérations de conversion fréquentes selon la description plus complète figurant dans le prospectus sous l’intitulé « Conversion et transfert d’actions ».
Davis Funds SICAV est un fonds à compartiments multiples, et les conversions sont autorisées entre compartiments.
Le Davis Funds SICAV est agréé au Luxembourg et réglementé par la Commission de surveillance du secteur financier du Luxembourg. FundRock Management Company S.A. est agréée au Luxembourg et réglementée par la Commission de surveillance du secteur financier.
Les informations clés pour l’investisseur ici fournies sont exactes à la date de publication, le 31 Janvier 2022. | # Información Práctica
El depositario del fondo es State Street Bank Luxembourg International GmbH, Luxembourg Branch.
La política actualizada de remuneración de la Sociedad Gestora, incluyendo entre otros, una descripción de la forma en que se calculan la remuneración y prestaciones, la identidad de las personas responsables de adjudicar las mismas y la composición del comité de remuneración, en caso de haberlo, está disponible en https://www.fundrock.com/policies-and-compliance/remuneration-policy/; además, se tendrá disponible a solicitud una copia impresa sin costo en la oficina registrada de la Sociedad Gestora.
Puede obtenerse más información acerca del fondo en el folleto más reciente y en los informes anual y semi-anual más recientes, en caso que se hayan publicado posteriormente. Estos documentos están disponibles gratuitamente en los idiomas siguientes: inglés, francés, alemán y español. Estos folletos, junto con otra información, tal como los precios de acciones, pueden encontrarse en línea en https://www.davisfunds.com/sicav/.
Los inversores deberán notar que las leyes impositivas que aplican a los fondos pueden tener un impacto en la posición fiscal personal de su inversión en el fondo.
La Davis Funds SICAV puede incurrir en responsabilidad solamente en lo que se refiere a cualquier aseveración que contenga el presente documento y que pudiera resultar engañosa,
inexacta o incongruente en relación a las partes relevantes del folleto de Davis Funds SICAV.
Este documento de datos fundamentales para el inversor describe un subfondo de Davis Funds SICAV. El folleto y los informes periódicos se refieren a todos los organismos de inversión colectiva en valores mobiliarios (OICVM).
Los activos y pasivos de cada subfondo se segregan por ley para evitar que los activos de un subfondo se utilicen para cubrir cualquier obligación de otro subfondo dentro del OICVM.
Las acciones de un subfondo pueden canjearse por acciones de otro subfondo dentro del OICVM. No se cobrará ninguna cuota por canje, a excepción de que en caso de canjes frecuentes podrá cobrarse una cuota, tal como se describe en más detalle en el folleto bajo “Canje o transmisión de acciones”.
Davis Funds SICAV es un fondo paraguas, y se permite el derecho de cambiar entre subfondos.
Davis Funds SICAV y FundRock Management Company S.A. están autorizadas en Luxemburgo y están reguladas por la Commission de Surveillance du Secteur Financier de Luxemburgo.
Los presentes datos fundamentales para el inversor son exactos al 31 de enero de 2022. | # Informations Pratiques
La banque dépositaire du fonds est la State Street Bank International GmbH, Luxembourg Branch.
La politique de rémunération actualisée de la Société de gestion, y compris notamment une description de la manière dont sont calculées la rémunération et les bénéfices, l'identité des personnes responsables d’attribuer la rémunération et les bénéfices, y compris la composition du comité de rémunération, le cas échéant, sont disponibles sur le site https://www.fundrock.com/policies-and-compliance/remuneration-policy/ et une copie papier sera disponible gratuitement sur demande au siège social de la Société de Gestion.
Il est possible d’obtenir plus de renseignements sur le fonds dans le prospectus le plus récent et, le cas échéant, dans le rapport annuel et les rapports semestriels publiés ultérieurement. Ces documents sont disponibles gratuitement dans les langues suivantes : anglais, français, allemand et espagnol. Ils peuvent être trouvés, ainsi que d’autres informations telles que le cours des actions, sur le site Web de Davis Funds SICAV à https://www.davisfunds.com/sicav/.
L’attention des investisseurs est attirée sur le fait que la législation fiscale applicable au fonds peut avoir un impact sur leur situation fiscale personnelle concernant leur placement auprès du fonds.
La responsabilité du Davis Funds SICAV ne peut être engagée que sur la base des déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du Davis Funds SICAV.
Le présent document d’informations clés pour l’investisseur décrit un compartiment du Davis Funds
SICAV. Le prospectus et les rapports périodiques sont préparés pour l’OPCVM tout entier.
La loi stipule que les actifs et les obligations de chaque compartiment doivent être conservés séparément afin d’éviter que les actifs d’un compartiment servent à faire face aux obligations d’un autre compartiment à l’intérieur de l’OPCVM.
Les parts d’un compartiment peuvent être échangées contre des parts d’un autre compartiment à l’intérieur de l’OPCVM. Il n’est facturé de frais pour la conversion d’actions que dans le cas d’opérations de conversion fréquentes selon la description plus complète figurant dans le prospectus sous l’intitulé « Conversion et transfert d’actions ».
Davis Funds SICAV est un fonds à compartiments multiples, et les conversions sont autorisées entre compartiments.
Le Davis Funds SICAV est agréé au Luxembourg et réglementé par la Commission de surveillance du secteur financier du Luxembourg. FundRock Management Company S.A. est agréée au Luxembourg et réglementée par la Commission de surveillance du secteur financier.
