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DOLFIN7800 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Changes to Terms of Payment of Subscription Monies
The Trust currently has the power to charge an applicant for units a fee payable to the Manager in the event that payment of cleared funds has not been received by the time set out in the Dealing Timetable at Appendix V of the Prospectus. The interest used to calculate this fee is currently the 7 Day LIBOR rate (the “Interest Calculation Rate”) which is due to cease on 1 January 2022.
From the Effective Date, the Interest Calculation Rate shall be based on the 7 Day SONIA rate which has been deemed by the Manager as the closest replacement to the existing Interest Calculation Rate and does not seek to benefit from this amendment. | # Modifiche ai termini di pagamento dei corrispettivi di sottoscrizione
Il Fondo ha attualmente il potere di addebitare a un richiedente di quote una commissione dovuta al Gestore nel caso in cui il pagamento di fondi disponibili non sia pervenuto entro l'orario stabilito nel Calendario di negoziazione di cui all'Appendice V del Prospetto. L'interesse utilizzato per calcolare questa commissione è attualmente il tasso LIBOR a 7 giorni (il "Tasso di calcolo degli interessi") che cesserà il 1° gennaio 2022.
A decorrere dalla Data di Efficacia, il Tasso di calcolo degli interessi sarà basato sul tasso SONIA a 7 giorni, che il Gestore considera il sostituto più prossimo al Tasso di calcolo degli interessi esistente e non mira a beneficiare di tale modifica. | # Changes to Terms of Payment of Subscription Monies
The Trust currently has the power to charge an applicant for units a fee payable to the Manager in the event that payment of cleared funds has not been received by the time set out in the Dealing Timetable at Appendix V of the Prospectus. The interest used to calculate this fee is currently the 7 Day LIBOR rate (the “Interest Calculation Rate”) which is due to cease on 1 January 2022.
From the Effective Date, the Interest Calculation Rate shall be based on the 7 Day SONIA rate which has been deemed by the Manager as the closest replacement to the existing Interest Calculation Rate and does not seek to benefit from this amendment. | en | it |
DOLFIN7801 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In such case, the diversified portfolio of transferable securities will permit the Sub-Fund to address its obligations under the swap. As a consequence, the Sub-Fund will no longer be exposed directly to the economic performance of such transferable securities.
The portfolio of transferable securities will be selected by the Manager based on its determination, in the light of current market conditions and taking due account of its assessment of credit quality and liquidity of such securities, of the most cost effective manner of generating the yield which is required to be paid to the counterparty. Such securities will comprise of equities and fixed or variable debt instruments such as equities of U.S., European or Asian large cap companies and corporate bonds or government bonds (including supra-nationals) from developed countries with a minimum rating of BB- and will not be inherently leveraged.
- Unfunded swap formatWhere the Manager determines that the Sub-Fund should enter into the Derivative Contract on an un- funded swap basis, it will pay the relevant Counterparty a regular set payment and will receive regular payments which will be based on the performance of all or part of the Strategy, as determined by the Manager. The fees paid to the relevant Counterparty do not include hidden revenue. | Dans un tel cas, le portefeuille diversifié de valeurs mobilières permettra au Compartiment de s’acquitter de ses obligations en vertu du swap. Par conséquent, le Compartiment ne sera plus exposé directement à la performance économique de ces valeurs mobilières négociables.
Le portefeuille de titres transférables sera sélectionné par le Gestionnaire à la lumière des conditions actuelles de marché et en prenant en compte l'évaluation de la qualité de crédit et la liquidité de ces titres, avec pour objectif de générer, de la façon la plus économique, le rendement requis pour payer la Contrepartie. Ces titres pourront inclure des actions et des instruments de dette à taux fixes ou variables, comme des actions de grandes capitalisations américaines, européennes ou asiatiques, et des obligations d'entreprise ou des emprunts d'État (dont des entités supranationales) de pays développés avec une notation minimum de BB- et ne comprendront pas de levier intrinsèque.
- Modèle de swap non financéLorsque le Gestionnaire aura déterminé que le Compartiment doit conclure un Contrat de Dérivé sur la base d'un modèle de swap non financé, il procédera à des paiements fixes et réguliers en faveur de la Contrepartie et recevra des paiements réguliers sur la base de la performance de tout ou partie de la Stratégie, tel que cela est déterminé par le Gestionnaire. Les commissions versées à la Contrepartie concernée n'incluent aucun revenu caché. | In such case, the diversified portfolio of transferable securities will permit the Sub-Fund to address its obligations under the swap. As a consequence, the Sub-Fund will no longer be exposed directly to the economic performance of such transferable securities.
The portfolio of transferable securities will be selected by the Manager based on its determination, in the light of current market conditions and taking due account of its assessment of credit quality and liquidity of such securities, of the most cost effective manner of generating the yield which is required to be paid to the counterparty. Such securities will comprise of equities and fixed or variable debt instruments such as equities of U.S., European or Asian large cap companies and corporate bonds or government bonds (including supra-nationals) from developed countries with a minimum rating of BB- and will not be inherently leveraged.
- Unfunded swap formatWhere the Manager determines that the Sub-Fund should enter into the Derivative Contract on an un- funded swap basis, it will pay the relevant Counterparty a regular set payment and will receive regular payments which will be based on the performance of all or part of the Strategy, as determined by the Manager. The fees paid to the relevant Counterparty do not include hidden revenue. | en | fr |
DOLFIN7802 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Section 7 Charges
- Fees payable to the Company are as follows:
- The Company receives an annual fee for the UCITS Fund’s management of up to 1.5% of the average value of the UCITS Fund in the accounting period based on the net asset value as determined each valuation day. It is entitled to charge monthly pro rata advances on this amount. The management fee may be taken from the UCITS Fund at any time. The Company is free to charge a lower management fee for one or more unit classes. The Company shall state the management fee charged in the Prospectus and in the annual and half-yearly reports.
- Performance-related remunerationba) Definition of the performance-related remunerationFor the UCITS Fund’s management, in addition to the remuneration referred to in paragraph 1a), the Company may receive a performance-related remuneration per unit issued of up to 10% of the amount by which the performance of the units exceeds at the end of an accounting period earnings from a money market investment used as a benchmark during this accounting period by 200 basis points (hurdle rate), but no higher than 5% of the average net asset value of the UCITS Fund during the accounting period, which is calculated using the values at the end of each month. If the unit value at the beginning of the accounting period is lower than the highest unit value that the UCITS Fund reached at the end of the five previous accounting periods (hereinafter “high water mark”), the high water mark is used to calculate unit performance as per sentence 1 instead of the unit value at the beginning of the accounting period. If the UCITS Fund has existed for fewer than five previous accounting periods, all of the previous accounting periods will be taken into account when calculating the remuneration entitlement. | # § 7 Kosten
- Vergütungen, die an die Gesellschaft zu zahlen sind:
- Die Gesellschaft erhält für die Verwaltung des OGAW-Sondervermögens eine jährliche Vergütung in Höhe von bis zu 1,5 Prozent des Durchschnittswertes des OGAW-Sondervermögens auf der Basis des bewertungstäglich ermittelten Nettoinventarwertes in der Abrechnungsperiode. Sie ist berechtigt hierauf monatlich anteilige Vorschüsse zu erheben. Die Verwaltungsvergütung kann dem OGAW-Sondervermögen jederzeit entnommen werden. Es steht der Gesellschaft frei, für eine oder mehrere Anteilklassen eine niedrigere Verwaltungsvergütung zu berechnen. Die Gesellschaft gibt im Verkaufsprospekt und im Jahres- und Halbjahresbericht die jeweils erhobene Verwaltungsvergütung an.
- Erfolgsabhängige Vergütungba) Definition der erfolgsabhängigen VergütungDie Gesellschaft kann für die Verwaltung des OGAW-Sondervermögens zusätzlich zu der Vergütung gemäß Absatz 1a) je ausgegebenen Anteil eine erfolgsabhängige Vergütung in Höhe von bis zu 10 Prozent des Betrages erhalten, um den die Anteilwertentwicklung am Ende einer Abrechnungsperiode den Ertrag aus einer als Vergleichsmaßstab heran- gezogenen Geldmarktanlage in dieser Abrechnungsperiode um 200 Basispunkte (,,Hurdle Rate‘‘) übersteigt, jedoch insgesamt höchstens bis zu 5 Prozent des durchschnittlichen Nettoinventarwertes des OGAW-Sondervermögens in der Abrechnungsperiode, der aus den Werten am Ende eines jeden Monats errechnet wird. Ist der Anteilwert zu Beginn der Abrechnungsperiode niedriger als der Höchststand des Anteilwertes des OGAW-Sondervermögens, der am Ende der fünf vorangegangenen Abrechnungsperioden erzielt wurde (nachfolgend ,,High Water Mark‘‘), so tritt zwecks Berech- nung der Anteilwertentwicklung nach Satz 1 die High Water Mark an die Stelle des Anteilwerts zu Beginn der Abrech- nungsperiode. Existieren für das OGAW-Sondervermögen weniger als fünf vorangegangene Abrechnungsperioden, so werden bei der Berechnung des Vergütungsanspruchs alle vorangegangenen Abrechnungsperioden berücksichtigt. | # Section 7 Charges
- Fees payable to the Company are as follows:
- The Company receives an annual fee for the UCITS Fund’s management of up to 1.5% of the average value of the UCITS Fund in the accounting period based on the net asset value as determined each valuation day. It is entitled to charge monthly pro rata advances on this amount. The management fee may be taken from the UCITS Fund at any time. The Company is free to charge a lower management fee for one or more unit classes. The Company shall state the management fee charged in the Prospectus and in the annual and half-yearly reports.
- Performance-related remunerationba) Definition of the performance-related remunerationFor the UCITS Fund’s management, in addition to the remuneration referred to in paragraph 1a), the Company may receive a performance-related remuneration per unit issued of up to 10% of the amount by which the performance of the units exceeds at the end of an accounting period earnings from a money market investment used as a benchmark during this accounting period by 200 basis points (hurdle rate), but no higher than 5% of the average net asset value of the UCITS Fund during the accounting period, which is calculated using the values at the end of each month. If the unit value at the beginning of the accounting period is lower than the highest unit value that the UCITS Fund reached at the end of the five previous accounting periods (hereinafter “high water mark”), the high water mark is used to calculate unit performance as per sentence 1 instead of the unit value at the beginning of the accounting period. If the UCITS Fund has existed for fewer than five previous accounting periods, all of the previous accounting periods will be taken into account when calculating the remuneration entitlement. | en | de |
DOLFIN7803 | 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
Findlay Park American Fund (le « Fonds ») est un compartiment de Findlay Park Funds p.l.c. (la « Société »). Le Fonds vise la croissance du capital à long terme et la génération d’un rendement à long terme supérieur au rendement de l’indice Russell 1000 Net 30% Total Return (l’« Indice »).
Le Fonds investit principalement dans des actions de sociétés qui exercent l’essentiel de leur activité aux États-Unis, au Canada et en Amérique latine ou y réalisent une part importante de leurs revenus ou de leurs bénéfices.
L'Indice a été choisi comme référence de comparaison parce qu'il inclut un large univers d'actions américaines représentatif du marché boursier américain.
Le Fonds est géré activement en utilisant une approche disciplinée de sélection des titres qui est basée sur la philosophie d'investissement du gestionnaire. Les décisions d'investissement du gestionnaire ne sont pas influencées par les composantes de l'indice ; en conséquence, la composition du Fonds et sa performance sont susceptibles de différer sensiblement de celle de l'indice.
Bien que le Fonds ait l’intention d’investir principalement dans des actions de sociétés, il peut également investir dans des espèces/placements monétaires et des titres de créance (tels que des obligations).
Les investisseurs peuvent acheter et vendre des actions ou échanger une catégorie d’actions contre une autre | # Objetivos y política de inversión
El Findlay Park American Fund (el «Fondo») es un subfondo de Findlay Park Funds p.l.c. (la «Sociedad»). El objetivo del Fondo consiste en lograr el crecimiento del capital a largo plazo y conseguir una rentabilidad a largo plazo superior a la del índice Russell 1000 Net 30% Total Return (el «Índice»).
El Fondo invierte principalmente en acciones de empresas que realicen la mayor parte de su actividad en Estados Unidos, Canadá y Latinoamérica, o que obtengan una parte importante de sus ingresos o beneficios de dichas regiones.
El Índice ha sido elegido como indicador de referencia a efectos comparativos porque comprende un amplio universo de acciones estadounidenses representativo del mercado de renta variable estadounidense.
El Fondo se gestiona activamente a través de un disciplinado enfoque de selección de valores que se basa en la filosofía de inversión del Gestor de inversiones. Las decisiones de inversión del Gestor de inversiones no se verán influenciadas por los componentes del Índice y, por consiguiente, la composición del Fondo y su rentabilidad podrían diferir significativamente de la composición y la rentabilidad del Índice.
Si bien el Fondo tiene la intención de invertir principalmente en acciones de empresas, también podrá invertir en efectivo e instrumentos del mercado monetario, así como en instrumentos de deuda (como los bonos).
Los inversores que lo soliciten pueden comprar y vender acciones o canjear clases de acciones a diario (pero no en fines de semana, | # Objectifs et politique d’investissement
Findlay Park American Fund (le « Fonds ») est un compartiment de Findlay Park Funds p.l.c. (la « Société »). Le Fonds vise la croissance du capital à long terme et la génération d’un rendement à long terme supérieur au rendement de l’indice Russell 1000 Net 30% Total Return (l’« Indice »).
Le Fonds investit principalement dans des actions de sociétés qui exercent l’essentiel de leur activité aux États-Unis, au Canada et en Amérique latine ou y réalisent une part importante de leurs revenus ou de leurs bénéfices.
L'Indice a été choisi comme référence de comparaison parce qu'il inclut un large univers d'actions américaines représentatif du marché boursier américain.
Le Fonds est géré activement en utilisant une approche disciplinée de sélection des titres qui est basée sur la philosophie d'investissement du gestionnaire. Les décisions d'investissement du gestionnaire ne sont pas influencées par les composantes de l'indice ; en conséquence, la composition du Fonds et sa performance sont susceptibles de différer sensiblement de celle de l'indice.
Bien que le Fonds ait l’intention d’investir principalement dans des actions de sociétés, il peut également investir dans des espèces/placements monétaires et des titres de créance (tels que des obligations).
Les investisseurs peuvent acheter et vendre des actions ou échanger une catégorie d’actions contre une autre | fr | es |
DOLFIN7804 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Sub-Funds’ global exposure and leverage are calculated using the commitment approach and do not exceed 100% of Net Asset Value. The commitment approach converts each Sub-Fund’s Financial Derivative Instruments (“FDI”) positions into the equivalent positions in the underlying assets and seeks to ensure that the FDI risk is monitored in terms of any future commitments to which it is, or may be obligated.
Any leverage resulting from the use of FDIs and efficient portfolio management techniques are in accordance with the requirements of the Central Bank and will not exceed 100% of the Net Asset Value of the relevant Sub-Fund.
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###### Cash and Cash Equivalents | Das Gesamtrisiko und die Hebelwirkung der Teilfonds werden anhand des Commitment-Ansatzes berechnet und betragen höchstens 100 % des Nettoinventarwerts. Der Commitment-Ansatz rechnet die Positionen der einzelnen Teilfonds in derivativen Finanzinstrumenten („DFI“) in entsprechende Positionen in den Basiswerten um und stellt möglichst sicher, dass das DFI-Risiko hinsichtlich künftiger Verpflichtungen, die für einen Teilfonds entstehen oder entstehen könnten, überwacht wird.
Eine aus dem Einsatz von DFI und Techniken des effizienten Portfoliomanagements entstehende Hebelwirkung muss den Anforderungen der Zentralbank entsprechen und darf 100 % des Nettoinventarwerts des betreffenden Teilfonds nicht überschreiten.
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###### Zahlungsmittel und Zahlungsmitteläquivalente | The Sub-Funds’ global exposure and leverage are calculated using the commitment approach and do not exceed 100% of Net Asset Value. The commitment approach converts each Sub-Fund’s Financial Derivative Instruments (“FDI”) positions into the equivalent positions in the underlying assets and seeks to ensure that the FDI risk is monitored in terms of any future commitments to which it is, or may be obligated.
Any leverage resulting from the use of FDIs and efficient portfolio management techniques are in accordance with the requirements of the Central Bank and will not exceed 100% of the Net Asset Value of the relevant Sub-Fund.
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###### Cash and Cash Equivalents | en | de |
DOLFIN7805 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# DISTRIBUTION POLICY
In each Class of Shares within each Sub-Fund, the Board of Directors may issue capitalization Shares and distribution Shares, as more fully described in the relevant Supplement.
Distribution Shares may pay a dividend to their holders whereas capitalization Shares capitalize their entire earnings.
The annual general meeting shall decide, on recommendation of the Board of Directors, what share of the Company's profits shall be distributed from each relevant Class of Shares. Distribution of a dividend may be decided independently of all capital gains or losses, realised or unrealised. Moreover, dividends may include a distribution of capital up to the minimum legal capital foreseen in the Law of 2010.
Consequently, the annual general meeting may approve, for each Sub-Fund or Class of Shares, the distribution of the net income and capital gains, realised or unrealised, after deduction of capital losses, realised or unrealised. The amounts corresponding to income attributable to the Shares of a Class which decided not to pay a dividend will be capitalised in the assets of the Class concerned.
The type of distribution (net investment income or capital) will be specified in the Company's financial statements. Every resolution of the annual general meeting deciding the
distribution of a dividend in a Sub-Fund must be approved by the Shareholders of the said Sub-Fund by a simple majority vote of the Shareholders present or represented.
For each Sub-Fund, the Board of Directors may decide on the payment of interim dividends in compliance with legal requirements.
The distribution policy of each Class of Shares within each Sub-Fund is set out in the relevant Supplement.
Entitlement to dividends and allocations not claimed within five years of the due date shall be forfeited and the corresponding assets shall revert to the Sub-Fund concerned or, in case of liquidation of such Sub-Fund, to the remaining Sub-Funds in proportion to the Net Asset Value of the Sub-Funds. | # POLITIQUE DE DISTRIBUTION
Dans chaque Catégorie d’Actions de chaque Compartiment, le Conseil d’administration peut émettre des Actions de capitalisation et des actions de distribution, comme le décrivent plus en détail les Suppléments correspondants.
Les actions de distribution peuvent verser un dividende à leurs détenteurs, tandis que les actions de capitalisation capitalisent la totalité de leurs bénéfices.
L’Assemblée générale annuelle décide, sur recommandation du Conseil d’administration, la part des bénéfices de la Société qui sera distribuée depuis chaque Catégorie d’Actions concernée. La distribution d’un dividende peut être décidée indépendamment de toute plus-value ou moins-value latente ou réalisée. En outre, les dividendes peuvent inclure une distribution de capital jusqu’au capital social minimum prévu par la Loi de 2010.
En conséquence, l’Assemblée générale annuelle peut approuver, pour chaque Compartiment ou chaque Catégorie d’Actions, la distribution du revenu net et des plus-values de capital, latentes ou réalisées, après déduction des moins-values de capital latentes ou réalisées. Les montants correspondant aux actions d’une Catégorie qui a décidé de ne pas verser de dividende seront capitalisés dans les actifs de la Catégorie concernée.
La nature de la distribution (revenu net d’investissement ou capital) sera précisée dans les états financiers de la Société. Toute résolution de l’Assemblée générale annuelle décidant de la distribution d’un dividende dans un Compartiment doit être approuvée par les Actionnaires de ce Compartiment à la majorité simple des voix des Actionnaires présents ou représentés.
Pour chaque Compartiment, le Conseil d’administration peut décider de verser des dividendes intermédiaires dans le respect des prescriptions légales.
La politique de distribution pour chaque Catégorie d’Actions d’un Compartiment est exposée dans le Supplément correspondant.
Les droits à des dividendes et attributions non réclamés dans un délai de cinq ans à compter de la date d’échéance seront abandonnés, et les actifs correspondants reviendront au Compartiment concerné ou, en cas de liquidation de ce Compartiment, aux Compartiments restants en proportion de leur Valeur nette d’inventaire. | # DISTRIBUTION POLICY
In each Class of Shares within each Sub-Fund, the Board of Directors may issue capitalization Shares and distribution Shares, as more fully described in the relevant Supplement.
Distribution Shares may pay a dividend to their holders whereas capitalization Shares capitalize their entire earnings.
The annual general meeting shall decide, on recommendation of the Board of Directors, what share of the Company's profits shall be distributed from each relevant Class of Shares. Distribution of a dividend may be decided independently of all capital gains or losses, realised or unrealised. Moreover, dividends may include a distribution of capital up to the minimum legal capital foreseen in the Law of 2010.
Consequently, the annual general meeting may approve, for each Sub-Fund or Class of Shares, the distribution of the net income and capital gains, realised or unrealised, after deduction of capital losses, realised or unrealised. The amounts corresponding to income attributable to the Shares of a Class which decided not to pay a dividend will be capitalised in the assets of the Class concerned.
The type of distribution (net investment income or capital) will be specified in the Company's financial statements. Every resolution of the annual general meeting deciding the
distribution of a dividend in a Sub-Fund must be approved by the Shareholders of the said Sub-Fund by a simple majority vote of the Shareholders present or represented.
For each Sub-Fund, the Board of Directors may decide on the payment of interim dividends in compliance with legal requirements.
The distribution policy of each Class of Shares within each Sub-Fund is set out in the relevant Supplement.
Entitlement to dividends and allocations not claimed within five years of the due date shall be forfeited and the corresponding assets shall revert to the Sub-Fund concerned or, in case of liquidation of such Sub-Fund, to the remaining Sub-Funds in proportion to the Net Asset Value of the Sub-Funds. | en | fr |
DOLFIN7806 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Delegation and Conflicts of Interest
The Depositary may delegate the performance of its safekeeping functions, subject to certain conditions. If the Depositary does so, the liability of the Depositary will not be affected by the fact that it has entrusted the safekeeping function to a third party. The Depositary has entered into a written agreement delegating the performance of its safekeeping function in respect of financial instruments in its custody to The Bank of New York Mellon SA/NV and/or The Bank of New York Mellon. The list of sub delegates appointed by The Bank of New York Mellon SA/NV or The Bank of New York Mellon as at the date hereof is set out in Annex IV. The use of particular sub delegates will depend on the markets in which the ICAV invests. As part of the normal course of its business, the Depositary or the safekeeping delegate may from time to time have entered into arrangements with other clients, funds or other third parties for the provision of safekeeping and related services.
Potential conflicts of interest affecting the Depositary and its delegates may arise from time to time, including, without limitation, where the Depositary or a delegate has an interest in the outcome of a service or an activity provided to the ICAV, or a transaction carried out on behalf of the ICAV, which is distinct from the ICAV's interest, or where the Depositary or a delegate has an interest in the outcome of a service or activity provided to another client or group of clients which is in conflict with the ICAV's interests. From time to time conflicts may also arise between the Depositary and its delegates or affiliates, such as where an appointed delegate is an affiliated group company and is providing a product or service to the ICAV and has a financial or business interest in such product or service. The Depositary maintains a conflict of interest policy to address such conflicts. | ## Übertragung von Aufgaben und Interessenkonflikte
Vorbehaltlich bestimmter Bedingungen kann die Verwahrstelle die Erfüllung ihrer Verwahrfunktionen übertragen. Ist dies der Fall, bleibt die Haftung der Verwahrstelle von der Tatsache unberührt, dass sie ihre Verwahrfunktion einem Dritten anvertraut hat. Die Verwahrstelle hat die Erfüllung ihrer Verwahrfunktion in Bezug auf verwahrte Finanzinstrumente im Rahmen eines schriftlichen Vertrags an die Bank of New York Mellon SA/NV und/oder die Bank of New York Mellon übertragen. Die Liste der Unterbeauftragten der Bank of New York Mellon SA/NV bzw. Bank of New York Mellon zum Datum dieses Dokuments ist Anhang IV zu entnehmen. Die Verwendung bestimmter Unterbeauftragter richtet sich nach den Märkten, in denen das ICAV investiert. Im Rahmen ihrer normalen Geschäftstätigkeit ist die Verwahrstelle oder die mit der Verwahrung beauftragte Stelle gegebenenfalls von Zeit zu Zeit Vereinbarungen mit anderen Kunden, Fonds oder Dritten über die Erbringung von Verwahr- und damit verbundenen Dienstleistungen eingegangen.
Von Zeit zu Zeit können sich potenzielle Interessenkonflikte bei der Verwahrstelle und den von ihr beauftragten Stellen ergeben, u. a. wenn die Verwahrstelle oder eine von ihr beauftragte Stelle ein Interesse am Ergebnis einer für das ICAV erbrachten Dienstleistung oder Tätigkeit oder einer für das ICAV ausgeführten Transaktion hat, das sich von den Interessen des ICAV unterscheidet, oder wenn die Verwahrstelle oder eine von ihr beauftragte Stelle ein Interesse am Ergebnis einer für einen oder mehrere andere Kunden erbrachten Dienstleistung oder Tätigkeit hat, das mit den Interessen des ICAV in Konflikt steht. Zudem können von Zeit zu Zeit Interessenkonflikte zwischen der Verwahrstelle und den von ihr beauftragten Stellen oder ihren verbundenen Unternehmen auftreten, beispielsweise wenn es sich bei einer beauftragten Stelle um ein verbundenes Unternehmen der Gruppe handelt, das ein Produkt oder eine Dienstleistung für das ICAV bereitstellt und ein finanzielles oder geschäftliches Interesse an diesem Produkt oder dieser Dienstleistung hat. Die Verwahrstelle verfügt über eine Richtlinie zum Umgang mit entsprechenden Interessenkonflikten. | ## Delegation and Conflicts of Interest
The Depositary may delegate the performance of its safekeeping functions, subject to certain conditions. If the Depositary does so, the liability of the Depositary will not be affected by the fact that it has entrusted the safekeeping function to a third party. The Depositary has entered into a written agreement delegating the performance of its safekeeping function in respect of financial instruments in its custody to The Bank of New York Mellon SA/NV and/or The Bank of New York Mellon. The list of sub delegates appointed by The Bank of New York Mellon SA/NV or The Bank of New York Mellon as at the date hereof is set out in Annex IV. The use of particular sub delegates will depend on the markets in which the ICAV invests. As part of the normal course of its business, the Depositary or the safekeeping delegate may from time to time have entered into arrangements with other clients, funds or other third parties for the provision of safekeeping and related services.
Potential conflicts of interest affecting the Depositary and its delegates may arise from time to time, including, without limitation, where the Depositary or a delegate has an interest in the outcome of a service or an activity provided to the ICAV, or a transaction carried out on behalf of the ICAV, which is distinct from the ICAV's interest, or where the Depositary or a delegate has an interest in the outcome of a service or activity provided to another client or group of clients which is in conflict with the ICAV's interests. From time to time conflicts may also arise between the Depositary and its delegates or affiliates, such as where an appointed delegate is an affiliated group company and is providing a product or service to the ICAV and has a financial or business interest in such product or service. The Depositary maintains a conflict of interest policy to address such conflicts. | en | de |
DOLFIN7807 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# ISIN: LU2120130302
INVESTMENT OBJECTIVES
The fund follows a flexible investment policy, actively investing globally in equities, bonds, certificates and money market investments. The equity allocation fluctuates between 25% and 100%. On the bonds side, the fund invests mainly in government, corporate and covered bonds. Up to 10% of its assets can be invested in units of investment funds and ETFs. The fund may also be managed using financial futures. In accordance with Article 8 of the SFDR*, the Fund Manager incorporates sustainability risks into its investment process by taking into account both the ESG (environmental, social and governance) characteristics of investment decisions and any significant negative impacts that investment decisions may have on sustainability factors. The investment process is based on ESG integration, normative screening (including UN Global Compact, controversial arms), sector exclusions and a best-in- class approach. The fund’s investments are thus subject to environmental, social and governance (“ESG”) restrictions. The Management Company observes the United Nations Principles for Responsible Investment (UN PRI) with respect to environmental, social, and governance issues, and also applies them in its commitments by e.g. exercising voting rights, actively exercising shareholder and creditor rights and engaging in dialogue with issuers. Companies that significantly violate the requirements of the UN Global Compact are excluded. Companies included in the MSCI ACWI Index** (the “parent index”) represent the starting point for the fund’s investment universe for the ESG analysis of issuers and for equities and corporate bonds. The fund may also invest in companies or issuers from OECD countries with a market capitalisation of at least EUR 100 million or a minimum volume of issued bonds of EUR 100 million. These are also subject to ESG analysis. As part of the analysis an ESG filter based on data from MSCI ESG Research is then applied, which results in the exclusion of at least 20% of the companies included in the parent index. The ESG filter is based on the following three assessments undertaken by MSCI ESG Research:
- The MSCI ESG Rating evaluates the exposure of companies to ESG related risks and opportunities on a scale of CCC (worst rating) to AAA (best rating). It is based on the sub-ratings on a scale of 0 (worst) to 10 (best) for the environment, social and governance areas. The fund does not invest in companies with an MSCI ESG Rating of CCC. It does not invest in companies with an MSCI ESG Rating of B if the MSCI ESG sub-rating is below 3 for one of the environment, social or governance categories. The fund does not invest in government issuers with an MSCI ESG Rating of CCC or B.
- MSCI Business Involvement Screening provides an analysis of the turnover generated in potentially critical sectors by companies under consideration. The sub- fund does not acquire the securities of companies generating any turnover with controversial weapons (biological/chemical weapons, cluster munitions, blinding laser weapons, land mines, etc.), or more than a specified level of turnover with other weapons (proportion of total turnover generated from nuclear, conventional and non- military weapons), gambling, pornography, tobacco, coal mining or coal-fired power generation.
- The MSCI ESG Controversies Score analyses and monitors corporate management strategies and their effectiveness in preventing breaches of international norms and standards. Compliance with the UN Global Compact principles is one of the issues monitored. Companies that do not comply with these principles based on the MSCI ESG Controversies Score are not acquired for the fund.
If the fund directly acquires the securities or bonds of governments (direct investment), the securities of countries with an inadequate Freedom House score are not acquired. However, Freedom House scores are not considered for securities purchased indirectly as part of an investment in a target fund (no look-through). At least 90% of the issuers in which the fund invests are assessed on the basis of their ESG performance (investments in target funds and money market instruments are excluded from this process). The fund focuses on companies and countries with a strong sustainability performance and targets an average MSCI ESG rating of A for the fund assets. Additional ESG assessments from internal group research or third parties may also be used. The fund is actively managed and follows the STOXX Europe 50 (NR) EUR® (50%), the MSCI US (NR) EUR® (10%), the JPM
EMU Bond 1-10 yrs (20%) and the JPM Euro Cash 1 M® (20%) as its benchmark indices***, which form the basis for allocation of the different asset classes, geographic diversification of the portfolio in various market situations, and management of the risk exposure by the Fund Manager. The Fund Manager seeks to outperform them rather than replicate either the benchmark indices or the relative proportion of the individual components of the benchmarks exactly, as a result of which significant differences – both positive and negative – are possible. For that reason, fund performance may differ significantly from the performance of the given benchmark indices. The Fund Manager has full control over the composition of the assets in the fund. While the fund will generally hold assets that are components of the benchmark, it may invest in such components to different degrees and it may hold assets that are not components of the benchmark.
The objective of an investment in the fund is to participate to the greatest extent possible in the value growth of rising equity markets, whilst limiting losses during downturns by building a portfolio of Fund investments with above-average sustainability.
This unit class is intended specifically for institutional investors who have previously signed an agreement with the asset management company. The minimum investment is EUR 10 million.
The fund currency is the euro. The returns obtained by the unit class are reinvested in the fund, not distributed. You can redeem your units on any trading day.
Recommendation: In some circumstances, this fund may not be suitable for investors who wish to liquidate their investment in the fund within five years. | # ISIN: LU2120130302
OBJETIVOS Y POLÍTICA DE INVERSIÓN
El Fondo aplica una política de inversión flexible e invierte de forma activa a escala mundial en renta variable, renta fija, certificados e instrumentos del mercado monetario. La proporción de renta variable oscila entre el 25% y el 100%. En cuanto a la renta fija, se invierte principalmente en títulos de deuda pública y privada, así como en Pfandbriefe. Hasta un 10% del patrimonio podrá invertirse en participaciones de fondos de inversión y de fondos cotizados (ETF). El fondo puede gestionarse también mediante operaciones de futuros financieros. De conformidad con el artículo 8 del SFDR*, el gestor del fondo incorpora los riesgos de sostenibilidad en su proceso de inversión teniendo en cuenta las características ESG (ambientales, sociales y de gobernanza) a la hora de adoptar decisiones de inversión, así como las incidencias materiales adversas de las decisiones de inversión sobre los factores de sostenibilidad. El proceso de inversión se basa en la integración ESG, el filtro normativo (incluido el Pacto Mundial de las Naciones Unidas, las armas controvertidas), las exclusiones sectoriales y un enfoque en los mejores de su clase (Best in Class). Las inversiones del fondo están sujetas a restricciones ambientales, sociales y de gobierno corporativo (ESG). Además, la sociedad gestora cumple además con los Principios para la Inversión Responsable de las Naciones Unidas («UN PRI») con respecto a las cuestiones ambientales, sociales y de gobernanza y los aplica en el marco de su compromiso, por ejemplo, ejerciendo los derechos de voto, ejerciendo activamente los derechos de los accionistas y acreedores, así como mediante el diálogo con los emisores. El gestor del fondo excluirá las empresas que vulneren de forma sustancial los requisitos del Pacto Mundial de las Naciones Unidas. El índice MSCI ACWI** (el «Índice matriz») constituye el universo de inversión inicial del fondo para el análisis ESG de los emisores, tanto en la renta variable como en la deuda corporativa. El fondo podrá invertir a título accesorio en empresas o emisores de países de la OCDE con una capitalización bursátil de al menos 100 millones de euros o con al menos 100 millones de euros en bonos emitidos. Estos se someten también al análisis ESG. En el marco del análisis, se aplica un filtro ESG, basado en datos de MSCI ESG Research, lo que se traduce en la exclusión de al menos el 20% de las empresas del Índice matriz. El filtro ESG se basa en las siguientes tres calificaciones proporcionadas por MSCI ESG Research:
- La puntuación ESG de MSCI evalúa la vulnerabilidad de las empresas a los riesgos y oportunidades en materia ESG, en una escala de calificación que va de«CCC» (peor calificación) a «AAA» (mejor calificación). La puntuación se basa en las subpuntuaciones de los ámbitos medioambiental, social y de gobierno corporativo, con una escala de calificación que va de «0» (peor calificación) a «10» (mejor calificación). El fondo no invierte en empresas con una puntuación ESG de MSCI de«CCC». Tampoco invierte en empresas con una puntuación ESG de MSCI de «B», si la subpuntuación ESG de MSCI en los ámbitos medioambiental, social o de gobierno corporativo es inferior a «3». El fondo no invierte en emisores públicos con una puntuación ESG de MSCI de «CCC» o «B».
- Los MSCI Business Involvement Screens ofrecen un análisis de la generación de ingresos de las empresas de sectores potencialmente críticos para las empresas en cuestión. El fondo no adquiere valores de empresas si generan ingresos a partir de armas controvertidas (armas bioquímicas, bombas de racimo, pistolas láser, minas terrestres, etc.) o más de una cierta cantidad de ingresos a partir de otras armas(ingresos totales de armas nucleares, convencionales y civiles), juegos de azar, pornografía, tabaco, minería del carbón o generación de electricidad a partir del carbón.
- MSCI ESG Controversies Score analiza y supervisa las estrategias de dirección de empresas y sus resultados reales en cuanto a la vulneración de las normas y estándares internacionales. Entre otras cosas, se comprueba el cumplimiento de los principios del Pacto Mundial de las Naciones Unidas. No se adquieren empresas para el fondo que, según MSCI ESG Controversies Score, vulneran dichos principios.
En caso de adquirirse valores o bonos de Estados para el fondo (inversión directa), no se comprarán valores de Estados con una puntuación insuficiente según el índice Freedom House. Sin embargo, la puntuación según el índice Freedom House no se tiene en cuenta para los valores que se adquieren indirectamente, como parte de una inversión de un fondo objetivo (sin revisión). Al menos el 90% de los emisores en los que invierte el fondo se evalúan con respecto a su balance ESG (excepto las inversiones en fondos objetivo e instrumentos del mercado monetario). La atención se centra en empresas y países con unos altos resultados de sostenibilidad. El objetivo es una calificación de sostenibilidad media de «A» para los activos del fondo. También pueden utilizarse evaluaciones ESG adicionales de análisis internos del grupo o de terceros. El fondo lleva a cabo una gestión activa y se basa en un 50% en el STOXX Europe 50 (NR) EUR®, en un 10% en el MSCI US (NR) EUR®, en un 20% en el JPM EMU Bond 1-10 yrs y en un 20% en el JPM Euro Cash 1 M® como índice de comparación***, que constituye la base para la asignación a las diferentes clases de activos y la diversificación geográfica de la cartera en diferentes situaciones de mercado, así como para la gestión de la exposición al riesgo por parte del gestor del fondo. Sin embargo, el gestor de inversiones no refleja su evolución de forma idéntica el índice de referencia ni la proporción relativa de sus componentes, sino que más bien pretende superar su rentabilidad, por lo que puede que se produzcan divergencias significativas, tanto positivas como negativas, respecto de dicho índice de referencia. Por lo tanto, la rentabilidad del fondo puede diferir significativamente de la rentabilidad del índice de referencia indicado. El gestor del fondo dispone de plena capacidad de decisión sobre la composición de los activos del fondo. Aunque el fondo mantendrá, por lo general, activos que forman parte del índice de referencia, puede invertir en dichos activos en diferentes grados y puede mantener activos que no pertenezcan al índice de referencia.
