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DOLFIN7700 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Sub-fund of Comgest Growth plc 31/10/2022
FUND COMMENTARY
Performance was volatile this month in reaction to global inflation data driving almost daily style shifts. We reiterate that Japan's 'inflation story' should be seen somewhat differently to western economies, as attested by the lacklustre profit growth of Japanese banks and property companies which should be performing much better if there was sustainable inflation. Despite the volatility, your portfolio's performance has stabilised over the last six months following the geopolitical supply chain shocks earlier in the year. We believe the opportunity in stocks which have corrected in the 'inflation panic', but whose stories remains strong, is unprecedented.
This month Japan effectively opened its borders for the first time since March 2020, and we continue to expect significant benefits for Oriental Land (which runs Disneyland Tokyo), Japan Air Terminal and physical traffic- dependent companies like Fast Retailing, Kosé and Kobayashi Pharmaceutical.
In confirmation of both the above points, Fast Retailing announced strong results this month justifying our faith in this company which is one of our longest-held stocks. As seen before, Fast Retailing has overcome obstacles – on this occasion, the slowdown in China – with excellent execution, specifically in its US and Europe operations. Meanwhile the company's inventory management and merchandising skill continues to push new boundaries. Nidec reported strong results, with the company once again overcoming procurement problems. We also believe the company's Electric Vehicle traction motor business is still highly promising. Hoya reported earnings and remains consistent in its execution. The firm has gained market share thanks to its capacity expansion in eyeglasses whilst its dominance in semiconductor photoblanks, necessary for circuit miniaturisation, remains a key source of growth.
The views expressed in this document are valid at the time of publication only, do not constitute independent investment research and should not be interpreted as investment advice. The reference to specific companies does not constitute a recommendation to invest directly in these securities. Allocation is subject to change without notice. Remember that past performance does not predict future returns. | ## Comparto di Comgest Growth plc 31/10/2022
COMMENTO
La performance è stata volatile questo mese, in reazione ai dati sull'inflazione mondiale che hanno determinato cambiamenti di stile quasi quotidiani. Ribadiamo che la "storia dell'inflazione" giapponese deve essere vista in modo diverso rispetto a quella delle economie occidentali, come dimostra la scarsa crescita degli utili delle banche e delle società immobiliari giapponesi, che dovrebbero registrare performance di gran lunga migliori in presenza di un'inflazione sostenibile. Nonostante la volatilità, la performance del portafoglio si è stabilizzata negli ultimi sei mesi dopo gli shock geopolitici subiti dalla catena di approvvigionamento all'inizio dell'anno. Riteniamo che le opportunità offerte dai titoli che hanno subito una correzione a causa del "panico da inflazione", ma i cui andamenti restano solidi, siano senza precedenti.
Questo mese il Giappone ha effettivamente riaperto le frontiere per la prima volta dal marzo 2020 e continuiamo a prevedere vantaggi significativi per Oriental Land (che gestisce Disneyland Tokyo), Japan Air Terminal e le aziende dipendenti dal traffico fisico come Fast Retailing, Kosé e Kobayashi Pharmaceutical.
A conferma di entrambi i punti sopra citati, questo mese Fast Retailing ha annunciato ottimi risultati che giustificano la nostra fiducia in questa società, il cui titolo è tra quelli presenti da più tempo in portafoglio. Come è già successo in passato, Fast Retailing ha superato gli ostacoli - in questo caso, il rallentamento della Cina - con notevole efficienza, in particolare per quanto riguarda le attività negli Stati Uniti e in Europa. Nel frattempo, le competenze dell'azienda nella gestione dell'inventario e nel merchandising continuano ad abbattere nuove frontiere. Nidec ha registrato ottimi risultati, superando ancora una volta i problemi di approvvigionamento. Riteniamo inoltre che il settore dei motori a trazione per veicoli elettrici sia sempre molto promettente. Hoya ha comunicato gli utili e resta coerente a livello di risultati. L'azienda ha guadagnato quote di mercato grazie all'espansione della sua capacità produttiva nel settore degli occhiali, mentre la sua posizione dominante nel settore delle fotomaschere per semiconduttori, necessarie per la miniaturizzazione dei circuiti, rimane una fonte chiave di crescita.
Le informazioni contenute in questo documento sono da ritenersi valide solo in riferimento alla data di pubblicazione del documento stesso, non devono essere intese come ricerca indipendente e non devono essere considerate come raccomandazioni di investimento. Il riferimento a specifiche società non costituisce una raccomandazione ad investire direttamente in tali titoli. L'allocazione è soggetta a modifiche senza preavviso. I rendimenti passati non sono indicativi di quelli futuri. | ## Sub-fund of Comgest Growth plc 31/10/2022
FUND COMMENTARY
Performance was volatile this month in reaction to global inflation data driving almost daily style shifts. We reiterate that Japan's 'inflation story' should be seen somewhat differently to western economies, as attested by the lacklustre profit growth of Japanese banks and property companies which should be performing much better if there was sustainable inflation. Despite the volatility, your portfolio's performance has stabilised over the last six months following the geopolitical supply chain shocks earlier in the year. We believe the opportunity in stocks which have corrected in the 'inflation panic', but whose stories remains strong, is unprecedented.
This month Japan effectively opened its borders for the first time since March 2020, and we continue to expect significant benefits for Oriental Land (which runs Disneyland Tokyo), Japan Air Terminal and physical traffic- dependent companies like Fast Retailing, Kosé and Kobayashi Pharmaceutical.
In confirmation of both the above points, Fast Retailing announced strong results this month justifying our faith in this company which is one of our longest-held stocks. As seen before, Fast Retailing has overcome obstacles – on this occasion, the slowdown in China – with excellent execution, specifically in its US and Europe operations. Meanwhile the company's inventory management and merchandising skill continues to push new boundaries. Nidec reported strong results, with the company once again overcoming procurement problems. We also believe the company's Electric Vehicle traction motor business is still highly promising. Hoya reported earnings and remains consistent in its execution. The firm has gained market share thanks to its capacity expansion in eyeglasses whilst its dominance in semiconductor photoblanks, necessary for circuit miniaturisation, remains a key source of growth.
The views expressed in this document are valid at the time of publication only, do not constitute independent investment research and should not be interpreted as investment advice. The reference to specific companies does not constitute a recommendation to invest directly in these securities. Allocation is subject to change without notice. Remember that past performance does not predict future returns. | en | it |
DOLFIN7701 | 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 | 3,00 % | Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou que le revenu de votre investissement ne vous soit distribué. Dans certains cas, les frais payés peuvent être inférieurs à ceux affichés. L’investisseur peut demander à son conseiller financier ou à son distributeur le montant exact des frais d’entrée et de sortie. |
| Frais de sortie | 0,00 % |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 1,30 % | Le pourcentage indiqué se fonde sur les frais de l’exercice précédent (frais de gestion fixes et commissions de mouvement), clos le 31 décembre 2021. Ces frais peuvent varier d'un exercice à l'autre. Ils ne comprennent pas : les commissions de surperformance et les frais d'intermédiation excepté dans le cas de frais d'entrée et/ou de sortie payés par le Fonds lorsqu'il achète ou vend des parts d'un autre véhicule de gestion collective. |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance | 10% TTC de la performance de la Part au-delà d’une performance nette annualisée du Fonds de 3,60% calculée nette de tous frais de gestion sur la période de référence, sous réserve que cette performance soit supérieure à 0.Montant de la commission de performance facturée au titre du dernier exercice : 0,20 % | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 3,00 % | Este es el máximo que puede detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión. En algunos casos, los gastos pagados pueden ser inferiores a los indicados. Los inversores pueden solicitar a su asesor financiero o distribuidor el importe exacto de los gastos de entrada y de salida. |
| Gastos de salida | 0,00 % |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 1,30 % | El porcentaje indicado se basa en los gastos del ejercicio precedente (gastos de gestión fijos y comisiones por movimiento), cerrado el viernes, 31 de diciembre de 2021. Estos gastos pueden variar de un ejercicio a otro. No se incluyen las comisiones de rentabilidad ni los costes de intermediación, excepto en caso de que el Fondo abone gastos de entrada o de salida cuando compre o venda participaciones de otro vehículo de gestión colectiva. |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 10 % (impuestos incluidos) de la rentabilidad de la Participación por encima de una rentabilidad neta anualizada del Fondo del 3,60 % calculada después de cualquier gasto de gestión durante el periodo de referencia, siempre que esta rentabilidad sea superior a 0. Importe de la comisión de rentabilidad facturada para el último ejercicio: 0,20 % | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 3,00 % | Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou que le revenu de votre investissement ne vous soit distribué. Dans certains cas, les frais payés peuvent être inférieurs à ceux affichés. L’investisseur peut demander à son conseiller financier ou à son distributeur le montant exact des frais d’entrée et de sortie. |
| Frais de sortie | 0,00 % |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 1,30 % | Le pourcentage indiqué se fonde sur les frais de l’exercice précédent (frais de gestion fixes et commissions de mouvement), clos le 31 décembre 2021. Ces frais peuvent varier d'un exercice à l'autre. Ils ne comprennent pas : les commissions de surperformance et les frais d'intermédiation excepté dans le cas de frais d'entrée et/ou de sortie payés par le Fonds lorsqu'il achète ou vend des parts d'un autre véhicule de gestion collective. |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance | 10% TTC de la performance de la Part au-delà d’une performance nette annualisée du Fonds de 3,60% calculée nette de tous frais de gestion sur la période de référence, sous réserve que cette performance soit supérieure à 0.Montant de la commission de performance facturée au titre du dernier exercice : 0,20 % | | fr | es |
DOLFIN7702 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les investisseurs du fonds peuvent acheter et vendre des actions n'importe quel jour de bourse (tel que défini dans le Prospectus).
Si vous investissez dans des actions de revenu, vous recevrez le revenu des placements dans le fonds. Si vous investissez dans des actions de capitalisation, le revenu sera ajouté à la valeur de vos actions.
Recommandation : le fonds peut ne pas convenir aux investisseurs qui prévoient retirer leur argent dans les cinq ans. Les investisseurs devraient s'assurer que leur attitude face au risque est conforme au profil de risque de ce fonds avant d'investir.
durabilité est subjective, ce qui signifie que le fonds pourrait investir dans des sociétés que des fonds similaires excluent (et en conséquence enregistrer des performances différentes) et qui ne sont pas alignées aux points de vue personnels de tout investisseur individuel.
2 Le fonds investit dans des actions et des titres assimilés. Ces titres sont sensibles aux variations des marchés boursiers, qui peuvent être volatils, et varier considérablement sur de courtes périodes.
2 Le fonds investit dans des titres exposés au risque de défaut de l'émetteur sur le paiement des intérêts ou du capital.
2 La valeur du fonds peut augmenter ou baisser chaque jour pour de nombreuses raisons, dont les variations des taux d'intérêt, les prévisions d'inflation ou la qualité de crédit perçue des pays ou des titres.
2 Le fonds investit dans des actions et/ou des obligations des marchés émergents. Investir dans des marchés émergents comporte un risque de perte plus important qu'investir sur des marchés plus développés, en raison, entre autres facteurs, de risques politiques, fiscaux, économiques, de change, de liquidité et réglementaires plus élevés.
2 Le fonds investit dans des obligations à haut rendement qui comportent un risque de défaut plus important que les obligations à rendement moins élevé.
2 Les instruments dérivés comportent le risque d'une liquidité moindre, de perte importante et de volatilité accrue dans des conditions de marché défavorables, comme une défaillance parmi les opérateurs de marché. Les instruments dérivés peuvent endetter le fonds (cas de figure dans lequel l'exposition au marché et le risque de perte du fonds sont supérieurs au montant investi) et dans ces conditions de marché, l'effet de levier amplifiera les pertes.
Tous les investissements comportent des risques. Ce fonds n'offre aucune garantie contre la perte ou que l'objectif du fonds sera atteint. Le cours des actifs et les revenus qu'ils génèrent sont susceptibles de varier à la hausse comme à la baisse et ne peuvent être garantis ; les investisseurs ne sont pas assurés de recouvrir l'intégralité du capital investi au départ.
L'inflation réduit le pouvoir d'achat de vos placements et de vos revenus. La valeur des actifs détenus dans le fonds peut augmenter et diminuer en raison des fluctuations des taux de change.
Le fonds pourrait perdre de l'argent si une entité (contrepartie) avec | Los inversores del fondo pueden comprar y vender participaciones en cualquier día de negociación (tal como se define en el folleto).
Si usted invierte en participaciones de ingresos, se le pagarán los ingresos generados por las inversiones en el fondo. Si invierte en participaciones de acumulación, los ingresos se sumarán al valor de sus participaciones.
Recomendación: el fondo podría no ser apropiado para inversores que prevean retirar su dinero en el transcurso de cinco años. Antes de invertir, los inversores deberían cerciorarse de que su actitud frente al riesgo está en línea con el perfil de riesgo de este fondo.
que significa que el fondo puede invertir en empresas en las que fondos similares no invierten (y por tanto evolucionar de manera diferente) y que no se alinean con las opiniones personales de ningún inversor individual.
2 El fondo invierte en renta variable y en títulos relacionados con renta variable. Estos son sensibles a las fluctuaciones de los mercados de renta variable, que pueden ser volátiles y cambiar sustancialmente en periodos cortos de tiempo.
2 El fondo invierte en títulos sujetos al riesgo de que el emisor incumpla el pago de intereses o del capital.
2 El precio del fondo puede subir o bajar diariamente por una serie de motivos, incluidos cambios de los tipos de interés, las previsiones relativas a la inflación o la calidad del crédito percibida de países o títulos individuales.
2 El fondo invierte en renta variable y/o bonos de mercados emergentes. La inversión en mercados emergentes implica un mayor riesgo de pérdida que la inversión en mercados más desarrollados debido a, entre otros factores, mayores riesgos políticos, fiscales, económicos, de divisas, de liquidez y regulatorios.
2 El fondo invierte en bonos de alta rentabilidad, que conllevan un mayor riesgo de impago que los de rentabilidades más bajas.
2 El uso de derivados conlleva el riesgo de una liquidez reducida,
pérdidas importantes y una mayor volatilidad en condiciones del mercado adversas, tales como la quiebra de participantes en el mercado. El uso de derivados puede tener como consecuencia que el fondo se apalanque (es decir, que la exposición al mercado y, por tanto, el potencial de pérdida del fondo superen el importe que ha invertido) y, en esas condiciones del mercado, el apalancamiento incrementaría las pérdidas.
Todas las inversiones entrañan riesgos. Este fondo no ofrece ninguna garantía contra pérdidas ni con respecto a la consecución de los objetivos del fondo.
El precio de los activos y los ingresos que estos generan pueden disminuir o aumentar y no se pueden garantizar; es posible que un inversor recupere un importe menor que el invertido originalmente. La inflación reduce el poder adquisitivo de su inversión y sus ingresos. El valor de los activos mantenidos en el fondo puede subir o bajar a consecuencia de las fluctuaciones de los tipos de cambio.
El fondo podría perder dinero si una entidad (contraparte) con la que | Les investisseurs du fonds peuvent acheter et vendre des actions n'importe quel jour de bourse (tel que défini dans le Prospectus).
Si vous investissez dans des actions de revenu, vous recevrez le revenu des placements dans le fonds. Si vous investissez dans des actions de capitalisation, le revenu sera ajouté à la valeur de vos actions.
Recommandation : le fonds peut ne pas convenir aux investisseurs qui prévoient retirer leur argent dans les cinq ans. Les investisseurs devraient s'assurer que leur attitude face au risque est conforme au profil de risque de ce fonds avant d'investir.
durabilité est subjective, ce qui signifie que le fonds pourrait investir dans des sociétés que des fonds similaires excluent (et en conséquence enregistrer des performances différentes) et qui ne sont pas alignées aux points de vue personnels de tout investisseur individuel.
2 Le fonds investit dans des actions et des titres assimilés. Ces titres sont sensibles aux variations des marchés boursiers, qui peuvent être volatils, et varier considérablement sur de courtes périodes.
2 Le fonds investit dans des titres exposés au risque de défaut de l'émetteur sur le paiement des intérêts ou du capital.
2 La valeur du fonds peut augmenter ou baisser chaque jour pour de nombreuses raisons, dont les variations des taux d'intérêt, les prévisions d'inflation ou la qualité de crédit perçue des pays ou des titres.
2 Le fonds investit dans des actions et/ou des obligations des marchés émergents. Investir dans des marchés émergents comporte un risque de perte plus important qu'investir sur des marchés plus développés, en raison, entre autres facteurs, de risques politiques, fiscaux, économiques, de change, de liquidité et réglementaires plus élevés.
2 Le fonds investit dans des obligations à haut rendement qui comportent un risque de défaut plus important que les obligations à rendement moins élevé.
2 Les instruments dérivés comportent le risque d'une liquidité moindre, de perte importante et de volatilité accrue dans des conditions de marché défavorables, comme une défaillance parmi les opérateurs de marché. Les instruments dérivés peuvent endetter le fonds (cas de figure dans lequel l'exposition au marché et le risque de perte du fonds sont supérieurs au montant investi) et dans ces conditions de marché, l'effet de levier amplifiera les pertes.
Tous les investissements comportent des risques. Ce fonds n'offre aucune garantie contre la perte ou que l'objectif du fonds sera atteint. Le cours des actifs et les revenus qu'ils génèrent sont susceptibles de varier à la hausse comme à la baisse et ne peuvent être garantis ; les investisseurs ne sont pas assurés de recouvrir l'intégralité du capital investi au départ.
L'inflation réduit le pouvoir d'achat de vos placements et de vos revenus. La valeur des actifs détenus dans le fonds peut augmenter et diminuer en raison des fluctuations des taux de change.
Le fonds pourrait perdre de l'argent si une entité (contrepartie) avec | fr | es |
DOLFIN7703 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: October 17, 2007.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
10%
0%
-10%
-20% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 17 de octubre de 2007. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
10%
0%
-10%
-20% | ### Launch Date and Currency
Sub-Fund's launch date: October 17, 2007.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
10%
0%
-10%
-20% | en | es |
DOLFIN7704 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| China Equity, un compartiment de la SICAV BNP Paribas Funds, désigné BNP Paribas en abrégé Classe « Classic Distribution » - code ISIN LU0823426480 Ce Fonds est géré par BNP PARIBAS ASSET MANAGEMENT Luxembourg, qui fait partie du Groupe BNP Paribas. |
| --- |
| Objectifs et politique d'investissement |
| Ce Fonds est activement géré. L’indice de référence MSCI China 10/40 (NR) est utilisé à des fins de comparaison de performance uniquement. Le Fonds n’est pas contraint par un indice de référence et sa performance peut s’écarter sensiblement de celle de l’indice de référence. Le Fonds cherche à accroître la valeur de ses actifs à moyen terme en investissant dans des actions émises par des sociétés de Chine, de Hong Kong et de Taïwan ou des sociétés exerçant leurs activités dans ces pays. Il peut investir dans des actions de Chine continentale auxquelles les investisseurs étrangers ont un accès limité, telles que les actions A chinoises, qui peuvent être cotées sur un Stock Connect ou au moyen d’une licence spécifique (RQFII) accordée par les autorités chinoises. L’équipe d’investissement applique également la Politique d’investissement durable de BNP PARIBAS ASSET MANAGEMENT, qui tient compte de critères environnementaux, sociaux et de gouvernance (ESG) à chaque étape du processus d’investissement du Fonds. Une stratégie extra-financière peut comporter des limites méthodologiques telles que le risque lié aux investissements ESG tel que défini par le gestionnaire d’actifs. Les critères environnementaux, sociaux et de gouvernance (ESG) contribuent, mais ne constituent pas un facteur déterminant, à la prise de décision du gestionnaire. Un dividende peut être distribué. Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus. |
| Profil de risque et de rendement |
| Risque plus faible Risque plus élevé D’autres risques importants pour le Fonds, mais qui ne sont pas adéquatement pris en considération par l’indicateur, sont décrits ci-dessous : Rendement potentiellement plus faible Rendement potentiellement plus élevé - certains marchés sont moins réglementés que la plupart des marchés internationaux. Par conséquent, les services liés à la garde et à la liquidation du compartiment sur ces marchés pourraient être plus risqués. | | China Equity, un subfondo de la SICAV BNP Paribas Funds, abreviado como BNP Paribas Clase «Classic Distribution» - Código ISIN LU0823426480 Este Fondo está gestionado por BNP PARIBAS ASSET MANAGEMENT Luxembourg, sociedad del Grupo BNP Paribas. |
| --- |
| Objetivos y política de inversión |
| Este Fondo se gestiona de manera activa. El índice de referencia MSCI China 10/40 (NR) se utiliza únicamente para comparar la rentabilidad. El Fondo no está limitado por el índice de referencia y su rentabilidad puede diferir considerablemente de la de dicho índice. El Fondo trata de incrementar el valor de sus activos a medio plazo invirtiendo en acciones emitidas por empresas de China, Hong Kong o Taiwán o que operen en dichos países. Puede invertirse en acciones de China continental limitadas a inversores extranjeros, como acciones de clase A de China, que pueden cotizar en Stock Connect o mediante el uso de una licencia específica (RQFII) concedida por las autoridades chinas. El equipo de inversiones aplica asimismo la Política de inversión sostenible de BNP PARIBAS ASSET MANAGEMENT, que tiene en cuenta los criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) en cada etapa del proceso de inversión del Fondo. Una estrategia extrafinanciera puede incluir limitaciones metodológicas, como el riesgo de inversión ESG definido por el gestor de activos. Los criterios ambientales, sociales y de gobernanza (ESG) contribuyen a la toma de decisiones del gestor, pero no constituyen un factor determinante. Se puede distribuir un dividendo. Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. |
| Perfil de riesgo y de rentabilidad |
| Menor riesgo Mayor riesgo Otros riesgos que revisten una importancia significativa para el Fondo y que el indicador no capta de manera adecuada: Rentabilidad potencialmente inferior Rentabilidad potencialmente más elevada - Algunos mercados están menos regulados que la mayoría de los mercados internacionales; por lo tanto, los servicios relacionados con la custodia y la liquidación del subfondo en dichos mercados podrían entrañar un mayor riesgo. | | China Equity, un compartiment de la SICAV BNP Paribas Funds, désigné BNP Paribas en abrégé Classe « Classic Distribution » - code ISIN LU0823426480 Ce Fonds est géré par BNP PARIBAS ASSET MANAGEMENT Luxembourg, qui fait partie du Groupe BNP Paribas. |
| --- |
| Objectifs et politique d'investissement |
| Ce Fonds est activement géré. L’indice de référence MSCI China 10/40 (NR) est utilisé à des fins de comparaison de performance uniquement. Le Fonds n’est pas contraint par un indice de référence et sa performance peut s’écarter sensiblement de celle de l’indice de référence. Le Fonds cherche à accroître la valeur de ses actifs à moyen terme en investissant dans des actions émises par des sociétés de Chine, de Hong Kong et de Taïwan ou des sociétés exerçant leurs activités dans ces pays. Il peut investir dans des actions de Chine continentale auxquelles les investisseurs étrangers ont un accès limité, telles que les actions A chinoises, qui peuvent être cotées sur un Stock Connect ou au moyen d’une licence spécifique (RQFII) accordée par les autorités chinoises. L’équipe d’investissement applique également la Politique d’investissement durable de BNP PARIBAS ASSET MANAGEMENT, qui tient compte de critères environnementaux, sociaux et de gouvernance (ESG) à chaque étape du processus d’investissement du Fonds. Une stratégie extra-financière peut comporter des limites méthodologiques telles que le risque lié aux investissements ESG tel que défini par le gestionnaire d’actifs. Les critères environnementaux, sociaux et de gouvernance (ESG) contribuent, mais ne constituent pas un facteur déterminant, à la prise de décision du gestionnaire. Un dividende peut être distribué. Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus. |
| Profil de risque et de rendement |
| Risque plus faible Risque plus élevé D’autres risques importants pour le Fonds, mais qui ne sont pas adéquatement pris en considération par l’indicateur, sont décrits ci-dessous : Rendement potentiellement plus faible Rendement potentiellement plus élevé - certains marchés sont moins réglementés que la plupart des marchés internationaux. Par conséquent, les services liés à la garde et à la liquidation du compartiment sur ces marchés pourraient être plus risqués. | fr | es |
DOLFIN7705 | 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 années
## Ce Produit n'a pas de période de détention minimale requise, les 5 ans ont été calculés pour être conformes au délai dont le Produit peut avoir besoin pour atteindre ses objectifs d'investissement.
Vous pouvez vendre votre investissement avant la fin de la période de détention recommandée sans pénalité. La performance ou le risque de votre investissement peuvent être affectés négativement. La section « Quels sont les frais ? » fournit des informations sur l'impact des frais au fil du temps. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
## Periodo de tenencia recomendado: 5 años
## Este Producto no tiene un periodo mínimo de tenencia; los 5 años se han calculado para cumplir el plazo que el Producto puede necesitar para alcanzar sus objetivos de inversión.
Puede vender su inversión antes del final del periodo de tenencia recomendado sin penalización. La rentabilidad o el riesgo de su inversión pueden verse afectados negativamente. La sección «¿Cuáles son los gastos?» proporciona información sobre el impacto de los gastos a lo largo del tiempo. | # Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée?
## Période de détention recommandée: 5 années
## Ce Produit n'a pas de période de détention minimale requise, les 5 ans ont été calculés pour être conformes au délai dont le Produit peut avoir besoin pour atteindre ses objectifs d'investissement.
Vous pouvez vendre votre investissement avant la fin de la période de détention recommandée sans pénalité. La performance ou le risque de votre investissement peuvent être affectés négativement. La section « Quels sont les frais ? » fournit des informations sur l'impact des frais au fil du temps. | fr | es |
DOLFIN7706 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund may invest in mainland China through the Renminbi Qualified Foreign Institutional Investor ("RQFII") scheme or Regulated Markets (including the CIBM via Bond Connect or CIBM Direct).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash.
The Fund intends to use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
The Fund maintains a higher overall sustainability score than the JP Morgan Asia Credit index based on the Investment Manager’s rating criteria.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/ gfc
The Investment Manager applies governance and sustainability criteria when selecting investments for the Fund.
The strategy aims to identify issuers demonstrating good or improving sustainability credentials, and those that impose a high cost on the environment and society. This involves:
- the exclusion of issuers that the Investment Manager deems to have businesses that are materially damaging to the climate and impose unjustifiable social costs.
- the inclusion of issuers that demonstrate stable and improving sustainability trajectories, and issuers demonstrating good governance based on the Investment Manager’s sustainability rating methodology. | Der Fonds kann in Festlandchina über das Renminbi Qualified Foreign Institutional Investor(„RQFII“)-Programm oder an geregelten Märkten investieren (einschließlich des CIBM über Bond Connect oder CIBM Direct).
Der Fonds kann auch bis zu einem Drittel seines Vermögens direkt oder indirekt in andere Wertpapiere (einschließlich anderer Anlageklassen), Länder, Regionen, Branchen oder Währungen, Investmentfonds, Optionsscheine und Geldmarktanlagen investieren sowie Barmittel halten.
Der Fonds beabsichtigt, Derivate long und short einzusetzen, um Anlagegewinne zu erzielen, das Risiko zu reduzieren oder den Fonds effizienter zu verwalten.
Der Fonds weist basierend auf den Ratingkriterien des Anlageverwalters einen höheren Gesamtnachhaltigkeitswert als der JP Morgan Asia Credit-Index auf.
Der Fonds investiert nicht direkt in bestimmte Aktivitäten, Branchen oder Emittentengruppen oberhalb der Grenzen, die unter „Informationen zur Nachhaltigkeit“ auf der Website des Fonds unter www.schroders.com/en/ lu/private-investor/gfc aufgeführt sind.
Der Anlageverwalter wendet bei der Auswahl der Anlagen für den Fonds Kriterien in Bezug auf Unternehmensführung und Nachhaltigkeit an.
Die Strategie zielt darauf ab, Emittenten zu identifizieren, die eine gute oder sich verbessernde Nachhaltigkeitsbilanz aufweisen, sowie solche, die hohe Kosten für Umwelt und Gesellschaft verursachen. Dies umfasst:
- den Ausschluss von Emittenten, die nach Ansicht des Anlageverwalters Geschäfte tätigen, die wesentliche negative Auswirkungen auf das Klima haben und nicht zu rechtfertigende soziale Kosten verursachen.
- die Aufnahme von Emittenten, die einen stabilen und sich verbessernden Nachhaltigkeitskurs aufweisen, sowie von Emittenten, die gemäß der Nachhaltigkeitsratingmethode des Anlageverwalters eine gute Unternehmensführung haben. | The Fund may invest in mainland China through the Renminbi Qualified Foreign Institutional Investor ("RQFII") scheme or Regulated Markets (including the CIBM via Bond Connect or CIBM Direct).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash.
The Fund intends to use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently.
The Fund maintains a higher overall sustainability score than the JP Morgan Asia Credit index based on the Investment Manager’s rating criteria.
The Fund does not directly invest in certain activities, industries or groups of issuers above the limits listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/ gfc
The Investment Manager applies governance and sustainability criteria when selecting investments for the Fund.
The strategy aims to identify issuers demonstrating good or improving sustainability credentials, and those that impose a high cost on the environment and society. This involves:
- the exclusion of issuers that the Investment Manager deems to have businesses that are materially damaging to the climate and impose unjustifiable social costs.
- the inclusion of issuers that demonstrate stable and improving sustainability trajectories, and issuers demonstrating good governance based on the Investment Manager’s sustainability rating methodology. | en | de |
DOLFIN7707 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# MARKET REVIEW
- Global equities (-3.5%, as measured by the MSCI All Country World local index) fell for the first time in eight months, ending September with a 13.3% gain year to date. Markets contended with pandemic uncertainty, moderating economic growth, the imminent prospect of reduced quantitative easing and policy tightening, and persistent supply-chain dislocations that have amplified the risk of more sustained inflation.
- US equities (-4.7%
- 1
- ) declined for the first time in eight months. Risk sentiment waned amid anxiety about the impact of persistent supply-chain disruptions on inflation and the economy, imminent policy normalization, elevated energy prices, and uncertainty about government fiscal stimulus and the federal debt ceiling. Surging Treasury yields sparked a sharp sell-off in shares of large technology companies, leading value stocks to significantly outperform their growth counterparts.
- European equities (-2.9%) declined for the first time in eight months amid anxiety about rising inflation and a potential peak in the rate of economic growth, ongoing supply-chain disruptions, and the prospect of tighter monetary policy in the near term.
- Pacific Basin (+2.1%) ended the month higher. In Japan (+4.5%), the government fully dropped its state of emergency following a steady decline in new COVID-19 cases. Ex-foreign minister Fumio Kishida was elected leader of the Liberal Democratic Party and is set to succeed Yoshihide Suga as Japan’s new prime minister.
- Emerging markets (EM) equities (-2.8%) ended lower, as concerns around Fed tapering, rising inflation, and global economic growth weighed on investor sentiment. Within EM, Europe, the Middle East, and Africa (EMEA, +2.0%) generated positive returns, while Asia (-3.3%) and Latin America declined (-5.9%). | # ANALISI DEL MERCATO
- I titoli azionari globali (-3,5%, misurati in base all’indice MSCI All Country World) hanno ceduto terreno per la prima volta in otto mesi, chiudendo il mese di settembre con un guadagno del 13,3% da inizio anno. I mercati hanno lottato contro l’incertezza dovuta alla pandemia, il rallentamento della crescita economica, l’imminente prospettiva di una riduzione del quantitative easing e di un inasprimento della politica monetaria, nonché le persistenti interruzioni delle catene di approvigionamento che hanno amplificato il rischio di un'inflazione più sostenuta.
- I titoli azionari statunitensi (-4,7%
- 1
- ) hanno evidenziato un calo per la prima volta da sei mesi a questa parte. Il sentiment di rischio si è affievolito in un contesto di timori per l’impatto delle persistenti interruzioni delle catene di approvvigionamento sull’inflazione e sull’economia, l’imminente normalizzazione della politica, l’aumento dei prezzi dell'energia e l’incertezza circa gli stimoli fiscali governativi e il tetto del debito federale. L’impennata dei rendimenti dei Treasury ha innescato una brusca correzione delle azioni delle grandi società tecnologiche, portando i titoli value a sovraperformare in misura significativa le loro controparti growth.
- I titoli azionari europei (-2,9%) hanno registrato un calo per la prima volta da otto mesi, in un quadro di timori per l’aumento dell’inflazione e un potenziale picco del tasso di crescita economica, i continui problemi alle catene di approvvigionamento e la prospettiva di inasprimento della politica monetaria a breve termine.
- La regione del Bacino del Pacifico (+2,1%) ha chiuso il mese in rialzo. In Giappone (+4,5%), il governo ha completamente eliminato lo stato di emergenza a seguito di un costante calo dei nuovi casi di Covid-19. L’ex ministro degli esteri Fumio Kishida è stato eletto leader del Partito liberal- democratico ed è destinato a succedere a Yoshihide Suga come nuovo primo ministro giapponese.
- I titoli azionari dei mercati emergenti (ME) hanno chiuso in calo (-2,8%); i timori per il tapering della Fed, l’aumento dell’inflazione e la crescita economica globale hanno infatti pesato sul livello di fiducia degli investitori. Nell’ambito dei ME, Europa, Medio Oriente e Africa (EMEA, +2,0%) hanno generato rendimenti positivi, mentre l’Asia (-3,3%) e l’America Latina (-5,9%) hanno perso terreno. | # MARKET REVIEW
- Global equities (-3.5%, as measured by the MSCI All Country World local index) fell for the first time in eight months, ending September with a 13.3% gain year to date. Markets contended with pandemic uncertainty, moderating economic growth, the imminent prospect of reduced quantitative easing and policy tightening, and persistent supply-chain dislocations that have amplified the risk of more sustained inflation.
- US equities (-4.7%
- 1
- ) declined for the first time in eight months. Risk sentiment waned amid anxiety about the impact of persistent supply-chain disruptions on inflation and the economy, imminent policy normalization, elevated energy prices, and uncertainty about government fiscal stimulus and the federal debt ceiling. Surging Treasury yields sparked a sharp sell-off in shares of large technology companies, leading value stocks to significantly outperform their growth counterparts.
- European equities (-2.9%) declined for the first time in eight months amid anxiety about rising inflation and a potential peak in the rate of economic growth, ongoing supply-chain disruptions, and the prospect of tighter monetary policy in the near term.
- Pacific Basin (+2.1%) ended the month higher. In Japan (+4.5%), the government fully dropped its state of emergency following a steady decline in new COVID-19 cases. Ex-foreign minister Fumio Kishida was elected leader of the Liberal Democratic Party and is set to succeed Yoshihide Suga as Japan’s new prime minister.
- Emerging markets (EM) equities (-2.8%) ended lower, as concerns around Fed tapering, rising inflation, and global economic growth weighed on investor sentiment. Within EM, Europe, the Middle East, and Africa (EMEA, +2.0%) generated positive returns, while Asia (-3.3%) and Latin America declined (-5.9%). | en | it |
DOLFIN7708 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What is this product?
Product type: Sub-fund of the Luxembourg domiciled SICAV La Française Lux
The management objective of the Fund is to achieve high income, until 31 December 2025.
The Fund mainly invests in bonds that mature in December 2025 at the latest and/or bonds with a longer maturity, but which have a call option before December 2025.
Specifically, the sub-fund invests up to 100% of its net assets in fixed and floating rate debt securities as well as in money market instruments that are mainly issued in Asian Pacific countries. The sub-fund may also invest in debt securities issued in other countries including up to 20% of its net asset in emerging markets countries excluding OECD and Asian Pacific countries. The sub-fund does not invest in securities that are distressed or defaulted at the time of investment. The sub-fund may hold securities that become distressed or defaulted.
The sub-fund may invest in, or be exposed to, the following investments up to the percentage of net assets indicated:
- convertible bonds: 30%
- equities (through exposure from convertible bonds up to 10%, directly invested up to 10% in the event of a restructuring of a bond, standard or convertible, by the issuer): 20%
- distressed or defaulted securities: 10%
- other UCITS/UCIs: 10%On an ancillary basis (up to 20%), the sub-fund may also invest in bank deposits, money market instruments, money market funds whose investments’ overall weighted maturity or rate reset frequency does not exceed 12 months, for treasury purposes or for achieving its investment goals.
The Fund’s modified duration may vary from 0 to 6 and decreases over time.
The sub-fund’s exposure to local, SEK, NOK or G7 currencies may be up to 100%. Non-USD investments are hedged to USD. However, there may still be a currency risk due to imperfect hedging.
The sub-fund is actively and discretionarily managed. The sub-fund is not managed in reference to an index.
The investment manager uses a long only approach that is based on global economic and financial analysis as well as analysis of companies’ balance sheets and insights into sovereign debt fundamentals. The investment manager may also use arbitrage strategies in the event of market opportunities or changes in companies’ risk profile.
The Fund may use derivatives as a substitute for direct investment, for hedging and for efficient portfolio management. The Fund may uses, rates indexes, swaps, futures, forwards, NDF (Non Deliverable Forward), CDS (Credit Default Swap) single name and index.
The Fund may enter into temporary repurchase transactions and reverse repurchase transactions. You can buy and sell shares of the Fund daily.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money before 31 December 2025. All income generated by share Class R EUR H Capitalisation of the Fund is reinvested and included in the value of its shares.
Concerned investors: All eligible investors including those who are investing through intermediaries that provide non-independent advice (as defined in MiFID).
Lifespan of the product: Indefinite | # En quoi consiste ce produit ?
Type de produit : compartiment de la SICAV La Française Lux, domiciliée au Luxembourg. L'objectif de gestion du Fonds est de générer un revenu élevé, jusqu'au 31 décembre 2025.
Le Fonds investit principalement dans des obligations arrivant à échéance en décembre 2025 au plus tard et/ou dans des obligations à plus longue échéance, mais qui disposent d'une option d'achat avant décembre 2025.
Plus précisément, le compartiment investit jusqu'à 100 % de son actif net dans des titres de créance à taux fixe et variable, ainsi que dans des instruments du marché monétaire principalement émis dans des pays d'Asie-Pacifique. Le compartiment pourra également investir dans des titres de créance émis dans d'autres pays y compris jusqu'à 20 % de son actif net dans des pays émergents hors OCDE et Asie Pacifique. Le compartiment n’investira pas dans des titres dépréciés ou en souffrance au moment de l’investissement. Le compartiment peut conserver des titres dépréciés ou en souffrance.
Le compartiment peut investir dans les placements suivants, ou y être exposé jusqu’à hauteur du pourcentage des actifs nets indiqué :
- obligations convertibles : 30 %
- actions (par le biais d'une exposition aux obligations convertibles jusqu'à 10 %, directement investie jusqu'à 10 % en cas de restructuration, par l'émetteur, d'une obligation standard ou convertible) : 20 %
- titres en difficulté ou en défaut : 10 %
- autres OPCVM/OPC : 10 %Le compartiment peut également, à titre accessoire (jusqu'à 20 %), investir dans des dépôts bancaires, des instruments du marché monétaire, des fonds du marché monétaire dont l'échéance pondérée globale des investissements ou la fréquence de révision des taux ne dépasse pas 12 mois, à des fins de gestion de trésorerie ou pour atteindre ses objectifs d'investissement.
La duration modifiée du Fonds peut varier de 0 à 6 et elle diminue au fil du temps.
L’exposition du compartiment à des devises locales, SEK, NOK ou du G7 peut atteindre 100 %. Les investissements en devises autres que l’USD sont couverts en USD. Cependant, il peut toujours y avoir un risque de change en raison d’une couverture imparfaite.
Le compartiment est géré de manière active et discrétionnaire. Le compartiment n’est pas géré par référence à un indice.
L'approche du gestionnaire d’investissement consiste à prendre des positions longues uniquement, en se fondant sur une analyse économique et financière mondiale ainsi que sur l’analyse des bilans des sociétés et des observations des principes fondamentaux de la dette souveraine. Le gestionnaire d'investissement peut également utiliser des stratégies d'arbitrage en cas d'opportunités de marché ou de changements dans le profil de risque des entreprises.
Le Fonds peut recourir à des dérivés en remplacement de l’investissement direct, à des fins de couverture et de gestion efficace du portefeuille. Le Fonds peut utiliser des indices de taux, des swaps, des contrats à terme (futures et forwards), des contrats à terme non livrables (NDF, Non Deliverable Forward) et des swaps sur défaut de crédit (CDS, Credit Default Swap) individuels (« single name ») ou sur indice.
Le Fonds peut effectuer des opérations de mise et prise en pension provisoires.
Les actions du Fonds peuvent être achetées ou vendues par les actionnaires tous les jours.
Recommandation : ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant le 31 décembre 2025. Tous les revenus générés par la Catégorie d’actions R EUR H Capitalisation du Fonds sont réinvestis et inclus dans la valeur de ses actions.
Investisseurs concernés : Tous les investisseurs éligibles, y compris ceux qui investissent par le biais d'intermédiaires qui fournissent des conseils non indépendants (au sens de la directive MiFID).
Durée de vie du produit : Indéterminée | # What is this product?
Product type: Sub-fund of the Luxembourg domiciled SICAV La Française Lux
The management objective of the Fund is to achieve high income, until 31 December 2025.
The Fund mainly invests in bonds that mature in December 2025 at the latest and/or bonds with a longer maturity, but which have a call option before December 2025.
Specifically, the sub-fund invests up to 100% of its net assets in fixed and floating rate debt securities as well as in money market instruments that are mainly issued in Asian Pacific countries. The sub-fund may also invest in debt securities issued in other countries including up to 20% of its net asset in emerging markets countries excluding OECD and Asian Pacific countries. The sub-fund does not invest in securities that are distressed or defaulted at the time of investment. The sub-fund may hold securities that become distressed or defaulted.
The sub-fund may invest in, or be exposed to, the following investments up to the percentage of net assets indicated:
- convertible bonds: 30%
- equities (through exposure from convertible bonds up to 10%, directly invested up to 10% in the event of a restructuring of a bond, standard or convertible, by the issuer): 20%
- distressed or defaulted securities: 10%
- other UCITS/UCIs: 10%On an ancillary basis (up to 20%), the sub-fund may also invest in bank deposits, money market instruments, money market funds whose investments’ overall weighted maturity or rate reset frequency does not exceed 12 months, for treasury purposes or for achieving its investment goals.
The Fund’s modified duration may vary from 0 to 6 and decreases over time.
The sub-fund’s exposure to local, SEK, NOK or G7 currencies may be up to 100%. Non-USD investments are hedged to USD. However, there may still be a currency risk due to imperfect hedging.
The sub-fund is actively and discretionarily managed. The sub-fund is not managed in reference to an index.
The investment manager uses a long only approach that is based on global economic and financial analysis as well as analysis of companies’ balance sheets and insights into sovereign debt fundamentals. The investment manager may also use arbitrage strategies in the event of market opportunities or changes in companies’ risk profile.
The Fund may use derivatives as a substitute for direct investment, for hedging and for efficient portfolio management. The Fund may uses, rates indexes, swaps, futures, forwards, NDF (Non Deliverable Forward), CDS (Credit Default Swap) single name and index.
The Fund may enter into temporary repurchase transactions and reverse repurchase transactions. You can buy and sell shares of the Fund daily.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money before 31 December 2025. All income generated by share Class R EUR H Capitalisation of the Fund is reinvested and included in the value of its shares.
Concerned investors: All eligible investors including those who are investing through intermediaries that provide non-independent advice (as defined in MiFID).
Lifespan of the product: Indefinite | en | fr |
DOLFIN7709 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Regulation on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012
Securities lending transactions (see note 13 for more information)
General data (in CHF) | ### Règlement relatif à la transparence des opérations de financement sur titres et de la réutilisation et modifiant le règlement (UE) no 648/2012
Prêt de titres (voir note 13 pour plus d'informations)
Données générales (en CHF) | ### Regulation on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012
Securities lending transactions (see note 13 for more information)
General data (in CHF) | en | fr |
DOLFIN7710 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Management Company may stipulate for individual sub-funds that transferable securities, money market instruments, derivative financial instruments (derivatives) and other assets officially listed on a securities exchange are valued at the latest available closing price which provides a reliable valuation. Details regarding this can be found in the Annex to the Sales Prospectus for the relevant sub-funds.
If transferable securities, money market instruments, derivative financial instruments (derivatives) and other assets are officially listed on several stock exchanges, the one with the highest liquidity shall be applicable.