Les informations clés pour l’investisseur ici fournies sont exactes à la date de publication, le 31 Janvier 2022. | fr | es |
DOLFIN7688 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# MEETINGS
Annual general meetings of the shareholders of the Company (the ‘Annual General Meeting’) are held at the registered office of the Company in Luxembourg within 4 months after the ending of each accounting year. General meetings of shareholders will be held at such time and place as are indicated in the notices of such meetings. Notices of a general meeting and other notices will be given in accordance with Luxembourg law. Notices will, if legally required, be published in the RESA and the d’Wort in Luxembourg, and in such other newspapers as the Directors may determine. Notices will specify the place and time of the meetings, the conditions of admission, the agenda, the quorum and the voting requirements and will be given at least 8 clear days prior to the meetings. The requirements as to attendance, quorum and majorities at all general Meetings will be those laid down in the Articles of the Company and articles 450-3 and 450-8 of the Law of 1915. All shareholders may attend the Annual General Meetings, any general meetings and class meetings of the Sub-Funds in which they hold Shares and may vote either in person or by proxy. In case the voting rights of one or several shareholders are suspended or the exercise of the voting rights has been waived by one or several shareholders in accordance with the Articles of the Company, such shareholders may attend any general meeting of the Company but the shares they hold are not taken into account for the determination of the conditions of quorum and majority to be complied with at the general meetings of the Company. | # VERSAMMLUNGEN
Jahreshauptversammlungen der Anteilinhaber der Gesellschaft (die „Jahreshauptversammlung“) werden am juristischen Sitz der Gesellschaft in Luxemburg innerhalb von vier Monaten nach Ende des jeweiligen Geschäftsjahres abgehalten. Hauptversammlungen werden zu der Zeit und an dem Ort abgehalten, die in den Benachrichtigungen über diese Versammlungen angegeben werden. Benachrichtigungen über eine Hauptversammlung und andere Benachrichtigungen ergehen in Übereinstimmung mit dem luxemburgischen Recht. Falls vom Gesetz verlangt, werden Benachrichtigungen im „RESA“ und im „d’Wort“ in Luxemburg sowie in denjenigen anderen Zeitungen veröffentlicht, die von den Verwaltungsratsmitgliedern bestimmt werden. Die Benachrichtigungen geben Ort und Zeitpunkt der Versammlungen, die Bedingungen für die Anwesenheit, die Tagesordnung, das Quorum und die Abstimmungserfordernisse an und ergehen spätestens acht volle Tage vor den Versammlungen. Die Erfordernisse hinsichtlich Anwesenheit, Quorum und Mehrheiten auf allen Hauptversammlungen sind diejenigen, die in der Satzung der Gesellschaft und in Artikel 450-3 und 450-8 des Gesetzes von 1915 niedergelegt sind. Alle Anteilinhaber dürfen der Jahreshauptversammlung und den Versammlungen für einzelne Anteilsklassen der Teilfonds beiwohnen, an denen sie Anteile besitzen. Sie dürfen entweder persönlich oder durch Vollmacht abstimmen. Wenn im Einklang mit der Gesellschaftssatzung die Stimmrechte einzelner oder mehrerer Anteilinhaber ausgesetzt werden oder einzelne oder mehrere Anteilinhaber auf die Ausübung ihrer Stimmrechte verzichtet haben, können diese Anteilinhaber an allen Hauptversammlungen der Gesellschaft teilnehmen, die von ihnen gehaltenen Anteile werden jedoch nicht berücksichtigt, um die bei Hauptversammlungen der Gesellschaft einzuhaltende Beschluss- und Mehrheitsfähigkeit zu ermitteln. | # MEETINGS
Annual general meetings of the shareholders of the Company (the ‘Annual General Meeting’) are held at the registered office of the Company in Luxembourg within 4 months after the ending of each accounting year. General meetings of shareholders will be held at such time and place as are indicated in the notices of such meetings. Notices of a general meeting and other notices will be given in accordance with Luxembourg law. Notices will, if legally required, be published in the RESA and the d’Wort in Luxembourg, and in such other newspapers as the Directors may determine. Notices will specify the place and time of the meetings, the conditions of admission, the agenda, the quorum and the voting requirements and will be given at least 8 clear days prior to the meetings. The requirements as to attendance, quorum and majorities at all general Meetings will be those laid down in the Articles of the Company and articles 450-3 and 450-8 of the Law of 1915. All shareholders may attend the Annual General Meetings, any general meetings and class meetings of the Sub-Funds in which they hold Shares and may vote either in person or by proxy. In case the voting rights of one or several shareholders are suspended or the exercise of the voting rights has been waived by one or several shareholders in accordance with the Articles of the Company, such shareholders may attend any general meeting of the Company but the shares they hold are not taken into account for the determination of the conditions of quorum and majority to be complied with at the general meetings of the Company. | en | de |
DOLFIN7689 | 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 | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested (entry charge) and before the proceeds of your investment are paid out (exit charge). |
| Charges taken from the fund over a year |
| Ongoing charges | 1.70 % |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 0.00 % |
| The performance-based fee corresponds to 25% of the amount by which the performance exceeds that of the MSCI World Communication Services 10/40 TR Net, up to a maximum of 4% of the average value of the fund. When calculating the performance-based fee, negative carryforwards from the previous five settlement periods are taken into account. Details can be found in the “Costs” section of the Sales Prospectus. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | Ninguno |
| Gastos de salida | Ninguno |
| Este es el máximo que puede deducirse de su capital antes de ser invertido (cargo de entrada) y antes de abonarse los rendimientos de su inversión (cargo de salida). |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1,70 % |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 0,00 % |
| La comisión de rendimiento se corresponde con el 25% del importe en que la evolución del valor exceda la evolución del índice MSCI World Communication Services 10/40 TR neto, con un máximo del 4% del valor medio del fondo. A la hora de calcular la comisión de rendimiento se tienen en cuenta los remanentes negativos de los últimos cinco periodos de liquidación. El apartado “Costes” del folleto de venta contiene más información al respecto. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested (entry charge) and before the proceeds of your investment are paid out (exit charge). |
| Charges taken from the fund over a year |
| Ongoing charges | 1.70 % |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 0.00 % |
| The performance-based fee corresponds to 25% of the amount by which the performance exceeds that of the MSCI World Communication Services 10/40 TR Net, up to a maximum of 4% of the average value of the fund. When calculating the performance-based fee, negative carryforwards from the previous five settlement periods are taken into account. Details can be found in the “Costs” section of the Sales Prospectus. | | en | es |
DOLFIN7690 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Transfer of Units
Unitholders can transfer Units to another person. A request to transfer title to Units must be made in writing and sent to Baring Fund Managers Limited, P.O. Box 3733, Royal Wootton Bassett, Swindon, SN4 4BG. Transfer requests made over the telephone or via electronic messaging services such as EMX or SWIFT will not be accepted.