El objetivo de la inversión en el Fondo estriba en participar al máximo de la revalorización de los mercados de renta variable en los ciclos alcistas y reducir las pérdidas en los ciclos bajistas por medio de la constitución de líneas de inversión en fondos sostenibles superiores a la media.
La clase de participaciones ha sido emitida especialmente para inversores institucionales que han celebrado un acuerdo previo con la sociedad gestora. El importe de inversión mínima es de 10 millones de euros.
La moneda del fondo es el euro. Los ingresos generados por la clase de participaciones no se reparten, sino que permanecen en el fondo. Los inversores pueden reembolsar sus participaciones cualquier día hábil bursátil.
Recomendación: este fondo puede no ser adecuado para inversores que deseen retirar su dinero del fondo en un plazo de cinco años. | # ISIN: LU2120130302
INVESTMENT OBJECTIVES
The fund follows a flexible investment policy, actively investing globally in equities, bonds, certificates and money market investments. The equity allocation fluctuates between 25% and 100%. On the bonds side, the fund invests mainly in government, corporate and covered bonds. Up to 10% of its assets can be invested in units of investment funds and ETFs. The fund may also be managed using financial futures. In accordance with Article 8 of the SFDR*, the Fund Manager incorporates sustainability risks into its investment process by taking into account both the ESG (environmental, social and governance) characteristics of investment decisions and any significant negative impacts that investment decisions may have on sustainability factors. The investment process is based on ESG integration, normative screening (including UN Global Compact, controversial arms), sector exclusions and a best-in- class approach. The fund’s investments are thus subject to environmental, social and governance (“ESG”) restrictions. The Management Company observes the United Nations Principles for Responsible Investment (UN PRI) with respect to environmental, social, and governance issues, and also applies them in its commitments by e.g. exercising voting rights, actively exercising shareholder and creditor rights and engaging in dialogue with issuers. Companies that significantly violate the requirements of the UN Global Compact are excluded. Companies included in the MSCI ACWI Index** (the “parent index”) represent the starting point for the fund’s investment universe for the ESG analysis of issuers and for equities and corporate bonds. The fund may also invest in companies or issuers from OECD countries with a market capitalisation of at least EUR 100 million or a minimum volume of issued bonds of EUR 100 million. These are also subject to ESG analysis. As part of the analysis an ESG filter based on data from MSCI ESG Research is then applied, which results in the exclusion of at least 20% of the companies included in the parent index. The ESG filter is based on the following three assessments undertaken by MSCI ESG Research:
- The MSCI ESG Rating evaluates the exposure of companies to ESG related risks and opportunities on a scale of CCC (worst rating) to AAA (best rating). It is based on the sub-ratings on a scale of 0 (worst) to 10 (best) for the environment, social and governance areas. The fund does not invest in companies with an MSCI ESG Rating of CCC. It does not invest in companies with an MSCI ESG Rating of B if the MSCI ESG sub-rating is below 3 for one of the environment, social or governance categories. The fund does not invest in government issuers with an MSCI ESG Rating of CCC or B.
- MSCI Business Involvement Screening provides an analysis of the turnover generated in potentially critical sectors by companies under consideration. The sub- fund does not acquire the securities of companies generating any turnover with controversial weapons (biological/chemical weapons, cluster munitions, blinding laser weapons, land mines, etc.), or more than a specified level of turnover with other weapons (proportion of total turnover generated from nuclear, conventional and non- military weapons), gambling, pornography, tobacco, coal mining or coal-fired power generation.
- The MSCI ESG Controversies Score analyses and monitors corporate management strategies and their effectiveness in preventing breaches of international norms and standards. Compliance with the UN Global Compact principles is one of the issues monitored. Companies that do not comply with these principles based on the MSCI ESG Controversies Score are not acquired for the fund.
If the fund directly acquires the securities or bonds of governments (direct investment), the securities of countries with an inadequate Freedom House score are not acquired. However, Freedom House scores are not considered for securities purchased indirectly as part of an investment in a target fund (no look-through). At least 90% of the issuers in which the fund invests are assessed on the basis of their ESG performance (investments in target funds and money market instruments are excluded from this process). The fund focuses on companies and countries with a strong sustainability performance and targets an average MSCI ESG rating of A for the fund assets. Additional ESG assessments from internal group research or third parties may also be used. The fund is actively managed and follows the STOXX Europe 50 (NR) EUR® (50%), the MSCI US (NR) EUR® (10%), the JPM
EMU Bond 1-10 yrs (20%) and the JPM Euro Cash 1 M® (20%) as its benchmark indices***, which form the basis for allocation of the different asset classes, geographic diversification of the portfolio in various market situations, and management of the risk exposure by the Fund Manager. The Fund Manager seeks to outperform them rather than replicate either the benchmark indices or the relative proportion of the individual components of the benchmarks exactly, as a result of which significant differences – both positive and negative – are possible. For that reason, fund performance may differ significantly from the performance of the given benchmark indices. The Fund Manager has full control over the composition of the assets in the fund. While the fund will generally hold assets that are components of the benchmark, it may invest in such components to different degrees and it may hold assets that are not components of the benchmark.
The objective of an investment in the fund is to participate to the greatest extent possible in the value growth of rising equity markets, whilst limiting losses during downturns by building a portfolio of Fund investments with above-average sustainability.
This unit class is intended specifically for institutional investors who have previously signed an agreement with the asset management company. The minimum investment is EUR 10 million.
The fund currency is the euro. The returns obtained by the unit class are reinvested in the fund, not distributed. You can redeem your units on any trading day.
Recommendation: In some circumstances, this fund may not be suitable for investors who wish to liquidate their investment in the fund within five years. | en | es |
DOLFIN7808 | 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
CHF 11,210
12.1%
CHF 12,321
4.3% | # 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
11 210 CHF
12,1%
12 321 CHF
4,3% | # 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
CHF 11,210
12.1%
CHF 12,321
4.3% | en | es |
DOLFIN7809 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Lower risk Higher risk
The risk indicator assumes you keep the product for a minimum of 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less.
We have classified this product as 4 out of 7, which is a medium risk class.
This rates the potential losses from future performance at a medium level, and poor market conditions could impact the capacity of Baillie Gifford Investment Management (Europe) Limited to pay you.
Exposure to emerging markets and foreign currencies may increase risk.
This product does not include any protection from future market performance so you could lose some or all of your investment. | Risque le plus faible Risque le plus élevé
L'indicateur de risque se fonde sur l'hypothèse que vous conservez le produit pendant au moins 5 ans. Le risque réel peut varier considérablement si vous demandez le remboursement de votre apport au tout début de la période de détention et vous courez le risque de ne pas récupérer le montant que vous avez initialement investi.
Nous avons classé ce produit dans la catégorie 4 sur une échelle de 7, ce qui correspond à la catégorie présentant un risque moyen.
Cet indicateur évalue les pertes potentielles de performances futures à un niveau moyen, et il est possible que des mauvaises conditions du marché aient un impact sur la capacité de Baillie Gifford Investment Management (Europe) Limited à rembourser votre apport.
L'exposition aux marchés émergents et aux devises étrangères peuvent augmenter le risque.
Ce produit ne comportant aucune protection contre les performances futures du marché, vous pourriez par là-même perdre une partie ou la totalité de votre investissement. | Lower risk Higher risk
The risk indicator assumes you keep the product for a minimum of 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less.
We have classified this product as 4 out of 7, which is a medium risk class.
This rates the potential losses from future performance at a medium level, and poor market conditions could impact the capacity of Baillie Gifford Investment Management (Europe) Limited to pay you.
Exposure to emerging markets and foreign currencies may increase risk.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | fr |
DOLFIN7810 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### When a Share Class of a Sub-Fund is launched, the first High Water Mark (HWM) is identical to the initial issue price of the respective Share Class.
When a Performance Fee is subsequently introduced for a Share Class, the first HWM is identical to the net asset value of the relevant Share Class as calculated on the valuation day on which the Performance Fee for the Share Class is intro- duced.
- HWM principleUnless the Special Part for the respective Sub-Fund or for a Share Class specifies otherwise, pursuant to the HWM princi- ple, a Performance Fee shall be owed if the net asset value of the respective Share Class on a valuation day exceeds the adjusted HWM (outperformance). The net asset value per share of each Share Class shall in each case be calculated prior to any reduction or increase for any accrued Perfor- mance Fee. | #### Lors du lancement d’une Catégorie d’actions d’un Compartiment, le premier high watermark (HWM) est identique au prix d’émission initial de cette Catégorie d’actions.
Lorsqu’une Commission de performance est introduite ultérieurement pour une Catégorie d’actions, le premier HWM équivaut à la valeur nette d’inventaire de cette Catégorie d’actions, telle que calculée au Jour d’évaluation correspondant à la date d’entrée en vigueur de la Commission de performance.
- Principe du HWMSauf indication contraire dans la Partie spéciale relative au Compartiment ou à la Catégorie d’actions, une Commission de performance calculée conformément au principe du HWM est redevable lorsque la valeur nette d’inventaire de la Catégorie d’actions concernée dépasse, au Jour d’évaluation, le HWM ajusté (surperformance). La valeur nette d’inventaire par action de chaque Catégorie d’actions est toujours calculée avant toute réduction ou augmentation au titre de la Commission de performance courue. | #### When a Share Class of a Sub-Fund is launched, the first High Water Mark (HWM) is identical to the initial issue price of the respective Share Class.
When a Performance Fee is subsequently introduced for a Share Class, the first HWM is identical to the net asset value of the relevant Share Class as calculated on the valuation day on which the Performance Fee for the Share Class is intro- duced.
- HWM principleUnless the Special Part for the respective Sub-Fund or for a Share Class specifies otherwise, pursuant to the HWM princi- ple, a Performance Fee shall be owed if the net asset value of the respective Share Class on a valuation day exceeds the adjusted HWM (outperformance). The net asset value per share of each Share Class shall in each case be calculated prior to any reduction or increase for any accrued Perfor- mance Fee. | en | fr |
DOLFIN7811 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## The Duties of the Depositary
The Depositary acts as the depositary of the Funds for the purposes of the Regulations and, in doing so, shall comply with the provisions of the Regulations. In this capacity, the Depositary's duties include, amongst others, the following:
- ensuring that each Fund’s cash flows are properly monitored, and that all payments made by or on behalf of investors upon the subscription of Shares of the Funds have been received;
- safekeeping the assets of the Funds, which includes (a) holding in custody all financial instruments that can be registered in a financial instrument account opened in the Depositary’s books and all financial instruments that can be physically delivered to the Depositary; and (b) for other assets, verifying the ownership by the Company of such assets and the maintenance of a record accordingly (the "Safekeeping Function");
- ensuring that the sale, issue, re-purchase, redemption and cancellation of Shares of each Fund are carried out in accordance with the Regulations and the Articles;
- ensuring that the value of the Shares of each Fund is calculated in accordance with the Regulations and the Articles;
- carrying out the instructions of the Manager and the Company unless such instructions conflict with the Regulations or the Articles;
- ensuring that in transactions involving each Fund’s assets any consideration is remitted to the relevant Fundwithin the usual time limits; and
- ensuring that the Funds' income is applied in accordance with the Regulations and the Articles. | ## Die Aufgaben der Verwahrstelle
Die Verwahrstelle fungiert als Verwahrstelle der Fonds für die Zwecke der Vorschriften und muss dabei die Bestimmungen der Vorschriften einhalten. In dieser Eigenschaft umfassen die Aufgaben der Verwahrstelle unter anderem Folgendes:
- sicherzustellen, dass die Cashflows der einzelnen Fonds ordnungsgemäß überwacht werden und dass alle bei der Zeichnung von Anteilen der Fonds von oder im Namen von Anlegern geleisteten Zahlungen eingegangen sind;
- die Vermögenswerte der Fonds zu verwahren, einschließlich (a) der Verwahrung aller Finanzinstrumente, die im Depot auf einem Konto für Finanzinstrumente verbucht werden können, und aller Finanzinstrumente, die der Verwahrsteller physisch übergeben werden können, und (b) in Bezug auf sonstige Vermögenswerte der Prüfung, ob die Gesellschaft der Eigentümer dieser Vermögenswerte ist, und der Führung entsprechender Aufzeichnungen (die „Verwahrfunktion“);
- sicherzustellen, dass der Verkauf, die Ausgabe, der Rückkauf, die Rücknahme und die Annullierung von Anteilen der einzelnen Fonds gemäß den Vorschriften und der Satzung erfolgen;
- sicherzustellen, dass die Berechnung des Wertes der Anteile der einzelnen Fonds gemäß den Vorschriften und der Satzung erfolgt;
- den Anweisungen des Managers und der Gesellschaft Folge zu leisten, sofern diese Anweisungen nicht gegen die Vorschriften oder die Satzung verstoßen;
- sicherzustellen, dass bei Transaktionen mit Vermögenswerten der einzelnen Fonds der Gegenwert innerhalb der üblichen Fristen an den betreffenden Fonds überwiesen wird; und
- sicherzustellen, dass die Erträge der Fonds gemäß den Vorschriften und der Satzung verwendet werden. | ## The Duties of the Depositary
The Depositary acts as the depositary of the Funds for the purposes of the Regulations and, in doing so, shall comply with the provisions of the Regulations. In this capacity, the Depositary's duties include, amongst others, the following:
- ensuring that each Fund’s cash flows are properly monitored, and that all payments made by or on behalf of investors upon the subscription of Shares of the Funds have been received;
- safekeeping the assets of the Funds, which includes (a) holding in custody all financial instruments that can be registered in a financial instrument account opened in the Depositary’s books and all financial instruments that can be physically delivered to the Depositary; and (b) for other assets, verifying the ownership by the Company of such assets and the maintenance of a record accordingly (the "Safekeeping Function");
- ensuring that the sale, issue, re-purchase, redemption and cancellation of Shares of each Fund are carried out in accordance with the Regulations and the Articles;
- ensuring that the value of the Shares of each Fund is calculated in accordance with the Regulations and the Articles;
- carrying out the instructions of the Manager and the Company unless such instructions conflict with the Regulations or the Articles;
- ensuring that in transactions involving each Fund’s assets any consideration is remitted to the relevant Fundwithin the usual time limits; and
- ensuring that the Funds' income is applied in accordance with the Regulations and the Articles. | en | de |
DOLFIN7812 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Redemptions may be carried out for cash and/or in kind.
If the redemption in kind corresponds to a representative proportion of the assets in the portfolio, then the UCITS or the Management Company only needs to obtain written agreement signed by the redeeming unitholder. Where the redemption in kind does not correspond to a representative portion of the assets in the portfolio, all unitholders must provide their written agreement authorising the redeeming unitholder to redeem its units for certain particular assets, as explicitly defined in the agreement.
Notwithstanding the foregoing, when the Fund is an ETF, redemptions on the primary market may, with the agreement of the portfolio management company and in compliance with the interests of unitholders, be made in kind under the conditions defined in the prospectus or the Fund regulations. The assets are delivered by the issuer’s account holder under the conditions set out in the Fund’s prospectus.
In general, the redeemed assets are valued according to the rules set out in Article 4 and the redemption in kind is made based on the first net asset value following acceptance of the securities concerned. | # Les rachats peuvent être effectués en numéraire et/ou en nature.
Si le rachat en nature correspond à une quote-part représentative des actifs du portefeuille, alors seul l’accord écrit signé du porteur sortant doit être obtenu par l’OPCVM ou la société de gestion. Lorsque le rachat en nature ne correspond pas à une quote-part représentative des actifs du portefeuille, l’ensemble des porteurs doivent signifier leur accord écrit autorisant le porteur sortant à obtenir le rachat de ses parts contre certains actifs particuliers, tels que définis explicitement dans l’accord.
Par dérogation à ce qui précède, lorsque le fonds est un ETF, les rachats sur le marché primaire peuvent, avec l’accord de la société de gestion de portefeuille et dans le respect de l’intérêt des porteurs de parts, s’effectuer en nature dans les conditions définies dans le prospectus ou le règlement du fonds. Les actifs sont alors livrés par le teneur de compte émetteur dans les conditions définies dans le prospectus du fonds.
De manière générale, les actifs rachetés sont évalués selon les règles fixées à l’article 4 et le rachat en nature est réalisé sur la base de la première valeur liquidative suivant l’acceptation des valeurs concernées. | # Redemptions may be carried out for cash and/or in kind.
If the redemption in kind corresponds to a representative proportion of the assets in the portfolio, then the UCITS or the Management Company only needs to obtain written agreement signed by the redeeming unitholder. Where the redemption in kind does not correspond to a representative portion of the assets in the portfolio, all unitholders must provide their written agreement authorising the redeeming unitholder to redeem its units for certain particular assets, as explicitly defined in the agreement.
Notwithstanding the foregoing, when the Fund is an ETF, redemptions on the primary market may, with the agreement of the portfolio management company and in compliance with the interests of unitholders, be made in kind under the conditions defined in the prospectus or the Fund regulations. The assets are delivered by the issuer’s account holder under the conditions set out in the Fund’s prospectus.
In general, the redeemed assets are valued according to the rules set out in Article 4 and the redemption in kind is made based on the first net asset value following acceptance of the securities concerned. | en | fr |
DOLFIN7813 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Renminbi Qualified Foreign Institutional Investor (RQFII)
Foreign investors can invest in the domestic securities markets of the PRC through a qualified foreign institutional investor or Investment Manager that has obtained status as an RQFII (Renminbi qualified foreign institutional investor) from the CSRC (China Securities Regulatory Commission) and has been granted quota(s) by SAFE (the PRC State Administration of Foreign Exchange).
In the event that the CSRC grants or has granted a RQFII licence to an Investment Manager, a portion of the RQFII Quota may be made available to the funds managed by the Management Company, in which circumstances, the ICAV may invest directly in the domestic securities markets of the PRC on behalf of Sub-Fund(s) concerned through the RQFII Quota of the Management Company.
The current RQFII Regulations impose strict restrictions (including rules on investment restrictions, minimum investment holding periods and repatriation of principle and profits) on investments. These are applicable to the Investment Manager and not only to the investments made by the ICAV or Sub-Fund. Thus, investors should be aware that violations of the RQFII Regulations on investments arising out of activities of the investment manager could result in the revocation of, or other regulatory actions in respect of the quota, including any other portion utilised by the ICAV for investment in RQFII Eligible Securities.
There can be no assurance that the Investment Manager will continue to maintain its RQFII status or make available its RQFII Quota, or that the ICAV or Sub-Fund will be allocated sufficient portion of the RQFII Quota granted to the Investment Manager to meet all applications for subscription to the Sub-Fund(s) concerned, or that redemption requests can be processed in a timely manner.
Investors should note that the Investment Manager’s RQFII status could be suspended or revoked, which may have an adverse effect on the Sub-Fund’s performance as the ICAV will be required to dispose of its securities. | ## Investisseur institutionnel étranger qualifié sur le marché du renminbi (RQFII)
Les investisseurs étrangers peuvent investir sur les marchés boursiers de la RPC par l’entremise d’un investisseur institutionnel étranger qualifié ou d’un Gestionnaire financier qui a obtenu le statut de RQFII (Renminbi qualified foreign institutional investor/investisseur institutionnel étranger qualifié sur le marché du renminbi) auprès de la CSRC (China Securities Regulatory Commission) et qui s’est vu attribuer un/des quota(s) par la SAFE (Administration nationale des changes de la RPC).
Au cas où la CSRC accorderait ou aurait accordé une licence de RQFII à un Gestionnaire financier, une partie des Quotas RQFII peut être mise à la disposition des fonds gérés par la Société de gestion, auquel cas l’ICAV peut investir directement dans les marchés boursiers locaux de la RPC au nom du(des) Compartiment(s) concerné(s) par l’entremise du Quota RQFII de la Société de gestion.
Ces investissements sont soumis à de sévères restrictions en vertu des Réglementations RQFII actuelles, notamment en ce qui concerne les limites d’investissement, les périodes de détention minimum et le rapatriement du principal et des bénéfices. Ces restrictions s’appliquent au Gestionnaire financier, et non uniquement aux investissements opérés par l’ICAV ou le Compartiment. Par conséquent, les investisseurs doivent être conscients que toute violation des Réglementations RQFII découlant des activités du gestionnaire financier pourrait entraîner la révocation du statut ou d’autres mesures réglementaires en relation avec le quota, y compris toute autre portion utilisée par l’ICAV à des fins d’investissement dans des titres éligibles pour les RQFII.
Rien ne permet de garantir que le Gestionnaire financier conservera son statut de RQFII ou continuera de mettre son Quota RQFII à disposition, ou que l’ICAV ou le Compartiment se verront attribuer une portion suffisante du Quota RQFII accordé au Gestionnaire financier pour répondre à toutes les demandes de souscription relatives au(x) Compartiment(s) concerné(s), ou que les demandes de rachat pourront être traitées en temps opportun.
Les investisseurs voudront bien noter que le statut de RQFII du Gestionnaire financier peut être suspendu ou révoqué, ce qui est susceptible de nuire à la performance du Compartiment puisque l’ICAV serait alors contraint de liquider ses titres. | ## Renminbi Qualified Foreign Institutional Investor (RQFII)
Foreign investors can invest in the domestic securities markets of the PRC through a qualified foreign institutional investor or Investment Manager that has obtained status as an RQFII (Renminbi qualified foreign institutional investor) from the CSRC (China Securities Regulatory Commission) and has been granted quota(s) by SAFE (the PRC State Administration of Foreign Exchange).
In the event that the CSRC grants or has granted a RQFII licence to an Investment Manager, a portion of the RQFII Quota may be made available to the funds managed by the Management Company, in which circumstances, the ICAV may invest directly in the domestic securities markets of the PRC on behalf of Sub-Fund(s) concerned through the RQFII Quota of the Management Company.
The current RQFII Regulations impose strict restrictions (including rules on investment restrictions, minimum investment holding periods and repatriation of principle and profits) on investments. These are applicable to the Investment Manager and not only to the investments made by the ICAV or Sub-Fund. Thus, investors should be aware that violations of the RQFII Regulations on investments arising out of activities of the investment manager could result in the revocation of, or other regulatory actions in respect of the quota, including any other portion utilised by the ICAV for investment in RQFII Eligible Securities.
There can be no assurance that the Investment Manager will continue to maintain its RQFII status or make available its RQFII Quota, or that the ICAV or Sub-Fund will be allocated sufficient portion of the RQFII Quota granted to the Investment Manager to meet all applications for subscription to the Sub-Fund(s) concerned, or that redemption requests can be processed in a timely manner.
Investors should note that the Investment Manager’s RQFII status could be suspended or revoked, which may have an adverse effect on the Sub-Fund’s performance as the ICAV will be required to dispose of its securities. | en | fr |
DOLFIN7814 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Sustainable investing
Sustainability guides our entire investment approach. We go beyond one-off filters, screenings or back-end overlays and integrate sustainability information into our fundamental analysis and valuation process, as it improves our understanding of companies’ risk-reward profiles. The sustainability criteria and a company’s smart ESG scores are important input factors in our analysis of potential investments. Companies with a high ESG score and low environmental footprint are more likely to be included in the portfolio. The graph below demonstrates the results for the environmental impact of our portfolio compared to the benchmark. It shows that our holdings receive better scores in all of the categories. | # Investissement durable
La durabilité guide l'ensemble de notre approche d'investissement. Nous allons au-delà des exclusions ponctuelles, filtrages ou overlays en aval, et nous intégrons les informations de durabilité dans notre processus fondamental d'analyse et d'évaluation, car cela nous permet d'avoir une meilleure compréhension du profil risque-rendement des sociétés. Les critères de durabilité et les scores Smart ESG d'une entreprise sont des facteurs importants pris en compte dans notre analyse des investissements potentiels. Les sociétés qui affichent un score ESG élevé et une faible empreinte environnementale sont plus susceptibles d'être incluses dans le portefeuille. Le graphique ci-dessous présente les résultats de l'impact environnemental de notre portefeuille par rapport à l'indice de référence. Il montre que nos positions obtiennent de meilleurs scores dans toutes les catégories. | # Sustainable investing
Sustainability guides our entire investment approach. We go beyond one-off filters, screenings or back-end overlays and integrate sustainability information into our fundamental analysis and valuation process, as it improves our understanding of companies’ risk-reward profiles. The sustainability criteria and a company’s smart ESG scores are important input factors in our analysis of potential investments. Companies with a high ESG score and low environmental footprint are more likely to be included in the portfolio. The graph below demonstrates the results for the environmental impact of our portfolio compared to the benchmark. It shows that our holdings receive better scores in all of the categories. | en | fr |
DOLFIN7815 | 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 | 3,0 % du montant que vous versez lors de votre participation à cet investissement. Il s’agit du montant le plus élevé qui vous sera facturé. La personne qui vous vend le produit vous informera des frais réels. | 302 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,9 % de la valeur de votre investissement, par an. | 190 EUR |
| Coûts de transaction | 0,7 % 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. | 72 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | L’impact de la commission de performance. Nous la déduisons de votre investissement si le produit surpasse son indice de référence, STOXX Europe Small 200 (EUR) Net Return. | 85 EUR | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 3,0 % máximo de la cantidad que paga cuando suscribe esta inversión. Esto es el máximo que se le cobrará. La persona que le venda el producto le informará del coste real. | 302 EUR |
| Costes de salida | No cobramos ninguna comisión de salida. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,9 % del valor de su inversión cada año. | 190 EUR |
| Costes de operación | 0,7 % 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. | 72 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | El impacto de la comisión de resultados. Deducimos estas comisiones si el producto supera a su índice de referencia, el STOXX Europe Small 200 (EUR) Net Return. | 85 EUR | | | Coûts ponctuels à l’entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | 3,0 % du montant que vous versez lors de votre participation à cet investissement. Il s’agit du montant le plus élevé qui vous sera facturé. La personne qui vous vend le produit vous informera des frais réels. | 302 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,9 % de la valeur de votre investissement, par an. | 190 EUR |
| Coûts de transaction | 0,7 % 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. | 72 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | L’impact de la commission de performance. Nous la déduisons de votre investissement si le produit surpasse son indice de référence, STOXX Europe Small 200 (EUR) Net Return. | 85 EUR | | fr | es |
DOLFIN7816 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in excess of investment grade bond markets of emerging countries by investing primarily in emerging market investment grade USD-denominated debt securities.
INVESTMENT PROCESS
Investment approach
- Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers.
- Combines top-down decision making – including country and sector allocation – with bottom-up security selection across the emerging markets investment grade bond universe.
Share Class Benchmark 50% J.P. Morgan Emerging Markets Bond Index Global Diversified Investment Grade (Total Return Gross) / 50% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Investment Grade (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. The majority of issuers in the Sub- Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters.
The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark.
POLICIES
Main investment exposure At least 67% of assets invested in investment grade USD-denominated debt securities issued or guaranteed by emerging market governments or their agencies and by companies that are domiciled, or carrying out the main part of their economic activity, in an emerging market country. | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Conseguir una rentabilidad superior a la del mercado de renta fija con calificación investment grade de mercados emergentes invirtiendo principalmente en títulos de deuda con calificación investment grade de los mercados emergentes denominados en USD.
PROCESO DE INVERSIÓN
Enfoque de inversión
- Aplica un proceso de inversión basado en un análisis integrado globalmente que se centra en examinar factores fundamentales, cuantitativos y técnicos de distintos países, sectores y emisores.
- Combina una toma de decisiones descendente (lo que incluye la asignación a países y sectores) con una selección de valores ascendente en todo el universo de renta fija con calificación investment grade de mercados emergentes.
Índice de referencia de la Clase de Acciones 50% J.P. Morgan Emerging Markets Bond Index Global Diversified Investment Grade (Total Return Gross) / 50% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Investment Grade (Total Return Gross)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
El Subfondo se gestiona de forma activa. La mayor parte de los emisores del Subfondo probablemente están representados en el índice de referencia, ya que el Gestor de inversiones utiliza dicho índice de referencia como base para la construcción de la cartera, aunque dispone de un cierto margen discrecional para desviarse de su composición y sus características de riesgo dentro de unos parámetros de riesgo indicativos.
El Subfondo se asemejará a su índice de referencia en términos de composición y características de riesgo; no obstante, dado el margen discrecional del Gestor de inversiones, la rentabilidad podría ser diferente a la del índice de referencia.
POLÍTICAS
Exposición de inversión principal Como mínimo el 67% del patrimonio se invierte en títulos de deuda con calificación investment grade y denominados en USD emitidos o garantizados por gobiernos de mercados emergentes o sus agencias y por compañías domiciliadas o que desarrollen la mayor parte de su actividad económica en un mercado emergente.
Los títulos de deuda deberán tener, en el momento de la compra, una calificación investment grade. No obstante, el Subfondo podrá invertir, de manera limitada, en títulos de deuda con calificación inferior a | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in excess of investment grade bond markets of emerging countries by investing primarily in emerging market investment grade USD-denominated debt securities.
INVESTMENT PROCESS
Investment approach
- Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers.
- Combines top-down decision making – including country and sector allocation – with bottom-up security selection across the emerging markets investment grade bond universe.
Share Class Benchmark 50% J.P. Morgan Emerging Markets Bond Index Global Diversified Investment Grade (Total Return Gross) / 50% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Investment Grade (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. The majority of issuers in the Sub- Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters.
The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark.
POLICIES
Main investment exposure At least 67% of assets invested in investment grade USD-denominated debt securities issued or guaranteed by emerging market governments or their agencies and by companies that are domiciled, or carrying out the main part of their economic activity, in an emerging market country. | en | es |
DOLFIN7817 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Risk disclosures
- Derivatives may be used by the Fund, and these can behave unexpectedly. The pricing and volatility of many derivatives may diverge from strictly reflecting the pricing or volatility of their underlying reference(s), instrument or asset.
- Investment Leverage occurs when the economic exposure is greater than the amount invested, such as when derivatives are used. A Fund that employs leverage may experience greater gains and/or losses due to the amplification effect from a movement in the price of the reference source.
- Further information on the potential risks can be found in the Key Information Document (KID) and/or the Prospectus or Offering Memorandum. | ## Informativa sui rischi
- Il Fondo può ricorrere all'utilizzo di strumenti derivati, che possono evidenziare un andamento imprevisto. Il prezzo e la volatilità di molti derivati possono non riflettere accuratamente il prezzo o la volatilità degli indici di riferimento, strumenti o asset sottostanti.
- Un investimento presenta una leva finanziaria quando l’esposizione economica è superiore all’importo investito, ad esempio nel caso di ricorso a strumenti derivati. Un Fondo che impiega la leva finanziaria può registrare utili e/o perdite maggiori a causa dell’effetto di amplificazione di un’oscillazione del prezzo della fonte di riferimento.
- Ulteriori informazioni sui potenziali rischi sono disponibili nel Documento contenente le informazioni chiave (KID) e/o nel Prospetto o nel Documento di offerta. | ## Risk disclosures
- Derivatives may be used by the Fund, and these can behave unexpectedly. The pricing and volatility of many derivatives may diverge from strictly reflecting the pricing or volatility of their underlying reference(s), instrument or asset.
- Investment Leverage occurs when the economic exposure is greater than the amount invested, such as when derivatives are used. A Fund that employs leverage may experience greater gains and/or losses due to the amplification effect from a movement in the price of the reference source.
- Further information on the potential risks can be found in the Key Information Document (KID) and/or the Prospectus or Offering Memorandum. | en | it |
DOLFIN7818 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- La catégorie de risque a été calculée sur la base d'une combinaison des données de performance simulées et historiques et peut ne pas constituer une indication fiable du profil de risque futur du Compartiment.
- La catégorie de risque affichée n'est pas garantie et pourra évoluer dans le temps.
- La catégorie la plus basse n’est pas synonyme d’investissement sans risque.
- La valeur des classes et le revenu qui en découle peuvent évoluer à la hausse comme à la baisse et, en conséquence, l’investisseur n’est pas assuré de recouvrer l’intégralité des sommes qu'il aura investies. | - La categoría de riesgo se calcula utilizando una combinación de datos de rentabilidad simulada e histórica, y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo.
- La categoría de riesgo indicada no está garantizada y puede variar a lo largo del tiempo.
- La asignación a la categoría más baja no significa que la inversión esté «libre de riesgo».
- El valor de las acciones y los ingresos derivados de ellas pueden tanto subir como bajar y, por consiguiente, es posible que los inversores no recuperen la totalidad del capital invertido. | - La catégorie de risque a été calculée sur la base d'une combinaison des données de performance simulées et historiques et peut ne pas constituer une indication fiable du profil de risque futur du Compartiment.
- La catégorie de risque affichée n'est pas garantie et pourra évoluer dans le temps.
- La catégorie la plus basse n’est pas synonyme d’investissement sans risque.
- La valeur des classes et le revenu qui en découle peuvent évoluer à la hausse comme à la baisse et, en conséquence, l’investisseur n’est pas assuré de recouvrer l’intégralité des sommes qu'il aura investies. | fr | es |
DOLFIN7819 | 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
Objectif d'investissement : Le M&G Sustainable European Credit Investment Fund (le « Compartiment ») cherche à obtenir un rendement total (la combinaison du revenu et de la croissance du capital) supérieur de 0,75 % (brut des charges annuelles) à celui du Bloomberg MSCI Euro Corporate ESG BB+ Sustainable SRI Bond Index sur une période de cinq ans, tout en appliquant les Critères ESG et de durabilité.
L'indice de référence est un objectif que le Compartiment cherche à surperformer. L'indice a été choisi comme indice de référence du Compartiment, car il s'agit d'un objectif de surperformance réalisable qui reflète au mieux la portée de la politique d'investissement du Compartiment. L'indice de référence est utilisé uniquement pour mesurer la performance du Compartiment et n'impose aucune restriction quant à la constitution du portefeuille du Compartiment. Le portefeuille du Compartiment peut être exposé à des sociétés, à des pays ou à des secteurs non inclus dans l'indice de référence.
Le Compartiment est géré activement. Le gestionnaire d'investissement a toute liberté pour choisir les actifs à acheter, à détenir et à vendre dans le Compartiment et il n'existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s'écarter de ceux de l'indice de référence.
Pour les catégories d'actions non couvertes et couvertes contre le risque de change, l'indice est indiqué dans la devise de la catégorie d'actions.
Politique d'investissement : Le Compartiment investira au moins 70 % de sa Valeur nette d'inventaire dans des obligations d'entreprise, ainsi que dans des Titres adossés à des actifs et des actions privilégiées de bonne qualité libellés en euros. Le Compartiment investit dans des titres qui répondent aux critères ESG et de durabilité. Des exclusions basées sur des normes, des secteurs et/ou des valeurs sont appliquées aux investissements. Les Critères ESG et de durabilité, y compris l'approche d'exclusion du fonds, sont disponibles sur le site Internet de M&G.
1
Le Compartiment peut investir jusqu'à 20 % de sa Valeur nette d'inventaire dans des Titres adossés à des actifs.
1
Le Compartiment peut investir jusqu'à 15 % de sa Valeur nette d'inventaire dans des Titres de créance de qualité spéculative.
1
Le Compartiment peut investir dans des Obligations convertibles, y compris jusqu'à 10 % de sa Valeur nette d'inventaire dans des Titres de créance subordonnés convertibles.
1
Le Compartiment peut détenir jusqu'à 5 % de sa Valeur nette d'inventaire dans des actions reçues en conséquence de restructurations ou de conversions. Cette limite ne tient pas compte des investissements dans des actions privilégiées.
Informations supplémentaires:Les Actions du Compartiment peuvent être rachetées chaque jour ouvrable. Les demandes de rachat doivent être reçues avant 11 h 00, heure de Luxembourg.
Pour les actions de distribution, tout revenu généré par le Compartiment est susceptible d'être distribué.
La devise de référence est l'euro, mais les paiements de souscription et de rachat ne peuvent être effectués que dans la devise de la catégorie d'actions. | # Objetivos y política de inversión
Objetivo de inversión: El M&G Sustainable European Credit Investment Fund (el «Subfondo») tiene por objetivo proporcionar una rentabilidad total (mediante una combinación de ingresos y revalorización del capital) similar o superior a la del Bloomberg MSCI Euro Corporate ESG BB+ Sustainable SRI Bond Index más un 0,75 % (antes de descontar las comisiones anuales), a lo largo de un periodo de cinco años, a la vez que aplica los Criterios ESG y los Criterios de Sostenibilidad.
El índice de referencia es un objetivo que el Subfondo pretende superar. El índice ha sido seleccionado como referencia del Subfondo porque es un objetivo de rentabilidad que puede superarse de forma fiable y que refleja mejor el alcance de la política de inversión del Subfondo. El índice de referencia se utiliza únicamente para medir la rentabilidad del Subfondo y no limita la conformación de su cartera. La cartera del Subfondo podrá tener exposición a empresas, países o sectores no incluidos en el índice de referencia.