- Transferable securities, money market instruments, derivative financial instruments (derivatives) and other assets which are not officially listed on a securities exchange (or whose stock exchange price is not deemed representative, e.g. due to lack of liquidity) but which are traded on another regulated market, shall be valued at a price no less than the bid price and no more than the offer price of the trading day preceding the valuation day, and which the Management Company considers in good faith to be the best possible price at which the transferable securities, money market instruments, derivative financial instruments (derivatives) and other investments can be sold. | Die Verwaltungsgesellschaft kann für einzelne Teilfonds festlegen, dass Wertpapiere, Geldmarktinstrumente, abgeleitete Finanzinstrumente (Derivate) sowie sonstige Anlagen, die an einer Wertpapierbörse amtlich notiert sind, zum letzten verfügbaren Schlusskurs, der eine verlässliche Bewertung gewährleistet, bewertet werden. Dies findet im Anhang zum Verkaufsprospekt der betroffenen Teilfonds Erwähnung.
Soweit Wertpapiere, Geldmarktinstrumente, abgeleitete Finanzinstrumente (Derivate) sowie sonstige Anlagen an mehreren Wertpapierbörsen amtlich notiert sind, ist die Börse mit der höchsten Liquidität maßgeblich.
- Wertpapiere, Geldmarktinstrumente, abgeleitete Finanzinstrumente (Derivate) sowie sonstige Anlagen, die nicht an einer Wertpapierbörse amtlich notiert sind (oder deren Börsenkurse z.B. aufgrund mangelnder Liquidität als nicht repräsentativ angesehen werden), die aber an einem geregelten Markt gehandelt werden, werden zu einem Kurs bewertet, der nicht geringer als der Geldkurs und nicht höher als der Briefkurs des dem Bewertungstag vorhergehenden Handelstages sein darf und den die Verwaltungsgesellschaft nach Treu und Glauben für den bestmöglichen Kurs hält, zu dem die Wertpapiere, Geldmarktinstrumente, abgeleiteten Finanzinstrumente (Derivate) sowie sonstigen Anlagen verkauft werden können. | The Management Company may stipulate for individual sub-funds that transferable securities, money market instruments, derivative financial instruments (derivatives) and other assets officially listed on a securities exchange are valued at the latest available closing price which provides a reliable valuation. Details regarding this can be found in the Annex to the Sales Prospectus for the relevant sub-funds.
If transferable securities, money market instruments, derivative financial instruments (derivatives) and other assets are officially listed on several stock exchanges, the one with the highest liquidity shall be applicable.
- Transferable securities, money market instruments, derivative financial instruments (derivatives) and other assets which are not officially listed on a securities exchange (or whose stock exchange price is not deemed representative, e.g. due to lack of liquidity) but which are traded on another regulated market, shall be valued at a price no less than the bid price and no more than the offer price of the trading day preceding the valuation day, and which the Management Company considers in good faith to be the best possible price at which the transferable securities, money market instruments, derivative financial instruments (derivatives) and other investments can be sold. | en | de |
DOLFIN7711 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Costs incurred for the founding of the Investment Company and the initial issue of shares will be amortised over the first five financial years against the assets of the sub-funds existing at the time of formation. The set-up costs and the aforementioned costs that are not directly attributable to a specific sub-fund shall be allocated to the respective sub-fund assets on a pro rata basis. Costs incurred as a result of the launching of additional sub-funds will be amortised over a period of a maximum of five financial years after launch against of the assets of the sub-fund to which these costs can be attributed.
-
### TOTAL EXPENSE RATIO (TER) | Die Kosten für die Gründung der Investmentgesellschaft und die Erstausgabe von Aktien werden vom Vermögen der bei Gründung bestehenden Teilfonds über die ersten fünf Geschäftsjahre abgeschrieben. Die Aufteilung der Gründungskosten sowie der o. g. Kosten, welche keinem bestimmten Teilfonds direkt zurechenbar sind, erfolgt anteilsmäßig auf das jeweilige Teilfondsvermögen. Kosten, die im Zusammenhang mit der Auflegung weiterer Teilfonds entstehen, werden vom jeweiligen Teilfondsvermögen, dem sie zuzurechnen sind, innerhalb eines Zeitraums von maximal fünf Jahren nach Auflegung abgeschrieben.
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### GESAMTKOSTENQUOTE (TER) | Costs incurred for the founding of the Investment Company and the initial issue of shares will be amortised over the first five financial years against the assets of the sub-funds existing at the time of formation. The set-up costs and the aforementioned costs that are not directly attributable to a specific sub-fund shall be allocated to the respective sub-fund assets on a pro rata basis. Costs incurred as a result of the launching of additional sub-funds will be amortised over a period of a maximum of five financial years after launch against of the assets of the sub-fund to which these costs can be attributed.
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### TOTAL EXPENSE RATIO (TER) | en | de |
DOLFIN7712 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## SUBFUND'S RISK PROFILE
To gain the best possible understanding of the fund’s risk profile, the investor is asked to take into account not only the risk category but also the risks inherent in the management strategy as described in the prospectus. The investor needs to be aware of the following significant risks, which are not necessarily adequately taken into account by the SRRI indicator:
- Counterparty risk: The fund may use OTC derivative products and these may represent a counterparty risk, i.e. the inability of the counterparty to honour its commitments to the fund. This counterparty risk could be fully or partially hedged by the receipt of guarantees.
- Credit risk: The fund is exposed to the risk of default of an issuer in terms of honouring the payment of coupons and/or the repayment of the amount borrowed. This risk is higher as the fund may invest in high-yield debt issues whose issuers are considered risky.
- Emerging countries risk: Emerging countries may experience political, legal or fiscal uncertainties or other events that could impact negatively on the assets of the fund. The assets traded in these countries may be subject to market movements that are potentially more rapid than in the major international markets and listing differentials that may be considerably bigger under certain market conditions. These assets may prove to be less liquid and may not be able to be sold quickly and at reasonable prices. Exchange rate fluctuations involving the currencies of emerging countries may be sudden and substantial.
- Liquidity risk: The fund may invest in securities and/or market segments which may prove to be less liquid, particularly under certain market conditions, and it may therefore be the case that the securities cannot be sold quickly and at reasonable prices.
- Investors are not assured of recovering the full amount invested. | ## PROFIL DE RISQUE DU COMPARTIMENT
Afin d’appréhender au mieux le profil de risque du compartiment, l’investisseur est invité à prendre en considération, outre sa classe de risque, les risques inhérents à la stratégie de gestion tels que décrits dans le prospectus. L’investisseur doit être conscient des risques importants suivants qui ne sont pas nécessairement adéquatement pris en compte par l’indicateur SRRI :
- Risque de contrepartie: le compartiment pouvant utiliser des produits dérivés de gré à gré, ces produits peuvent représenter un risque de contrepartie, soit l’incapacité de celle-ci à honorer ses engagements à l’égard du compartiment. Ce risque de contrepartie peut éventuellement être partiellement ou totalement couvert par la réception de sûretés.
- Risque de crédit: le compartiment est soumis au risque de défaillance d’un émetteur dans sa capacité à honorer le paiement de coupons et/ou à rembourser le montant emprunté. Ce risque est d’autant plus important que le compartiment peut intervenir sur la dette à haut rendement dont les émetteurs sont réputés à risque.
- Risques liés aux pays émergents: les pays émergents peuvent présenter des incertitudes politiques, légales et fiscales ou d’autres événements pouvant impacter négativement les actifs du compartiment. Les actifs traités sur ces pays présentent des mouvements de marché potentiellement plus rapides que sur les grandes places internationales et des écarts de cotation qui peuvent augmenter substantiellement dans certaines circonstances de marché. Ces actifs peuvent se révéler moins liquides, soit ne pas pouvoir être vendus rapidement à des prix raisonnables. Les variations des cours des monnaies de pays émergents peuvent être brusques et substantielles.
- Risque de liquidité: le compartiment peut investir dans des valeurs et/ou des segments de marché qui peuvent s’avérer moins liquides, en particulier dans certaines circonstances de marché, avec pour conséquence que des titres ne puissent être liquidées rapidement à des prix raisonnables.
- Les investisseurs ne sont pas assurés de recouvrer l'intégralité du montant investi. | ## SUBFUND'S RISK PROFILE
To gain the best possible understanding of the fund’s risk profile, the investor is asked to take into account not only the risk category but also the risks inherent in the management strategy as described in the prospectus. The investor needs to be aware of the following significant risks, which are not necessarily adequately taken into account by the SRRI indicator:
- Counterparty risk: The fund may use OTC derivative products and these may represent a counterparty risk, i.e. the inability of the counterparty to honour its commitments to the fund. This counterparty risk could be fully or partially hedged by the receipt of guarantees.
- Credit risk: The fund is exposed to the risk of default of an issuer in terms of honouring the payment of coupons and/or the repayment of the amount borrowed. This risk is higher as the fund may invest in high-yield debt issues whose issuers are considered risky.
- Emerging countries risk: Emerging countries may experience political, legal or fiscal uncertainties or other events that could impact negatively on the assets of the fund. The assets traded in these countries may be subject to market movements that are potentially more rapid than in the major international markets and listing differentials that may be considerably bigger under certain market conditions. These assets may prove to be less liquid and may not be able to be sold quickly and at reasonable prices. Exchange rate fluctuations involving the currencies of emerging countries may be sudden and substantial.
- Liquidity risk: The fund may invest in securities and/or market segments which may prove to be less liquid, particularly under certain market conditions, and it may therefore be the case that the securities cannot be sold quickly and at reasonable prices.
- Investors are not assured of recovering the full amount invested. | en | fr |
DOLFIN7713 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The above list is indicative only and cannot be understood as being exhaustive or limiting the ability of the Directors to change the Reference Index or Reference Asset in any other circumstances as they consider appropriate. Any proposal by the Directors to change a Reference Index or Reference Asset is subject to the prior Shareholder approval of the relevant Fund by ordinary resolution. The Prospectus will be updated in case of substitution or change of the existing Reference Index or Reference Asset of a passively managed Fund for another Reference Index or Reference Asset in accordance with the requirements of the Central Bank.
The Investment Manager will rely solely on each Index Provider for information as to the composition and/or weighting of the securities that constitute each Reference Index. If the Investment Manager is unable to obtain or process such information in relation to any Reference Index on any Business Day, the most recently published composition and/or weighting of that Reference Index will be used for the purpose of all adjustments.
Any change in the investment objective or any material change to the investment policies of a Fund may only be made with the approval of an ordinary resolution of a Shareholder of the Fund. Subject and without prejudice to the preceding sentence of this paragraph, in the event of a change of investment objective and/or policies of a Fund, a reasonable notification period must be given to a Shareholder of the Fund to enable a Shareholder to have its Shares repurchased prior to the implementation of such change. | La liste ci-dessus est établie à titre indicatif et ne saurait être exhaustive ou limiter la possibilité des Administrateurs à modifier l'Indice de référence ou l'Actif de référence en d'autres circonstances qu'ils seraient amenés à juger appropriées. Toute proposition des Administrateurs visant à modifier un indice ou un actif de référence est assujettie à l’approbation préalable des Actionnaires du Fonds considéré par résolution ordinaire. Le Prospectus sera mis à jour en cas de substitution ou de modification d’un indice ou actif de référence existant d’un Fonds à gestion passive par un autre indice ou actif de référence, conformément aux dispositions prévues de la Banque centrale.
Le Gestionnaire d’investissement se fonde exclusivement sur chaque Fournisseur d’indices pour obtenir des informations concernant la composition et/ou la pondération des titres qui constituent chaque Indice de référence. Si le Gestionnaire d’investissement n’est pas en mesure d’obtenir ou de traiter ces informations relatives à un Indice de référence au cours d’un Jour ouvré donné, il utilisera la composition et/ou la pondération publiée la plus récente de cet Indice de référence pour procéder à tous les ajustements.
Aucune modification de l’objectif d’investissement ni aucune modification significative des politiques d’investissement d’un fonds ne saurait être opérée sans l’approbation par une résolution ordinaire d’un Actionnaire du Fonds. Sous réserve et sans préjudice du précédent paragraphe, en cas de modification de l'objectif et/ou des politiques d’investissement d’un Fonds, une période de notification raisonnable sera accordée par la Société à un Actionnaire du Fonds afin qu’il puisse faire racheter ses Actions avant la mise en œuvre de la modification. | The above list is indicative only and cannot be understood as being exhaustive or limiting the ability of the Directors to change the Reference Index or Reference Asset in any other circumstances as they consider appropriate. Any proposal by the Directors to change a Reference Index or Reference Asset is subject to the prior Shareholder approval of the relevant Fund by ordinary resolution. The Prospectus will be updated in case of substitution or change of the existing Reference Index or Reference Asset of a passively managed Fund for another Reference Index or Reference Asset in accordance with the requirements of the Central Bank.
The Investment Manager will rely solely on each Index Provider for information as to the composition and/or weighting of the securities that constitute each Reference Index. If the Investment Manager is unable to obtain or process such information in relation to any Reference Index on any Business Day, the most recently published composition and/or weighting of that Reference Index will be used for the purpose of all adjustments.
Any change in the investment objective or any material change to the investment policies of a Fund may only be made with the approval of an ordinary resolution of a Shareholder of the Fund. Subject and without prejudice to the preceding sentence of this paragraph, in the event of a change of investment objective and/or policies of a Fund, a reasonable notification period must be given to a Shareholder of the Fund to enable a Shareholder to have its Shares repurchased prior to the implementation of such change. | en | fr |
DOLFIN7714 | 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
- GBP 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | GBP 82 | GBP 414 |
| Annual cost impact (*) | 0.8% | 0.8% |
(*) 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 -3.5% before costs and -4.3% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | GBP 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | GBP 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.4% of the value of your investment per year. | GBP 43 |
| Transaction costs | 0.2% 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. | GBP 25 |
Performance fees 0.1% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
GBP 14 | # 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 GBP está invertido
| | En caso de salida después de 1 año | En caso de salida después de 5 años (Periodo de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 82 GBP | 414 GBP |
| Incidencia anual de los costes (*) | 0,8% | 0,8% |
(*) 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 -3,5% antes de deducir los costes y -4,3% 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 | 0,0% del valor de su inversión al entrar. | 0 GBP |
| Costes de salida | 0,0% del valor de su inversión antes de que se le pague. | 0 GBP |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,4% del valor de su inversión por año. | 43 GBP |
| Costes de operación | 0,2% 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. | 25 GBP |
Comisiones de rendimiento 0,1% 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.
14 GBP | # 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
- GBP 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | GBP 82 | GBP 414 |
| Annual cost impact (*) | 0.8% | 0.8% |
(*) 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 -3.5% before costs and -4.3% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | GBP 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | GBP 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.4% of the value of your investment per year. | GBP 43 |
| Transaction costs | 0.2% 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. | GBP 25 |
Performance fees 0.1% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
GBP 14 | en | es |
DOLFIN7715 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Prix par Action peut être arrondi jusqu’à un maximum des neuf chiffres les plus importants dans la monnaie de référence. Dans tous les cas, les valeurs de transaction pourront être arrondies jusqu’à la deuxième décimale dans la monnaie de référence.
Les investisseurs potentiels doivent également noter qu’un ajustement pour dilution peut être appliqué et doivent se référer à la section « Ajustement pour dilution » pour obtenir plus d’informations à ce sujet.
- CALCUL DES PRIX D’ÉCHANGE (OU DE CONVERSION)Les Actionnaires d’un Fonds peuvent convertir tout ou partie de leur participation dans les Actions d’une Classe différente au sein du même Fonds, sous réserve qu’elles répondent aux critères d’investissement de la Classe à investir, au travers d’un avis adressé à l’Agent de transfert selon les conditions et dans le respect de la procédure indiquées à la section « Échange (ou conversion) d’Actions ». | El Precio por Acción se puede redondear hasta un máximo de nueve cifras significativas en la divisa de denominación. En todos los casos, los valores de transacción pueden redondearse hasta dos cifras decimales en la divisa de denominación.
Los inversores potenciales también deben tener en cuenta que podrá aplicarse un ajuste de dilución y deben consultar el apartado “Ajuste de dilución” para obtener más información.
- CÁLCULO DE LOS PRECIOS DE CAMBIO (O CANJE)Los Accionistas de un Fondo tienen derecho a canjear la totalidad o parte de sus Acciones por Acciones de otra Clase en el mismo a condición de que cumplan con los requisitos de inversión en la otra Clase, notificando de ello al Agente de transferencias de acuerdo con el procedimiento señalado en el apartado “Intercambio (o canje) de Acciones”. | Le Prix par Action peut être arrondi jusqu’à un maximum des neuf chiffres les plus importants dans la monnaie de référence. Dans tous les cas, les valeurs de transaction pourront être arrondies jusqu’à la deuxième décimale dans la monnaie de référence.
Les investisseurs potentiels doivent également noter qu’un ajustement pour dilution peut être appliqué et doivent se référer à la section « Ajustement pour dilution » pour obtenir plus d’informations à ce sujet.
- CALCUL DES PRIX D’ÉCHANGE (OU DE CONVERSION)Les Actionnaires d’un Fonds peuvent convertir tout ou partie de leur participation dans les Actions d’une Classe différente au sein du même Fonds, sous réserve qu’elles répondent aux critères d’investissement de la Classe à investir, au travers d’un avis adressé à l’Agent de transfert selon les conditions et dans le respect de la procédure indiquées à la section « Échange (ou conversion) d’Actions ». | fr | es |
DOLFIN7716 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Use of derivatives
The respective sub-fund may – provided an appro- priate risk management system is in place – invest in any and all derivatives permitted under the Law of 2010 that are derived from assets that may be acquired for the respective sub-fund or from recognized financial indices, interest rates, ex- change rates or currencies. In particular, this includes options, financial futures and swaps (including total return swaps), as well as combina- tions thereof. These can be used not only for hedging but may also be part of the investment strategy.
Trading in derivatives is conducted within the confines of the investment limits and provides for the efficient management of the sub-fund’s assets, while also managing investment matur- ities and risks.
For sub-funds that qualify as money market funds as defined in the Money Market Funds Regulation, the restrictions in the Money Market Funds Regulation, the provisions of the ESMA Guidelines 2014/294 (to the extent consistent with the Money Market Funds Regulation), and the provisions of article 4 section I. of this Sales Prospectus regarding the use of derivatives must be observed. | #### Utilización de derivados
El subfondo correspondiente puede invertir, bajo reserva de un sistema apropiado de gestión del riesgo, en todo tipo de derivados permitidos según la ley de 2010 que se deriven de activos financieros que puedan ser adquiridos para el sub- fondo respectivo, o de índices financieros, tipos de interés, tipos de cambio o divisas reconocidos. Entre ellos están las opciones, los contratos de futuros financieros y los swaps (incluidos los total return swaps), así como las combinaciones de los anteriores. Estos instrumentos no solo se emplean con finalidades de cobertura, sino que pueden formar parte de la estrategia de inversión.
La negociación de derivados se emplea dentro del marco de los límites de inversión y sirve para una eficiente administración del patrimonio del subfondo, así como para la gestión del riesgo y de la duración de las inversiones.
Para los subfondos que tienen la consideración de fondos del mercado monetario conforme al Reglamento sobre fondos del mercado moneta- rio hay que tener en consideración las restriccio- nes de dicho reglamento, las disposiciones de las directrices de ESMA 2014/294, en la medida en que estén en consonancia con el Reglamento sobre fondos del mercado monetario, así como las disposiciones del artículo 4., apartado I., de este folleto de venta en lo que respecta a la utili- zación de derivados. | #### Use of derivatives
The respective sub-fund may – provided an appro- priate risk management system is in place – invest in any and all derivatives permitted under the Law of 2010 that are derived from assets that may be acquired for the respective sub-fund or from recognized financial indices, interest rates, ex- change rates or currencies. In particular, this includes options, financial futures and swaps (including total return swaps), as well as combina- tions thereof. These can be used not only for hedging but may also be part of the investment strategy.
Trading in derivatives is conducted within the confines of the investment limits and provides for the efficient management of the sub-fund’s assets, while also managing investment matur- ities and risks.
For sub-funds that qualify as money market funds as defined in the Money Market Funds Regulation, the restrictions in the Money Market Funds Regulation, the provisions of the ESMA Guidelines 2014/294 (to the extent consistent with the Money Market Funds Regulation), and the provisions of article 4 section I. of this Sales Prospectus regarding the use of derivatives must be observed. | en | es |
DOLFIN7717 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Art. 5 Share capital (founder shares)
The share capital (equity capital) of the Investment Company is denominated in Swiss francs and amounts to CHF 65,000 (in words: sixty five thousad Swiss francs).
The share capital may be increased by gradually issuing new shares to previous shareholders or third parties, and the share capital may be reduced by the gradual, comprehensive or partial repayment of the share capital by buying back shares, without it thereby being necessary to adhere to the procedure pertaining to raising or reducing the share capital. When new shares are issued, the subscription entitlement of existing shareholders shall be waived.
In place of individual founder shares, the Board of Directors may issue share certificates to cover any number of founder shares or may decide not to issue any share certificates. | # Art. 5 Gesellschaftskapital (Gründeraktien)
Das Aktienkapital (eigenes Vermögen) der Investmentgesellschaft lautet auf Schweizer Franken und beträgt CHF 65'000 (in Worten Schweizer Franken fünfundsechzigtausend).
Die Erhöhung des Aktienkapitals kann durch allmähliche Ausgabe neuer Aktien an bisherige Aktionäre oder Dritte und die Herabsetzung des Aktienkapitals kann durch allmähliche gänzliche oder teilweise Rückzahlung des Aktienkapitals durch Einlösung von Aktien erfolgen, ohne dass hierbei das für die Erhöhung oder Herabsetzung des Aktienkapitals vor- gesehene Verfahren eingehalten werden muss. Bei der Ausgabe neuer Aktien entfällt das Bezugsrecht bestehender Ak- tionäre.
Der Verwaltungsrat kann anstelle einzelner Gründeraktien Aktienzertifikate über eine beliebige Anzahl von Gründerak- tien ausstellen oder auf die Ausgabe von Aktientiteln verzichten. | # Art. 5 Share capital (founder shares)
The share capital (equity capital) of the Investment Company is denominated in Swiss francs and amounts to CHF 65,000 (in words: sixty five thousad Swiss francs).
The share capital may be increased by gradually issuing new shares to previous shareholders or third parties, and the share capital may be reduced by the gradual, comprehensive or partial repayment of the share capital by buying back shares, without it thereby being necessary to adhere to the procedure pertaining to raising or reducing the share capital. When new shares are issued, the subscription entitlement of existing shareholders shall be waived.
In place of individual founder shares, the Board of Directors may issue share certificates to cover any number of founder shares or may decide not to issue any share certificates. | en | de |
DOLFIN7718 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Cyber crime
The fund, the respective sub-fund, the custodian or the service providers or counterparties with whom the fund works may be affected by incidents that compromise the security of electronic data processing, as a result of which operational and data protection risks may materialize. These incidents may result from targeted attacks or unintended (side) effects of other events, e.g. unauthorized access to electronic systems by so-called hacking, Trojans, viruses, phishing or pharming in order to misappropriate assets or sensitive data, to modify data, or to cause the failure of one or more systems. The latter can also occur without gaining unauthorized access to data processing systems, for example by slowing down or blocking a website from the intended use of the addressees through a large number of external calls. If the Fund, the respective sub-fund, the Company, fund managers, custodians or financial intermediaries are affected by impairments to IT security, business operations may be impaired, e.g. the ability of the respective sub-fund to determine its net asset value or to carry out transactions, issue or redeem units. This may result in financial losses for which the respective sub-fund may not receive compensation. Furthermore, breaches of data protection or applicable regulatory requirements may result in fines, costs and damages, including reputational damage, which the respective sub-fund may have to bear. Similar consequences may arise from compromising the IT security of issuers of assets in which the respective sub-fund invests, counterparties to transactions of the fund, government authorities and other regulators, exchanges and operators of financial markets, banks, brokers, dealers, insurers and other parties. While information risk management systems and business continuity plans have been developed to mitigate these risks, these measures have inherent limitations, including the risk that certain risks have not been identified. | # Computerkriminalität (Cyber Crime)
Der Fonds, der jeweilige Teilfonds, die Verwahrstelle oder die Dienstleister oder Kontrahenten, mit denen der Fonds zusammenarbeitet, können von Vorfällen betroffen sein, die die Sicherheit der elektronischen Datenverarbeitung beeinträchtigen, wodurch sich operationelle und Datenschutzrisiken realisieren können. Diese Vorfälle können aus gezielten Angriffen oder unbeabsichtigten (Neben-) Wirkungen anderer Ereignisse resultieren, z. B. nicht autorisierter Zugang zu elektronischen Systemen durch sogenanntes Hacking, Trojaner, Viren, Phishing oder Pharming um sich Vermögenswerte oder sensible Daten widerrechtlich anzueignen, Daten zu verändern, oder den Ausfall eines oder mehrerer Systeme zu verursachen. Letzteres kann auch ohne die Verschaffung von unberechtigtem Zugang zu Datenverarbeitungssystemen geschehen, indem beispielsweise eine Internetseite durch eine Vielzahl externer Aufrufe für den bestimmungsgemäßen Gebrauch der Adressaten verlangsamt oder gesperrt wird. Sind der Fonds, der jeweilige Teilfonds, die Gesellschaft, Fondsmanager, Verwahrstelle oder Finanzintermediäre von Beeinträchtigungen der IT-Sicherheit betroffen, kann der operative Geschäftsbetrieb beeinträchtig sein, z. B. die Fähigkeit des jeweiligen Teilfonds, seinen Nettoinventarwert zu bestimmen oder Transaktionen vorzunehmen, Anteile auszugeben oder zurückzunehmen. Hieraus können finanzielle Verluste entstehen, für die der jeweilige Teilfonds unter Umständen keine Entschädigung erhält. Weiterhin können Verstöße gegen Datenschutz oder anwendbare regulatorische Anforderungen zu Bußgeldern, Kosten und Schäden einschließlich Reputationsschäden führen, die unter Umständen der jeweilige Teilfonds zu tragen hat. Ähnliche Konsequenzen können aus der Beeinträchtigung der IT-Sicherheit von Emittenten von Vermögensgegenständen, in die der jeweilige Teilfonds investiert, Kontrahenten von Transaktionen des Fonds, staatliche Behörden und andere Regulierer, Börsen und Betreiber von Finanzmärkten, Banken, Broker, Händler, Versicherer und anderer Parteien erwachsen. Zwar wurden Systeme zum Management von Informationsrisiken, und Planungen zur Kontinuität des Geschäfts im Notfall
ausgearbeitet, welche die genannten Risiken mindern, diese Maßnahmen weisen jedoch inhärente Grenzen auf, einschließlich des Risikos, dass bestimme Risiken nicht identifiziert wurden. | # Cyber crime
The fund, the respective sub-fund, the custodian or the service providers or counterparties with whom the fund works may be affected by incidents that compromise the security of electronic data processing, as a result of which operational and data protection risks may materialize. These incidents may result from targeted attacks or unintended (side) effects of other events, e.g. unauthorized access to electronic systems by so-called hacking, Trojans, viruses, phishing or pharming in order to misappropriate assets or sensitive data, to modify data, or to cause the failure of one or more systems. The latter can also occur without gaining unauthorized access to data processing systems, for example by slowing down or blocking a website from the intended use of the addressees through a large number of external calls. If the Fund, the respective sub-fund, the Company, fund managers, custodians or financial intermediaries are affected by impairments to IT security, business operations may be impaired, e.g. the ability of the respective sub-fund to determine its net asset value or to carry out transactions, issue or redeem units. This may result in financial losses for which the respective sub-fund may not receive compensation. Furthermore, breaches of data protection or applicable regulatory requirements may result in fines, costs and damages, including reputational damage, which the respective sub-fund may have to bear. Similar consequences may arise from compromising the IT security of issuers of assets in which the respective sub-fund invests, counterparties to transactions of the fund, government authorities and other regulators, exchanges and operators of financial markets, banks, brokers, dealers, insurers and other parties. While information risk management systems and business continuity plans have been developed to mitigate these risks, these measures have inherent limitations, including the risk that certain risks have not been identified. | en | de |
DOLFIN7719 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Anti-Money Laundering and Counter Terrorist Financing Requirements
As part of the Company’s responsibility for the prevention of money laundering and terrorist financing, the Registrar and Transfer Agent will require a detailed verification of the applicant’s identity and the source of subscription monies. Depending on the circumstances of each application, a detailed verification might not be required where the applicant is a regulated financial institution in a country with comparable anti-money laundering and counter terrorist financing regulations to those in Ireland, or is a company listed on a recognised stock exchange. Subscriptions will not be processed and Shares will not issue unless an original or certified true copy of the completed Subscription Application Form has been received by the Registrar and Transfer Agent and until the Registrar and Transfer Agent receives all anti-money laundering documentation and all checks required by the Central Bank have been completed in respect of the relevant subscription including for the avoidance of doubt any information related to beneficial ownership.
The Registrar and Transfer Agent reserves the right to request such information as is necessary to verify the identity of an applicant and the source of the subscription monies. The Registrar and Transfer Agent will not process the subscription and Shares will not issue until the applicant produces the relevant information required for verification purposes. Investors should refer to the Subscription Application Form for further information in relation to the types of information which they will be requested to provide. | ## Obligations relatives à la lutte contre le blanchiment des capitaux et contre le financement du terrorisme
Dans le cadre de la responsabilité de la Société concernant la lutte contre le blanchiment de capitaux et contre le financement du terrorisme, le Teneur de registre et Agent de transfert exigera une vérification minutieuse de l’identité de l'investisseur potentiel et de la source des montants de souscription. En fonction des circonstances de chaque demande, une vérification minutieuse pourrait ne pas être exigée si l’investisseur potentiel est une institution financière réglementée dans un pays ayant des réglementations similaires à celles de l’Irlande en matière de lutte contre le blanchiment de capitaux et contre le financement du terrorisme, ou s’il s’agit d’une société cotée à une bourse de valeurs reconnue. Les souscriptions ne seront pas traitées et les Actions ne seront pas émises tant que l’original ou une copie certifiée conforme du formulaire de demande de souscription complété n’aura pas été reçu par le Teneur de registre et Agent de transfert, tant que ce dernier n’aura pas reçu tous les documents relatifs à la lutte contre le blanchiment de capitaux, et que les contrôles requis par la Banque Centrale n’auront pas été effectués relativement à la souscription concernée, y compris, afin de dissiper toute ambiguïté, toute information relative à la propriété effective.
Le Teneur de registre et Agent de transfert se réserve le droit d’exiger les informations nécessaires afin de vérifier l’identité d’un investisseur potentiel et la source des fonds de souscription. Le Teneur de registre et Agent de transfert ne traitera pas la souscription et les Actions ne seront pas émises tant que le demandeur n'aura pas produit les informations pertinentes requises à des fins de vérification. Les investisseurs doivent se référer au formulaire de demande de souscription pour plus d'informations relatives aux types d'informations qu'ils devront fournir. | ## Anti-Money Laundering and Counter Terrorist Financing Requirements
As part of the Company’s responsibility for the prevention of money laundering and terrorist financing, the Registrar and Transfer Agent will require a detailed verification of the applicant’s identity and the source of subscription monies. Depending on the circumstances of each application, a detailed verification might not be required where the applicant is a regulated financial institution in a country with comparable anti-money laundering and counter terrorist financing regulations to those in Ireland, or is a company listed on a recognised stock exchange. Subscriptions will not be processed and Shares will not issue unless an original or certified true copy of the completed Subscription Application Form has been received by the Registrar and Transfer Agent and until the Registrar and Transfer Agent receives all anti-money laundering documentation and all checks required by the Central Bank have been completed in respect of the relevant subscription including for the avoidance of doubt any information related to beneficial ownership.
The Registrar and Transfer Agent reserves the right to request such information as is necessary to verify the identity of an applicant and the source of the subscription monies. The Registrar and Transfer Agent will not process the subscription and Shares will not issue until the applicant produces the relevant information required for verification purposes. Investors should refer to the Subscription Application Form for further information in relation to the types of information which they will be requested to provide. | en | fr |
DOLFIN7720 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Requests for Conversion between Classes in different Sub-Funds
For Conversions between Classes in different Sub-Funds, conversion requests received in good order prior to 12:00 CET on any common Valuation Day will be processed on such common Valuation Day. Requests received after 12:00 CET on any common Valuation Day will be deferred to the following common Valuation Day in the same manner as for the issue and redemption of Shares.
For the avoidance of doubt, for conversions between Classes in different Sub-Funds, the notification period for conversion requests shall be the same as the notification period for redemptions applicable to the Sub-Fund from which conversion is requested.
The number of Shares issued upon conversion will be based upon the respective net asset value of the Shares of the relevant Sub- Funds on the Valuation Day in respect of which the conversion request is accepted and will be calculated as follows: | ## Demandes de conversion entre Catégories de Compartiments différents
S’agissant de conversions entre Catégories de Compartiments différents, les demandes de conversion reçues en bon ordre avant 12h00 HEC un Jour d’évaluation commun seront traitées ce Jour d’évaluation commun. Les demandes reçues après 12h00 HEC un Jour d’évaluation commun seront différées au Jour d’évaluation commun suivant de la même manière que pour l’émission et le rachat d’Actions.
Pour plus de clarté, s’agissant des conversions entre Catégories de Compartiments différents, le délai de notification des demandes de conversion sera le même que le délai de notification des rachats applicable au Compartiment à partir duquel la conversion est demandée.
Le nombre d’Actions émises dans le cadre de la conversion dépendra de la valeur liquidative respective des Actions des Compartiments concernés le Jour d’évaluation au titre duquel la demande de conversion est acceptée et sera calculé comme suit : | ## Requests for Conversion between Classes in different Sub-Funds
For Conversions between Classes in different Sub-Funds, conversion requests received in good order prior to 12:00 CET on any common Valuation Day will be processed on such common Valuation Day. Requests received after 12:00 CET on any common Valuation Day will be deferred to the following common Valuation Day in the same manner as for the issue and redemption of Shares.
For the avoidance of doubt, for conversions between Classes in different Sub-Funds, the notification period for conversion requests shall be the same as the notification period for redemptions applicable to the Sub-Fund from which conversion is requested.
The number of Shares issued upon conversion will be based upon the respective net asset value of the Shares of the relevant Sub- Funds on the Valuation Day in respect of which the conversion request is accepted and will be calculated as follows: | en | fr |
DOLFIN7721 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The stated exit and entry fees are maximum amounts. In certain cases, the fees paid may be lower - further information may be obtained from your financial advisor.
*The percentage of ongoing charges presented here is an estimate. The UCITS’ annual report for each financial year will include detail on the exact charges made.
Past performance
For more information about charges, please refer to the Costs and Fees section of the UCITS prospectus, available upon request from the Management Company.
A Performance is not constant over time and is no guarantee of future performance.
The year-on-year performance presented on this chart is calculated after deduction of all fees charged by the SICAV.
6.5%
The SICAV was launched on 31 January 2019 and its AMUNDI RESPONSIBLE INVESTING - IMPACT GREEN BONDS - R class on 31 January 2019.
The reference currency is the euro (EUR).
2015 2016 2017 2018 2019
Following the absorption of the Amundi Impact Green Bonds Fund’s R unit by the R share of the Impact Green Bonds Sub-fund of the Amundi Responsible Investing SICAV on 31 January 2019, the past performance displayed is that taken from the Amundi Impact Green Bond Fund.
A: Summary of the performance history of the Amundi Impact Green Bond Fund’s R unit
Practical information
Name of the Depositary: CACEIS Bank.
The latest prospectus and most recent periodic disclosure documents, and all other useful information, are available free of charge from the Management Company.
This UCITS has sub-funds and its latest aggregate annual report is also available from the Management Company.
The net asset value of the Fund is available on request from the Management Company, on its website www.amundi.com.
Depending upon your personal tax position, capital gains and any income associated with holding securities in the Fund may be subject to taxation. We advise you to seek information about this from the UCITS distributor.
This UCITS is not available to residents of the United States of America/“U.S. Persons” (the definition of “U.S. Person” is provided on the Management Company’s website, www.amundi.com, and/or in the prospectus).
Amundi Asset Management may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS.
The Fund offers other units or shares for the categories of investors defined in its prospectus.
This Fund is approved in France and regulated by the French Market Regulator (AMF).
The Management Company, Amundi Asset Management, is authorised in France and regulated by the French market regulator, the Autorité des marchés financiers (AMF). This key investor information is accurate as at 01 July 2020. | Los gastos de entrada y de salida indicados son gastos máximos. En algunos casos, los gastos abonados pueden ser inferiores, usted puede obtener más información dirigiéndose a su asesor financiero.
El porcentaje de los gastos corrientes que se presenta al lado constituye una estimación. El informe anual de la IIC correspondiente a cada ejercicio presentará de manera pormenorizada los gastos exactos cobrados.
Rentabilidad histórica
Si desea obtener más información sobre los gastos, consulte la sección "gastos y comisión"del folleto de este OICVM, disponible a petición del interesado dirigiéndose a la sociedad gestora.
A La rentabilidad no es constante en el tiempo ni es indicativa de rentabilidades futuras. La rentabilidad anualizada que se presenta en este diagrama se calcula tras restar todos los gastos detraídos por la SICAV.
6,5%
La SICAV fue creada el 31 de enero de 2019 y su clase AMUNDI RESPONSIBLE INVESTING - IMPACT GREEN BONDS - R el 31 de enero de 2019.
La divisa de referencia es el euro (EUR).
2015 2016 2017 2018 2019
Tras la absorción de la participación R del Fondo Amundi Impact Green Bonds por la acción R del subfondo Impact Green Bonds de la SICAV Amundi Responsible Investing el 31 de enero de 2019, los rendimientos anteriores mostrados son los recuperados por el Fondo Amundi Impact Green Bonds.
A: Revisión del historial de rendimiento del Fondo Amundi Impact Green Bond part R
Información práctica
Nombre del depositario: CACEIS Bank.
El último folleto, los últimos documentos de información periódica reglamentarios y demás información práctica, se hallan disponibles de forma gratuita en la sociedad gestora.
Debido a que este OICVM está formado por compartimentos, su último informe anual agregado también se halla disponible en la sociedad gestora. El valor liquidativo se halla disponible previa solicitud en la sociedad gestora, en su sitio web www.amundi.com.
Según su régimen fiscal, las plusvalías y los ingresos eventuales relacionados con la tenencia de títulos del OICVM pueden estar sujetos a impuestos. Le aconsejamos que solicite información al respecto a su comercializador del OICVM.
El OICVM no está disponible para los residentes de los Estados Unidos de América/«Personas estadounidenses» (cuya definición se encuentra disponible en el sitio web de la sociedad gestora www.amundi.com y/o en el folleto).
La responsabilidad de Amundi Asset Management solo puede verse comprometida sobre la base de declaraciones engañosas, inexactas o incoherentes con las partes correspondientes del folleto del OICVM contenidas en el presente documento.
El OICVM propone otras participaciones o acciones para categorías de inversores definidas en su folleto.
Este OICVM está autorizado en Francia y regulado por la Autoridad de Mercados Financieros (AMF).
La sociedad gestora Amundi Asset Management está autorizada en Francia y regulada por la Autoridad de Mercados Financieros (AMF). Los presentes datos fundamentales para el inversor son exactos y vigentes a 01 de julio de 2020. | The stated exit and entry fees are maximum amounts. In certain cases, the fees paid may be lower - further information may be obtained from your financial advisor.
*The percentage of ongoing charges presented here is an estimate. The UCITS’ annual report for each financial year will include detail on the exact charges made.
Past performance
For more information about charges, please refer to the Costs and Fees section of the UCITS prospectus, available upon request from the Management Company.
A Performance is not constant over time and is no guarantee of future performance.
The year-on-year performance presented on this chart is calculated after deduction of all fees charged by the SICAV.
6.5%
The SICAV was launched on 31 January 2019 and its AMUNDI RESPONSIBLE INVESTING - IMPACT GREEN BONDS - R class on 31 January 2019.
The reference currency is the euro (EUR).
2015 2016 2017 2018 2019
Following the absorption of the Amundi Impact Green Bonds Fund’s R unit by the R share of the Impact Green Bonds Sub-fund of the Amundi Responsible Investing SICAV on 31 January 2019, the past performance displayed is that taken from the Amundi Impact Green Bond Fund.
A: Summary of the performance history of the Amundi Impact Green Bond Fund’s R unit
Practical information
Name of the Depositary: CACEIS Bank.
The latest prospectus and most recent periodic disclosure documents, and all other useful information, are available free of charge from the Management Company.
This UCITS has sub-funds and its latest aggregate annual report is also available from the Management Company.
The net asset value of the Fund is available on request from the Management Company, on its website www.amundi.com.
Depending upon your personal tax position, capital gains and any income associated with holding securities in the Fund may be subject to taxation. We advise you to seek information about this from the UCITS distributor.
This UCITS is not available to residents of the United States of America/“U.S. Persons” (the definition of “U.S. Person” is provided on the Management Company’s website, www.amundi.com, and/or in the prospectus).
Amundi Asset Management may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS.
The Fund offers other units or shares for the categories of investors defined in its prospectus.
This Fund is approved in France and regulated by the French Market Regulator (AMF).
The Management Company, Amundi Asset Management, is authorised in France and regulated by the French market regulator, the Autorité des marchés financiers (AMF). This key investor information is accurate as at 01 July 2020. | en | es |
DOLFIN7722 | 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 Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
EUR 11,333
13.3%
EUR 12,280
4.2% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 01/2014-01/2019.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 333 EUR
13,3%
12 280 EUR
4,2% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
EUR 11,333
13.3%
EUR 12,280
4.2% | en | es |
DOLFIN7723 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Operational Risks (including Cyber Security and Identity Theft)
An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failure in systems and technology, changes in personnel, infiltration by unauthorised persons and errors caused by service providers such as the Manager, Investment Manager, the Sub-Investment Manager or the Administrator. While the Funds seek to minimise such events through controls and oversight, there may still be failures that could cause losses to a Fund.
The Manager, Investment Manager, Sub-Investment Manager, Administrator and Depositary (and their respective groups) each maintain appropriate information technology systems. However, like any other system, these systems could be subject to cyber security attacks or similar threats resulting in data security breaches, theft, a disruption in the Manager's Investment Manager’s, Sub-Investment Manager's, Administrator’s and/or Depositary’s service or ability to close out positions and the disclosure or corruption of sensitive and confidential information. Notwithstanding the existence of policies and procedures designed to detect and prevent such breaches and ensure the security, integrity and confidentiality of such information as well as the existence of business continuity and disaster recovery measures designed to mitigate any such breach or | ## Risques opérationnels (y compris la cybersécurité et l’usurpation d’identité)
Un investissement dans un Compartiment, comme dans tout fonds, peut impliquer des risques opérationnels découlant de facteurs tels que les erreurs de traitement et humaines, l'échec de processus internes ou externes ou leur inadéquation, les défaillances technologiques et des systèmes, les changements de personnel, l'infiltration par des personnes non autorisées et les erreurs occasionnées par des prestataires de services tels que la Société de gestion, le Gestionnaire, le Gestionnaire délégué ou l'Agent administratif. Bien que les Compartiments s’efforcent de réduire le nombre de tels événements par la surveillance et les contrôles, des défaillances peuvent tout de même se produire et entraîner des pertes pour un Compartiment.
La Société de gestion, le Gestionnaire, le Gestionnaire délégué, l'Agent administratif et le Dépositaire (ainsi que leurs groupes respectifs) gèrent chacun des systèmes informatiques adaptés. Cependant, comme pour tout autre système, leur sécurité peut être compromise par des attaques informatiques ou des menaces similaires donnant lieu à des atteintes à la sécurité des données, des vols, des perturbations du service fourni par la Société de gestion, le Gestionnaire, le Gestionnaire délégué, l'Agent administratif et/ou le Dépositaire, ou de sa (leur) capacité à clôturer des positions et à la divulgation ou la corruption d'informations sensibles et confidentielles. Nonobstant l'existence de politiques et de procédures destinées à détecter et à prévenir de telles atteintes et à garantir la sécurité, l'intégrité et la confidentialité de ces informations ainsi que de mesures de continuité et de reprise des activités après sinistre conçues pour limiter une telle atteinte ou perturbation au niveau de l'ICAV et de ses délégués, ces atteintes à la sécurité peuvent potentiellement entraîner une perte d'actifs susceptible de créer un risque financier et/ou juridique significatif pour l'ICAV. | ## Operational Risks (including Cyber Security and Identity Theft)
An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failure in systems and technology, changes in personnel, infiltration by unauthorised persons and errors caused by service providers such as the Manager, Investment Manager, the Sub-Investment Manager or the Administrator. While the Funds seek to minimise such events through controls and oversight, there may still be failures that could cause losses to a Fund.
The Manager, Investment Manager, Sub-Investment Manager, Administrator and Depositary (and their respective groups) each maintain appropriate information technology systems. However, like any other system, these systems could be subject to cyber security attacks or similar threats resulting in data security breaches, theft, a disruption in the Manager's Investment Manager’s, Sub-Investment Manager's, Administrator’s and/or Depositary’s service or ability to close out positions and the disclosure or corruption of sensitive and confidential information. Notwithstanding the existence of policies and procedures designed to detect and prevent such breaches and ensure the security, integrity and confidentiality of such information as well as the existence of business continuity and disaster recovery measures designed to mitigate any such breach or | en | fr |
DOLFIN7724 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund can invest in any asset, and use any investment technique, that is permitted to a UCITS fund, including those that are generally considered to be high risk.