The transferee must complete and sign a stock transfer form, which can be obtained from your Intermediary or by contacting the Manager. Completed stock transfer forms must be returned to the Manager in order for the transfer to be registered by the Manager.
An instruction to transfer Units is irrevocable.
The Manager will require verification of the identity of all transferees. Please refer to the section headed ‘Anti-Money Laundering’ for more details. | # Übertragung von Anteilen
Anteilsinhaber können Anteile auf eine andere Person übertragen. Ein Antrag auf Übertragung des Rechtsanspruchs an Anteilen bedarf der Schriftform und ist an folgende Adresse zu senden: Baring Fund Managers Limited, P.O. Box 3733, Royal Wootton Bassett, Swindon, SN4 4BG. Übertragungsanträge, die telefonisch oder per elektronischem Nachrichtenübermittlungsdienst wie EMX oder SWIFT erfolgen, werden nicht entgegengenommen.
Der Übertragungsempfänger muss ein Wertpapierübertragungsformular ausfüllen und unterschreiben, das bei Ihrem Vermittler oder der Verwaltungsgesellschaft erhältlich ist. Ausgefüllte Wertpapierübertragungsformulare müssen an die Verwaltungsgesellschaft geschickt werden, damit die Übertragung von der Verwaltungsgesellschaft registriert werden kann.
Ein Auftrag für die Übertragung von Anteilen ist unwiderruflich.
Die Verwaltungsgesellschaft verlangt einen Identitätsnachweis aller Übertragungsempfänger. Nähere Informationen entnehmen Sie bitte dem Abschnitt „Hinweise zum Geldwäschegesetz“. | # Transfer of Units
Unitholders can transfer Units to another person. A request to transfer title to Units must be made in writing and sent to Baring Fund Managers Limited, P.O. Box 3733, Royal Wootton Bassett, Swindon, SN4 4BG. Transfer requests made over the telephone or via electronic messaging services such as EMX or SWIFT will not be accepted.
The transferee must complete and sign a stock transfer form, which can be obtained from your Intermediary or by contacting the Manager. Completed stock transfer forms must be returned to the Manager in order for the transfer to be registered by the Manager.
An instruction to transfer Units is irrevocable.
The Manager will require verification of the identity of all transferees. Please refer to the section headed ‘Anti-Money Laundering’ for more details. | en | de |
DOLFIN7691 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Methodological limitations common to all Sub- Funds
The business analysis approach is based on a qualitative analysis of the environmental, social and governance practices of these actors and seeks to capture their overall level of compatibility with the achievement of the UN SDGs. Several limitations related to the methodology used, as well as more broadly to the quality of the information available on these subjects, can be identified.
The analysis is largely based on qualitative and quantitative data provided by the companies themselves and is therefore dependent on the quality of this information. Although constantly improving, ESG reporting by companies is still very heterogeneous.
In order to make the analysis as relevant as possible, the Delegated Investment Manager concentrates on those points most likely to have a concrete impact on the reviewed assets and on the company as a whole. These key issues are defined by sector and are regularly reviewed. They are, however, by definition not exhaustive.
Lastly, although the analysis methodology aims to incorporate forward-looking elements to ascertain the environmental and social quality of the selected companies, anticipating the occurrence of controversies remains a difficult exercise and may result in a retroactive revision of the opinion of the Delegated Investment Manager on the ESG quality of an asset.
The ESG approach may conduct to bias in the construction of the portfolio. | ###### Limites méthodologiques communes à tous les Compartiments
L’approche de l’analyse des sociétés repose sur une analyse qualitative des pratiques environnementales, sociales et de gouvernance de ces acteurs et vise à saisir leur niveau global de compatibilité avec la réalisation des ODD de l’ONU. Plusieurs limitations liées à la méthodologie utilisée, ainsi qu’à la qualité des informations disponibles sur ces questions, peuvent être identifiées.
L’analyse repose en grande partie sur des données qualitatives et quantitatives fournies par les sociétés elles-mêmes et dépend donc de la qualité de ces informations. Bien qu’en constante amélioration, les rapports ESG des sociétés restent très hétérogènes.
Afin de rendre l’analyse aussi pertinente que possible, le Gestionnaire Financier par Délégation se concentre sur les points les plus susceptibles d’avoir un impact concret sur les actifs examinés et sur l’ensemble de la société. Ces questions clés sont définies par secteur et sont régulièrement examinées. Elles ne sont toutefois pas exhaustives par définition.
Enfin, bien que la méthodologie d’analyse vise à intégrer des éléments prospectifs pour déterminer la qualité environnementale et sociale des sociétés sélectionnées, l’anticipation de la survenance de controverses reste un exercice difficile et peut entraîner une révision rétroactive de l’opinion du Gestionnaire Financier par Délégation sur la qualité ESG d’un actif.
L’approche ESG peut conduire à un biais dans la constitution du portefeuille. | ###### Methodological limitations common to all Sub- Funds
The business analysis approach is based on a qualitative analysis of the environmental, social and governance practices of these actors and seeks to capture their overall level of compatibility with the achievement of the UN SDGs. Several limitations related to the methodology used, as well as more broadly to the quality of the information available on these subjects, can be identified.
The analysis is largely based on qualitative and quantitative data provided by the companies themselves and is therefore dependent on the quality of this information. Although constantly improving, ESG reporting by companies is still very heterogeneous.
In order to make the analysis as relevant as possible, the Delegated Investment Manager concentrates on those points most likely to have a concrete impact on the reviewed assets and on the company as a whole. These key issues are defined by sector and are regularly reviewed. They are, however, by definition not exhaustive.
Lastly, although the analysis methodology aims to incorporate forward-looking elements to ascertain the environmental and social quality of the selected companies, anticipating the occurrence of controversies remains a difficult exercise and may result in a retroactive revision of the opinion of the Delegated Investment Manager on the ESG quality of an asset.