El Subfondo se gestiona de forma activa. La gestora de inversiones tiene absoluta libertad a la hora de decidir qué activos del Subfondo comprar, mantener y vender, y no existen restricciones respecto del grado en el que la cartera y la rentabilidad del Subfondo pueden desviarse de la del índice de referencia.
En el caso de las clases de acciones sin cobertura y con cobertura de divisas, el índice se indica en la divisa de la clase de acciones.
Política de inversión: El Subfondo invertirá al menos el 70 % de su Valor Liquidativo en bonos corporativos con grado de inversión, valores respaldados por activos y acciones preferentes denominados en euros. El Subfondo invierte en valores que cumplen los Criterios ESG y los Criterios de Sostenibilidad. Se aplican exclusiones basadas en normas, sectores o valores a las inversiones. Los Criterios ESG y los Criterios de Sostenibilidad, incluido el enfoque de exclusiones del fondo, se pueden consultar en el sitio web de M&G.
1
El Subfondo puede invertir hasta el 20 % de su Valor Liquidativo en valores respaldados por activos.
1
El Subfondo puede invertir hasta el 15 % de su Valor Liquidativo en valores de deuda con grado inferior al de inversión.
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El Subfondo puede invertir en bonos convertibles, incluido hasta el 10 % de su Valor Liquidativo en Valores de deuda convertibles contingentes.
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El Subfondo puede mantener hasta el 5 % de su Valor Liquidativo en valores de renta variable recibidos tras una reestructuración o conversión. Dicho límite no incluye la inversión en acciones preferentes.
Otra información: Las acciones del Subfondo podrán reembolsarse todos los días laborables. Las solicitudes de reembolso deben recibirse antes de las 11:00 horas (hora de Luxemburgo).
En el caso de las acciones con derecho a una participación de los ingresos, se podrá pagar cualquier ingreso procedente del Subfondo.
La divisa de referencia es el euro, pero los pagos de las suscripciones y los reembolsos se pueden realizar únicamente en la divisa de la clase de acciones. | # Objectifs et politique d'investissement
Objectif d'investissement : Le M&G Sustainable European Credit Investment Fund (le « Compartiment ») cherche à obtenir un rendement total (la combinaison du revenu et de la croissance du capital) supérieur de 0,75 % (brut des charges annuelles) à celui du Bloomberg MSCI Euro Corporate ESG BB+ Sustainable SRI Bond Index sur une période de cinq ans, tout en appliquant les Critères ESG et de durabilité.
L'indice de référence est un objectif que le Compartiment cherche à surperformer. L'indice a été choisi comme indice de référence du Compartiment, car il s'agit d'un objectif de surperformance réalisable qui reflète au mieux la portée de la politique d'investissement du Compartiment. L'indice de référence est utilisé uniquement pour mesurer la performance du Compartiment et n'impose aucune restriction quant à la constitution du portefeuille du Compartiment. Le portefeuille du Compartiment peut être exposé à des sociétés, à des pays ou à des secteurs non inclus dans l'indice de référence.
Le Compartiment est géré activement. Le gestionnaire d'investissement a toute liberté pour choisir les actifs à acheter, à détenir et à vendre dans le Compartiment et il n'existe aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du Compartiment peuvent s'écarter de ceux de l'indice de référence.
Pour les catégories d'actions non couvertes et couvertes contre le risque de change, l'indice est indiqué dans la devise de la catégorie d'actions.
Politique d'investissement : Le Compartiment investira au moins 70 % de sa Valeur nette d'inventaire dans des obligations d'entreprise, ainsi que dans des Titres adossés à des actifs et des actions privilégiées de bonne qualité libellés en euros. Le Compartiment investit dans des titres qui répondent aux critères ESG et de durabilité. Des exclusions basées sur des normes, des secteurs et/ou des valeurs sont appliquées aux investissements. Les Critères ESG et de durabilité, y compris l'approche d'exclusion du fonds, sont disponibles sur le site Internet de M&G.
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Le Compartiment peut investir jusqu'à 20 % de sa Valeur nette d'inventaire dans des Titres adossés à des actifs.
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Le Compartiment peut investir jusqu'à 15 % de sa Valeur nette d'inventaire dans des Titres de créance de qualité spéculative.
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Le Compartiment peut investir dans des Obligations convertibles, y compris jusqu'à 10 % de sa Valeur nette d'inventaire dans des Titres de créance subordonnés convertibles.
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Le Compartiment peut détenir jusqu'à 5 % de sa Valeur nette d'inventaire dans des actions reçues en conséquence de restructurations ou de conversions. Cette limite ne tient pas compte des investissements dans des actions privilégiées.
Informations supplémentaires:Les Actions du Compartiment peuvent être rachetées chaque jour ouvrable. Les demandes de rachat doivent être reçues avant 11 h 00, heure de Luxembourg.
Pour les actions de distribution, tout revenu généré par le Compartiment est susceptible d'être distribué.
La devise de référence est l'euro, mais les paiements de souscription et de rachat ne peuvent être effectués que dans la devise de la catégorie d'actions. | fr | es |
DOLFIN7820 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Tous les comptes courants du fonds (y compris ceux libellés dans des devises différentes) qui ne forment en fait et en droit que les éléments d’un compte courant unique, sont présentés dans la composition de l’actif net du fonds en tant que compte courant unique.
Les comptes courants en devises étrangères sont convertis, le cas échéant, dans la devise du fonds. Les conditions du compte unique concerné servent de base au calcul des taux.
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#### Commission de performance | Todas las cuentas corrientes del fondo (incluidas las denominadas en diferentes monedas), que desde el punto de vista fáctico y jurídico solo son parte de una cuenta bancaria unitaria, se presentan como una única cuenta corriente en la composición del patrimonio neto del fondo.
Las cuentas corrientes en moneda extranjera, de haberlas, se convertirán a la moneda del fondo. Como base para el cálculo de los intereses se aplican las condiciones de cada cuenta.
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#### Comisión de rentabilidad | Tous les comptes courants du fonds (y compris ceux libellés dans des devises différentes) qui ne forment en fait et en droit que les éléments d’un compte courant unique, sont présentés dans la composition de l’actif net du fonds en tant que compte courant unique.
Les comptes courants en devises étrangères sont convertis, le cas échéant, dans la devise du fonds. Les conditions du compte unique concerné servent de base au calcul des taux.
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#### Commission de performance | fr | es |
DOLFIN7821 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement 10.000€ | Si vous sortez après 3 ans | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 1 048 € | 1 670 € |
| Réduction annuelle du rendement (RIY) | 3.40% | 3.10% | | | Inversión de 10.000 € | En caso de salida después de 3 años | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 1 048 € | 1 670 € |
| Reducción del rendimiento (RIY) anual | 3.40% | 3.10% | | | Investissement 10.000€ | Si vous sortez après 3 ans | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 1 048 € | 1 670 € |
| Réduction annuelle du rendement (RIY) | 3.40% | 3.10% | | fr | es |
DOLFIN7822 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The management team relies on the appraisal of credit risk by its teams and its own methodology.
These securities may also be subject to a minimum rating constraint at the time of acquisition equivalent to:
- AA from Standard & Poor’s or Fitch Ratings,
- Aa2 from Moody’s,or an equivalent rating in accordance with the Management Company’s analysis. | La société de gestion s’appuie pour l'évaluation du risque de crédit sur ses équipes et sa propre méthodologie.
Ces titres peuvent également répondre à une contrainte de notation minimale à l’acquisition équivalente à :
- AA dans l'échelle de Standard & Poor's ou de Fitch Ratings,
- Aa2 dans celle de Moody's,ou une notation équivalente selon l’analyse de la société de gestion. | The management team relies on the appraisal of credit risk by its teams and its own methodology.
These securities may also be subject to a minimum rating constraint at the time of acquisition equivalent to:
- AA from Standard & Poor’s or Fitch Ratings,
- Aa2 from Moody’s,or an equivalent rating in accordance with the Management Company’s analysis. | en | fr |
DOLFIN7823 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Accumulating Shares
The Net Asset Value of the Accumulating Shares of the Sub-Fund will be calculated by the Administrator as at the Valuation Point on each Dealing Day in accordance with the requirements of the Articles and full details are set out under the heading “The Company” in the Prospectus.
The Articles of Association provide that the Directors shall be entitled to value the Accumulating Shares of this Sub-Fund using the Amortised Cost Method of valuation whereby the Investments of this Sub-Fund are valued at their cost of acquisition as adjusted for amortisation of premium or accretion of discount on the Investments rather than at current market value. For additional information, please read the section titled “Calculation of the Net Asset Value of each Sub-Fund” in the Prospectus. | #### Acciones de Acumulación
El Valor de inventario neto de las Acciones de Acumulación del Subfondo será calculado por el Agente administrativo en el Momento de valoración de cada Día de valoración, de conformidad con los requisitos de los Estatutos, y la información completa a este respecto se indica en el apartado «La Sociedad» del Folleto.
Los Estatutos disponen que los Consejeros tendrán derecho a valorar las Acciones de Acumulación de este Subfondo utilizando el método de valoración del coste amortizado, en virtud del cual las inversiones de este Subfondo se valoran a su coste de adquisición, ajustado para tener en cuenta la amortización de la prima o la acumulación del descuento sobre las inversiones, en vez de al valor de mercado vigente. Para obtener información adicional, consulte el apartado titulado «Cálculo del Valor de inventario neto de cada Subfondo» del Folleto. | #### Accumulating Shares
The Net Asset Value of the Accumulating Shares of the Sub-Fund will be calculated by the Administrator as at the Valuation Point on each Dealing Day in accordance with the requirements of the Articles and full details are set out under the heading “The Company” in the Prospectus.
The Articles of Association provide that the Directors shall be entitled to value the Accumulating Shares of this Sub-Fund using the Amortised Cost Method of valuation whereby the Investments of this Sub-Fund are valued at their cost of acquisition as adjusted for amortisation of premium or accretion of discount on the Investments rather than at current market value. For additional information, please read the section titled “Calculation of the Net Asset Value of each Sub-Fund” in the Prospectus. | en | es |
DOLFIN7824 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# TRANSFER AND TRANSMISSION OF SHARES
- All transfers of registered Shares (not being participating securities) shall be effected by transfer in writing in any usual or common form or in any other form as may be approved by the Directors. The signature on the instrument of transfer may be affixed manually or electronically and may be an actual signature or a facsimile signature or any form of signature approved by the Directors. Subject to the FCA Rules and the OEIC Regulations, the Directors shall not be bound to enquire as to the genuineness of any signature. The transferor shall remain the holder of the Shares concerned until such time as the name of the transferee is entered in the register in respect thereof.
- No instrument of transfer may be given in respect of more than one Class of Shares.
- In the case of a transfer to joint holders, the number of joint holders to whom a Share is to be transferred may not exceed four.
- Unless the ACD in its discretion decides otherwise, no transfer may result in either the transferor or the transferee holding fewer Shares of the Class concerned or Shares of such Class having a lesser aggregate value than any number or value as is stated in the Prospectus as the minimum number or value of Shares of that Class which may be held.
- The Company may refuse to register a transfer of Shares unless there has been paid for the account of the Company, an amount determined by the ACD not exceeding the amount that would be derived by applying the rate of stamp duty reserve tax to the market value of the Shares being transferred. This clause shall not apply to transfers excluded by law.
- Any person becoming entitled to a Share or Shares in consequence of the death or bankruptcy of a Shareholder or otherwise by operation of law may, subject as provided below and upon such evidence being produced as may from time to time be lawfully required by the Directors as to his entitlement, either be registered himself as the holder of the Share or Shares or elect to have some person nominated by him registered as the transferee thereof. If the person so becoming entitled elects to be registered himself, he shall deliver or send to the Company a notice in writing signed by him stating that he so elects. If he shall elect to have his nominee registered, he shall signify his election by signing and delivering or sending to the Company an instrument of transfer of such Share or Shares in favour of his nominee.
- All the limitations, restrictions and provisions of this Instrument relating to the right to transfer and the registration of transfers of Shares shall be applicable to any notice or instrument of transfer given or made pursuant to clause 63 as if the death or bankruptcy of the Shareholder or other event giving rise to the transmission had not occurred and the notice or instrument of transfer were an instrument of transfer signed by that Shareholder.
- A person becoming entitled to a Share or Shares in consequence of the death or bankruptcy of a Shareholder or otherwise by operation of law shall (upon such evidence being produced as may from time to time be lawfully required by the Directors as to his entitlement) be entitled to receive and may give a discharge for any income distributions or other monies payable in respect of the Share or Shares, but he shall not be entitled in respect of the Share or Shares to receive notices of or to attend or vote at general meetings of the Company or, save as stated above, to exercise in respect of the Share or Shares any of the rights or privileges of a Shareholder until he shall have becomeregistered as the holder thereof. The Directors may at any time give notice requiring any such person to elect either to be registered himself or to transfer the Share or Shares in question and if the notice is not complied with within sixty days the Directors may then withhold payment of any income distributions and other monies payable in respect of the Share or Shares until the requirements of the notice have been complied with. | # ÜBERTRAGUNG UND ÜBERGANG VON ANTEILEN
- Jede Übertragung von eingetragenen Anteilen (die nicht verbrieft sind) erfolgt schriftlich in einer gebräuchlichen oder gewöhnlichen Form oder in einer anderen Form, die von den Direktoren gebilligt worden ist. Die Unterschrift auf der Übertragungsurkunde kann per Hand oder durch elektronische Mittel aufgetragen werden und kann die eigentliche oder eine faksimilierte Unterschrift sein oder eine andere Form haben, die von den Direktoren genehmigt wird. Die Direktoren sind vorbehaltlich der FCA- Bestimmungen und der OEIC-Verordnungen nicht verpflichtet, sich über die Echtheit einer Unterschrift zu vergewissern. Der Übertragende bleibt solange Inhaber der betreffenden Anteile, bis der Name des Erwerbers in das Register entsprechend eingetragen worden ist.
- Keine Übertragungsurkunde darf sich auf mehr als eine Klasse von Anteilen beziehen.
- Im Fall einer Übertragung an Mitinhaber darf die Anzahl der Mitinhaber, an die ein Anteil übertragen werden soll, vier nicht überschreiten.
- Falls die Direktoren nach ihrem Ermessen nicht anders entscheiden, kann keine Übertragung stattfinden, wenn als Folge der Übertragung der Übertragende oder der Erwerber weniger Anteile einer betreffenden Klasse oder Anteile einer Klasse mit einem niedrigeren Gesamtwert halten würde als in dem Prospekt als Mindestanzahl oder Mindestwert der zu haltenden Anteile dieser Klasse angegeben ist.
- Die Gesellschaft kann die Eintragung einer Übertragung von Anteilen ablehnen, wenn nicht Gelder auf das Konto der Gesellschaft überwiesen wurden, und zwar in einer Höhe, die vom ACD festgesetzt worden ist und die nicht den Betrag übersteigt, der abgeführt werden würde, wenn man die Höhe der Stamp Duty Reserve Tax auf den Marktwert der übertragenen Anteile zugrunde legt. Diese Klausel ist nicht auf von Gesetzes wegen ausgeschlossene Übertragungen von Anteilen anwendbar.
- Jede Person, die einen oder mehrere Anteile durch den Tod oder den Konkurs eines Anteilinhabers oder auf andere Weise kraft Gesetzes erwirbt, kann vorbehaltlich des Nachstehenden und nach Vorlage von Nachweisen über ihre Berechtigung, die von Zeit zu Zeit rechtmäßig von den Direktoren gefordert werden können entweder selbst als Inhaber des Anteils bzw. der Anteile eingetragen werden oder nach ihrer Wahl eine von ihr benannte Person als Erwerber eintragen lassen. Wenn der Berechtigte sich selbst eintragen lassen will, hat er dies der Gesellschaft durch eine von ihm unterzeichnete schriftliche Erklärung mitzuteilen. Wenn er eine von ihm benannte Person eintragen lassen will, hat er dies der Gesellschaft durch Übersendung einer entsprechenden, von ihm unterzeichneten Übertragungsurkunde zugunsten der von ihm benannten Person kundzutun.
- Alle Einschränkungen, Beschränkungen und Bestimmungen dieser Gründungsurkunde, die die Übertragbarkeit und die Registrierung von Anteilsübertragungen betreffen, gelten für Mitteilungen oder Übertragungsurkunden, die gemäß Ziffer 63 ausgestellt worden sind, so, als ob der Tod oder der Konkurs des Anteilinhabers oder ein anderer Vorfall, der den gesetzlichen Anteilsübergang zur Folge hatte, nicht stattgefunden hätte und so, als ob die Übertragungsurkunde oder Mitteilung eine von dem Anteilinhaber unterzeichnete Urkunde wäre.
- Eine Person, die einen Anteil oder Anteile als Folge des Todes oder Konkurses eines Anteilinhabers oder auf andere Weise kraft Gesetzes erwirbt, ist berechtigt, (nach Vorlage solcher Beweismittel, wie sie von Zeit zu Zeit gesetzmäßig von den Direktoren zum Nachweis der Berechtigung verlangt werden können), alle Ertragsausschüttungen oder andere hinsichtlich des Anteils oder der Anteile zahlbare Gelder entgegenzunehmen und einzulösen. Solange die Person noch nicht als Anteilinhaber eingetragen ist, ist sie jedoch hinsichtlich des Anteils oder der Anteile nicht dazu berechtigt, zu Hauptversammlungen der Gesellschaft eingeladen zu werden oder ihnen beizuwohnen und ihre Stimme abzugeben, oder, soweit oben nicht anders angegeben, Rechte und Sonderrechte des Anteilinhabers hinsichtlich des Anteils oder der Anteile auszuüben. Die Direktoren können die betreffende Person jederzeit auffordern, sich nach ihrer Wahl entweder selbst eintragen zu lassen oder den/die betreffende(n) Anteil/e zu übertragen. Wenn dieser Aufforderung nicht innerhalb von sechzig Tagen Folge geleistet wird, können die Direktoren die Auszahlung aller Ertragsausschüttungen und anderer hinsichtlich des Anteils oder der Anteile zahlbarer Gelder solange zurückhalten, bis der Aufforderung nachgekommen wird. | # TRANSFER AND TRANSMISSION OF SHARES
- All transfers of registered Shares (not being participating securities) shall be effected by transfer in writing in any usual or common form or in any other form as may be approved by the Directors. The signature on the instrument of transfer may be affixed manually or electronically and may be an actual signature or a facsimile signature or any form of signature approved by the Directors. Subject to the FCA Rules and the OEIC Regulations, the Directors shall not be bound to enquire as to the genuineness of any signature. The transferor shall remain the holder of the Shares concerned until such time as the name of the transferee is entered in the register in respect thereof.
- No instrument of transfer may be given in respect of more than one Class of Shares.
- In the case of a transfer to joint holders, the number of joint holders to whom a Share is to be transferred may not exceed four.
- Unless the ACD in its discretion decides otherwise, no transfer may result in either the transferor or the transferee holding fewer Shares of the Class concerned or Shares of such Class having a lesser aggregate value than any number or value as is stated in the Prospectus as the minimum number or value of Shares of that Class which may be held.
- The Company may refuse to register a transfer of Shares unless there has been paid for the account of the Company, an amount determined by the ACD not exceeding the amount that would be derived by applying the rate of stamp duty reserve tax to the market value of the Shares being transferred. This clause shall not apply to transfers excluded by law.
- Any person becoming entitled to a Share or Shares in consequence of the death or bankruptcy of a Shareholder or otherwise by operation of law may, subject as provided below and upon such evidence being produced as may from time to time be lawfully required by the Directors as to his entitlement, either be registered himself as the holder of the Share or Shares or elect to have some person nominated by him registered as the transferee thereof. If the person so becoming entitled elects to be registered himself, he shall deliver or send to the Company a notice in writing signed by him stating that he so elects. If he shall elect to have his nominee registered, he shall signify his election by signing and delivering or sending to the Company an instrument of transfer of such Share or Shares in favour of his nominee.
- All the limitations, restrictions and provisions of this Instrument relating to the right to transfer and the registration of transfers of Shares shall be applicable to any notice or instrument of transfer given or made pursuant to clause 63 as if the death or bankruptcy of the Shareholder or other event giving rise to the transmission had not occurred and the notice or instrument of transfer were an instrument of transfer signed by that Shareholder.
- A person becoming entitled to a Share or Shares in consequence of the death or bankruptcy of a Shareholder or otherwise by operation of law shall (upon such evidence being produced as may from time to time be lawfully required by the Directors as to his entitlement) be entitled to receive and may give a discharge for any income distributions or other monies payable in respect of the Share or Shares, but he shall not be entitled in respect of the Share or Shares to receive notices of or to attend or vote at general meetings of the Company or, save as stated above, to exercise in respect of the Share or Shares any of the rights or privileges of a Shareholder until he shall have becomeregistered as the holder thereof. The Directors may at any time give notice requiring any such person to elect either to be registered himself or to transfer the Share or Shares in question and if the notice is not complied with within sixty days the Directors may then withhold payment of any income distributions and other monies payable in respect of the Share or Shares until the requirements of the notice have been complied with. | en | de |
DOLFIN7825 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund may use an affiliate of the Depositary to execute foreign exchange, spot or swap transactions for the account of the Fund. In such instances the affiliate shall be acting in a principal capacity and not as a broker, agent or fiduciary of the Fund. The affiliate will seek to profit from these transactions and is entitled to retain and not disclose any profit to the Fund. The affiliate shall enter into such transactions on the terms and conditions agreed with the Fund.
Where cash belonging to the Fund is deposited with an affiliate being a bank, a potential conflict arises in relation to the interest (if any) which the affiliate may pay or charge to such account and the fees or other benefits which it may derive from holding such cash as banker and not as trustee.
Paying Agents. Local laws/regulations in certain Relevant Jurisdictions may require (i) the Fund to appoint facilities agents/paying agents/representatives/sub-distributors/correspondent banks (any such appointee is hereafter referred to as a “Paying Agent” and provided further that any such appointment may be made notwithstanding that it is not a legal or regulatory requirement) and (ii) the maintenance of accounts by such Paying Agents through which subscription and redemption monies or dividends may be paid. Shareholders who choose or who are obliged under local regulations to pay subscription monies, or receive redemption monies or dividends, through a Paying Agent are subject to the credit risk of the Paying Agent with respect to (a) the subscription monies for investment in a Sub-Fund held by the Paying Agent prior to the transmission of such monies to the Depositary for the account of the relevant Sub-Fund and (b) the redemption monies and dividend payments held by the Paying Agent (after transmission by the Fund) prior to payment to the relevant Shareholder. Fees and expenses of the Paying Agents appointed by the Fund, which will be at normal commercial rates, will be borne by the Fund in respect of which a Paying Agent has been appointed. All Shareholders of the relevant Sub- Fund on whose behalf a Paying Agent is appointed may use the services provided by Paying Agents appointed by or on behalf of the Fund. | Der Fonds kann ein verbundenes Unternehmen der Verwahrstelle damit beauftragen, Devisen-, Kassa- oder Swapgeschäfte für die Rechnung des Fonds auszuführen. In solchen Fällen handelt das verbundene Unternehmen als Auftraggeber und nicht als Broker, Vertreter oder Treuhänder des Fonds. Das verbundene Unternehmen strebt mit solchen Transaktionen Gewinne an und ist berechtigt, Gewinne einzubehalten und dem Fonds nicht offenzulegen. Das verbundene Unternehmen schließt solche Transaktionen zu den mit dem Fonds vereinbarten Bedingungen ab.
Werden dem Fonds gehörende liquide Mittel bei einem verbundenen Unternehmen in Verwahrung gegeben, bei dem es sich um eine Bank handelt, entsteht ein potenzieller Konflikt in Bezug auf die Zinsen (falls zutreffend), die das verbundene Unternehmen diesbezüglich zahlen oder berechnen kann, sowie die Gebühren oder sonstigen Leistungen, die es durch das Halten solcher liquider Mittel als Bank und nicht als Treuhänder beziehen kann.
Zahlstellen. Aufgrund lokaler Gesetze/Bestimmungen in gewissen relevanten Gerichtsbarkeiten (i) muss der Fonds unter Umständen Fazilitätsstellen/Zahlstellen/Vertreter/Untervertriebsgesellschaften/Korrespondenzbanken (diese ernannten Stellen werden nachfolgend als „Zahlstellen“ bezeichnet und weiter gilt, dass eine solche Bestellung vorgenommen werden kann, auch wenn sie kein rechtliches oder regulatorisches Erfordernis ist) beauftragen und (ii) kann die Führung von Konten durch solche Zahlstellen erforderlich sein, über die Zeichnungs- und Rücknahmegelder oder Dividenden gezahlt werden können. Anteilsinhaber, die wählen oder nach lokalen Bestimmungen verpflichtet sind, Zeichnungsgelder über eine Zahlstelle zu zahlen oder Rücknahmegelder oder Dividenden über eine Zahlstelle zu beziehen, unterliegen dem Kreditrisiko der Zahlstelle in Bezug auf (a) die Zeichnungsgelder für die Anlage in einen Teilfonds, die von der Zahlstelle vor ihrer Weiterleitung an die Verwahrstelle für die Rechnung des jeweiligen Teilfonds gehalten werden, und (b) die Rücknahmegelder und Dividendenausschüttungen, die von der Zahlstelle (nach Überweisung durch den Fonds) vor ihrer Zahlung an den jeweiligen Anteilsinhaber gehalten werden. Gebühren und Auslagen der vom Fonds ernannten Zahlstellen, die marktüblichen Sätzen entsprechen, werden von dem Fonds getragen, für den eine Zahlstelle benannt wurde. Alle Anteilsinhaber des jeweiligen Teilfonds, für den eine Zahlstelle benannt wurde, können die Dienste in Anspruch nehmen, die Zahlstellen, die durch oder für den Fonds bestellt wurden, erbringen. | The Fund may use an affiliate of the Depositary to execute foreign exchange, spot or swap transactions for the account of the Fund. In such instances the affiliate shall be acting in a principal capacity and not as a broker, agent or fiduciary of the Fund. The affiliate will seek to profit from these transactions and is entitled to retain and not disclose any profit to the Fund. The affiliate shall enter into such transactions on the terms and conditions agreed with the Fund.
Where cash belonging to the Fund is deposited with an affiliate being a bank, a potential conflict arises in relation to the interest (if any) which the affiliate may pay or charge to such account and the fees or other benefits which it may derive from holding such cash as banker and not as trustee.
Paying Agents. Local laws/regulations in certain Relevant Jurisdictions may require (i) the Fund to appoint facilities agents/paying agents/representatives/sub-distributors/correspondent banks (any such appointee is hereafter referred to as a “Paying Agent” and provided further that any such appointment may be made notwithstanding that it is not a legal or regulatory requirement) and (ii) the maintenance of accounts by such Paying Agents through which subscription and redemption monies or dividends may be paid. Shareholders who choose or who are obliged under local regulations to pay subscription monies, or receive redemption monies or dividends, through a Paying Agent are subject to the credit risk of the Paying Agent with respect to (a) the subscription monies for investment in a Sub-Fund held by the Paying Agent prior to the transmission of such monies to the Depositary for the account of the relevant Sub-Fund and (b) the redemption monies and dividend payments held by the Paying Agent (after transmission by the Fund) prior to payment to the relevant Shareholder. Fees and expenses of the Paying Agents appointed by the Fund, which will be at normal commercial rates, will be borne by the Fund in respect of which a Paying Agent has been appointed. All Shareholders of the relevant Sub- Fund on whose behalf a Paying Agent is appointed may use the services provided by Paying Agents appointed by or on behalf of the Fund. | en | de |
DOLFIN7826 | 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 US Dollar denominated investment grade corporate bond market. The Fund aims to produce a return on your investment which reflects the return of the Markit iBoxx USD Liquid Investment Grade Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements, combined with foreign currency contracts for currency hedging. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of the most liquid (i.e. bonds that can be easily bought and sold in the market in normal market conditions) US Dollar denominated bonds which are issued by companies. The bonds will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Each issuer of bonds in the Index is capped at 3%. Only bonds with a minimum remaining time to maturity of three years, a minimum outstanding issuance of US$2 billion and have at least $750 million face value per individual bond are included in the benchmark index.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
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.
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 distributing shares (i.e. income will be paid on the shares quarterly).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del mercado de bonos empresariales denominados en dólares estadounidenses y calificados con la categoría de inversión. El Fondo trata de proporcionar una rentabilidad de su inversión que refleje la rentabilidad del Markit iBoxx USD Liquid Investment Grade Index, el índice de referencia del Fondo (el Índice). La Clase de acciones también trata de reducir el impacto sobre sus rendimientos de las fluctuaciones de los tipos de cambio entre las divisas de la cartera subyacente del Fondo y el euro.
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta fija (RF) (como bonos) que integran el Índice y cumplen sus requisitos de calificación de solvencia, en combinación con contratos de divisas a plazo con fines de cobertura del tipo de cambio. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible venderlos.
El Índice mide la rentabilidad de los bonos denominados en dólares estadounidenses emitidos por empresas que son más líquidos (es decir, bonos que pueden comprarse y venderse fácilmente en el mercado, en condiciones normales de este). Los bonos tendrán la calificación de solvencia de categoría de inversión (es decir, cumplirán un nivel específico de solvencia) en el momento de su inclusión en el Índice. La ponderación en el Índice de cada emisor de bonos tiene un límite máximo del 3%. En el índice de referencia se incluyen únicamente los bonos con un vencimiento residual mínimo de tres años, una emisión circulante mínima de 2.000 millones de dólares estadounidenses y con un valor nominal de al menos 750 millones de dólares estadounidenses.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD (incluidos los contratos de divisas a plazo) pueden utilizarse con fines de inversión directa.
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.
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 distributivas (trimestralmente se pagarán ingresos sobre las acciones).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta Clase de Acciones están denominadas en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the US Dollar denominated investment grade corporate bond market. The Fund aims to produce a return on your investment which reflects the return of the Markit iBoxx USD Liquid Investment Grade Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements, combined with foreign currency contracts for currency hedging. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of the most liquid (i.e. bonds that can be easily bought and sold in the market in normal market conditions) US Dollar denominated bonds which are issued by companies. The bonds will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Each issuer of bonds in the Index is capped at 3%. Only bonds with a minimum remaining time to maturity of three years, a minimum outstanding issuance of US$2 billion and have at least $750 million face value per individual bond are included in the benchmark index.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
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.
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 distributing shares (i.e. income will be paid on the shares quarterly).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN7827 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### The following conditions should help to reduce the risk and impact of conflicts of interest that may arise from the above-mentioned situations.
CM-CIC Group staff members who sit on the SICAV’s Board of Directors do not interfere in the SICAV’s day-to-day management, which remains in the hands of the Management Company and the Management Company's representatives, who operate with their own employees, in accordance with their respective service agreements with the SICAV, their own rules of conduct and within their own supervisory framework. No CM-CIC Group employee who is responsible for or involved with the custody, cash flow monitoring and/or Custodian supervision functions may be a member of the Board of Directors of the SICAV.
CM-CIC Group employees who sit on the Board of Directors of the Management Company shall not interfere in the performance of the Management Company’s duties with regard to the SICAV, which remain the sole responsibility of the Management Company’s Board of Directors and staff. The Management Company, in the performance of its duties and tasks, operates with its own staff, according to the service agreements it has agreed with the SICAV, in line with its own procedures and rules of conduct and within its own internal control framework.
The Custodian, acting as central administrative agent, delegates the execution of its duties as central administrative agent to a separate legal entity, namely EFA, a specialised financial services provider subject to the regulations and supervision of the Commission de Surveillance du Secteur Financier (Financial Sector Supervisory Commission) in Luxembourg.
CM-CIC Group staff members who sit on EFA's Board of Directors do not interfere in EFA’s day-to- day management, which remains in the hands of EFA's management and staff. EFA, in the performance of its duties and tasks, operates with its own staff, in line with its own procedures and rules of conduct and within its own internal control framework.
The sub-custodian selection and supervision process is conducted in accordance with the Law of 2010 and is kept separate, in both hierarchical and functional terms, from any other commercial relationships that do not pertain to the sub-custody of the SICAV’s financial instruments and are liable to distort the Custodian selection and supervision process. The risk and impact of conflicts of interest is further mitigated by the fact that, except for a specific category of financial instrument, none of the sub-custodians selected by Banque de Luxembourg to act as custodians of the SICAV’s financial instruments form part of CM-CIC Group. There is an exception for units held by the SICAV in French investment funds because, for operational reasons, the trading process is managed by and custody delegated to Banque Fédérative du Crédit Mutuel in France (“BFCM”) as a specialised intermediary. BFCM is a member of CM-CIC Group. BFCM, in the performance of its duties and tasks, operates with its own staff, in line with its own procedures and rules of conduct and within its own internal control framework.
The provision of additional banking services by the Custodian to the SICAV complies with the applicable legal and regulatory provisions and rules of conduct (including best execution policies) and the execution of these additional banking services is kept separate, in both hierarchical and functional terms, from the execution of the custodian functions.
If, despite the aforementioned conditions, a conflict of interest arises involving the Custodian, the Custodian will, at all times, attend to its duties and obligations under the Custodian Agreement entered into with the SICAV and will act accordingly. If, despite all the measures taken, the Custodian finds itself unable, with regard to its duties and obligations under the Custodian Agreement entered into with the SICAV, to resolve a conflict of interest that may significantly and negatively affect the SICAV or its shareholders, it will notify the SICAV, which will take the appropriate measures.
As the financial landscape and the organisational structure of the SICAV may change over time, the nature and impact of possible conflicts of interest, as well as the conditions under which conflicts of interest involving the Custodian may arise, may also evolve.
In the event of a significant change to the organisational structure of the SICAV or the scope of the services provided by the Custodian to the SICAV, this change will be subject to the evaluation and approval of the Custodian’s internal approval committee. The Custodian’s internal approval committee will assess, among other aspects, the impact of such changes on the nature and impact of any conflicts of interest with the Custodian’s duties and obligations to the SICAV and will determine the appropriate mitigation measures. | #### Les conditions suivantes devraient permettre d'atténuer le risque de survenance et l'impact des conflits d'intérêts pouvant découler des situations précitées.
Les membres du personnel du Groupe CM-CIC présents dans le conseil d'administration de la SICAV n'interfèrent pas dans la gestion au jour le jour de la SICAV, laquelle demeure aux mains de la Société de gestion et des représentants de la Société de gestion, lesquels opèrent avec leurs propres employés, selon leurs accords de services respectifs conclus avec la SICAV, leurs propres règles de conduite et dans leur propre cadre de contrôle. Aucun membre du personnel du Groupe CM-CIC qui assure les fonctions de garde, de surveillance des liquidités et/ou de supervision du Dépositaire ou y contribue, ne sera membre du conseil d'administration de la SICAV.
Les membres du personnel du Groupe CM-CIC présents dans le conseil d'administration de la Société de gestion n'interfèrent pas dans l'exercice des fonctions de la Société de gestion à l'égard de la SICAV, lequel demeure aux mains du conseil d'administration et du personnel de la Société de gestion. La Société de gestion, dans l'exercice de ses fonctions et tâches, opère avec son propre personnel, selon les accords de service qu'elle a conclus avec la SICAV, ses propres procédures et règles de conduite et dans son propre cadre de contrôle.
Le Dépositaire, agissant en qualité d'agent d'administration centrale, délègue l'exécution des tâches d'agent d'administration centrale à une entité légale distincte, à savoir EFA, un prestataire de services financiers spécialisé soumis à la régulation et à la supervision de la Commission de Surveillance du Secteur Financier au Luxembourg.
Les membres du personnel du Groupe CM-CIC présents dans le conseil d'administration d'EFA n'interfèrent pas dans la gestion au jour le jour d'EFA, laquelle demeure aux mains de la direction et du personnel d'EFA. EFA, dans l'exercice de ses fonctions et tâches, opère avec son propre personnel, selon ses propres procédures et règles de conduite et dans son propre cadre de contrôle.
Le processus de sélection et de surveillance des sous-dépositaires se déroule conformément à la Loi de 2010 et est séparé, tant du point de vue fonctionnel que hiérarchique, des éventuelles autres relations commerciales qui ne s'inscrivent pas dans la sous-conservation des instruments financiers de la SICAV et sont susceptibles de fausser la performance du processus de sélection et de surveillance du Dépositaire. Le risque de survenance et l'impact de conflits d'intérêts est encore atténué par le fait qu'à l'exception d'une classe d'instruments financiers bien spécifique, aucun des sous-dépositaires auxquels Banque de Luxembourg a fait appel pour la conservation des instruments financiers de la SICAV ne fait partie de Groupe CM-CIC. Il existe une exception pour les parts détenues par la SICAV dans des fonds d'investissements français, parce que, pour des raisons opérationnelles, le processus de négociation est traité par et la conservation déléguée à Banque Fédérative du Crédit Mutuel en France (« BFCM ») en tant qu'intermédiaire spécialisé. BFCM est membre du Groupe CM-CIC. BFCM, dans l'exercice de ses fonctions et tâches, opère avec son propre personnel, selon ses propres procédures et règles de conduite et dans son propre cadre de contrôle.