The Fund can invest in any kind of equity securities and debt securities from any country or type of issuer. It can invest directly or may gain exposure to investments indirectly, such as through derivatives, participatory notes, or by investing in other UCITS or UCIs. It can take direct or indirect long or short positions in securities, currencies, interest rates, and other investments or financial instruments. It may also take indirect long or short positions in commodities. The Fund may engage in derivative transactions that have the effect of magnifying investment gains or losses. The Fund uses high quantity of listed and unlisted derivatives for hedging, efficient portfolio management and/or investment purposes. The Fund may engage in active and frequent trading as part of its investment strategies. The Fund may also invest up to 10% of its net assets into risk-linked securities, generally catastrophe and natural disaster risks, that transfer a specified set of risks from an issuer to investors (“catastrophe bonds”).
The lead manager assigns portions of the Fund's assets to multiple outside management teams (selected and monitored by the lead manager), each of which uses an alternative investment strategy to manage its portion. These
strategies may seek to benefit from, for instance, global economic trends, corporate mergers or reorganizations, pricing variations between markets or securities, industries or geographic regions with above-average growth. The Fund's overall performance will be the result of the performance of the different strategies involved and the portion of the Fund's assets assigned to such strategies. The Fund may also invest up to 10% of its assets in securities issued by private companies and Private Investments in Public Equity and up to 5% in special purpose acquisition companies.
Benchmarks: ICE BofA US 3-Month Treasury Bill Index and HFRX Global Hedge Fund Index. The benchmarks are used solely as a reference for Investors to compare against the Fund's performance. The Fund is not obliged to hold any of the benchmarks constituents and may indeed invest up to 100% of its net assets outside these benchmarks. | ### El Fondo puede invertir en cualquier activo y usar cualquier técnica de inversión permitida a un fondo OICVM, incluidas las que en general se consideran de alto riesgo.
El Fondo puede invertir en cualquier valor de renta variable y título de deuda de cualquier país o tipo de emisor. Puede invertir directamente o puede obtener exposición a inversiones de forma indirecta, como por ejemplo a través de derivados, notas participativas o mediante la inversión en otros OICVM u OIC. Puede tomar, de forma directa o indirecta, posiciones largas o cortas en valores, divisas, tipos de interés y otras inversiones o instrumentos financieros. Asimismo, puede tomar posiciones largas o cortas en materias primas. El Fondo puede participar en transacciones de derivados y, como consecuencia, ampliar la magnitud de las ganancias o las pérdidas de inversión. El Fondo usa una gran cantidad de derivados cotizados y no cotizados con fines de cobertura, de gestión eficiente de la cartera o de inversión. El Fondo puede participar en negociaciones activas y frecuentes como parte de sus estrategias de inversión. El Fondo también puede invertir hasta un 10 % de su patrimonio neto en valores vinculados al riesgo, por lo general riesgos de catástrofes y desastres naturales, que transfieren un determinado conjunto de riesgos de un emisor a los inversores («bonos catástrofe»).
El gestor principal asigna partes de los activos del Fondo a múltiples equipos de gestión externos (seleccionados y supervisados por el gestor principal), cada uno de los cuales utiliza una estrategia de inversión
alternativa para gestionar su parte. Estas estrategias podrían tener como objetivo beneficiarse, por ejemplo, de tendencias económicas globales, fusiones o reorganizaciones empresariales, variaciones de precios entre mercados o valores, sectores o regiones geográficas con un crecimiento por encima de la media. La rentabilidad total del Fondo será el resultado de la rentabilidad de las diferentes estrategias involucradas y del porcentaje de activos del Fondo asignado a cada una de las estrategias. El Fondo también podrá invertir hasta el 10 % de sus activos en títulos emitidos por sociedades privadas e inversiones privadas en capital público y hasta el 5 % en sociedades de adquisición con fines especiales.
Índices de Referencia: ICE BofA US 3-Month Treasury Bill Index y HFRX Global Hedge Fund Index. Los índices se utilizan únicamente como referencia para los inversores con fines de comparación del rendimiento del Fondo. El Fondo no tiene la obligación de poseer ninguno de los componentes de dichos índices y, de hecho, puede invertir hasta el 100 % de su patrimonio neto fuera de ellos. | ### The Fund can invest in any asset, and use any investment technique, that is permitted to a UCITS fund, including those that are generally considered to be high risk.
The Fund can invest in any kind of equity securities and debt securities from any country or type of issuer. It can invest directly or may gain exposure to investments indirectly, such as through derivatives, participatory notes, or by investing in other UCITS or UCIs. It can take direct or indirect long or short positions in securities, currencies, interest rates, and other investments or financial instruments. It may also take indirect long or short positions in commodities. The Fund may engage in derivative transactions that have the effect of magnifying investment gains or losses. The Fund uses high quantity of listed and unlisted derivatives for hedging, efficient portfolio management and/or investment purposes. The Fund may engage in active and frequent trading as part of its investment strategies. The Fund may also invest up to 10% of its net assets into risk-linked securities, generally catastrophe and natural disaster risks, that transfer a specified set of risks from an issuer to investors (“catastrophe bonds”).
The lead manager assigns portions of the Fund's assets to multiple outside management teams (selected and monitored by the lead manager), each of which uses an alternative investment strategy to manage its portion. These
strategies may seek to benefit from, for instance, global economic trends, corporate mergers or reorganizations, pricing variations between markets or securities, industries or geographic regions with above-average growth. The Fund's overall performance will be the result of the performance of the different strategies involved and the portion of the Fund's assets assigned to such strategies. The Fund may also invest up to 10% of its assets in securities issued by private companies and Private Investments in Public Equity and up to 5% in special purpose acquisition companies.
Benchmarks: ICE BofA US 3-Month Treasury Bill Index and HFRX Global Hedge Fund Index. The benchmarks are used solely as a reference for Investors to compare against the Fund's performance. The Fund is not obliged to hold any of the benchmarks constituents and may indeed invest up to 100% of its net assets outside these benchmarks. | en | es |
DOLFIN7725 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The liabilities of a Fund shall be deemed to include:
- all loans, bills and accounts payable;
- all accrued or payable administrative expenses (including management and advisory fees, depositary fee and corporate agents' fee as well as the costs of incorporation and registration, legal publications and prospectus printing, financial reports and other documents made available to Shareholders, marketing and advertisement costs);
- all known liabilities, present and future, including all matured contractual obligations for payments of money or property, including the amount of any unpaid dividends declared by the Company in respect of a Fund where the Valuation Day falls on the record date for determination of the persons entitled thereto, or is subsequent thereto;
- an appropriate provision for future taxes based on capital and income to the Valuation Day, as determined from time to time by the Company in respect of a Fund, and other reserves (if any) authorised and approved by the Directors; and
- all other liabilities of the Fund of whatsoever kind and nature except liabilities represented by Shares in the relevant Fund. In determining the amount of such liabilities the Company may calculate administrative and other expenses of a regular or recurring nature on an estimated figure for yearly or other periods in advance, and may accrue the same in equal proportions over any such period.
In calculating the Net Asset Value, the Administrator may rely upon such automatic pricing services as it shall determine or, if so instructed by the Company, the Management Company or the Investment Manager, it may use information provided by particular pricing services, brokers, market makers or other intermediaries. In such circumstances, the Administrator shall not, in the absence of fraud, negligence or wilful default on the part of the Administrator, be liable for any loss suffered by the Company or any Shareholder by reason of any error in the calculation of the Net Asset Value resulting from any inaccuracy in the information provided by any such pricing service, broker, market maker or other intermediary. | # Die Verbindlichkeiten des Fonds umfassen Folgendes:
- alle Darlehen, Rechnungen und Verbindlichkeiten;
- alle angefallenen oder zahlbaren Verwaltungskosten (einschließlich Management- und Beratungskosten, Depotbankgebühren und Gebühren für Organe der Gesellschaft sowie Kosten für Gründung und Registrierung, gesetzliche Veröffentlichungen und Druck von Verkaufsprospekten, Finanzberichten und anderen den Anteilinhabern zur Verfügung gestellten Dokumenten sowie Marketing- und Werbekosten);
- alle gegenwärtig und zukünftig bekannten Verbindlichkeiten, einschließlich aller fälligen vertraglichen Verpflichtungen für Geld- oder Sachleistungen, einschließlich des Betrags aller nicht gezahlten Dividenden, die von der Gesellschaft in Bezug auf einen Fonds erklärt wurden, dessen Bewertungstag auf den Stichtag für die Bestimmung der Anspruchsberechtigten fällt oder danach liegt;
- eine angemessene Rückstellung für künftige Steuern auf der Grundlage von Kapital und Erträgen bis zum Bewertungstag, wie von Zeit zu Zeit von der Gesellschaft in Bezug auf einen Fonds festgelegt, und andere Rücklagen (falls vorhanden), die vom Verwaltungsrat genehmigt und bewilligt wurden; und
- alle weiteren Verbindlichkeiten des Fonds jeglicher Art und Beschaffenheit, mit Ausnahme von Verbindlichkeiten in Form von Anteilen des jeweiligen Fonds. Die Gesellschaft kann zur Ermittlung der Höhe derartiger Verbindlichkeiten für die Verwaltungskosten und andere regelmäßige oder wiederkehrende Kosten für ein Jahr oder einen ähnlichen Zeitraum im Voraus eine geschätzte Zahl einkalkulieren und diesen Betrag in gleichmäßigen Anteilen über einen derartigen Zeitraum verteilen.
Bei der Berechnung des Nettoinventarwerts kann sich der Verwalter auf die von ihm bestimmten automatischen Preisermittlungsdienste stützen, oder er kann auf Anweisung der Gesellschaft, der Verwaltungsgesellschaft oder des Anlageverwalters Informationen nutzen, die von bestimmten Preisermittlungsdiensten, Brokern, Market Makern oder anderen Vermittlern bereitgestellt werden. Unter diesen Umständen haftet der Administrator nicht für Verluste, die der Gesellschaft oder einem Anteilinhaber aufgrund eines Fehlers bei der Berechnung des Nettoinventarwerts entstehen, der auf eine Ungenauigkeit der von einem solchen Preisberechnungsdienst, Broker, Market Maker oder einem anderen Vermittler bereitgestellten Informationen zurückzuführen ist, es sei denn, es liegt Betrug, Fahrlässigkeit oder eine vorsätzliche Unterlassung seitens des Administrators vor. | # The liabilities of a Fund shall be deemed to include:
- all loans, bills and accounts payable;
- all accrued or payable administrative expenses (including management and advisory fees, depositary fee and corporate agents' fee as well as the costs of incorporation and registration, legal publications and prospectus printing, financial reports and other documents made available to Shareholders, marketing and advertisement costs);
- all known liabilities, present and future, including all matured contractual obligations for payments of money or property, including the amount of any unpaid dividends declared by the Company in respect of a Fund where the Valuation Day falls on the record date for determination of the persons entitled thereto, or is subsequent thereto;
- an appropriate provision for future taxes based on capital and income to the Valuation Day, as determined from time to time by the Company in respect of a Fund, and other reserves (if any) authorised and approved by the Directors; and
- all other liabilities of the Fund of whatsoever kind and nature except liabilities represented by Shares in the relevant Fund. In determining the amount of such liabilities the Company may calculate administrative and other expenses of a regular or recurring nature on an estimated figure for yearly or other periods in advance, and may accrue the same in equal proportions over any such period.
In calculating the Net Asset Value, the Administrator may rely upon such automatic pricing services as it shall determine or, if so instructed by the Company, the Management Company or the Investment Manager, it may use information provided by particular pricing services, brokers, market makers or other intermediaries. In such circumstances, the Administrator shall not, in the absence of fraud, negligence or wilful default on the part of the Administrator, be liable for any loss suffered by the Company or any Shareholder by reason of any error in the calculation of the Net Asset Value resulting from any inaccuracy in the information provided by any such pricing service, broker, market maker or other intermediary. | en | de |
DOLFIN7726 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Un Compartiment peut investir dans des titres de créance en difficulté. L’investissement dans de tels titres de créance en difficulté (qui répondent aux critères de Valeurs mobilières) implique l’acquisition d’obligations d’entreprises qui connaissent d’importantes difficultés financières ou commerciales, notamment des sociétés en faillite ou autre procédure de restructuration et de liquidation. Les investissements acquis peuvent comprendre des titres de créance de premier rang ou subordonnés, des prêts bancaires, des billets à ordre et d’autres preuves d’endettement, ainsi que des sommes à payer à des créanciers commerciaux. Bien que ces acquisitions puissent générer d’importants retours pour l’investisseur, elles s’accompagnent d’un risque substantiel et il est possible qu’elles n’aient aucun rendement pendant une période prolongée. En fait, bon nombre de ces investissements restent habituellement impayés à moins que et jusqu’à ce que la société se restructure et/ou ressorte de la procédure de faillite et, de ce fait, il est possible qu’ils doivent être conservés pendant une assez longue période. Le niveau de complexité des analyses, tant financière que juridique, nécessaires pour le succès d’un investissement dans des sociétés connaissant d’importantes difficultés commerciales et financières est généralement élevé. Rien ne permet de garantir que le Gestionnaire d’investissement évaluera correctement la nature et l’amplitude des différents facteurs susceptibles d’affecter les perspectives de succès d’une restructuration ou d’une action similaire. Dans toute procédure de restructuration ou de liquidation relative à une société dans laquelle investit un Compartiment, l’investisseur peut perdre l’intégralité de son investissement ou être obligé d’accepter des numéraires ou des titres d’une valeur inférieure à l’investissement initial. Dans ces circonstances, les rendements générés par l’investissement peuvent ne pas rémunérer le Compartiment à hauteur des risques encourus.
L’investissement dans des titres en difficulté peut aussi imposer au Gestionnaire d’investissement des obligations en conflit avec celles qu’il doit à un Compartiment. Il y a par exemple conflit d’intérêts pour le Gestionnaire d’investissement lorsque les actifs d’un Compartiment sont investis dans une société en grave difficulté financière et que cet investissement amène le Gestionnaire d’investissement à engager une part supplémentaire des actifs du Compartiment dans la société ou à prendre un rôle actif dans la gestion ou le conseil à la société ou lorsqu’un employé du Gestionnaire d’investissement devient administrateur ou dirigeant de la société. Dans ces cas, le Gestionnaire d’investissement ou son employé peuvent avoir des obligations vis-à-vis de la société et/ou de ses actionnaires et créanciers qui sont susceptibles d’être en conflit ou de ne pas présenter de corrélation avec les intérêts des Actionnaires de ce Compartiment. Dans ces cas, le Gestionnaire d’investissement peut également disposer du pouvoir discrétionnaire d’exercer tout droit afférent aux investissements du Compartiment dans cette société. Le Gestionnaire d’investissement prendra les mesures qu’il juge nécessaires pour résoudre ces conflits d’intérêts potentiels de manière équitable.
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## Obligations convertibles | Los Subfondos pueden invertir en títulos de deuda en dificultades. La inversión en este tipo de títulos de deuda (asimilables a Valores Mobiliarios) entraña la compra de obligaciones de empresas que están atravesando importantes dificultades financieras o empresariales, como compañías inmersas en procedimientos de quiebra u otros procedimientos concursales de reestructuración y liquidación. Las inversiones adquiridas pueden incluir deuda sénior o subordinada, préstamos bancarios, pagarés y otros créditos documentarios, así como efectos comerciales a pagar. Aunque estas compras pueden brindar rentabilidades significativas al inversor, entrañan también un considerable nivel de riesgo y podrían no proporcionar rentabilidad alguna durante periodos de tiempo prolongados. De hecho, muchas de estas inversiones suelen permanecer impagadas hasta que la compañía se reestructura y/o sale de la quiebra, por lo que precisan ser mantenidas durante periodos de tiempo largos. El grado de sofisticación analítica, tanto financiera como jurídica, necesaria para obtener resultados de una inversión en compañías que estén experimentando importantes dificultades financieras o empresariales es inusualmente elevado. No puede garantizarse que el Gestor de Inversiones vaya a evaluar correctamente la naturaleza y magnitud de todos los factores que pueden influir en las perspectivas de éxito de una operación de reestructuración o medida similar. En cualquier procedimiento de reestructuración o liquidación que afecte a una compañía en la que un Subfondo invierta, cualquier inversor podría perder la totalidad de su inversión o verse obligado a aceptar efectivo o valores con un valor inferior al de su inversión inicial. En tales circunstancias, las rentabilidades generadas por la inversión podrían no compensar al Subfondo adecuadamente por los riesgos asumidos.
La inversión en títulos de deuda de empresas en dificultades puede imponer obligaciones al Gestor de Inversiones, que podrían entrar en conflicto con los compromisos contraídos con el Subfondo considerado. Un ejemplo concreto de cómo al Gestor de Inversiones podría presentársele un conflicto de interés es cuando invierte activos de un Subfondo en una compañía con serias dificultades financieras y a dicha inversión le siguen otras inversiones con cargo a los recursos del Subfondo, o en la asunción por parte del Gestor de Inversiones de un papel activo en la gestión o asesoramiento de esa compañía o en el nombramiento de alguno de sus empleados como consejero o directivo de la misma. En tales casos, el Gestor de Inversiones o su empleado podrían tener obligaciones frente a la compañía y/o sus socios y acreedores que podrían entrar en conflicto o no guardar correspondencia con los intereses de los Accionistas del Subfondo considerado. Asimismo, el Gestor de Inversiones también podría estar discrecionalmente facultado para ejercer los derechos incorporados a las inversiones del Subfondo en la compañía. El Gestor de Inversiones adoptará las medidas que considere necesarias para asegurar que dichos conflictos de intereses potenciales se resuelvan de manera equitativa.
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## Bonos convertibles | Un Compartiment peut investir dans des titres de créance en difficulté. L’investissement dans de tels titres de créance en difficulté (qui répondent aux critères de Valeurs mobilières) implique l’acquisition d’obligations d’entreprises qui connaissent d’importantes difficultés financières ou commerciales, notamment des sociétés en faillite ou autre procédure de restructuration et de liquidation. Les investissements acquis peuvent comprendre des titres de créance de premier rang ou subordonnés, des prêts bancaires, des billets à ordre et d’autres preuves d’endettement, ainsi que des sommes à payer à des créanciers commerciaux. Bien que ces acquisitions puissent générer d’importants retours pour l’investisseur, elles s’accompagnent d’un risque substantiel et il est possible qu’elles n’aient aucun rendement pendant une période prolongée. En fait, bon nombre de ces investissements restent habituellement impayés à moins que et jusqu’à ce que la société se restructure et/ou ressorte de la procédure de faillite et, de ce fait, il est possible qu’ils doivent être conservés pendant une assez longue période. Le niveau de complexité des analyses, tant financière que juridique, nécessaires pour le succès d’un investissement dans des sociétés connaissant d’importantes difficultés commerciales et financières est généralement élevé. Rien ne permet de garantir que le Gestionnaire d’investissement évaluera correctement la nature et l’amplitude des différents facteurs susceptibles d’affecter les perspectives de succès d’une restructuration ou d’une action similaire. Dans toute procédure de restructuration ou de liquidation relative à une société dans laquelle investit un Compartiment, l’investisseur peut perdre l’intégralité de son investissement ou être obligé d’accepter des numéraires ou des titres d’une valeur inférieure à l’investissement initial. Dans ces circonstances, les rendements générés par l’investissement peuvent ne pas rémunérer le Compartiment à hauteur des risques encourus.
L’investissement dans des titres en difficulté peut aussi imposer au Gestionnaire d’investissement des obligations en conflit avec celles qu’il doit à un Compartiment. Il y a par exemple conflit d’intérêts pour le Gestionnaire d’investissement lorsque les actifs d’un Compartiment sont investis dans une société en grave difficulté financière et que cet investissement amène le Gestionnaire d’investissement à engager une part supplémentaire des actifs du Compartiment dans la société ou à prendre un rôle actif dans la gestion ou le conseil à la société ou lorsqu’un employé du Gestionnaire d’investissement devient administrateur ou dirigeant de la société. Dans ces cas, le Gestionnaire d’investissement ou son employé peuvent avoir des obligations vis-à-vis de la société et/ou de ses actionnaires et créanciers qui sont susceptibles d’être en conflit ou de ne pas présenter de corrélation avec les intérêts des Actionnaires de ce Compartiment. Dans ces cas, le Gestionnaire d’investissement peut également disposer du pouvoir discrétionnaire d’exercer tout droit afférent aux investissements du Compartiment dans cette société. Le Gestionnaire d’investissement prendra les mesures qu’il juge nécessaires pour résoudre ces conflits d’intérêts potentiels de manière équitable.
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## Obligations convertibles | fr | es |
DOLFIN7727 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# CHANGES CONCERNING ONLY CERTAIN SUB-FUNDS AND HAVING AN IMPACT FOR THE SHAREHOLDERS CONCERNED
All changes described in this Part B) are relevant only to certain sub-funds, will be reflected in the Prospectus dated 18 October 2021, will enter into force on 18 November 2021 and will have an impact on the investment of the relevant shareholders.
- CPR Invest – Climate Bonds EuroThe Board of Directors has decided to reduce the Management Fees applied to the share classes of the CPR Invest – Climate Bonds Euro sub-fund as follows:
- Share class “A” from 1% to 0.60%
- Share class “R” from 0.60% to 0.30%
- Share class “I” from 0.50% to 0.20%
- Share class “I2” from 0.60% to 0.30%. | # MODIFICHE RIGUARDANTI SOLO DETERMINATI COMPARTI E CHE INFLUENZANO GLI AZIONISTI INTERESSATI
Tutte le modifiche descritte nella parte B) riguardanti solo determinati comparti saranno riflesse nel Prospetto datato 18 ottobre 2021, entreranno in vigore il 18 novembre 2021 e influenzeranno l'investimento degli azionisti interessati.
- CPR Invest – Climate Bonds EuroIl Consiglio di Amministrazione ha deciso di ridurre le commissioni di gestione (Management Fees) applicate alle classi di azioni del comparto CPR Invest – Climate Bonds Euro nel modo seguente:
- Classe di azioni "A" dall'1% allo 0,60%
- Classe di azioni "R" dallo 0,60% allo 0,30%
- Classe di azioni "I" dallo 0,50% allo 0,20%
- Classe di azioni "I2" dallo 0,60% allo 0,30%. | # CHANGES CONCERNING ONLY CERTAIN SUB-FUNDS AND HAVING AN IMPACT FOR THE SHAREHOLDERS CONCERNED
All changes described in this Part B) are relevant only to certain sub-funds, will be reflected in the Prospectus dated 18 October 2021, will enter into force on 18 November 2021 and will have an impact on the investment of the relevant shareholders.
- CPR Invest – Climate Bonds EuroThe Board of Directors has decided to reduce the Management Fees applied to the share classes of the CPR Invest – Climate Bonds Euro sub-fund as follows:
- Share class “A” from 1% to 0.60%
- Share class “R” from 0.60% to 0.30%
- Share class “I” from 0.50% to 0.20%
- Share class “I2” from 0.60% to 0.30%. | en | it |
DOLFIN7728 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Remuneration policy (continued)
Quantitative information - Data provided below are those of AXA Investment Managers covering all subsidiaries of the AXA Investment Managers Group and types of portfolios as at 31 December 2021 after application on remuneration data of the Fund’s weighted Asset Under Management allocation key.
Fixed Pay 2 ('000 EUR) 2,482.68
Variable Pay 3 ('000 EUR) 2,904.23
Number of employees 4 2,537 incl. 14 AFM’s employees
1 Excluding social charges.
2 Fixed Pay amount is based on Fixed Pay effective for all staff at AXA IM during the financial year under review prorated to the Fund’s assets.
3 Variable Pay, prorated to the Fund’s assets, composed of discretionary, upfront and deferred items, includes :
- Amounts awarded for the performance of previous the previous year and fully paid over the financial year under review (non-deferred variable pay);
- Amounts awarded for the performance of previous years and the performance of the year under review (deferred variable pay);
- Long-Term Incentives awarded by the AXA Group. | ## Política de remuneración (continuación)
Información cuantitativa - Los datos ofrecidos a continuación corresponden a AXA Investment Managers, y abarcan todas las filiales del Grupo AXA Investment Managers y todos los tipos de carteras a 31 de diciembre de 2021, y se utilizan los activos gestionados ponderados del Fondo como clave de asignación para el cálculo de los datos de remuneración.
Remuneración fija 2 ('000 EUR) 2,482.68
Remuneración variable 3 ('000 EUR) 2,904.23
Número de empleados 4 2,537 incl. 14 empleados de la
AFM
1 Cargas sociales excluidas.
2 El importe de la remuneración fija se basa en la retribución fija efectiva establecida para todo el personal de AXA IM durante el ejercicio financiero analizado a prorrata del patrimonio del fondo.
3 La remuneración variable, a prorrata del patrimonio del fondo, que está integrada por componentes discrecionales, anticipados y diferidos, incluye:
- Importes concedidos por el rendimiento del año previo y pagados en su totalidad durante el ejercicio financiero analizado (remuneración variable no diferida);
- Importes concedidos por el rendimiento de los años previos y el rendimiento del ejercicio analizado (remuneración variable diferida);
- Incentivos a largo plazo concedidos por el Grupo AXA. | ## Remuneration policy (continued)
Quantitative information - Data provided below are those of AXA Investment Managers covering all subsidiaries of the AXA Investment Managers Group and types of portfolios as at 31 December 2021 after application on remuneration data of the Fund’s weighted Asset Under Management allocation key.
Fixed Pay 2 ('000 EUR) 2,482.68
Variable Pay 3 ('000 EUR) 2,904.23
Number of employees 4 2,537 incl. 14 AFM’s employees
1 Excluding social charges.
2 Fixed Pay amount is based on Fixed Pay effective for all staff at AXA IM during the financial year under review prorated to the Fund’s assets.
3 Variable Pay, prorated to the Fund’s assets, composed of discretionary, upfront and deferred items, includes :
- Amounts awarded for the performance of previous the previous year and fully paid over the financial year under review (non-deferred variable pay);
- Amounts awarded for the performance of previous years and the performance of the year under review (deferred variable pay);
- Long-Term Incentives awarded by the AXA Group. | en | es |
DOLFIN7729 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les contreparties à ces instruments n’auront pas de pouvoir discrétionnaire sur la composition ou la gestion du portefeuille d’investissement du Compartiment ni sur les actifs sous-jacents de ces instruments.
Le Compartiment peut avoir recours aux CDS en achetant une protection pour couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille.
Le Compartiment peut également faire appel aux CDS, soit en achetant une protection sans détenir les actifs sous-jacents, soit en vendant une protection afin d’acheter une exposition de crédit spécifique (en cas de défaut de l’entité de référence, le règlement au titre de l’opération de swap sur défaut de crédit sera effectué en numéraire). Ce type d’opération avantage les investisseurs car le Compartiment peut ainsi obtenir une meilleure diversification du risque géographique et effectuer des investissements à très court terme à des conditions intéressantes. | Las contrapartidas de estos instrumentos no tendrán poder discrecional sobre la composición ni gestión de la cartera de inversión del Subfondo ni sobre los activos subyacentes de dichos instrumentos.
El Subfondo podrá utilizar CDS estandarizados para cubrirse frente al riesgo de crédito específico de algunos de los emisores de su cartera comprando protección.
El Subfondo también podrá emplear CDS comprando protección sin poseer los activos subyacentes o vendiendo protección para adquirir una exposición crediticia determinada (en caso de impago de la entidad de referencia, la liquidación conforme a la operación de CDS se hará en efectivo). Los inversores se benefician de este tipo de operaciones, ya que el Subfondo puede así lograr una mejor diversificación del riesgo de país y efectuar inversiones a muy corto plazo en condiciones atractivas. | Les contreparties à ces instruments n’auront pas de pouvoir discrétionnaire sur la composition ou la gestion du portefeuille d’investissement du Compartiment ni sur les actifs sous-jacents de ces instruments.
Le Compartiment peut avoir recours aux CDS en achetant une protection pour couvrir le risque de crédit spécifique de certains des émetteurs de son portefeuille.
Le Compartiment peut également faire appel aux CDS, soit en achetant une protection sans détenir les actifs sous-jacents, soit en vendant une protection afin d’acheter une exposition de crédit spécifique (en cas de défaut de l’entité de référence, le règlement au titre de l’opération de swap sur défaut de crédit sera effectué en numéraire). Ce type d’opération avantage les investisseurs car le Compartiment peut ainsi obtenir une meilleure diversification du risque géographique et effectuer des investissements à très court terme à des conditions intéressantes. | fr | es |
DOLFIN7730 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Sub-Fund’s involvement in such transactions is, however, subject to the additional following rules:
- Authorised counterparties to these transactions are reputable financial institutions that specialise in these types of transactions and are subject to prudential supervision and belonging to categories approved by the CSSF. Counterparties will typically have a public credit rating which is investment grade, meaning rated BBB- or above by Standard & Poor’s or Fitch or Baa3 or above by Moody’s. While there are no predetermined legal status or geographic criteria applied in the selection of the counterparties, these elements are typically taken into account in the selection process. The counterparties will have no discretion over the composition or management of the relevant Sub-Fund’s portfolio or over the underlying of the financial derivative instruments. The identity of the counterparties will be disclosed in the annual report.
- Each Sub-Fund may only enter into reverse repurchase agreement and/or repurchase agreement transactions provided that it is able at any time (a) to recall the full amount of cash in a reverse repurchase agreement or any securities subject to a repurchase agreement or (b) to terminate the agreement in accordance with applicable regulations. However, fixed-term transactions that do not exceed seven days should be considered as arrangements on terms that allow the assets to be recalled at any time by the relevant Sub-Fund. | ## No obstante, la participación del Subfondo en dichas operaciones está sujeta a las siguientes normas adicionales:
- Las contrapartes autorizadas para estas operaciones son instituciones financieras de prestigio especializadas en estos tipos de operaciones, están sujetas a supervisión prudencial y pertenecen a categorías aprobadas por la CSSF. Las contrapartes tendrán normalmente una calificación crediticia pública de categoría de inversión, lo que significa una calificación BBB- o superior según Standard &Poor’s o Fitch, o Baa3 o superior según Moody’s. Aunque no existen criterios geográficos o de situación jurídica predeterminados, estos elementos normalmente se tienen en cuenta en el proceso de selección. Las contrapartes no tendrán poder discrecional sobre la composición o gestión de la cartera correspondiente del Subfondo correspondiente o sobre el subyacente de los instrumentos financieros derivados. La identidad de las contrapartes se publicará en el informe anual.
- Los Subfondos pueden participar en operaciones de contrato de recompra inversa y/o contrato de recompra siempre y cuando sean capaces en todo momento de (a) retirar el importe total del efectivo de un contrato de recompra invertida o cualquier valor sujeto a un contrato de recompra o (b) finalizar el contrato en cumplimiento de las regulaciones vigentes. No obstante, las operaciones a plazo fijo que no superen los siete días deben ser consideradas disposiciones en condiciones que permitan al Subfondo correspondiente retirar los activos en todo momento. | ## The Sub-Fund’s involvement in such transactions is, however, subject to the additional following rules:
- Authorised counterparties to these transactions are reputable financial institutions that specialise in these types of transactions and are subject to prudential supervision and belonging to categories approved by the CSSF. Counterparties will typically have a public credit rating which is investment grade, meaning rated BBB- or above by Standard & Poor’s or Fitch or Baa3 or above by Moody’s. While there are no predetermined legal status or geographic criteria applied in the selection of the counterparties, these elements are typically taken into account in the selection process. The counterparties will have no discretion over the composition or management of the relevant Sub-Fund’s portfolio or over the underlying of the financial derivative instruments. The identity of the counterparties will be disclosed in the annual report.
- Each Sub-Fund may only enter into reverse repurchase agreement and/or repurchase agreement transactions provided that it is able at any time (a) to recall the full amount of cash in a reverse repurchase agreement or any securities subject to a repurchase agreement or (b) to terminate the agreement in accordance with applicable regulations. However, fixed-term transactions that do not exceed seven days should be considered as arrangements on terms that allow the assets to be recalled at any time by the relevant Sub-Fund. | en | es |
DOLFIN7731 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 4 years Example investment : EUR 10,000 Scenarios | If you exit after 1 year | If you exit after 4 years |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 1.250 EUR | 1.760 EUR |
| Average return each year | -87,5% | -35,3% |
| Unfavourable | What you might get back after costs | 8.290 EUR | 6.370 EUR |
| Average return each year | -17,1% | -10,7% |
| Moderate | What you might get back after costs | 10.970 EUR | 14.630 EUR |
| Average return each year | 9,7% | 10,0% |
| Favourable | What you might get back after costs | 14.910 EUR | 18.020 EUR |
| Average return each year | 49,1% | 15,9% | | | Período de mantenimiento recomendado: 4 años Ejemplo de inversión : EUR 10.000 Escenarios | En caso de salida después de 1 año | En caso de salida después de 4 años |
| --- | --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que puede recibir una vez deducidos los costes | 1 250 EUR | 1 760 EUR |
| Rendimento medio cada año | -87,5 % | -35,3 % |
| Desfavorable | Lo que puede recibir una vez deducidos los costes | 8 290 EUR | 6 370 EUR |
| Rendimento medio cada año | -17,1 % | -10,7 % |
| Moderado | Lo que puede recibir una vez deducidos los costes | 10 970 EUR | 14 630 EUR |
| Rendimento medio cada año | 9,7 % | 10,0 % |
| Favorable | Lo que puede recibir una vez deducidos los costes | 14 910 EUR | 18 020 EUR |
| Rendimento medio cada año | 49,1 % | 15,9 % | | | Recommended holding period: 4 years Example investment : EUR 10,000 Scenarios | If you exit after 1 year | If you exit after 4 years |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 1.250 EUR | 1.760 EUR |
| Average return each year | -87,5% | -35,3% |
| Unfavourable | What you might get back after costs | 8.290 EUR | 6.370 EUR |
| Average return each year | -17,1% | -10,7% |
| Moderate | What you might get back after costs | 10.970 EUR | 14.630 EUR |
| Average return each year | 9,7% | 10,0% |
| Favourable | What you might get back after costs | 14.910 EUR | 18.020 EUR |
| Average return each year | 49,1% | 15,9% | | en | es |
DOLFIN7732 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# a sub-fund of Schroders Capital Semi-Liquid (formerly GAIA II)
Class A Accumulation EUR (LU2098888741)
This product is managed by Schroder Investment Management (Europe) S.A., a member of the Schroders Group, which is supervised by the Commission de Surveillance du Secteur Financier (CSSF). For more information on this product, please refer to www.schroders.lu or call +352 341 342 202.
This document was published on 25 November 2022. | # a sub-fund of Schroders Capital Semi-Liquid (formerly GAIA II)
Classe A Ad accumulazione EUR (LU2098888741)
Questo prodotto è gestito da Schroder Investment Management (Europe) S.A., società del Gruppo Schroders, che è supervisionata dalla Commission de Surveillance du Secteur Financier (CSSF). Per maggiori informazioni su questo prodotto, consultare il sito www.schroders.lu o telefonare al +352 341 342 212.
Il presente documento è stato pubblicato in data 25 novembre 2022. | # a sub-fund of Schroders Capital Semi-Liquid (formerly GAIA II)
Class A Accumulation EUR (LU2098888741)
This product is managed by Schroder Investment Management (Europe) S.A., a member of the Schroders Group, which is supervised by the Commission de Surveillance du Secteur Financier (CSSF). For more information on this product, please refer to www.schroders.lu or call +352 341 342 202.
This document was published on 25 November 2022. | en | it |
DOLFIN7733 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest.
BNY Mellon U.S. Equity Income Fund
STERLING W (INC.) (ISIN: IE00BD5M7551)
a sub-fund of BNY Mellon Global Funds, plc. This Fund is managed by BNY Mellon Fund Management (Luxembourg) S.A. | Gegenstand dieses Dokuments sind wesentliche Informationen für den Anleger über diesen Fonds. Es handelt sich nicht um Werbematerial. Diese Informationen sind gesetzlich vorgeschrieben, um Ihnen die Wesensart dieses Fonds und die Risiken einer Anlage in ihn zu erläutern. Wir raten Ihnen zur Lektüre dieses Dokuments, so dass Sie eine fundierte Anlageentscheidung treffen können.
BNY Mellon U.S. Equity Income Fund
STERLING W (INC.) (ISIN: IE00BD5M7551)
ein Teilfonds des BNY Mellon Global Funds, plc. Die Verwaltung dieses Teilfonds erfolgt durch BNY Mellon Fund Management (Luxembourg) S.A. | This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest.
BNY Mellon U.S. Equity Income Fund
STERLING W (INC.) (ISIN: IE00BD5M7551)
a sub-fund of BNY Mellon Global Funds, plc. This Fund is managed by BNY Mellon Fund Management (Luxembourg) S.A. | en | de |
DOLFIN7734 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide a high level of current income and the potential for capital growth.
- The fund will invest at least 50% in investment grade bonds with the balance invested in but not limited to, high-yielding bonds which normally carry sub-investment grade ratings, and emerging market bonds. Emerging markets include Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East, but investments can also be made in other regions.
- The fund will invest at least 70% in a portfolio of global bonds, including, but not limited to, investment grade bonds of varying maturities, and high yield bonds and emerging market bonds denominated in various currencies.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed without reference to an index.
- Income earned by the fund is accumulated in the share price.
- The fund’s source of income will mainly be generated from coupon payments from bond holdings.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar un alto nivel de renta corrientes y el potencial de crecimiento del capital.
- El fondo invertirá al menos un 50 % en bonos de grado de inversión con el saldo invertido en, entre otros, bonos de alta rentabilidad que normalmente están calificados con grado especulativo y bonos de mercados emergentes. Los mercados emergentes incluyen América Latina, Sudeste Asiático, África, Europa del Este (incluida Rusia) y Oriente Medio, aunque también se podrá invertir en otras regiones.
- El fondo invertirá al menos el 70 % en una cartera de bonos de todo el mundo, incluidos, entre otros, bonos de grado de inversión de diferentes vencimientos y bonos de alta rentabilidad y de mercados emergentes denominados en diferentes divisas.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- Menos del 30 % de su patrimonio neto se invertirá en híbridos y CoCos, invirtiéndose menos del 20 % del patrimonio neto total en CoCos.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- El Subfondo invertirá menos del 30 % directa o indirectamente en valores de renta fija del mercado interior chino de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- Podrá invertirse en divisas distintas a la de referencia del fondo. La exposición a divisas podrá cubrirse, por ejemplo, con contratos de divisas a plazo. La divisa de referencia del fondo es la que se utiliza para presentar la información financiera y puede ser distinta de aquella en la que se denominan las inversiones.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura de riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente. Para preservar la rentabilidad de las posiciones en divisas activas del fondo, esta exposición se cubre tomando como referencia las ponderaciones de un índice comparativo en vez de las divisas en las que se denominan los valores subyacentes.
- El Subfondo se gestiona de forma activa sin tener un índice como referencia.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Los ingresos del fondo procederán principalmente de los pagos de cupones procedentes de las posiciones en renta fija.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide a high level of current income and the potential for capital growth.
- The fund will invest at least 50% in investment grade bonds with the balance invested in but not limited to, high-yielding bonds which normally carry sub-investment grade ratings, and emerging market bonds. Emerging markets include Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East, but investments can also be made in other regions.
- The fund will invest at least 70% in a portfolio of global bonds, including, but not limited to, investment grade bonds of varying maturities, and high yield bonds and emerging market bonds denominated in various currencies.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed without reference to an index.
- Income earned by the fund is accumulated in the share price.
- The fund’s source of income will mainly be generated from coupon payments from bond holdings.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN7735 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 555 € | 1391 € |
| Impact of annual costs (*) | 5.6% | 2.5% every year | | | | Si sale después de 1 año | Si sale después de 5 años |
| --- | --- | --- |
| Costes totales | 555 € | 1.391 € |
| Incidencia anual de los costes (*) | 5,6% | 2,5% cada año | | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 555 € | 1391 € |
| Impact of annual costs (*) | 5.6% | 2.5% every year | | en | es |
DOLFIN7736 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d’investissement
Le Fonds est un OPCVM géré activement sans indice de référence.
L’objectif d’investissement du Fonds consiste (i) à viser la croissance du capital à moyen terme en analysant les opportunités de négociation et/ou d’investissement (comme les inefficiences de marché lorsque les prix courants ne reflètent pas la juste valorisation, des situations d’arbitrage permettant de bénéficier d’écarts de valorisation temporaires injustifiés entre maturités, principalement sur les marchés du crédit) et (ii) à tirer parti des tendances, de l’évolution et de la volatilité des prix lorsque les valorisations courantes du marché ne reflètent pas la valeur intrinsèque (fondamentale et structurelle), telle que perçue par le Gestionnaire d’investissement délégué.
La devise de la classe d’actions est l’euro (EUR).
Instruments financiers investis : titres de créance (tels que des obligations convertibles, des obligations négociables, des actions privilégiées et des obligations convertibles privilégiées), titres subordonnés, IFD (tels que des instruments de crédit dérivés), actions, instruments du marché monétaire.
Politique de dividendes : les revenus du Fonds (le cas échéant) ne seront pas distribués aux Actionnaires, mais réinvestis.
Valeur liquidative : chaque Jour ouvré ou tout autre jour ou jours fixés par les Administrateurs et préalablement notifiés aux Actionnaires.
Rachats : 14 h 00 (heure de Paris) le 3e Jour ouvré précédant le Jour de valorisation correspondant ou tout autre jour ou horaire fixé par les Administrateurs
et notifié aux Actionnaires. | # Objetivos y política de inversión
El Fondo es un OICVM activo y se gestiona sin seguir ningún índice de referencia.
El objetivo de inversión del Fondo es (i) buscar la apreciación del capital a medio plazo analizando las oportunidades de negociación y/o de inversión (como las ineficiencias de mercado, por las que los precios actuales no reflejan una valoración razonable, situaciones de arbitraje para aprovechar diferencias de valoración temporales no justificadas entre distintos vencimientos, principalmente en los mercados de deuda corporativa) y (ii) beneficiarse de las tendencias, las fluctuaciones y la volatilidad de los precios cuando la valoración de mercado actual no refleje el valor inherente (desde una perspectiva fundamental y estructural) según la percepción del Subgestor de Inversiones.
La divisa de la clase del fondo es el euro (EUR).
Instrumentos financieros en los que se invierte: títulos de deuda (como bonos convertibles, bonos negociables, acciones preferentes y bonos convertibles preferentes), valores subordinados, instrumentos financieros derivados (como derivados de deuda corporativa), renta variable, instrumentos del mercado monetario.
Política de dividendos: todos los importes del Fondo disponibles para distribución (en caso de haberlos) no se distribuirán a los Accionistas, sino que serán reinvertidos.
Valor liquidativo: Cada Día Hábil o cualquier otro día o días que determine el Consejo y se notifique a los Accionistas previamente.
Reembolsos: 14:00 (hora de París), tres Días hábiles antes del Día de valoración o en cualquier otro momento que determine el Consejo y se notifique a los Accionistas. | # Objectifs et politique d’investissement
Le Fonds est un OPCVM géré activement sans indice de référence.
L’objectif d’investissement du Fonds consiste (i) à viser la croissance du capital à moyen terme en analysant les opportunités de négociation et/ou d’investissement (comme les inefficiences de marché lorsque les prix courants ne reflètent pas la juste valorisation, des situations d’arbitrage permettant de bénéficier d’écarts de valorisation temporaires injustifiés entre maturités, principalement sur les marchés du crédit) et (ii) à tirer parti des tendances, de l’évolution et de la volatilité des prix lorsque les valorisations courantes du marché ne reflètent pas la valeur intrinsèque (fondamentale et structurelle), telle que perçue par le Gestionnaire d’investissement délégué.
La devise de la classe d’actions est l’euro (EUR).
Instruments financiers investis : titres de créance (tels que des obligations convertibles, des obligations négociables, des actions privilégiées et des obligations convertibles privilégiées), titres subordonnés, IFD (tels que des instruments de crédit dérivés), actions, instruments du marché monétaire.
Politique de dividendes : les revenus du Fonds (le cas échéant) ne seront pas distribués aux Actionnaires, mais réinvestis.
Valeur liquidative : chaque Jour ouvré ou tout autre jour ou jours fixés par les Administrateurs et préalablement notifiés aux Actionnaires.
Rachats : 14 h 00 (heure de Paris) le 3e Jour ouvré précédant le Jour de valorisation correspondant ou tout autre jour ou horaire fixé par les Administrateurs
et notifié aux Actionnaires. | fr | es |
DOLFIN7737 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Investment policy
The Fund mainly invests in large companies (market capitalisation greater than US $5 billion) based on fundamental research and proprietary analysis.