The ESG approach may conduct to bias in the construction of the portfolio. | en | fr |
DOLFIN7692 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Maturity profile (% of asset)
5 to 7 years
0.70
3 to 5 years
20.85
57.77
1 to 3 years
< 1 year
20.68
0 10 20 30 40 50 60 | # Profilo di scadenza (% del patrimonio)
5 - 7 anni
0.70
3 - 5 anni
20.85
57.77
1 - 3 anni
< 1 anno
20.68
0 10 20 30 40 50 60 | # Maturity profile (% of asset)
5 to 7 years
0.70
3 to 5 years
20.85
57.77
1 to 3 years
< 1 year
20.68
0 10 20 30 40 50 60 | en | it |
DOLFIN7693 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# UBS Systematic Allocation Portfolio Dynamic Fund (USD)
## Equity allocation signal
High equity allocation -
Medium equity allocation yes
Low equity allocation -
## Asset allocation (%)1
| LIQUIDITY | 2.00 |
| --- | --- |
| Cash | 2.00 |
| | |
| BONDS | 30.00 |
| High grade bonds | 20.00 |
| Inflation linked bonds | 0.00 |
| Corporate bonds | 0.00 |
| High yield bonds | 4.00 |
| Emerging markets bonds 6.00 |
Equities AC World 0.00
## Current investment strategy
The business cycle component continued its recovery while the market momentum component remained equally strong over the month. The overall signal continues to justify a medium equity allocation.
## Risks
The fund invests in bonds of varying credit quality and equities on a global basis, as well as in alternative forms of investment such as hedge funds. It may therefore be subject to fluctuations in value. The quantitative model is expected to be less effective during periods without notable upswings or downturns. The fund may use derivatives which can reduce investment risk or give rise to additional risks (inter alia the counterparty risk). The fund can invest in less liquid assets that may be difficult to sell in the case of distressed markets. It therefore cannot be ruled out that the daily issue and redemption of fund units may be suspended temporarily. The value of a unit may fall below the purchase price. This requires an elevated risk tolerance and capacity. Every fund reveals specific risks, a description of these risks can be found in the prospectus.
100010247|100010228
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Above figures are target weights. The Portfolio Manager rebalances the portfolio back to the target weights each month end. The effective weights therefore are very close to the target weights.
Please note that additional fees (e.g. entry or exit fees) may be charged. Please refer to your financial adviser for more details. Investors should read the Key Investor Information Document (KIID), Prospectus and any applicable local offering document prior to investing. For a definition of financial terms refer to the glossary available at www.ubs.com/am- glossary.
For marketing and information purposes by UBS. UBS funds under Luxembourg law. The representative and paying agent in Liechtenstein for UBS Funds under foreign law is Liechtensteinische Landesbank Aktiengesellschaft, Städtle 44, FL-9490 Vaduz. Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds in German are available in a language required by the local applicable law free of charge from Liechtensteinische Landesbank Aktiengesellschaft. Before investing in a product please read the latest prospectus carefully and thoroughly. The fund documentation is available free of charge in English and, where relevant, in one of the local language(s) where the fund is registered. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document. Members of the UBS Group may have a position in and may make a purchase and / or sale of any of the securities or other financial instruments mentioned in this document. Units of UBS funds mentioned herein may not be eligible for sale in all jurisdictions or to certain categories of investors and may not be offered, sold or delivered in the United States. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs have a negative impact on performance. If the currency of a financial product or financial service is different from your reference currency, the return can increase or decrease as a result of currency fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. The details and opinions contained in this document are provided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. This document may not be reproduced, redistributed or republished for any purpose without the written permission of UBS Asset Management Switzerland AG or a local affiliated company. Source for all data and charts (if not indicated otherwise): UBS Asset Management. This document contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to our future business development. While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. More explanations of financial terms can be found at ubs.com/am-glossary.
© UBS 2020. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. 2 ¦ 2 | # UBS Systematic Allocation Portfolio Dynamic Fund (USD)
## Aktienallokationssignal
Hohe Aktienallokation -
Mittlere Aktienallokation ja
Niedrige Aktienallokation -
## Asset allocation (%)1
| LIQUIDITÄT | 2.00 |
| --- | --- |
| Barmittel | 2.00 |
| | |
| ANLEIHEN | 30.00 |
| Erstklassige Anleihen | 20.00 |
| Inflationsindexierte Anleihen | 0.00 |
| Unternehmensanleihen | 0.00 |
| Hochzins Anleihen | 4.00 |
| Schwellenländer Anleihen 6.00 |
Aktien AC World 0.00
## Gegenwärtige Anlagestrategie
Die Komponente Geschäftszyklus erholte sich weiter und die Komponente Marktdynamik fiel im Berichtsmonat ähnlich stark aus. Das Gesamtsignal rechtfertigt weiterhin eine mittlere Allokation in Aktien.
## Risiken
Der Fonds investiert weltweit in Anleihen unterschiedlicher Kreditqualität und in Aktien sowie in alternative Anlagen wie Hedge Funds. Er kann daher Wertschwankungen unterliegen. Das quantitative Modell ist in Phasen mit markanten Auf- und Abschwüngen erwartungsgemäss weniger effizient. Der Fonds kann Derivate einsetzen, die das Anlagerisiko reduzieren oder mit zusätzlichen Risiken (unter anderem Gegenparteirisiken) verbunden sein können. Der Fonds kann in Vermögenswerte von geringerer Liquidität investieren, die sich in einem schwierigen Marktumfeld möglicherweise nur schwer veräussern lassen. Es kann daher nicht ausgeschlossen werden, dass die tägliche Ausgabe und Rücknahme von Fondsanteilen vorübergehend ausgesetzt wird. Der Wert eines Anteils kann unter den Kaufpreis fallen. Somit ist eine hohe Risikobereitschaft und -fähigkeit erforderlich. Jeder Fonds ist mit besonderen Risiken verbunden, die im Prospekt beschrieben sind.
100010247|100010228
1
Obige Zahlen sind Zielgewichtungen. Der Portfoliomanager führt das Portfolio jeweils am Monatsende auf die Zielgewichtungen zurück. Die effektiven Gewichtungen stimmen somit nahezu mit den Zielgewichtungen überein.