La fourniture de services bancaires supplémentaires par le Dépositaire à la SICAV est conforme aux dispositions légales et réglementaires et règles de conduite applicables (y compris les politiques de meilleure exécution) et l'exécution de tels services bancaires supplémentaires et celle des tâches de dépositaire sont séparées, tant du point de vue fonctionnel que hiérarchique.
Si, en dépit des conditions précitées, un conflit d'intérêts survient au niveau du Dépositaire, le Dépositaire veillera à tout moment à ses fonctions et obligations en vertu du contrat de dépositaire conclu avec la SICAV et il agira en conséquence. Si, en dépit de toutes les mesures prises, le Dépositaire, eu égard à ses fonctions et obligations en vertu du contrat de dépositaire conclu avec la SICAV, se trouve dans l'incapacité de résoudre un conflit d'intérêts susceptible d'affecter de manière significative et négative la SICAV ou ses actionnaires, il en avertira la SICAV qui adoptera les mesures qui s'imposent.
Dès lors que le paysage financier et la structure organisationnelle de la SICAV peuvent évoluer au fil du temps, la nature et la portée des conflits d'intérêts possibles ainsi que les conditions dans lesquelles peuvent survenir des conflits d'intérêts au niveau du Dépositaire peuvent également évoluer.
Dans l'hypothèse où la structure organisationnelle de la SICAV ou la portée des services de Dépositaire fournis à la SICAV fait l'objet d'un changement important, ledit changement sera soumis à l'évaluation et à l'approbation du comité d'acceptation interne du Dépositaire. Le comité d'acceptation interne du Dépositaire évaluera, entre autres, l'impact de tels changements sur la nature et la portée des éventuels conflits d'intérêts avec les fonctions et obligations du Dépositaire à l'égard de la SICAV et évaluera les mesures d'atténuation qui s'imposent. | ##### The following conditions should help to reduce the risk and impact of conflicts of interest that may arise from the above-mentioned situations.
CM-CIC Group staff members who sit on the SICAV’s Board of Directors do not interfere in the SICAV’s day-to-day management, which remains in the hands of the Management Company and the Management Company's representatives, who operate with their own employees, in accordance with their respective service agreements with the SICAV, their own rules of conduct and within their own supervisory framework. No CM-CIC Group employee who is responsible for or involved with the custody, cash flow monitoring and/or Custodian supervision functions may be a member of the Board of Directors of the SICAV.
CM-CIC Group employees who sit on the Board of Directors of the Management Company shall not interfere in the performance of the Management Company’s duties with regard to the SICAV, which remain the sole responsibility of the Management Company’s Board of Directors and staff. The Management Company, in the performance of its duties and tasks, operates with its own staff, according to the service agreements it has agreed with the SICAV, in line with its own procedures and rules of conduct and within its own internal control framework.
The Custodian, acting as central administrative agent, delegates the execution of its duties as central administrative agent to a separate legal entity, namely EFA, a specialised financial services provider subject to the regulations and supervision of the Commission de Surveillance du Secteur Financier (Financial Sector Supervisory Commission) in Luxembourg.
CM-CIC Group staff members who sit on EFA's Board of Directors do not interfere in EFA’s day-to- day management, which remains in the hands of EFA's management and staff. EFA, in the performance of its duties and tasks, operates with its own staff, in line with its own procedures and rules of conduct and within its own internal control framework.
The sub-custodian selection and supervision process is conducted in accordance with the Law of 2010 and is kept separate, in both hierarchical and functional terms, from any other commercial relationships that do not pertain to the sub-custody of the SICAV’s financial instruments and are liable to distort the Custodian selection and supervision process. The risk and impact of conflicts of interest is further mitigated by the fact that, except for a specific category of financial instrument, none of the sub-custodians selected by Banque de Luxembourg to act as custodians of the SICAV’s financial instruments form part of CM-CIC Group. There is an exception for units held by the SICAV in French investment funds because, for operational reasons, the trading process is managed by and custody delegated to Banque Fédérative du Crédit Mutuel in France (“BFCM”) as a specialised intermediary. BFCM is a member of CM-CIC Group. BFCM, in the performance of its duties and tasks, operates with its own staff, in line with its own procedures and rules of conduct and within its own internal control framework.
The provision of additional banking services by the Custodian to the SICAV complies with the applicable legal and regulatory provisions and rules of conduct (including best execution policies) and the execution of these additional banking services is kept separate, in both hierarchical and functional terms, from the execution of the custodian functions.
If, despite the aforementioned conditions, a conflict of interest arises involving the Custodian, the Custodian will, at all times, attend to its duties and obligations under the Custodian Agreement entered into with the SICAV and will act accordingly. If, despite all the measures taken, the Custodian finds itself unable, with regard to its duties and obligations under the Custodian Agreement entered into with the SICAV, to resolve a conflict of interest that may significantly and negatively affect the SICAV or its shareholders, it will notify the SICAV, which will take the appropriate measures.
As the financial landscape and the organisational structure of the SICAV may change over time, the nature and impact of possible conflicts of interest, as well as the conditions under which conflicts of interest involving the Custodian may arise, may also evolve.
In the event of a significant change to the organisational structure of the SICAV or the scope of the services provided by the Custodian to the SICAV, this change will be subject to the evaluation and approval of the Custodian’s internal approval committee. The Custodian’s internal approval committee will assess, among other aspects, the impact of such changes on the nature and impact of any conflicts of interest with the Custodian’s duties and obligations to the SICAV and will determine the appropriate mitigation measures. | en | fr |
DOLFIN7828 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
L’investissement dans ces catégories permet une diversification dans les secteurs et la maturité des modèles d’affaires. Le risque au sein du portefeuille du Fonds est davantage diversifié en équilibrant l’investissement dans des sociétés dont les bénéfices sont relativement prévisibles et stables, quel que soit l’état de l’économie globale, avec l’investissement dans des sociétés plus sensibles au cycle économique.
L’engagement du Gestionnaire des Investissements auprès des sociétés dans lesquelles le Fonds investit est fondamental pour l’approche d’investissement.
De plus amples informations sur les Pionniers, les Facilitateurs et les Leaders sont disponibles dans les Critères ESG et les Critères d’impact comme indiqué dans la section Informations ESG ci-dessous.
Afin d’identifier les titres à acheter, le Gestionnaire des Investissements réduit l’univers d’investissement potentiel comme suit :
- Les exclusions énumérées dans la Politique d’investissement sont appliquées.
- Le Gestionnaire des Investissements identifie ensuite les sociétés qui sont jugées appropriées pour une analyse plus approfondie. Dans le cadre de la méthodologie d’évaluation d’impact de M&G, le Gestionnaire des Investissements analyse et évalue ces sociétés afin de déterminer leur adéquation au Fonds. La méthodologie d’évaluation d’impact, y compris le processus de notation appliqué par le Gestionnaire des Investissements, est détaillée dans les Critères ESG et les Critères d’impact. Les autres sociétés figurent sur une liste de surveillance des entreprises cherchant à améliorer la santé et/ou le bien-être qui peuvent être achetées.
- Le Gestionnaire des Investissements décide du moment opportun pour acquérir des sociétés approuvées sur la liste de surveillance après avoir pris en compte leur évaluation. | La inversión en estas categorías proporciona diversificación entre sectores y madurez de los modelos de negocio. El riesgo de la cartera del Fondo se diversifica aún más equilibrando la inversión entre las empresas que obtienen ganancias relativamente predecibles y estables independientemente del estado de la economía general, y aquellas más sensibles al ciclo económico.
El compromiso de la Gestora de inversiones con las empresas en las que invierte el Fondo es clave para el enfoque de inversión.
Puede obtener más información sobre las empresas Pioneras, Facilitadoras o Líderes en los Criterios ESG y los criterios de impacto, tal como se indica a continuación en la sección “Información sobre ESG”.
Con el fin de identificar valores que adquirir, la Gestora de inversiones reduce el universo de inversión potencial de la siguiente manera:
- Se descartan las exclusiones enumeradas en la Política de inversión.
- A continuación, la Gestora de inversiones identifica las empresas que se consideran adecuadas para realizar un análisis más detallado. Como parte de la metodología de evaluación de impacto de M&G, la Gestora de inversiones analiza y califica dichas empresas para evaluar su idoneidad para el Fondo. La metodología de evaluación de impacto, incluido el proceso de calificación aplicado por la Gestora de inversiones, se detalla en los Criterios ESG y los criterios de impacto. El resto de empresas conforman una lista de observación de empresas que promueven la mejora de la salud o el bienestar que se pueden comprar.
- La Gestora de inversiones decide el momento adecuado para comprar empresas aprobadas en la lista de observación tras considerar su valoración. | L’investissement dans ces catégories permet une diversification dans les secteurs et la maturité des modèles d’affaires. Le risque au sein du portefeuille du Fonds est davantage diversifié en équilibrant l’investissement dans des sociétés dont les bénéfices sont relativement prévisibles et stables, quel que soit l’état de l’économie globale, avec l’investissement dans des sociétés plus sensibles au cycle économique.
L’engagement du Gestionnaire des Investissements auprès des sociétés dans lesquelles le Fonds investit est fondamental pour l’approche d’investissement.
De plus amples informations sur les Pionniers, les Facilitateurs et les Leaders sont disponibles dans les Critères ESG et les Critères d’impact comme indiqué dans la section Informations ESG ci-dessous.
Afin d’identifier les titres à acheter, le Gestionnaire des Investissements réduit l’univers d’investissement potentiel comme suit :
- Les exclusions énumérées dans la Politique d’investissement sont appliquées.
- Le Gestionnaire des Investissements identifie ensuite les sociétés qui sont jugées appropriées pour une analyse plus approfondie. Dans le cadre de la méthodologie d’évaluation d’impact de M&G, le Gestionnaire des Investissements analyse et évalue ces sociétés afin de déterminer leur adéquation au Fonds. La méthodologie d’évaluation d’impact, y compris le processus de notation appliqué par le Gestionnaire des Investissements, est détaillée dans les Critères ESG et les Critères d’impact. Les autres sociétés figurent sur une liste de surveillance des entreprises cherchant à améliorer la santé et/ou le bien-être qui peuvent être achetées.
- Le Gestionnaire des Investissements décide du moment opportun pour acquérir des sociétés approuvées sur la liste de surveillance après avoir pris en compte leur évaluation. | fr | es |
DOLFIN7829 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Share Class currency, unless indicated as a Hedged Share Class, is a translated price using exchange rates at the official valuation point of the fund. This is intended as a way to access a Share Class in your chosen currency and does not reduce your overall exposure to foreign currency. The fund currency indicates the highest currency exposure of the fund unless the currency breakdown is detailed in the Weightings % table on page 2.
Risks
- The value of investments can fall as well as rise and investors might not get back the sum originally invested.
- Where investments are in assets that are denominated in multiple currencies, or currencies other than your own, changes in exchange rates may affect the value of the investments.
- The Fund invests in securities whose value would be significantly affected if the issuer refused, was unable to or was perceived to be unable to pay.
- The Fund invests in markets where economic and regulatory risk can be significant. These factors can affect liquidity, settlement and asset values. Any such event can have a negative effect on the value of your investment.
- The Fund holds assets which could prove difficult to sell. The Fund may have to lower the selling price, sell other investments or forego more appealing investment opportunities.
- Changes in interest rates are likely to affect the Fund’s value. In general, as interest rates rise, the price of a fixed rate bond will fall, and vice versa.
- The Fund’s assets may sometimes be difficult to value objectively and the actual value may not be recognised until assets are sold.
- Leverage occurs when economic exposure through derivatives is greater than the amount invested. Such exposure, and the use of short selling techniques, may lead to the Fund suffering losses in excess of the amount it initially invested.
- The Fund may invest materially in derivatives. A relatively small change in the value of the underlying investment may have a much larger positive or negative impact on the value of the derivative.
- The Fund may invest in the China Interbank Bond Market (CIBM) via Bond Connect which is subject to regulatory, volatility and liquidity risk, as well as risks associated with settlement, default of counterparties and market suspension. Furthermore, the Fund may incur significant trading, taxation and realisation costs. | La devise de la catégorie d'actions, sauf s'il est précisé qu’il sagit d'une catégorie d'actions couverte, est un prix converti en utilisant les taux de change au point de valorisation officiel du fonds. Ceci permet d’accéder à une catégorie d'actions dans la devise de votre choix sans réduire votre exposition globale aux devises étrangères. La devise du fonds stipule l'exposition aux devises la plus élevée pour le fonds, sauf si le détail des devises figure dans le tableau des pondérations (en %) en page 2.
Risques
- La valeur des investissements peut évoluer à la hausse comme à la baisse et les investisseurs peuvent ne pas récupérer la totalité de la somme initialement investie.
- Lorsque les investissements sont réalisés dans des actifs exprimés en devises étrangères multiples, ou dans des devises autres que la vôtre, les modifications des taux de change peuvent affecter la valeur des investissements.
- Le Fonds investit dans des titres dont la valeur serait considérablement affectée si l'émetteur refusait, était incapable ou était perçu comme étant incapable d'honorer ses engagements.
- Le Fonds investit sur les marchés dans lesquels le risque économique et réglementaire peut être important. Ces facteurs de risque peuvent avoir une incidence sur la liquidité, le règlement et la valeur des actifs. Tout évènement de la sorte peut avoir un effet négatif sur la valeur de votre investissement.
- Le Fonds détient des actifs qui pourraient s'avérer difficiles à vendre. Il se peut que le Fonds doive diminuer le prix de vente, vendre d'autres investissements ou renoncer à des opportunités d'investissement plus intéressantes.
- Les fluctuations des taux d'intérêt sont susceptibles d'affecter la valeur du Fonds. En général, le prix d’une obligation à taux fixe baisse lorsque les taux d’intérêt augmentent et vice-versa.
- Les actifs du Fonds peuvent parfois être difficiles à évaluer de manière objective et la valeur réelle peut ne pas être reconnue avant que les actifs ne soient vendus.
- L'effet de levier se produit lorsque l'exposition économique obtenue au travers de dérivés est supérieure au montant investi. Une telle exposition et l'usage de techniques de vente à découvert peuvent conduire le Fonds à subir des pertes au-delà du montant initialement investi.
- Le Fonds peut investir de façon considérable dans des produits financiers dérivés. Un changement relativement faible de lavaleur de l'investissement sous-jacent peut avoir un impact positif ou négatif beaucoup plus grand sur la valeur de l'instrument dérivé.
- Le Fonds peut investir dans le China Interbank Bond Market (CIBM) par le biais du Bond Connect, lequel est sujet aux risques réglementaires, de volatilité et de liquidité, ainsi qu’aux risques relatifs à la liquidation, au manquement des contreparties et à la suspension du marché. En outre, le Fonds peut encourir d’importants frais de transaction, fiscaux et de réalisation. | The Share Class currency, unless indicated as a Hedged Share Class, is a translated price using exchange rates at the official valuation point of the fund. This is intended as a way to access a Share Class in your chosen currency and does not reduce your overall exposure to foreign currency. The fund currency indicates the highest currency exposure of the fund unless the currency breakdown is detailed in the Weightings % table on page 2.
Risks
- The value of investments can fall as well as rise and investors might not get back the sum originally invested.
- Where investments are in assets that are denominated in multiple currencies, or currencies other than your own, changes in exchange rates may affect the value of the investments.
- The Fund invests in securities whose value would be significantly affected if the issuer refused, was unable to or was perceived to be unable to pay.
- The Fund invests in markets where economic and regulatory risk can be significant. These factors can affect liquidity, settlement and asset values. Any such event can have a negative effect on the value of your investment.
- The Fund holds assets which could prove difficult to sell. The Fund may have to lower the selling price, sell other investments or forego more appealing investment opportunities.
- Changes in interest rates are likely to affect the Fund’s value. In general, as interest rates rise, the price of a fixed rate bond will fall, and vice versa.
- The Fund’s assets may sometimes be difficult to value objectively and the actual value may not be recognised until assets are sold.
- Leverage occurs when economic exposure through derivatives is greater than the amount invested. Such exposure, and the use of short selling techniques, may lead to the Fund suffering losses in excess of the amount it initially invested.
- The Fund may invest materially in derivatives. A relatively small change in the value of the underlying investment may have a much larger positive or negative impact on the value of the derivative.
- The Fund may invest in the China Interbank Bond Market (CIBM) via Bond Connect which is subject to regulatory, volatility and liquidity risk, as well as risks associated with settlement, default of counterparties and market suspension. Furthermore, the Fund may incur significant trading, taxation and realisation costs. | en | fr |
DOLFIN7830 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Environmental, social and governance (ESG) criteria are one of the components subject to management, although their weighting in the final decision is not defined beforehand.
At least 90% of debt securities and money market instruments benefiting from an Investment Grade credit assessment and 75% of debt securities and money market instruments benefiting from a High Yield credit assessment or issued by emerging countries have an ESG rating within the Sub-fund. This is either a proprietary ESG rating or a rating provided by an external non-financial data agency. Both ratios are expressed as a capitalisation of the net assets of the collective investment.
At the end of this process, the Sub-fund will have an ESG rating that is higher than that of its investment universe.
In addition, the Manager will not invest in the lowest-rated securities as rated by the external rating provider used by the Management Company.
The securities selection process also includes negative screening, which involves excluding companies that contribute to the production of controversial weapons, in compliance with international agreements in this field, as well as companies exposed to activities related to thermal coal and tobacco, in accordance with the Edmond de Rothschild Asset Management (France) exclusion policy available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund integrates sustainability risk and takes into account the main negative impacts in its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account (to the extent that data is available) the extent to which turnover or investments that are considered to be green are eligible for and align with the Taxonomy Regulation. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. An analysis may also be carried out on the carbon footprint (based on the relevant parameters), the company’s climate strategy and greenhouse gas reduction targets and the environmental added value of products and services, eco-design, etc.
The “causing no significant harm” principle only applies to those of the investments underlying the financial product that take into account the environmental criteria of the European Union in terms of sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
As it is currently unable to guarantee reliable data for assessing the eligibility or alignment of investments with the Taxonomy Regulation, at this stage, the Sub-fund is not able to fully and accurately calculate the underlying investments considered to be environmentally sustainable in the form of a minimum alignment percentage in accordance with the strict interpretation of Article 3 of the EU Taxonomy Regulation.
Currently, the Sub-fund does not aim to make any investments that contribute to environmental objectives focused on mitigating climate change and/or adapting to climate change.
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
Top-down approach
The top-down approach, which is based on an analysis of the macroeconomic situation, is used within the context of the geographical allocation of the portfolio. For the purposes of the management of the Sub-fund, the approach also incorporates the global and local regulatory universe in which the issuers operate.
It allows the management team to determine specific market scenarios based on their predictions.
This analysis makes it possible to define, in particular:
- the degree of exposure to the various economic sectors within the private issuers component. This will be determined in such a way as to preserve a certain level of diversification.
- the distribution between the various ratings within the Investment Grade and High Yield categories (speculative securities, for which the risk of issuer default is greater, and which have a Standard & Poor’s or equivalent rating below BBB- or an equivalent internal rating from the Management Company) and between the different ratings within these categories. | I criteri ambientali, sociali e di governance (ESG) sono uno dei componenti della gestione e il loro peso nella presa di decisione finale non è definito a priori.
Almeno il 90% dei titoli di debito e degli strumenti del mercato monetario con rating di credito investment grade e il 75% dei titoli di debito e degli strumenti del mercato monetario con rating di credito high yield o emessi da paesi emergenti all'interno del comparto hanno un rating ESG. Si tratta di un rating ESG proprietario o di un rating fornito da un'agenzia di dati extra-finanziari esterna. Queste due percentuali sono espresse come capitalizzazione del patrimonio netto dell’investimento collettivo.
Al termine di questo processo, il comparto ha un rating ESG superiore a quello del suo universo d'investimento.
Inoltre, il gestore non investirà nei titoli con i rating più bassi secondo il fornitore di rating esterno utilizzato dalla Società di Gestione.
Il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di esclusione di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto integra il rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d'investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione di gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
Il principio che consiste nel “non arrecare un danno significativo” si applica esclusivamente agli investimenti sottostanti al prodotto finanziario che tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili. Gli investimenti sottostanti alla quota restante del presente prodotto finanziario non tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili.
Non potendo, in questa fase, garantire dati affidabili per la valutazione della quota di idoneità o di allineamento degli investimenti con riferimento al Regolamento Tassonomia, il comparto non è in grado di calcolare in modo completo ed accurato gli investimenti sottostanti che si qualifichino come ecosostenibili, sotto forma di percentuale di allineamento minima e questo in conformità alla rigorosa interpretazione dell'articolo 3 del Regolamento Tassonomia dell'UE.
Attualmente il comparto non mira a realizzare investimenti che contribuiscano agli obiettivi ambientali di mitigazione del cambiamento climatico e/o di adattamento al cambiamento climatico.
Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
Approccio Top Down
L’approccio Top Down si basa su un'analisi della situazione macroeconomica e interviene nell'ambito dell'allocazione geografica del portafoglio. Inserisce altresì, nell'ambito della gestione del comparto, l'aspetto normativo globale e locale entro il quale si evolvono gli emittenti.
Sfocia nella determinazione di scenari di mercato definiti sulla base di quanto anticipato dal team di gestione.
Tale analisi consente nella fattispecie di stabilire:
- il livello di esposizione ai vari settori economici nell'ambito del comparto emittenti privati. Questo sarà determinato in modo tale da mantenere una certa diversificazione;
- la ripartizione tra i vari rating all'interno delle categorie Investment Grade e High Yield (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è più consistente, il cui rating sia inferiore a BBB- secondo Standard & Poor's o equivalente ovvero che beneficiano di un rating interno equivalente della società di gestione) e tra i vari rating all'interno di dette categorie. | Environmental, social and governance (ESG) criteria are one of the components subject to management, although their weighting in the final decision is not defined beforehand.
At least 90% of debt securities and money market instruments benefiting from an Investment Grade credit assessment and 75% of debt securities and money market instruments benefiting from a High Yield credit assessment or issued by emerging countries have an ESG rating within the Sub-fund. This is either a proprietary ESG rating or a rating provided by an external non-financial data agency. Both ratios are expressed as a capitalisation of the net assets of the collective investment.
At the end of this process, the Sub-fund will have an ESG rating that is higher than that of its investment universe.
In addition, the Manager will not invest in the lowest-rated securities as rated by the external rating provider used by the Management Company.
The securities selection process also includes negative screening, which involves excluding companies that contribute to the production of controversial weapons, in compliance with international agreements in this field, as well as companies exposed to activities related to thermal coal and tobacco, in accordance with the Edmond de Rothschild Asset Management (France) exclusion policy available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund integrates sustainability risk and takes into account the main negative impacts in its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account (to the extent that data is available) the extent to which turnover or investments that are considered to be green are eligible for and align with the Taxonomy Regulation. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. An analysis may also be carried out on the carbon footprint (based on the relevant parameters), the company’s climate strategy and greenhouse gas reduction targets and the environmental added value of products and services, eco-design, etc.
The “causing no significant harm” principle only applies to those of the investments underlying the financial product that take into account the environmental criteria of the European Union in terms of sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
As it is currently unable to guarantee reliable data for assessing the eligibility or alignment of investments with the Taxonomy Regulation, at this stage, the Sub-fund is not able to fully and accurately calculate the underlying investments considered to be environmentally sustainable in the form of a minimum alignment percentage in accordance with the strict interpretation of Article 3 of the EU Taxonomy Regulation.
Currently, the Sub-fund does not aim to make any investments that contribute to environmental objectives focused on mitigating climate change and/or adapting to climate change.
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
Top-down approach
The top-down approach, which is based on an analysis of the macroeconomic situation, is used within the context of the geographical allocation of the portfolio. For the purposes of the management of the Sub-fund, the approach also incorporates the global and local regulatory universe in which the issuers operate.
It allows the management team to determine specific market scenarios based on their predictions.
This analysis makes it possible to define, in particular:
- the degree of exposure to the various economic sectors within the private issuers component. This will be determined in such a way as to preserve a certain level of diversification.
- the distribution between the various ratings within the Investment Grade and High Yield categories (speculative securities, for which the risk of issuer default is greater, and which have a Standard & Poor’s or equivalent rating below BBB- or an equivalent internal rating from the Management Company) and between the different ratings within these categories. | en | it |
DOLFIN7831 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Where an offer is made to relevant persons pursuant to section 305 of the SFA, the following restrictions (under section 305A) apply to Shares / Units acquired pursuant to such an offer. Where such Shares / Units are first sold to any person other than (i) an institutional investor; (ii) a relevant person; or (iii) on terms in accordance with section 305(2) of the SFA, the requirements of Subdivisions (2) and (3) of Division 2 to Part XIII of the SFA will apply to the offer resulting in such sale, save where the Shares / Units acquired are of the same class as other Shares / Units:
- which are listed for quotation on an approved exchange (as defined in the SFA); and
- in respect of which any offer information statement, introductory document, unitholders’ circular for a reverse take-over, document issued for the purposes of a trust scheme, or any other similar document approved by an approved exchange (as defined in the SFA), was issued in connection with an offer of those Shares or Units, or the listing for quotation of those Shares / Units. | Si se realiza una oferta a personas relevantes de acuerdo con la sección 305 de la SFA, se aplicarán las siguientes restricciones (según la sección 305A) a las Acciones / Participaciones objeto de dicha oferta. Si las Acciones / Participaciones se venden primero a una persona que no sea (i) un inversor institucional, (ii) una persona relevante o (iii) bajo las condiciones de la sección 305(2), los requisitos de las Subdivisiones (2) y (3) de la División 2 en la Parte XIII de la SFA serán de aplicación a la oferta resultante de dicha venta, excepto si las Acciones / Participaciones adquiridas son de la misma clase que las otras Acciones/Participaciones:
- cotizadas en un mercado de valores aprobado (según se define en la SFA); y
- con respecto a las cuales se haya publicado una declaración informativa, documento de presentación, circular para los partícipes de una adquisición inversa, documento publicado a los fines de un plan de fideicomiso o cualquier otro documento similar de oferta autorizado por un mercado de valores aprobado (según se define en la SFA), en relación con una oferta de dichas Acciones / Participaciones o el listado de cotización de tales Acciones / Participaciones. | Where an offer is made to relevant persons pursuant to section 305 of the SFA, the following restrictions (under section 305A) apply to Shares / Units acquired pursuant to such an offer. Where such Shares / Units are first sold to any person other than (i) an institutional investor; (ii) a relevant person; or (iii) on terms in accordance with section 305(2) of the SFA, the requirements of Subdivisions (2) and (3) of Division 2 to Part XIII of the SFA will apply to the offer resulting in such sale, save where the Shares / Units acquired are of the same class as other Shares / Units:
- which are listed for quotation on an approved exchange (as defined in the SFA); and
- in respect of which any offer information statement, introductory document, unitholders’ circular for a reverse take-over, document issued for the purposes of a trust scheme, or any other similar document approved by an approved exchange (as defined in the SFA), was issued in connection with an offer of those Shares or Units, or the listing for quotation of those Shares / Units. | en | es |
DOLFIN7832 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Risk and reward profile Objectives and investment policy | Bantleon Changing World is a mixed fund that invests primarily in equities and bonds. The investment objective is to achieve reasonable capital growth through a flexible asset allocation in equities and bonds, taking account of the opportunities and risks on the international capital markets. The investment management team invests at least 25% of the subfund's assets in equities, either directly or via funds. The investment management team makes equity Investments primarily in companies that develop products or services to solve the challenges of a changing world and the structural trends driving change. In addition to equities, the sub-fund may also invest in other securities such as bonds and in other asset classes. The sub-fund may hold assets in all currencies of states that feature in the MSCI All Country World Index (ACWI). Derivatives transactions may be entered into for the purpose of hedging or efficient portfolio management or to generate additional returns. The sub-fund is actively managed. It is not managed in reference to a benchmark. Income of the sub-fund (or: in this unit class) can be distributed entirely or partially. Investors may demand to redeem their units every normal bank business day in Luxembourg. |
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| ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the sub-fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The sub-fund has been placed in category 5 because its share value fluctuates relatively strongly and therefore the chance of profit but also the risk of loss can be relatively high. It may be that due to the calculation model not all risks are accounted for when placing the sub-fund in a risk category. An extensive description of the risks is included in the section “Risks of Investment” in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the sub-fund: − Credit risks: The sub-fund may invest a part of its assets in debt securities issued by governments and/or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Currency risks: If the fund holds assets in a currency other than its reference currency, investors are exposed to a currency risk. This can be reduced by means of hedging transactions. − Risks from the use of derivatives: The sub-fund may use derivatives. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the sub-fund. − Custody risks: Assets held in custody for safekeeping – particularly in other countries – may be subject to a risk of loss in connection with insolvency, violations of due diligence requirements or market abuse on the part of the custodian or a sub- custodian. − Operational risks: The sub-fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
| | | | Ziele und Anlagepolitik | Bantleon Changing World ist ein Mischfonds, der schwerpunktmässig in Aktien und Anleihen investiert. Das Anlageziel ist es, unter Berücksichtigung der Chancen und Risiken der internationalen Kapitalmärkte einen angemessenen Wertzuwachs aus der flexiblen Assetallokation in Aktien und Anleihen zu erzielen. Das Anlagemanagement investiert mindestens 25% des Teilfondsvermögens direkt oder über Investmentfonds in Aktien. Das Anlagemanagement investiert im Bereich Aktien vornehmlich in solche Unternehmen, die Produkte oder Dienstleistungen zur Lösung der Herausforderungen einer sich wandelnden Welt und damit verbundener struktureller Trends entwickeln. Neben Aktien kann der Teilfonds in andere Wertpapiere wie Anleihen und in weitere Anlageklassen investieren. Der Teilfonds kann Vermögenswerte in allen Währungen derjenigen Staaten halten, die im »All Country World Index (ACWI)« von MSCI vertreten sind. Derivategeschäfte können zum Zwecke der Absicherung, der effizienten Portfoliosteuerung und zur Erzielung von Zusatzerträgen getätigt werden. Der Teilfonds wird aktiv verwaltet. Er wird nicht unter Bezugnahme auf eine Benchmark verwaltet. Die Erträge des Teilfonds (ggf. dieser Anteilklasse) können sowohl ganz oder auch nur teilweise ausgeschüttet werden. Die Anleger können von der Kapitalanlagegesellschaft grundsätzlich börsentäglich die Rücknahme der Anteile verlangen. |
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| Risiko- und Ertragsprofil | ◄ Typischerweise geringere Rendite Typischerweise höhere Rendite ► Geringeres Risiko Höheres Risiko 1 2 3 4 5 6 7 Dieser Indikator beruht auf historischen Daten; eine Vorhersage künftiger Entwicklungen ist damit nicht möglich. Die Einstufung des Teilfonds kann sich künftig ändern und stellt keine Garantie dar. Auch ein Fonds, der in Kategorie 1 eingestuft wird, stellt keine völlig risikolose Anlage dar. Der Teilfonds ist in Kategorie 5 eingestuft, weil sein Anteilpreis verhältnismäßig stark schwankt und deshalb die Gewinnchance, aber auch das Verlustrisiko verhältnismäßig hoch sein kann. Bei der Einstufung des Teilfonds in eine Risikoklasse kann es vorkommen, dass aufgrund des Berechnungsmodells nicht alle Risiken berücksichtigt werden. Eine ausführliche Darstellung findet sich im Abschnitt „Risikohinweise“ des Verkaufsprospekts. Folgende Risiken haben auf diese Einstufung keinen unmittelbaren Einfluss, können aber trotzdem für den Teilfonds von Bedeutung sein: − Kreditrisiken: Der Teilfonds kann einen Teil seines Vermögens in Staatsanleihen und/oder Unternehmensanleihen anlegen. Die Emittenten dieser Anleihen können u.U. zahlungsunfähig werden, wodurch der Wert der Anleihen ganz oder teilweise verloren gehen kann. − Währungsrisiken: Hält der Teilfonds Vermögenswerte, die nicht auf die Fondswährung, sondern auf eine Fremdwährung lauten, so ist der Anleger einem Währungsrisiko ausgesetzt. Das Währungsrisiko kann durch Absicherungsgeschäfte reduziert werden. − Risiken aus Derivateinsatz: Der Teilfonds darf Derivatgeschäfte einsetzen. Dadurch erhöhte Chancen gehen mit erhöhten Verlustrisiken einher. Durch eine Absicherung mittels Derivate gegen Verluste können sich auch die Gewinnchancen des Fonds verringern. − Verwahrrisiken: Mit der Verwahrung von Vermögensgegenständen, insbesondere im Ausland, kann ein Verlustrisiko verbunden sein, das aus Insolvenz, Sorgfaltspflichtverletzungen oder missbräuchlichem Verhalten des Verwahrers oder eines Unterverwahrers resultieren kann. − Operationelle Risiken: Der Teilfonds kann Opfer von Betrug oder anderen kriminellen Handlungen werden. Er kann Verluste durch Missverständnisse oder Fehler von Mitarbeitern der Kapitalverwaltungsgesellschaft oder externer Dritter erleiden oder durch äussere Ereignisse wie z.B. Naturkatastrophen geschädigt werden. |
| | | | Risk and reward profile Objectives and investment policy | Bantleon Changing World is a mixed fund that invests primarily in equities and bonds. The investment objective is to achieve reasonable capital growth through a flexible asset allocation in equities and bonds, taking account of the opportunities and risks on the international capital markets. The investment management team invests at least 25% of the subfund's assets in equities, either directly or via funds. The investment management team makes equity Investments primarily in companies that develop products or services to solve the challenges of a changing world and the structural trends driving change. In addition to equities, the sub-fund may also invest in other securities such as bonds and in other asset classes. The sub-fund may hold assets in all currencies of states that feature in the MSCI All Country World Index (ACWI). Derivatives transactions may be entered into for the purpose of hedging or efficient portfolio management or to generate additional returns. The sub-fund is actively managed. It is not managed in reference to a benchmark. Income of the sub-fund (or: in this unit class) can be distributed entirely or partially. Investors may demand to redeem their units every normal bank business day in Luxembourg. |
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| ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the sub-fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The sub-fund has been placed in category 5 because its share value fluctuates relatively strongly and therefore the chance of profit but also the risk of loss can be relatively high. It may be that due to the calculation model not all risks are accounted for when placing the sub-fund in a risk category. An extensive description of the risks is included in the section “Risks of Investment” in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the sub-fund: − Credit risks: The sub-fund may invest a part of its assets in debt securities issued by governments and/or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Currency risks: If the fund holds assets in a currency other than its reference currency, investors are exposed to a currency risk. This can be reduced by means of hedging transactions. − Risks from the use of derivatives: The sub-fund may use derivatives. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the sub-fund. − Custody risks: Assets held in custody for safekeeping – particularly in other countries – may be subject to a risk of loss in connection with insolvency, violations of due diligence requirements or market abuse on the part of the custodian or a sub- custodian. − Operational risks: The sub-fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
| | | en | de |
DOLFIN7833 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Politique d'investissement
Le Fonds investit au moins 70 % de ses actifs dans des obligations d’entreprise à haut rendement (de notation inférieure à «investment grade», équivalente à BB+ ou une notation inférieure), libellées en euros ou en livres sterling. Le Fonds peut investir jusqu’à 20 % de ses actifs nets dans des obligations convertibles contingentes (CoCo) et/ou des titres adossés à des actifs et des titres adossés à des créances hypothécaires. Le Fonds peut également investir dans d’autres actifs, y compris des obligations d’autres types émanant de n’importe quel émetteur (y compris des obligations perpétuelles), des liquidités et des instruments du marché monétaire. Le gestionnaire d’investissement peut utiliser des dérivés (instruments financiers complexes) y compris des swaps de rendement total, dans le but de réaliser des gains sur les placements conformes à l’objectif du Fonds, pour réduire le risque ou pour gérer le Fonds plus efficacement. Le Fonds est géré de façon active en se référant à l’indice ICE BofA European Currency Non-Financial High Yield Constrained Index (100% Hedged), qui est largement représentatif des obligations dans lesquelles le Fonds est susceptible d’investir, dans la mesure où ledit indice constitue la base de l’objectif de performance du Fonds. Le gestionnaire d’investissement a le pouvoir discrétionnaire de choisir des investissements pour le Fonds ayant des pondérations différentes de celles de l’indice ou n’étant pas présents dans l’indice, mais le Fonds peut occasionnellement détenir des investissements similaires à ceux de l’indice. | # Política de inversión
El Fondo invierte al menos el 70 % de sus activos en bonos corporativos de alto rendimiento (sin grado de inversión, equivalente a una calificación BB+ o inferior), denominados en euros o libras esterlinas. El Fondo podrá invertir hasta el 20 % de su patrimonio neto en bonos contingentes convertibles (CoCos) o en bonos de titulización hipotecaria. El Fondo también podrá invertir en otros activos, como bonos de otro tipo de cualquier emisor (incluidos los bonos perpetuos), el efectivo y los instrumentos del mercado monetario. El gestor de inversiones podrá utilizar derivados (instrumentos financieros complejos), incluidas las permutas de rendimiento total, con el fin de obtener ganancias de inversión en línea con el objetivo del Fondo, para reducir el riesgo o gestionar el Fondo de forma más eficiente. El Fondo se gestiona de manera activa con referencia al ICE BofA European Currency Non-Financial High Yield Constrained Index (100% Hedged), que es ampliamente representativo de los bonos en los que puede invertir, ya que constituye la base del objetivo de rendimiento del Fondo. El gestor de inversiones tiene la discreción de elegir inversiones para el Fondo con ponderaciones diferentes al índice o que no estén en el índice, pero en ocasiones el Fondo puede tener inversiones similares al índice. | # Politique d'investissement
Le Fonds investit au moins 70 % de ses actifs dans des obligations d’entreprise à haut rendement (de notation inférieure à «investment grade», équivalente à BB+ ou une notation inférieure), libellées en euros ou en livres sterling. Le Fonds peut investir jusqu’à 20 % de ses actifs nets dans des obligations convertibles contingentes (CoCo) et/ou des titres adossés à des actifs et des titres adossés à des créances hypothécaires. Le Fonds peut également investir dans d’autres actifs, y compris des obligations d’autres types émanant de n’importe quel émetteur (y compris des obligations perpétuelles), des liquidités et des instruments du marché monétaire. Le gestionnaire d’investissement peut utiliser des dérivés (instruments financiers complexes) y compris des swaps de rendement total, dans le but de réaliser des gains sur les placements conformes à l’objectif du Fonds, pour réduire le risque ou pour gérer le Fonds plus efficacement. Le Fonds est géré de façon active en se référant à l’indice ICE BofA European Currency Non-Financial High Yield Constrained Index (100% Hedged), qui est largement représentatif des obligations dans lesquelles le Fonds est susceptible d’investir, dans la mesure où ledit indice constitue la base de l’objectif de performance du Fonds. Le gestionnaire d’investissement a le pouvoir discrétionnaire de choisir des investissements pour le Fonds ayant des pondérations différentes de celles de l’indice ou n’étant pas présents dans l’indice, mais le Fonds peut occasionnellement détenir des investissements similaires à ceux de l’indice. | fr | es |
DOLFIN7834 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Swing pricing operates in a manner that ensures that when, on any particular Dealing Day, the net dealing position exceeds a certain threshold (the “Swing Threshold”), the Company will have the discretion to adjust the price for the relevant Fund’s Shares on that day so as to include a provision for the relevant costs. In this way, on any Dealing Day on which such an adjustment is applied (the “Swing Adjustment”), investors dealing in a Fund’s Shares on that day, rather than the Fund itself (i.e. not the then existing or continuing Shareholders of that Fund), will bear the costs incurred when buying or selling portfolio assets in order to satisfy or give effect to the dealing requests received.