The Fund may invest in financial derivatives (complex instruments based upon the value of underlying assets) for hedging, to reduce risk, to manage the Fund more efficiently, or to gain exposure to securities in a more efficient way.
The Fund is actively managed and uses the MSCI AC World Daily Total Return Net Health Care Index (GBP) benchmark as a performance target and to calculate the performance fee.
Any income which the Fund generates may be paid out in the form of an annual dividend at the sole discretion of the Directors.
You may sell your shares on days which banks are normally open for business in Dublin, London and New York.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within five years. | ### Política de inversión
El Fondo invierte principalmente en grandes empresas (con una capitalización de mercado superior a los 5.000 millones de dólares estadounidenses) sobre la base de análisis fundamentales e internos.
El Fondo puede invertir en derivados financieros (instrumentos complejos que dependen del valor de sus activos subyacentes) con fines de cobertura, para reducir riesgos, gestionar el Fondo con más eficiencia o adquirir exposición a títulos de modo más eficaz.
El Fondo se gestiona de forma activa y utiliza el índice de referencia MSCI AC World Daily Total Return Net Health Care Index (GBP) como objetivo de rentabilidad y para calcular la comisión de rentabilidad.
Todo ingreso generado por el Fondo podrá pagarse en forma de dividendo anual si así lo acuerda el Consejo de administración.
Ustedes pueden vender las acciones durante los días en que los bancos estén abiertos en Dublín, Londres y Nueva York.
Recomendación: es posible que este fondo no sea adecuado para inversores que tengan previsto retirar su dinero en un plazo de cinco años. | ### Investment policy
The Fund mainly invests in large companies (market capitalisation greater than US $5 billion) based on fundamental research and proprietary analysis.
The Fund may invest in financial derivatives (complex instruments based upon the value of underlying assets) for hedging, to reduce risk, to manage the Fund more efficiently, or to gain exposure to securities in a more efficient way.
The Fund is actively managed and uses the MSCI AC World Daily Total Return Net Health Care Index (GBP) benchmark as a performance target and to calculate the performance fee.
Any income which the Fund generates may be paid out in the form of an annual dividend at the sole discretion of the Directors.
You may sell your shares on days which banks are normally open for business in Dublin, London and New York.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within five years. | en | es |
DOLFIN7738 | 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 FOR AND CAN I WITHDRAW MONEY EARLY?
### RECOMMENDED HOLDING PERIOD: Five years. This Product has a term of 99 years from its inception.
## If you are an individual who has invested in a unit of account linked to the Product, please consult the life-insurance contract’s liquidity conditions.
Liquidity conditions for investors: redemption requests must reach the Management Company before 2 pm, Paris time, every business day. Redemption requests are executed based on the first Net Asset Value following the redemption centralisation cut-off date. The settlement period is two business days.
Capping of redemption requests: if redemption requests should exceed the fund’s redemption capacities on the same Net Asset Value date, the Management Company could decide not to execute the share of the redemption requests exceeding the total subscription orders, the non-executed redemption requests being deferred to the next Net Asset Value date. | # ¿CUÁNTO TIEMPO DEBO MANTENER LA INVERSIÓN, Y PUEDO RETIRAR DINERO DE MANERA ANTICIPADA?
### PERÍODO DE MANTENIMIENTO RECOMENDADO: 5 años. Este producto tiene una duración de 99 años desde su creación.
## Si es usted un particular que ha invertido en un fondo de inversión al que está vinculado el producto, consulte las condiciones de liquidez del contrato de seguro de vida.
Principio de liquidez para los inversores: la solicitud de reembolso debe enviarse a la Sociedad de gestión antes de las 14:00, hora de París, de cada día hábil. Las solicitudes de reembolso se ejecutan tomando como base el primer Valor liquidativo siguiente a la fecha límite de tramitación de los reembolsos. El plazo de liquidación es de dos días hábiles.
Limitación de las solicitudes de reembolso: en caso de que las solicitudes de reembolso superen la capacidad del fondo de reembolso en una fecha de Valor liquidativo determinada, este podrá decidir no ejecutar la parte de las solicitudes de reembolso que supere el total de las órdenes de suscripción, pasando las solicitudes de reembolso sin ejecutar a la siguiente fecha de Valor liquidativo. | # HOW LONG SHOULD I HOLD IT FOR AND CAN I WITHDRAW MONEY EARLY?
### RECOMMENDED HOLDING PERIOD: Five years. This Product has a term of 99 years from its inception.
## If you are an individual who has invested in a unit of account linked to the Product, please consult the life-insurance contract’s liquidity conditions.
Liquidity conditions for investors: redemption requests must reach the Management Company before 2 pm, Paris time, every business day. Redemption requests are executed based on the first Net Asset Value following the redemption centralisation cut-off date. The settlement period is two business days.
Capping of redemption requests: if redemption requests should exceed the fund’s redemption capacities on the same Net Asset Value date, the Management Company could decide not to execute the share of the redemption requests exceeding the total subscription orders, the non-executed redemption requests being deferred to the next Net Asset Value date. | en | es |
DOLFIN7739 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The haircuts to be used on collateral from securities lending, as the case may be, are described in Section 5 entitled “Special techniques and instruments with securities and money market instruments as underlying assets”.
Securities deposited as collateral may not have been issued by the respective OTC counterparty or be highly correlated with this OTC counterparty. For this reason, shares from the finance sector are not accepted as collateral. Securities deposited as collateral shall be held in safekeeping by the Depositary on behalf of the Company and may not be sold, invested or pledged by the Company.
The Company shall ensure that the collateral received is adequately diversified, particularly regarding geographic dispersion, diversification across different markets and the spreading of concentration risk. The latter is considered to be sufficiently diversified if securities and money market instruments held as collateral and issued by a single issuer do not exceed 20% of the relevant sub- fund’s net assets.
In derogation to the above paragraph and in accordance with the modified Point 43(e) of the ESMA Guidelines on ETFs and other UCITS issues of 1 August 2014 (ESMA/2014/937), the Company may be fully collateralised in various transferable securities and money market instruments issued or guaranteed by an EU Member State, one or more of its local authorities, a non-Member State, or a public international body to which one or more EU Member States belong. If this is the case, the Company must ensure that it receives securities from at least six different issues, but securities from any single issue may not account for more than 30% of the net assets of the respective sub-fund. | Les décotes applicables aux sûretés sur les prêts de titres sont représentées, dans la mesure où elles sont applicables, dans le chapitre 5 « Techniques et instruments particuliers ayant pour objet des valeurs mobilières et des instruments du marché monétaire ».
Les titres transmis en guise de sûreté peuvent ne pas être émis par la contrepartie à la transaction de gré à gré ou ne pas présenter un haut degré de corrélation avec celle-ci. C’est pourquoi les actions du secteur financier ne sont pas autorisées au titre de sûretés. Les titres transmis en guise de sûreté sont gardés par le dépositaire pour le compte de la société et ne peuvent pas être vendus, investis ou grevés par la société.
La société veille à ce que la garantie qui lui est transmise à titre de sûreté soit suffisamment diversifiée, notamment en ce qui concerne la répartition géographique, la diversification via différents marchés ainsi que la diversification du risque de concentration. Ce risque de concentration est considéré comme suffisamment diversifié si les titres et les instruments du marché monétaire qui servent de sûreté sont émis par un seul et même émetteur et ne dépassent pas 20% de l’actif net du compartiment concerné.
Par dérogation à l'alinéa précédent et conformément au point 43 (e) révisé des orientations de l’AEMF sur les fonds cotés (ETF) et autres questions liées aux OPCVM du 1er août 2014 (ESMA/2014/937), la Société peut être pleinement garantie par différentes valeurs mobilières et des instruments du marché monétaire émis ou garantis par un Etat membre de l'Union européenne, une ou plusieurs de ses collectivités publiques territoriales, un Etat tiers ou un organisme international public dont un ou plusieurs Etats membres de l'Union européenne font partie. Dans un tel cas, l'entreprise doit s'assurer qu'elle reçoit des titres provenant d'au moins six émissions différentes, tandis que les valeurs mobilières d'une seule et même émission ne peuvent pas représenter plus de 30% de l'actif net du compartiment concerné. | The haircuts to be used on collateral from securities lending, as the case may be, are described in Section 5 entitled “Special techniques and instruments with securities and money market instruments as underlying assets”.
Securities deposited as collateral may not have been issued by the respective OTC counterparty or be highly correlated with this OTC counterparty. For this reason, shares from the finance sector are not accepted as collateral. Securities deposited as collateral shall be held in safekeeping by the Depositary on behalf of the Company and may not be sold, invested or pledged by the Company.
The Company shall ensure that the collateral received is adequately diversified, particularly regarding geographic dispersion, diversification across different markets and the spreading of concentration risk. The latter is considered to be sufficiently diversified if securities and money market instruments held as collateral and issued by a single issuer do not exceed 20% of the relevant sub- fund’s net assets.
In derogation to the above paragraph and in accordance with the modified Point 43(e) of the ESMA Guidelines on ETFs and other UCITS issues of 1 August 2014 (ESMA/2014/937), the Company may be fully collateralised in various transferable securities and money market instruments issued or guaranteed by an EU Member State, one or more of its local authorities, a non-Member State, or a public international body to which one or more EU Member States belong. If this is the case, the Company must ensure that it receives securities from at least six different issues, but securities from any single issue may not account for more than 30% of the net assets of the respective sub-fund. | en | fr |
DOLFIN7740 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations générales
Les informations suivantes sont extraites des textes intégraux et doivent être lues parallèlement à la section « Définitions » du Prospectus.
Neuberger Berman Investment Funds plc (la « Société ») est une société d’investissement à capital variable constituée en Irlande le 11 décembre 2000 sous le numéro d’immatriculation 336425 sous la forme d’une société anonyme de type public limited company conformément au Companies Act (loi irlandaise sur les sociétés) de 2014, (tel qu’amendé). La Société a été autorisé par la Banque centrale d’Irlande (la « Banque centrale ») en tant qu’Organisme de placement collectif en valeurs mobilières (« OPCVM »), conformément à la Réglementation des Communautés européennes de 2011 (Organismes de placement collectif en valeurs mobilières) (telle qu’amendée) (la « Réglementation sur les OPCVM »). La Société est dotée d’une structure à compartiments multiples, c’est-à-dire que le capital social est divisé en différentes séries d’actions, chacune d’entre elles représentant un portefeuille d’investissement distinct (un « Portefeuille »). Un Portefeuille peut proposer plusieurs catégories d’actions qui différeront à plusieurs égards : devises, TFE, modalités de souscription, de rachat et de paiement des dividendes, structures de frais et de commissions.
Au 30 juin 2021, la Société comprenait quarante-sept portefeuilles d’investissement distincts (les « Portefeuilles »), chacun d’entre eux étant représenté par une série d’Actions de participation rachetables distincte. Ces portefeuilles sont présentés dans le tableau ci-dessous :
##### Portefeuille Date de lancement*
Neuberger Berman US Real Estate Securities Fund
1
1 février 2006
Neuberger Berman High Yield Bond Fund
1
3 mai 2006
Neuberger Berman US Multi Cap Opportunities Fund
1
13 juin 2006
Neuberger Berman China Equity Fund
1
14 juillet 2009
Neuberger Berman Emerging Markets Equity Fund
1
4 octobre 2010
Neuberger Berman US Small Cap Fund
1
1 juillet 2011
Neuberger Berman Short Duration High Yield Bond Fund
1
20 décembre 2011
Neuberger Berman Global Bond Fund
1
16 juillet 2012
Neuberger Berman Strategic Income Fund
1
26 avril 2013
Neuberger Berman Emerging Market Debt – Hard Currency Fund
1
31 mai 2013
Neuberger Berman Emerging Market Corporate Debt Fund
1
14 juin 2013
Neuberger Berman Emerging Market Debt – Local Currency Fund
1
28 juin 2013 Neuberger Berman Absolute Return Multi Strategy Fund
2
15 octobre 2013
Neuberger Berman Short Duration Emerging Market Debt Fund
1
31 octobre 2013
Neuberger Berman US Long Short Equity Fund
2
28 février 2014
Neuberger Berman Emerging Market Debt Blend Fund
1
23 avril 2014
Neuberger Berman European High Yield Bond Fund
1
27 juin 2014
Neuberger Berman Systematic Global Sustainable Value Fund
2
18 décembre 2014
Neuberger Berman Global Real Estate Securities Fund
1
30 décembre 2014
Neuberger Berman US Small Cap Intrinsic Value Fund
2
30 avril 2015
Neuberger Berman Asian Debt – Hard Currency Fund
2
29 juin 2015
Neuberger Berman China Bond Fund
1
28 août 2015
Neuberger Berman Corporate Hybrid Bond Fund
2
19 novembre 2015
Neuberger Berman US Equity Fund
2
18 décembre 2015
Neuberger Berman Global High Yield Bond Fund
2
4 août 2016
Neuberger Berman Global Opportunistic Bond Fund
2
20 décembre 2016
Neuberger Berman Multi-Asset Income Fund
2
28 décembre 2016
Neuberger Berman US Equity Index PutWrite Fund
2
30 décembre 2016
Neuberger Berman Global Equity Index PutWrite Fund
2
3 mai 2017
Neuberger Berman Uncorrelated Strategies Fund
2
22 mai 2017
Neuberger Berman Emerging Market Debt Sustainable Investment Grade Blend Fund
2
10 juillet 2017
Neuberger Berman Emerging Markets Sustainable Equity Fund
2
24 octobre 2017 Neuberger Berman Global Thematic Equity Fund
2
27 avril 2018
4 NEUBERGER BERMAN INVESTMENT FUNDS PLC
PRÉSENTATION DE LA SOCIÉTÉ INFORMATIONS GÉNÉRALES | # Información general
La información que se expone a continuación se deriva del texto completo y el apartado de definiciones del Folleto, y debe leerse conjuntamente con estos.
Neuberger Berman Investment Funds plc (la “Sociedad”) es una sociedad de inversión de capital variable constituida en Irlanda el 11 de diciembre de 2000 con el número de registro 336425, como sociedad anónima (public limited company) en virtud de lo dispuesto en la Ley de Sociedades (Companies Act) de 2014 (en su versión modificada). La Sociedad está autorizada por el Banco Central de Irlanda (el «Banco Central») como Organismo de Inversión Colectiva en Valores Mobiliarios, de conformidad con el reglamento irlandés denominado European Communities (Undertakings for Collective Investment in Transferable Securities) de 2011 (en su versión modificada) (el «Reglamento sobre OICVM»). La Sociedad está constituida como fondo paraguas en tanto en cuanto su capital social se divide en distintas series de acciones, cada una de las cuales representa una cartera de activos que se invierte de forma independiente (“Cartera”). Las Acciones de cualquier Cartera se pueden dividir en diferentes clases para permitir la existencia de distintas condiciones de suscripción, reembolso, dividendos, gastos, comisiones o divisas, incluidos ratios de gastos totales diferentes.
A 30 de junio de 2021, la Sociedad se componía de cuarenta y siete carteras de inversión independientes (las “Carteras”), cada una de ellas representada por una serie independiente de Acciones de participación reembolsables. Se indican en la tabla siguiente:
##### Cartera Fecha de creación*
Neuberger Berman US Real Estate Securities Fund
1
1 de febrero de 2006
Neuberger Berman High Yield Bond Fund
1
3 de mayo de 2006
Neuberger Berman US Multi Cap Opportunities Fund
1
13 de junio de 2006
Neuberger Berman China Equity Fund
1
14 de julio de 2009
Neuberger Berman Emerging Markets Equity Fund
1
4 de octubre de 2010
Neuberger Berman US Small Cap Fund
1
1 de julio de 2011
Neuberger Berman Short Duration High Yield Bond Fund
1
20 de diciembre de 2011 Neuberger Berman Global Bond Fund
1
16 de julio de 2012
Neuberger Berman Strategic Income Fund
1
26 de abril de 2013
Neuberger Berman Emerging Market Debt – Hard Currency Fund
1
31 de mayo de 2013
Neuberger Berman Emerging Market Corporate Debt Fund
1
14 de junio de 2013
Neuberger Berman Emerging Market Debt – Local Currency Fund
1
28 de junio de 2013
Neuberger Berman Absolute Return Multi Strategy Fund
2
15 de octubre de 2013
Neuberger Berman Short Duration Emerging Market Debt Fund
1
31 de octubre de 2013
Neuberger Berman US Long Short Equity Fund
2
28 de febrero de 2014
Neuberger Berman Emerging Market Debt Blend Fund
1
23 de abril de 2014
Neuberger Berman European High Yield Bond Fund
1
27 de junio de 2014
Neuberger Berman Systematic Global Sustainable Value Fund
2
18 de diciembre de 2014
Neuberger Berman Global Real Estate Securities Fund
1
30 de diciembre de 2014
Neuberger Berman US Small Cap Intrinsic Value Fund
2
30 de abril de 2015
Neuberger Berman Asian Debt – Hard Currency Fund
2
29 de junio de 2015
Neuberger Berman China Bond Fund
1
28 de agosto de 2015
Neuberger Berman Corporate Hybrid Bond Fund
2
19 de noviembre de 2015
Neuberger Berman US Equity Fund
2
18 de diciembre de 2015
Neuberger Berman Global High Yield Bond Fund
2
4 de agosto de 2016
Neuberger Berman Global Opportunistic Bond Fund
2
20 de diciembre de 2016
Neuberger Berman Multi-Asset Income Fund
2
28 de diciembre de 2016
Neuberger Berman US Equity Index PutWrite Fund
2
30 de diciembre de 2016
Neuberger Berman Global Equity Index PutWrite Fund
2
3 de mayo de 2017
Neuberger Berman Uncorrelated Strategies Fund
2
22 de mayo de 2017
Neuberger Berman Emerging Market Debt Sustainable Investment Grade Blend Fund
2
10 de julio de 2017 Neuberger Berman Emerging Markets Sustainable Equity Fund
2
24 de octubre de 2017 Neuberger Berman Global Thematic Equity Fund
2
27 de abril de 2018
4 NEUBERGER BERMAN INVESTMENT FUNDS PLC
DESCRIPCIÓN DE LA EMPRESA INFORMACIÓN GENERAL | # Informations générales
Les informations suivantes sont extraites des textes intégraux et doivent être lues parallèlement à la section « Définitions » du Prospectus.
Neuberger Berman Investment Funds plc (la « Société ») est une société d’investissement à capital variable constituée en Irlande le 11 décembre 2000 sous le numéro d’immatriculation 336425 sous la forme d’une société anonyme de type public limited company conformément au Companies Act (loi irlandaise sur les sociétés) de 2014, (tel qu’amendé). La Société a été autorisé par la Banque centrale d’Irlande (la « Banque centrale ») en tant qu’Organisme de placement collectif en valeurs mobilières (« OPCVM »), conformément à la Réglementation des Communautés européennes de 2011 (Organismes de placement collectif en valeurs mobilières) (telle qu’amendée) (la « Réglementation sur les OPCVM »). La Société est dotée d’une structure à compartiments multiples, c’est-à-dire que le capital social est divisé en différentes séries d’actions, chacune d’entre elles représentant un portefeuille d’investissement distinct (un « Portefeuille »). Un Portefeuille peut proposer plusieurs catégories d’actions qui différeront à plusieurs égards : devises, TFE, modalités de souscription, de rachat et de paiement des dividendes, structures de frais et de commissions.
Au 30 juin 2021, la Société comprenait quarante-sept portefeuilles d’investissement distincts (les « Portefeuilles »), chacun d’entre eux étant représenté par une série d’Actions de participation rachetables distincte. Ces portefeuilles sont présentés dans le tableau ci-dessous :
##### Portefeuille Date de lancement*
Neuberger Berman US Real Estate Securities Fund
1
1 février 2006
Neuberger Berman High Yield Bond Fund
1
3 mai 2006
Neuberger Berman US Multi Cap Opportunities Fund
1
13 juin 2006
Neuberger Berman China Equity Fund
1
14 juillet 2009
Neuberger Berman Emerging Markets Equity Fund
1
4 octobre 2010
Neuberger Berman US Small Cap Fund
1
1 juillet 2011
Neuberger Berman Short Duration High Yield Bond Fund
1
20 décembre 2011
Neuberger Berman Global Bond Fund
1
16 juillet 2012
Neuberger Berman Strategic Income Fund
1
26 avril 2013
Neuberger Berman Emerging Market Debt – Hard Currency Fund
1
31 mai 2013
Neuberger Berman Emerging Market Corporate Debt Fund
1
14 juin 2013
Neuberger Berman Emerging Market Debt – Local Currency Fund
1
28 juin 2013 Neuberger Berman Absolute Return Multi Strategy Fund
2
15 octobre 2013
Neuberger Berman Short Duration Emerging Market Debt Fund
1
31 octobre 2013
Neuberger Berman US Long Short Equity Fund
2
28 février 2014
Neuberger Berman Emerging Market Debt Blend Fund
1
23 avril 2014
Neuberger Berman European High Yield Bond Fund
1
27 juin 2014
Neuberger Berman Systematic Global Sustainable Value Fund
2
18 décembre 2014
Neuberger Berman Global Real Estate Securities Fund
1
30 décembre 2014
Neuberger Berman US Small Cap Intrinsic Value Fund
2
30 avril 2015
Neuberger Berman Asian Debt – Hard Currency Fund
2
29 juin 2015
Neuberger Berman China Bond Fund
1
28 août 2015
Neuberger Berman Corporate Hybrid Bond Fund
2
19 novembre 2015
Neuberger Berman US Equity Fund
2
18 décembre 2015
Neuberger Berman Global High Yield Bond Fund
2
4 août 2016
Neuberger Berman Global Opportunistic Bond Fund
2
20 décembre 2016
Neuberger Berman Multi-Asset Income Fund
2
28 décembre 2016
Neuberger Berman US Equity Index PutWrite Fund
2
30 décembre 2016
Neuberger Berman Global Equity Index PutWrite Fund
2
3 mai 2017
Neuberger Berman Uncorrelated Strategies Fund
2
22 mai 2017
Neuberger Berman Emerging Market Debt Sustainable Investment Grade Blend Fund
2
10 juillet 2017
Neuberger Berman Emerging Markets Sustainable Equity Fund
2
24 octobre 2017 Neuberger Berman Global Thematic Equity Fund
2
27 avril 2018
4 NEUBERGER BERMAN INVESTMENT FUNDS PLC
PRÉSENTATION DE LA SOCIÉTÉ INFORMATIONS GÉNÉRALES | fr | es |
DOLFIN7741 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Calculation method
Amount of provision = MAX (0; NAV(t) – target NAV (t)) x performance fee rate NAV (t): net assets at the end of year t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV (t) = reference NAV x (benchmark index value on date t/benchmark index value on the reference date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends. Example 1: | Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo(t)) x tasso di commissione di sovraperformance PN (t): patrimonio netto alla fine dell'anno
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo (t) = PN di riferimento x (valore dell'indice di riferimento in data t/valore dell'indice di riferimento alla Data di riferimento) corretto per sottoscrizioni, rimborsi e dividendi.
Esempi:
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi. Esempio 1: | Calculation method
Amount of provision = MAX (0; NAV(t) – target NAV (t)) x performance fee rate NAV (t): net assets at the end of year t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV (t) = reference NAV x (benchmark index value on date t/benchmark index value on the reference date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends. Example 1: | en | it |
DOLFIN7742 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## § 15 Risk diversification
- The following are to be included in the risk diversification provi- sions:
- investments pursuant to § 8 with the exception of index- based derivatives as long as the index is sufficiently diver- sified, representative of the market which it covers and pub- lished in an appropriate manner;
- liquid assets pursuant to § 9;
- claims against counterparties from OTC transactions. | ## § 15 Ripartizione dei rischi
- Da integrare nelle prescrizioni sulla ripartizione dei rischi sono:
- gli investimenti ai sensi del § 8, eccetto i derivati indicizzati se l’indice è sufficientemente diversificato, è rappresentati- vo del mercato al quale si riferisce ed è pubblicato in modo adeguato;
- la liquidità di cui al § 9;
- i crediti nei confronti di controparti di operazioni OTC. | ## § 15 Risk diversification
- The following are to be included in the risk diversification provi- sions:
- investments pursuant to § 8 with the exception of index- based derivatives as long as the index is sufficiently diver- sified, representative of the market which it covers and pub- lished in an appropriate manner;
- liquid assets pursuant to § 9;
- claims against counterparties from OTC transactions. | en | it |
DOLFIN7743 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the Markit iBoxx EUR Sovereigns Eurozone Yield Plus 1-3 Index® (index). The index reflects the performance of tradable debt (bonds) issued by the 5 highest- yielding Eurozone countries with a remaining time to maturity of at least 1 year and up to 3 years and denominated in Euro, with the exception of the two countries with the highest GDP (as determined in October each year), unless one such country is the highest yielding Eurozone country at each monthly rebalancing of the index. The highest yielding countries are determined by calculating the income return (yield) of a hypothetical bond with a maturity of exactly 5 years. To be included in the index, countries must, 5 days before the end of the relevant month, have at least two bonds in the 1 year - 10 year maturity band of the Markit iBoxx EUR universe. Issuers with a sub-investment grade rating are excluded from the index. The bonds issued by the top 5 countries which have a remaining time to maturity of 1-3 years are included in the index. | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del índice Markit iBoxx EUR Sovereigns Eurozone Yield Plus 1-3 Index® (el “índice”). El índice reproduce la evolución de deuda negociable (bonos) emitida por los 5 países de mayor rentabilidad de la zona euro con un vencimiento residual de entre 1 y 3 años y denominada en euros, con excepción de los dos países con el mayor PIB (según se determine cada año en octubre), a no ser que uno de esos países sea el país de mayor rentabilidad de la zona euro en cada ajuste mensual del índice. Los países de mayor rentabilidad se determinan calculando el rendimiento (rentabilidad) de un hipotético bono con un vencimiento a exactamente 5 años. Para ser incluido en el índice, los países deberán tener 5 días antes del final del mes correspondiente al menos dos bonos en la banda de vencimientos de 1 a 10 años del universo Markit iBoxx EUR. Los emisores con una calificación por debajo del grado de inversión están excluidos del índice. Se incluyen en el índice bonos emitidos por los 5 mejores países y que tengan un vencimiento residual de 1 a 3 años. El índice se calcula a partir de una base de rentabilidad | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the Markit iBoxx EUR Sovereigns Eurozone Yield Plus 1-3 Index® (index). The index reflects the performance of tradable debt (bonds) issued by the 5 highest- yielding Eurozone countries with a remaining time to maturity of at least 1 year and up to 3 years and denominated in Euro, with the exception of the two countries with the highest GDP (as determined in October each year), unless one such country is the highest yielding Eurozone country at each monthly rebalancing of the index. The highest yielding countries are determined by calculating the income return (yield) of a hypothetical bond with a maturity of exactly 5 years. To be included in the index, countries must, 5 days before the end of the relevant month, have at least two bonds in the 1 year - 10 year maturity band of the Markit iBoxx EUR universe. Issuers with a sub-investment grade rating are excluded from the index. The bonds issued by the top 5 countries which have a remaining time to maturity of 1-3 years are included in the index. | en | es |
DOLFIN7744 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Change of name of Aberdeen Standard Investments Luxembourg S.A.
As communicated previously, as part of a company wide rebranding initiative, a number of entities within the abrdn group of companies have undergone change of name since July 2021. As a part of this rebranding initiative, with effect from 3 October 2022, the name of the Management Company, Domiciliary Agent and Transfer Agent of the Funds, Aberdeen Standard Investments Luxembourg S.A. (“ASI Lux”), has changed to “abrdn Investments Luxembourg S.A.”. | # Modifica alla denominazione di Aberdeen Standard Investments Luxembourg S.A.
Come comunicato in precedenza, nell'ambito di un'iniziativa di modifica dei marchi aziendali, da luglio 2021 una serie di società controllate dal Gruppo abrdn ha cambiato denominazione. Nell'ambito di questa iniziativa, con effetto dal 3 ottobre 2022, la denominazione della Società di gestione, dell'Agente Domiciliatario e dell’Agente per i Trasferimenti dei Fondi, Aberdeen Standard Investments Luxembourg
S.A. (“ASI Lux”), verrà modificata in “abrdn Investments Luxembourg S.A.”. | # Change of name of Aberdeen Standard Investments Luxembourg S.A.
As communicated previously, as part of a company wide rebranding initiative, a number of entities within the abrdn group of companies have undergone change of name since July 2021. As a part of this rebranding initiative, with effect from 3 October 2022, the name of the Management Company, Domiciliary Agent and Transfer Agent of the Funds, Aberdeen Standard Investments Luxembourg S.A. (“ASI Lux”), has changed to “abrdn Investments Luxembourg S.A.”. | en | it |
DOLFIN7745 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Share Class Facts
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in company shares in countries in areas experiencing rapid economic growth including Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. These regions include emerging markets.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI Emerging Markets Index (Net) (the “Index”). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund.
Other share classes may be available. Please refer to the prospectus for more details.
Launch date: 02.04.14
NAV price in share class currency: 13.87
ISIN: LU1048684796 SEDOL: BKXGD49 WKN: A110XQ
Bloomberg: FFEKAAE LX
Dealing cut-off: 15:00 UK time (normally 16:00 Central European Time)
Distribution type: Accumulating
Ongoing Charges Figure (OCF) per year: 1.91% (30.04.22)
OCF takes into account annual management charge per year: 1.50% | # Datos de la clase de acción
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El fondo invertirá al menos un 70 % en acciones de empresas situadas en países de áreas que experimenten un rápido crecimiento económico, como América Latina, Sudeste Asiático, África, Europa del Este (incluida Rusia) y Oriente Medio. En estas regiones, hay mercados emergentes.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones tomará como referencia el MSCI Emerging Markets Index (Net) (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo.
Puede haber otras clases de acciones disponibles. Consulte el Folleto informativo para obtener más detalles.
Fecha de lanzamiento: 02.04.14
Precio del VAN en la divisa de la clase de acciones: 13,87
ISIN: LU1048684796 SEDOL: BKXGD49 WKN: A110XQ
Bloomberg: FFEKAAE LX
Hora límite de aceptación de órdenes: 15:00 horas del Reino Unido (Normalmente 16:00 horas de Europa Central)
Tipo de distribución: Acumulación
Cifra de gastos corrientes (OCF) anual: 1,91% (30.04.22)
La OCF tiene en cuenta el gasto de gestión anual: 1,50% | # Share Class Facts
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in company shares in countries in areas experiencing rapid economic growth including Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. These regions include emerging markets.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI Emerging Markets Index (Net) (the “Index”). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund.
Other share classes may be available. Please refer to the prospectus for more details.
Launch date: 02.04.14
NAV price in share class currency: 13.87
ISIN: LU1048684796 SEDOL: BKXGD49 WKN: A110XQ
Bloomberg: FFEKAAE LX
Dealing cut-off: 15:00 UK time (normally 16:00 Central European Time)
Distribution type: Accumulating
Ongoing Charges Figure (OCF) per year: 1.91% (30.04.22)
OCF takes into account annual management charge per year: 1.50% | en | es |
DOLFIN7746 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Performance scenarios and the assumptions made to produce them:
What you will get from this Product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the Product over the last 10 years.
Markets could develop very differently in the future.
| Recommended holding period: 5 years. Example Investment: USD 10,000 Scenarios | If you exit after 1 | year | If you exit after 5 years |
| --- | --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs Average return each year | USD 3,190 -68.15 % | USD 3,650 -18.25 % |
| Unfavourable | What you might get back after costs Average return each year | USD 7,720 -22.79 % | USD 4,560 -14.55 % |
| Moderate | What you might get back after costs Average return each year | USD 11,030 10.33 % | USD 16,550 10.60 % |
| Favourable | What you might get back after costs Average return each year | USD 15,770 57.71 % | USD 20,430 15.36 % |
The figures shown include all the costs of the Product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. The stress scenario shows what you might get back in extreme market circumstances. The unfavourable scenario occurred for an investment between January 2022 and March 2023. The moderate scenario occurred for an investment between October 2014 and October 2019. The favourable scenario occurred for an investment between May 2016 and May 2021. Your maximum loss would be that you will lose all your investment. | # Performance-Szenarien und die zu ihrer Erstellung getroffenen Annahmen:
Was Sie von diesem Produkt erhalten werden, hängt von der zukünftigen Marktentwicklung ab. Die künftige Marktentwicklung ist ungewiss und kann nicht genau prognostiziert werden. Die dargestellten optimistischen, mittleren und pessimistischen Szenarien sind Illustrationen, die die schlechteste, durchschnittliche und beste Wertentwicklung des Produkts in den letzten 10 Jahren verwenden. Die Märkte könnten sich in Zukunft ganz anders entwickeln.
| Empfohlene Haltedauer: 5 Jahre. Beispiel für eine Investition: USD 10.000 Szenarien | Wenn Sie nach 1 aussteigen | Jahr | Wenn Sie nach 5 Jahren aussteigen |
| --- | --- | --- | --- |
| Mindestrendite | Es gibt keine garantierte Mindestrendite. Sie könnten Ihre Anlage ganz oder teilweise verlieren. | |
| Stress | Was Sie nach Abzug der Kosten möglicherweise zurückbekommen Durchschnittlicher Ertrag pro Jahr | USD 3.190 -68,15 % | USD 3.650 -18,25 % |
| Pessimistisch | Was Sie nach Abzug der Kosten möglicherweise zurückbekommen Durchschnittlicher Ertrag pro Jahr | USD 7.720 -22,79 % | USD 4.560 -14,55 % |
| Mittel | Was Sie nach Abzug der Kosten möglicherweise zurückbekommen Durchschnittlicher Ertrag pro Jahr | USD 11.030 10,33 % | USD 16.550 10,60 % |
| Optimistisch | Was Sie nach Abzug der Kosten möglicherweise zurückbekommen Durchschnittlicher Ertrag pro Jahr | USD 15.770 57,71 % | USD 20.430 15,36 % |
Die angegebenen Zahlen enthalten alle Kosten für das Produkt selbst, aber möglicherweise nicht alle Kosten, die Sie an Ihren Berater oder Händler zahlen. Die Zahlen berücksichtigen nicht Ihre persönliche Steuersituation, die sich ebenfalls auf die Höhe der Rückzahlung auswirken kann. Das Stressszenario zeigt, was Sie unter extremen Marktbedingungen zurückbekommen könnten. Das pessimistische Szenario trat für eine Investition zwischen Januar 2022 und März 2023 ein. Das mittlere Szenario trat für eine Investition zwischen Januar 2022 und März 2023 ein. Das optimistische Szenario trat für eine Investition zwischen Januar 2022 und März 2023 ein. Ihr maximaler Verlust wäre, dass Sie Ihre gesamte Investition verlieren würden. | # Performance scenarios and the assumptions made to produce them:
What you will get from this Product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the Product over the last 10 years.
Markets could develop very differently in the future.
| Recommended holding period: 5 years. Example Investment: USD 10,000 Scenarios | If you exit after 1 | year | If you exit after 5 years |
| --- | --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs Average return each year | USD 3,190 -68.15 % | USD 3,650 -18.25 % |
| Unfavourable | What you might get back after costs Average return each year | USD 7,720 -22.79 % | USD 4,560 -14.55 % |
| Moderate | What you might get back after costs Average return each year | USD 11,030 10.33 % | USD 16,550 10.60 % |
| Favourable | What you might get back after costs Average return each year | USD 15,770 57.71 % | USD 20,430 15.36 % |
The figures shown include all the costs of the Product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. The stress scenario shows what you might get back in extreme market circumstances. The unfavourable scenario occurred for an investment between January 2022 and March 2023. The moderate scenario occurred for an investment between October 2014 and October 2019. The favourable scenario occurred for an investment between May 2016 and May 2021. Your maximum loss would be that you will lose all your investment. | en | de |
DOLFIN7747 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et que puis-je espérer en retour ? (suite) Scénarios de performance
Le montant que vous allez récupérer sur ce produit dépend de la performance de marché future. Les évolutions de marché sont incertaines et ne peuvent pas être prévues de manière précise.
Période de conservation recommandée 5
Exemple d’investissement EUR 10.000
1 an 5 ans
| Scénario de crise Le scénario de crise montre ce que vous récupérerez dans des circonstances de marché extrêmes. |
| --- |
| Ce que vous récupérerez après imputation des frais | €2150,00 | €2360,42 |
| Performance moyenne chaque année en % | -78,50 | -25,08 |
| Scénario défavorable Ce type de scénario est survenu Robeco Sustainable European Stars Equities I EUR entre 2021-10-31 et 2022-11-30. |
| Ce que vous récupérerez après imputation des frais | €8620,00 | €9347,72 |
| Performance moyenne chaque année en % | -13,80 | -1,34 |
| Scénario modéré Ce type de scénario est survenu Robeco Sustainable European Stars Equities I EUR entre 2014-09-30 et 2019-09-30. |
| Ce que vous récupérerez après imputation des frais | €10770,00 | €13617,45 |
| Performance moyenne chaque année en % | 8,00 | 6,37 |
| Scénario favorable Ce type de scénario est survenu Robeco Sustainable European Stars Equities I EUR entre 2012-11-30 et 2017-11-30. |
| Ce que vous récupérerez après imputation des frais | €13390,00 | €16149,07 |
| Performance moyenne chaque année en % | 34,00 | 10,06 |
Les chiffres présentés incluent tous les frais du produit, mais n’incluent pas nécessairement tous les frais que vous réglez à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut influer sur le montant que vous allez récupérer.
Les scénarios défavorables, modérés et favorables présentés sont des illustrations utilisant la performance la moins bonne, moyenne et meilleure du produit et un indicateur adapté des 10 dernières années.
Vous pouvez perdre une partie, voire l’intégralité de vos investissements. | # ¿Cuáles son los riesgos y qué puedo obtener a cambio? (continuación) Escenarios de
Lo que obtenga con este producto dependerá de la evolución futura del mercado. La evolución futura del mercado es incierta y no puede predecirse con exactitud.
Período de tenencia recomendado 5
Ejemplo de inversión EUR 10.000
1 año 5 años
| Supuesto de estrés El escenario de estrés muestra el importe que podría obtener en circunstancias extremas del mercado. |
| --- |
| Importe que podría obtener descontados los costes | €2150,00 | €2360,42 |
| Rendimiento medio anual % | -78,50 | -25,08 |
| Supuesto desfavorable Este tipo de escenario ocurrió por Robeco Sustainable European Stars Equities I EUR entre 2021-10-31 y 2022-11-30. |
| Importe que podría obtener descontados los costes | €8620,00 | €9347,72 |
| Rendimiento medio anual % | -13,80 | -1,34 |
| Supuesto alternativo Este tipo de escenario ocurrió por Robeco Sustainable European Stars Equities I EUR entre 2014-09-30 y 2019-09-30. |
| Importe que podría obtener descontados los costes | €10770,00 | €13617,45 |
| Rendimiento medio anual % | 8,00 | 6,37 |
| Supuesto favorable Este tipo de escenario ocurrió por Robeco Sustainable European Stars Equities I EUR entre 2012-11-30 y 2017-11-30. |
| Importe que podría obtener descontados los costes | €13390,00 | €16149,07 |
| Rendimiento medio anual % | 34,00 | 10,06 |
Las cifras incluyen todos los costes del producto propiamente dicho, pero podrían no incluir los costes que usted pague a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también podría afectar al importe que obtenga.
Los escenarios desfavorable, moderado y favorable que se muestran son ejemplos de la rentabilidad peor, media y mejor del producto y de un índice de referencia apropiado durante los 10 últimos años.
Podría perder la totalidad o parte de su inversión. | # Quels sont les risques et que puis-je espérer en retour ? (suite) Scénarios de performance
Le montant que vous allez récupérer sur ce produit dépend de la performance de marché future. Les évolutions de marché sont incertaines et ne peuvent pas être prévues de manière précise.
Période de conservation recommandée 5
Exemple d’investissement EUR 10.000
1 an 5 ans
| Scénario de crise Le scénario de crise montre ce que vous récupérerez dans des circonstances de marché extrêmes. |
| --- |
| Ce que vous récupérerez après imputation des frais | €2150,00 | €2360,42 |
| Performance moyenne chaque année en % | -78,50 | -25,08 |
| Scénario défavorable Ce type de scénario est survenu Robeco Sustainable European Stars Equities I EUR entre 2021-10-31 et 2022-11-30. |
| Ce que vous récupérerez après imputation des frais | €8620,00 | €9347,72 |
| Performance moyenne chaque année en % | -13,80 | -1,34 |
| Scénario modéré Ce type de scénario est survenu Robeco Sustainable European Stars Equities I EUR entre 2014-09-30 et 2019-09-30. |
| Ce que vous récupérerez après imputation des frais | €10770,00 | €13617,45 |
| Performance moyenne chaque année en % | 8,00 | 6,37 |
| Scénario favorable Ce type de scénario est survenu Robeco Sustainable European Stars Equities I EUR entre 2012-11-30 et 2017-11-30. |
| Ce que vous récupérerez après imputation des frais | €13390,00 | €16149,07 |
| Performance moyenne chaque année en % | 34,00 | 10,06 |
Les chiffres présentés incluent tous les frais du produit, mais n’incluent pas nécessairement tous les frais que vous réglez à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut influer sur le montant que vous allez récupérer.
Les scénarios défavorables, modérés et favorables présentés sont des illustrations utilisant la performance la moins bonne, moyenne et meilleure du produit et un indicateur adapté des 10 dernières années.
Vous pouvez perdre une partie, voire l’intégralité de vos investissements. | fr | es |
DOLFIN7748 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
- Dépositaire: The Bank of New York Mellon SA/NV, Dublin Branch (Ireland)
- Informations complémentaires: des informations complémentaires sur le Fonds (y compris le prospectus, le supplément, les derniers rapports annuel et semestriel, le cas échéant) peuvent être obtenues gratuitement en anglais, allemand, italien et français, selon le cas, sur demande adressée au siège social du Gestionnaire: Three Rock Capital Management Limited, 149 Francis Street, Dublin 8, Irlande, ou en se rendant sur www.fundinfo.com. Vous pouvez également obtenir ces documents auprès du représentant dans votre pays, dès lors qu’un représentant a été désigné.
- Publication du cours: Le dernier cours de l’action est publié sur www.fundinfo.com.
- Législation fiscale: le Fonds est assujetti aux lois fiscales irlandaises. Cela peut avoir une incidence sur votre situation fiscale personnelle. Pour de plus amples détails, veuillez vous entretenir avec votre conseiller fiscal.
- Déclaration de responsabilité: La responsabilité de Three Rock Capital Management Limited ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du Fonds.
- Structure: le Fonds est un compartiment de l’ICAV, un véhicule de gestion collective d’actifs irlandais constitué sous la forme d’un fonds à compartiments multiples avec responsabilité distincte entre ses compartiments. Cela signifie que, sous réserve des lois irlandaises applicables, les investissements du Fonds ne peuvent pas être utilisés pour acquitter les dettes d’autres compartiments de l’ICAV. Toutefois, ces dispositions n’ont pas été éprouvées dans d’autres juridictions. Le Prospectus et les rapports périodiques sont préparés pour l’ICAV dans son ensemble.
- Échanges: sous réserve des conditions énoncées dans le Prospectus, vous avez le droit d’échanger des actions d’une ou plusieurs catégories contre des actions d’une autre catégorie du Fonds ou d’un autre compartiment de l’ICAV. Veuillez vous reporter au Prospectus et au Supplément du Fonds pour de plus amples informations.
- Rémunération: la politique de rémunération actualisée du Gestionnaire, y compris, notamment, une description des modalités de calcul de la rémunération et des avantages, ainsi que l’identité des personnes responsables de l’attribution des rémunérations et avantages, dont la composition du comité de rémunération, le cas échéant, est disponible sur www.threerockcapital.com. Un exemplaire papier de la politique de rémunération sera mis à disposition gratuitement sur simple demande auprès du Gestionnaire.
Le Fonds est agréé en Irlande et est réglementé par la Banque centrale d’Irlande (la « Banque centrale »). Three Rock Capital Management Limited est agréé en Irlande et réglementé par la Banque centrale.
Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 15/03/2022. | # Información práctica
- Depositario: The Bank of New York Mellon SA/NV, Dublin Branch (Irlanda)
- Más información: Puede obtenerse información adicional gratuita sobre el fondo en inglés, alemán, italiano y francés, según corresponda (incluido el folleto, el suplemento y los informes anual y semestral más recientes, según proceda), mediante petición al domicilio social de la Gestora: Three Rock Capital Management Limited, 149 Francis Street, Dublín 8 (Irlanda) o en www.fundinfo.com. También puede obtener cualquiera de estos documentos a través del representante en su país, en caso de que haya sido designado.
- Publicación de precios: Los precios más recientes de las acciones están disponibles en www.fundinfo.com.