Bitte beachten Sie, dass zusätzliche Gebühren (z.B. Ausgabe- oder Rücknahmeaufschläge) in Rechnung gestellt werden können. Nähere Angaben erhalten Sie von Ihrem Finanzberater. Die Anleger sollten vor einer Anlage die Wesentlichen Informationen für die Anlegerinnen und Anleger, den Prospekt und alle relevanten lokalen Angebotsunterlagen lesen. Definitionen von Finanzbegriffen finden Sie unter www.ubs.com/am-glossary.
Für Marketing- und Informationszwecke von UBS. UBS Fonds luxemburgischen Rechts. Vertreter und Zahlstelle in Liechtenstein für UBS Fonds ausländischen Rechts ist die Liechtensteinische Landesbank Aktiengesellschaft, Städtle 44, FL-9490 Vaduz. Prospekte, Wesentliche Informationen für den Anleger (KIID), die Statuten bzw. Vertragsbedingungen sowie die Jahres- und Halbjahresberichte der UBS Fonds können bei der Liechtensteinischen Landesbank Aktiengesellschaft kostenlos in einer dem lokalen Recht entsprechenden Sprache bezogen werden. Investitionen in ein Produkt sollten nur nach gründlichem Studium des aktuellen Prospekts erfolgen. Die Fondsdokumente sind gebührenfrei in Englisch und ggf. in den Sprachen der Regionen erhältlich, in denen der Fonds registriert ist. Die im vorliegenden Dokument zusammengetragenen Informationen und erlangten Meinungen basieren auf vertrauenswürdigen Angaben aus verlässlichen Quellen, erheben jedoch keinen Anspruch auf Genauigkeit und Vollständigkeit hinsichtlich der im Dokument erwähnten Wertpapiere, Märkte und Entwicklungen. Mitglieder der UBS-Gruppe sind zu Positionen in den in diesem Dokument erwähnten Wertpapieren oder anderen Finanzinstrumenten sowie zu deren Kauf bzw. Verkauf berechtigt. Anteile der erwähnten UBS Fonds können in verschiedenen Gerichtsbarkeiten oder für gewisse Anlegergruppen für den Verkauf ungeeignet oder unzulässig sein und dürfen innerhalb der USA weder angeboten noch verkauft oder ausgeliefert werden. Die genannten Informationen sind weder als Angebot noch als Aufforderung zum Kauf bzw. Verkauf irgendwelcher Wertpapiere oder verwandter Finanzinstrumente zu verstehen. Die frühere Wertentwicklung ist kein verlässlicher Indikator für künftige Ergebnisse. Die dargestellte Performance lässt allfällige bei Zeichnung und Rücknahme von Anteilen erhobene Kommissionen und Kosten unberücksichtigt. Kommissionen und Kosten wirken sich nachteilig auf die Performance aus. Sollte die Währung eines Finanzprodukts oder einer Finanzdienstleistung nicht mit Ihrer Referenzwährung übereinstimmen, kann sich die Rendite aufgrund der Währungsschwankungen erhöhen oder verringern. Diese Informationen berücksichtigen weder die spezifischen oder künftigen Anlageziele noch die steuerliche oder finanzielle Lage oder die individuellen Bedürfnisse des einzelnen Empfängers. Die Angaben in diesem Dokument werden ohne jegliche Garantie oder Zusicherung zur Verfügung gestellt, dienen ausschliesslich zu Informationszwecken und sind lediglich zum persönlichen Gebrauch des Empfängers bestimmt. Das vorliegende Dokument darf ohne schriftliche Erlaubnis von UBS Asset Management Switzerland AG oder einer lokalen verbundenen Gesellschaften weder reproduziert noch weiterverteilt noch neu aufgelegt werden. Quelle für sämtliche Daten und Grafiken (sofern nicht anders vermerkt): UBS Asset Management. Dieses Dokument enthält «zukunftsgerichtete Aussagen», die unter anderem, aber nicht nur, auch Aussagen über unsere künftige Geschäftsentwicklung beinhalten. Während diese zukunftsgerichteten Aussagen unsere Einschätzung und unsere Geschäftserwartungen ausdrücken, können verschiedene Risiken, Unsicherheiten und andere wichtige Faktoren dazu führen, dass die tatsächlichen Entwicklungen und Resultate sich von unseren Erwartungen deutlich unterscheiden. Weitere Erläuterungen zu Finanzbegriffen unter ubs.com/am-glossary.
© UBS 2020. Das Schlüsselsymbol und UBS gehören zu den geschützten Marken von UBS. Alle Rechte vorbehalten. 2 ¦ 2 | # UBS Systematic Allocation Portfolio Dynamic Fund (USD)
## Equity allocation signal
High equity allocation -
Medium equity allocation yes
Low equity allocation -
## Asset allocation (%)1
| LIQUIDITY | 2.00 |
| --- | --- |
| Cash | 2.00 |
| | |
| BONDS | 30.00 |
| High grade bonds | 20.00 |
| Inflation linked bonds | 0.00 |
| Corporate bonds | 0.00 |
| High yield bonds | 4.00 |
| Emerging markets bonds 6.00 |
Equities AC World 0.00
## Current investment strategy
The business cycle component continued its recovery while the market momentum component remained equally strong over the month. The overall signal continues to justify a medium equity allocation.
## Risks
The fund invests in bonds of varying credit quality and equities on a global basis, as well as in alternative forms of investment such as hedge funds. It may therefore be subject to fluctuations in value. The quantitative model is expected to be less effective during periods without notable upswings or downturns. The fund may use derivatives which can reduce investment risk or give rise to additional risks (inter alia the counterparty risk). The fund can invest in less liquid assets that may be difficult to sell in the case of distressed markets. It therefore cannot be ruled out that the daily issue and redemption of fund units may be suspended temporarily. The value of a unit may fall below the purchase price. This requires an elevated risk tolerance and capacity. Every fund reveals specific risks, a description of these risks can be found in the prospectus.