The Swing Adjustment is a percentage factor determined by the Company from time to time at its sole discretion. The Swing Adjustment, where applied to a Fund, shall at no time exceed 0.5% of the relevant Net Asset Value per Share.
Where a Fund is in a net subscription position on any particular Dealing Day (i.e. where total purchases of the Fund’s Shares exceeds total redemptions) and that net position exceeds a certain threshold determined by the Company at its discretion, the Net Asset Value per Share may be increased by an appropriate percentage factor (not exceeding 0.5% of the Net Asset Value per Share) to account for duties and charges and spreads. Investors subscribing and/or redeeming Shares of a Class in the Fund on that particular Dealing Day will deal at this single price.
Where the Fund is in a net redemption position on a particular Dealing Day (i.e. where total redemptions of the Fund’s Shares exceeds total subscriptions), and that net position exceeds a certain threshold determined by the Company at its discretion, the Net Asset Value per Share may be decreased by an appropriate percentage factor (not exceeding 0.5% of the Net Asset Value per Share) to account for duties, charges and spreads. Investors subscribing and/or redeeming Shares of a Class in the Fund on that particular Dealing Day will deal at this single price.
As at 31 December 2020, there were no Net Asset Value adjustments for swing pricing. | Le « Swing Pricing » fonctionne de manière à garantir que, lorsqu’un Jour de négociation donné, la position de transaction nette dépasse un certain seuil (le « Swing Threshold »), la Société aura le pouvoir discrétionnaire d’ajuster le prix des actions du Compartiment concerné le jour même afin d’inclure une provision pour les coûts pertinents. Ainsi, lors de n’importe quel Jour de négociation où un tel ajustement est appliqué (le « Swing Adjustment »), les investisseurs négociant des actions d’un Compartiment ce jour-là, plutôt que le Compartiment lui-même (c’est-à-dire pas les actionnaires existants ou permanents du Compartiment en question), supporteront les coûts encourus lors de l’achat ou de la vente d’actifs de portefeuille afin de satisfaire ou d’exécuter les demandes de transaction reçues.
Le « Swing Adjustment » est un facteur de pourcentage déterminé par la Société de temps à autre à sa seule discrétion. Le « Swing Adjustment », lorsqu’il est appliqué à un Compartiment, ne doit en aucun cas dépasser 0,5 % de la valeur nette d’inventaire par action.
Lorsqu’un Compartiment est dans une position de souscription nette un Jour de négociation donné (c’est-à-dire lorsque le total des achats d’actions du Compartiment dépasse le total des rachats) et que cette position nette dépasse un certain seuil déterminé par la Société à sa discrétion, la valeur nette d’inventaire par action peut être augmentée d’un facteur de pourcentage approprié (ne dépassant pas 0,5 % de la valeur nette d’inventaire par action) pour tenir compte des droits, des charges et des écarts. Les investisseurs souscrivant et/ou échangeant des actions d’une catégorie dans le Compartiment le jour même de la transaction traiteront à ce prix unique.
Lorsque le Compartiment est dans une position de rachat net un Jour de négociation donné (c’est-à-dire lorsque le total des rachats d’actions du Compartiment dépasse le total des souscriptions) et que cette position nette dépasse un certain seuil déterminé par la Société à sa discrétion, la valeur nette d’inventaire par action peut être diminuée d’un facteur de pourcentage approprié (ne dépassant pas 0,5 % de la valeur nette d’inventaire par action) pour tenir compte des droits, des charges et des écarts. Les investisseurs souscrivant et/ou échangeant des actions d’une catégorie dans le Compartiment le jour même de la transaction traiteront à ce prix unique.
Au 31 décembre 2020, aucun ajustement de la Valeur nette d’inventaire n’a été effectué au titre du « Swing Pricing ». | Swing pricing operates in a manner that ensures that when, on any particular Dealing Day, the net dealing position exceeds a certain threshold (the “Swing Threshold”), the Company will have the discretion to adjust the price for the relevant Fund’s Shares on that day so as to include a provision for the relevant costs. In this way, on any Dealing Day on which such an adjustment is applied (the “Swing Adjustment”), investors dealing in a Fund’s Shares on that day, rather than the Fund itself (i.e. not the then existing or continuing Shareholders of that Fund), will bear the costs incurred when buying or selling portfolio assets in order to satisfy or give effect to the dealing requests received.
The Swing Adjustment is a percentage factor determined by the Company from time to time at its sole discretion. The Swing Adjustment, where applied to a Fund, shall at no time exceed 0.5% of the relevant Net Asset Value per Share.
Where a Fund is in a net subscription position on any particular Dealing Day (i.e. where total purchases of the Fund’s Shares exceeds total redemptions) and that net position exceeds a certain threshold determined by the Company at its discretion, the Net Asset Value per Share may be increased by an appropriate percentage factor (not exceeding 0.5% of the Net Asset Value per Share) to account for duties and charges and spreads. Investors subscribing and/or redeeming Shares of a Class in the Fund on that particular Dealing Day will deal at this single price.
Where the Fund is in a net redemption position on a particular Dealing Day (i.e. where total redemptions of the Fund’s Shares exceeds total subscriptions), and that net position exceeds a certain threshold determined by the Company at its discretion, the Net Asset Value per Share may be decreased by an appropriate percentage factor (not exceeding 0.5% of the Net Asset Value per Share) to account for duties, charges and spreads. Investors subscribing and/or redeeming Shares of a Class in the Fund on that particular Dealing Day will deal at this single price.
As at 31 December 2020, there were no Net Asset Value adjustments for swing pricing. | en | fr |
DOLFIN7835 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $2250 | $2100 |
| Rendement annuel moyen | -77.50% | -26.81% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $6510 | $8810 |
| Rendement annuel moyen | -34.90% | -2.50% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $9940 | $11300 |
| Rendement annuel moyen | -0.60% | 2.47% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $15650 | $18110 |
| Rendement annuel moyen | 56.50% | 12.61% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | $10000 |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No se garantiza que obtenga una rentabilidad mínima. Usted podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | $2250 | $2100 |
| Rendimiento medio cada año | -77.50% | -26.81% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $6510 | $8810 |
| Rendimiento medio cada año | -34.90% | -2.50% |
| Moderado | Lo que podría recibir tras deducir los costes | $9940 | $11300 |
| Rendimiento medio cada año | -0.60% | 2.47% |
| Favorable | Lo que podría recibir tras deducir los costes | $15650 | $18110 |
| Rendimiento medio cada año | 56.50% | 12.61% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $2250 | $2100 |
| Rendement annuel moyen | -77.50% | -26.81% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $6510 | $8810 |
| Rendement annuel moyen | -34.90% | -2.50% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $9940 | $11300 |
| Rendement annuel moyen | -0.60% | 2.47% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $15650 | $18110 |
| Rendement annuel moyen | 56.50% | 12.61% | | fr | es |
DOLFIN7836 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## FOR RESIDENTS OF THE EU AND THE UK
The investments referred to in this brochure may not be suitable for all investors. It is categorically offered at the request of the recipient who is categorised as a Professional Client or an Eligible Counterparty under applicable law. This brochure is directed at persons who are classified as Professional clients and Eligible Counterparties only.
The distribution of this brochure in certain jurisdictions may require that it is translated into the official language of those countries. Should any inconsistency arise between the official language version and the English version, the official language version shall prevail for the relevant investors. Currency movements may affect the value of investments. Investors should also be aware that the value and income of any securities or investments and the price of shares and the income derived from them, which are mentioned in this brochure, may fall as well as rise. Past performance is not a guarantee to future performance. | ## PER I RESIDENTI NELL’UE E NEL REGNO UNITO
Il presente opuscolo cita investimenti che potrebbero non essere idonei a tutti gli investitori. Viene offerto categoricamente su richiesta del destinatario che è classificato come Cliente professionale o Controparte qualificata ai sensi della legge applicabile. Il presente opuscolo è destinato esclusivamente a persone classificate come Clienti professionali e Controparti qualificate.
La distribuzione di questo opuscolo in alcune giurisdizioni può richiedere la sua traduzione nella lingua ufficiale di tali paesi. In caso di incongruenze tra la versione nella lingua ufficiale e la versione in lingua inglese, per gli investitori interessati prevarrà la versione nella lingua ufficiale. I movimenti valutari possono influenzare il valore degli investimenti. Gli investitori devono inoltre essere consapevoli del fatto che il valore e il reddito di qualsiasi titolo o investimento e il prezzo delle azioni e il reddito da esse derivante, che sono menzionati nel presente opuscolo, possono diminuire oltre che aumentare. Le performance passate non garantiscono i risultati futuri. | ## FOR RESIDENTS OF THE EU AND THE UK
The investments referred to in this brochure may not be suitable for all investors. It is categorically offered at the request of the recipient who is categorised as a Professional Client or an Eligible Counterparty under applicable law. This brochure is directed at persons who are classified as Professional clients and Eligible Counterparties only.
The distribution of this brochure in certain jurisdictions may require that it is translated into the official language of those countries. Should any inconsistency arise between the official language version and the English version, the official language version shall prevail for the relevant investors. Currency movements may affect the value of investments. Investors should also be aware that the value and income of any securities or investments and the price of shares and the income derived from them, which are mentioned in this brochure, may fall as well as rise. Past performance is not a guarantee to future performance. | en | it |
DOLFIN7837 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
At the time of subscription, the capacity of the shareholder will determine the appropriate share class.
The prices of shares are determined on the days defined in the appendices specific to each of the sub-funds.
Subscription orders must be sent to the Transfer Agent and the Registrar.
The Company and the Transfer Agent and Registrar reserve the right to reject any request for subscription at their discretion and without having to give a reason.
If the Transfer Agent and Registrar do not receive the completed and signed subscription form and the required identification documents, or if the funds were not received by the Depositary Bank within the deadlines specified above, the request for subscription will be suspended until it is accepted by the Transfer Agent and Registrar.
The subscriber will be responsible for supplying the Transfer Agent and Registrar with the proof of transfer of funds to the bank account designated for this purpose. Once accepted, the request for subscription is irrevocable.
The shares are issued at the subscription price that will be determined on the first date of calculation of the applicable net asset value following reception of the request. The subscription lists are closed no later than the day and time specified in the appendices specific to each of the sub-funds.
The subscription price corresponds to the net asset value of the share:
- plus any subscription fee described in the appendices specific to each sub-fund. This fee is partially or totally acquired by the intermediaries designated by the Company, if this is compatible with the rules applying to the intermediary in question.
- plus any actual cost for the purchase of assets if a sub-fund is put in a net subscription position (swing pricing). This cost is fully acquired by the sub-fund concerned. The Board of Directors fixes the cost applicable to each sub-fund, which may not exceed 2% of the Net Asset Value, for equity sub-funds and 3% for other sub-funds. In exceptional circumstances, the Board of Directors may decide to increase this maximum temporarily in the interest of the shareholders. In such a situation, the shareholders will be informed.
- alternatively, and if provided for in the appendix to the sub-fund in question, the subscription price may be increased by a dilution adjustment in favour of that sub-fund. If the subscription level reaches a predefined threshold or it considers that it is in the interest of the investors, the Board of Directors may adjust the share price to take into consideration the estimated costs and expenses that may be charged to the Fund, to protect investors' interests. The maximum dilution adjustment level is indicated in the appendix to the sub-fund in question. In exceptional circumstances, the Board of Directors may decide to increase this maximum temporarily in the interest of the shareholders. In such a situation, the shareholders will be informed. | Au moment de la souscription, la qualité de l’actionnaire déterminera la classe d’action appropriée.
Les prix des actions sont déterminés les jours définis dans les annexes propres à chacun des compartiments.
Les ordres de souscription sont à adresser à l’Agent de Transfert et Teneur de Registre.
La Société et l’Agent de Transfert et Teneur de Registre se réservent le droit de rejeter, à discrétion et sans avoir à se justifier, toute demande de souscription.
Au cas où l’Agent de Transfert et Teneur de Registre n’a pas reçu le formulaire de souscription complété et signé, ainsi que les documents d’identification requis, ou que les fonds n’ont pas été réceptionnés par la Banque Dépositaire dans les délais précisés ci-dessus, la demande de souscription sera suspendue jusqu’à son acceptation par l’Agent de Transfert et Teneur de Registre.
Le souscripteur aura la responsabilité de fournir à l’Agent de Transfert et Teneur de Registre la preuve du transfert des fonds sur le compte bancaire désigné à cet effet. Une fois acceptée, la demande de souscription est irrévocable.
Les actions sont émises au prix de souscription qui sera déterminé à la première date de calcul de la valeur nette d’inventaire applicable qui suivra la réception de la demande. Les listes de souscription sont clôturées au plus tard le jour et à l’heure précisés dans les annexes propres à chacun des compartiments.
Le prix de souscription correspond à la valeur nette d'inventaire de l'action :
- augmentée d'une éventuelle commission de souscription décrite dans les annexes propres à chacun des compartiments. Cette commission est partiellement ou totalement acquise aux intermédiaires désignés par la Société, si cela est compatible avec les règles s’appliquant à l’intermédiaire en question,
- augmentée d’un éventuel coût effectif d’achat d’actifs si un compartiment se trouve en position nette de souscription (swinging pricing). Ce coût est acquis en totalité au compartiment concerné. Le Conseil d’Administration fixe le coût applicable à chaque compartiment, celui-ci ne pouvant dépasser 2% de la Valeur Nette d’Inventaire pour les compartiments action et 3% pour les autres compartiments. Dans des circonstances exceptionnelles, le Conseil d’Administration pourra, dans l’intérêt des actionnaires, décider de procéder à une augmentation temporaire de ce maximum. Dans un tel cas, les actionnaires en seront avertis.
- alternativement et si tel est prévu dans l’annexe du Compartiment concerné, le prix de souscription peut être augmenté d’un ajustement de dilution au profit de ce Compartiment. Le Conseil d’Administration peut, si le niveau de souscriptions atteint un seuil prédéfini ou s’il le considère être dans l’intérêt des investisseurs, procéder à un ajustement du prix des actions pour tenir compte des coûts et dépens estimés qui peuvent être chargés au Fonds, pour protéger les intérêts des investisseurs. Le niveau maximal de l’ajustement de dilution est indiqué dans l’annexe du Compartiment concerné. Dans des circonstances exceptionnelles, le Conseil d’Administration pourra, dans l’intérêt des actionnaires, décider de procéder à une augmentation temporaire de ce maximum. Dans un tel cas, les actionnaires en seront avertis. | At the time of subscription, the capacity of the shareholder will determine the appropriate share class.
The prices of shares are determined on the days defined in the appendices specific to each of the sub-funds.
Subscription orders must be sent to the Transfer Agent and the Registrar.
The Company and the Transfer Agent and Registrar reserve the right to reject any request for subscription at their discretion and without having to give a reason.
If the Transfer Agent and Registrar do not receive the completed and signed subscription form and the required identification documents, or if the funds were not received by the Depositary Bank within the deadlines specified above, the request for subscription will be suspended until it is accepted by the Transfer Agent and Registrar.
The subscriber will be responsible for supplying the Transfer Agent and Registrar with the proof of transfer of funds to the bank account designated for this purpose. Once accepted, the request for subscription is irrevocable.
The shares are issued at the subscription price that will be determined on the first date of calculation of the applicable net asset value following reception of the request. The subscription lists are closed no later than the day and time specified in the appendices specific to each of the sub-funds.
The subscription price corresponds to the net asset value of the share:
- plus any subscription fee described in the appendices specific to each sub-fund. This fee is partially or totally acquired by the intermediaries designated by the Company, if this is compatible with the rules applying to the intermediary in question.
- plus any actual cost for the purchase of assets if a sub-fund is put in a net subscription position (swing pricing). This cost is fully acquired by the sub-fund concerned. The Board of Directors fixes the cost applicable to each sub-fund, which may not exceed 2% of the Net Asset Value, for equity sub-funds and 3% for other sub-funds. In exceptional circumstances, the Board of Directors may decide to increase this maximum temporarily in the interest of the shareholders. In such a situation, the shareholders will be informed.
- alternatively, and if provided for in the appendix to the sub-fund in question, the subscription price may be increased by a dilution adjustment in favour of that sub-fund. If the subscription level reaches a predefined threshold or it considers that it is in the interest of the investors, the Board of Directors may adjust the share price to take into consideration the estimated costs and expenses that may be charged to the Fund, to protect investors' interests. The maximum dilution adjustment level is indicated in the appendix to the sub-fund in question. In exceptional circumstances, the Board of Directors may decide to increase this maximum temporarily in the interest of the shareholders. In such a situation, the shareholders will be informed. | en | fr |
DOLFIN7838 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment AUD 10,000.00 Scenarios 1 year 3 years 5 years (Recommended Holding Period) |
| --- |
| Stress Scenario | What you might get back after costs | AUD 7,121.00 | AUD 6,703.81 | AUD 5,852.60 |
| Average return each year | -28.8% | -12.5% | -10.2% |
| Unfavourable Scenario | What you might get back after costs | AUD 10,162.00 | AUD 11,859.67 | AUD 14,196.75 |
| Average return each year | 1.6% | 5.9% | 7.3% |
| Moderate Scenario | What you might get back after costs | AUD 11,149.00 | AUD 14,117.13 | AUD 17,876.62 |
| Average return each year | 11.5% | 12.2% | 12.3% |
| Favourable Scenario | What you might get back after costs | AUD 12,608.00 | AUD 17,318.91 | AUD 23,189.47 |
| Average return each year | 26.1% | 20.1% | 18.3% | | | Investimento AUD 10,000.00 5 anni Scenari 1 anno 3 anni (Periodo di r detenzione accomandato) |
| --- |
| Scenario di stress | Importo del possibile rimborso al netto dei costi | AUD 7,121.00 | AUD 6,703.81 | AUD 5,852.60 |
| Rendimento medio annuo | -28.8% | -12.5% | -10.2% |
| Scenario sfavorevole | Importo del possibile rimborso al netto dei costi | AUD 10,162.00 | AUD 11,859.67 | AUD 14,196.75 |
| Rendimento medio annuo | 1.6% | 5.9% | 7.3% |
| Scenario moderato | Importo del possibile rimborso al netto dei costi | AUD 11,149.00 | AUD 14,117.13 | AUD 17,876.62 |
| Rendimento medio annuo | 11.5% | 12.2% | 12.3% |
| Scenario favorevole | Importo del possibile rimborso al netto dei costi | AUD 12,608.00 | AUD 17,318.91 | AUD 23,189.47 |
| Rendimento medio annuo | 26.1% | 20.1% | 18.3% | | | Investment AUD 10,000.00 Scenarios 1 year 3 years 5 years (Recommended Holding Period) |
| --- |
| Stress Scenario | What you might get back after costs | AUD 7,121.00 | AUD 6,703.81 | AUD 5,852.60 |
| Average return each year | -28.8% | -12.5% | -10.2% |
| Unfavourable Scenario | What you might get back after costs | AUD 10,162.00 | AUD 11,859.67 | AUD 14,196.75 |
| Average return each year | 1.6% | 5.9% | 7.3% |
| Moderate Scenario | What you might get back after costs | AUD 11,149.00 | AUD 14,117.13 | AUD 17,876.62 |
| Average return each year | 11.5% | 12.2% | 12.3% |
| Favourable Scenario | What you might get back after costs | AUD 12,608.00 | AUD 17,318.91 | AUD 23,189.47 |
| Average return each year | 26.1% | 20.1% | 18.3% | | en | it |
DOLFIN7839 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### A MMF shall invest no more than:
- 5 % of its assets in Money Market Instruments, securitisations and ABCPs issued by the same body;
- 10 % of its assets in deposits made with the same credit institution, unless the structure of the banking sector in the Member State in which the MMF is domiciled is such that there are insufficient viable credit institutions to meet that diversification requirement and it is not economically feasible for the MMF to make deposits in another Member State, in whichcase up to 15 % of its assets may be deposited with the same credit institution. | ##### Ein Geldmarktfonds darf nicht mehr investieren als:
- 5 % seines Vermögens in Geldmarktinstrumenten, Verbriefungen und ABCP eines einzigen Emittenten;
- 10 % seines Vermögens in Einlagen bei einem einzigen Kreditinstitut, es sei denn, der Bankensektor in dem Mitgliedstaat, in dem der Geldmarktfonds seinen Sitz hat, ist so strukturiert, dass es nicht genügend geeignete Kreditinstitute gibt, um diese Diversifizierungsanforderung zu erfüllen, und es ist dem Geldmarktfonds wirtschaftlich sinnvoll nicht möglich, Einlagen in einem anderen Mitgliedstaat zu tätigen. In diesem Fall können bis zu 15 % seines Vermögens bei einem einzigen Kreditinstitut eingelegt werden. | ##### A MMF shall invest no more than:
- 5 % of its assets in Money Market Instruments, securitisations and ABCPs issued by the same body;
- 10 % of its assets in deposits made with the same credit institution, unless the structure of the banking sector in the Member State in which the MMF is domiciled is such that there are insufficient viable credit institutions to meet that diversification requirement and it is not economically feasible for the MMF to make deposits in another Member State, in whichcase up to 15 % of its assets may be deposited with the same credit institution. | en | de |
DOLFIN7840 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# To the shareholders of the LGT Alpha Generix UCITS Sub-Fund (the "Sub-Fund"), a sub-fund of Crown Alternative UCITS Plc (the "Company")
Dublin, 13 September, 2021
This document is important and requires your immediate attention. If you are in doubt as to the action you should take seek advice from your stockbroker, bank manager, solicitor, tax adviser, accountant or other independent financial adviser. If you have sold or transferred all of your shares in the Company, please pass this document at once to the stockbroker, bank or other agent through whom the sale or transfer was effected, for transmission to the purchaser or transferee as soon as possible. The Directors of the Company are the persons responsible for this information in this document. | # An die Anteilseigner des LGT Alpha Generix UCITS Sub-Fund (der „Teilfonds“), eines Teilfonds der Crown Alternative UCITS Plc (die „Gesellschaft“)
Dublin, den 13. September 2021
Es handelt sich bei diesem Schreiben um ein wichtiges Dokument, das Sie sofort aufmerksam lesen sollten. Bei Fragen zur Vorgehensweise wenden Sie sich bitte an Ihren Wertpapiermakler, Bankberater, Rechtsberater, Steuerberater oder sonstigen unabhängigen Finanzberater. Sollten Sie Ihren gesamten Anteilsbestand an der Gesellschaft verkauft oder übertragen haben, leiten Sie dieses Schreiben bitte umgehend an den Wertpapiermakler, die Bank oder den sonstigen Vermittler weiter, über den bzw. die der Verkauf oder die Übertragung durchgeführt wurde, damit es dem Käufer bzw. Übertragungsempfänger so schnell wie möglich ausgehändigt werden kann. Für die Informationen in diesem Schreiben zeichnen die Verwaltungsratsmitglieder der Gesellschaft verantwortlich. | # To the shareholders of the LGT Alpha Generix UCITS Sub-Fund (the "Sub-Fund"), a sub-fund of Crown Alternative UCITS Plc (the "Company")
Dublin, 13 September, 2021
This document is important and requires your immediate attention. If you are in doubt as to the action you should take seek advice from your stockbroker, bank manager, solicitor, tax adviser, accountant or other independent financial adviser. If you have sold or transferred all of your shares in the Company, please pass this document at once to the stockbroker, bank or other agent through whom the sale or transfer was effected, for transmission to the purchaser or transferee as soon as possible. The Directors of the Company are the persons responsible for this information in this document. | en | de |
DOLFIN7841 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The SICAV does not subject distributions to Shareholders to withholding tax, nor is any Luxembourg withholding tax or capital gains tax applied to payments made to the Shareholders upon the redemption of their Shares.
Dividends, interest or capital gains that the SICAV receives or realises with respect to its investments may be subject to taxes, including withholding taxes or capital gains tax, in the countries in which the issuers of investments are located. The SICAV is not subject to Luxembourg income tax, such withholding tax or capital gain tax is usually not recoverable in Luxembourg.
Additionally the SICAV may not be able to benefit from reduced rates of withholding tax or capital gain tax foreseen in double taxation agreements between Luxembourg and such countries. The SICAV may not therefore be able to reclaim withholding tax or capital gain tax suffered in particular countries. If this position changes in the future and the application of a lower rate results in a repayment to the SICAV, the NAV will not be restated and the benefit will be allocated to the existing Shareholders proportionately at the time of repayment.
- VATIn Luxembourg, the SICAV has the status of taxable person for value added tax (“VAT”) purposes. The SICAV is registered for VAT in Luxembourg. As a result, the SICAV is already in a position to fulfil its duty to self-assess the VAT regarded as due in Luxembourg on taxable services (or goods to some extent) purchased from abroad. A VAT exemption applies in Luxembourg for services qualifying as fund management services. Other services supplied to the SICAV could potentially trigger VAT. Input VAT incurred on costs directly linked to financing investments located outside the European Union, should be recoverable by the Funds. | La SICAV non applica la ritenuta alla fonte alle distribuzioni agli Azionisti, né alcuna ritenuta alla fonte o imposta sulle plusvalenze lussemburghese viene applicata ai pagamenti erogati agli Azionisti al momento del rimborso delle loro Azioni.
I dividendi e gli interessi o le plusvalenze percepiti o realizzati dalla SICAV in relazione ai suoi investimenti possono essere soggetti a imposte, incluse ritenute alla fonte o imposta sulle plusvalenze, nei paesi in cui sono situati gli emittenti degli investimenti. La SICAV non è soggetta all’imposta lussemburghese sul reddito; tale ritenuta alla fonte o imposta sulle plusvalenze non è di norma recuperabile in Lussemburgo.
Inoltre la SICAV potrebbe non essere in grado di beneficiare di ritenute alla fonte o imposte sulle plusvalenze ad aliquote ridotte in base ad accordi sulla doppia imposizione tra Lussemburgo e tali paesi. La SICAV potrebbe pertanto non essere in grado di recuperare le ritenute alla fonte o le imposte sulle plusvalenze subite in particolari paesi. Nel caso in cui questa posizione cambi in futuro e l’applicazione di un’aliquota inferiore comporti un rimborso per la SICAV, il NAV non sarà rivalutato e il beneficio sarà attribuito proporzionalmente agli Azionisti esistenti al momento del rimborso.
- IVAIn Lussemburgo, la SICAV ha lo status di soggetto tassabile ai fini dell’imposta sul valore aggiunto (“IVA”). La SICAV è registrataai fini IVA in Lussemburgo. Di conseguenza, è già in grado di adempiere ai propri obblighi di autoliquidazione dell’IVA dovuta in Lussemburgo su servizi imponibili (o beni fino a una certa misura) acquistati all'estero. In Lussemburgo si applica un'esenzione IVA per i servizi che si qualificano come servizidi gestione di fondi. Altri servizi forniti alla SICAV potrebbero potenzialmente comportare l'applicazione dell'IVA. L’IVA a credito sostenuta sui costi direttamente legati al finanziamento di investimenti situati al di fuori dell’Unione Europea dovrebbe poter essere recuperata dai Fondi. | The SICAV does not subject distributions to Shareholders to withholding tax, nor is any Luxembourg withholding tax or capital gains tax applied to payments made to the Shareholders upon the redemption of their Shares.
Dividends, interest or capital gains that the SICAV receives or realises with respect to its investments may be subject to taxes, including withholding taxes or capital gains tax, in the countries in which the issuers of investments are located. The SICAV is not subject to Luxembourg income tax, such withholding tax or capital gain tax is usually not recoverable in Luxembourg.
Additionally the SICAV may not be able to benefit from reduced rates of withholding tax or capital gain tax foreseen in double taxation agreements between Luxembourg and such countries. The SICAV may not therefore be able to reclaim withholding tax or capital gain tax suffered in particular countries. If this position changes in the future and the application of a lower rate results in a repayment to the SICAV, the NAV will not be restated and the benefit will be allocated to the existing Shareholders proportionately at the time of repayment.
- VATIn Luxembourg, the SICAV has the status of taxable person for value added tax (“VAT”) purposes. The SICAV is registered for VAT in Luxembourg. As a result, the SICAV is already in a position to fulfil its duty to self-assess the VAT regarded as due in Luxembourg on taxable services (or goods to some extent) purchased from abroad. A VAT exemption applies in Luxembourg for services qualifying as fund management services. Other services supplied to the SICAV could potentially trigger VAT. Input VAT incurred on costs directly linked to financing investments located outside the European Union, should be recoverable by the Funds. | en | it |
DOLFIN7842 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Minimum | Vous pourriez perdre tout ou partie de votre investissement. |
| --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $5490 | $5390 |
| Rendement annuel moyen | -45.07% | -18.62% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $8740 | $9360 |
| Rendement annuel moyen | -12.64% | -2.20% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10480 | $12240 |
| Rendement annuel moyen | 4.81% | 6.98% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $15470 | $14180 |
| Rendement annuel moyen | 54.70% | 12.34% | | | Mínimo | Podría perder parte o la totalidad de su inversión. |
| --- | --- |
| Tensión | Lo que podría recibir tras deducir los costes | $5490 | $5390 |
| Rendimiento medio cada año | -45.07% | -18.62% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $8740 | $9360 |
| Rendimiento medio cada año | -12.64% | -2.20% |
| Moderado | Lo que podría recibir tras deducir los costes | $10480 | $12240 |
| Rendimiento medio cada año | 4.81% | 6.98% |
| Favorable | Lo que podría recibir tras deducir los costes | $15470 | $14180 |
| Rendimiento medio cada año | 54.70% | 12.34% | | | Minimum | Vous pourriez perdre tout ou partie de votre investissement. |
| --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $5490 | $5390 |
| Rendement annuel moyen | -45.07% | -18.62% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $8740 | $9360 |
| Rendement annuel moyen | -12.64% | -2.20% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10480 | $12240 |
| Rendement annuel moyen | 4.81% | 6.98% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $15470 | $14180 |
| Rendement annuel moyen | 54.70% | 12.34% | | fr | es |
DOLFIN7843 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Notes to the Financial Statements as at June 30, 2022 (continued)
Note 3 - Management fees (continued)
The tables hereafter reflect the maximum Management fee’s annual rate applied to UCIs in which BIL Invest’s different Sub-funds are invested: | ## Notes aux États financiers au 30 juin 2022 (suite)
Note 3 - Commissions de gestion (suite)
Les tableaux ci-dessous reflètent le taux annuel maximum de la Commission de gestion appliqué aux OPC dans lesquels les différents Compartiments de BIL Invest sont investis : | ## Notes to the Financial Statements as at June 30, 2022 (continued)
Note 3 - Management fees (continued)
The tables hereafter reflect the maximum Management fee’s annual rate applied to UCIs in which BIL Invest’s different Sub-funds are invested: | en | fr |
DOLFIN7844 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
CS Investment Funds 14 is an undertaking for collective investment in transferable securities in the form of a common fund (“fonds commun de placement”) subject to Part I of the Law of December 17, 2010 on undertakings for collective investment (“Law of December 17, 2010”) transposing Directive 2009/65/EC of the European Parliament and of the Council of July 13, 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities.
CS Investment Funds 14 was originally established under the name CS Bond Fund. The name CS Bond Fund was changed to Credit Suisse Bond Fund (Lux) on 1 September, 1997 and to CS Investment Funds 14 on 17 February 2015. The Fund is managed by Credit Suisse Fund Management S.A. (“Management Company”) in accordance with the management regulations of the Fund (“Management Regulations”).
The Fund’s assets shall be separate from the Management Company’s assets and hence shall not be liable for the obligations of the Management Company. The Fund is an undivided collection of assets and investors (“Unitholders”) shall have equal undivided co-ownership rights to all of the Fund’s assets in proportion to the number of Units held by them and the corresponding net asset value (“Net Asset Value”) of those Units. These rights shall be represented by the Units issued by the Management Company. There is no provision in the Management Regulations for any meeting of the Unitholders.
The Management Regulations of the Fund were initially issued on September 14, 1993. They may be amended by the Management Company with the approval of the depositary bank (“Depositary Bank”). All amendments will be announced in accordance with Chapter 13, “Information for Unitholders” and will be deposited with the Trade and Companies Register of Luxembourg (Registre de Commerce et des Sociétés). The Management Regulations were last amended on 17 February 2015. Mention of the deposit of the consolidated Management Regulations with the Registre de Commerce et des Sociétés of the Grand Duchy of Luxembourg was published on 9 January 2020 in the Recueil Electronique des Sociétés et Associations (“RESA”). The Management Regulations are filed in their consolidated, legally binding form for public reference with the Trade and Companies Register.
The Management Regulations shall govern the relations between the Management Company, the Depositary Bank and the Unitholders, as described in this Prospectus. The subscription or purchase of Units shall imply acceptance of the Management Regulations by the Unitholder.
The Fund has an umbrella structure and therefore consists of various subfunds (each referred to as a “Subfund”). Each Subfund represents a portfolio containing different assets and liabilities and is considered to be a separate entity in relation to the Unitholders and third parties. The rights of Unitholders and creditors concerning a Subfund or which have arisen in relation to the establishment, operation or liquidation of a Subfund are limited to the assets of that Subfund. No Subfund will be liable with its assets for the liabilities of another Subfund.
The Management Company may, at any time, establish new Subfunds with Units having similar characteristics to the Units in the existing Subfunds. The Management Company may at any time create and issue new classes (“Classes”) or types of Units within any Subfund. If the Management Company establishes a new Subfund and/or creates a new Class or type of Units, the corresponding details shall be set out in this Prospectus. A new Class or type of Units may have different characteristics than the currently existing Classes.
The characteristics of each possible Unit Class are further described in this Prospectus, in particular Chapter 5, “Investment in CS Investment Funds 14”, and Chapter 2, “Summary of Unit Classes”.
The individual Subfunds shall be denominated as indicated in Chapter 2, “Summary of Unit Classes” and Chapter 22, “Subfunds”. Information about the performance of the individual Unit Classes of the Subfunds is contained in the Key Investor Information Document.
-
# Investment Policy | CS Investment Funds 14 è stato costituito come organismo d’investimento collettivo in valori mobiliari in forma di fondo comune (“fonds commun de placement”) assoggettato alla parte I della legge del 17 dicembre 2010 relativa agli organismi d’investimento collettivo (la “legge del 17 dicembre 2010”) che recepisce la Direttiva 2009/65/CE del Parlamento Europeo e del Consiglio del 13 luglio 2009 concernente il coordinamento delle disposizioni legislative, regolamentari e amministrative in materia di organismi d’investimento collettivo in valori mobiliari.
CS Investment Funds 14 è stato istituito in origine con il nome di CS Bond Fund. Il nome del fondo è stato modificato in CS Investment Funds 14 il 17 febbraio 2015.
Il fondo è gestito da Credit Suisse Fund Management S.A. (la “società di gestione”) ai sensi del regolamento di gestione del fondo (il “regolamento di gestione”).