- Legislación tributaria: El fondo está sujeto a la legislación tributaria de Irlanda. Esto puede incidir en su situación tributaria personal. Para más información, consulte con su asesor fiscal.
- Declaración de responsabilidad: Three Rock Capital Management Limited únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo.
- Estructura: El fondo es un subfondo del ICAV, un vehículo irlandés de gestión colectiva de activos establecido con estructura de tipo paraguas con responsabilidad segregada entre subfondos. Con arreglo a la legislación irlandesa, esto significa que las inversiones del fondo no pueden destinarse a atender las deudas de otros subfondos del ICAV. No obstante, estas disposiciones no han sido probadas en otras jurisdicciones. El Folleto y los informes periódicos se elaboran para el conjunto del ICAV.
- Canjes: Con arreglo a las condiciones que se recogen en el Folleto, usted tiene derecho a canjear de una o varias clases a otras ya sea del fondo o de otro subfondo del ICAV. Para obtener más información, remítase al Folleto y al suplemento del fondo.
- Remuneración: Los pormenores de la política de remuneración actualizada de la Gestora, incluida, entre otros aspectos, una descripción de cómo se calculan la remuneración y los beneficios, las personas responsables de otorgarlos, incluida la composición del comité de remuneración, si lo hubiese, pueden consultarse en www.threerockcapital.com. Si así se solicita a la Gestora, podrá obtenerse una copia gratuita en papel de la política remuneración.
El fondo está autorizado en Irlanda y está regulado por el Banco Central de Irlanda (el “Banco Central”). Three Rock Capital Management Limited está autorizada en Irlanda y regulada por el Banco Central.
Los presentes datos fundamentales para el inversor son exactos a 15/03/2022. | # Informations pratiques
- Dépositaire: The Bank of New York Mellon SA/NV, Dublin Branch (Ireland)
- Informations complémentaires: des informations complémentaires sur le Fonds (y compris le prospectus, le supplément, les derniers rapports annuel et semestriel, le cas échéant) peuvent être obtenues gratuitement en anglais, allemand, italien et français, selon le cas, sur demande adressée au siège social du Gestionnaire: Three Rock Capital Management Limited, 149 Francis Street, Dublin 8, Irlande, ou en se rendant sur www.fundinfo.com. Vous pouvez également obtenir ces documents auprès du représentant dans votre pays, dès lors qu’un représentant a été désigné.
- Publication du cours: Le dernier cours de l’action est publié sur www.fundinfo.com.
- Législation fiscale: le Fonds est assujetti aux lois fiscales irlandaises. Cela peut avoir une incidence sur votre situation fiscale personnelle. Pour de plus amples détails, veuillez vous entretenir avec votre conseiller fiscal.
- Déclaration de responsabilité: La responsabilité de Three Rock Capital Management Limited ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du Fonds.
- Structure: le Fonds est un compartiment de l’ICAV, un véhicule de gestion collective d’actifs irlandais constitué sous la forme d’un fonds à compartiments multiples avec responsabilité distincte entre ses compartiments. Cela signifie que, sous réserve des lois irlandaises applicables, les investissements du Fonds ne peuvent pas être utilisés pour acquitter les dettes d’autres compartiments de l’ICAV. Toutefois, ces dispositions n’ont pas été éprouvées dans d’autres juridictions. Le Prospectus et les rapports périodiques sont préparés pour l’ICAV dans son ensemble.
- Échanges: sous réserve des conditions énoncées dans le Prospectus, vous avez le droit d’échanger des actions d’une ou plusieurs catégories contre des actions d’une autre catégorie du Fonds ou d’un autre compartiment de l’ICAV. Veuillez vous reporter au Prospectus et au Supplément du Fonds pour de plus amples informations.
- Rémunération: la politique de rémunération actualisée du Gestionnaire, y compris, notamment, une description des modalités de calcul de la rémunération et des avantages, ainsi que l’identité des personnes responsables de l’attribution des rémunérations et avantages, dont la composition du comité de rémunération, le cas échéant, est disponible sur www.threerockcapital.com. Un exemplaire papier de la politique de rémunération sera mis à disposition gratuitement sur simple demande auprès du Gestionnaire.
Le Fonds est agréé en Irlande et est réglementé par la Banque centrale d’Irlande (la « Banque centrale »). Three Rock Capital Management Limited est agréé en Irlande et réglementé par la Banque centrale.
Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 15/03/2022. | fr | es |
DOLFIN7749 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Investment objective
The fund’s investment objective is to achieve the highest possible return, in combination with a reasonable annual distribution of income.
The benchmark for the fund is the MSCI USA Growth Index Net. The benchmark is not repli- cated; it merely serves as a starting point for investment decisions. The fund management seeks to outperform the benchmark. The composi- tion of the fund and its performance may posi- tively or negatively deviate significantly or com- pletely (and over the long term) from the benchmark.
The MSCI USA Growth Index Net is administered by MSCI Limited. MSCI Limited is listed in an official register of benchmark administrators and benchmarks at the European Securities and Markets Authority (ESMA).
The Company has established robust, written plans in which it has stipulated measures that it would take if the benchmark were to change materially or were no longer to be provided.
As part of its discretionary management policy for the fund, the Company engages in active selection of the assets permitted under the KAGB and the Terms and Conditions of Investment. Decisions on asset selection are based on well-founded evaluations by the globally networked investment specialists of the fund management. | ### Anlageziel
Der Fonds strebt als Anlageziel die Erwirtschaf tung eines möglichst hohen Ertrages und zugleich eine angemessene jährliche Ausschüttung an.
Der Fonds orientiert sich am MSCI USA Growth Index Net als Vergleichsindex. Der Vergleichsindex wird nicht abgebildet, sondern dient lediglich als Ausgangspunkt für die Anlageentscheidungen.
Das Fondsmanagement versucht, die Wertent wicklung des Vergleichsindexes zu übertreffen. Die Zusammensetzung des Fonds und seine Wertent wicklung können wesentlich bis vollständig und langfristig – positiv oder negativ – vom Vergleichs index abweichen.
Der MSCI USA Growth Index Net wird von MSCI Limited administriert. MSCI Limited ist bei der europäischen Wertpapieraufsichtsbehörde ESMA in ein öffentliches Register von Administratoren von Referenzwerten und von Referenzwerten eingetragen.
Die Gesellschaft hat robuste schriftliche Pläne auf gestellt, in denen sie Maßnahmen dargelegt hat, die sie ergreifen würde, wenn der Vergleichsindex sich wesentlich ändert oder nicht mehr bereit gestellt wird.
Im Rahmen der diskretionären Verwaltung des Fonds betreibt die Gesellschaft eine aktive Auswahl der nach dem KAGB und den Anlagebedingungen zugelassenen Vermö- gensgegenstände. Hierfür bilden die fundier- ten Auswertungen der global vernetzten Investmentspezialisten des Fondsmanage- ments die Entscheidungsgrundlage. | ### Investment objective
The fund’s investment objective is to achieve the highest possible return, in combination with a reasonable annual distribution of income.
The benchmark for the fund is the MSCI USA Growth Index Net. The benchmark is not repli- cated; it merely serves as a starting point for investment decisions. The fund management seeks to outperform the benchmark. The composi- tion of the fund and its performance may posi- tively or negatively deviate significantly or com- pletely (and over the long term) from the benchmark.
The MSCI USA Growth Index Net is administered by MSCI Limited. MSCI Limited is listed in an official register of benchmark administrators and benchmarks at the European Securities and Markets Authority (ESMA).
The Company has established robust, written plans in which it has stipulated measures that it would take if the benchmark were to change materially or were no longer to be provided.
As part of its discretionary management policy for the fund, the Company engages in active selection of the assets permitted under the KAGB and the Terms and Conditions of Investment. Decisions on asset selection are based on well-founded evaluations by the globally networked investment specialists of the fund management. | en | de |
DOLFIN7750 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- |
| Coûts totaux EUR | 648 EUR | 2 790 EUR |
| Incidence des coûts annuels (*) | 6,5 % | 4,7 % par an | | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- |
| Costes totales EUR | 648 EUR | 2.790 EUR |
| Incidencia anual de los costes (*) | 6,5 % | 4,7 % por año | | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- |
| Coûts totaux EUR | 648 EUR | 2 790 EUR |
| Incidence des coûts annuels (*) | 6,5 % | 4,7 % par an | | fr | es |
DOLFIN7751 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 1.0 | -6.5 | 19.4 | 11.3 | 3.7 | -11.2 | 3.5 | 7.9 | -4.4 | 5.7 |
| Constraint †¹ | 1.0 | -5.8 | 20.9 | 13.1 | 4.6 | -10.0 | 6.1 | 8.6 | -4.6 | 6.3 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 09 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 1,0 | -6,5 | 19,4 | 11,3 | 3,7 | -11,2 | 3,5 | 7,9 | -4,4 | 5,7 |
| Limitación †¹ | 1,0 | -5,8 | 20,9 | 13,1 | 4,6 | -10,0 | 6,1 | 8,6 | -4,6 | 6,3 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 09 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 1.0 | -6.5 | 19.4 | 11.3 | 3.7 | -11.2 | 3.5 | 7.9 | -4.4 | 5.7 |
| Constraint †¹ | 1.0 | -5.8 | 20.9 | 13.1 | 4.6 | -10.0 | 6.1 | 8.6 | -4.6 | 6.3 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 09 February 2022 | en | es |
DOLFIN7752 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Minimum subscription conditions may be applied, in accordance with the terms of the prospectus.
The Fund may stop issuing units in accordance with the third paragraph of Article L. 214-8-7 of the French Monetary and Financial Code, in objective situations requiring the closure of subscriptions, such as reaching a maximum number of units, or the maximum asset value, or the expiry of a fixed subscription period.
Existing unitholders will be provided by any means with the information that this tool has been triggered, as well as with the threshold and the objective situation that led to the decision to close subscriptions in full or in part. In the event of a partial closure, this information by any means will explicitly state the terms under which existing unitholders may continue to make subscriptions for the duration of the partial closure. Unitholders are also informed by any means of the decision of the UCI or the Management Company to either terminate the total or partial closure of subscriptions (when moving beneath the trigger threshold), or to not terminate it (in the event of a change in threshold or change in the objective situation leading to the implementation of this tool). A change in the objective situation invoked or the trigger threshold of the tool must always be made in the interests of the unitholders. Information by any means specifies the exact reasons for these changes.
## Article 4 - Calculation of net asset value | # Des conditions de souscription minimale peuvent être appliquées, selon les modalités prévues dans le prospectus.
Le FCP peut cesser d’émettre des parts en application du troisième alinéa de l’article L. 214-8-7 du code monétaire et financier dans les situations objectives entraînant la fermeture des souscriptions telles qu’un nombre maximum de parts émises, un montant maximum d’actif atteint ou l’expiration d’une période de souscription déterminée.
Le déclenchement de cet outil fera l’objet d’une information par tout moyen des porteurs existants relative à son activation, ainsi qu’au seuil et à la situation objective ayant conduit à la décision de fermeture partielle ou totale. Dans le cas d’une fermeture partielle, cette information par tout moyen précisera explicitement les modalités selon lesquelles les porteurs existants peuvent continuer de souscrire pendant la durée de cette fermeture partielle. Les porteurs de parts sont également informés par tout moyen de la décision de l’OPC ou de la société de gestion soit de mettre fin à la fermeture totale ou partielle des souscriptions (lors du passage sous le seuil de déclenchement), soit de ne pas y mettre fin (en cas de changement de seuil ou de modification de la situation objective ayant conduit à la mise en œuvre de cet outil). Une modification de la situation objective invoquée ou du seuil de déclenchement de l’outil doit toujours être effectuée dans l’intérêt des porteurs de parts. L’information par tous moyens précise les raisons exactes de ces modifications.
## Article 4 - Calcul de la valeur liquidative | # Minimum subscription conditions may be applied, in accordance with the terms of the prospectus.
The Fund may stop issuing units in accordance with the third paragraph of Article L. 214-8-7 of the French Monetary and Financial Code, in objective situations requiring the closure of subscriptions, such as reaching a maximum number of units, or the maximum asset value, or the expiry of a fixed subscription period.
Existing unitholders will be provided by any means with the information that this tool has been triggered, as well as with the threshold and the objective situation that led to the decision to close subscriptions in full or in part. In the event of a partial closure, this information by any means will explicitly state the terms under which existing unitholders may continue to make subscriptions for the duration of the partial closure. Unitholders are also informed by any means of the decision of the UCI or the Management Company to either terminate the total or partial closure of subscriptions (when moving beneath the trigger threshold), or to not terminate it (in the event of a change in threshold or change in the objective situation leading to the implementation of this tool). A change in the objective situation invoked or the trigger threshold of the tool must always be made in the interests of the unitholders. Information by any means specifies the exact reasons for these changes.
## Article 4 - Calculation of net asset value | en | fr |
DOLFIN7753 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
This Fund is actively managed. The benchmark MSCI World Consumer Discretionary (NR) is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark.
The Fund seeks to increase the value of its assets over the medium term by investing in shares issued by companies which innovate and benefit from secular consumer growth trends, including but not limited to major demographic shifts, digitization, customization & experience, health & wellness and responsibility.
Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 5 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # UM WELCHE ART VON PRODUKT HANDELT ES SICH?
## Art
Dieses Produkt ist ein Organismus für gemeinsame Anlagen in Wertpapieren (OGAW). Es ist ein Teilfonds von BNP Paribas Funds, einer offenen Investmentgesellschaft (Société d'Investissement à Capital variable, „SICAV“), die den Bestimmungen von Teil I des Gesetzes von 17. Dezember 2010 über Organismen für gemeinsame Anlagen sowie der OGAW-Richtlinie 2009/65 unterliegt.
## Laufzeit
Dieses Produkt hat kein Fälligkeitsdatum.
BNP PARIBAS ASSET MANAGEMENT Luxembourg ist nicht zu einer einseitigen Kündigung des Produkts berechtigt. Der Verwaltungsrat ist befugt, über die Zusammenlegung, Aufteilung, Liquidation oder Schließung des Teilfonds zu entscheiden. Darüber hinaus kann die SICAV durch Beschluss einer außerordentlichen Hauptversammlung der Anteilinhaber aufgelöst werden.
## Ziele
Der Fonds wird aktiv verwaltet. Der Referenzindex MSCI World Consumer Discretionary (NR) wird nur für den Vergleich der Wertentwicklung verwendet. Der Fonds ist benchmarkunabhängig und seine Wertentwicklung kann erheblich von der des Referenzindex abweichen.
Ziel des Fonds ist die mittelfristige Wertsteigerung seiner Vermögenswerte durch Anlagen in Aktien Unternehmen, die innovativ sind und von langfristigen Wachstumstrends auf Verbraucherebene profitieren, z. B. von großen demografischen Veränderungen, der Digitalisierung, der Kundenanpassung und Erfahrung, Gesundheit und Wellness sowie Verantwortung.
ESG-Kriterien (Umwelt, Soziales und Unternehmensführung) tragen zur Entscheidungsfindung des Managers bei, sind aber kein ausschlaggebender Faktor. Die Erträge werden grundsätzlich reinvestiert.
Anleger können ihre Anteile täglich (an Bankarbeitstagen in Luxemburg) zurückgeben, wie im Verkaufsprospekt beschrieben.
## Kleinanleger-Zielgruppe
Dieses Produkt ist für Kleinanleger konzipiert, die weder über Finanzexpertise noch über spezifische Kenntnisse verfügen, um das Produkt zu verstehen, aber dennoch einen vollständigen Kapitalverlust verkraften können. Es ist für Kunden geeignet, die Kapitalwachstum anstreben. Potenzielle Anleger sollten einen Anlagehorizont von mindestens 5 Jahren haben.
## Praktische Informationen
Verwahrstelle: BNP PARIBAS, Luxembourg Branch
Dieses Basisinformationsblatt wurde für die oben genannte Anteilsklasse erstellt und beschreibt einen Teilfonds des BNP Paribas Funds Fonds. Weitere Informationen über das Produkt sind im Prospekt und in den regelmäßigen Berichten enthalten, die auf der Ebene der SICAV herausgegeben werden. Nach luxemburgischem Recht haften die Teilfonds getrennt voneinander, d. h. die Vermögenswerte eines Teilfonds können nicht dazu verwendet werden, die Ansprüche eines Gläubigers oder einer dritten Partei gegenüber einem anderen Teilfonds zu erfüllen.
Anleger können Anteile zwischen den Teilfonds der SICAVs umschichten. Einzelheiten hierzu erfahren Sie im Verkaufsprospekt oder von Ihrem Finanzberater. Weitere Informationen zum Produkt, einschließlich des aktuellen Prospekts, des Basisinformationsblatts, der Nettoinventarwerte, der zuletzt veröffentlichten Anteilspreise, des Jahresberichts und der Anlagebeschreibung sind kostenfrei in englischer Sprache bei BNP PARIBAS ASSET MANAGEMENT Luxembourg oder online unter www.bnpparibas-am.com erhältlich. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
This Fund is actively managed. The benchmark MSCI World Consumer Discretionary (NR) is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark.
The Fund seeks to increase the value of its assets over the medium term by investing in shares issued by companies which innovate and benefit from secular consumer growth trends, including but not limited to major demographic shifts, digitization, customization & experience, health & wellness and responsibility.
Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 5 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | de |
DOLFIN7754 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# ABOUT THE BENCHMARK
The Index offers exposure to US Dollar denominated investment grade corporate bonds from industrial, utility and financial issuers with a remaining term to final maturity less than 5 years.
Unless otherwise stated in the prospectus or in the relevant key investor information document, the Fund is not managed against a particular benchmark or index, and any reference to a particular benchmark or index in this factsheet is made solely for risk or performance comparison purposes. | # BREVE DESCRIZIONE DEL BENCHMARK
L'Indice offre un'esposizione alle obbligazioni societarie investment grade denominate in dollari statunitensi di emittenti operanti nei settori dell'industria, delle utilities e della finanza con vita residua inferiore a 5 anni.
Salvo altrimenti specificato nel Prospetto o nel relativo documento contenente le informazioni chiave per gli investitori, il Fondo non è gestito in relazione a un particolare benchmark o indice. Ogni eventuale riferimento a un particolare benchmark o indice contenuto nella presente scheda informativa è effettuato unicamente allo scopo di raffrontare la performance e/o il rischio. | # ABOUT THE BENCHMARK
The Index offers exposure to US Dollar denominated investment grade corporate bonds from industrial, utility and financial issuers with a remaining term to final maturity less than 5 years.
Unless otherwise stated in the prospectus or in the relevant key investor information document, the Fund is not managed against a particular benchmark or index, and any reference to a particular benchmark or index in this factsheet is made solely for risk or performance comparison purposes. | en | it |
DOLFIN7755 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### BENCHMARK INDICATOR PUBLICATION
The Benchmark Indicator is calculated at the closing price each day, by using the official closing price of the listing market of the component securities. The Benchmark Indicator is also calculated in real time every stock exchange trading day.
The Benchmark Indicator is available in real-time via Reuters and Bloomberg. The Benchmark Indicator is calculated by Dow Jones & Company Inc.
The monitored performance is that of the closing prices of the Benchmark Indicator. The complete methodology is available on the Internet at: www.spindices.com/
In accordance with Regulation (EU) 2016/1011, the management company has a reference index monitoring plan which it uses within the meaning of the said Regulation.
Dow Jones & Company Inc is administrator of the Benchmark Index. The administrator of the Benchmark Index is registered on the Register of Administrators and Benchmark Indexes maintained by the ESMA. | ###### PUBLICATION DE L’INDICATEUR DE REFERENCE
L’Indicateur de Référence est calculé quotidiennement en cours de clôture en utilisant le prix de clôture officiel de la bourse de cotation des titres constituants. L’Indicateur de Référence est également calculé en temps réel chaque Jour de Bourse ouvré.
L’Indicateur de Référence est disponible en temps réel via Reuters et Bloomberg. L’indice est calculé par Dow Jones & Company Inc.
La performance suivie est celle du cours de clôture de l’Indicateur de Référence. La méthodologie complète est disponible à l’adresse suivante : http://www.spindices.com/
Conformément au règlement (UE) 2016/1011, la société de gestion dispose d’un plan de suivi des indices de référence qu’elle utilise au sens dudit règlement.
Dow Jones & Company Inc est administrateur de l’Indicateur de Référence. L’administrateur de l’Indicateur de Référence est inscrit au registre d’aministrateurs et d’indices de référence tenu par l’ESMA | #### BENCHMARK INDICATOR PUBLICATION
The Benchmark Indicator is calculated at the closing price each day, by using the official closing price of the listing market of the component securities. The Benchmark Indicator is also calculated in real time every stock exchange trading day.
The Benchmark Indicator is available in real-time via Reuters and Bloomberg. The Benchmark Indicator is calculated by Dow Jones & Company Inc.
The monitored performance is that of the closing prices of the Benchmark Indicator. The complete methodology is available on the Internet at: www.spindices.com/
In accordance with Regulation (EU) 2016/1011, the management company has a reference index monitoring plan which it uses within the meaning of the said Regulation.
Dow Jones & Company Inc is administrator of the Benchmark Index. The administrator of the Benchmark Index is registered on the Register of Administrators and Benchmark Indexes maintained by the ESMA. | en | fr |
DOLFIN7756 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
These Funds may invest in sustainable investments as defined under SFDR. The minimum expected investment in sustainable investments has not yet been defined for these funds but will be defined in July 2022.
As a financial product falling under the Article 8 of SFDR promoting environmental characteristics, each Fund listed above is also required to state that the “do no significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities.
The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
It should however be noted that the strategies of the above Funds do not take account of the EU criteria for environmentally sustainable economic activities within the meaning of the EU Taxonomy Regulation (EU) 2020/852) but this will be reviewed once the framework has been finalised and the relevant data is available. | Diese Fonds können nachhaltige Investitionen im Sinne der Offenlegungsverordnung tätigen. Die erwartete Mindestanlage in nachhaltigen Investitionen wurde für diese Fonds noch nicht festgelegt, dies wird jedoch im Juli 2022 geschehen.
Da es sich um ein Finanzprodukt handelt, das unter Artikel 8 der Offenlegungsverordnung zur Bewerbung ökologischer Merkmale fällt, muss jeder der oben aufgeführten Fonds auch angeben, dass der Grundsatz „keinen erheblichen Schaden verursachen“ nur für die dem Finanzprodukt zugrunde liegenden Investitionen gilt, die die EU-Kriterien für eine ökologisch nachhaltige Wirtschaftstätigkeit berücksichtigen.
Die Anlagen, die dem verbleibenden Anteil dieses Finanzprodukts zugrunde liegen, berücksichtigen nicht die EU-Kriterien für eine ökologisch nachhaltige Wirtschaftstätigkeit.
Es ist jedoch anzumerken, dass die Strategien der oben genannten Fonds nicht die EU-Kriterien für eine ökologisch nachhaltige Wirtschaftstätigkeit im Sinne der EU-Taxonomie- Verordnung (EU) 2020/852) berücksichtigen. Dies wird jedoch überprüft, sobald das Rahmenwerk fertiggestellt ist und die entsprechenden Daten vorliegen. | These Funds may invest in sustainable investments as defined under SFDR. The minimum expected investment in sustainable investments has not yet been defined for these funds but will be defined in July 2022.
As a financial product falling under the Article 8 of SFDR promoting environmental characteristics, each Fund listed above is also required to state that the “do no significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities.
The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
It should however be noted that the strategies of the above Funds do not take account of the EU criteria for environmentally sustainable economic activities within the meaning of the EU Taxonomy Regulation (EU) 2020/852) but this will be reviewed once the framework has been finalised and the relevant data is available. | en | de |
DOLFIN7757 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | €670 | €1,150 |
| Annual cost impact (*) | 6.7% each year | 3.6% each year | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 3 anni |
| --- | --- | --- |
| Costi totali | €670 | €1.150 |
| Incidenza annuale dei costi (*) | 6,7% ogni anno | 3,6% ogni anno | | | | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | €670 | €1,150 |
| Annual cost impact (*) | 6.7% each year | 3.6% each year | | en | it |
DOLFIN7758 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The limits set forth in (ii) to (iv) may be disregarded at the time of acquisition if at that time the gross amount of bonds or of the Money Market Instruments or the net amount of the instruments in issue cannot be calculated.
The ceilings set forth above under (15) and (16) do not apply in respect of:
- Transferable Securities and Money Market Instruments issued or guaranteed by a Member State or by its local authorities;
- Transferable Securities and Money Market Instruments issued or guaranteed by any Other State;
- Transferable Securities and Money Market Instruments issued by a public international body of which one or more Member State(s) are member(s); and
- shares in the capital of a company which is incorporated under or organized pursuant to the laws of an Other State provided that (i) such company invests its assets principally in securities issued by issuers of that State, (ii) pursuant to the laws of that State a participation by the relevant Sub-Fund in the equity of such company constitutes the only possible way to purchase securities of issuers of that State, and (iii) such company observes in its investments policy the restrictions set forth under C, items (1) to (5), (8), (9) and (12) to (16).
-
## In addition, the Fund shall comply in respect of its net assets with the following investment restrictions per instrument: | Die in den vorstehenden Absätzen (ii) bis (iv) vorgesehenen Anlagegrenzen brauchen beim Erwerb nicht eingehalten zu werden, wenn sich der Bruttobetrag der Anleihen oder der Geldmarktinstrumente oder der Nettobetrag der ausgegebenen Anteile zum Zeitpunkt des Erwerbs nicht berechnen lässt.
Die oben unter (15) und (16) angeführten Obergrenzen gelten nicht für:
- Übertragbare Wertpapiere und Geldmarktinstrumente, die von einem Mitgliedstaat oder seinen Gebietskörperschaften begeben oder garantiert werden,
- Übertragbare Wertpapiere und Geldmarktinstrumente, die von einem Drittstaat begeben oder garantiert werden,
- Übertragbare Wertpapiere und Geldmarktinstrumente, die von einer internationalen Einrichtung öffentlich-rechtlichen Charakters, der mindestens ein Mitgliedstaat angehört, begeben werden, und
- Anteile am Kapital einer Gesellschaft, die nach dem Recht eines Drittstaates gegründet oder organisiert wurde, und zwar unter der Voraussetzung, dass (i) diese Gesellschaft ihre Vermögenswerte hauptsächlich in Wertpapiere investiert, die von Emittenten dieses Staates begeben werden, und dass (ii) nach dem Recht dieses Staates eine Beteiligung durch den jeweiligen Teilfonds am Eigenkapital dieser Gesellschaft die einzige Möglichkeit darstellt, Wertpapiere von Emittenten dieses Staates zu erwerben, und dass (iii) diese Gesellschaft bei ihrer Anlagepolitik die Beschränkungen beachtet, die vorstehend in C, Punkte (1) bis (5), (8), (9) und (12) bis (16) festgelegt sind.
-
## Außerdem beachtet der Fonds folgende Anlagebeschränkungen je Instrument im Hinblick auf sein Nettovermögen: | The limits set forth in (ii) to (iv) may be disregarded at the time of acquisition if at that time the gross amount of bonds or of the Money Market Instruments or the net amount of the instruments in issue cannot be calculated.
The ceilings set forth above under (15) and (16) do not apply in respect of:
- Transferable Securities and Money Market Instruments issued or guaranteed by a Member State or by its local authorities;
- Transferable Securities and Money Market Instruments issued or guaranteed by any Other State;
- Transferable Securities and Money Market Instruments issued by a public international body of which one or more Member State(s) are member(s); and
- shares in the capital of a company which is incorporated under or organized pursuant to the laws of an Other State provided that (i) such company invests its assets principally in securities issued by issuers of that State, (ii) pursuant to the laws of that State a participation by the relevant Sub-Fund in the equity of such company constitutes the only possible way to purchase securities of issuers of that State, and (iii) such company observes in its investments policy the restrictions set forth under C, items (1) to (5), (8), (9) and (12) to (16).
-
## In addition, the Fund shall comply in respect of its net assets with the following investment restrictions per instrument: | en | de |
DOLFIN7759 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Risks in connection with the receipt of collateral
The Company receives collateral for derivative, securities lend- ing and repurchase transactions. Derivatives, loaned securi- ties or securities sold under repurchase agreements may rise in value. In such an event, the collateral received may no longer be sufficient to cover the full amount of the Company’s claim against the counterparty for delivery or return.
The Company may invest cash collateral in blocked bank accounts, in high-quality sovereign bonds or in short-term money market funds. However, the credit institution holding the bank deposit may default. Government bonds and money market funds may also exhibit negative performance. When the transac- tion ends, the invested collateral may no longer be available in full, even though the Company must return the collateral on the Fund’s behalf in the amount originally granted. The Fund would then have to bear the losses incurred on the collateral. | ## Risques liés à l’octroi de garantie
La Société reçoit une garantie dans le cadre des transactions sur produits dérivés, du prêt/emprunt de titres et des opérations de mise en pension. La valeur des dérivés, des titres prêtés ou des titres vendus dans le cadre des contrats de mise en pension peut augmenter. Dans un tel cas de figure, la garantie reçue peut ne plus suffire à couvrir la totalité du montant de la demande de livraison ou de restitution de la Société faite à la contrepartie.
La Société peut investir la garantie en numéraire sur des comptes bancaires bloqués, dans de la dette souveraine de qua- lité élevée ou des fonds monétaires à court terme. En revanche, l’établissement de crédit détenant le dépôt bancaire peut faire faillite. Les emprunts d’État et les fonds monétaires peuvent également enregistrer une performance négative. Au terme de la transaction, il se peut que la garantie investie ne soit plus dispo- nible en intégralité, même si la Société doit la restituer au nom du Fonds pour un montant égal à son montant initial. Le Fonds aura donc à supporter les pertes ainsi encourues. | ## Risks in connection with the receipt of collateral
The Company receives collateral for derivative, securities lend- ing and repurchase transactions. Derivatives, loaned securi- ties or securities sold under repurchase agreements may rise in value. In such an event, the collateral received may no longer be sufficient to cover the full amount of the Company’s claim against the counterparty for delivery or return.
The Company may invest cash collateral in blocked bank accounts, in high-quality sovereign bonds or in short-term money market funds. However, the credit institution holding the bank deposit may default. Government bonds and money market funds may also exhibit negative performance. When the transac- tion ends, the invested collateral may no longer be available in full, even though the Company must return the collateral on the Fund’s behalf in the amount originally granted. The Fund would then have to bear the losses incurred on the collateral. | en | fr |
DOLFIN7760 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Partial exemption pursuant to the German Investment Tax Act regarding the sub-fund “GSC Green Tech ESG Fund”
In accordance with the requirements of Article 2 (6) of the German Investment Tax Act (InvStG) regarding the existence of a stock fund, more than 50% per cent of the assets of the sub-funds are invested in equity investments within the meaning of Article 2 (8) InvStG on an ongoing basis. Equity investments in this sense are
- Shares in a company admitted to official trading on a stock exchange or listed on an organised market (this also includes shares in REIT companies, insofar as these are organised in the form of companies and are admitted to official trading on a stock exchange or listed on an organised market),
- Shares in a capital company that is not a real estate company and that is
- resident in an EU/EEA state and is subject to income taxation for capital companies there and is not exempt from from such taxation, or
- is resident in a third country and is subject to income taxation for capital companies of at least 15% there and is not exempt from such taxation. | #### Teilfreistellung gemäss deutschem Investmentsteuergesetz des Teilvermögens «GSC Green Tech ESG Fund
Entsprechend den Anforderungen des § 2 Absatz 6 des deutschen Investmentsteuergesetzes (InvStG) über das Vorliegen eines Aktienfonds, werden fortlaufend mehr als 50% Prozent des Aktivvermögens der Teilvermögen in Kapitalbeteiligungen im Sinne von § 2 Absatz 8 InvStG angelegt. Kapitalbeteiligungen in diesem Sinne sind
- Zum amtlichen Handel an einer Börse zugelassene oder auf einem organisierten Markt notierte Anteile an einer Kapi- talgesellschaft (hierunter fallen auch Anteile an REIT-Gesellschaften, soweit diese in Form von Kapitalgesellschaften organisiert sind und zum amtlichen Handel an einer Börse zugelassen oder auf einem organisierten Markt notiert sind),
- Anteile an einer Kapitalgesellschaft, die keine Immobilien-Gesellschaft ist und die
- In einem EU/EWR-Staat ansässig ist und dort der Ertragsbesteuerung für Kapitalgesellschaften unterliegt und nicht von ihr befreit ist, oder
- In einem Drittstaat ansässig ist und dort einer Ertragsbesteuerung für Kapitalgesellschaften i.H.v. mindestens 15% unterliegt und nicht von ihr befreit ist | #### Partial exemption pursuant to the German Investment Tax Act regarding the sub-fund “GSC Green Tech ESG Fund”
In accordance with the requirements of Article 2 (6) of the German Investment Tax Act (InvStG) regarding the existence of a stock fund, more than 50% per cent of the assets of the sub-funds are invested in equity investments within the meaning of Article 2 (8) InvStG on an ongoing basis. Equity investments in this sense are
- Shares in a company admitted to official trading on a stock exchange or listed on an organised market (this also includes shares in REIT companies, insofar as these are organised in the form of companies and are admitted to official trading on a stock exchange or listed on an organised market),
- Shares in a capital company that is not a real estate company and that is
- resident in an EU/EEA state and is subject to income taxation for capital companies there and is not exempt from from such taxation, or
- is resident in a third country and is subject to income taxation for capital companies of at least 15% there and is not exempt from such taxation. | en | de |
DOLFIN7761 | 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
Ce Fonds est un OPCVM actif.
L’objectif d’investissement du Fonds est de générer une plus-value nette (en tenant compte de la totalité des frais et dépenses imputables au Fonds) supérieure au taux en euro à court terme (le « taux €STR ») ou au taux monétaire équivalent dans la devise des Classes d’actions concernées (l’« Indice de référence »), sur un horizon de 3 à 5 ans moyennant un objectif de volatilité annuel inférieur à 3 %. Le Fonds dispose d’une approche d’investissement flexible afin de générer une performance dans la plupart des environnements de marché. Il investit dans un portefeuille diversifié d’instruments liquides.
La devise de la classe d’actions est l’euro (EUR).
Instruments financiers investis : les actifs éligibles y compris, entre autres, les actions, les obligations, les fonds indiciels cotés (ETF), les OPCVM, les instruments du marché monétaire, les titres intégrant des dérivés et les instruments dérivés (tels que les futures cotés, les options cotées, les contrats à terme et les swaps liés en particulier à des actions,
des obligations, des devises, des indices sur matières premières et des taux d’intérêt).
Politique de dividendes : les revenus du Fonds (le cas échéant) ne seront pas distribués aux Actionnaires, mais réinvestis.
Valeur liquidative : la Valeur liquidative par action est calculée chaque Jour de valorisation, c’est-à-dire (i) toute journée de travail complète au Luxembourg, à New York et à Paris lorsque les banques sont ouvertes et (ii) toute séance habituelle respective durant laquelle les bourses fonctionnent aux États-Unis, dans l’Union européenne et au Royaume-Uni, sauf décision contraire du Conseil d’administration.
Rachats : les demandes de rachat d’Actions doivent être transmises en indiquant le nombre d’Actions et seront centralisées par le Dépositaire avant 12 h (heure de Luxembourg) chaque Jour de valorisation (tel que défini ci-dessous) et seront traitées à la Valeur liquidative calculée à ce Jour de valorisation. Les demandes de rachat transmises après 12 h (heure de Luxembourg) un Jour de valorisation donné seront réputées avoir été reçues avant 12 h (heure de Luxembourg) le Jour de valorisation suivant. | # Objetivos y política de inversión
Este Fondo es un fondo UCITS de gestión activa.
El objetivo de inversión del Fondo es brindar una revalorización neta del capital (teniendo en cuenta todas las comisiones y gastos atribuibles al Fondo) superior al tipo del euro a corto plazo (en lo sucesivo, el "€STR") o al tipo equivalente del mercado monetario en la divisa de la Clase de Acciones en cuestión (en lo sucesivo, el "Índice de referencia"), en un horizonte de 3 a 5 años con un nivel anual de volatilidad del 3 %. El Fondo presenta un enfoque de inversión flexible para generar rentabilidad en la mayoría de los entornos de mercado. Invertirá en una cartera diversificada de instrumentos líquidos.
La divisa de la clase del fondo es el euro (EUR).
Instrumentos financieros en los que se invierte: Activos aptos, incluidos, sin carácter restrictivo, la renta variable, renta fija, fondos de inversión cotizados, UCITS, instrumentos del mercado monetario, valores con derivados incluidos e instrumentos derivados (como, por ejemplo, futuros cotizados, opciones cotizadas, contratos a plazo y permutas vinculados principalmente a índices de renta variable,
de renta fija, de divisas y de materias primas, así como a tipos de interés).
Política de dividendos: todos los importes del Fondo disponibles para distribución (en caso de haberlos) no se distribuirán a los Accionistas, sino que serán reinvertidos.
Valor liquidativo: El Valor liquidativo por participación se calcula todos los Días de valoración que sean (i) un día laborable en Luxemburgo, Nueva York y París en los que los bancos estén operativos y (ii) que las bolsas hayan abierto a negociación en EE. UU., la Unión Europea y el Reino Unido en sus respectivas sesiones de negociación regulares o, de lo contrario, cuando lo determine el Consejo de Administración.
Reembolsos: Las solicitudes de reembolso de Participaciones deberán cursarse indicando el número de Participaciones y serán centralizadas por el Registrador antes de las 12:00 (hora de Luxemburgo) todos los Días de Valoración (según lo definido a continuación) y procesadas al Valor Liquidativo calculado en dicho Día de Valoración. Las solicitudes de reembolso enviadas después de las 12:00 (hora de Luxemburgo) de un Día de Valoración se considerarán recibidas antes de las 12:00 horas (hora de Luxemburgo) del siguiente Día de Valoración. | # Objectifs et politique d’investissement
Ce Fonds est un OPCVM actif.
L’objectif d’investissement du Fonds est de générer une plus-value nette (en tenant compte de la totalité des frais et dépenses imputables au Fonds) supérieure au taux en euro à court terme (le « taux €STR ») ou au taux monétaire équivalent dans la devise des Classes d’actions concernées (l’« Indice de référence »), sur un horizon de 3 à 5 ans moyennant un objectif de volatilité annuel inférieur à 3 %. Le Fonds dispose d’une approche d’investissement flexible afin de générer une performance dans la plupart des environnements de marché. Il investit dans un portefeuille diversifié d’instruments liquides.
La devise de la classe d’actions est l’euro (EUR).
Instruments financiers investis : les actifs éligibles y compris, entre autres, les actions, les obligations, les fonds indiciels cotés (ETF), les OPCVM, les instruments du marché monétaire, les titres intégrant des dérivés et les instruments dérivés (tels que les futures cotés, les options cotées, les contrats à terme et les swaps liés en particulier à des actions,
des obligations, des devises, des indices sur matières premières et des taux d’intérêt).
Politique de dividendes : les revenus du Fonds (le cas échéant) ne seront pas distribués aux Actionnaires, mais réinvestis.
Valeur liquidative : la Valeur liquidative par action est calculée chaque Jour de valorisation, c’est-à-dire (i) toute journée de travail complète au Luxembourg, à New York et à Paris lorsque les banques sont ouvertes et (ii) toute séance habituelle respective durant laquelle les bourses fonctionnent aux États-Unis, dans l’Union européenne et au Royaume-Uni, sauf décision contraire du Conseil d’administration.
Rachats : les demandes de rachat d’Actions doivent être transmises en indiquant le nombre d’Actions et seront centralisées par le Dépositaire avant 12 h (heure de Luxembourg) chaque Jour de valorisation (tel que défini ci-dessous) et seront traitées à la Valeur liquidative calculée à ce Jour de valorisation. Les demandes de rachat transmises après 12 h (heure de Luxembourg) un Jour de valorisation donné seront réputées avoir été reçues avant 12 h (heure de Luxembourg) le Jour de valorisation suivant. | fr | es |
DOLFIN7762 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The limits referred to in paragraphs 2.3, 2.4, 2.5, 2.7, 2.8 and 2.9 above may not be combined, so that exposure to a single body shall not exceed 35% of net assets.
- Group companies are regarded as a single issuer for the purposes of paragraphs 2.3, 2.4, 2.5, 2.7, 2.8 and 2.9. However, a limit of 20% of net assets may be applied to investment in Transferable Securities and Money Market Instruments within the same group.
- A UCITS may invest up to 100% of net assets in different Transferable Securities and Money Market Instruments issued or guaranteed by any Member State, its local authorities, non-Member States or public international bodies of which one or more Member States are members. | - Die in Absatz 2.3, 2.4, 2.5, 2.7, 2.8 und 2.9 genannten Höchstgrenzen dürfen nicht kombiniert werden, so dass das Engagement bei einer einzigen Körperschaft 35 % des Nettovermögens nicht überschreitet.
- Konzerngesellschaften werden im Sinne von Absatz 2.3, 2.4, 2.5, 2.7, 2.8 und 2.9 als ein Emittent betrachtet. Allerdings kann die Höchstgrenze von 20 % des Nettovermögens auf Anlagen in übertragbaren Wertpapieren und Geldmarktpapieren innerhalb desselben Konzerns angewandt werden.
- Ein OGAW darf bis zu 100 % des Nettovermögens in verschiedene übertragbare Wertpapiere und Geldmarktpapiere investieren, die von einem Mitgliedstaat, dessen Gebietskörperschaften, Nicht-Mitgliedstaaten oder öffentlichen internationalen Körperschaften, von denen ein oder mehrere Mitglieder Mitgliedstaaten sind, ausgegeben oder garantiert werden. | - The limits referred to in paragraphs 2.3, 2.4, 2.5, 2.7, 2.8 and 2.9 above may not be combined, so that exposure to a single body shall not exceed 35% of net assets.
- Group companies are regarded as a single issuer for the purposes of paragraphs 2.3, 2.4, 2.5, 2.7, 2.8 and 2.9. However, a limit of 20% of net assets may be applied to investment in Transferable Securities and Money Market Instruments within the same group.
- A UCITS may invest up to 100% of net assets in different Transferable Securities and Money Market Instruments issued or guaranteed by any Member State, its local authorities, non-Member States or public international bodies of which one or more Member States are members. | en | de |
DOLFIN7763 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Suspension of Dealings in Shares
The Directors may suspend the determination of the Net Asset Value of any Fund and the issue and redemption of any Fund's Shares to and from its Shareholders and the conversion from and to Shares of the relevant Fund during:
| (i) | any period when any of the principal stock exchanges or markets on which any substantial portion of the investments of the Company attributable to such Fund are quoted or dealt in are closed otherwise than for ordinary holidays, or during which dealings therein are restricted or suspended; or |
| --- | --- |
| (ii) | the existence of any state of affairs which constitutes an emergency as a result of which disposals or valuation of assets owned by the Company attributable to such Fund would be impracticable; or |
| (iii) | any breakdown in or restriction in the use of the means of communication normally employed in determining the price or value of any of the investments attributable to such Fund or the current price or values on any stock exchange; or |
| --- | --- |
| (iv) | any period when the Company is unable to repatriate monies for the purpose of making payments on the redemption of such Shares or during which any transfer of funds involved in the realisation or acquisition of investments or payments due on redemption of such Shares cannot in the opinion of the Directors be effected at normal rates of exchange; or |
| (v) | if the Board of Directors has determined that there has been a material change in the valuations of a substantial proportion of the investments of the Company attributable to a particular Fund in the preparation or use of a valuation or the carrying out of a later or subsequent valuation; or |
| (vi) | during any other circumstance or circumstances where a failure to do so might result in the Company or its Shareholders incurring any liability to taxation or suffering other pecuniary disadvantages or any other detriment which the Company or its Shareholders might so otherwise have suffered; or |
| (vii) | during any period when the determination of the net asset value per Share of and/or the redemptions in the underlying investment funds representing a material part of the assets of the Fund is suspended; or |
| (viii) | any period when, in the opinion of the Directors, there exist unusual circumstances where it would be impracticable or unfair towards the Shareholders to continue dealing in the Shares of any Fund of the Company; or |
| (ix) | in the event of winding up or liquidation of the Company or of a Fund, in which event the Board of Directors may decide to suspend the determination of the Net Asset Value as from the date of its decision to propose to the Shareholders the winding up or liquidation of the Company or the date of its decision to wind up or liquidate the relevant Fund; or |
| (x) | any period when the Net Asset Value of any subsidiary of the Company cannot be accurately determined; or |
| (xi) | when the master UCITS of a feeder UCITS Class temporarily suspends the repurchase, redemption or subscription of its units, whether on its own initiative or at the request of its competent authorities; or |
| (xii) | any period where circumstances exist that would justify the suspension for the protection of Shareholders in accordance with the Law. |
No Share of such a Fund may be issued or redeemed and no conversion of Shares can be made to or from such Fund during such period of suspension. Notice of any suspension will be published in a Luxembourg newspaper and in such other newspapers as the Directors may from time to time determine. Any person applying for the issue, redemption or conversion of Shares of such a Fund will promptly be informed upon making such application. During any such period of suspension, Shareholders who have applied for the issue, redemption or conversion of Shares of any such Fund may revoke their application. In the absence of such revocation, the Subscription or Redemption Price or relevant NAV per Share shall be based on the first calculation of NAV made after the expiration of such period of suspension or deferral.