100010247|100010228
1
Above figures are target weights. The Portfolio Manager rebalances the portfolio back to the target weights each month end. The effective weights therefore are very close to the target weights.
Please note that additional fees (e.g. entry or exit fees) may be charged. Please refer to your financial adviser for more details. Investors should read the Key Investor Information Document (KIID), Prospectus and any applicable local offering document prior to investing. For a definition of financial terms refer to the glossary available at www.ubs.com/am- glossary.
For marketing and information purposes by UBS. UBS funds under Luxembourg law. The representative and paying agent in Liechtenstein for UBS Funds under foreign law is Liechtensteinische Landesbank Aktiengesellschaft, Städtle 44, FL-9490 Vaduz. Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds in German are available in a language required by the local applicable law free of charge from Liechtensteinische Landesbank Aktiengesellschaft. Before investing in a product please read the latest prospectus carefully and thoroughly. The fund documentation is available free of charge in English and, where relevant, in one of the local language(s) where the fund is registered. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document. Members of the UBS Group may have a position in and may make a purchase and / or sale of any of the securities or other financial instruments mentioned in this document. Units of UBS funds mentioned herein may not be eligible for sale in all jurisdictions or to certain categories of investors and may not be offered, sold or delivered in the United States. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs have a negative impact on performance. If the currency of a financial product or financial service is different from your reference currency, the return can increase or decrease as a result of currency fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. The details and opinions contained in this document are provided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. This document may not be reproduced, redistributed or republished for any purpose without the written permission of UBS Asset Management Switzerland AG or a local affiliated company. Source for all data and charts (if not indicated otherwise): UBS Asset Management. This document contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to our future business development. While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. More explanations of financial terms can be found at ubs.com/am-glossary.
© UBS 2020. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. 2 ¦ 2 | en | de |
DOLFIN7694 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Exemple d’investissement 10 000 EUR | Si vous sortez après 1 an | Si vous sortez après 3 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 577 EUR | 924 EUR |
| Incidence des coûts annuels (*) | 5,77 % | 2,95 % | | | Ejemplo de inversión 10 000 EUR | En caso de salida después de 1 año | En caso de salida después de 3 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 577 EUR | 924 EUR |
| Incidencia anual de los costes (*) | 5,77 % | 2,95 % | | | Exemple d’investissement 10 000 EUR | Si vous sortez après 1 an | Si vous sortez après 3 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 577 EUR | 924 EUR |
| Incidence des coûts annuels (*) | 5,77 % | 2,95 % | | fr | es |
DOLFIN7695 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Points marquants
- En septembre, les prévisions de nouvelles hausses de taux et le renforcement des craintes quant à une possible récession ont fait chuter les marchés financiers. La volatilité du marché des Gilts britanniques, après l’annonce par le gouvernement d’un « mini-budget », n’a fait que jeter de l’huile sur le feu.
- La performance du fonds, négative, a été pénalisée par l’élargissement des spreads de crédit et la hausse des rendements des emprunts d’État. La plus grande sensibilité du portefeuille au risque de crédit et, surtout, son exposition aux actifs en livres sterling ont également pesé sur la performance relative, en raison de la flambée des rendements des Gilts britanniques.
- Nos transactions ont principalement porté sur les emprunts d’État, en investissant (et en les cédant deux jours plus tard, après l’intervention de la Banque d’Angleterre) dans des Gilts britanniques à long terme, dont la valeur avait fortement chuté. Nous avons également investi dans des obligations de Roumanie, de Serbie et de Colombie. Les marchés de crédit ont été peu actifs.
- La récente volatilité du marché britannique a créé un certain nombre de dislocations. En tant qu’investisseurs britanniques bien établis, nous pensons être en bonne position pour saisir ces opportunités lorsqu’elles se présenteront et générer de la valeur. | # Aspectos destacados
- Las expectativas de nuevas subidas de los tipos de interés y los crecientes temores de recesión hicieron bajar a los mercados financieros en septiembre. La volatilidad en el mercado británico de deuda pública (Gilts) tras el anuncio del minipresupuesto del gobierno, echó más leña al fuego.
- La rentabilidad del fondo, que fue negativa, se vio afectada por la ampliación de los diferenciales de crédito y el aumento de los rendimientos de los títulos de deuda pública (TDP). La mayor sensibilidad de la cartera al riesgo de crédito y, sobre todo, la exposición a los activos en libras esterlinas del Reino Unido también incidieron negativamente en el comportamiento relativo de la cartera, al dispararse los rendimientos de los Gilts.
- Nos centramos en las operaciones con TDP, añadiendo (y vendiendo dos días más tarde tras la intervención del Banco de Inglaterra) algunos Gilts a largo plazo cuando su valor se desplomó. También incorporamos TDP de Rumanía, Serbia y Colombia. La actividad en el mercado de crédito fue limitada.
- La reciente volatilidad del mercado británico ha generado varias distorsiones. Como inversores veteranos en el Reino Unido, creemos que estamos en una buena posición para aprovechar estas oportunidades y añadir valor en el futuro. | # Points marquants
- En septembre, les prévisions de nouvelles hausses de taux et le renforcement des craintes quant à une possible récession ont fait chuter les marchés financiers. La volatilité du marché des Gilts britanniques, après l’annonce par le gouvernement d’un « mini-budget », n’a fait que jeter de l’huile sur le feu.
- La performance du fonds, négative, a été pénalisée par l’élargissement des spreads de crédit et la hausse des rendements des emprunts d’État. La plus grande sensibilité du portefeuille au risque de crédit et, surtout, son exposition aux actifs en livres sterling ont également pesé sur la performance relative, en raison de la flambée des rendements des Gilts britanniques.
- Nos transactions ont principalement porté sur les emprunts d’État, en investissant (et en les cédant deux jours plus tard, après l’intervention de la Banque d’Angleterre) dans des Gilts britanniques à long terme, dont la valeur avait fortement chuté. Nous avons également investi dans des obligations de Roumanie, de Serbie et de Colombie. Les marchés de crédit ont été peu actifs.