Il patrimonio del fondo è separato dal patrimonio della società di gestione e non risponde pertanto per le obbligazioni in capo alla società di gestione. Il fondo consta di un patrimonio indiviso e gli investitori (i “titolari delle quote”) dispongono di uguali diritti di comproprietà indivisa su tutti i valori patrimoniali del fondo, in proporzione al numero di quote da loro detenute e al valore patrimoniale netto (“valore patrimoniale netto”) delle stesse. Tali diritti sono rappresentati dalle quote emesse dalla società di gestione. Il regolamento di gestione del fondo non prevede assemblee dei titolari delle quote.
Il regolamento di gestione del fondo è stato emanato inizialmente i 14 settembre 1993. Esso può essere modificato dalla società di gestione con l’approvazione della banca depositaria (“banca depositaria”). Tutte le modifiche saranno pubblicate ai sensi del capitolo 13, “Informazioni per i titolari delle quote”, e depositate presso il registro di commercio e delle società del Granducato di Lussemburgo (Registre de commerce et des sociétés). Il regolamento di gestione è stato modificato l’ultima volta il 17 febbraio 2015. L’indicazione del deposito del regolamento di gestione consolidato presso il Registre de Commerce et des Sociétés del Granducato di Lussemburgo è stata pubblicata il 9 gennaio 2020 nel Recueil Electronique des Sociétés et Associations (“RESA”). Il regolamento di gestione è depositato nella sua forma coordinata legalmente vincolante per la pubblica consultazione presso il registro di commercio e delle società.
Il regolamento di gestione disciplina i rapporti tra la società di gestione, la banca depositaria e i titolari delle quote, come descritto nel presente prospetto informativo. La sottoscrizione o l’acquisto delle quote comporta l’accettazione del regolamento di gestione (comprese le relative spiegazioni complementari) da parte dei titolari delle quote.
Il fondo ha una struttura multicomparto (“ad ombrello”) ed è pertanto composto da uno o più comparti (ciascuno di essi indicato come un “comparto”). Ciascun comparto rappresenta un portafoglio con proprie attività e passività, e viene considerato come un’entità separata in relazione ai titolari delle quote e ai terzi. I diritti degli investitori e dei creditori nei confronti di un comparto, o i diritti connessi alla costituzione, al funzionamento o alla liquidazione di un comparto sono limitati ai valori patrimoniali di tale comparto. Nessun comparto risponde con il proprio patrimonio per le obbligazioni di un altro comparto.
La società di gestione può costituire in qualsiasi momento nuovi comparti, con quote aventi caratteristiche similari a quelle delle quote dei comparti già esistenti. La società di gestione può creare ed emettere in qualsiasi momento una nuova classe di quote (“classe di quote”) o tipo di quote per un comparto. In caso di costituzione di un nuovo comparto o di creazione di una nuova classe o tipo di quote da parte della società di gestione, i relativi dettagli saranno inseriti nel presente prospetto informativo. Le nuove classi o tipi di quote possono avere caratteristiche diverse da quelle già esistenti.
Le caratteristiche di ciascuna eventuale classe di quote sono descritte più avanti nel presente prospetto informativo, in particolare nel capitolo 5, “Partecipazione a CS Investment Funds 14”, e nel capitolo 2, “Riepilogo delle classi di quote”.
I singoli comparti sono contraddistinti con i nomi indicati nel capitolo 2, “Riepilogo delle classi di quote” e nel capitolo 22, “Comparti”. I dati relativi alle performance delle singole classi di quote dei comparti sono riportati nelle informazioni chiave per gli investitori.
-
# Politica d’investimento | CS Investment Funds 14 is an undertaking for collective investment in transferable securities in the form of a common fund (“fonds commun de placement”) subject to Part I of the Law of December 17, 2010 on undertakings for collective investment (“Law of December 17, 2010”) transposing Directive 2009/65/EC of the European Parliament and of the Council of July 13, 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities.
CS Investment Funds 14 was originally established under the name CS Bond Fund. The name CS Bond Fund was changed to Credit Suisse Bond Fund (Lux) on 1 September, 1997 and to CS Investment Funds 14 on 17 February 2015. The Fund is managed by Credit Suisse Fund Management S.A. (“Management Company”) in accordance with the management regulations of the Fund (“Management Regulations”).
The Fund’s assets shall be separate from the Management Company’s assets and hence shall not be liable for the obligations of the Management Company. The Fund is an undivided collection of assets and investors (“Unitholders”) shall have equal undivided co-ownership rights to all of the Fund’s assets in proportion to the number of Units held by them and the corresponding net asset value (“Net Asset Value”) of those Units. These rights shall be represented by the Units issued by the Management Company. There is no provision in the Management Regulations for any meeting of the Unitholders.
The Management Regulations of the Fund were initially issued on September 14, 1993. They may be amended by the Management Company with the approval of the depositary bank (“Depositary Bank”). All amendments will be announced in accordance with Chapter 13, “Information for Unitholders” and will be deposited with the Trade and Companies Register of Luxembourg (Registre de Commerce et des Sociétés). The Management Regulations were last amended on 17 February 2015. Mention of the deposit of the consolidated Management Regulations with the Registre de Commerce et des Sociétés of the Grand Duchy of Luxembourg was published on 9 January 2020 in the Recueil Electronique des Sociétés et Associations (“RESA”). The Management Regulations are filed in their consolidated, legally binding form for public reference with the Trade and Companies Register.
The Management Regulations shall govern the relations between the Management Company, the Depositary Bank and the Unitholders, as described in this Prospectus. The subscription or purchase of Units shall imply acceptance of the Management Regulations by the Unitholder.
The Fund has an umbrella structure and therefore consists of various subfunds (each referred to as a “Subfund”). Each Subfund represents a portfolio containing different assets and liabilities and is considered to be a separate entity in relation to the Unitholders and third parties. The rights of Unitholders and creditors concerning a Subfund or which have arisen in relation to the establishment, operation or liquidation of a Subfund are limited to the assets of that Subfund. No Subfund will be liable with its assets for the liabilities of another Subfund.
The Management Company may, at any time, establish new Subfunds with Units having similar characteristics to the Units in the existing Subfunds. The Management Company may at any time create and issue new classes (“Classes”) or types of Units within any Subfund. If the Management Company establishes a new Subfund and/or creates a new Class or type of Units, the corresponding details shall be set out in this Prospectus. A new Class or type of Units may have different characteristics than the currently existing Classes.
The characteristics of each possible Unit Class are further described in this Prospectus, in particular Chapter 5, “Investment in CS Investment Funds 14”, and Chapter 2, “Summary of Unit Classes”.
The individual Subfunds shall be denominated as indicated in Chapter 2, “Summary of Unit Classes” and Chapter 22, “Subfunds”. Information about the performance of the individual Unit Classes of the Subfunds is contained in the Key Investor Information Document.
-
# Investment Policy | en | it |
DOLFIN7845 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Lyxor International Asset Management S.A.S.
ESG & Climate Metrics as of August 2021
Lyxor ESG Euro Corporate Bond Ex Financials (DR) UCITS ETF
All ESG & Climate metrics are calculated on benchmark index | Lyxor International Asset Management S.A.S.
Métriques ESG & Climat - August 2021
Lyxor ESG Euro Corporate Bond Ex Financials (DR) UCITS ETF
L’ensemble des métriques ESG & Climat sont calculées sur l’indice benchmark. | Lyxor International Asset Management S.A.S.
ESG & Climate Metrics as of August 2021
Lyxor ESG Euro Corporate Bond Ex Financials (DR) UCITS ETF
All ESG & Climate metrics are calculated on benchmark index | en | fr |
DOLFIN7846 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The amounts indicated in points 1) and 2) above may be distributed independently of each other, in whole or in part.
The appropriation of the distributable amounts is described in detail in the prospectus.
SECTION IV
MERGER - DEMERGER - DISSOLUTION - LIQUIDATION
ARTICLE X - MERGER - DEMERGER
The management company may either merge all or part of the assets of the fund with another UCITS under its management or split the fund into two or more other mutual funds.
These merger or demerger transactions may only be carried out following the notification of the holders. They shall result in the issuance of a new certificate stating the number of units held by each holder. | Les sommes mentionnées aux 1) et 2) peuvent être distribuées, en tout ou partie, indépendamment l'une de l'autre.
Les modalités d’affectation des sommes distribuables sont précisées dans le prospectus.
TITRE IV
FUSION - SCISSION - DISSOLUTION - LIQUIDATION
ARTICLE X - FUSION - SCISSION
La société de gestion peut soit faire apport, en totalité ou en partie, des actifs compris dans le fonds à un autre OPC qu'elle gère, soit scinder le fonds en deux ou plusieurs autres fonds communs.
Ces opérations de fusion ou de scission ne peuvent être réalisées qu'après que les porteurs en ont été avisés. Elles donnent lieu à la délivrance d'une nouvelle attestation précisant le nombre de parts détenues par chaque porteur. | The amounts indicated in points 1) and 2) above may be distributed independently of each other, in whole or in part.
The appropriation of the distributable amounts is described in detail in the prospectus.
SECTION IV
MERGER - DEMERGER - DISSOLUTION - LIQUIDATION
ARTICLE X - MERGER - DEMERGER
The management company may either merge all or part of the assets of the fund with another UCITS under its management or split the fund into two or more other mutual funds.
These merger or demerger transactions may only be carried out following the notification of the holders. They shall result in the issuance of a new certificate stating the number of units held by each holder. | en | fr |
DOLFIN7847 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 3 ans Si vous sortez après Si vous sortez après Exemple d’investissement : 10 000 USD 1 an 3 ans |
| --- |
| Scénarios |
| Minimum Ce Produit n’inclut aucune garantie, vous pourriez donc perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 6 540 USD | 7 380 USD |
| Rendement annuel moyen | -34,6 % | -9,6 % |
| Défavorable (*) | Ce que vous pourriez obtenir après déduction des coûts | 8 600 USD | 8 660 USD |
| Rendement annuel moyen | -14,0 % | -4,7 % |
| Intermédiaire (*) | Ce que vous pourriez obtenir après déduction des coûts | 9 950 USD | 10 590 USD |
| Rendement annuel moyen | -0,5 % | 1,9 % |
| Favorable (*) | Ce que vous pourriez obtenir après déduction des coûts | 10 650 USD | 11 270 USD |
| Rendement annuel moyen | 6,5 % | 4,1 % | | | Período de mantenimiento recomendado: 3 años En caso de salida En caso de salida Ejemplo de inversión: 10.000 USD después de 1 año después de 3 años |
| --- |
| Escenarios |
| Mínimo Este Producto no incluye ninguna garantía, por lo que podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 6.540 USD | 7.380 USD |
| Rendimiento medio cada año | -34,6 % | -9,6 % |
| Desfavorable (*) | Lo que podría recibir tras deducir los costes | 8.600 USD | 8.660 USD |
| Rendimiento medio cada año | -14,0 % | -4,7 % |
| Moderado (*) | Lo que podría recibir tras deducir los costes | 9.950 USD | 10.590 USD |
| Rendimiento medio cada año | -0,5 % | 1,9 % |
| Favorable (*) | Lo que podría recibir tras deducir los costes | 10.650 USD | 11.270 USD |
| Rendimiento medio cada año | 6,5 % | 4,1 % | | | Période de détention recommandée : 3 ans Si vous sortez après Si vous sortez après Exemple d’investissement : 10 000 USD 1 an 3 ans |
| --- |
| Scénarios |
| Minimum Ce Produit n’inclut aucune garantie, vous pourriez donc perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 6 540 USD | 7 380 USD |
| Rendement annuel moyen | -34,6 % | -9,6 % |
| Défavorable (*) | Ce que vous pourriez obtenir après déduction des coûts | 8 600 USD | 8 660 USD |
| Rendement annuel moyen | -14,0 % | -4,7 % |
| Intermédiaire (*) | Ce que vous pourriez obtenir après déduction des coûts | 9 950 USD | 10 590 USD |
| Rendement annuel moyen | -0,5 % | 1,9 % |
| Favorable (*) | Ce que vous pourriez obtenir après déduction des coûts | 10 650 USD | 11 270 USD |
| Rendement annuel moyen | 6,5 % | 4,1 % | | fr | es |
DOLFIN7848 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 YEARS Example Investment: 10,000 EUR |
| --- |
| 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 | 1,630 EUR | 4,010 EUR |
| | Average return each year | -83.7 % | -16.7 % each year |
| Unfavourable | What you might get back after costs | 7,400 EUR | 7,680 EUR |
| | Average return each year | -26.0 % | -5.1 % each year |
| Moderate | What you might get back after costs | 10,570 EUR | 11,690 EUR |
| | Average return each year | 5.7 % | 3.2 % each year |
| Favourable | What you might get back after costs | 13,750 EUR | 16,130 EUR |
| | Average return each year | 37.5 % | 10.0 % each year | | | Período de mantenimiento recomendado: 5 AÑOS Ejemplo de inversión: 10.000 EUR |
| --- |
| Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | |
| Tensión | Lo que podría recibir tras deducir los costes | 1.630 EUR | 4.010 EUR |
| | Rendimiento medio cada año | -83,7 % | -16,7 % cada año |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7.400 EUR | 7.680 EUR |
| | Rendimiento medio cada año | -26,0 % | -5,1 % cada año |
| Moderado | Lo que podría recibir tras deducir los costes | 10.570 EUR | 11.690 EUR |
| | Rendimiento medio cada año | 5,7 % | 3,2 % cada año |
| Favorable | Lo que podría recibir tras deducir los costes | 13.750 EUR | 16.130 EUR |
| | Rendimiento medio cada año | 37,5 % | 10,0 % cada año | | | Recommended holding period: 5 YEARS Example Investment: 10,000 EUR |
| --- |
| 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 | 1,630 EUR | 4,010 EUR |
| | Average return each year | -83.7 % | -16.7 % each year |
| Unfavourable | What you might get back after costs | 7,400 EUR | 7,680 EUR |
| | Average return each year | -26.0 % | -5.1 % each year |
| Moderate | What you might get back after costs | 10,570 EUR | 11,690 EUR |
| | Average return each year | 5.7 % | 3.2 % each year |
| Favourable | What you might get back after costs | 13,750 EUR | 16,130 EUR |
| | Average return each year | 37.5 % | 10.0 % each year | | en | es |
DOLFIN7849 | 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
2
Le Fonds cherche à générer des rendements totaux à long terme (appréciation du capital et revenus).
2
Le Fonds sera activement géré et investira principalement dans des sociétés du monde entier qui exploitent la technologie pour améliorer ou remettre en question les services financiers traditionnels tels que les systèmes de paiement, l'infrastructure financière, les placements et les prêts. Le Fonds investira dans des sociétés de technologie financière et/ou des sociétés dont le principal moteur de croissance est la fourniture ou l'utilisation de la technologie pour fournir la prochaine génération de services financiers (FinTech).
2
Le Fonds investira dans des actions et d'autres titres présentant des caractéristiques similaires, comme des actions privilégiées, des titres convertibles ou des certificats de dépôt. Le Fonds peut investir soit directement soit via des instruments dérivés.
2
Le Fonds investira dans des actions et d'autres titres présentant des caractéristiques d'actions, notamment des actions privilégiées, des titres convertibles ou des certificats de dépôt. Le Fonds peut investir soit directement soit par le biais d'instruments dérivés.
2
Les instruments dérivés peuvent être utilisés pour couvrir (gérer) le risque et à des fins d'investissement (telles que l'exposition à un titre). | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
2
El Fondo trata de lograr una rentabilidad total a largo plazo (revalorización de ingresos y de capital).
2
El Fondo se gestionará activamente, invirtiendo principalmente en empresas a nivel mundial que aprovechan la tecnología para mejorar o alterar los servicios financieros tradicionales, como los sistemas de pagos, la infraestructura financiera, las inversiones y los préstamos. El Fondo invertirá en empresas de tecnología financiera y/o empresas cuyo factor clave de crecimiento sea proporcionar o utilizar tecnología para prestar la nueva generación de servicios financieros (FinTech).
2
El Fondo invertirá en acciones y otros valores con características de renta variable, como acciones preferentes, valores convertibles o recibos de depósito. El Fondo puede invertir de forma directa o a través de derivados.
2
El Fondo invertirá en acciones y otros valores con características de renta variable, compuestos por acciones preferentes, valores convertibles y recibos de depósito. El Fondo podrá invertir de forma directa o a través de derivados.
2
Los derivados podrán usarse para cubrir (gestionar) el riesgo y con fines de inversión (p. ej., obtener exposición a un valor). | # OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
2
Le Fonds cherche à générer des rendements totaux à long terme (appréciation du capital et revenus).
2
Le Fonds sera activement géré et investira principalement dans des sociétés du monde entier qui exploitent la technologie pour améliorer ou remettre en question les services financiers traditionnels tels que les systèmes de paiement, l'infrastructure financière, les placements et les prêts. Le Fonds investira dans des sociétés de technologie financière et/ou des sociétés dont le principal moteur de croissance est la fourniture ou l'utilisation de la technologie pour fournir la prochaine génération de services financiers (FinTech).
2
Le Fonds investira dans des actions et d'autres titres présentant des caractéristiques similaires, comme des actions privilégiées, des titres convertibles ou des certificats de dépôt. Le Fonds peut investir soit directement soit via des instruments dérivés.
2
Le Fonds investira dans des actions et d'autres titres présentant des caractéristiques d'actions, notamment des actions privilégiées, des titres convertibles ou des certificats de dépôt. Le Fonds peut investir soit directement soit par le biais d'instruments dérivés.
2
Les instruments dérivés peuvent être utilisés pour couvrir (gérer) le risque et à des fins d'investissement (telles que l'exposition à un titre). | fr | es |
DOLFIN7850 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Source: Carmignac, Bloomberg, 31/12/2020
In 2020, Carmignac Portfolio Long-Short Global Equities (A EUR Acc share class – ISIN LU1910837258) returned +18.05% in contrast to +0.58% recorded by its reference indicator (90% ESTER (EUR) Capitalized + 10% MSCI ACWI (EUR) (Reinvested net dividends). Quarterly rebalanced).
Management Comment
2020 was an extraordinary year in many ways. The world was hit by a global pandemic that restricted our daily lives in a way we had never experienced before and led to an unprecedented drop in economic activity, followed by an unprecedented amount of monetary and fiscal stimulus creating a very volatile environment for equity markets.
While the MSCI ACWI (EUR) ended with a slightly positive performance this year, it dropped ~33% between February and March. At the same time, the fund lost 2.2%, validating our ability to manage risks in challenging times. For instance, we slashed our net exposure from 13.45% at the end of January to negative territory. We also took advantage of the market’s turnaround to sell some positions which had reached our target, especially on the short side. While our turnover is usually quite low, as we try to invest in companies with a three-year outlook, we made several changes during the year. We initiated new positions in some companies that will be seriously affected by the virus, such as some airlines and retail businesses with very weak fundamentals. We have also been very active from a long-term standpoint, taking advantage of the massive market sell-off to initiate new positions in companies with very sound fundamentals such as Microsoft.
Throughout 2020, the long portfolio was the main performance driver although the short portfolio helped us navigate the unprecedented scenario of February / March and limited the downside. Over the year, our long positions in the consumer discretionary sector and the IT sector contributed very strongly to the performance. In the consumer discretionary sector, Farfech, JD.com and Delivery hero are the three main performance contributors for the year. In the IT sector, Zoom Video, Microsoft and Salesforces had the largest performance contribution.
In the short portfolio, our positions into an American multinational beauty company and a European low-cost airline were our best performers. Conversely, our short position on Nasdaq in the second half of the year was the fund's main detractor but was necessary from a risk management perspective. Globally, the year was positive for the strategy.
Summary table of the annual performance of each share of the Carmignac Long-Short Global Equities over the full year 2020 | Les performances passées ne sont pas nécessairement un indicateur des performances futures. Les performances s'entendent nettes de frais (hors éventuels frais d’entrée appliqués par le distributeur).
Source : Carmignac, Bloomberg, 31/12/2020
En 2020, Carmignac Portfolio Long-Short Global Equities (classe d'actions A EUR Acc – ISIN LU1910837258) a enregistré une performance de +18,05% contre +0,58% pour son indicateur de référence (90% ESTER (EUR) Capitalisé + 10% MSCI ACWI (EUR) (dividendes nets réinvestis). Rééquilibrage trimestriel).
Commentaire du gestionnaire
L'année 2020 a été une extraordinaire à bien des égards. Le monde a été frappé par une pandémie qui a imposé des restrictions sans précédent au niveau de notre vie quotidienne et a entraîné une chute inédite de l'activité économique, suivie d'une quantité encore jamais vue de mesures de relance monétaire et budgétaire qui ont engendré un environnement très volatil pour les marchés des actions.
Alors que le MSCI ACWI (EUR) a terminé cette année sur une performance légèrement positive, il a chuté de quelque 33% entre février et mars. Dans le même temps, le fonds a perdu 2,2%, ce qui prouve notre capacité à gérer les risques en période difficile. Par exemple, nous avons réduit notre exposition nette de 13,45% à la fin du mois de janvier pour entrer en territoire négatif. Nous avons également tiré profit du retournement du marché pour vendre certaines positions qui avaient atteint notre objectif, en particulier pour les positions courtes. Bien que notre taux de rotation soit habituellement assez faible, puisque nous essayons d'investir dans des entreprises ayant des perspectives à trois ans, nous avons effectué plusieurs changements au cours de l'année. Nous avons initié de nouvelles positions sur des entreprises qui seront gravement touchées par le virus, comme certaines compagnies aériennes et entreprises de vente au détail aux fondamentaux très fragiles. Nous avons également été très actifs du point de vue du long terme, en tirant profit des ventes massives sur le marché pour prendre de nouvelles positions sur des entreprises aux fondamentaux très solides, comme Microsoft.
Tout au long de l'année 2020, le portefeuille acheteur a été le principal moteur de performance, bien que le portefeuille vendeur nous ait aidé à surmonter le scénario sans précédent de février/mars et ait limité la baisse. Au cours de l'année, nos positions acheteuses dans les secteurs de la consommation discrétionnaire et de l'informatique ont apporté une très bonne contribution à la performance. Dans le secteur de la consommation discrétionnaire, Farfech, JD.com et Delivery hero sont les trois positions les plus performantes de l'année. En ce qui concerne l'informatique, Zoom Video, Microsoft et Salesforces ont apporté les plus grandes contributions à la performance.
Au sein du portefeuille vendeur, nos positions sur une multinationale américaine de produits de beauté et dans une compagnie aérienne low-cost européenne ont livré les meilleures performances. A l'inverse, notre position vendeuse sur le Nasdaq au second semestre a été le principal frein à la performance du fonds, mais elle était nécessaire du point de vue de la gestion des risques. Globalement, l'année a été positive pour la stratégie.
Tableau récapitulatif de la performance annuelle de chaque action de Carmignac Long-Short Global Equities sur l’ensemble de l'année 2020 | Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Source: Carmignac, Bloomberg, 31/12/2020
In 2020, Carmignac Portfolio Long-Short Global Equities (A EUR Acc share class – ISIN LU1910837258) returned +18.05% in contrast to +0.58% recorded by its reference indicator (90% ESTER (EUR) Capitalized + 10% MSCI ACWI (EUR) (Reinvested net dividends). Quarterly rebalanced).
Management Comment
2020 was an extraordinary year in many ways. The world was hit by a global pandemic that restricted our daily lives in a way we had never experienced before and led to an unprecedented drop in economic activity, followed by an unprecedented amount of monetary and fiscal stimulus creating a very volatile environment for equity markets.
While the MSCI ACWI (EUR) ended with a slightly positive performance this year, it dropped ~33% between February and March. At the same time, the fund lost 2.2%, validating our ability to manage risks in challenging times. For instance, we slashed our net exposure from 13.45% at the end of January to negative territory. We also took advantage of the market’s turnaround to sell some positions which had reached our target, especially on the short side. While our turnover is usually quite low, as we try to invest in companies with a three-year outlook, we made several changes during the year. We initiated new positions in some companies that will be seriously affected by the virus, such as some airlines and retail businesses with very weak fundamentals. We have also been very active from a long-term standpoint, taking advantage of the massive market sell-off to initiate new positions in companies with very sound fundamentals such as Microsoft.
Throughout 2020, the long portfolio was the main performance driver although the short portfolio helped us navigate the unprecedented scenario of February / March and limited the downside. Over the year, our long positions in the consumer discretionary sector and the IT sector contributed very strongly to the performance. In the consumer discretionary sector, Farfech, JD.com and Delivery hero are the three main performance contributors for the year. In the IT sector, Zoom Video, Microsoft and Salesforces had the largest performance contribution.
In the short portfolio, our positions into an American multinational beauty company and a European low-cost airline were our best performers. Conversely, our short position on Nasdaq in the second half of the year was the fund's main detractor but was necessary from a risk management perspective. Globally, the year was positive for the strategy.
Summary table of the annual performance of each share of the Carmignac Long-Short Global Equities over the full year 2020 | en | fr |
DOLFIN7851 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
"The investment objective of the Europe Smaller Companies Fund is to create a professionally managed port- folio consisting primarily of what, in the opinion of the Investment Manager, are high quality long-term growth and mid-cap companies having their headquarters or carrying out their predominant activities in Europe."
- Updates to the "Investment Policies" section for certain sub-funds in the Fund Details at Appendix III to rephrase the sub- fund’s flexibility to invest in certain debt securities, for clarification purposes.
- Updates to the "Investment Policies" section for certain sub-funds in the Fund Details at Appendix III, to clarify that the relevant sub-funds can gain exposure to companies through the Market Access Products.
- Updates to the "Investment Policies" section for certain sub-funds in the Fund Details at Appendix III, to include additional disclosure in respect of the relevant sub-fund’s existing environmental, social and governance (ESG) procedures in light of new regulatory disclosure requirements for ESG funds marketing into France.
- Updates to the "Investment Policies" section for Comgest Growth Europe Opportunities and Comgest Growth Europe Smaller Companies in the Fund Details at Appendix III in relation to the sub-funds’ eligibility for the equity savings plan ("plan d’épargne en actions") in France. | « Le Compartiment Europe Smaller Companies a pour objectif de créer un portefeuille géré de manière professionnelle et se composant principalement, de l’avis de la Société de gestion, de sociétés de moyenne capitalisation de premier ordre et de croissance sur le long terme, qui ont leur siège social ou exercent l’essentiel de leurs activités en Europe. »
- La mise à jour de la section « Politiques d’investissement » de certains compartiments dans la Description des compartiments à l’Annexe III afin de reformuler la possibilité pour ces compartiments d’investir dans certains titres de créance, à des fins de clarification.
- La mise à jour de la section « Politiques d’investissement » de certains compartiments dans la Description des compartiments à l’Annexe III, afin de préciser que les compartiments concernés peuvent s’exposer aux sociétés par le biais des Produits d’accès au marché.
- La mise à jour de la section « Politiques d’investissement » de certains compartiments dans la Description des compartiments à l’Annexe III, afin d’inclure des informations supplémentaires au sujet des procédures environnementales, sociales et de gouvernance (ESG) existantes dans les compartiments concernés, au vu des nouvelles exigences réglementaires de déclarations pour les fonds ESG commercialisés en France.
- La mise à jour de la section « Politiques d’investissement » des compartiments Comgest Growth Europe Opportunities et Comgest Growth Europe Smaller Companies dans la Description des compartiments à l’Annexe III au sujet de l’éligibilité des compartiments au « plan d’épargne en actions » en France. | "The investment objective of the Europe Smaller Companies Fund is to create a professionally managed port- folio consisting primarily of what, in the opinion of the Investment Manager, are high quality long-term growth and mid-cap companies having their headquarters or carrying out their predominant activities in Europe."
- Updates to the "Investment Policies" section for certain sub-funds in the Fund Details at Appendix III to rephrase the sub- fund’s flexibility to invest in certain debt securities, for clarification purposes.
- Updates to the "Investment Policies" section for certain sub-funds in the Fund Details at Appendix III, to clarify that the relevant sub-funds can gain exposure to companies through the Market Access Products.
- Updates to the "Investment Policies" section for certain sub-funds in the Fund Details at Appendix III, to include additional disclosure in respect of the relevant sub-fund’s existing environmental, social and governance (ESG) procedures in light of new regulatory disclosure requirements for ESG funds marketing into France.
- Updates to the "Investment Policies" section for Comgest Growth Europe Opportunities and Comgest Growth Europe Smaller Companies in the Fund Details at Appendix III in relation to the sub-funds’ eligibility for the equity savings plan ("plan d’épargne en actions") in France. | en | fr |
DOLFIN7852 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
-
### Les gestionnaires de portefeuille du marché monétaire de Candriam :
- ne sont pas impliqués dans les différentes analyses afin de garantir une indépendance absolue dans l’évaluation des émetteurs et/ou instruments,
- sont des membres sans droit de vote des comités chargés de la validation de ces évaluations,
- appliquent les décisions des comités pour influencer leurs choix d’investissement. | -
### Los gestores de carteras del mercado monetario de Candriam:
- no participan en los diferentes análisis con el fin de garantizar una total independencia por lo que respecta a la evaluación de los emisores y/o los instrumentos,
- son miembros sin derecho a voto de los comités responsables de la validación de dichas evaluaciones,
- aplican las decisiones de los comités, que influyen en su selección de inversiones. | -
### Les gestionnaires de portefeuille du marché monétaire de Candriam :
- ne sont pas impliqués dans les différentes analyses afin de garantir une indépendance absolue dans l’évaluation des émetteurs et/ou instruments,
- sont des membres sans droit de vote des comités chargés de la validation de ces évaluations,
- appliquent les décisions des comités pour influencer leurs choix d’investissement. | fr | es |
DOLFIN7853 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Dissolution resolution
The dissolution of the UCITS or one of its sub-funds shall be performed on a mandatory basis in the cases for which provision has been made by law. In addition, the Management Company shall be entitled to dissolve the UCITS or indi- vidual sub-fund at any time.
Investors, heirs and other authorised individuals may not demand the splitting or dissolution of the UCITS or of an indi- vidual sub-fund or of an individual unit class.
The resolution concerning the dissolution of a sub-fund or of a unit class shall be published on the website of the Liech- tenstein Investment Fund Association LAFV (www.lafv.li) as the organ of publication of the UCITS or of a unit class re- spectively, as well as using other media and permanent data carriers specified in the prospectus (letter, fax, e-mail or similar). From the day of the dissolution resolution onwards, no further units shall be issued, converted or redeemed.
In the event of the dissolution of the UCITS or of one of its sub-funds, the Management Company may liquidate the as- sets of the UCITS or of one of its sub-funds without delay in the best interests of the investors. In other respects, the liquidation of the UCITS shall be performed in accordance with the provisions of the Liechtenstein Persons and Compa- nies Act (Personen- und Gesellschaftsrecht - "PGR").
If the Management Company dissolves a unit class without dissolving the UCITS of the sub-fund, than all of the units of this class shall be redeemed on the basis of their net asset value applicable at the time. This redemption shall be pub- lished by the Management Company, and the redemption price shall be paid out to the former investors by the Custodi- an. | # Beschluss zur Auflösung
Die Auflösung des OGAW oder eines seiner Teilfonds erfolgt zwingend in den gesetzlich vorgesehenen Fällen. Zusätz- lich ist die Verwaltungsgesellschaft jederzeit berechtigt, den OGAW oder einzelne Teilfonds aufzulösen.
Anleger, Erben und sonstige Berechtigte können die Aufteilung oder Auflösung des OGAW oder eines einzelnen Teil- fonds bzw. einer einzelnen Anteilsklasse nicht verlangen.
Der Beschluss über die Auflösung eines Teilfonds bzw. einer Anteilsklasse wird auf der Webseite des Liechtensteini- schen Anlagefondsverbandes LAFV (www.lafv.li) als Publikationsorgan des OGAW bzw. einer Anteilsklasse sowie sons- tigen im Prospekt genannten Medien und dauerhaften Datenträgern (Brief, Fax, E-Mail oder Vergleichbares) veröffent- licht. Vom Tage des Auflösungsbeschlusses an werden keine Anteile mehr ausgegeben, umgetauscht oder zurückge- nommen.
Bei Auflösung des OGAW oder eines seiner Teilfonds darf die Verwaltungsgesellschaft die Aktiven des OGAW oder ei- nes Teilfonds im besten Interesse der Anleger unverzüglich liquidieren. Im Übrigen erfolgt die Liquidation des OGAW gemäss den Bestimmungen des liechtensteinischen Personen- und Gesellschaftsrechts (PGR).
Wenn die Verwaltungsgesellschaft eine Anteilsklasse auflöst, ohne den OGAW bzw. dem Teilfonds aufzulösen, werden alle Anteile dieser Klasse zu ihrem dann gültigen Nettoinventarwert zurückgenommen. Diese Rücknahme wird von der Verwaltungsgesellschaft veröffentlicht und der Rücknahmepreis wird von der Verwahrstelle zugunsten der ehemaligen Anleger ausbezahlt. | # Dissolution resolution
The dissolution of the UCITS or one of its sub-funds shall be performed on a mandatory basis in the cases for which provision has been made by law. In addition, the Management Company shall be entitled to dissolve the UCITS or indi- vidual sub-fund at any time.
Investors, heirs and other authorised individuals may not demand the splitting or dissolution of the UCITS or of an indi- vidual sub-fund or of an individual unit class.
The resolution concerning the dissolution of a sub-fund or of a unit class shall be published on the website of the Liech- tenstein Investment Fund Association LAFV (www.lafv.li) as the organ of publication of the UCITS or of a unit class re- spectively, as well as using other media and permanent data carriers specified in the prospectus (letter, fax, e-mail or similar). From the day of the dissolution resolution onwards, no further units shall be issued, converted or redeemed.
In the event of the dissolution of the UCITS or of one of its sub-funds, the Management Company may liquidate the as- sets of the UCITS or of one of its sub-funds without delay in the best interests of the investors. In other respects, the liquidation of the UCITS shall be performed in accordance with the provisions of the Liechtenstein Persons and Compa- nies Act (Personen- und Gesellschaftsrecht - "PGR").
If the Management Company dissolves a unit class without dissolving the UCITS of the sub-fund, than all of the units of this class shall be redeemed on the basis of their net asset value applicable at the time. This redemption shall be pub- lished by the Management Company, and the redemption price shall be paid out to the former investors by the Custodi- an. | en | de |
DOLFIN7854 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### ARTICLE 8 - ISSUE AND REDEMPTION OF SHARES
Shares are issued at any time, at the request of the shareholders, based on their net asset value plus any subscription fees.
Redemptions and subscriptions are carried out under the terms and conditions set out in the prospectus. Redemptions may be made in cash.
Redemptions may also be made in kind. When an in-kind redemption corresponds to a representative portion of the assets in the portfolio, then only the signed written consent of the outgoing shareholder needs to be obtained by the Fund or the Management Company. When an in-kind redemption does not correspond to a representative portion of the assets in the portfolio, then all shareholders must give their written consent authorising the outgoing shareholder to redeem its shares in return for certain specific assets, as explicitly set out in the agreement.
Notwithstanding the foregoing, when the Fund is an ETF, redemptions on the primary market may, with the consent of the portfolio Management Company and in compliance with the interests of the unitholders, be made in kind under the conditions set out in the Fund’s prospectus or regulations. The assets are then delivered by the issuer account registrar according to the conditions set out in the Fund’s prospectus.
In general, the assets redeemed are valued according to the rules set out in Article 9 and in-kind redemptions are made based on the first net asset value following acceptance of the securities in question.
To be valid and not voided, all new subscription requests must be fully paid-up whereupon the newly issued shares shall carry the same entitlements as existing shares on the issue date.
Pursuant to Article L. 214-7-4 of the French Monetary and Financial Code, the Company's redemption of shares and issue of new shares, may be suspended temporarily by the Board of Directors in exceptional circumstances if it is in the shareholders' interests to do so.
If the net assets of the SICAV (or a sub-fund) fall below the regulatory minimum threshold, no redemptions may be executed from the SICAV (or sub-fund).
Pursuant to Article L. 214-7-4 of the French Monetary and Financial Code and Article 411-20-1 of the AMF General Regulations, the Management Company may decide to cap redemptions in exceptional circumstances and provided it is in the interests of shareholders or the general public.
The Management Company may introduce redemption gates, which enable redemption requests from shareholders of the Sub-fund in question to be spread across several NAV dates once they exceed an objectively predetermined threshold. The threshold above which the redemption gates may be triggered must be justified according to the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio. The Management Company may apply redemption gates when the trigger threshold is reached. This threshold is set out in the “Redemption gates” section of the prospectus of each sub-fund of the SICAV. If the Sub- fund in question has multiple share classes, the trigger threshold will be the same for all of its share classes.
This trigger threshold is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund. | #### ARTICOLO 8: EMISSIONI E RIMBORSI DI AZIONI
Le azioni sono emesse in qualsiasi momento su richiesta degli azionisti sulla base del loro valore patrimoniale netto, aumentato eventualmente delle commissioni di sottoscrizione.
I rimborsi e le sottoscrizioni sono effettuati alle condizioni e secondo le modalità precisate nel prospetto informativo. I rimborsi possono essere effettuati in contanti.