The suspension in dealing in Shares in any one Fund will have no effect on the calculation of the NAV per Share, the issue, redemption and conversion of the Shares of any other Fund.
Moreover, in accordance with the provisions on mergers of the Law, the Company may temporarily suspend the subscription, the redemption or the repurchase of its Shares, provided that any such suspension is justified for the protection of the Shareholders. | # Aussetzung des Handels mit Anteilen
Die Verwaltungsratsmitglieder können die Ermittlung des Nettoinventarwerts eines Fonds und die Ausgabe und Rücknahme der Anteile eines Fonds an und von den Anteilinhabern sowie den Umtausch von Anteilen und in Anteile des jeweiligen Fonds während der folgenden Zeiträume aussetzen:
| (i) | eines Zeitraums, in dem eine der wichtigsten Börsen oder Märkte, an denen ein wesentlicher Teil der Anlagen der Gesellschaft, die einem solchen Fonds zuzurechnen sind, notiert ist oder gehandelt wird, außer an gewöhnlichen Feiertagen geschlossen ist oder in dem der Handel dort eingeschränkt oder ausgesetzt ist; oder |
| --- | --- |
| (ii) | das Vorhandensein von Umständen, die einen Notfall darstellen, aufgrund dessen die Veräußerung oder Bewertung von Vermögenswerten der Gesellschaft, die einem solchen Fonds zuzuordnen sind, undurchführbar wäre; oder |
| (iii) | solange ein Zusammenbruch oder eine Nutzungsbeschränkung der üblichen Kommunikationsmittel vorliegen, die normalerweise zur Ermittlung des Preises oder Werts einer der einem solchen Fonds zuzuordnenden Anlage oder der aktuellen Preise bzw. Werte an einer Börse eingesetzt werden; oder |
| (iv) | eines Zeitraumes, in dem die Gesellschaft nicht in der Lage ist, Gelder zur Bezahlung zurückgenommener Anteile zurückzuführen oder in dem eine Übertragung von Geldern für den Kauf oder Verkauf von Anlagen oder für die zeitgerechte Auszahlung zurückgenommener Anteile nach Ansicht des Verwaltungsrats nicht zu normalen Wechselkursen durchgeführt werden kann; |
| --- | --- |
| (v) | wenn der Verwaltungsrat festgestellt hat, dass sich die Bewertungen eines wesentlichen Teils der Anlagen der Gesellschaft, die einem bestimmten Fonds zuzurechnen sind, bei der Vorbereitung oder Verwendung einer Bewertung oder bei der Durchführung einer späteren oder nachfolgenden Bewertung wesentlich geändert haben; oder |
| (vi) | während eines anderen Umstands oder anderer Umstände, bei denen ein Versäumnis dazu führen könnte, dass die Gesellschaft oder ihre Anteilinhaber steuerpflichtig werden oder andere finanzielle Nachteile erleiden, die der Gesellschaft oder ihren Anteilinhabern andernfalls entstanden wären; oder |
| (vii) | während eines Zeitraums, in dem die Ermittlung des Nettoinventarwerts je Anteil und/oder die Rücknahmen in den zugrunde liegenden Investmentfonds, die einen wesentlichen Teil des Vermögens des Fonds ausmachen, ausgesetzt sind; oder |
| (viii) | während eines Zeitraums, in dem nach Ansicht des Verwaltungsrats ungewöhnliche Umstände vorliegen, unter denen es undurchführbar oder den Anteilinhabern gegenüber unfair wäre, den Handel mit den Anteilen eines Fonds der Gesellschaft fortzusetzen, oder |
| (ix) | im Falle der Auflösung oder Liquidation der Gesellschaft oder eines Fonds; in diesem Fall kann der Verwaltungsrat beschließen, die Ermittlung des Nettoinventarwerts ab dem Datum seiner Entscheidung, den Anteilinhabern die Auflösung oder Liquidation der Gesellschaft vorzuschlagen, oder dem Datum seiner Entscheidung, den betreffenden Fonds aufzulösen oder zu liquidieren, auszusetzen; oder |
| (x) | solange der Nettoinventarwert einer Tochtergesellschaft der Gesellschaft nicht korrekt ermittelt werden; oder |
| (xi) | wenn der Master-OGAW einer Feeder-OGAW-Klasse den Rückkauf, die Rücknahme oder die Zeichnung seiner Anteile vorübergehend aussetzt, sei es auf eigene Initiative oder auf Ersuchen seiner zuständigen Behörden; oder |
| (xii) | eines Zeitraums, in dem Umstände vorliegen, die die Aussetzung zum Schutz der Anteilsinhaber gemäß dem Gesetz rechtfertigen würden. |
Während einer derartigen Aussetzung sind Ausgabe und Rücknahme von Anteilen eines Fonds sowie der Umtausch von Anteilen in oder aus einem solchen Fonds nicht möglich. Die Ankündigung einer Aussetzung wird in einer luxemburgischen Zeitung sowie in von den Verwaltungsratsmitgliedern von Zeit zu Zeit festgelegten anderen Zeitungen veröffentlicht. Personen, die die Ausgabe, die Rücknahme oder den Umtausch von Anteilen eines solchen Fonds beantragen, werden nach der Beantragung umgehend informiert. Während einer derartigen Aussetzung können Anteilinhaber, die die Ausgabe, die Rücknahme oder den Umtausch von Anteilen eines solchen Fonds beantragt haben, ihren Antrag widerrufen. Erfolgt kein solcher Widerruf, werden der Zeichnungs- und Rücknahmepreis oder der jeweilige NIW pro Anteil anhand der ersten Berechnung des NIW ermittelt, die nach Ablauf eines solchen Aussetzungs- oder Aufschiebungszeitraums durchgeführt wird.
Die Aussetzung des Handels mit Anteilen eines Fonds hat keine Auswirkungen auf die Berechnung des NIW pro Anteil sowie die Ausgabe, die Rücknahme und den Umtausch der Anteile eines Fonds.
Darüber hinaus kann die Gesellschaft in Übereinstimmung mit den Bestimmungen des Gesetzes über Fusionen die Zeichnung, die Rücknahme oder den Rückkauf ihrer Anteile vorübergehend aussetzen, sofern eine solche Aussetzung zum Schutz der Anteilinhaber gerechtfertigt ist. | # Suspension of Dealings in Shares
The Directors may suspend the determination of the Net Asset Value of any Fund and the issue and redemption of any Fund's Shares to and from its Shareholders and the conversion from and to Shares of the relevant Fund during:
| (i) | any period when any of the principal stock exchanges or markets on which any substantial portion of the investments of the Company attributable to such Fund are quoted or dealt in are closed otherwise than for ordinary holidays, or during which dealings therein are restricted or suspended; or |
| --- | --- |
| (ii) | the existence of any state of affairs which constitutes an emergency as a result of which disposals or valuation of assets owned by the Company attributable to such Fund would be impracticable; or |
| (iii) | any breakdown in or restriction in the use of the means of communication normally employed in determining the price or value of any of the investments attributable to such Fund or the current price or values on any stock exchange; or |
| --- | --- |
| (iv) | any period when the Company is unable to repatriate monies for the purpose of making payments on the redemption of such Shares or during which any transfer of funds involved in the realisation or acquisition of investments or payments due on redemption of such Shares cannot in the opinion of the Directors be effected at normal rates of exchange; or |
| (v) | if the Board of Directors has determined that there has been a material change in the valuations of a substantial proportion of the investments of the Company attributable to a particular Fund in the preparation or use of a valuation or the carrying out of a later or subsequent valuation; or |
| (vi) | during any other circumstance or circumstances where a failure to do so might result in the Company or its Shareholders incurring any liability to taxation or suffering other pecuniary disadvantages or any other detriment which the Company or its Shareholders might so otherwise have suffered; or |
| (vii) | during any period when the determination of the net asset value per Share of and/or the redemptions in the underlying investment funds representing a material part of the assets of the Fund is suspended; or |
| (viii) | any period when, in the opinion of the Directors, there exist unusual circumstances where it would be impracticable or unfair towards the Shareholders to continue dealing in the Shares of any Fund of the Company; or |
| (ix) | in the event of winding up or liquidation of the Company or of a Fund, in which event the Board of Directors may decide to suspend the determination of the Net Asset Value as from the date of its decision to propose to the Shareholders the winding up or liquidation of the Company or the date of its decision to wind up or liquidate the relevant Fund; or |
| (x) | any period when the Net Asset Value of any subsidiary of the Company cannot be accurately determined; or |
| (xi) | when the master UCITS of a feeder UCITS Class temporarily suspends the repurchase, redemption or subscription of its units, whether on its own initiative or at the request of its competent authorities; or |
| (xii) | any period where circumstances exist that would justify the suspension for the protection of Shareholders in accordance with the Law. |
No Share of such a Fund may be issued or redeemed and no conversion of Shares can be made to or from such Fund during such period of suspension. Notice of any suspension will be published in a Luxembourg newspaper and in such other newspapers as the Directors may from time to time determine. Any person applying for the issue, redemption or conversion of Shares of such a Fund will promptly be informed upon making such application. During any such period of suspension, Shareholders who have applied for the issue, redemption or conversion of Shares of any such Fund may revoke their application. In the absence of such revocation, the Subscription or Redemption Price or relevant NAV per Share shall be based on the first calculation of NAV made after the expiration of such period of suspension or deferral.
The suspension in dealing in Shares in any one Fund will have no effect on the calculation of the NAV per Share, the issue, redemption and conversion of the Shares of any other Fund.
Moreover, in accordance with the provisions on mergers of the Law, the Company may temporarily suspend the subscription, the redemption or the repurchase of its Shares, provided that any such suspension is justified for the protection of the Shareholders. | en | de |
DOLFIN7764 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
If the investment objective and investment policy of a Sub-Fund allow investment in Russian securities, direct investments in traded Russian securities may be made on the “MICEX-RTS” (Moscow Interbank Currency Exchange – Russian Trade System”) which is a Regulated Market for the purposes of Article 41 Paragraph 1 of the Law.
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## General Exclusion of certain issuers | Si l’objectif et la politique d’investissement d’un Compartiment l’autorisent à investir en valeurs mobilières russes, il peut investir directement en valeurs mobilières russes négociées sur le « MICEX-RTS » (Moscow Interbank Currency Exchange – Russian Trade System), qui est un Marché réglementé au sens de l’Article 41, Paragraphe 1, de la Loi.
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## Exclusion générale de certains émetteurs | If the investment objective and investment policy of a Sub-Fund allow investment in Russian securities, direct investments in traded Russian securities may be made on the “MICEX-RTS” (Moscow Interbank Currency Exchange – Russian Trade System”) which is a Regulated Market for the purposes of Article 41 Paragraph 1 of the Law.
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## General Exclusion of certain issuers | en | fr |
DOLFIN7765 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Objectif et politique d’investissement
Le Fonds vise à accroître la valeur de votre investissement à long terme. Le Fonds investit au moins deux tiers de ses actifs dans des actions de plus petites sociétés du monde entier. Ces sociétés sont généralement d’une taille égale ou inférieure à celle de la plus grande société composant l’indice MSCI World Small Cap. Le Fonds peut avoir recours à des dérivés (instruments complexes) à des fins de couverture et peut également investir dans des catégories d’actifs et des instruments différents de ceux indiqués ci-dessus. Le Fonds est activement géré en fonction de l’indice MSCI World Small Cap. L’indice est représentatif de l’ensemble des sociétés dans lesquelles le Fonds investit et constitue un Indice de Référence approprié en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le Fonds promeut des caractéristiques environnementales et sociales en cherchant à se comparer favorablement à l’indice sur des périodes de 12 mois consécutifs lorsqu’il est évalué selon la Notation de la matérialité des facteurs ESG (environnementaux, sociaux et de gouvernance) de Columbia Threadneedle. L’indice n’est pas conçu pour tenir compte spécifiquement de caractéristiques environnementales ou sociales. Le gestionnaire de fonds a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice. Le Fonds vise également à exclure les sociétés qui ne respectent pas les normes et principes internationaux acceptés (p. ex. le Pacte mondial des Nations Unies), sauf si le gestionnaire de fonds estime qu’il existe des facteurs d’atténuation tangibles pour la société. De plus amples informations sur les directives d’investissement, notamment sur la méthodologie de la Notation de la matérialité des facteurs ESG de Columbia Threadneedle et la politique d’engagement, sont disponibles sur columbiathreadneedle.com. Le Fonds est considéré comme un fonds qui promeut des caractéristiques environnementales ou sociales en vertu de l’Article 8 du Règlement (UE) 2019/2088 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (SFDR).
Les revenus provenant des investissements réalisés par le Fonds seront réintégrés dans la valeur des parts.
Vous pouvez acheter et vendre des parts du Fonds n’importe quel jour ouvrable au Luxembourg à moins que les Administrateurs n’aient décidé qu’il y ait un nombre insuffisant de marchés ouverts. Vous pouvez obtenir de plus amples informations sur l’objectif et la politique d’investissement du Fonds dans le prospectus. Pour plus d’informations sur les termes liés aux investissements utilisés dans ce document, veuillez consulter le Glossaire disponible à l’adresse www.columbiathreadneedle.com. | ## Objetivo y política de inversión
El Fondo tiene como objetivo aumentar el valor de su inversión en un horizonte a largo plazo. El Fondo invierte al menos dos tercios de sus activos en acciones de empresas más pequeñas de todo el mundo. Estas empresas no suelen ser más grandes que la empresa más grande incluida en el MSCI World Small Cap Index. El Fondo podrá usar derivados (instrumentos complejos) con fines de cobertura y también podrá invertir en clases de activos e instrumentos distintos a los mencionados anteriormente. El Fondo se gestiona activamente en referencia al MSCI World Small Cap Index. El índice es ampliamente representativo de las empresas en las que invierte el Fondo, y proporciona un índice de referencia objetivo adecuado con el que se medirá y evaluará el rendimiento del Fondo a lo largo del tiempo. El Fondo promueve características ambientales y sociales con el objetivo de obtener resultados mejores que los del índice durante periodos consecutivos de 12 meses, según la calificación de la materialidad ESG (factores ambientales, sociales y de gobernanza) de Columbia Threadneedle. El Índice no está diseñado para considerar específicamente las características ambientales o sociales. El gestor del Fondo está facultado para seleccionar inversiones con ponderaciones diferentes a las del índice y que no estén en el índice, y el Fondo puede mostrar una divergencia significativa con respecto al mismo. El Fondo también pretende excluir a aquellas empresas que incumplan normas y principios internacionales aceptados (por ejemplo, el Pacto Mundial de las Naciones Unidas), salvo que el gestor del fondo considere que existen factores atenuantes concretos para conservar dichas empresas. Para obtener más información sobre las directrices de inversión, incluida la metodología de la calificación de la materialidad ESG de Columbia Threadneedle y la política de participación, visite columbiathreadneedle.com. El Fondo se clasifica como una cartera que promueve características ambientales o sociales en virtud del Artículo 8 del Reglamento 2019/2088 de la UE sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (SFDR, por sus siglas en inglés).
El producto de las inversiones en el Fondo se sumará al valor de sus acciones.
Usted podrá comprar o vender acciones del Fondo cualquier día que sea hábil en Luxemburgo a menos que los consejeros hayan decidido que no hay suficientes mercados abiertos. Puede encontrar más detalles sobre el objetivo y la política de inversión del Fondo en el folleto. Para obtener más información sobre los términos de inversión empleados en el presente documento, consulte el Glosario disponible en columbiathreadneedle.com. | ## Objectif et politique d’investissement
Le Fonds vise à accroître la valeur de votre investissement à long terme. Le Fonds investit au moins deux tiers de ses actifs dans des actions de plus petites sociétés du monde entier. Ces sociétés sont généralement d’une taille égale ou inférieure à celle de la plus grande société composant l’indice MSCI World Small Cap. Le Fonds peut avoir recours à des dérivés (instruments complexes) à des fins de couverture et peut également investir dans des catégories d’actifs et des instruments différents de ceux indiqués ci-dessus. Le Fonds est activement géré en fonction de l’indice MSCI World Small Cap. L’indice est représentatif de l’ensemble des sociétés dans lesquelles le Fonds investit et constitue un Indice de Référence approprié en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le Fonds promeut des caractéristiques environnementales et sociales en cherchant à se comparer favorablement à l’indice sur des périodes de 12 mois consécutifs lorsqu’il est évalué selon la Notation de la matérialité des facteurs ESG (environnementaux, sociaux et de gouvernance) de Columbia Threadneedle. L’indice n’est pas conçu pour tenir compte spécifiquement de caractéristiques environnementales ou sociales. Le gestionnaire de fonds a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice. Le Fonds vise également à exclure les sociétés qui ne respectent pas les normes et principes internationaux acceptés (p. ex. le Pacte mondial des Nations Unies), sauf si le gestionnaire de fonds estime qu’il existe des facteurs d’atténuation tangibles pour la société. De plus amples informations sur les directives d’investissement, notamment sur la méthodologie de la Notation de la matérialité des facteurs ESG de Columbia Threadneedle et la politique d’engagement, sont disponibles sur columbiathreadneedle.com. Le Fonds est considéré comme un fonds qui promeut des caractéristiques environnementales ou sociales en vertu de l’Article 8 du Règlement (UE) 2019/2088 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (SFDR).
Les revenus provenant des investissements réalisés par le Fonds seront réintégrés dans la valeur des parts.
Vous pouvez acheter et vendre des parts du Fonds n’importe quel jour ouvrable au Luxembourg à moins que les Administrateurs n’aient décidé qu’il y ait un nombre insuffisant de marchés ouverts. Vous pouvez obtenir de plus amples informations sur l’objectif et la politique d’investissement du Fonds dans le prospectus. Pour plus d’informations sur les termes liés aux investissements utilisés dans ce document, veuillez consulter le Glossaire disponible à l’adresse www.columbiathreadneedle.com. | fr | es |
DOLFIN7766 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Investment Manager may also engage with companies to encourage transparency, the transition to a circular economy with lower carbon emissions intensity and responsible social behaviour that promotes sustainable growth and alpha generation.
The primary sources of information used to perform the analysis are the Investment Manager’s proprietary tools and research, third-party research, NGO reports and expert networks. The Investment Manager also performs its own analysis of publicly available information provided by the companies, including information provided in company sustainability reports and other relevant company material.
More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
The Investment Manager ensures that at least:
1
Different subscription and redemption procedures may apply if applications are made through Distributors.
- 90% of equities issued by large companies domiciled in developed countries; fixed or floating rate securities and money market instruments with an investment grade credit rating; and sovereign debt issued by developed countries; and
- 75% of equities issued by large companies domiciled in emerging countries; equities issued by small and medium companies; fixed or floating rate securities and money market instruments with a high yield credit rating; and sovereign debt issued by emerging countries,held in the Fund’s portfolio are rated against the sustainability criteria. For the purposes of this test, small companies are those with market capitalisation below €5 billion, medium companies are those between €5 billion and €10 billion and large companies are those above €10 billion. | La Gestora de inversiones también podrá colaborar con las empresas para fomentar la transparencia, la transición hacia una economía circular con menor intensidad de emisiones de carbono y un comportamiento social responsable que favorezca el crecimiento sostenible y la generación de alfa.
Las principales fuentes de información utilizadas para realizar el análisis son las herramientas e investigaciones propias de la Gestora de inversiones, estudios de terceros, informes de ONG y redes de expertos. La Gestora de inversiones también llevará a cabo su propio análisis de la información disponible públicamente facilitada por las sociedades, incluida la información de sus informes de sostenibilidad y otros materiales relevantes de las mismas.
Para obtener más información sobre el enfoque de la Gestora de inversiones en materia de sostenibilidad y su compromiso con las sociedades, consulte el sitio web www.schroders.com/en/lu/ private-investor/strategic-capabilities/sustainability/disclosures.
La Gestora de inversiones se asegura de que al menos:
1
Si la solicitud se realiza a través de Distribuidores, es posible que el procedimiento de suscripción y de reembolso sea diferente.
- el 90% de los valores de renta variable emitidos por grandes empresas domiciliadas en países desarrollados; los valores de tipo de interés fijo o variable y los instrumentos del mercado monetario con una calificación crediticia de grado de inversión, y la deuda soberana emitida por países desarrollados, y
- el 75% de los valores de renta variable emitidos por grandes empresas domiciliadas en países emergentes; los valores de renta variable emitidos por pequeñas y medianas empresas; los valores de tipo de interés fijo o variable y los instrumentos del mercado monetario con una calificación crediticia de alto rendimiento, y la deuda soberana emitida por países emergentesmantenidos en la cartera del Fondo se califiquen según los criterios de sostenibilidad. A los efectos de esta prueba, las pequeñas empresas son aquellas con una capitalización bursátil inferior a 5.000 millones de euros, las medianas empresas son aquellas con una capitalización bursátil de entre 5.000 y 10.000 millones de euros, y las grandes empresas son aquellas con una capitalización bursátil por encima de 10.000 millones de euros. | The Investment Manager may also engage with companies to encourage transparency, the transition to a circular economy with lower carbon emissions intensity and responsible social behaviour that promotes sustainable growth and alpha generation.
The primary sources of information used to perform the analysis are the Investment Manager’s proprietary tools and research, third-party research, NGO reports and expert networks. The Investment Manager also performs its own analysis of publicly available information provided by the companies, including information provided in company sustainability reports and other relevant company material.
More details on the Investment Manager’s approach to sustainability and its engagement with companies are available on the website www.schroders.com/en/lu/private-investor/strategic- capabilities/sustainability/disclosures.
The Investment Manager ensures that at least:
1
Different subscription and redemption procedures may apply if applications are made through Distributors.
- 90% of equities issued by large companies domiciled in developed countries; fixed or floating rate securities and money market instruments with an investment grade credit rating; and sovereign debt issued by developed countries; and
- 75% of equities issued by large companies domiciled in emerging countries; equities issued by small and medium companies; fixed or floating rate securities and money market instruments with a high yield credit rating; and sovereign debt issued by emerging countries,held in the Fund’s portfolio are rated against the sustainability criteria. For the purposes of this test, small companies are those with market capitalisation below €5 billion, medium companies are those between €5 billion and €10 billion and large companies are those above €10 billion. | en | es |
DOLFIN7767 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 5 because its share price fluctuates comparatively strongly and the likelihood of both losses and gains is therefore relatively high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, becomes
tax. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more counterparties relating to the transferable securities and the net or gross total return version of the index (swap index), in order to obtain the return on the swap index. The gross total return version of the index calculates the performance of the stocks assuming that all dividends and distributions are reinvested on a gross basis. The swap index shall be selected in the absolute discretion of the Investment Manager. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
insolvent) this may result in your investment suffering a loss. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The derivative used to gain exposure to the swap index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 5, dado que su precio por acción, comparativamente, fluctúa con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias son relativamente elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los derivados utilizados. El fondo puede participar en uno o varios derivados con una o varias contrapartes. Si alguna de las contrapartes no efectúa los pagos (por ejemplo, si deviene insolvente), esto podría provocar que su
reinvierten en las acciones tras descontar los impuestos. Para lograr el objetivo, el fondo invertirá en valores mobiliarios y suscribirá contratos financieros (derivados) con una o varias contrapartes en relación con los valores mobiliarios y con la versión de rentabilidad total bruta o neta del índice (índice de swaps) con el fin de conseguir reflejar la evolución del índice de swaps. La versión de rentabilidad total bruta del índice calcula la evolución del valor de los títulos suponiendo que todos los dividendos y repartos se reinvierten en su forma bruta. El gestor de inversiones podrá seleccionar el índice de swaps a su entera discreción. La moneda del subfondo es USD. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
inversión sufriera pérdidas. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión. Los derivados empleados para tener más exposición al índice de swaps pueden ajustarse para reflejar determinados gastos relacionados con impuestos o costes de compraventa, préstamo, financiación o custodia. Estos costes de réplica podrían provocar que tanto el fondo como su inversión sufran pérdidas.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 5 because its share price fluctuates comparatively strongly and the likelihood of both losses and gains is therefore relatively high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make payments (for example, becomes
tax. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more counterparties relating to the transferable securities and the net or gross total return version of the index (swap index), in order to obtain the return on the swap index. The gross total return version of the index calculates the performance of the stocks assuming that all dividends and distributions are reinvested on a gross basis. The swap index shall be selected in the absolute discretion of the Investment Manager. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
insolvent) this may result in your investment suffering a loss. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment. The derivative used to gain exposure to the swap index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN7768 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Fund information
René Hensel
Co-Manager since 19.04.2021
The fund invests, in accordance with the principle of risk distribu- tion, in a broadly diversified, sustainable equity portfolio of com- panies domiciled in Switzerland. It tracks the development of the
«SPI ESG Total Return» index and offers investors the possibility of participating in the development of the Swiss equity market. The optimised sampling approach has been chosen as an indexing method. The fund's level of risk relative to the reference index is con- stantly monitored. The fund is suitable for qualified investors having a long-term investment horizon, who wish to benefit from the high earnings potential offered by Swiss equities, and who are ready to accept substantial temporary fluctuations in the value of their assets to do so. | # Fondsdaten
René Hensel
Co-Manager seit 19.04.2021
Der Fonds investiert nach dem Grundsatz der Risikostreuung in ein breit diversifiziertes, nachhaltiges Aktienportfolio von Gesell- schaften mit Domizil in der Schweiz. Er bildet den Verlauf des
«SPI ESG Total Return»-Index nach und bietet Anlegern die Möglich- keit, an der Entwicklung des Schweizer Aktienmarktes teilzuhaben. Als Indexierungsmethode wurde das «optimierte Sampling» ge- wählt. Das Risiko des Fonds gegenüber dem Referenzindex wird laufend kontrolliert. Der Fonds eignet sich für qualifizierte Anleger mit einem langfristigen Zeithorizont, die vom höheren Ertragspo- tenzial der Schweizer Aktien profitieren wollen und dafür vorüber- gehende deutliche Vermögensschwankungen in Kauf nehmen. | # Fund information
René Hensel
Co-Manager since 19.04.2021
The fund invests, in accordance with the principle of risk distribu- tion, in a broadly diversified, sustainable equity portfolio of com- panies domiciled in Switzerland. It tracks the development of the
«SPI ESG Total Return» index and offers investors the possibility of participating in the development of the Swiss equity market. The optimised sampling approach has been chosen as an indexing method. The fund's level of risk relative to the reference index is con- stantly monitored. The fund is suitable for qualified investors having a long-term investment horizon, who wish to benefit from the high earnings potential offered by Swiss equities, and who are ready to accept substantial temporary fluctuations in the value of their assets to do so. | en | de |
DOLFIN7769 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
*from start of reference period
**for outperformance
0–1 period: The NAV for the reference period is less than the Target NAV (101 versus 105, differential/relative performance from start of reference period of -4). No performance fee is therefore charged and the initial one-year reference period is extended by an additional year. The reference NAV is unchanged.
0–2 period: The NAV for the reference period is higher than the Target NAV (99 versus 95, differential/relative performance from start of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference period NAV: 99<NAV start of reference period:100). A performance fee is charged, its basis of calculation is equal to the cumulative relative performance since the start of the reference period (4). Its amount is equal to the basis of calculation multiplied by the performance fee rate. The reference period is renewed and a new reference NAV is set at 99.
Example 2: | *depuis début de période de référence
** de surperformance
Période 0-1 : L’AN de fin de période de référence est en dessous de l’AN Cible (101 contre 105, différentiel/performance relative depuis début de période de référence de -4). Aucune commission de surperformance n’est donc perçue et la période de référence initialement d’une année est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-2 : L’AN de fin de période de référence est supérieur à l’AN Cible (99 contre 95, différentiel/performance relative depuis début de période de référence de 4). La performance absolue depuis le début de la période de référence est négative (AN de fin de période de référence : 99<AN début de période de référence :100). Une commission de surperformance est perçue, son assiette de calcul est égale à la performance relative cumulée depuis le début de la période de référence (4). Son montant est égal à cette assiette de calcul multipliée par le taux de commission de surperformance. La période de référence est renouvelée et un nouvel AN de référence est établi à 99.
Exemple 2 : | *from start of reference period
**for outperformance
0–1 period: The NAV for the reference period is less than the Target NAV (101 versus 105, differential/relative performance from start of reference period of -4). No performance fee is therefore charged and the initial one-year reference period is extended by an additional year. The reference NAV is unchanged.
0–2 period: The NAV for the reference period is higher than the Target NAV (99 versus 95, differential/relative performance from start of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference period NAV: 99<NAV start of reference period:100). A performance fee is charged, its basis of calculation is equal to the cumulative relative performance since the start of the reference period (4). Its amount is equal to the basis of calculation multiplied by the performance fee rate. The reference period is renewed and a new reference NAV is set at 99.
Example 2: | en | fr |
DOLFIN7770 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l’entrée ou à la sortie | Incidence des coûts annuels si vous sortez après 1 année |
| --- | --- |
| Coûts d’entrée | 0,00 %, nous ne facturons pas de coût d’entrée. | 0 EUR |
| Coûts de sortie | 0,00 %, nous ne facturons pas de coût de sortie pour ce produit. | 0 EUR |
| Coûts récurrents prélevés chaque année | Incidence des coûts annuels si vous sortez après 1 année |
| Frais de gestion et autres frais administratifs et d’exploitation | 0,81 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l’année dernière. | 81 EUR |
| Coûts de transaction | 0,14 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 14 EUR |
| Coûts accessoires prélevés sous certaines conditions | Incidence des coûts annuels si vous sortez après 1 année |
| Commissions liées aux résultats | 0,00 % Le calcul de la commission de performance s’appuie sur une comparaison de la valeur nette d’inventaire par Part par rapport au Seuil (« High Water Mark »), qui correspond à la valeur nette d’inventaire par Part la plus élevée enregistrée à la fin des cinq exercices précédents, augmentée du rendement du hurdle rate du fonds depuis le début de l’année Le montant réel varie en fonction de la performance de votre investissement. L’estimation ci-dessus des coûts totaux comprend la moyenne au cours des 5 dernières années. | 0 EUR | | | Costes únicos de entrada o salida | Incidencia anual de los costes en caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 0,00%, no cobramos comisión de entrada. | 0 EUR |
| Costes de salida | 0,00%No aplicamos ninguna comisión de salida por este producto. | 0 EUR |
| Costes corrientes detraídos cada año | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,81% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 81 EUR |
| Costes de operación | 0,14% 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. | 14 EUR |
| Costes accesorios detraídos en condiciones específicas | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de rendimiento | 0,00% El cálculo de la comisión de rentabilidad se basa en una comparación entre el valor liquidativo por participación y la cota máxima, que se define como el valor liquidativo por participación más alto registrado al final de los cinco ejercicios anteriores más la rentabilidad anual hasta la fecha de la tasa crítica del fondo. El importe real variará en función del comportamiento de su inversión. La estimación de costes agregados anterior incluye la media de los últimos 5 años. | 0 EUR | | | Coûts ponctuels à l’entrée ou à la sortie | Incidence des coûts annuels si vous sortez après 1 année |
| --- | --- |
| Coûts d’entrée | 0,00 %, nous ne facturons pas de coût d’entrée. | 0 EUR |
| Coûts de sortie | 0,00 %, nous ne facturons pas de coût de sortie pour ce produit. | 0 EUR |
| Coûts récurrents prélevés chaque année | Incidence des coûts annuels si vous sortez après 1 année |
| Frais de gestion et autres frais administratifs et d’exploitation | 0,81 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l’année dernière. | 81 EUR |
| Coûts de transaction | 0,14 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 14 EUR |
| Coûts accessoires prélevés sous certaines conditions | Incidence des coûts annuels si vous sortez après 1 année |
| Commissions liées aux résultats | 0,00 % Le calcul de la commission de performance s’appuie sur une comparaison de la valeur nette d’inventaire par Part par rapport au Seuil (« High Water Mark »), qui correspond à la valeur nette d’inventaire par Part la plus élevée enregistrée à la fin des cinq exercices précédents, augmentée du rendement du hurdle rate du fonds depuis le début de l’année Le montant réel varie en fonction de la performance de votre investissement. L’estimation ci-dessus des coûts totaux comprend la moyenne au cours des 5 dernières années. | 0 EUR | | fr | es |
DOLFIN7771 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The filtered investment universe (SRI investment universe) is defined as the Fund’s investment universe (as further described in the Fund’s investment policy) after excluding the sovereign debt (except Green bonds which are issued by sovereign issuers) and the lowest-assessed 20% of issuers based on ESG ratings (including most controversial issuers from the investment universe—by means of sectoral and exclusion policies and the lowest-rated issuers).
The ESG ratings from external providers are used to assess the initial investment universe composed of private issuers.
The Investment Manager has defined for each following pilar - Environment, Social, Governance and Human Rights – a specific indicator which will be measured and compared between The Fund and the SRI universe. The indicator details are described in more details in the “Code de transparence” of The Fund available on the Investment Manager website in The Fund page.
In addition, The Fund’s GHG intensity must be lower than the one of its SRI investment universe.
Limitations of the selected approach: The Fund’s SRI approach could lead to underrepresentation in certain sectors due to poor ESG ratings or due to the application of the sector exclusion policy by the Investment Manager.
The portfolio’s net asset is composed of at least 90% of SRI qualified assets (as defined by the French SRI label) that are covered by an ESG rating.
- Applicable from 12 December 2021.
- A rating lower than BBB- from Standard Poor’s or an equivalent rating, in accordance with the Investment Manager’s analysis. The applicable rating shall be the minimum rating in the rankings of S, Moody’s and Fitch Ratings or an equivalent rating as determined by the Investment Manager’s analysis. The rating taken into account shall be the issue rating. If the issue rating is not available, the issuer rating will be applied. | L’univers d’investissement après filtrage (univers d’investissement ISR) est défini comme l’univers d’investissement du Fonds (tel que décrit en détail dans la politique d’investissement du Fonds) après exclusion de la dette souveraine (à l’exception des obligations vertes émises par des émetteurs souverains), et des 20 % des émetteurs les moins bien notés sur la base des notations ESG (incluant les émetteurs les plus controversés de l’univers d’investissement, sur la base des politiques sectorielles et d’exclusion, et les émetteurs les moins bien notés).
Les notations ESG de fournisseurs externes sont utilisées pour évaluer l’univers d’investissement initial composé d’émetteurs privés.
Le Gestionnaire financier a défini pour chacun des piliers suivants : Environnement, Social, Gouvernance et Droits de l’homme, un indicateur spécifique qui sera évalué et comparé entre le Fonds et l’univers ISR. Des informations détaillées concernant les indicateurs sont présentées dans le « Code de transparence » du Fonds, disponible sur le site Internet du Gestionnaire financier à la page du Fonds.
En outre, l’intensité des émissions de GES du Fonds doit être inférieure à celle de son univers d’investissement ISR.
Limitations de l’approche retenue : L’approche ISR du Fonds pourrait conduire à une sous-représentation de certains secteurs en raison d’une mauvaise notation ESG ou sous l’effet de la politique d’exclusion sectorielle appliquée par le Gestionnaire Financier.
L’actif net du portefeuille est composé d’au moins 90 % d’actifs labellisés ISR (selon la définition du label ISR français) qui font l’objet d’une notation ESG.
- Applicable à compter du 12 décembre 2021.
- Une notation inférieure à BBB- par Standard & Poor’s ou une notation équivalente, conformément à l’analyse du Gestionnaire financier. La notation applicable sera la notation minimale dans les classements de S&P, Moody’s et Fitch Ratings ou une notation équivalente déterminée par l’analyse du Gestionnaire financier. La notation prise en compte sera la notation de l’émission. Si la notation de l’émission n’est pas disponible, la notation de l’émetteur sera appliquée. | The filtered investment universe (SRI investment universe) is defined as the Fund’s investment universe (as further described in the Fund’s investment policy) after excluding the sovereign debt (except Green bonds which are issued by sovereign issuers) and the lowest-assessed 20% of issuers based on ESG ratings (including most controversial issuers from the investment universe—by means of sectoral and exclusion policies and the lowest-rated issuers).
The ESG ratings from external providers are used to assess the initial investment universe composed of private issuers.
The Investment Manager has defined for each following pilar - Environment, Social, Governance and Human Rights – a specific indicator which will be measured and compared between The Fund and the SRI universe. The indicator details are described in more details in the “Code de transparence” of The Fund available on the Investment Manager website in The Fund page.
In addition, The Fund’s GHG intensity must be lower than the one of its SRI investment universe.
Limitations of the selected approach: The Fund’s SRI approach could lead to underrepresentation in certain sectors due to poor ESG ratings or due to the application of the sector exclusion policy by the Investment Manager.
The portfolio’s net asset is composed of at least 90% of SRI qualified assets (as defined by the French SRI label) that are covered by an ESG rating.
- Applicable from 12 December 2021.
- A rating lower than BBB- from Standard Poor’s or an equivalent rating, in accordance with the Investment Manager’s analysis. The applicable rating shall be the minimum rating in the rankings of S, Moody’s and Fitch Ratings or an equivalent rating as determined by the Investment Manager’s analysis. The rating taken into account shall be the issue rating. If the issue rating is not available, the issuer rating will be applied. | en | fr |
DOLFIN7772 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Performance and Volatility Performance
Returns for periods greater than one year are annualised. SICAV performance includes reinvestment of income and is net of all expenses. Past performance is no indication of current or future performance.
The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. | # Performance e volatilità Performance
I rendimenti per periodi superiori a un anno sono annualizzati. La performance della SICAV include il reinvestimento degli utili ed è al netto di tutte le spese. La performance passata non costituisce indicazione della performance attuale o futura.
I dati della performance non tengono conto delle commissioni e dei costi incorsi per l’emissione e il riscatto delle quote. | # Performance and Volatility Performance
Returns for periods greater than one year are annualised. SICAV performance includes reinvestment of income and is net of all expenses. Past performance is no indication of current or future performance.
The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. | en | it |
DOLFIN7773 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL SUSTAINABLE CONSERVATIVE Classic
Benchmark (see investment policy)
A: 1994–2015: During this period, a different investment policy was implemented.
B: 01/01/2016-20/04/2020: During this period, a different investment policy was implemented. | 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL SUSTAINABLE CONSERVATIVE Classic
Índice de referencia (ver política de inversión)
A: 1994-2015: Durante este periodo, se implementó una política de inversión diferente.
B: 01/01/2016-20/04/2020: Durante este periodo, se implementó una política de inversión diferente. | 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL SUSTAINABLE CONSERVATIVE Classic
Benchmark (see investment policy)
A: 1994–2015: During this period, a different investment policy was implemented.
B: 01/01/2016-20/04/2020: During this period, a different investment policy was implemented. | en | es |
DOLFIN7774 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# § 20 Unit classes and formation of sub-funds
The Investment Company may resolve to form several unit classes within the UCITS.
Unit classes may be established that differ from the existing unit classes in terms of the utilisation of profits, the issue premium, the reference currency and the utilisation of currency hedging transactions, the management remuneration, the minimum investment sum or a combination of these characteristics. The rights of investors who have acquired units in existing unit classes shall however remain unaffected.
The unit classes that are created in conjunction with the UCITS, as well as the fees and remuneration associated with the units of the UCITS, are specified in Appendix A "Overview of the fund".
The UCITS is not an umbrella structure and consequently no sub-funds exist. The Investment Company may resolve at any time to convert the UCITS into an umbrella structure and consequently to establish sub-funds at any time. In this event the Prospectus must be amended accordingly.
- | # § 20 Anteilsklassen und Bildung von Teilfonds
Die Investmentgesellschaft kann beschliessen, innerhalb des OGAW mehrere Anteilsklassen zu bilden.
Es können Anteilsklassen gebildet werden, die sich hinsichtlich der Ertragsverwendung, des Ausgabeaufschlags, der Referenzwährung und des Einsatzes von Währungssicherungsgeschäften, der Verwaltungsvergütung, der Mindestanla- gesumme bzw. einer Kombination dieser Merkmale von den bestehenden Anteilsklassen unterscheiden. Die Rechte der Anleger, die Anteile aus bestehenden Anteilklassen erworben haben, bleiben davon jedoch unberührt.
Die Anteilsklassen, die in Zusammenhang mit dem OGAW aufgelegt sind, sowie die in Zusammenhang mit den Anteilen des OGAW entstehenden Gebühren und Vergütungen sind in Anhang A "Fonds im Überblick" genannt.
Der OGAW ist keine Umbrella-Konstruktion und somit bestehen keine Teilfonds. Die Investmentgesellschaft kann jeder- zeit beschliessen den OGAW in eine Umbrella-Konstruktion umzuwandeln und somit Teilfonds aufzulegen. Der Prospekt ist dann entsprechend anzupassen.
- | # § 20 Unit classes and formation of sub-funds
The Investment Company may resolve to form several unit classes within the UCITS.
Unit classes may be established that differ from the existing unit classes in terms of the utilisation of profits, the issue premium, the reference currency and the utilisation of currency hedging transactions, the management remuneration, the minimum investment sum or a combination of these characteristics. The rights of investors who have acquired units in existing unit classes shall however remain unaffected.
The unit classes that are created in conjunction with the UCITS, as well as the fees and remuneration associated with the units of the UCITS, are specified in Appendix A "Overview of the fund".
The UCITS is not an umbrella structure and consequently no sub-funds exist. The Investment Company may resolve at any time to convert the UCITS into an umbrella structure and consequently to establish sub-funds at any time. In this event the Prospectus must be amended accordingly.