- La récente volatilité du marché britannique a créé un certain nombre de dislocations. En tant qu’investisseurs britanniques bien établis, nous pensons être en bonne position pour saisir ces opportunités lorsqu’elles se présenteront et générer de la valeur. | fr | es |
DOLFIN7696 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely impact the value of your investment.
Small capitalization companies may be more sensitive to market changes and may be subject to more abrupt or erratic price monements than the securities of large companies. Growth stocks may be more sensitive to market, economic and political developments than other stocks, which makes their prices more volatile.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at www.alger.com.
This product does not include any protection from future market performance so you could lose some or all of your investment. | 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 no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión.
Las empresas de pequeña capitalización pueden ser más sensibles a los cambios del mercado y estar sujetas a cambios más abruptos o erráticos de los precios que los valores de las grandes empresas. Los valores de crecimiento pueden ser más sensibles a la evolución del mercado, la economía y la política que los de otro tipo, lo que hace que sus precios sean más volátiles.
Para más información sobre otros riesgos de importancia significativa para el producto que podría no reflejar adecuadamente el indicador resumido de riesgo, consulte el folleto del producto en www.alger.com.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely impact the value of your investment.
Small capitalization companies may be more sensitive to market changes and may be subject to more abrupt or erratic price monements than the securities of large companies. Growth stocks may be more sensitive to market, economic and political developments than other stocks, which makes their prices more volatile.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at www.alger.com.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN7697 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# La RHP a été choisie pour fournir un rendement constant moins dépendant des fluctuations du marché.
La Valeur nette des actifs (VNA) est quotidienne sauf s’il ne s’agit pas d’un jour ouvrable bancaire complet au Luxembourg (chacun un Jour ouvrable). La VNA est calculée le Jour ouvrable suivant (Jour de calcul). Les rachats sont possibles à chaque date de la VNA. Toutes les demandes de rachat doivent être reçues en bonne et due forme par l’agent de registre et de transfert avant 13 h 00 (heure de Luxembourg) deux (2) Jours ouvrables avant le Jour de calcul. Le produit du rachat sera versé dans les deux (2) Jours ouvrables suivant le Jour de calcul. | # El PMR se eligió para proporcionar una rentabilidad constante menos dependiente de las fluctuaciones del mercado.
El valor liquidativo (VL) se calcula diariamente, salvo si no coincide con un día hábil bancario completo en Luxemburgo (Día hábil en cada caso). El VL se calcula el siguiente Día hábil (Fecha de cálculo). Los reembolsos podrán efectuarse en cada fecha de cálculo del VL. Todas las solicitudes de reembolso deberán recibirse debidamente cumplimentadas por el agente de registro y transferencias antes de las 13:00 horas (hora de Luxemburgo) dos (2) Días hábiles antes de la Fecha de cálculo. El producto del reembolso se abonará dentro de los dos (2) Días hábiles siguiente a la Fecha de cálculo. | # La RHP a été choisie pour fournir un rendement constant moins dépendant des fluctuations du marché.
La Valeur nette des actifs (VNA) est quotidienne sauf s’il ne s’agit pas d’un jour ouvrable bancaire complet au Luxembourg (chacun un Jour ouvrable). La VNA est calculée le Jour ouvrable suivant (Jour de calcul). Les rachats sont possibles à chaque date de la VNA. Toutes les demandes de rachat doivent être reçues en bonne et due forme par l’agent de registre et de transfert avant 13 h 00 (heure de Luxembourg) deux (2) Jours ouvrables avant le Jour de calcul. Le produit du rachat sera versé dans les deux (2) Jours ouvrables suivant le Jour de calcul. | fr | es |
DOLFIN7698 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The net asset value per share is determined every Business Day in Luxembourg (a “Valuation Day”) , on the basis of prices available on that Valuation Day, as published by the relevant stock exchanges and with reference to the value of the assets held on behalf of the Company, in accordance with the stipulations of the Articles of Association.
If a Valuation Day falls on a public holiday or non-banking day in Luxembourg, the Valuation Date will be the next Business Day.
The last net asset valuation per share and share issue and redemption prices for each class of share may be obtained on request during office hours from the registered office of either the Company or the Management Company, and from Distributors. It can also be consulted at the http://www.fundsquare.net website at on Blomberg. It may also be published in the Luxembourg press or in other countries in which the Company’s shares are offered or sold, or distributed through databases, at the discretion of the Board of Directors. | La valeur nette d'inventaire par action est déterminée CHAQUE JOUR OUVRABLE A LUXEMBOURG (un « Jour d'Evaluation ») sur la base des cours connus ce Jour d'Evaluation, tels que ces cours sont publiés par les bourses de valeurs concernées et par référence à la valeur des avoirs détenus pour le compte de la Société, conformément aux stipulations des Statuts.
Si un Jour d'Evaluation tombe un jour férié légal ou bancaire à Luxembourg, le Jour d'Evaluation sera le premier jour ouvrable suivant.
Dans toute classe, la communication de la dernière valeur nette d'inventaire par action et de leurs prix d'émission et de rachat pourra être demandée pendant les heures de bureau au siège social de la Société, au siège social de la Société de Gestion ainsi auprès des Distributeurs. Elle est également consultable sur les sites internet www.fundsquare.net et sur Bloomberg. Elle pourra également être publiée dans la presse à Luxembourg ou dans les pays où les actions de la Société sont offertes ou vendues et diffusée par voie de base de données informatique tel qu’en décidera le Conseil d'Administration. | The net asset value per share is determined every Business Day in Luxembourg (a “Valuation Day”) , on the basis of prices available on that Valuation Day, as published by the relevant stock exchanges and with reference to the value of the assets held on behalf of the Company, in accordance with the stipulations of the Articles of Association.
If a Valuation Day falls on a public holiday or non-banking day in Luxembourg, the Valuation Date will be the next Business Day.
The last net asset valuation per share and share issue and redemption prices for each class of share may be obtained on request during office hours from the registered office of either the Company or the Management Company, and from Distributors. It can also be consulted at the http://www.fundsquare.net website at on Blomberg. It may also be published in the Luxembourg press or in other countries in which the Company’s shares are offered or sold, or distributed through databases, at the discretion of the Board of Directors. | en | fr |
DOLFIN7699 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## China Interbank Bond Market
Some Funds may invest on the China Interbank Bond Market, as specified in the relevant Fund Information Sheet in Annex 2.