I rimborsi possono altresì essere effettuati in natura. Se il rimborso in natura corrisponde a una quota rappresentativa del patrimonio del portafoglio, l’OICVM o la società di gestione deve ottenere unicamente il consenso scritto dell’azionista uscente. Se il rimborso in natura non corrisponde alla quota rappresentativa del patrimonio del portafoglio, tutti gli azionisti sono tenuti a esprimere il loro consenso scritto che autorizza l’azionista uscente a ottenere il rimborso delle proprie azioni a fronte di determinati attivi, definiti esplicitamente nel consenso. In deroga a quanto precede, se il fondo è un ETF, i rimborsi sul mercato primario possono, previo consenso della società di gestione del portafoglio e nel rispetto degli interessi dei detentori di quote, essere effettuati in natura alle condizioni definite nel prospetto informativo o nel regolamento del fondo. Gli attivi sono quindi consegnati dal gestore del conto emittente alle condizioni definite nel prospetto informativo del fondo.
In linea generale, gli attivi rimborsati sono valutati secondo le regole fissate nell’articolo 9 e il rimborso in natura è realizzato in base al primo valore patrimoniale netto successivo all’accettazione dei titoli interessati.
Ogni sottoscrizione di nuove azioni deve, pena l’annullamento, essere interamente versata e le azioni emesse hanno lo stesso godimento delle azioni esistenti il giorno di emissione.
In conformità all’articolo L. 214-7-4 del codice monetario e finanziario, il riacquisto delle azioni proprie da parte della società, come pure l’emissione di nuove azioni, possono essere temporaneamente sospesi dal consiglio di amministrazione, quando lo richiedano circostanze eccezionali e lo impongano gli interessi degli azionisti.
Laddove il patrimonio netto della SICAV (o eventualmente di un comparto) sia inferiore all’importo stabilito dalle normative, non potrà essere effettuato alcun rimborso delle azioni (o all’occorrenza nel comparto interessato).
Ai sensi degli articoli L. 214-7-4 del codice monetario e finanziario e 411-20-1 del regolamento generale dell’AMF, la società di gestione può decidere di limitare i rimborsi quando ciò sia richiesto da circostanze eccezionali e dall’interesse degli azionisti o dall’interesse pubblico.
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto interessato su più valori patrimoniali netti se essi superano un certo livello, determinato in modo oggettivo. La soglia al di sopra della quale possono essere attivati i “Gate” deve essere giustificata in relazione alla periodicità del calcolo del valore patrimoniale netto del comparto, alla sua direzione di gestione e alla liquidità degli attivi in portafoglio. La società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia di attivazione. Tale soglia è indicata nella sezione relativa al limite massimo dei rimborsi (“Gate”) del prospetto informativo di ogni comparto della SICAV. Qualora il comparto interessato abbia più di una classe di azioni, la soglia di attivazione della procedura sarà la stessa per tutte le classi di azioni del comparto.
Questa soglia di attivazione corrisponde al rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto. | #### ARTICLE 8 - ISSUE AND REDEMPTION OF SHARES
Shares are issued at any time, at the request of the shareholders, based on their net asset value plus any subscription fees.
Redemptions and subscriptions are carried out under the terms and conditions set out in the prospectus. Redemptions may be made in cash.
Redemptions may also be made in kind. When an in-kind redemption corresponds to a representative portion of the assets in the portfolio, then only the signed written consent of the outgoing shareholder needs to be obtained by the Fund or the Management Company. When an in-kind redemption does not correspond to a representative portion of the assets in the portfolio, then all shareholders must give their written consent authorising the outgoing shareholder to redeem its shares in return for certain specific assets, as explicitly set out in the agreement.
Notwithstanding the foregoing, when the Fund is an ETF, redemptions on the primary market may, with the consent of the portfolio Management Company and in compliance with the interests of the unitholders, be made in kind under the conditions set out in the Fund’s prospectus or regulations. The assets are then delivered by the issuer account registrar according to the conditions set out in the Fund’s prospectus.
In general, the assets redeemed are valued according to the rules set out in Article 9 and in-kind redemptions are made based on the first net asset value following acceptance of the securities in question.
To be valid and not voided, all new subscription requests must be fully paid-up whereupon the newly issued shares shall carry the same entitlements as existing shares on the issue date.
Pursuant to Article L. 214-7-4 of the French Monetary and Financial Code, the Company's redemption of shares and issue of new shares, may be suspended temporarily by the Board of Directors in exceptional circumstances if it is in the shareholders' interests to do so.
If the net assets of the SICAV (or a sub-fund) fall below the regulatory minimum threshold, no redemptions may be executed from the SICAV (or sub-fund).
Pursuant to Article L. 214-7-4 of the French Monetary and Financial Code and Article 411-20-1 of the AMF General Regulations, the Management Company may decide to cap redemptions in exceptional circumstances and provided it is in the interests of shareholders or the general public.
The Management Company may introduce redemption gates, which enable redemption requests from shareholders of the Sub-fund in question to be spread across several NAV dates once they exceed an objectively predetermined threshold. The threshold above which the redemption gates may be triggered must be justified according to the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio. The Management Company may apply redemption gates when the trigger threshold is reached. This threshold is set out in the “Redemption gates” section of the prospectus of each sub-fund of the SICAV. If the Sub- fund in question has multiple share classes, the trigger threshold will be the same for all of its share classes.
This trigger threshold is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund. | en | it |
DOLFIN7855 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
When the Company is dissolved, the liquidation will be performed in accordance with Luxembourg laws by one or more liquidators, either individuals or legal entities, appointed by the general meeting, which determines their powers and emoluments.
Voluntary liquidation
If the Company is the subject of a voluntary or court-ordered liquidation, this will be performed in accordance with the Law of 2010, which defines the measures to be taken to allow shareholders to participate in the distribution of the income from liquidation.
The net income from liquidating each sub-fund will be distributed by the liquidators to shareholders in the corresponding sub-fund in proportion to their share in the total net assets of the sub-fund to which these shareholders relate.
The Law of 2010 also specifies, upon closure of the liquidation, that any amount not claimed by a shareholder will be deposited with the "Caisse de Consignations". Any amounts deposited there and not claimed by the legal deadline will be lost. | Lors de la dissolution de la Société, la liquidation s'opérera conformément aux lois luxembourgeoises par les soins d'un ou de plusieurs liquidateurs, personnes physiques ou morales, nommés par l'assemblée générale qui détermine leurs pouvoirs et leurs émoluments.
Mise en liquidation volontaire
Au cas où la Société ferait l'objet d'une liquidation volontaire ou judiciaire, celle-ci serait effectuée conformément à la Loi de 2010 qui définit les mesures à prendre pour permettre aux actionnaires de prendre part à la distribution du produit de liquidation.
Le produit net de liquidation de chaque compartiment sera distribué par les liquidateurs aux actionnaires du compartiment correspondant en proportion de la part leur revenant dans le total des avoirs nets du compartiment dont ces actionnaires relèvent.
La Loi de 2010 prévoit par ailleurs, à la clôture de la liquidation, le dépôt auprès de la Caisse de Consignations de toute somme non réclamée par un actionnaire. Les sommes ainsi déposées et non réclamées dans le délai de prescription légal seront perdues. | When the Company is dissolved, the liquidation will be performed in accordance with Luxembourg laws by one or more liquidators, either individuals or legal entities, appointed by the general meeting, which determines their powers and emoluments.
Voluntary liquidation
If the Company is the subject of a voluntary or court-ordered liquidation, this will be performed in accordance with the Law of 2010, which defines the measures to be taken to allow shareholders to participate in the distribution of the income from liquidation.
The net income from liquidating each sub-fund will be distributed by the liquidators to shareholders in the corresponding sub-fund in proportion to their share in the total net assets of the sub-fund to which these shareholders relate.
The Law of 2010 also specifies, upon closure of the liquidation, that any amount not claimed by a shareholder will be deposited with the "Caisse de Consignations". Any amounts deposited there and not claimed by the legal deadline will be lost. | en | fr |
DOLFIN7856 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Derivatives
Derivatives are financial instruments whose prices depend on the price movements in a reference variable known as the underlying. Underlying assets can be shares, equity indices, government bonds, currencies, interest rates, commodities like wheat and gold, or swaps. Derivative financial instruments may be unconditional forward transactions or they
may be options. They are traded either on futures and options exchanges on standardised terms, or over the counter (OTC) on freely negotiated terms. Under certain circumstances changes in the price of the underlying can lead to considerably higher price fluctuations
in the derivative. Derivatives can be used to hedge against financial risks, to speculate on price changes (trading), or to take advantage of price differences between markets (arbitrage). | ## Derivati
I derivati sono strumenti finanziari i cui prezzi dipendono dai movimenti dei prezzi di una variabile di riferimento che rappresenta il sottostante. Le attività sottostanti possono essere costituite da azioni, indici azionari, obbligazioni governative, divise, tassi d’interesse, materie prime tra cui frumento e oro oppure swap. Gli strumenti
finanziari derivati possono essere operazioni a termine incondizionate oppure opzioni. Sono scambiati su mercati di future e opzioni a condizioni standardizzate, fuori borsa («over the counter», OTC) oppure a condizioni negoziate liberamente. In determinate situazioni le variazioni di prezzo del sottostante possono portare a fluttuazioni di prezzo notevolmente maggiori del derivato. I derivati possono essere utilizzati come copertura contro i rischi finanziari, per speculare sui movimenti dei prezzi (trading) o per sfruttare le differenze di prezzo tra i mercati (arbitraggio). | ## Derivatives
Derivatives are financial instruments whose prices depend on the price movements in a reference variable known as the underlying. Underlying assets can be shares, equity indices, government bonds, currencies, interest rates, commodities like wheat and gold, or swaps. Derivative financial instruments may be unconditional forward transactions or they
may be options. They are traded either on futures and options exchanges on standardised terms, or over the counter (OTC) on freely negotiated terms. Under certain circumstances changes in the price of the underlying can lead to considerably higher price fluctuations
in the derivative. Derivatives can be used to hedge against financial risks, to speculate on price changes (trading), or to take advantage of price differences between markets (arbitrage). | en | it |
DOLFIN7857 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### General Risks Associated with Public Health Emergencies; Impact of the Coronavirus (COVID-19)
Pandemics and other local, national, and international public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 Flu, the Avian Flu, Ebola and the current novel coronavirus (“COVID-19”) pandemic, can result and, in the case of COVID-19 is resulting, in market volatility and disruption, and any such future emergencies may materially adversely impact economic production and activity in ways that cannot be predicted, all of which could result in substantial investment losses.
The COVID-19 outbreak has caused a worldwide public health emergency, straining healthcare resources and resulting in extensive and growing numbers of infections, hospitalizations and deaths. In an effort to contain COVID-19, local, regional, and national governments, as well as private businesses and other organizations, have imposed and continue to impose severely restrictive measures, including instituting local and regional quarantines, restricting travel (including closing certain international borders), prohibiting public activity (including “stay-at-home,” “shelter-in-place,” “safer at home,” and similar orders), and ordering the closure of a wide range of offices, businesses, schools, and other public venues. Consequently, COVID-19 has significantly diminished and disrupted global economic production and activity of all kinds and has contributed to both volatility and a severe decline in financial markets. Among other things, these unprecedented developments have resulted in: (i) material reductions in demand across most categories of consumers and businesses; (ii) dislocation (or, in some cases, a complete halt) in the credit and capital markets; (iii) labor force and operational disruptions;
(iv) slowing or complete idling of certain supply chains and manufacturing activity; and (v) strain and
uncertainty for businesses and households, with a particularly acute impact on industries dependent on travel and public accessibility, such as transportation, hospitality, tourism, retail, sports, and entertainment.
The ultimate impact of COVID-19 (and the resulting precipitous decline and disruption in economic and commercial activity across many of the world’s economies) on global economic conditions, and on the operations, financial condition, and performance of any particular market, industry or business, is impossible to predict. However, ongoing and potential additional materially adverse effects, including further global, regional and local economic downturns (including recessions) of indeterminate duration and severity, are possible. The extent of COVID-19’s impact will depend on many factors, including the ultimate duration and scope of the public health emergency and the restrictive countermeasures being undertaken, as well as the effectiveness of other governmental, legislative, and financial and monetary policy interventions designed to mitigate the crisis and address its negative externalities, all of which are evolving rapidly and may have unpredictable results.
The ongoing COVID-19 crisis and any other public health emergency could have a significant adverse impact on the Sub-Funds’ investments and result in significant investment losses. The extent of the impact on business operations and performance of market participants and the companies in which the Sub-Funds invest depends and will continue to depend on a multitude of factors, virtually all of which are highly uncertain and unpredictable, and this impact may include or lead to: (i) significant reductions in revenue and growth; (ii) unexpected operational losses and liabilities; (iii) impairments to credit quality; and (iv) reductions in the availability of capital. These same factors may limit the Sub-Funds’ and/or the Investment Manager’s ability to source, research, and execute new investments, as well as to sell investments in the future, and governmental mitigation actions may constrain or alter existing financial, legal, and regulatory frameworks in ways that are adverse to the investment strategies the Sub-Funds intend to pursue, all of which could materially diminish the Sub-Funds’ ability to fulfill their investment objectives. They may also impair the ability of the companies in which the Sub-Funds invest or their counterparties to perform their respective obligations under debt instruments and other commercial agreements (including their ability to pay obligations as they become due), potentially leading to defaults with uncertain consequences, including the potential for defaults by borrowers under
debt instruments held in a client’s portfolio. In addition, the operations of securities markets and market participant, may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, restrictions on travel and movement, remote-working requirements, and other factors related to a public health emergency, including the potential adverse impact on the health of any such entity’s personnel. These measures may also hinder such entities’ ability to conduct their affairs and activities as they normally would, including by impairing usual communication channels and methods, hampering the performance of administrative functions such as processing payments and invoices, and diminishing their ability to make accurate and timely projections of financial performance. | #### Riesgos generales asociados con emergencias de salud pública; impacto del coronavirus (COVID-19)
Las pandemias y otras emergencias de salud pública locales, nacionales e internacionales, incluidos los brotes de enfermedades infecciosas como el SARS, la gripe H1N1/09, la gripe aviar, el virus del Ébola y la actual pandemia del nuevo coronavirus («COVID-19»), pueden causar, como está ocurriendo en estos momentos con la COVID-19, volatilidad y perturbaciones en los mercados; por lo tanto, cualquier emergencia de este tipo que se produzca en el futuro podrá tener efectos negativos considerables e imposibles de predecir en la producción y la actividad económica, todo lo cual puede generar sustanciales pérdidas de inversión.
El brote de COVID-19 se ha convertido en una emergencia de salud pública a escala mundial, ha ejercido una considerable presión sobre los recursos sanitarios y ha causado un número muy elevado de infecciones, hospitalizaciones y fallecidos que no deja de aumentar. En su esfuerzo por contener la COVID-19, las autoridades locales, regionales y nacionales, así como las empresas privadas y otras organizaciones, han impuesto y continúan imponiendo medidas notablemente restrictivas, incluidas cuarentenas locales y regionales, restricciones de viajes (que incluyen el cierre de determinadas fronteras internacionales), prohibiciones de actividades públicas (incluidas órdenes de confinamiento en los hogares), y el cierre de una amplia variedad de oficinas, empresas, centros educativos y otros lugares públicos. Como consecuencia, la COVID-19 ha reducido y perturbado considerablemente la producción y la actividad económicas mundiales y ha contribuido tanto a la volatilidad como a una fuerte caída de los mercados financieros. Entre otras cosas, estos insólitos acontecimientos han causado: (i) reducciones sustanciales de la demanda de la mayoría de las categorías de consumidores y
empresas; (ii) trastornos (y, en algunos casos, paralización total) de los mercados de crédito y de capitales; (iii) perturbaciones operativas y de la mano de obra; (iv) ralentización o paralización total de determinadas cadenas de suministro y de la actividad manufacturera; y (v) dificultades e incertidumbre para empresas y hogares, con efectos especialmente notables en sectores dependientes de los viajes y la accesibilidad pública, como el transporte, la hostelería, el turismo, el comercio minorista, los deportes y el ocio.
Resulta imposible predecir el impacto que la COVID-19 (y la consiguiente caída en picado y perturbación de la actividad económica y comercial en muchas de las economías del mundo) tendrá finalmente sobre la economía global y sobre las operaciones, la salud financiera y los resultados de cualquier mercado, industria o empresa en particular. Sin embargo, ya se están observando efectos adversos y es posible que se produzcan más, incluidas crisis globales, regionales y locales (que pueden llegar a ser recesiones) de duración y gravedad indeterminadas. La magnitud de los efectos de la COVID-19 dependerá de muchos factores, como la duración y el alcance últimos de la emergencia de salud pública y de las medidas restrictivas adoptadas, así como la eficacia de otras intervenciones de las administraciones públicas, legislativas y de política económica y monetaria encaminadas a mitigar la crisis y atajar sus externalidades negativas, factores todos ellos que están evolucionando a gran velocidad y pueden tener resultados impredecibles.
La actual crisis de la COVID-19 y cualquier otra emergencia de salud pública podrían tener un efecto negativo considerable sobre las inversiones del Subfondo y provocar sustanciales pérdidas de la inversión. La magnitud del impacto en las operaciones empresariales y los resultados de los participantes en el mercado y las empresas en las que invierte el Subfondo depende y seguirá dependiendo de una gran variedad de factores, prácticamente todos ellos muy inciertos e impredecibles, y dicho impacto puede incluir o generar: (i) reducciones considerables de los ingresos y el crecimiento;
(ii) pérdidas de explotación inesperadas y deudas; (iii) deterioro de la calidad crediticia; y (iv) una menor disponibilidad de capital. Estos mismos factores pueden limitar la capacidad de los Subfondos y de la Gestora de inversiones para encontrar, investigar y ejecutar nuevas inversiones, así como para vender inversiones en el futuro; asimismo, las medidas de mitigación de las autoridades pueden limitar o alterar marcos financieros, jurídicos y regulatorios de maneras que resulten perjudiciales para las estrategias de inversión que los Subfondos pretenden aplicar, todo lo cual podría reducir notablemente la capacidad de los Subfondos para cumplir sus objetivos de inversión. También pueden reducir la capacidad de las empresas en las que los Subfondos invierten o de sus contrapartes para cumplir sus respectivas obligaciones en virtud de instrumentos de deuda y otros acuerdos comerciales (incluida su capacidad para pagar las obligaciones cuando venzan), lo que puede dar lugar a impagos con consecuencias difíciles de predecir o incluso a moras de los prestatarios de instrumentos de deuda en cartera de un cliente. Además, las operaciones de los mercados de valores y los participantes en los mercados también pueden verse gravemente afectadas, o incluso pueden quedar suspendidas temporalmente o de forma indefinida, como consecuencia de medidas de cuarentena dictadas por las administraciones, restricciones a los viajes y desplazamientos, la obligación de adoptar el teletrabajo y otros factores relacionados con una emergencia de salud pública, incluidos los posibles efectos adversos sobre la salud del personal de esas entidades. Estas medidas también pueden reducir la capacidad de esas entidades para llevar a cabo sus actividades con normalidad, por ejemplo al alterar los medios y métodos habituales de comunicación, dificultar la realización de labores administrativas como la tramitación de pagos y facturas y reducir su capacidad para realizar previsiones precisas y puntuales sobre sus resultados financieros. | #### General Risks Associated with Public Health Emergencies; Impact of the Coronavirus (COVID-19)
Pandemics and other local, national, and international public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 Flu, the Avian Flu, Ebola and the current novel coronavirus (“COVID-19”) pandemic, can result and, in the case of COVID-19 is resulting, in market volatility and disruption, and any such future emergencies may materially adversely impact economic production and activity in ways that cannot be predicted, all of which could result in substantial investment losses.
The COVID-19 outbreak has caused a worldwide public health emergency, straining healthcare resources and resulting in extensive and growing numbers of infections, hospitalizations and deaths. In an effort to contain COVID-19, local, regional, and national governments, as well as private businesses and other organizations, have imposed and continue to impose severely restrictive measures, including instituting local and regional quarantines, restricting travel (including closing certain international borders), prohibiting public activity (including “stay-at-home,” “shelter-in-place,” “safer at home,” and similar orders), and ordering the closure of a wide range of offices, businesses, schools, and other public venues. Consequently, COVID-19 has significantly diminished and disrupted global economic production and activity of all kinds and has contributed to both volatility and a severe decline in financial markets. Among other things, these unprecedented developments have resulted in: (i) material reductions in demand across most categories of consumers and businesses; (ii) dislocation (or, in some cases, a complete halt) in the credit and capital markets; (iii) labor force and operational disruptions;
(iv) slowing or complete idling of certain supply chains and manufacturing activity; and (v) strain and
uncertainty for businesses and households, with a particularly acute impact on industries dependent on travel and public accessibility, such as transportation, hospitality, tourism, retail, sports, and entertainment.
The ultimate impact of COVID-19 (and the resulting precipitous decline and disruption in economic and commercial activity across many of the world’s economies) on global economic conditions, and on the operations, financial condition, and performance of any particular market, industry or business, is impossible to predict. However, ongoing and potential additional materially adverse effects, including further global, regional and local economic downturns (including recessions) of indeterminate duration and severity, are possible. The extent of COVID-19’s impact will depend on many factors, including the ultimate duration and scope of the public health emergency and the restrictive countermeasures being undertaken, as well as the effectiveness of other governmental, legislative, and financial and monetary policy interventions designed to mitigate the crisis and address its negative externalities, all of which are evolving rapidly and may have unpredictable results.
The ongoing COVID-19 crisis and any other public health emergency could have a significant adverse impact on the Sub-Funds’ investments and result in significant investment losses. The extent of the impact on business operations and performance of market participants and the companies in which the Sub-Funds invest depends and will continue to depend on a multitude of factors, virtually all of which are highly uncertain and unpredictable, and this impact may include or lead to: (i) significant reductions in revenue and growth; (ii) unexpected operational losses and liabilities; (iii) impairments to credit quality; and (iv) reductions in the availability of capital. These same factors may limit the Sub-Funds’ and/or the Investment Manager’s ability to source, research, and execute new investments, as well as to sell investments in the future, and governmental mitigation actions may constrain or alter existing financial, legal, and regulatory frameworks in ways that are adverse to the investment strategies the Sub-Funds intend to pursue, all of which could materially diminish the Sub-Funds’ ability to fulfill their investment objectives. They may also impair the ability of the companies in which the Sub-Funds invest or their counterparties to perform their respective obligations under debt instruments and other commercial agreements (including their ability to pay obligations as they become due), potentially leading to defaults with uncertain consequences, including the potential for defaults by borrowers under
debt instruments held in a client’s portfolio. In addition, the operations of securities markets and market participant, may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, restrictions on travel and movement, remote-working requirements, and other factors related to a public health emergency, including the potential adverse impact on the health of any such entity’s personnel. These measures may also hinder such entities’ ability to conduct their affairs and activities as they normally would, including by impairing usual communication channels and methods, hampering the performance of administrative functions such as processing payments and invoices, and diminishing their ability to make accurate and timely projections of financial performance. | en | es |
DOLFIN7858 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Risk and return profile Chances Inherent risks
The fund’s investment objective is to generate attractive and competitive long-term capital growth. It is particularly suited to investors with an investment horizon of at least 5 years. The fund is exposed to the risks typical of equity investments.
low risk high risk | # Risiko- & Renditeprofil Chancen Risiken
Der Fonds hat zum Ziel, ein langfristig attraktives und kompetitives Kapitalwachstum zu erwirtschaften. Er eignet sich daher besonders für Investoren mit einem Anlage- horizont von mindestens fünf Jahren. Der Fonds weist die typischen Risiken auf, die sich aus Aktienanlagen ergeben.
Niedriges Risiko Höheres Risiko | # Risk and return profile Chances Inherent risks
The fund’s investment objective is to generate attractive and competitive long-term capital growth. It is particularly suited to investors with an investment horizon of at least 5 years. The fund is exposed to the risks typical of equity investments.
low risk high risk | en | de |
DOLFIN7859 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment through the Connect Schemes is conducted through brokers, and is subject to the risks of default by such brokers’ in their obligations.
The Fund’s investments through Northbound trading under the Connect Schemes are not covered by Hong Kong’s Investor Compensation Fund. Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorised financial institution in relation to exchange-traded products in Hong Kong.
Since default matters in the Northbound Trading Link via the Connect Schemes does not involve products listed or traded in SEHK or Hong Kong Futures Exchange Limited, they will not be covered by the Investor Compensation Fund.
On the other hand, since a Fund is carrying out Northbound trading through securities brokers in Hong Kong but not the PRC brokers, therefore not protected by the China Securities Investor Protection Fund. | ## Las inversiones a través de los Connect Schemes se realizan a través de intermediarios y están sujetas al riesgo de que dichos intermediarios no cumplan con sus obligaciones.
El Fondo de compensación de inversores de Hong Kong no cubre las inversiones del Fondo a través del acceso bursátil en sentido norte con los programas Connect Schemes. El Fondo de compensación de inversores de Hong Kong se creó para compensar a aquellos inversores que, independientemente de su nacionalidad, hayan sufrido pérdidas pecuniarias como resultado de un impago de un intermediario autorizado mediante licencia o de una entidad financiera autorizada, en relación con productos que se intercambien y negocien en Hong Kong.
Dado que los asuntos de incumplimiento del acceso bursátil Northbound Trading Link a través de los Connect Schemes no implican productos cotizados o negociados en la SEHK o en Hong Kong Futures Exchange Limited, no estarán cubiertos por el Fondo de compensación de inversores.
Por otra parte, dado que un Fondo está realizando negociaciones en sentido norte a través de intermediarios de valores de Hong Kong y no intermediarios de la RPC, el China Securities Investor Protection Fund no lo protege. | ## Investment through the Connect Schemes is conducted through brokers, and is subject to the risks of default by such brokers’ in their obligations.
The Fund’s investments through Northbound trading under the Connect Schemes are not covered by Hong Kong’s Investor Compensation Fund. Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorised financial institution in relation to exchange-traded products in Hong Kong.
Since default matters in the Northbound Trading Link via the Connect Schemes does not involve products listed or traded in SEHK or Hong Kong Futures Exchange Limited, they will not be covered by the Investor Compensation Fund.
On the other hand, since a Fund is carrying out Northbound trading through securities brokers in Hong Kong but not the PRC brokers, therefore not protected by the China Securities Investor Protection Fund. | en | es |
DOLFIN7860 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Investment of 10,000 GBP | If you cash in after 1 year | If you cash in after 5 years (RHP) |
| --- | --- | --- |
| Total costs | 98 GBP | 1,139 GBP |
| Cost impact* | 0.98% | 1.16% | | | Investissement de 10 000 GBP | Si vous en sortez après 1 an | Si vous en sortez après 5 ans (PDR) |
| --- | --- | --- |
| Coûts totaux | 98 GBP | 1 139 GBP |
| Incidence sur les coûts* | 0,98 % | 1,16 % | | | Investment of 10,000 GBP | If you cash in after 1 year | If you cash in after 5 years (RHP) |
| --- | --- | --- |
| Total costs | 98 GBP | 1,139 GBP |
| Cost impact* | 0.98% | 1.16% | | en | fr |
DOLFIN7861 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# RISQUES GÉNÉRAUX LIÉS AU FONDS
Risques généraux des fonds : à lire en complément des risques spécifiques au fonds ci-dessus. Risque lié aux actions : Les actions peuvent perdre rapidement de leur valeur pour diverses raisons et leurs cours sont susceptibles de rester bas indéfiniment. Le risque ESG et de durabilité : Le risque ESG et de durabilité peut se traduire par un impact négatif important sur la valeur d’un investissement et sur la performance du fonds. Risque de concentration géographique : Le risque de concentration géographique peut aboutir à ce que la performance soit davantage atfectée par un contexte social, politique, économique, environnemental ou de marché atfectant les pays ou régions dans lesquels les actifs du fonds sont concentrés. Risque de fonds d’investissement : Le fonds de placement présente certains risques auxquels un investisseur ne serait pas exposé s’il investissait directement sur les marchés. Risque de gestion : Le risque de gestion peut se traduire par de possibles conflits d'intérêts concernant les obligations du gestionnaire. Risque de marché : Le risque de marché est susceptible d’engendrer des pertes pour les fonds imputables à des changements inattendus pour un large éventail de facteurs. Risque opérationnel : Le risque opérationnel peut causer des pertes en conséquence d’incidents créés par des personnes, des systèmes et/ou des processus. | # RIESGOS GENERALES DEL FONDO
Riesgos generales del fondo: leer conjuntamente con los riesgos específicos mencionados anteriormente. Riesgo de renta variable: La renta variable puede perder valor rápidamente por diferentes razones y puede mantenerse a precios bajos indefinidamente. Riesgo ESG y de sostenibilidad: El riesgo ESG y de sostenibilidad puede generar un impacto negativo considerable sobre el valor de una inversión y la rentabilidad del fondo. Riesgo de concentración geográfica: El riesgo de concentración geográfica puede hacer que la rentabilidad se vea más afectada por las condiciones sociales, políticas, económicas, medioambientales o de mercado que inciden en los países o regiones en los que se concentran los activos del fondo. Riesgo de fondos de inversión: El fondo de inversión conlleva ciertos riesgos que el inversor no tendría que afrontar
si invirtiera directamente en los mercados. Riesgo de gestión: El riesgo de gestión puede deparar posibles conflictos de intereses relacionados con las obligaciones del gestor de inversiones. Riesgo de mercado: El riesgo de mercado puede hacer que el fondo sufra pérdidas provocadas por cambios imprevistos en diversos factores. Riesgo operativo: El riesgo operativo puede causar pérdidas a consecuencia de incidentes provocados por personas, sistemas y/o procesos. | # RISQUES GÉNÉRAUX LIÉS AU FONDS
Risques généraux des fonds : à lire en complément des risques spécifiques au fonds ci-dessus. Risque lié aux actions : Les actions peuvent perdre rapidement de leur valeur pour diverses raisons et leurs cours sont susceptibles de rester bas indéfiniment. Le risque ESG et de durabilité : Le risque ESG et de durabilité peut se traduire par un impact négatif important sur la valeur d’un investissement et sur la performance du fonds. Risque de concentration géographique : Le risque de concentration géographique peut aboutir à ce que la performance soit davantage atfectée par un contexte social, politique, économique, environnemental ou de marché atfectant les pays ou régions dans lesquels les actifs du fonds sont concentrés. Risque de fonds d’investissement : Le fonds de placement présente certains risques auxquels un investisseur ne serait pas exposé s’il investissait directement sur les marchés. Risque de gestion : Le risque de gestion peut se traduire par de possibles conflits d'intérêts concernant les obligations du gestionnaire. Risque de marché : Le risque de marché est susceptible d’engendrer des pertes pour les fonds imputables à des changements inattendus pour un large éventail de facteurs. Risque opérationnel : Le risque opérationnel peut causer des pertes en conséquence d’incidents créés par des personnes, des systèmes et/ou des processus. | fr | es |
DOLFIN7862 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Fund was launched on 03 March 2011.
-2.4
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-30%
2012
2013
2014
2015
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2018
2019
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2021 | ## El Fondo se lanzó el 03 marzo 2011.
-2.4
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2012
2013
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2015
2016
2017
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2021 | ## The Fund was launched on 03 March 2011.
-2.4
-1.9
-30%
2012
2013
2014
2015
2016
2017
2018
2019
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2021 | en | es |
DOLFIN7863 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Applications for the redemptions and conversion of Shares may be sent to Citibank Europe plc, Luxembourg Branch, 31, Z.A. Bourmicht, L-8070 Bertrange, Grand Duchy of Luxembourg (the “Administrator”).
All payments to investors, including redemption proceeds and potential distributions, may, upon request, be paid through the Administrator.
Any notices to Shareholders will be sent via letters. Additionally, in the following cases a publication on www.jupiteram.com will be made:
- suspension of the redemption of the Shares;
- termination of the investment management agreement or its winding-up;
- amendments to the Articles which are inconsistent with existing investment principles, affect material investor rights, or relate to remuneration or reimbursement of expenses that may be taken out of the Company’s assets;
- the merger of the Company in the form of information on the proposed merger which must be drawn up in accordance with Article 43 of UCITS Directive; and
- the conversion of the Company into a feeder fund or any change to a master fund in the form of information which must be drawn up in accordance with Article 64 of UCITS Directive. | Anträge auf Rücknahme und Umwandlung von Anteilen können an die Citibank Europe plc, Luxembourg Branch, 31, Z.A. Bourmicht, L-8070 Bertrange, Großherzogtum Luxemburg (der „Verwaltungsstelle“) gerichtet werden.
Alle Zahlungen an Anleger, einschließlich Rücknahmeerlöse und potenzieller Ausschüttungen, können auf Anfrage über die Verwaltungsstelle gezahlt werden.
Sämtliche Mitteilungen an die Anteilinhaber erfolgen in Briefform. In folgenden Fällen erfolgt außerdem eine Anzeige auf www.jupiteram.com:
- Aussetzung der Rücknahme der Anteile der Gesellschaft;
- Beendigung des Anlageverwaltungsvertrags oder dessen Auflösung;
- Änderungen an der Satzung der Gesellschaft, die bestehenden Anlagegrundsätzen widersprechen, wesentliche Anlegerrechte betreffen oder mit der Vergütung oder der Rückerstattung von Auslagen aus dem Vermögen der Gesellschaft zusammenhängen;
- Verschmelzung der Gesellschaft in der Form von Informationen über die vorgeschlagene Verschmelzung, die gemäß Artikel 43 der OGAW-Richtlinie übermittelt werden müssen; und
- Umwandlung der Gesellschaft in einen Feeder-Fonds oder Änderungen an einem Master-Fonds in der Form von Informationen, die gemäß Artikel 64 der OGAW-Richtlinie übermittelt werden müssen. | Applications for the redemptions and conversion of Shares may be sent to Citibank Europe plc, Luxembourg Branch, 31, Z.A. Bourmicht, L-8070 Bertrange, Grand Duchy of Luxembourg (the “Administrator”).
All payments to investors, including redemption proceeds and potential distributions, may, upon request, be paid through the Administrator.
Any notices to Shareholders will be sent via letters. Additionally, in the following cases a publication on www.jupiteram.com will be made:
- suspension of the redemption of the Shares;
- termination of the investment management agreement or its winding-up;
- amendments to the Articles which are inconsistent with existing investment principles, affect material investor rights, or relate to remuneration or reimbursement of expenses that may be taken out of the Company’s assets;
- the merger of the Company in the form of information on the proposed merger which must be drawn up in accordance with Article 43 of UCITS Directive; and
- the conversion of the Company into a feeder fund or any change to a master fund in the form of information which must be drawn up in accordance with Article 64 of UCITS Directive. | en | de |
DOLFIN7864 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### RISQUE DE LIQUIDITÉ
Le risque de liquidité désigne le risque que la Société ne puisse pas générer suffisamment de liquidités pour régler l’intégralité de ses obligations à leur échéance ou qu’elle ne puisse le faire qu’en des termes particulièrement désavantageux.
La Société est exposée au règlement quotidien d’appels de marge sur des instruments dérivés et aux rachats quotidiens en numéraire d’actions de participation rachetables. C’est pourquoi chaque Compartiment investit la majeure partie de ses actifs dans des investissements négociés sur un marché actif et qui peuvent aisément être cédés ; il n’investit qu’une proportion limitée de ses actifs dans des investissements qui ne sont pas négociés activement sur une Bourse de valeurs. Les titres cotés de chaque Compartiment sont considérés comme aisément réalisables puisqu’ils sont cotés sur un marché réglementé.
Les Gestionnaires de portefeuille utilisent des instruments dérivés et des titres de créance, s’ils l’estiment approprié, tels que les contrats à terme standardisés sur indices négociés en Bourse, pour générer une exposition aux marchés tout en conservant une liquidité suffisante.
Lorsqu’un Compartiment achète des titres sur les marchés de gré à gré, rien ne garantit qu’il sera en mesure de réaliser la juste valeur de ces titres en raison de leur tendance à avoir une liquidité limitée et une volatilité des prix comparativement élevée.
La Société a la capacité d’emprunter à court terme pour assurer le règlement de ses opérations. Une facilité de découvert est en place et a été utilisée à des fins de liquidité des règlements. Le Dépositaire sera habilité à utiliser les liquidités disponibles sur le compte numéraire du Compartiment et à liquider les titres détenus sur le compte-titres du Compartiment selon les besoins pour respecter les obligations de ce dernier relatives à toute facilité de découvert et/ ou montants impayés.
Les actifs et passifs financiers de la Société sont détenus à des fins de négociation et sont acquis principalement aux fins d’une vente à court terme. Étant donné qu’il n’est pas prévu de conserver ces titres jusqu’à leur échéance ou clôture, la valeur de marché actuelle représente le flux de trésorerie estimé qui peut être requis pour revendre ces titres. Les flux de trésorerie futurs des Compartiments et les passifs réalisés peuvent s’écarter des passifs actuels selon l’évolution des conditions de marché.
Les actions rachetables sont rachetées sur demande du détenteur. Les Administrateurs n’envisagent toutefois pas que l’échéance contractuelle soit représentative des sorties de trésorerie réelles, puisque ces instruments sont généralement conservés de moyen à long terme.
Afin de gérer l’ensemble des liquidités de la Société et pour faciliter une vente rationnelle des titres, les Administrateurs ont la faculté de refuser, à une quelconque date d’évaluation, de racheter toutes actions au-delà d’un dixième du nombre d’actions en circulation d’un Compartiment en vertu des dispositions du prospectus. | ##### RIESGO DE LIQUIDEZ
El riesgo de liquidez es el riesgo de que la Sociedad no sea capaz de generar suficientes recursos de capital para atender la totalidad de sus obligaciones al vencimiento, o solamente pueda hacerlo en condiciones sustancialmente desfavorables.