- | en | de |
DOLFIN7775 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Schedule of Significant Portfolio Changes for SPDR Thomson Reuters Global Convertible Bond UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2018 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
| Portfolio Purchases | Cost USD |
| --- | --- |
| 1.625% Microchip Technology 15/02/2027 | 12,594,477 |
| 0.150% Sika 05/06/2025 | 7,722,839 |
| 0.500% Transocean 30/01/2023 | 5,243,425 |
| 0.000% ServiceNow 01/06/2022 | 5,112,353 |
| 0.375% Square 01/03/2022 | 5,040,089 |
| 2.250% Microchip Technology 15/02/2037 | 4,176,954 |
| 2.375% DISH Network 15/03/2024 | 4,158,443 |
| 0.000% Safran 21/06/2023 | 3,784,485 |
| 2.250% Neurocrine Biosciences 15/05/2024 | 3,756,131 |
| 1.625% ON Semiconductor 15/10/2023 | 3,569,386 |
| 0.000% America Movil 28/05/2020 | 2,776,856 |
| 1.500% Jazz Investments I 15/08/2024 | 2,737,436 |
| 1.875% NMC Health Jersey 30/04/2025 | 2,714,650 |
| 0.250% HubSpot 01/06/2022 | 2,680,203 |
| 0.000% Zhongsheng Group Holdings 23/05/2023 | 2,664,142 |
| 0.250% Lumentum Holdings 15/03/2024 | 2,603,642 |
| 3.375% DISH Network 15/08/2026 | 2,554,376 |
| 0.750% DexCom 15/05/2022 | 2,543,526 |
| 0.000% Glencore Funding 27/03/2025 | 2,507,310 |
| 0.250% JPMorgan Chase Financial 01/05/2023 | 2,500,000 |
| 0.000% Carrefour 27/03/2024 | 2,469,540 |
| 1.625% Microchip Technology 15/02/2025 | 2,440,928 |
| 0.500% Synaptics 15/06/2022 | 2,322,880 |
| 1.000% Liberty Media 30/01/2023 | 2,315,468 |
| 0.000% SBI Holdings 13/09/2023 | 2,307,847 |
| 0.000% Morgan Stanley Finance 17/12/2021 | 2,266,435 |
| 1.375% Silicon Laboratories 01/03/2022 | 2,213,191 |
| 3.250% ELM for Swiss Re 13/06/2024 | 2,199,387 |
| Portfolio Sales | Proceeds USD |
| 2.625% Novellus Systems 15/05/2041 | 8,216,929 |
| 0.000% ServiceNow 01/11/2018 | 5,890,448 |
| 0.000% Palo Alto Networks 01/07/2019 | 5,126,683 |
| 0.250% Red Hat 01/10/2019 | 3,600,839 |
| 3.875% Trinity Industries 01/06/2036 | 2,909,331 |
| 2.000% Herbalife Nutrition 15/08/2019 | 2,842,474 |
| 2.000% Wright Medical Group 15/02/2020 | 2,821,840 |
| 1.950% CapitaLand 17/10/2023 | 2,729,329 |
| 0.250% JPMorgan Chase Financial 01/05/2023 | 2,493,985 |
| 1.500% Blackhawk Network Holdings 15/01/2022 | 2,453,000 |
| 0.375% Sagerpar SA 09/10/2018 | 2,409,257 |
| 0.750% Workday 15/07/2018 | 2,396,375 |
| 0.000% America Movil 28/05/2020 | 2,372,688 |
| 1.125% Molina Healthcare 15/01/2020 | 2,347,532 | | # Überblick über wesentliche Veränderungen im Portfolio des SPDR Thomson Reuters Global Convertible Bond UCITS ETFF
Nachfolgend sind die insgesamt größten Anlagenkäufe und -verkäufe im Berichtszeitraum zum 30. September 2018 aufgeführt, die mehr als 1 % der gesamten Käufe und mehr als 1 % der gesamten Verkäufe ausmachen. Es müssen mindestens die größten 20 Käufe und größten 20 Verkäufe und bei jeweils weniger als 20 sämtliche Käufe und Verkäufe aufgeführt werden.
| Portfoliokäufe | Kosten USD |
| --- | --- |
| 1.625% Microchip Technology 15/02/2027 | 12.594.477 |
| 0.150% Sika 05/06/2025 | 7.722.839 |
| 0.500% Transocean 30/01/2023 | 5.243.425 |
| 0.000% ServiceNow 01/06/2022 | 5.112.353 |
| 0.375% Square 01/03/2022 | 5.040.089 |
| 2.250% Microchip Technology 15/02/2037 | 4.176.954 |
| 2.375% DISH Network 15/03/2024 | 4.158.443 |
| 0.000% Safran 21/06/2023 | 3.784.485 |
| 2.250% Neurocrine Biosciences 15/05/2024 | 3.756.131 |
| 1.625% ON Semiconductor 15/10/2023 | 3.569.386 |
| 0.000% America Movil 28/05/2020 | 2.776.856 |
| 1.500% Jazz Investments I 15/08/2024 | 2.737.436 |
| 1.875% NMC Health Jersey 30/04/2025 | 2.714.650 |
| 0.250% HubSpot 01/06/2022 | 2.680.203 |
| 0.000% Zhongsheng Group Holdings 23/05/2023 | 2.664.142 |
| 0.250% Lumentum Holdings 15/03/2024 | 2.603.642 |
| 3.375% DISH Network 15/08/2026 | 2.554.376 |
| 0.750% DexCom 15/05/2022 | 2.543.526 |
| 0.000% Glencore Funding 27/03/2025 | 2.507.310 |
| 0.250% JPMorgan Chase Financial 01/05/2023 | 2.500.000 |
| 0.000% Carrefour 27/03/2024 | 2.469.540 |
| 1.625% Microchip Technology 15/02/2025 | 2.440.928 |
| 0.500% Synaptics 15/06/2022 | 2.322.880 |
| 1.000% Liberty Media 30/01/2023 | 2.315.468 |
| 0.000% SBI Holdings 13/09/2023 | 2.307.847 |
| 0.000% Morgan Stanley Finance 17/12/2021 | 2.266.435 |
| 1.375% Silicon Laboratories 01/03/2022 | 2.213.191 |
| 3.250% ELM for Swiss Re 13/06/2024 | 2.199.387 |
| Portfolioverkäufe | Erlöse USD |
| 2.625% Novellus Systems 15/05/2041 | 8.216.929 |
| 0.000% ServiceNow 01/11/2018 | 5.890.448 |
| 0.000% Palo Alto Networks 01/07/2019 | 5.126.683 |
| 0.250% Red Hat 01/10/2019 | 3.600.839 |
| 3.875% Trinity Industries 01/06/2036 | 2.909.331 |
| 2.000% Herbalife Nutrition 15/08/2019 | 2.842.474 |
| 2.000% Wright Medical Group 15/02/2020 | 2.821.840 |
| 1.950% CapitaLand 17/10/2023 | 2.729.329 |
| 0.250% JPMorgan Chase Financial 01/05/2023 | 2.493.985 |
| 1.500% Blackhawk Network Holdings 15/01/2022 | 2.453.000 |
| 0.375% Sagerpar SA 09/10/2018 | 2.409.257 |
| 0.750% Workday 15/07/2018 | 2.396.375 |
| 0.000% America Movil 28/05/2020 | 2.372.688 |
| 1.125% Molina Healthcare 15/01/2020 | 2.347.532 | | # Schedule of Significant Portfolio Changes for SPDR Thomson Reuters Global Convertible Bond UCITS ETF
Listed below are the largest cumulative investment purchases and sales during the financial period ended 30 September 2018 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
| Portfolio Purchases | Cost USD |
| --- | --- |
| 1.625% Microchip Technology 15/02/2027 | 12,594,477 |
| 0.150% Sika 05/06/2025 | 7,722,839 |
| 0.500% Transocean 30/01/2023 | 5,243,425 |
| 0.000% ServiceNow 01/06/2022 | 5,112,353 |
| 0.375% Square 01/03/2022 | 5,040,089 |
| 2.250% Microchip Technology 15/02/2037 | 4,176,954 |
| 2.375% DISH Network 15/03/2024 | 4,158,443 |
| 0.000% Safran 21/06/2023 | 3,784,485 |
| 2.250% Neurocrine Biosciences 15/05/2024 | 3,756,131 |
| 1.625% ON Semiconductor 15/10/2023 | 3,569,386 |
| 0.000% America Movil 28/05/2020 | 2,776,856 |
| 1.500% Jazz Investments I 15/08/2024 | 2,737,436 |
| 1.875% NMC Health Jersey 30/04/2025 | 2,714,650 |
| 0.250% HubSpot 01/06/2022 | 2,680,203 |
| 0.000% Zhongsheng Group Holdings 23/05/2023 | 2,664,142 |
| 0.250% Lumentum Holdings 15/03/2024 | 2,603,642 |
| 3.375% DISH Network 15/08/2026 | 2,554,376 |
| 0.750% DexCom 15/05/2022 | 2,543,526 |
| 0.000% Glencore Funding 27/03/2025 | 2,507,310 |
| 0.250% JPMorgan Chase Financial 01/05/2023 | 2,500,000 |
| 0.000% Carrefour 27/03/2024 | 2,469,540 |
| 1.625% Microchip Technology 15/02/2025 | 2,440,928 |
| 0.500% Synaptics 15/06/2022 | 2,322,880 |
| 1.000% Liberty Media 30/01/2023 | 2,315,468 |
| 0.000% SBI Holdings 13/09/2023 | 2,307,847 |
| 0.000% Morgan Stanley Finance 17/12/2021 | 2,266,435 |
| 1.375% Silicon Laboratories 01/03/2022 | 2,213,191 |
| 3.250% ELM for Swiss Re 13/06/2024 | 2,199,387 |
| Portfolio Sales | Proceeds USD |
| 2.625% Novellus Systems 15/05/2041 | 8,216,929 |
| 0.000% ServiceNow 01/11/2018 | 5,890,448 |
| 0.000% Palo Alto Networks 01/07/2019 | 5,126,683 |
| 0.250% Red Hat 01/10/2019 | 3,600,839 |
| 3.875% Trinity Industries 01/06/2036 | 2,909,331 |
| 2.000% Herbalife Nutrition 15/08/2019 | 2,842,474 |
| 2.000% Wright Medical Group 15/02/2020 | 2,821,840 |
| 1.950% CapitaLand 17/10/2023 | 2,729,329 |
| 0.250% JPMorgan Chase Financial 01/05/2023 | 2,493,985 |
| 1.500% Blackhawk Network Holdings 15/01/2022 | 2,453,000 |
| 0.375% Sagerpar SA 09/10/2018 | 2,409,257 |
| 0.750% Workday 15/07/2018 | 2,396,375 |
| 0.000% America Movil 28/05/2020 | 2,372,688 |
| 1.125% Molina Healthcare 15/01/2020 | 2,347,532 | | en | de |
DOLFIN7776 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
#### Instruments financiers dérivés au 31/03/2022 (suite)
Nom
Vente / Achat
Taux d'intérêt (%)
Date d'échéance
Devise
Notionnel
Valeur du swap
en EUR | #### Instrumentos financieros derivados a 31/03/2022
Denomina- ción
Venta / Compra
Tipo de interés (%)
Fecha de venci- miento
Divisa
Nocional
Valor del swap
en USD | #### Instruments financiers dérivés au 31/03/2022 (suite)
Nom
Vente / Achat
Taux d'intérêt (%)
Date d'échéance
Devise
Notionnel
Valeur du swap
en EUR | fr | es |
DOLFIN7777 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies
basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced at least quarterly. To achieve the aim, the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed, and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to less economically developed economies (known as emerging markets) which involve greater risks than well developed economies. Political unrest and economic downturn may be more likely and will affect the value of your investment. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. The fund is exposed to liquidity, operational, clearing, settlement and custody risks linked to investments in PRC and the Stock Connect. The fund may suffer difficulties or delays in enforcing its rights in securities given the securities regimes in the PRC and Hong Kong are different. The fund and the depositary cannot ensure that the fund’s ownership of the securities in the PRC or title thereto is assured in all circumstances. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con
repartos de las empresas se reinvierten en las acciones tras descontar impuestos. El índice se revisa y ajusta al menos una vez por trimestre. Para lograr el objetivo, el fondo intentará replicar el índice comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El fondo está expuesto a mercados menos desarrollados económicamente (denominados mercados emergentes), que entrañan mayores riesgos que las economías muy desarrolladas. La inestabilidad política y la crisis económica son más probables y afectarán al valor de su inversión. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. El fondo está expuesto a los riesgos de liquidez, operativo, de compensación, de liquidación y de custodia vinculados a las inversiones en China y a Stock Connect. El fondo puede sufrir dificultades o retrasos a la hora de hacer valer sus derechos sobre los valores debido a que los regímenes de valores de China y Hong Kong son distintos. El fondo y la entidad depositaria no pueden asegurar que la propiedad del fondo sobre los valores en China o la titularidad sobre ellos estén garantizadas en todas las circunstancias. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies
basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced at least quarterly. To achieve the aim, the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed, and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to less economically developed economies (known as emerging markets) which involve greater risks than well developed economies. Political unrest and economic downturn may be more likely and will affect the value of your investment. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. The fund is exposed to liquidity, operational, clearing, settlement and custody risks linked to investments in PRC and the Stock Connect. The fund may suffer difficulties or delays in enforcing its rights in securities given the securities regimes in the PRC and Hong Kong are different. The fund and the depositary cannot ensure that the fund’s ownership of the securities in the PRC or title thereto is assured in all circumstances. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN7778 | 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 objective of the Fund is to increase the value of the Fund (capital appreciation) over the long term. The Fund intends to achieve this objective through investment in a portfolio of international and diversified, long-term growth companies. The Fund will invest on a global basis in shares and preferred shares issued by companies quoted or traded on regulated markets. The Fund may invest in China A-Shares.
The Fund may also gain indirect exposure to such companies by investment in market access products such as low exercise call warrants or participatory notes.
The Fund will adopt a 'hedging strategy' using exchange traded equity and volatility index futures. The aim of the hedging strategy is to partially offset loss that may result from a decline in the price of shares held by the Fund.
While the Fund will primarily invest in shares and other securities related to shares, it may invest in investment grade debt securities issued or guaranteed by a government of any European Union member state, the UK, Australia, Canada, Japan, New Zealand, Norway, Switzerland, United States of America and Hong Kong, where it is deemed in the best interest of the investors. The | # Objetivos y política de inversión
El objetivo del Fondo es incrementar el valor del Fondo (apreciación del capital) a largo plazo. El Fondo pretende alcanzar este objetivo mediante la inversión en una cartera de empresas de alta calidad con crecimiento a largo plazo. El Fondo invertirá de forma global en acciones ordinarias y preferentes emitidas por empresas que coticen o negocien en mercados regulados. El Fondo puede invertir en Acciones A de China.
Asimismo, el Fondo puede obtener exposición indirecta a dichas empresas mediante la inversión en productos de acceso al mercado, como warrants de compra con precio de ejercicio bajo o pagarés participativos.
El Fondo adoptará una «estrategia de cobertura» mediante futuros sobre índices de renta variable y volatilidad cotizados en bolsa. El objetivo de la estrategia de cobertura es compensar parcialmente las pérdidas que puedan resultar de un descenso del precio de las acciones del Fondo.
Si bien el Fondo invertirá principalmente en acciones y otros valores relacionados con acciones, es posible que, toda vez que se considere acorde con el mejor interés de los inversores, invierta en títulos de deuda con calificación de grado de inversión emitidos o garantizados por el Gobierno de un Estado miembro de la Unión Europea, Reino Unido, Australia, Canadá, Japón, Nueva Zelanda, Noruega, Suiza, Estados Unidos y Hong Kong. El | # Objectives and investment policy
The objective of the Fund is to increase the value of the Fund (capital appreciation) over the long term. The Fund intends to achieve this objective through investment in a portfolio of international and diversified, long-term growth companies. The Fund will invest on a global basis in shares and preferred shares issued by companies quoted or traded on regulated markets. The Fund may invest in China A-Shares.
The Fund may also gain indirect exposure to such companies by investment in market access products such as low exercise call warrants or participatory notes.
The Fund will adopt a 'hedging strategy' using exchange traded equity and volatility index futures. The aim of the hedging strategy is to partially offset loss that may result from a decline in the price of shares held by the Fund.
While the Fund will primarily invest in shares and other securities related to shares, it may invest in investment grade debt securities issued or guaranteed by a government of any European Union member state, the UK, Australia, Canada, Japan, New Zealand, Norway, Switzerland, United States of America and Hong Kong, where it is deemed in the best interest of the investors. The | en | es |
DOLFIN7779 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Frais prélevés par le Fonds dans certaines circonstances
Commission de performance: néant
* frais d'entrée maximum prélevés sur votre capital avant de l'investir
** frais de sortie maximum prélevés avant que le produit de votre investis- sement vous soit versé
Les frais courants indiqués dans ce document correspondent au dernier exercice annuel du Fonds, clos au 30/04/2020.
Ces frais peuvent varier d'une année à l'autre. Les frais courants ne comprennent pas:
- les commissions de performance
- les coûts de transaction du portefeuille (hors les frais d’entrée et de sortie pris en charge par le Fonds lorsque ce dernier ra- chète et vend des parts d'autres fonds d'investissement)Pour obtenir de plus amples renseignements sur les commissions et les frais et sur la manière de les calculer, nous vous prions de consulter le prospectus, disponible surwww.lafv.li.
8.69%
8.36%
- | # Gastos deducidos del Fondo en determinadas condiciones específicas
Comisión por rendimiento: ninguno
* É ste es el máximo que puede detraerse de su capital antes de ser invertido.
** É ste es el máximo que puede detraerse antes de le sean entregados los réditos de su inversión.
Los gastos corrientes que se recogen aquí corresponden al último ejercicio anual del Fondo, concluido el 30/04/2020.
Estos gastos pueden variar de año en año. Los gastos corrientes no incluyen:
- comisiones por rendimiento
- los costes de las operaciones de la cartera (salvo los gastos de suscripción y reembolso que asume el Fondo cuando adquiere y vende participaciones en otros fondos de inversión)Para obtener más información sobre las comisiones y gastos, y so- bre cómo se calculan, le rogamos que consulte el folleto, que po- drá obtener a través dewww.lafv.li.
8.69%
8.36%
- | # Frais prélevés par le Fonds dans certaines circonstances
Commission de performance: néant
* frais d'entrée maximum prélevés sur votre capital avant de l'investir
** frais de sortie maximum prélevés avant que le produit de votre investis- sement vous soit versé
Les frais courants indiqués dans ce document correspondent au dernier exercice annuel du Fonds, clos au 30/04/2020.
Ces frais peuvent varier d'une année à l'autre. Les frais courants ne comprennent pas:
- les commissions de performance
- les coûts de transaction du portefeuille (hors les frais d’entrée et de sortie pris en charge par le Fonds lorsque ce dernier ra- chète et vend des parts d'autres fonds d'investissement)Pour obtenir de plus amples renseignements sur les commissions et les frais et sur la manière de les calculer, nous vous prions de consulter le prospectus, disponible surwww.lafv.li.
8.69%
8.36%
- | fr | es |
DOLFIN7780 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Pursuant to the Taxonomy Regulation, this Sub-Fund will make investments in economic activities that contributes to the environmental objectives set out in the Article 9 of the Taxonomy Regulation as supplemented by Commission Delegated Regulation (EU) 2021/2039: (a) climate change mitigation and (b) climate change adaptation.
In order to contribute to these objectives, it is expected that this Sub-Fund will make investments in EU Taxonomy-eligible economic activities (including notably renewable energies, renovation of buildings, low carbon transports, water supply, sewerage, waste management and remediation activities) although it is not currently able to make a commitment on a minimum of activities aligned with the Taxonomy Regulation. However, considering the investment strategy of the Sub-Fund, it is expected that the proportion of the Sub- Fund’s assets intended to be invested in Taxonomy-eligible economic activities within the meaning of Article 3 of the Taxonomy Regulation will be significantly higher than such the proportion in the Reference Index.
In line with the current state of the SFDR and of the Taxonomy Regulation, the Delegated Investment Manager ensures that the underlying investments of this Sub-Fund contribute to the abovementioned objectives while not significantly harming any other sustainable objectives by performing an overall sustainability assessment on each issuers based on six impact pillars (including 3 pillars related to environmental issues: Climate Stability, Healthy Ecosystems, Resource Security). An evaluation of the impact of investment decisions on sustainability factors through use of principal adverse impact specific to each sector is also performed systematically by the Delegated Investment Manager.
The Delegated Investment Manager intends to comply with transparency requirements relating to taxonomy disclosures and will publish pre-contractual disclosures within the timeframe set out by the European Commission. For information purpose only, additional information and estimated alignment calculation of the Sub-Funds’ investments based on data obtained from third-party providers may be made available on the website www.mirova.com where possible and on a best effort basis. | Conformément au Règlement européen sur la taxonomie, ce Compartiment investira dans des activités économiques contribuant aux objectifs environnementaux énoncés à l’article 9 du Règlement européen sur la taxonomie, dans sa version complétée par le Règlement délégué de la Commission (UE) 2021/2039, à savoir :
(a) l’atténuation du changement climatique et (b) l’adaptation au changement climatique.
Afin de contribuer à ces objectifs, il est prévu que ce Compartiment réalise des investissements dans des activités économiques éligibles selon le Règlement européen sur la taxonomie (notamment les énergies renouvelables, la rénovation de bâtiments, les transports à faible émission de carbone, la production et la distribution d’eau, l’assainissement, la gestion des déchets et la dépollution), bien qu’il ne soit pas actuellement en mesure de s’engager sur un niveau minimum d’activités conformes au Règlement européen sur la taxonomie. Toutefois, compte tenu de la stratégie d’investissement du Compartiment, la proportion des actifs de ce dernier à investir dans des activités économiques éligibles à la taxonomie au sens de l’article 3 du Règlement sur la taxonomie devrait être nettement supérieure à cette proportion dans l’Indice de Référence.
Conformément aux versions actuelles du Règlement SFDR et du Règlement européen sur la taxonomie, le Gestionnaire Financier par Délégation s’assure que les investissements sous-jacents à ce Compartiment contribuent aux objectifs susmentionnés sans porter atteinte de manière significative à aucun des objectifs durables en réalisant une évaluation globale de la durabilité de chaque émetteur au regard de six piliers d’impact (dont trois piliers relatifs à des enjeux environnementaux : Stabilité climatique, Écosystèmes sains, Sécurité des ressources). Une évaluation de l’impact des décisions d’investissement sur les facteurs de durabilité, fondée sur l’utilisation de l’impact négatif majeur spécifique à chaque secteur, est également effectuée systématiquement par le Gestionnaire Financier par Délégation.
Le Gestionnaire Financier par Délégation entend se conformer aux exigences de transparence relatives aux publications d’informations prévues par le Règlement européen sur la taxonomie, et publiera les informations précontractuelles dans les délais fixés par la Commission européenne. À titre d’information uniquement, des informations supplémentaires ainsi que le calcul de la conformité estimé du Compartiment sur le fondement des données obtenues auprès de fournisseurs tiers peuvent être mis à disposition sur le site Internet www.mirova.com chaque fois que possible et dans le cadre d’une obligation de moyens. | Pursuant to the Taxonomy Regulation, this Sub-Fund will make investments in economic activities that contributes to the environmental objectives set out in the Article 9 of the Taxonomy Regulation as supplemented by Commission Delegated Regulation (EU) 2021/2039: (a) climate change mitigation and (b) climate change adaptation.
In order to contribute to these objectives, it is expected that this Sub-Fund will make investments in EU Taxonomy-eligible economic activities (including notably renewable energies, renovation of buildings, low carbon transports, water supply, sewerage, waste management and remediation activities) although it is not currently able to make a commitment on a minimum of activities aligned with the Taxonomy Regulation. However, considering the investment strategy of the Sub-Fund, it is expected that the proportion of the Sub- Fund’s assets intended to be invested in Taxonomy-eligible economic activities within the meaning of Article 3 of the Taxonomy Regulation will be significantly higher than such the proportion in the Reference Index.
In line with the current state of the SFDR and of the Taxonomy Regulation, the Delegated Investment Manager ensures that the underlying investments of this Sub-Fund contribute to the abovementioned objectives while not significantly harming any other sustainable objectives by performing an overall sustainability assessment on each issuers based on six impact pillars (including 3 pillars related to environmental issues: Climate Stability, Healthy Ecosystems, Resource Security). An evaluation of the impact of investment decisions on sustainability factors through use of principal adverse impact specific to each sector is also performed systematically by the Delegated Investment Manager.
The Delegated Investment Manager intends to comply with transparency requirements relating to taxonomy disclosures and will publish pre-contractual disclosures within the timeframe set out by the European Commission. For information purpose only, additional information and estimated alignment calculation of the Sub-Funds’ investments based on data obtained from third-party providers may be made available on the website www.mirova.com where possible and on a best effort basis. | en | fr |
DOLFIN7781 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 39dda125-f8a0-4237-b469-67b053dc6449
| 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 | 1.6% of the value of your investment per year. | EUR 159 |
| Transaction costs | 0.2% 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 22 |
Performance fees There is no performance fee for this product. n/a
How long should I hold it and can I take money out early? | # 70c4623c-b47c-42e1-b21e-1e7d08faec79
| 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 | 1,6% del valor de su inversión por año. | 159 EUR |
| Costes de operación | 0,2% 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. | 22 EUR |
Comisiones de rendimiento No se aplica ninguna comisión de rendimiento a este producto. n/a
¿Cuánto tiempo debo mantener la inversión y puedo retirar dinero de manera anticipada? | # 39dda125-f8a0-4237-b469-67b053dc6449
| 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 | 1.6% of the value of your investment per year. | EUR 159 |
| Transaction costs | 0.2% 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 22 |
Performance fees There is no performance fee for this product. n/a
How long should I hold it and can I take money out early? | en | es |
DOLFIN7782 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Operation of Redemption Cash Accounts in the name of the Fund
Redemption monies payable to an investor subsequent to a Dealing Day of a Sub-Fund as of which Shares of that investor were redeemed (and consequently the investor is no longer a Shareholder of the Sub-Fund as of the relevant Dealing Day) will be held in an Umbrella Cash Account in the name of the Fund, and will be treated as an asset of the Sub-Fund until paid to that investor and will not benefit from the application of any investor money protection rules (i.e. the redemption monies in such circumstance will not be held on trust for the relevant investor). In such circumstance, the investor will be an unsecured creditor of the relevant Sub-Fund with respect to the redemption amount held by the Fund until paid to the investor.
In the event of an insolvency of the Sub-Fund or the Fund, there is no guarantee that the Sub-Fund or the Fund will have sufficient funds to pay unsecured creditors in full. Investors due redemption monies which are held in an Umbrella Cash Account will rank equally with all other unsecured creditors of the relevant Fund and will be entitled to a pro-rata share of monies which are made available to all unsecured creditors by the insolvency practitioner. Therefore in such circumstances, the investor may not recover all monies originally paid into an Umbrella Cash Account for onward transmission to that investor. | ##### Führung von auf den Fonds lautenden Redemption Cash Accounts
Rücknahmegelder, die an einen Anleger nach einem Handelstag eines Teilfonds zahlbar sind, dessen Anteile der betreffende Anteilsinhaber zurückgegeben hat (so dass der Anteilsinhaber zu dem betreffenden Handelstag kein Anteilsinhaber des Teilsfonds mehr ist) werden bis zur Auszahlung an den betreffenden Anteilsinhaber auf einem auf den Fonds lautenden Umbrella Cash Account gehalten und bis zur Auszahlung an den Anteilsinhaber als Vermögen des Teilfonds behandelt und sind damit nicht mit einem Anspruch auf eine Anwendung von Schutzregeln bezüglich Anlegergeldern verbunden (d.h. die Rücknahmegelder werden in einem solchen Fall nicht treuhänderisch für den betreffenden Anteilsinhaber gehalten). Der Anleger ist in dieser Situation bis zur Auszahlung an den Anleger ein ungesicherter Gläubiger des jeweiligen Teilfonds in Bezug auf den vom Fonds gehaltenen Rücknahmebetrag.
Im Falle einer Insolvenz des Teilfonds oder des Fonds besteht keine Garantie, dass der Teilfonds bzw. der Fonds ausreichende Mittel hat, um die Verbindlichkeiten gegenüber den ungesicherten Gläubigern in voller Höhe zu begleichen. Die den Anlegern zustehenden Rücknahmegelder, die in einem Umbrella Cash Account gehalten werden, stehen allen anderen ungesicherten Gläubigern des betreffenden Fonds gleich und sind mit einem Anspruch auf einen anteiligen Betrag der allen ungesicherten Gläubigern vom Insolvenzverwalter zur Verfügung gestellten Gelder verbunden. Das bedeutet, dass der Anleger in einer solchen Situation gegebenenfalls nicht alle ursprünglich zur Weiterleitung an den betreffenden Anleger auf das Umbrella Cash Account eingezahlten Gelder wiedererlangen kann. | #### Operation of Redemption Cash Accounts in the name of the Fund
Redemption monies payable to an investor subsequent to a Dealing Day of a Sub-Fund as of which Shares of that investor were redeemed (and consequently the investor is no longer a Shareholder of the Sub-Fund as of the relevant Dealing Day) will be held in an Umbrella Cash Account in the name of the Fund, and will be treated as an asset of the Sub-Fund until paid to that investor and will not benefit from the application of any investor money protection rules (i.e. the redemption monies in such circumstance will not be held on trust for the relevant investor). In such circumstance, the investor will be an unsecured creditor of the relevant Sub-Fund with respect to the redemption amount held by the Fund until paid to the investor.
In the event of an insolvency of the Sub-Fund or the Fund, there is no guarantee that the Sub-Fund or the Fund will have sufficient funds to pay unsecured creditors in full. Investors due redemption monies which are held in an Umbrella Cash Account will rank equally with all other unsecured creditors of the relevant Fund and will be entitled to a pro-rata share of monies which are made available to all unsecured creditors by the insolvency practitioner. Therefore in such circumstances, the investor may not recover all monies originally paid into an Umbrella Cash Account for onward transmission to that investor. | en | de |
DOLFIN7783 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
*The Fund is closed and is no longer available for investment. An application for withdrawal of approval will be made to the Central Bank in respect of the Fund following which, all references to the Fund will be removed from the Prospectus.
The Trust is an umbrella unit trust comprised of Funds in which different Classes of Units may be issued from time to time. A separate pool of assets is not being maintained for each Class of Units. Each Fund represents interests in a Trust comprising a separate and distinct portfolio of investments. Prior to the issue of any Units, the Manager will designate the Fund or Classes within the Fund in relation to which such Units and Classes of Units shall be issued. Separate records and accounts will be maintained for each Fund and assets in such Fund will be invested in accordance with the investment objectives applicable to such Fund. Separate audited accounts of each Fund shall be prepared for inclusion in the annual report of the Trust. As and when a new Fund is created with the prior approval of the Central Bank, the Manager will issue a Supplement that will contain details of the investment policy and objectives of the new Fund as well as the details of the initial offer period, the initial subscription price and any other relevant information with regard to such Fund. Supplements may also be removed from this Prospectus from time to time as Funds are, with the prior approval of the Central Bank, closed.
The issue and redemption of Units in any Fund takes place on each Dealing Day for the relevant Fund. Rules of the Trust are set out in the Trust Deed, which is binding upon the Depositary, the Manager and all Unitholders. The Trust shall terminate one hundred years from the date of its constitution.
The Base Currency and reporting currencies of each Fund will be determined by the Manager in respect of each Fund.
To invest in the Trust is to purchase Units in a Fund. It is the Fund that accumulates the assets on behalf of the Unitholders. A Unit in the Fund represents the beneficial ownership of one undivided share in the assets of the relevant Fund. Units in each Fund may at the discretion of the Manager be divided into different Classes, which may be differentiated in relation to Base Currency, fees, charges and distributions, and other factors as permitted by the Central Bank from time to time. Information relating to different Classes of Units in a Fund will be set out in the relevant Supplement for the Fund.
The Directors may close some or all of the Unit Classes in a Fund to subscriptions from existing and/or new Unitholders if the assets attributable to the Fund are at a level, above which, as determined by the Directors, it is not in the best interests of Unitholders to accept further subscriptions, e.g., where the size of the Fund may constrain the ability of the Investment Advisor to meet the investment objective(s).
In accordance with the requirements of the Central Bank, the Directors may subsequently re-open some or all of the Unit Classes in a Fund to further subscriptions from existing and/or new Unitholders at their discretion and the process of closing and potentially, re- opening the Unit Classes may be repeated thereafter as the Directors may determine from time to time.
Unitholders may ascertain the closed or open status of the Unit Classes and if those Unit Classes are open to existing and/or new Unitholders by contacting the Administrator. Closing the Unit Classes to new subscriptions from existing and/or new Unitholders will not affect the redemption rights of Unitholders.
Investors are informed that any sub-distributors appointed may not offer all Classes of Units.
The creation of further classes will be notified to and cleared in advance with the Central Bank. The different fees and charges to be applied to each of these Classes will be set out in the relevant Supplement for the Fund. | *Der Teilfonds ist geschlossen und steht nicht mehr zur Anlage zur Verfügung. Ein Antrag auf Aufhebung der Zulassung wird in Bezug auf den Teilfonds bei der Zentralbank gestellt, und anschließend werden alle Bezugnahmen auf den Teilfonds aus dem Prospekt gestrichen.
Der Fonds ist ein Umbrella-Investmentfonds, der Teilfonds enthält, die jederzeit verschiedene Anteilsklassen ausgeben können. Für die verschiedenen Anteilsklassen wird kein getrennter Anlagenpool geführt. Jeder Teilfonds repräsentiert einen Eigentumsanteil am Fonds, der separate und zu unterscheidende Anlageportfolios enthält. Vor der Ausgabe der Anteile wird die Verwaltungsgesellschaft den Teilfonds oder die Klassen innerhalb des Teilfonds bestimmen, für die Anteile und Anteilsklassen ausgegeben werden sollen. Für die einzelnen Teilfonds wird eine separate Buchhaltung und Rechnungslegung geführt, und Vermögenswerte dieses Teilfonds werden in Übereinstimmung mit den Anlagezielen des jeweiligen Teilfonds investiert. Separat geprüfte Berichte eines jeden Teilfonds werden als Zusatz zum Jahresbericht für den Fonds angefertigt. Sobald ein neuer Teilfonds mit vorheriger Genehmigung der Zentralbank errichtet wird, gibt die Verwaltungsgesellschaft eine Ergänzung heraus, die sowohl die Einzelheiten der Anlageziele und -politik des neuen Teilfonds als auch die Details über den Erstangebotszeitraum, den Erstzeichnungspreis und alle anderen wichtigen Informationen in Bezug auf diesen Teilfonds enthält. Ergänzungen können bei Bedarf auch aus dem Prospekt gestrichen werden, wenn die Teilfonds mit vorheriger Genehmigung der Zentralbank aufgelöst werden.
Die Ausgabe und Rücknahme der Anteile eines jeden Teilfonds erfolgt für den jeweiligen Teilfonds an jedem Handelstag. Das Reglement des Fonds ist im Treuhandvertrag dargelegt, welcher bindend für die Verwahrstelle, die Verwaltungsgesellschaft und alle Anteilsinhaber ist. Der Fonds endet einhundert (100) Jahre nach dem Tag seiner Errichtung.
Die Basis- und Berichtswährung der einzelnen Teilfonds wird von der Verwaltungsgesellschaft bezüglich jedes einzelnen Teilfonds bestimmt.
Um in den Fonds zu investieren, muss man Anteile eines Teilfonds erwerben. Der jeweilige Teilfonds sammelt die Vermögenswerte im Namen der Anteilsinhaber an. Ein Anteil eines Teilfonds repräsentiert das wirtschaftliche Eigentum eines ungeteilten Anteils an den Vermögenswerten des jeweiligen Teilfonds. Anteile an jedem Teilfonds können nach Ermessen der Verwaltungsgesellschaft in verschiedene Klassen unterteilt werden, die nach Basiswährung, Gebühren, Auslagen und Ausschüttungen sowie nach anderen von der Zentralbank gelegentlich genehmigten Faktoren unterschieden werden können. Informationen über die verschiedenen Anteilsklassen eines Teilfonds werden in der Ergänzung für den jeweiligen Teilfonds dargestellt.
Die Direktoren können einige oder alle Anteilsklassen eines Teilfonds für Zeichnungen durch bestehende und/oder neue Anteilsinhaber schließen, wenn das dem Teilfonds zuzurechnende Vermögen sich auf einem Niveau befindet, über das hinaus es nach Feststellung der Direktoren nicht im besten Interesse der Anteilsinhaber ist, weitere Zeichnungen anzunehmen, etwa wenn der Umfang des Teilfonds eventuell die Fähigkeit des Anlageberaters einschränkt, das/die Anlageziel(e) zu realisieren.
In Übereinstimmung mit den Anforderungen der Zentralbank können die Direktoren im Anschluss nach ihrem Ermessen einige oder alle Anteilsklassen eines Teilfonds für erneute Zeichnungen durch bestehende und/oder neue Anteilsinhaber wieder öffnen, und der Prozess der Schließung und potenziellen Neueröffnung von Anteilsklassen kann danach, wie von den Direktoren von Zeit zu Zeit beschlossen, wiederholt werden.
Anteilsinhaber können sich mit der Verwaltungsstelle in Verbindung setzen, um sich den Status der Anteilsklassen, d. h. ob sie für bestehende und/oder neue Anteilsinhaber geschlossen oder geöffnet sind, bestätigen zu lassen. Die Schließung der Anteilsklassen für neue Zeichnungen durch bestehende und/oder neue Anteilsinhaber hat keine Auswirkungen auf die Rücknahmerechte der Anteilsinhaber.
Anleger werden darüber in Kenntnis gesetzt, dass die ernannten Untervertriebsgesellschaften nicht notwendigerweise alle Anteilsklassen vertreiben müssen.
Die Auflegung weiterer Klassen wird der Zentralbank im Voraus angezeigt und mit ihr geklärt. Die verschiedenen Honorare und Gebühren, die auf diese Klassen anzuwenden sind, werden in der Ergänzung zum jeweiligen Teilfonds aufgeführt. | *The Fund is closed and is no longer available for investment. An application for withdrawal of approval will be made to the Central Bank in respect of the Fund following which, all references to the Fund will be removed from the Prospectus.
The Trust is an umbrella unit trust comprised of Funds in which different Classes of Units may be issued from time to time. A separate pool of assets is not being maintained for each Class of Units. Each Fund represents interests in a Trust comprising a separate and distinct portfolio of investments. Prior to the issue of any Units, the Manager will designate the Fund or Classes within the Fund in relation to which such Units and Classes of Units shall be issued. Separate records and accounts will be maintained for each Fund and assets in such Fund will be invested in accordance with the investment objectives applicable to such Fund. Separate audited accounts of each Fund shall be prepared for inclusion in the annual report of the Trust. As and when a new Fund is created with the prior approval of the Central Bank, the Manager will issue a Supplement that will contain details of the investment policy and objectives of the new Fund as well as the details of the initial offer period, the initial subscription price and any other relevant information with regard to such Fund. Supplements may also be removed from this Prospectus from time to time as Funds are, with the prior approval of the Central Bank, closed.
The issue and redemption of Units in any Fund takes place on each Dealing Day for the relevant Fund. Rules of the Trust are set out in the Trust Deed, which is binding upon the Depositary, the Manager and all Unitholders. The Trust shall terminate one hundred years from the date of its constitution.
The Base Currency and reporting currencies of each Fund will be determined by the Manager in respect of each Fund.
To invest in the Trust is to purchase Units in a Fund. It is the Fund that accumulates the assets on behalf of the Unitholders. A Unit in the Fund represents the beneficial ownership of one undivided share in the assets of the relevant Fund. Units in each Fund may at the discretion of the Manager be divided into different Classes, which may be differentiated in relation to Base Currency, fees, charges and distributions, and other factors as permitted by the Central Bank from time to time. Information relating to different Classes of Units in a Fund will be set out in the relevant Supplement for the Fund.
The Directors may close some or all of the Unit Classes in a Fund to subscriptions from existing and/or new Unitholders if the assets attributable to the Fund are at a level, above which, as determined by the Directors, it is not in the best interests of Unitholders to accept further subscriptions, e.g., where the size of the Fund may constrain the ability of the Investment Advisor to meet the investment objective(s).
In accordance with the requirements of the Central Bank, the Directors may subsequently re-open some or all of the Unit Classes in a Fund to further subscriptions from existing and/or new Unitholders at their discretion and the process of closing and potentially, re- opening the Unit Classes may be repeated thereafter as the Directors may determine from time to time.
Unitholders may ascertain the closed or open status of the Unit Classes and if those Unit Classes are open to existing and/or new Unitholders by contacting the Administrator. Closing the Unit Classes to new subscriptions from existing and/or new Unitholders will not affect the redemption rights of Unitholders.
Investors are informed that any sub-distributors appointed may not offer all Classes of Units.
The creation of further classes will be notified to and cleared in advance with the Central Bank. The different fees and charges to be applied to each of these Classes will be set out in the relevant Supplement for the Fund. | en | de |
DOLFIN7784 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
When an option is purchased, an amount equal to the premium paid is recorded as an investment and is subsequently adjusted to the current market value of the option purchased. Premiums paid for the purchase of options which expire unexercised are treated on the expiration date as realized losses. If a purchased put option is exercised, the premium is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining whether the relevant Portfolio has realized a gain or loss. If a purchased call option is exercised, the premium increases the cost basis of the security or foreign currency purchased by the relevant Portfolio. When an option is written, an amount equal to the premium received by the relevant Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from written options which expire unexercised are treated by the relevant Portfolio on the expiration date as realized gains. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security or foreign currency in determining whether the relevant Portfolio has realized a gain or a loss. If a written put option is exercised, the premium reduces the cost basis of the security or foreign currency purchased by the relevant Portfolio. Listed put or call options by a portfolio are valued at the last sale price. If there has been no sale on that day, such securities are valued at the closing bid prices on that day.
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##### Investments in other Undertakings for Collective Investment (“UCIs”) | Wenn eine Option gekauft wird, wird ein dem bezahlten Preis entsprechender Betrag als Anlage verbucht und im Folgenden dem aktuellen Marktwert der gekauften Option angepasst.
Der Preis, der für den Kauf von Optionen bezahlt wurde, die verfallen, ohne ausgeübt zu werden, wird am Verfallsdatum als realisierter Verlust verbucht. Wenn eine gekaufte Verkaufs- option ausgeübt wird, wird der Optionspreis vom Erlös aus dem Verkauf des zugrunde liegenden Wertpapiers oder der Fremdwährung abgezogen, um festzustellen, ob das jeweilige Portefeuille einen Gewinn oder Verlust realisiert hat. Wenn eine gekaufte Kaufoption ausgeübt wird, erhöht der Options- preis die Kostenbasis des Wertpapiers oder der vom jeweili- gen Portefeuille gekauften Fremdwährung. Wenn eine Option verkauft wird, wird ein dem erhaltenen Preis entsprechender Betrag als Verbindlichkeit verbucht und im Folgenden dem aktuellen Marktwert der verkauften Option angepasst. Der Preis, der für verkaufte Optionen erhalten wird, die verfallen, ohne ausgeübt zu werden, wird vom jeweiligen Portefeuille am Verfallsdatum als realisierter Gewinn verbucht. Wenn eine verkaufte Kaufoption ausgeübt wird, wird der Preis zum Erlös aus dem Verkauf des zugrunde liegenden Wertpapiers oder der Fremdwährung hinzuaddiert, um festzustellen, ob das jeweilige Portefeuille einen Gewinn oder Verlust realisiert hat. Wenn eine verkaufte Verkaufsoption ausgeübt wird, senkt der Optionspreis die Kostenbasis des vom jeweiligen Portefeuille gekauften Wertpapiers oder der Fremdwährung. Börsennotierte Kauf- und Verkaufsoptionen eines Portefeuilles werden zum letzten Verkaufspreis bewertet. Falls an dem Tag kein Verkauf stattgefunden hat, werden die Wertpapiere zum letzten Rück- nahmepreis an dem Tag bewertet.
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##### Anlagen in anderen Organismen für gemeinsame Anlagen („OGA“) | When an option is purchased, an amount equal to the premium paid is recorded as an investment and is subsequently adjusted to the current market value of the option purchased. Premiums paid for the purchase of options which expire unexercised are treated on the expiration date as realized losses. If a purchased put option is exercised, the premium is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining whether the relevant Portfolio has realized a gain or loss. If a purchased call option is exercised, the premium increases the cost basis of the security or foreign currency purchased by the relevant Portfolio. When an option is written, an amount equal to the premium received by the relevant Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from written options which expire unexercised are treated by the relevant Portfolio on the expiration date as realized gains. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security or foreign currency in determining whether the relevant Portfolio has realized a gain or a loss. If a written put option is exercised, the premium reduces the cost basis of the security or foreign currency purchased by the relevant Portfolio. Listed put or call options by a portfolio are valued at the last sale price. If there has been no sale on that day, such securities are valued at the closing bid prices on that day.
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##### Investments in other Undertakings for Collective Investment (“UCIs”) | en | de |
DOLFIN7785 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Portfolio changes
In January, the fund entered into a new position in Dutch semiconductor equipment company ASML. ASML is among the highest quality companies in Europe with a quasi monopoly position in the lithography sub-segment of the semiconductor equipment market and very strong structural growth prospects. We have always liked the company but have struggled to justify its extreme valuation in previous years. After the de-rating in 2022, valuation has normalized and offers an attractive entry point to start building a position. We sold our positions in Accenture and TE Connectivity, as we believe ASML offers a more attractive longer-term growth outlook. Also, Accenture’s valuation is still at decade-high and we believe growth is at risk of normalizing in the near future. | # Modifications au sein du portefeuille
En janvier, le fonds a pris une nouvelle position sur la société néerlandaise d'équipement pour semi-conducteurs ASML. Il s'agit de l'une des entreprises les plus qualitatives d'Europe, qui jouit d'une position quasi monopolistique dans le sous- segment de la lithographie du marché des équipements pour semi-conducteurs et de perspectives de croissance structurelle très fortes. Nous avons toujours apprécié cette valeur, mais il nous était difficile de justifier sa valorisation extrême au cours des années précédentes. Après le déclassement en 2022, la valorisation s'est normalisée et offre un point d'entrée attractif pour commencer à mettre en place une position. Nous avons vendu nos positions sur Accenture et TE Connectivity, car ASML offre selon nous des perspectives de croissance à long terme plus intéressantes. En outre, la valorisation d'Accenture est toujours au plus haut d'une décennie et nous pensons que la croissance risque de se normaliser dans un avenir proche. | # Portfolio changes
In January, the fund entered into a new position in Dutch semiconductor equipment company ASML. ASML is among the highest quality companies in Europe with a quasi monopoly position in the lithography sub-segment of the semiconductor equipment market and very strong structural growth prospects. We have always liked the company but have struggled to justify its extreme valuation in previous years. After the de-rating in 2022, valuation has normalized and offers an attractive entry point to start building a position. We sold our positions in Accenture and TE Connectivity, as we believe ASML offers a more attractive longer-term growth outlook. Also, Accenture’s valuation is still at decade-high and we believe growth is at risk of normalizing in the near future. | en | fr |
DOLFIN7786 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
L'indicateur de risque repose sur l'hypothèse que vous allez conserver le produit pendant 8 an(s).
L'indicateur synthétique de risque (ISR) fournit des informations sur le niveau de risque de ce produit comparé à d'autres produits. Il est calculé à partir des performances passées et peut indiquer la probabilité que ce produit puisse subir une perte en fonction des conditions de marché futures (inconnues).
L'indicateur synthétique de risque (ISR) de ce produit correspond à 6 sur 7, soit la deuxième catégorie de risque la plus élevée.