Market volatility and potential lack of liquidity due to low trading volume of certain debt securities in the China Interbank Bond Market may result in prices of certain debt securities traded on such market fluctuating significantly. The relevant Fund investing in such market is therefore subject to liquidity and volatility risks. The bid and offer spreads of the prices of such securities may be large, and the relevant Fund may therefore incur significant trading and realisation costs and may even suffer losses when selling such investments.
To the extent that a Fund transacts in the China Interbank Bond Market, the Fund may also be exposed to risks associated with settlement procedures and default of counterparties. The counterparty which has entered into a transaction with the Fund may default in its obligation to settle the transaction by delivery of the relevant security or by payment for value.
Since the relevant filings and account opening for investment in the China Interbank Bond Market have to be carried out via an onshore settlement agent, the relevant Fund is subject to the risks of default or errors on the part of the onshore settlement agent.
The China Interbank Bond Market is also subject to regulatory risks. The relevant rules and regulations on investment in the China Interbank Bond Market are subject to change which may have potential retrospective effect. In the event that the relevant Chinese authorities suspend account opening or trading on the China Interbank Bond Market, the Funds’ ability to invest in the China Interbank Bond Market will be limited and, after exhausting other trading alternatives, the relevant Fund may suffer substantial losses as a result.
Reforms or changes in macro-economic policies, such as the monetary and tax policies might affect interest rates. Consequently, the price and the yield of the bonds held in a portfolio would/could also be affected. | ## Chinesischer Interbanken-Anleihenmarkt
Einige Fonds investieren unter Umständen auf dem chinesischen Interbanken-Anleihenmarkt, wie in den maßgeblichen Fondsinformationsblättern in Anhang 2 beschrieben.
Die Marktvolatilität und der potenziell mangelnden Liquidität infolge eines geringen Handelsvolumens bei bestimmten Schuldtiteln am chinesischen Interbanken-Anleihenmarkt können dazu führen, dass die Preise bestimmter, an diesem Markt gehandelter Schuldtitel stark schwanken. Fonds, die in diesem Markt investieren, unterliegen daher Liquiditäts- und Volatilitätsrisiken. Die Spannen zwischen Kauf- und Verkaufskurs dieser Wertpapiere können sehr groß sein und dem entsprechenden Fonds können daher erhebliche Handels- und Realisierungskosten und beim Verkauf dieser Anlagen sogar Verluste entstehen.
Sofern der Fonds am chinesischen Interbanken-Anleihenmarkt aktiv ist, kann er auch den Risiken aus Abwicklungsverfahren und aus dem Ausfall von Gegenparteien ausgesetzt sein. Die Gegenpartei, die ein Geschäft mit dem Fonds eingegangen ist, kann unter Umständen ihre Verpflichtung nicht einhalten, das Geschäft durch Lieferung des entsprechenden Wertpapiers oder durch Glattstellung des Wertes abzuwickeln.
Da die maßgeblichen Einreichungen und Kontoeröffnungen für Anlagen in den chinesischen Interbanken-Anleihenmarkt über eine Onshore- Abwicklungsstelle erfolgen müssen, unterliegt der entsprechende Fonds den Risiken, die sich aus dem Ausfall oder den Fehlfunktionen der Onshore- Abwicklungsstelle ergeben.
Darüber hinaus unterliegt der chinesische Interbanken-Anleihenmarkt regulatorischen Risiken. Die maßgeblichen Regeln und Vorschriften für Anlagen in den chinesischen Interbanken-Anleihenmarkt können Änderungen ausgesetzt sein, die sich potenziell auch rückwirkend auswirken können. Wenn die zuständigen chinesischen Behörden die Eröffnung von Konten oder den Handel auf dem chinesischen Interbanken-Anleihenmarkt aussetzen, beeinträchtigt dies die Möglichkeiten des Fonds, in den chinesischen Interbanken-Anleihenmarkt zu investieren und der entsprechende Fonds kann, nach dem Ausschöpfen anderer Handelsmöglichkeiten, dadurch erhebliche Verluste erleiden.
Reformen oder Änderungen der wirtschaftspolitischen Leitlinien, etwa in Währungs- und Steuerfragen, können die Zinssätze beeinflussen. In der Folge würde/könnte dies sich auch auf den Preis und die Rendite der in einem Portfolio gehaltenen Anleihen auswirken. | ## China Interbank Bond Market
Some Funds may invest on the China Interbank Bond Market, as specified in the relevant Fund Information Sheet in Annex 2.
Market volatility and potential lack of liquidity due to low trading volume of certain debt securities in the China Interbank Bond Market may result in prices of certain debt securities traded on such market fluctuating significantly. The relevant Fund investing in such market is therefore subject to liquidity and volatility risks. The bid and offer spreads of the prices of such securities may be large, and the relevant Fund may therefore incur significant trading and realisation costs and may even suffer losses when selling such investments.
To the extent that a Fund transacts in the China Interbank Bond Market, the Fund may also be exposed to risks associated with settlement procedures and default of counterparties. The counterparty which has entered into a transaction with the Fund may default in its obligation to settle the transaction by delivery of the relevant security or by payment for value.
Since the relevant filings and account opening for investment in the China Interbank Bond Market have to be carried out via an onshore settlement agent, the relevant Fund is subject to the risks of default or errors on the part of the onshore settlement agent.
The China Interbank Bond Market is also subject to regulatory risks. The relevant rules and regulations on investment in the China Interbank Bond Market are subject to change which may have potential retrospective effect. In the event that the relevant Chinese authorities suspend account opening or trading on the China Interbank Bond Market, the Funds’ ability to invest in the China Interbank Bond Market will be limited and, after exhausting other trading alternatives, the relevant Fund may suffer substantial losses as a result.
Reforms or changes in macro-economic policies, such as the monetary and tax policies might affect interest rates. Consequently, the price and the yield of the bonds held in a portfolio would/could also be affected. | en | de |
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