Cet indicateur évalue le risque de pertes sur la performance future à un niveau élevé. Les performances passées ne donnent pas une indication fiable des résultats futurs, si bien que le risque effectif de perte peut varier considérablement.
Veuillez noter qu'il existe un possible risque de change si votre monnaie de référence n'est pas la même que la monnaie du produit. Les paiements que vous recevrez seront libellés dans une autre monnaie de sorte que votre rendement final dépendra du cours de change des deux monnaies.
L'indicateur ci-dessus ne tient pas compte de ce risque.
Le produit peut être soumis à d'autres facteurs de risque qui ne sont pas pris en compte dans l'indicateur synthétique de risque (ISR), par exemple des risques opérationnels, politiques et juridiques. Veuillez consulter le prospectus pour plus d'informations.
Ce produit ne comporte pas de protection contre les aléas de marché, si bien que vous pourriez perdre tout ou partie du capital investi. Si nous ne sommes pas en mesure d'effectuer les versements auxquels vous avez droit, vous pourriez perdre la totalité du capital investi.
Cependant, vous pourriez bénéficier d'un dispositif de protection des consommateurs (voir la section «Que se passe-t-il si nous ne sommes pas en mesure d'effectuer un versement?») Cette protection n'est pas prise en compte dans l'indicateur présenté ci-dessus. | El indicador de riesgo se basa en la suposición de que usted mantendrá el producto durante 8 año(s).
El indicador resumido de riesgo (IRR) ofrece información sobre el nivel de riesgo de este producto en comparación con otros productos. Se obtiene de rentabilidades pasadas y puede indicar la probabilidad de que el producto genere una pérdida por situaciones (desconocidas) del mercado en el futuro.
El indicador resumido de riesgo (IRR) de este producto es 6 de 7, que es la segunda clase de riesgo más alta.
Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como alta. El pasado no es un indicador fiable del futuro, por lo que el riesgo de pérdida real podría variar significativamente.
Tenga presente que podría existir un riesgo de cambio si su moneda de referencia es distinta de la moneda del producto. Usted recibirá los pagos en una moneda diferente, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador que figura anteriormente.
Este producto puede estar sujeto a otros factores de riesgo que no están representados en el indicador resumido de riesgo (IRR), como, por ejemplo, los riesgos operativos, políticos y legales. Consulte el folleto para obtener más información.
Este producto no incorpora ninguna protección contra la evolución futura del mercado, de manera que usted podría perder una parte o la totalidad del capital invertido.
Si no podemos pagarle las cantidades que le correspondan, podría perder la totalidad del capital invertido.
No obstante, puede beneficiarse de un régimen de protección del consumidor (véase la sección «Qué ocurre si no podemos pagarle»). El indicador anterior no tiene en cuenta esta protección. | L'indicateur de risque repose sur l'hypothèse que vous allez conserver le produit pendant 8 an(s).
L'indicateur synthétique de risque (ISR) fournit des informations sur le niveau de risque de ce produit comparé à d'autres produits. Il est calculé à partir des performances passées et peut indiquer la probabilité que ce produit puisse subir une perte en fonction des conditions de marché futures (inconnues).
L'indicateur synthétique de risque (ISR) de ce produit correspond à 6 sur 7, soit la deuxième catégorie de risque la plus élevée.
Cet indicateur évalue le risque de pertes sur la performance future à un niveau élevé. Les performances passées ne donnent pas une indication fiable des résultats futurs, si bien que le risque effectif de perte peut varier considérablement.
Veuillez noter qu'il existe un possible risque de change si votre monnaie de référence n'est pas la même que la monnaie du produit. Les paiements que vous recevrez seront libellés dans une autre monnaie de sorte que votre rendement final dépendra du cours de change des deux monnaies.
L'indicateur ci-dessus ne tient pas compte de ce risque.
Le produit peut être soumis à d'autres facteurs de risque qui ne sont pas pris en compte dans l'indicateur synthétique de risque (ISR), par exemple des risques opérationnels, politiques et juridiques. Veuillez consulter le prospectus pour plus d'informations.
Ce produit ne comporte pas de protection contre les aléas de marché, si bien que vous pourriez perdre tout ou partie du capital investi. Si nous ne sommes pas en mesure d'effectuer les versements auxquels vous avez droit, vous pourriez perdre la totalité du capital investi.
Cependant, vous pourriez bénéficier d'un dispositif de protection des consommateurs (voir la section «Que se passe-t-il si nous ne sommes pas en mesure d'effectuer un versement?») Cette protection n'est pas prise en compte dans l'indicateur présenté ci-dessus. | fr | es |
DOLFIN7787 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Nikkei 225 Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The Index measures the performance of 225 companies listed on the first trading segment on the Tokyo Stock Exchange, according to price and liquidity screening and sector representation. The Index is price weighted meaning that its constituent weightings are affected only by changes in the price of constituent shares.
Securities that are liquid means that they can be easily bought or sold in the marked in normal market conditions.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objectives. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in Japanese Yen, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Nikkei 225 Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta variable (p. ej., acciones) que componen el Índice.
El Índice mide la rentabilidad de las 225 empresas cotizadas en el primer segmento de negociación de la Bolsa de Valores de Tokio, a partir de un filtro de precio y liquidez y una representación sectorial. El Índice está ponderado por los precios, lo que significa que las ponderaciones de sus componentes solamente se ven afectadas por cambios en los precios de los valores que lo componen. Se entiende por liquidez de los valores que puedan comprarse y venderse fácilmente en el mercado, en condiciones normales de este.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar los objetivos de inversión del Fondo. Los IFD pueden utilizarse con fines de inversión directa. Para esa clase de acciones, está previsto que la utilización de IFD sea limitada.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor). Sus acciones estarán denominadas en yenes japoneses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Nikkei 225 Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The Index measures the performance of 225 companies listed on the first trading segment on the Tokyo Stock Exchange, according to price and liquidity screening and sector representation. The Index is price weighted meaning that its constituent weightings are affected only by changes in the price of constituent shares.
Securities that are liquid means that they can be easily bought or sold in the marked in normal market conditions.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objectives. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in Japanese Yen, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN7788 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Company reviews these principles regularly and updates them accordingly.
The Company performs regular stress tests at least once a month with which it can evaluate the Fund’s liquidity risks. The Company performs the stress tests on the basis of reliable, up-to- date quantitative or, if this is unsuitable, qualitative information. Where appropriate, the stress tests simulate a lack of liquidity in the Fund’s assets.
Redemption rights under normal and exceptional circum- stances, and the suspension of redemptions, are set out under “Suspension of redemptions”. The associated risks are described under “Risk information”. | Die Gesellschaft überprüft diese Grundsätze regelmäßig und aktualisiert sie entsprechend.
Die Gesellschaft führt regelmäßig, mindestens einmal monatlich, Stresstests durch, mit denen sie die Liquiditätsrisiken des Fonds bewerten kann. Die Gesellschaft führt die Stress- tests auf der Grundlage zuverlässiger und aktueller quantitativer oder, falls dies nicht angemessen ist, qualitativer Informationen durch. Die Stresstests simulieren gegebenenfalls mangelnde Liquidität der Vermögenswerte im Fonds.
Die Rückgaberechte unter normalen und außergewöhnlichen Umständen sowie die Aussetzung der Rücknahme sind im Ab- schnitt „Aussetzung der Anteilrücknahme“ dargestellt. Die hier- mit verbundenen Risiken sind unter „Risikohinweise“ erläutert. | The Company reviews these principles regularly and updates them accordingly.
The Company performs regular stress tests at least once a month with which it can evaluate the Fund’s liquidity risks. The Company performs the stress tests on the basis of reliable, up-to- date quantitative or, if this is unsuitable, qualitative information. Where appropriate, the stress tests simulate a lack of liquidity in the Fund’s assets.
Redemption rights under normal and exceptional circum- stances, and the suspension of redemptions, are set out under “Suspension of redemptions”. The associated risks are described under “Risk information”. | en | de |
DOLFIN7789 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The aim of this Fund is to achieve the maximum possible absolute return and outperform the return of the CS AllHedge Index Long/Short Equity index in the Reference Currency while keeping its correlation to the equity market as low as possible and its volatility well below the volatility of the same market (the correlation and volatility being managed by reference to the MSCI Small Cap Europe index). Return will be generated primarily by the choice of the long or short equity positions and, to a limited extent, by the net exposure to the equity markets. The implementation of the investment strategy will rely on considerable use of financial derivative instruments. The Fund is actively managed. The underlyings of the financial derivative instruments will not necessarily be selected by reference to the MSCI Small Cap Europe index so that the majority of the underlyings of | # Ziele und Anlagepolitik
Das Ziel des Fonds besteht darin, die maximal mögliche absolute Rendite zu erzielen und die Rendite des CS AllHedge Long/Short Equity Index in der Referenzwährung zu übertreffen und gleichzeitig die Korrelation zum Aktienmarkt so niedrig wie möglich und seine Volatilität deutlich unter der Volatilität dieses Marktes zu halten (wobei die Korrelation und Volatilität durch Bezugnahme auf den MSCI Small Cap Europe Index verwaltet werden). Die Rendite wird in erster Linie über die Auswahl der Long- oder Short-Aktienpositionen und in begrenztem Umfang durch das Nettoengagement an den Aktienmärkten generiert. Die Umsetzung der Anlagestrategie basiert auf dem beträchtlichen Einsatz derivativer Finanzinstrumente. Der Fonds wird aktiv verwaltet. Die Basiswerte der derivativen Finanzinstrumente werden nicht unbedingt durch Bezugnahme auf den MSCI Small Cap Europe Index ausgewählt, sodass der Grossteil der Basiswerte der | # Objectives and investment policy
The aim of this Fund is to achieve the maximum possible absolute return and outperform the return of the CS AllHedge Index Long/Short Equity index in the Reference Currency while keeping its correlation to the equity market as low as possible and its volatility well below the volatility of the same market (the correlation and volatility being managed by reference to the MSCI Small Cap Europe index). Return will be generated primarily by the choice of the long or short equity positions and, to a limited extent, by the net exposure to the equity markets. The implementation of the investment strategy will rely on considerable use of financial derivative instruments. The Fund is actively managed. The underlyings of the financial derivative instruments will not necessarily be selected by reference to the MSCI Small Cap Europe index so that the majority of the underlyings of | en | de |
DOLFIN7790 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Alignment scenario and temperature
The Science Based Targets (SBT) initiative enables companies to define and submit their greenhouse gas reduction objectives (scopes 1 and 2 + Scope 3 if this represents more than 40% of emissions) in order to respect the Paris Agreement on Climate Change (signed in 2015), whose objective is to limit global warming to under 2°C compared to the pre-industrial era and to pursue efforts to limit warming to 1.5°C. Over 900 companies throughout the world have already submitted their scenarios to the SBT. The list can be consulted on the https://sciencebasedtargets.org/companies-taking- action website.
GLOSSARY | # Scenario di allineamento e temperatura
L’iniziativa Science Based Targets (SBT) permette alle aziende di definire e presentare i loro obiettivi di riduzione dei gas a effetto serra (scope 1 e 2 + scope 3, se questo rappresenta più del 40% delle emissioni) con l’obiettivo di rispettare l’Accordo di Parigi sul clima (firmato nel 2015), che mira a limitare il riscaldamento globale a meno di 2°C rispetto all’era preindustriale e a proseguire negli sforzi per limitarlo a 1,5°C. Più di 900 aziende in tutto il mondo hanno già presentato i loro scenari nell’ambito dell’SBT. L'elenco è disponibile su https://sciencebasedtargets.org/companies-taking-action.
GLOSSARIO | # Alignment scenario and temperature
The Science Based Targets (SBT) initiative enables companies to define and submit their greenhouse gas reduction objectives (scopes 1 and 2 + Scope 3 if this represents more than 40% of emissions) in order to respect the Paris Agreement on Climate Change (signed in 2015), whose objective is to limit global warming to under 2°C compared to the pre-industrial era and to pursue efforts to limit warming to 1.5°C. Over 900 companies throughout the world have already submitted their scenarios to the SBT. The list can be consulted on the https://sciencebasedtargets.org/companies-taking- action website.
GLOSSARY | en | it |
DOLFIN7791 | 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 composite benchmark between 12/2021-01/2024.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 8,651
-13.5%
USD 10,358
0.7% | # Este tipo de escenario se produjo para una inversión índice de referencia compuesto entre 12/2021-01/2024.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 651 USD
-13,5%
10 358 USD
0,7% | # This type of scenario occurred for an investment composite benchmark between 12/2021-01/2024.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 8,651
-13.5%
USD 10,358
0.7% | en | es |
DOLFIN7792 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Equity Linked Notes
Some Funds will invest in equity linked notes. The price of an equity linked note is derived from the value of the underlying linked securities. The level and type of risk involved in the purchase of an equity linked note by such Funds is potentially higher than the risk involved in the purchase of the underlying security. Equity linked notes are also dependent on the individual credit of the issuer of the note, which will generally be a trust or other special purpose vehicle or finance subsidiary established by a major financial institution for the limited purpose of issuing the note. Like other structured products, equity linked notes are frequently secured by collateral consisting of a combination of debt or related equity securities to which payments under the notes are linked. If so secured, the Funds would look to this underlying collateral for satisfaction of claims in the event that the issuer of an equity linked note defaulted under the terms of the note.
Equity linked notes are often privately placed and may not be rated, in which case the Funds will be more dependent on the ability to evaluate the creditworthiness of the issuer, the underlying security, any collateral features of the note, and the potential for loss due to market and other factors. Ratings of issuers of equity linked notes refer only to the creditworthiness of the issuer and strength of related collateral arrangements or other credit supports, and do not take into account, or attempt to rate, any potential risks of the underlying equity securities. Depending on the law of the jurisdiction in which an issuer is organized and the note is issued, in the event of default, the Funds may incur additional expenses in seeking recovery under an equity linked note, and may have less legal recourse in attempting to do so.
As with any investment, the Funds can lose the entire amount it has invested in an equity linked note. The secondary market for equity linked notes may be limited. The lack of a liquid secondary market may have an adverse effect on the ability of the Funds to accurately value the equity linked notes in their portfolios, and may make disposal of such securities more difficult for such Funds. | ## Equity Linked Notes
Certains Fonds investiront dans des equity linked notes (« ELN »), c’est-à-dire des titres obligataires assimilables à des actions. Le prix d’un ELN est obtenu à partir de la valeur des titres sous-jacents. Le niveau et le type de risque inhérent à l’achat, par ces Fonds, d’un ELN, sont potentiellement plus élevés que le risque inhérent à l’achat du titre sous-jacent. Les ELN dépendent aussi de la solvabilité individuelle de leur émetteur, qui sera généralement une fiducie ou bien une autre structure ad hoc ou succursale de financement créée par un grand établissement financier à la seule fin d’émettre l’ELN. Comme tous les autres produits structurés, les ELN sont souvent adossés à des garanties constituées d’un ensemble de titres obligataires ou assimilables à des actions, auxquels sont liés les paiements réalisés conformément aux ELN. Si ces garanties existent, les Fonds recourraient à celles-ci pour faire valoir leurs droits en cas de défaillance d’un émetteur d’un ELN, conformément aux conditions de l’ELN.
Les ELN sont souvent négociés de façon privée et ne peuvent pas être cotés, de sorte que les Fonds devront davantage s’appuyer sur leur capacité à évaluer la solvabilité de l’émetteur, le titre sous-jacent, les caractéristiques de l’éventuelle garantie, ainsi que les risques de perte dus au marché ou à d’autres facteurs. Les notations des émetteurs d’ELN se basent uniquement sur la solvabilité de l’émetteur et la solidité des accords de garantie y afférents ou des autres garanties, et ne prennent pas en compte, ni n’essaient d’évaluer, les risques potentiels des actions sous-jacentes. Selon la législation du pays de constitution de l’émetteur et d’émission de l’ELN, en cas de défaillance, il se peut que les Fonds aient à supporter des frais supplémentaires lors du recouvrement d’un ELN et qu’ils disposent de moins de recours légaux pour ce recouvrement.
Comme pour tout investissement, les Fonds peuvent perdre la totalité des capitaux investis dans un ELN. Le marché secondaire des ELN peut être restreint. Un marché secondaire insuffisamment liquide peut avoir des conséquences néfastes sur la capacité des Fonds à évaluer précisément les ELN de leur portefeuille et rendre plus difficile pour eux la cession de ces titres. | ## Equity Linked Notes
Some Funds will invest in equity linked notes. The price of an equity linked note is derived from the value of the underlying linked securities. The level and type of risk involved in the purchase of an equity linked note by such Funds is potentially higher than the risk involved in the purchase of the underlying security. Equity linked notes are also dependent on the individual credit of the issuer of the note, which will generally be a trust or other special purpose vehicle or finance subsidiary established by a major financial institution for the limited purpose of issuing the note. Like other structured products, equity linked notes are frequently secured by collateral consisting of a combination of debt or related equity securities to which payments under the notes are linked. If so secured, the Funds would look to this underlying collateral for satisfaction of claims in the event that the issuer of an equity linked note defaulted under the terms of the note.
Equity linked notes are often privately placed and may not be rated, in which case the Funds will be more dependent on the ability to evaluate the creditworthiness of the issuer, the underlying security, any collateral features of the note, and the potential for loss due to market and other factors. Ratings of issuers of equity linked notes refer only to the creditworthiness of the issuer and strength of related collateral arrangements or other credit supports, and do not take into account, or attempt to rate, any potential risks of the underlying equity securities. Depending on the law of the jurisdiction in which an issuer is organized and the note is issued, in the event of default, the Funds may incur additional expenses in seeking recovery under an equity linked note, and may have less legal recourse in attempting to do so.
As with any investment, the Funds can lose the entire amount it has invested in an equity linked note. The secondary market for equity linked notes may be limited. The lack of a liquid secondary market may have an adverse effect on the ability of the Funds to accurately value the equity linked notes in their portfolios, and may make disposal of such securities more difficult for such Funds. | en | fr |
DOLFIN7793 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
It is proposed that the investment policy of the Sub-Fund be changed so that the Sub-Fund will aim to achieve its investment objective by investing not less than 70% of its Net Asset Value in equity and equity related securities ("Equity and Equity Related Securities") of issuers which (i) are incorporated, headquartered, listed or have their registered office in the Asia Pacific region (excluding Japan); or (ii) which have a predominant proportion of their assets or business operations in the Asia Pacific region (excluding Japan). Also, the Sub-Fund will have no restrictions as to the proportion of assets allocated to emerging markets, companies of any particular market capitalisation and may invest across a range of economic sectors.
Equity and Equity Related Securities shall include equities, depositary receipts, preference shares, equity linked notes (unleveraged debt securities linked to the performance of equities), warrants (not more than 5% of the Sub-Fund's Net Asset Value), convertible securities (such as convertible preference shares, share purchase rights and bonds convertible into common or preferred shares).
- Geographical focus of the Sub-FundCurrently, the countries in the Pacific region which the Investment Manager shall focus on, though not exclusively, are Australia, Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, the Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam and, subject to the investment restriction 2.1 of Schedule III in the Prospectus, the securities will be listed, traded or dealt in on a Regulated Market worldwide. | Se propone que la política de inversión del Subfondo se modifique de modo que el Subfondo intente alcanzar su objetivo de inversión invirtiendo al menos el 70% de su Valor Liquidativo en valores de renta variable y relacionados con la renta variable («Valores de renta variable y relacionados con la renta variable») de emisores que (i) estén constituidos, tengan su sede, coticen o tengan su domicilio social en la región Asia Pacífico (excluyendo Japón); o (ii) que tengan una proporción predominante de sus activos u operaciones de negocio en la región Asia Pacífico (excluyendo Japón). Asimismo, el Subfondo no tendrá ninguna limitación en relación con la proporción de activos que puede asignar a los mercados emergentes, empresas de cualquier capitalización de mercado, y puede invertir en una gran variedad de sectores económicos.
Los Valores de renta variable y relacionados con la renta variable incluirán valores de renta variable, certificados de depósito, acciones preferentes, notas vinculadas a renta variable (títulos de deuda no apalancados vinculados a la evolución de la renta variable), warrants (no más del 5% del Valor Liqudativo del Subfondo), valores convertibles (como acciones preferentes convertibles, derechos de compra de acciones y bonos convertibles en acciones ordinarias o preferentes).
- Enfoque geográfico del SubfondoActualmente, los países de la región del Pacífico en los cuales se centrará el Gestor de inversiones, aunque no de manera exclusiva, serán Australia, Bangladesh, Camboya, China, Hong Kong, India, Indonesia, Japón, Corea, Malasia, Nueva Zelanda, Pakistán, Filipinas, Singapur, Sri Lanka, Taiwán, Tailandia y Vietnam y, con sujeción a la restricción de inversión 2.1 en el Anexo III del Folleto, los valores deberán cotizar o negociarse en un Mercado Regulado de cualquier país del mundo. | It is proposed that the investment policy of the Sub-Fund be changed so that the Sub-Fund will aim to achieve its investment objective by investing not less than 70% of its Net Asset Value in equity and equity related securities ("Equity and Equity Related Securities") of issuers which (i) are incorporated, headquartered, listed or have their registered office in the Asia Pacific region (excluding Japan); or (ii) which have a predominant proportion of their assets or business operations in the Asia Pacific region (excluding Japan). Also, the Sub-Fund will have no restrictions as to the proportion of assets allocated to emerging markets, companies of any particular market capitalisation and may invest across a range of economic sectors.
Equity and Equity Related Securities shall include equities, depositary receipts, preference shares, equity linked notes (unleveraged debt securities linked to the performance of equities), warrants (not more than 5% of the Sub-Fund's Net Asset Value), convertible securities (such as convertible preference shares, share purchase rights and bonds convertible into common or preferred shares).
- Geographical focus of the Sub-FundCurrently, the countries in the Pacific region which the Investment Manager shall focus on, though not exclusively, are Australia, Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, the Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam and, subject to the investment restriction 2.1 of Schedule III in the Prospectus, the securities will be listed, traded or dealt in on a Regulated Market worldwide. | en | es |
DOLFIN7794 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# EU Bank Recovery and Resolution Directive
Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms (the “BRRD”) was published in the Official Journal of the European Union on June 12, 2014 and entered into force on July 2, 2014. The stated aim of the BRRD is to provide resolution authorities, including the relevant Luxembourg resolution authority, with common tools and powers to address banking crises pre- emptively in order to safeguard financial stability and minimize taxpayers’ exposure to losses.
In accordance with the BRRD and relevant implementing laws, national prudential supervisory authorities can assert certain powers over credit institutions and certain investment firms which are failing or are likely to fail and where normal insolvency would cause financial instability. These powers comprise write-down, conversion, transfer, modification, or suspension powers existing from time to time under, and exercised in compliance with any laws, regulations, rules or requirements in effect in the relevant EU Member State relating to the implementation of BRRD (the “Bank Resolution Tools”).
The use of any such Bank Resolution Tools may affect or restrain the ability of counterparties subject to BRRD to honour their obligations towards the sub-funds, thereby exposing the sub-funds to potential losses.
The exercise of Bank Resolution Tools against investors of a sub-fund may also lead to the mandatory sale of part of the assets of these investors, including their shares/units in that sub-fund. Accordingly, there is a risk that a sub-fund may experience reduced or even insufficient liquidity because of such an unusually high volume of redemption requests. In such case the Investment Company may not be able to pay redemption proceeds within the time period stated in this Prospectus. Furthermore, exercising certain Bank Resolution Tools in respect of a particular type of securities may, under certain circumstances, trigger a drying-up of liquidity in specific securities markets, thereby causing potential liquidity problems for the sub-funds. | # EU-Richtlinie zur Sanierung und Abwicklung von Banken
Die Richtlinie 2014/59/EU zur Festlegung eines Rahmens für die Sanierung und Abwicklung von Kreditinstituten und Wertpapierfirmen (Bank Recovery and Resolution Directive «BRRD») wurde am 12. Juni 2014 im Amtsblatt der Europäischen Union veröffentlicht und ist am 2. Juli 2014 in Kraft getreten. Das erklärte Ziel der BRRD besteht darin, den Abwicklungsbehörden, einschliesslich der zuständigen Abwicklungsbehörde in Luxemburg, angemessene Instrumente an die Hand zu geben und Befugnisse einzuräumen, um vorausschauend Bankkrisen zu vermeiden, so die Stabilität der Finanzmärkte zu sichern und die Auswirkungen der Verluste auf die Steuerzahler so gering wie möglich zu halten.
In Übereinstimmung mit der BRRD und den jeweiligen Umsetzungsvorschriften können die nationalen Aufsichtsbehörden gegenüber unsoliden oder ausfallenden Kreditinstituten und Wertpapierfirmen, bei denen eine normale Insolvenz zu finanzieller Instabilität führen würde, gewisse Befugnisse durchsetzen. Hierzu zählen Abschreibungs-, Umwandlungs-, Transfer-, Änderungs- oder Aussetzungsbefugnisse, die von Zeit zu Zeit gemäss den im jeweiligen EU-Mitgliedsstaat geltenden Gesetzen, Vorschriften, Regelungen oder Anforderungen in Bezug auf die Umsetzung der BRRD bestehen und in Übereinstimmung damit ausgeübt werden (die «Instrumente zur Bankenabwicklung»).
Die Nutzung dieser Instrumente zur Bankenabwicklung kann jedoch Gegenparteien, die der BRRD unterliegen, in ihrer Fähigkeit, ihren Verpflichtungen gegenüber den Teilfonds nachzukommen, beeinflussen oder beschränken.
Der Einsatz der Instrumente zur Bankenabwicklung gegen Anleger eines Teilfonds kann auch zum zwangsweisen Verkauf von Teilen der Vermögenswerte dieser Anleger führen, unter anderem der Aktien/Anteile an diesem Teilfonds. Dementsprechend besteht die Gefahr, dass die Liquidität eines Teilfonds aufgrund einer ungewöhnlich hohen Zahl von Rücknahmeanträgen sinkt oder unzureichend ist. In diesem Fall kann die Investmentgesellschaft möglicherweise die Rücknahmeerlöse nicht innerhalb des in diesem Prospekt angegebenen Zeitraums auszahlen. Daneben kann der Einsatz bestimmter Instrumente zur Bankenabwicklung in Bezug auf eine bestimmte Wertpapierart unter gewissen Umständen zu einem Austrocknen der Liquidität an bestimmten Wertpapiermärkten führen und dadurch potenzielle Liquiditätsprobleme für die Teilfonds verursachen. | # EU Bank Recovery and Resolution Directive
Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms (the “BRRD”) was published in the Official Journal of the European Union on June 12, 2014 and entered into force on July 2, 2014. The stated aim of the BRRD is to provide resolution authorities, including the relevant Luxembourg resolution authority, with common tools and powers to address banking crises pre- emptively in order to safeguard financial stability and minimize taxpayers’ exposure to losses.
In accordance with the BRRD and relevant implementing laws, national prudential supervisory authorities can assert certain powers over credit institutions and certain investment firms which are failing or are likely to fail and where normal insolvency would cause financial instability. These powers comprise write-down, conversion, transfer, modification, or suspension powers existing from time to time under, and exercised in compliance with any laws, regulations, rules or requirements in effect in the relevant EU Member State relating to the implementation of BRRD (the “Bank Resolution Tools”).
The use of any such Bank Resolution Tools may affect or restrain the ability of counterparties subject to BRRD to honour their obligations towards the sub-funds, thereby exposing the sub-funds to potential losses.
The exercise of Bank Resolution Tools against investors of a sub-fund may also lead to the mandatory sale of part of the assets of these investors, including their shares/units in that sub-fund. Accordingly, there is a risk that a sub-fund may experience reduced or even insufficient liquidity because of such an unusually high volume of redemption requests. In such case the Investment Company may not be able to pay redemption proceeds within the time period stated in this Prospectus. Furthermore, exercising certain Bank Resolution Tools in respect of a particular type of securities may, under certain circumstances, trigger a drying-up of liquidity in specific securities markets, thereby causing potential liquidity problems for the sub-funds. | en | de |
DOLFIN7795 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Indicateur synthétique de risque
Risque le plus faible Risque le plus élevé
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. Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque moyennement faible. Cette classification prend en compte deux éléments 1 le risque de marché, qui évalue les pertes potentielles de rendement à venir à un niveau moyennement faible ; et 2 le risque de crédit, qui prévoit qu’il est très peu probable que de mauvaises conditions de marché aient une incidence sur la capacité à vous payer. Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. Vous devez être conscient du risque de change. Si votre devise diffère de la devise de libellé du Fonds, votre rendement final dépendra du taux de change entre les deux. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus. Ce produit ne
prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. D’autres risques peuvent affecter la performance du Fonds. Veuillez consulter la section « Risques d’investissement » du Prospectus et du Supplément du Fonds, disponibles sur www.keplerliquidstrategies.com/funds/kls-arete-macro-fund/ | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador resumido de riesgo
Riesgo más bajo Riesgo más alto
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 3 en una escala de 7, que es una clase de riesgo medio bajo Esta clasificación tiene en cuenta dos elementos: 1 el riesgo de mercado - que evalúa las pérdidas potenciales de los resultados futuros en un nivel medio bajo y 2 el riesgo de crédito, que estima que es muy improbable que unas malas condiciones de mercado afecten a nuestra capacidad de pagarle. Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión. Tenga presente el riesgo de cambio. En el caso de que su divisa sea distinta de la moneda de denominación del Fondo, el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente. Este riesgo no se tiene en cuenta en el indicador indicado
anteriormente. Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que usted podría perder una parte o la totalidad de su inversión. La rentabilidad del Fondo podría verse afectada por otros riesgos. Consulte las secciones de «Riesgos de inversión» del Folleto y del Suplemento, disponibles en www.keplerliquidstrategies.com/funds/kls-arete-macro-fund/ | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Indicateur synthétique de risque
Risque le plus faible Risque le plus élevé
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. Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque moyennement faible. Cette classification prend en compte deux éléments 1 le risque de marché, qui évalue les pertes potentielles de rendement à venir à un niveau moyennement faible ; et 2 le risque de crédit, qui prévoit qu’il est très peu probable que de mauvaises conditions de marché aient une incidence sur la capacité à vous payer. Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. Vous devez être conscient du risque de change. Si votre devise diffère de la devise de libellé du Fonds, votre rendement final dépendra du taux de change entre les deux. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus. Ce produit ne
prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. D’autres risques peuvent affecter la performance du Fonds. Veuillez consulter la section « Risques d’investissement » du Prospectus et du Supplément du Fonds, disponibles sur www.keplerliquidstrategies.com/funds/kls-arete-macro-fund/ | fr | es |
DOLFIN7796 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Article 1 - Co-ownership units
Co-owners’ rights are represented by units, with each unit corresponding to the same fraction of the assets of the Fund (or the sub-fund, if applicable). Each unitholder has a co-ownership right to the Fund’s assets proportional to the number of units they hold.
The term of the Fund is 99 years starting from its creation date, except in the event of early dissolution or extension as set forth in these regulations.
The characteristics of the different classes of units and their eligibility requirements are specified in the Fund’s prospectus.
Possibility of consolidation or division of units.
The Fund has seven unit classes: A, B, BR, CR, E, I and R accumulation units.
The Management Company’s governing body may decide to split A, B, BR, CR, E, I and R units into thousandths, referred to as fractions of units.
The provisions of the regulations governing the issue and redemption of units shall apply to fractions of units, whose value shall always be proportionate to that of the units they represent. Unless otherwise provided, all other provisions of the regulations relating to units shall apply to fractions of units without any need to make a specific provision to that end.
The governing body of the management company may also decide, at its sole discretion, to divide the units by issuing new units, which shall be allocated to unitholders in exchange for their existing units. | #### Articolo 1 - Quote di comproprietà
I diritti dei comproprietari sono espressi in quote, ciascuna delle quali corrisponde a una medesima frazione del patrimonio del fondo (o laddove applicabile del comparto). Ogni detentore di quote gode di un diritto di comproprietà sul patrimonio del fondo, proporzionale al numero di quote detenute.
La durata del fondo è di 99 anni a partire dalla sua creazione, salvo i casi chiusura anticipata o di proroga previsti dal presente regolamento.
Le caratteristiche delle diverse categorie di quote e le loro condizioni di accesso sono indicate nel prospetto del FCI.
Possibilità di raggruppamento o di divisione delle quote.
Il FCI dispone di 7 categorie di quote: "A", "B", "BR","CR", "E", "I" ed "R" di capitalizzazione.
Le quote "A", "B", "BR", "CR", "E", "I", ed "R" potranno essere frazionate in millesimi, denominati frazioni di quote, su decisione dell'organo amministrativo della Società di gestione.
Le disposizioni del regolamento che disciplinano l'emissione e il riscatto di quote sono applicabili alle frazioni di quote il cui valore sarà sempre proporzionale a quello dell'azione che dette frazioni rappresentano. Tutte le altre disposizioni del regolamento relative alle quote si applicano alle frazioni di quote senza che sia necessario specificarlo, fatto salvo quanto diversamente stabilito.
Infine, gli amministratori della Società di gestione potranno, a loro esclusiva discrezione, procedere alla divisione di quote mediante la creazione di nuove quote che sono attribuite agli azionisti in cambio delle vecchie quote. | #### Article 1 - Co-ownership units
Co-owners’ rights are represented by units, with each unit corresponding to the same fraction of the assets of the Fund (or the sub-fund, if applicable). Each unitholder has a co-ownership right to the Fund’s assets proportional to the number of units they hold.
The term of the Fund is 99 years starting from its creation date, except in the event of early dissolution or extension as set forth in these regulations.
The characteristics of the different classes of units and their eligibility requirements are specified in the Fund’s prospectus.
Possibility of consolidation or division of units.
The Fund has seven unit classes: A, B, BR, CR, E, I and R accumulation units.
The Management Company’s governing body may decide to split A, B, BR, CR, E, I and R units into thousandths, referred to as fractions of units.
The provisions of the regulations governing the issue and redemption of units shall apply to fractions of units, whose value shall always be proportionate to that of the units they represent. Unless otherwise provided, all other provisions of the regulations relating to units shall apply to fractions of units without any need to make a specific provision to that end.
The governing body of the management company may also decide, at its sole discretion, to divide the units by issuing new units, which shall be allocated to unitholders in exchange for their existing units. | en | it |
DOLFIN7797 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Performance note
*Index disclosure: The Fund is actively managed and aims to outperform the Bloomberg Barclays Global Aggregate Corporate USD TR HDG SGD Index* (the "Index"). However, the Index composition is not factored into the investment management process and the portfolio manager maintains full discretion to select investments for the Fund in line with the above investment policy.
This document presents the performance of this particular unit class of the Fund from the date of inception of the unit class in its unit class currency, as specified on the front page. Performance since inception date of the Fund, which precedes the inception date of the unit class, is available upon request.
Prior to 31st December 2018, the data performance calculations reflect the month-end market close prices of the Fund's assets. After 1 January 2019, the performance data shown is based upon the Fund's Net Asset Value (NAV) prices of the last Irish business day of the month. For Funds not open for dealing on this day this will be an indicative NAV. As a result, it is possible that the stated performance and the actual investment returns available to investors will differ.
The performance data shown is net of fees and other charges but excludes any potential entry/exit charges – as such the returns an investor receives may be lower. | # Calcolo della performance
*Informativa sull'indice: Il Fondo è gestito attivamente e mira a sovraperformare il Bloomberg Barclays Global Aggregate Corporate USD TR HDG SGD Index* (l'"Indice"). Tuttavia, la composizione dell'Indice non viene presa in considerazione nel processo di gestione degli investimenti e il gestore del portafoglio mantiene la piena discrezione nella scelta degli investimenti per il Fondo in linea con la politica di investimento di cui sopra.
Questo documento presenta la performance di questa particolare classe di quote del Fondo dalla data di lancio della stessa, nella relativa valuta, come specificato nella prima pagina. La performance dalla data di lancio del Fondo, che precede la data di lancio della classe di quote, è disponibile su richiesta.
Prima del 31 dicembre 2018, i calcoli relativi alla performance riflettono i prezzi di chiusura del mercato di fine mese delle attività del Fondo. Successivamente al 1 gennaio 2019, i dati sulla performance mostrati si basano sui prezzi del Valore Patrimoniale Netto (NAV) del Fondo dell'ultimo giorno lavorativo irlandese del mese. Per i Fondi non aperti per la negoziazione in questo giorno, questo sarà un NAV indicativo. Di conseguenza, è possibile che la performance indicata e i rendimenti effettivi dell'investimento per gli investitori siano diversi.
I dati relativi alla performance illustrati sono al netto delle commissioni e di altre spese ma escludono qualsiasi potenziale commissione di ingresso/uscita – pertanto i rendimenti ricevuti da un investitore possono essere inferiori. | # Performance note
*Index disclosure: The Fund is actively managed and aims to outperform the Bloomberg Barclays Global Aggregate Corporate USD TR HDG SGD Index* (the "Index"). However, the Index composition is not factored into the investment management process and the portfolio manager maintains full discretion to select investments for the Fund in line with the above investment policy.
This document presents the performance of this particular unit class of the Fund from the date of inception of the unit class in its unit class currency, as specified on the front page. Performance since inception date of the Fund, which precedes the inception date of the unit class, is available upon request.
Prior to 31st December 2018, the data performance calculations reflect the month-end market close prices of the Fund's assets. After 1 January 2019, the performance data shown is based upon the Fund's Net Asset Value (NAV) prices of the last Irish business day of the month. For Funds not open for dealing on this day this will be an indicative NAV. As a result, it is possible that the stated performance and the actual investment returns available to investors will differ.
The performance data shown is net of fees and other charges but excludes any potential entry/exit charges – as such the returns an investor receives may be lower. | en | it |
DOLFIN7798 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l'entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d'entrée | 5.00% du montant que vous versez en participant à cet investissement. | Jusqu'à €500 |
| Coûts de sortie | Nous ne facturons pas de droit de sortie pour ce produit. | €0 |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 0.95 % de la valeur de votre investissement par an. Il s'agit d'une estimation basée sur les frais fixes du gestionnaire et les investissements sous-jacents actuels du Fonds. | €95 |
| Coûts de transaction | 0.19 % de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents pour le produit. Le montant réel variera en fonction du volume des achats et des ventes. | €19 |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Ce produit n'est assujetti à aucune commission de performance. | €0 | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 5.00 % del importe que usted paga al suscribir esta inversión. | Hasta €500 |
| Costes de salida | No cobramos una comisión de salida para este producto. | €0 |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0.95 % del valor de su inversión cada año. Esto es una estimación, basada en los gastos fijos de la Gestora y las inversiones subyacentes actuales del Fondo. | €95 |
| Costes de operación | 0.19 % del valor de su inversión cada año. Esto es una estimación de los costes en los que incurrimos al comprar o vender las inversiones subyacentes para el producto. El importe real variará dependiendo de cuántos valores compremos y vendamos. | €19 |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No existe comisión de rendimiento por este producto. | €0 | | | Coûts ponctuels à l'entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d'entrée | 5.00% du montant que vous versez en participant à cet investissement. | Jusqu'à €500 |
| Coûts de sortie | Nous ne facturons pas de droit de sortie pour ce produit. | €0 |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 0.95 % de la valeur de votre investissement par an. Il s'agit d'une estimation basée sur les frais fixes du gestionnaire et les investissements sous-jacents actuels du Fonds. | €95 |
| Coûts de transaction | 0.19 % de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents pour le produit. Le montant réel variera en fonction du volume des achats et des ventes. | €19 |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Ce produit n'est assujetti à aucune commission de performance. | €0 | | fr | es |
DOLFIN7799 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The benchmark index of the Sub-Fund is only used for comparison purposes. The Sub-Fund is actively managed.
Investment policy: The Sub-Fund invests and/or exposes at least 75% of its net assets in/to equity securities issued by companies that have developed best practices in human capital management such as training, talent acquisition and retention and diversity policies, or have a business model which directly fosters workforce development and training, knowledge acquisition as well as protection of employees. The sub-fund will predominantly invest in countries included in the MSCI All Countries World Index.
The Sub-Fund aims at selecting companies with a focus on a good management of environmental, social, and governance (ESG) risks and opportunities. The Sub-Fund’s investment process entails, to this aim, a proprietary responsible investing approach which favours ESG well rated companies irrespective of their capitalizations and relying on either a proprietary ESG rating or a rating provided by an external extra-financial rating agency. At least 90% of portfolio companies receive ESG rating. The selection process includes a positive screening by selecting through a best in universe approach and a negative screening, whereby the Investment Manager has established a formal exclusion policy that integrates the exclusion of controversial companies related to weapon, coal and tobacco. The eligible investment universe is consequently reduced by 20% and defined according to ESG criteria. Moreover, a human capital thematic approach is applied and the Sub-Fund focuses on securities issued by companies that have developed best practices in human capital through their management or their business model. Further details on the responsible investing approach applied on the Sub Fund can be found on the Investment Manager website: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Sub-Fund Classifies as Article 9 SFDR as it has a sustainable investment as its objective (i.e. human capital), although no reference benchmark has been designated for the purpose of attaining sustainable investment objective.
In view of its ESG strategy, the Sub-Fund promotes environmental characteristics but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. | ## El índice de referencia del Subfondo se utiliza solo a efectos comparativos. El Subfondo se gestiona de forma activa.
Política de inversión: El Subfondo invierte o expone al menos el 75% de su patrimonio neto en valores de renta variable emitidos por sociedades que hayan desarrollado prácticas recomendadas en materia de gestión del capital humano, como formaciones, procesos de adquisición y retención del talento, y políticas de diversidad; o bien sociedades cuyo modelo de negocio fomente directamente el desarrollo y la formación de la plantilla, la adquisición de conocimiento y la protección de los empleados. El Subfondo invertirá principalmente en países incluidos en el MSCI All Countries World Index.
El Subfondo tiene como objetivo la selección de sociedades con un enfoque centrado en una buena gestión de los riesgos y las oportunidades ESG. El proceso de inversión del Subfondo implica, con este fin, un enfoque propio de inversión responsable, que favorece a las sociedades con una buena calificación ESG, independientemente de su capitalización, en función de una calificación propia de ESG o de aquella proporcionada por una agencia externa de calificación extrafinanciera. Al menos el 90% de las sociedades de la cartera reciben una calificación ESG. El proceso de selección incluye un filtrado positivo, es decir, se seleccionan los mejores valores de un universo, y un filtrado negativo, que implica que el Gestor de inversiones ha establecido una política de exclusión formal sobre sociedades controvertidas relacionadas con el armamento, el carbón y el tabaco. Por ende, el universo de inversión elegible se reduce en un 20% y se define según los criterios ESG. Asimismo, se aplica un enfoque temático relacionado con el capital humano y el Subfondo se centra en valores emitidos por sociedades que desarrollen prácticas recomendadas en materia de gestión del capital humano a través de su gestión o su modelo de negocio. En el sitio web del Gestor de inversiones se puede encontrar más información sobre el enfoque de inversión responsable implementado por el Subfondo: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
El Subfondo se clasifica según lo dispuesto en el artículo 9 del SFDR, ya que tiene como objetivo una inversión sostenible (es decir, capital humano), aunque no se ha designado un índice de referencia con el fin de alcanzar un objetivo de inversión sostenible.
En vista de su estrategia de ESG, el Subfondo promueve características ambientales pero no invierte en actividades económicas sostenibles desde el punto de vista medioambiental. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles. | ## The benchmark index of the Sub-Fund is only used for comparison purposes. The Sub-Fund is actively managed.
Investment policy: The Sub-Fund invests and/or exposes at least 75% of its net assets in/to equity securities issued by companies that have developed best practices in human capital management such as training, talent acquisition and retention and diversity policies, or have a business model which directly fosters workforce development and training, knowledge acquisition as well as protection of employees. The sub-fund will predominantly invest in countries included in the MSCI All Countries World Index.
The Sub-Fund aims at selecting companies with a focus on a good management of environmental, social, and governance (ESG) risks and opportunities. The Sub-Fund’s investment process entails, to this aim, a proprietary responsible investing approach which favours ESG well rated companies irrespective of their capitalizations and relying on either a proprietary ESG rating or a rating provided by an external extra-financial rating agency. At least 90% of portfolio companies receive ESG rating. The selection process includes a positive screening by selecting through a best in universe approach and a negative screening, whereby the Investment Manager has established a formal exclusion policy that integrates the exclusion of controversial companies related to weapon, coal and tobacco. The eligible investment universe is consequently reduced by 20% and defined according to ESG criteria. Moreover, a human capital thematic approach is applied and the Sub-Fund focuses on securities issued by companies that have developed best practices in human capital through their management or their business model. Further details on the responsible investing approach applied on the Sub Fund can be found on the Investment Manager website: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Sub-Fund Classifies as Article 9 SFDR as it has a sustainable investment as its objective (i.e. human capital), although no reference benchmark has been designated for the purpose of attaining sustainable investment objective.
In view of its ESG strategy, the Sub-Fund promotes environmental characteristics but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. | en | es |
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