La Sociedad está expuesta a la liquidación diaria de los márgenes de garantía de instrumentos derivados y a los reembolsos de efectivo diarios de acciones participativas reembolsables. Por tanto, cada Fondo destina la mayoría de sus activos a inversiones negociadas en un mercado activo y pueden venderse fácilmente; solamente invierte una parte limitada de sus activos en inversiones no negociadas activamente en un mercado cotizado. Los valores cotizados de cada Fondo se consideran fácilmente materializables, ya que cotizan en una bolsa de valores regulada.
Las Gestoras de inversiones utilizan instrumentos derivados y valores de deuda, en su caso, como contratos de futuros sobre índices cotizados en bolsa para obtener exposición a los mercados, al tiempo que mantienen una liquidez suficiente.
Cuando un Fondo adquiere valores en mercados extrabursátiles, no es seguro que pueda realizar el valor razonable de dichos valores, debido a la tendencia de estos mercados a una liquidez limitada y a una volatilidad de precios comparativamente alta.
La Sociedad está facultada para endeudarse a corto plazo para garantizar la liquidación. Existe una facilidad de descubierto disponible que se ha utilizado con fines de liquidez para el pago. El Depositario tendrá derecho a utilizar el efectivo disponible en la cuenta del Fondo y a liquidar valores de la cuenta, según sea necesario para cumplir con las obligaciones del Fondo en relación con la disponibilidad de una facilidad de descubierto del Fondo y / o cantidades no pagadas.
Los activos y pasivos financieros de la Sociedad se mantienen para su negociación y se adquieren principalmente con el propósito de venderse en el corto plazo. Dado que no se espera mantener estos valores hasta el vencimiento o terminación, el valor de mercado actual representa el flujo de efectivo estimado que podría ser necesario para enajenar los valores. Los flujos de efectivo futuros de los Fondos y los pasivos materializados pueden diferir de los pasivos actuales dependiendo de los cambios en las condiciones del mercado.
Las acciones reembolsables se reembolsan a solicitud de los titulares. No obstante, los Consejeros no prevén que el vencimiento contractual sea representativo de las salidas de efectivo reales, ya que los titulares de estos instrumentos los retienen de medio a largo plazo.
Con el fin de gestionar la liquidez global de la Sociedad y facilitar una enajenación ordenada de los valores, el Consejo de administración puede rechazar la recompra de acciones que superen una décima parte de las acciones emitidas de un Fondo en cualquier día de valoración, según lo dispuesto en el folleto. | ##### RISQUE DE LIQUIDITÉ
Le risque de liquidité désigne le risque que la Société ne puisse pas générer suffisamment de liquidités pour régler l’intégralité de ses obligations à leur échéance ou qu’elle ne puisse le faire qu’en des termes particulièrement désavantageux.
La Société est exposée au règlement quotidien d’appels de marge sur des instruments dérivés et aux rachats quotidiens en numéraire d’actions de participation rachetables. C’est pourquoi chaque Compartiment investit la majeure partie de ses actifs dans des investissements négociés sur un marché actif et qui peuvent aisément être cédés ; il n’investit qu’une proportion limitée de ses actifs dans des investissements qui ne sont pas négociés activement sur une Bourse de valeurs. Les titres cotés de chaque Compartiment sont considérés comme aisément réalisables puisqu’ils sont cotés sur un marché réglementé.
Les Gestionnaires de portefeuille utilisent des instruments dérivés et des titres de créance, s’ils l’estiment approprié, tels que les contrats à terme standardisés sur indices négociés en Bourse, pour générer une exposition aux marchés tout en conservant une liquidité suffisante.
Lorsqu’un Compartiment achète des titres sur les marchés de gré à gré, rien ne garantit qu’il sera en mesure de réaliser la juste valeur de ces titres en raison de leur tendance à avoir une liquidité limitée et une volatilité des prix comparativement élevée.
La Société a la capacité d’emprunter à court terme pour assurer le règlement de ses opérations. Une facilité de découvert est en place et a été utilisée à des fins de liquidité des règlements. Le Dépositaire sera habilité à utiliser les liquidités disponibles sur le compte numéraire du Compartiment et à liquider les titres détenus sur le compte-titres du Compartiment selon les besoins pour respecter les obligations de ce dernier relatives à toute facilité de découvert et/ ou montants impayés.
Les actifs et passifs financiers de la Société sont détenus à des fins de négociation et sont acquis principalement aux fins d’une vente à court terme. Étant donné qu’il n’est pas prévu de conserver ces titres jusqu’à leur échéance ou clôture, la valeur de marché actuelle représente le flux de trésorerie estimé qui peut être requis pour revendre ces titres. Les flux de trésorerie futurs des Compartiments et les passifs réalisés peuvent s’écarter des passifs actuels selon l’évolution des conditions de marché.
Les actions rachetables sont rachetées sur demande du détenteur. Les Administrateurs n’envisagent toutefois pas que l’échéance contractuelle soit représentative des sorties de trésorerie réelles, puisque ces instruments sont généralement conservés de moyen à long terme.
Afin de gérer l’ensemble des liquidités de la Société et pour faciliter une vente rationnelle des titres, les Administrateurs ont la faculté de refuser, à une quelconque date d’évaluation, de racheter toutes actions au-delà d’un dixième du nombre d’actions en circulation d’un Compartiment en vertu des dispositions du prospectus. | fr | es |
DOLFIN7865 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Les informations fournies ci-après ne sont pas exhaustives et elles ne constituent aucunement un conseil juridique ou fiscal. Il est conseillé aux investisseurs intéressés de consulter leurs propres conseillers financiers à propos des implications qu’entraîneraient pour eux la souscription, la détention, l’échange ou la cession d’Actions en fonction de la législation fiscale à laquelle ils sont soumis.
Les paragraphes ci-dessous résument certains aspects de la réglementation fiscale irlandaise ainsi que la pratique appliquée aux transactions envisagées dans le présent Prospectus. Ces dispositions reposent sur la loi et sur la pratique, ainsi que sur l’interprétation officielle actuellement en vigueur, soit autant de facteurs susceptibles d’évoluer.
Les éventuels dividendes, intérêts et plus-values qu’un Fonds pourrait percevoir en relation avec ses Placements (autres que des valeurs mobilières d’émetteurs irlandais) peuvent être soumis à des impôts, y compris à la source, dans les pays d’origine de l’émetteur de ces Placements. Il est supposé que la Société ne pourra pas bénéficier des taux d’imposition à la source réduits dans le cadre de conventions fiscales entre l’Irlande et les pays concernés.
Si cette position évolue à l’avenir et que l’application d’un taux d’imposition moins élevé se traduit par un remboursement à la Société, la Valeur d’inventaire nette ne sera pas réévaluée et le bénéfice de l’opération sera alloué proportionnellement aux Actionnaires existants au moment du remboursement.
Les Actionnaires qui ne sont pas des résidents irlandais peuvent être imposés conformément aux lois en vigueur dans leur État. Le présent Prospectus ne fournit aucune déclaration au sujet de ces États. Il est recommandé aux investisseurs de prendre l’avis de leurs conseillers fiscaux concernant les incidences fiscales de l’acquisition, de la détention, du transfert et du rachat d’Actions. | ### La información facilitada no es exhaustiva y no constituye un asesoramiento legal ni fiscal. Los futuros inversores deberían consultar con sus propios asesores profesionales para conocer las implicaciones de la suscripción, compra, tenencia, canje o enajenación por su parte de Acciones al amparo de la legislación de cualquier jurisdicción en la que puedan estar sujetos a tributación.
A continuación, se presenta un breve resumen de determinados aspectos de la legislación y práctica tributaria irlandesa en lo que respecta a las operaciones contempladas en el presente Folleto. Se basa en la legislación y prácticas, así como en la interpretación oficial en vigor, que podrán estar sujetas a cambios.
Los dividendos, intereses y plusvalías (en su caso) que reciba cualquiera de los Fondos con respecto a sus Inversiones (salvo por los valores de emisores irlandeses) podrán estar sujetos a impuestos, incluidas retenciones, en los países en los que se encuentren los emisores de las Inversiones. Es previsible que la Sociedad no pueda beneficiarse de los tipos de retención reducidos que contemplan los convenios para evitar la doble imposición suscritos entre Irlanda y esos países.
Si esta posición cambiara en el futuro y la aplicación de un tipo impositivo menor diera lugar a una devolución a la Sociedad, no se recalcularía el Valor Liquidativo y el beneficio se distribuiría proporcionalmente entre los Accionistas existentes en el momento de devolución.
Los Accionistas que no sean residentes en Irlanda podrán ser sometidos a tributación de conformidad con la legislación de otras jurisdicciones. En el presente Folleto no se realiza ninguna manifestación en relación con dichas jurisdicciones. Antes de invertir en la Sociedad, los inversores deben consultar con sus asesores fiscales las implicaciones de la adquisición, tenencia, transmisión y reembolso de Acciones. | ### Les informations fournies ci-après ne sont pas exhaustives et elles ne constituent aucunement un conseil juridique ou fiscal. Il est conseillé aux investisseurs intéressés de consulter leurs propres conseillers financiers à propos des implications qu’entraîneraient pour eux la souscription, la détention, l’échange ou la cession d’Actions en fonction de la législation fiscale à laquelle ils sont soumis.
Les paragraphes ci-dessous résument certains aspects de la réglementation fiscale irlandaise ainsi que la pratique appliquée aux transactions envisagées dans le présent Prospectus. Ces dispositions reposent sur la loi et sur la pratique, ainsi que sur l’interprétation officielle actuellement en vigueur, soit autant de facteurs susceptibles d’évoluer.
Les éventuels dividendes, intérêts et plus-values qu’un Fonds pourrait percevoir en relation avec ses Placements (autres que des valeurs mobilières d’émetteurs irlandais) peuvent être soumis à des impôts, y compris à la source, dans les pays d’origine de l’émetteur de ces Placements. Il est supposé que la Société ne pourra pas bénéficier des taux d’imposition à la source réduits dans le cadre de conventions fiscales entre l’Irlande et les pays concernés.
Si cette position évolue à l’avenir et que l’application d’un taux d’imposition moins élevé se traduit par un remboursement à la Société, la Valeur d’inventaire nette ne sera pas réévaluée et le bénéfice de l’opération sera alloué proportionnellement aux Actionnaires existants au moment du remboursement.
Les Actionnaires qui ne sont pas des résidents irlandais peuvent être imposés conformément aux lois en vigueur dans leur État. Le présent Prospectus ne fournit aucune déclaration au sujet de ces États. Il est recommandé aux investisseurs de prendre l’avis de leurs conseillers fiscaux concernant les incidences fiscales de l’acquisition, de la détention, du transfert et du rachat d’Actions. | fr | es |
DOLFIN7866 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Risques potentiels
Le profil de risque et de rendement ne reflète pas les risques auxquels le fonds pourrait être exposé à l’avenir en cas de développements sans rapport avec ce que le fonds a pu connaître dans un passé récent. Cela comprend notamment les risques suivants, rares mais susceptibles d’avoir un impact important.
- Risque de crédit: les émetteurs des actifs détenus par le Fonds peuvent ne pas verser de revenus ou ne pas rembourser le capital à l’échéance. D’une manière générale, les investissements du Fonds comportent un faible risque de crédit.
- Risque de liquidité: les actifs ne peuvent pas nécessairement être vendus à un coût limité dans un laps de temps suffisamment court. Cependant, les investissements du Fonds devraient présenter une bonne liquidité d’une manière générale.
- Risque de contrepartie: la faillite ou l’insolvabilité des contreparties du Fonds peut entraîner un défaut de paiement ou de livraison. Le Compartiment s’efforcera d’atténuer ce risque au moyen de garanties financières reçues à titre de cautionnement.
- Risque opérationnel: des processus inadéquats, des erreurs techniques et des événements catastrophiques peuvent être à l’origine de pertes.
- Risques politiques et juridiques: les placements sont exposés aux changements de normes et de lois du pays où ils sont effectués. Cela comprend les restrictions sur la convertibilité des monnaies, le prélèvement d’impôts et la réalisation de contrôles sur les transactions, les limites des droits de propriété, ainsi que d’autres risques juridiques.
- Risques en matière de durabilité: Les risques en matière de durabilité sont des conditions ou des événements environnementaux, sociaux ou de gouvernance qui peuvent avoir un impact négatif important sur le rendement, compte tenu du secteur, de la branche et de l’exposition de la société.
Les objectifs de placement, les risques, les frais et dépenses du produit, ainsi que des informations plus exhaustives sur celui-ci, sont fournis dans le prospectus (ou dans le document de l’offre), qui doit être lu avec attention avant tout investissement. | # Riesgos potenciales
El perfil de riesgo y remuneración del fondo no refleja el riesgo inherente en situaciones futuras que difieren de lo que el fondo ha experimentado en el pasado más reciente. Esto incluye los siguientes eventos, que son poco frecuentes pero pueden tener un gran impacto.
- Riesgo de crédito: los emisores de activos mantenidos por el fondo podrían no pagar ingresos ni reembolsar el capital al vencimiento. Las inversiones del fondo generalmente tienen un bajo riesgo de crédito.
- Riesgo de liquidez: los activos no pueden venderse necesariamente a un coste limitado en un plazo adecuadamente breve. Sin embargo, las inversiones de este fondo por lo general deberían tener una buena liquidez.
- Riesgo de contraparte: la quiebra o insolvencia de las contrapartes de los derivados del fondo puede dar lugar al incumplimiento de pago o entrega. El subfondo tratará de mitigar este riesgo mediante la recepción de garantías financieras en forma de garantías bancarias.
- Riesgo operativo: los procesos deficientes, fallos técnicos o eventos catastróficos pueden causar pérdidas.
- Riesgos políticos y legales: las inversiones están expuestas a cambios de las reglas y normas aplicadas por un país determinado. Esto incluye las restricciones de convertibilidad monetaria, la imposición de impuestos o controles sobre las transacciones, las limitaciones de los derechos de propiedad u otros riesgos legales.
- Riesgos de sostenibilidad: Los riesgos de sostenibilidad son acontecimientos o situaciones de carácter medioambiental, social o de gobernanza que, de producirse, podrían tener un impacto negativo considerable en el rendimiento, dependiendo del sector, la industria o la exposición a la empresa en cuestión.
Los objetivos, riesgos, comisiones y gastos de inversión del producto, así como información pormenorizada acerca del mismo, se pueden consultar en el folleto (o en el documento de oferta pertinente), que debe leerse detenidamente antes de invertir. | # Risques potentiels
Le profil de risque et de rendement ne reflète pas les risques auxquels le fonds pourrait être exposé à l’avenir en cas de développements sans rapport avec ce que le fonds a pu connaître dans un passé récent. Cela comprend notamment les risques suivants, rares mais susceptibles d’avoir un impact important.
- Risque de crédit: les émetteurs des actifs détenus par le Fonds peuvent ne pas verser de revenus ou ne pas rembourser le capital à l’échéance. D’une manière générale, les investissements du Fonds comportent un faible risque de crédit.
- Risque de liquidité: les actifs ne peuvent pas nécessairement être vendus à un coût limité dans un laps de temps suffisamment court. Cependant, les investissements du Fonds devraient présenter une bonne liquidité d’une manière générale.
- Risque de contrepartie: la faillite ou l’insolvabilité des contreparties du Fonds peut entraîner un défaut de paiement ou de livraison. Le Compartiment s’efforcera d’atténuer ce risque au moyen de garanties financières reçues à titre de cautionnement.
- Risque opérationnel: des processus inadéquats, des erreurs techniques et des événements catastrophiques peuvent être à l’origine de pertes.
- Risques politiques et juridiques: les placements sont exposés aux changements de normes et de lois du pays où ils sont effectués. Cela comprend les restrictions sur la convertibilité des monnaies, le prélèvement d’impôts et la réalisation de contrôles sur les transactions, les limites des droits de propriété, ainsi que d’autres risques juridiques.
- Risques en matière de durabilité: Les risques en matière de durabilité sont des conditions ou des événements environnementaux, sociaux ou de gouvernance qui peuvent avoir un impact négatif important sur le rendement, compte tenu du secteur, de la branche et de l’exposition de la société.
Les objectifs de placement, les risques, les frais et dépenses du produit, ainsi que des informations plus exhaustives sur celui-ci, sont fournis dans le prospectus (ou dans le document de l’offre), qui doit être lu avec attention avant tout investissement. | fr | es |
DOLFIN7867 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Your money will be invested in financial instruments selected by the Management Company. These instruments are subject to the market’s movements and fluctuations.
The risks identified by the Management Company and presented below are not exhaustive. Investors are responsible for forming their own opinion independently from that of the Management Company, assessing the risk of any investments they make, with the assistance of a financial investment adviser where applicable, and for ensuring that the investment envisaged is suited to their financial situation and ability to assume financial risks.
The Management Team currently does not consider sustainability risks or adverse effects of investment decisions on sustainability factors in the investment decision making process, as they are not part of the strategy for the Fund. However, the Management Company considers minimum sustainability safeguards across its funds through its own coal exclusion policy and through the exclusion of companies that do not respect the Principles of the United Nations Global Compact.
The Management Company has signed the United Nations Principles for Responsible Investment (PRI) and also the CDP (previously named Carbon Disclosure Project). Finally, the Management Company exercises the voting rights when equities are held by the Fund. Information relating to the Management Company’s policies can be found at “am.oddo-bhf.com”. | ###### Votre argent sera investi dans des instruments financiers sélectionnés par la Société de Gestion. Ces instruments connaîtront les évolutions et aléas des marchés.
Les risques identifiés par la Société de Gestion et présentés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur de se faire sa propre opinion indépendant de celle de la Société de Gestion, d’analyser le risque de tout investissement qu’il effectue avec le cas échéant l’aide d’un conseiller en investissement financier et de bien vérifier que l’investissement envisagé est en adéquation avec sa situation financière et sa capacité à prendre des risques financiers.
L'équipe de gestion ne tient actuellement pas compte des risques de durabilité ou des incidences négatives en matière de durabilité dans le processus de décision d'investissement, car ils ne font pas partie de la stratégie du Fonds. Toutefois, la Société de gestion envisage des garanties minimales en matière de durabilité pour l'ensemble de ses fonds par le biais de sa propre politique d'exclusion du charbon et par l'exclusion des entreprises qui ne respectent pas les principes du Pacte mondial des Nations unies. La Société de gestion a signé les Principes pour l'investissement responsable (PRI) des Nations unies ainsi que le CDP (précédemment appelé Carbon Disclosure Project). Enfin, la Société de gestion exerce les droits de vote lorsque des actions sont détenues par le Fonds. Les informations relatives aux politiques de la Société de gestion sont disponibles sur le site "am.oddo-bhf.com". | ###### Your money will be invested in financial instruments selected by the Management Company. These instruments are subject to the market’s movements and fluctuations.
The risks identified by the Management Company and presented below are not exhaustive. Investors are responsible for forming their own opinion independently from that of the Management Company, assessing the risk of any investments they make, with the assistance of a financial investment adviser where applicable, and for ensuring that the investment envisaged is suited to their financial situation and ability to assume financial risks.
The Management Team currently does not consider sustainability risks or adverse effects of investment decisions on sustainability factors in the investment decision making process, as they are not part of the strategy for the Fund. However, the Management Company considers minimum sustainability safeguards across its funds through its own coal exclusion policy and through the exclusion of companies that do not respect the Principles of the United Nations Global Compact.
The Management Company has signed the United Nations Principles for Responsible Investment (PRI) and also the CDP (previously named Carbon Disclosure Project). Finally, the Management Company exercises the voting rights when equities are held by the Fund. Information relating to the Management Company’s policies can be found at “am.oddo-bhf.com”. | en | fr |
DOLFIN7868 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# ACCOUNTS
- The Directors shall cause to be kept such books of account as are necessary in relation to the conduct of its business or as are required by the Act and the Regulations so as to enable the accounts of the Company to be prepared.
- The books of account shall be kept at the registered office, or at such other place or places as the Directors shall think fit, and shall at all times be open to the inspection of the Directors, but no person, other than a Director, the Auditors, or the Central Bank shall be entitled to inspect the books, accounts, documents or writings of the Company, except on ten days’ notice to the Company and as provided by the Act or the Regulations or authorised by the Directors or by the Company in general meeting.
- Statutory financial statements of the Company, including every document required by law to be annexed thereto, shall be made out as at the end of each financial year of the Company as determined by the Directors from time to time and shall be audited by the Auditors and laid before the Company at its annual general meeting in each year, and such statutory financial statements shall contain a general summary of the assets and liabilities of the Company. The statutory financial statements shall be accompanied by a report of the Directors as to the state and condition of the Company, and the amount (if any) which they have carried or propose to carry to reserve, together with a profit and loss account. The statutory financial statements of the Company and the report of the Directors shall be signed on behalf of the Directors by at least two of the Directors. An Auditors’ report shall be attached to the statutory financial statements of the Company. The Auditors’ report shall be read at the annual general meeting.
- Once at least in every year the Directors shall cause to be prepared an Annual Report relating to the management of the Company. The Annual Report shall include the statutory financial statements duly audited by the Auditors and the Directors’ Report53and the Auditors’ Report as provided for in Article 30(c) and shall be in a form approved by the Central Bank and shall contain such information required by the Regulations. There shall be attached to such Annual Report such additional information and reports as the Central Bank may specify.
- A copy of the Annual Report including the statutory financial statements (including every document required by law to be annexed thereto) which is to be laid before the annual general meeting of the Company together with a copy of the Directors’ report and the Auditors’ report shall be sent by the Company or otherwise made available to every person entitled under the Act and the Regulations to receive them and if any of the shares are quoted on any stock exchange, the required number of copies of these documents shall be forwarded at the same time to such stock exchange in all cases not less than twenty one Clear Days before the date of the annual general meeting.
- The Auditors’ certificate appended to the Annual Report and statement referred to herein shall declare that the accounts or statement attached respectively thereto (as the case may be) have been examined together with the books and records of the Company in relation thereto and that the Auditors have obtained all the information and explanations they have required and the Auditors shall report whether the accounts are in their opinion properly drawn up in accordance with such books and records and present a true and fair view of the state of affairs of the Company, and whether the accounts are in their opinion properly drawn up in accordance with the provisions hereof.
- The Company shall prepare an unaudited half-yearly report for the six months immediately succeeding the date of the last Annual Report of the Company. Such half-yearly report shall be in a form approved by the Central Bank and shall contain such information required by it.
- A copy of the said half-yearly report shall be sent by the Company or otherwise made available to every person entitled under the Act and the Regulations to receive it not later than two months from the end of the period to which it relates.
- | # CUENTAS
- Los Consejeros harán que se conserven los libros de contabilidad necesarios en relación con la conducta de su empresa o tal y como lo requiera la Ley y el Reglamento para permitir la preparación de la contabilidad de la Sociedad.
- Los libros de contabilidad deberán guardarse en el domicilio social, o en otro lugar que los Consejeros consideren oportuno, y en todo momento deberán estar disponibles para la inspección por parte de los Consejeros, pero ninguna persona, a excepto de los Consejeros, los Auditores o el Banco central tendrá derecho a inspeccionar los libros, contabilidad, documentos o escrituras de la Sociedad, excepto enviando un aviso de 10 días a la Sociedad y siempre que así lo estipule la Ley o el Reglamento o siempre que lo autoricen los Consejeros o la Sociedad en junta general.
- Unos extractos financieros estatutarios de la Sociedad, incluido cualquier documento que la ley exija que se adjunte, deberán presentarse al final de cada ejercicio financiero de la Sociedad tal y como determinen los Consejeros y deberán auditarse por los Auditores y exponerse ante la Sociedad en su junta general anual, y dichos extractos financieros estatutarios deberán contener un resumen general de los activos y pasivos de la Sociedad. Los extractos financieros estatutarios deberán ir acompañados de un informe de los Consejeros indicando el estado de la Sociedad y la cantidad (de haberla) que han soportado o proponen para reservar, junto con las cuentas de beneficios y pérdidas. Los extractos financieros estatutarios de la Sociedad y el informe de los Consejeros deberán firmarse en nombre de los Consejeros por al menos dos de ellos. Se deberá adjuntar un informe de los Auditores a los extractos financieros estatutarios de la Sociedad. El informe de los Auditores deberá leerse en la junta general anual.
- Una vez al menos cada año, los Consejeros deberán hacer que se prepare un Informe Anual sobre la gestión de la Sociedad. El Informe Anual deberá incluir los extractos financieros estatutarios debidamente auditados por los Auditores y el Informe de los Directores y Auditores tal y como se dispone en el Artículo 30(c) y deberá realizarse del modo que apruebe el Banco Central y deberá contener la información requerida por el Reglamento. Se deberá adjuntar a dicho Informe Anual cualquier información adicional e informe que requiera el Banco Central.
- La Sociedad deberá enviar una copia del Informe Anual incluidos los extractos financieros estatutarios (incluidos todos los documentos requeridos por la ley) que deberán presentarse en la junta general anual de la Sociedad junto con una copia del informe de los Consejeros y el de los Auditores o deberán estar disponibles para cualquier persona con derecho recibirlos con arreglo a la Ley y las Regulaciones y si cualquiera de las acciones cotizan en alguna bolsa, el número requerido de copias de estos documentos deberá ser enviado a la vez a dicha bolsa en todos los casos no menos de 20 Días Netos antes de la fecha de la junta general anual.
- El certificado de los Auditores adjunto al Informe Anual y a los extractos aquí mencionados deberá declarar que la contabilidad o extractos adjuntos respectivamente (del modo que proceda) han sido examinados junto con los libros y registros de la Sociedad y que los Auditores han obtenido toda la información y explicaciones que han requerido y estos deberán informar si las cuentas son en su opinión correctas con arreglo a dichos libros y registros y presentar una opinión justa y verdadera sobre la situación de la Sociedad, y si las cuentas se presentan según su opinión con arreglo a estas disposiciones.
- La Sociedad deberá preparar un informe semestral sin auditar para los seis meses inmediatamente posteriores a la fecha del último Informe Anual de la Sociedad. Dicho informe semestral debe cumplir con la forma aprobada por el Banco Central y contener la información necesaria según dicho banco.
- La Sociedad deberá enviar una copia de dicho informe semestral o deberá dar acceso a dicho informe a cualquier persona con derecho, según la Ley y el Reglamento, a recibir dicho informe antes de dos meses desde el final del periodo al que haga referencia.
- | # ACCOUNTS
- The Directors shall cause to be kept such books of account as are necessary in relation to the conduct of its business or as are required by the Act and the Regulations so as to enable the accounts of the Company to be prepared.
- The books of account shall be kept at the registered office, or at such other place or places as the Directors shall think fit, and shall at all times be open to the inspection of the Directors, but no person, other than a Director, the Auditors, or the Central Bank shall be entitled to inspect the books, accounts, documents or writings of the Company, except on ten days’ notice to the Company and as provided by the Act or the Regulations or authorised by the Directors or by the Company in general meeting.
- Statutory financial statements of the Company, including every document required by law to be annexed thereto, shall be made out as at the end of each financial year of the Company as determined by the Directors from time to time and shall be audited by the Auditors and laid before the Company at its annual general meeting in each year, and such statutory financial statements shall contain a general summary of the assets and liabilities of the Company. The statutory financial statements shall be accompanied by a report of the Directors as to the state and condition of the Company, and the amount (if any) which they have carried or propose to carry to reserve, together with a profit and loss account. The statutory financial statements of the Company and the report of the Directors shall be signed on behalf of the Directors by at least two of the Directors. An Auditors’ report shall be attached to the statutory financial statements of the Company. The Auditors’ report shall be read at the annual general meeting.
- Once at least in every year the Directors shall cause to be prepared an Annual Report relating to the management of the Company. The Annual Report shall include the statutory financial statements duly audited by the Auditors and the Directors’ Report53and the Auditors’ Report as provided for in Article 30(c) and shall be in a form approved by the Central Bank and shall contain such information required by the Regulations. There shall be attached to such Annual Report such additional information and reports as the Central Bank may specify.
- A copy of the Annual Report including the statutory financial statements (including every document required by law to be annexed thereto) which is to be laid before the annual general meeting of the Company together with a copy of the Directors’ report and the Auditors’ report shall be sent by the Company or otherwise made available to every person entitled under the Act and the Regulations to receive them and if any of the shares are quoted on any stock exchange, the required number of copies of these documents shall be forwarded at the same time to such stock exchange in all cases not less than twenty one Clear Days before the date of the annual general meeting.
- The Auditors’ certificate appended to the Annual Report and statement referred to herein shall declare that the accounts or statement attached respectively thereto (as the case may be) have been examined together with the books and records of the Company in relation thereto and that the Auditors have obtained all the information and explanations they have required and the Auditors shall report whether the accounts are in their opinion properly drawn up in accordance with such books and records and present a true and fair view of the state of affairs of the Company, and whether the accounts are in their opinion properly drawn up in accordance with the provisions hereof.
- The Company shall prepare an unaudited half-yearly report for the six months immediately succeeding the date of the last Annual Report of the Company. Such half-yearly report shall be in a form approved by the Central Bank and shall contain such information required by it.
- A copy of the said half-yearly report shall be sent by the Company or otherwise made available to every person entitled under the Act and the Regulations to receive it not later than two months from the end of the period to which it relates.
- | en | es |
DOLFIN7869 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Si vous sortez après 1 an | Si vous sortez après 3 ans |
| --- | --- |
| Coûts totaux | £19 | £64 |
| Incidence des coûts annuels (*) | 0.2% | 0.2% Chaque année | | | En caso de salida después de 1 año | En caso de salida después de 3 años |
| --- | --- |
| Costes totales | £19 | £64 |
| Incidencia anual de los costes (*) | 0.2% | 0.2% cada año | | | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| --- | --- |
| Coûts totaux | £19 | £64 |
| Incidence des coûts annuels (*) | 0.2% | 0.2% Chaque année | | fr | es |
DOLFIN7870 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Delegation
The Depositary has full power to delegate the whole or any part of its safe-keeping functions but its liability will not be affected by the fact that it has entrusted to a third party some or all of the assets in its safekeeping. The Depositary’s liability shall not be affected by any delegation of its safe-keeping functions under the Depositary Agreement.
The Depositary has delegated those safekeeping duties set out in Article 22(5)(a) of the UCITS Directive to State Street Bank and Trust Company with registered office at Copley Place 100, Huntington Avenue, Boston, Massachusetts 02116, USA, whom it has appointed as its global sub-custodian. State Street Bank and Trust Company as global sub-custodian has appointed local sub-custodians within the State Street Global Custody Network.
Information about the safe-keeping functions which have been delegated and the identification of the relevant delegates and sub-delegates are available at the registered office of the Company or at the following website. | ###### Délégation
Le Dépositaire a tout pouvoir pour déléguer la totalité ou une partie de ses fonctions de dépositaire, mais sa responsabilité ne sera pas touchée par le fait qu’il a confié à un tiers une partie ou la totalité des actifs qu’il détenait en conservation. La responsabilité du Dépositaire ne sera pas touchée par toute délégation des fonctions de conservation en vertu de l’Accord du dépositaire.
Le Dépositaire a délégué les fonctions de conservation énoncées à l’Article 22(5) (a) de la Directive OPCVM à State Street Bank and Trust Company, domiciliée à Copley Place 100, Huntington Avenue, Boston, Massachusetts 02116, États-Unis, qu’il a désignée comme son sous-dépositaire mondial. En sa capacité de sous-dépositaire mondial, State Street Bank and Trust Company a nommé plusieurs sous-dépositaires locaux au sein du réseau mondial de conservation de State Street.
Des informations sur les fonctions de conservation qui ont été déléguées et sur l’identité des délégués et sous-délégués pertinents sont disponibles au siège social de la Société ou sur le site Web suivant : www.statestreet.com/about/office-locations/luxembourg/subcustodians.html | ##### Delegation
The Depositary has full power to delegate the whole or any part of its safe-keeping functions but its liability will not be affected by the fact that it has entrusted to a third party some or all of the assets in its safekeeping. The Depositary’s liability shall not be affected by any delegation of its safe-keeping functions under the Depositary Agreement.
The Depositary has delegated those safekeeping duties set out in Article 22(5)(a) of the UCITS Directive to State Street Bank and Trust Company with registered office at Copley Place 100, Huntington Avenue, Boston, Massachusetts 02116, USA, whom it has appointed as its global sub-custodian. State Street Bank and Trust Company as global sub-custodian has appointed local sub-custodians within the State Street Global Custody Network.
Information about the safe-keeping functions which have been delegated and the identification of the relevant delegates and sub-delegates are available at the registered office of the Company or at the following website. | en | fr |
DOLFIN7871 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La Société de gestion et certains Conseillers par délégation peuvent conclure avec des courtiers des accords de commissions partagées en vertu desquels certaines prestations commerciales sont fournies par lesdits courtiers directement ou par des tiers et sont payées par ces courtiers sur les commissions perçues par eux sur les opérations réalisées pour le compte de la SICAV. Afin d’obtenir la meilleure exécution possible des ordres passés par la SICAV, la Société de gestion ou chaque Conseiller par délégation concerné peuvent attribuer spécifiquement à des courtiers les commissions de courtage générées par les opérations réalisées pour la SICAV, en échange de prestations de recherche ou de prestations fournies dans le cadre de l’exécution des ordres par ces courtiers. Des informations supplémentaires sur les pratiques de chaque Conseiller par délégation concernant les accords de commissions partagées sont reprises en détail dans le Prospectus à la section « Accords de conseil en investissement ».
Tout accord de commissions partagées conclu avec la Société de gestion ou un Conseiller par délégation sera régi selon les conditions suivantes :
(i) la Société de gestion ou le Conseiller par délégation agira toujours dans le meilleur intérêt de la SICAV et de ses Actionnaires lors de la conclusion d’accords de commissions partagées ; (ii) les services fournis auront un lien direct avec les activités de la Société de gestion ou du Conseiller par délégation ; (iii) les commissions de courtage générées par les opérations de courtage relatives au portefeuille de la SICAV seront allouées par la Société de gestion ou le Conseiller par délégation à des courtiers exerçant en société et non à des personnes physiques ; (iv) les accords de commissions partagées ne constituent pas un facteur déterminant dans la sélection des courtiers ; (v) la Société de gestion ou le Conseiller par délégation fournira aux Administrateurs des comptes-rendus sur les accords de commissions partagées, en décrivant la nature des services fournis ; (vi) ni la Société de gestion, ni le Conseiller par délégation, ni aucune des personnes liées à ces derniers ne pourront conserver une quelconque remise accordée, sous forme de liquidités ou autre, par des courtiers ; (vii) les biens ou services reçus représentent un avantage démontrable pour les Actionnaires ; et (viii) une publication périodique sera faite dans le rapport annuel de la SICAV sous la forme d’une déclaration décrivant ces accords de commissions partagées, y compris une description des biens et services reçus. Les biens et services reçus peuvent être : des recherches à valeur ajoutée pour les prises de décision d’un Conseiller par délégation et des services d’exécution qui renforcent la capacité du Conseiller par délégation à exécuter des transactions.
Seuls les Conseillers par délégation Columbia Management Investment Advisors, LLC et STANLIB Asset Management Limited (Pty) pourront conclure des accords de commissions partagées.
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### DIVIDENDES | La Sociedad Gestora y algunos Subasesores podrán celebrar acuerdos de reparto de comisiones con corredores-agentes en virtud de los cuales determinados servicios comerciales se obtienen directamente de dichos corredores-agentes o de terceros y son pagados por los corredores-agentes con cargo a las comisiones que ellos mismos perciben en concepto de operaciones para la SICAV. En consonancia con la obtención de la mejor ejecución, las comisiones de corretaje sobre las operaciones de cartera de la SICAV pueden ser asignadas específicamente por la Sociedad Gestora o por cada uno de los Subasesores pertinentes a los corredores-agentes en consideración de los servicios de investigación prestados, así como por los servicios prestados en la ejecución de órdenes por parte de dichos corredores-agentes. En la sección «Acuerdos de asesoramiento de inversiones» del Folleto se detalla la información adicional sobre las prácticas de cada Subasesor con respecto a los acuerdos de reparto de comisiones.
Cualquier acuerdo de reparto de comisiones suscrito por la Sociedad Gestora o un Subasesor operará bajo las siguientes condiciones: (i) la Sociedad Gestora o el Subasesor actuarán en todo momento en interés de la SICAV y de sus Accionistas cuando celebren acuerdos de reparto de comisiones; (ii) los servicios prestados estarán directamente relacionados con las actividades de la Sociedad Gestora o del Subasesor; (iii) las comisiones de corretaje sobre las operaciones de cartera de la SICAV serán asignadas por la Sociedad Gestora o el Subasesor a los corredores-agentes que sean entidades y no a personas físicas; (iv) los acuerdos de reparto de comisiones no serán un factor determinante en la selección de los corredores-agentes; (v) la Sociedad Gestora o el Subasesor presentarán informes a los Consejeros con respecto a los acuerdos de reparto de comisiones, incluida la naturaleza de los servicios; (vi) ni la Sociedad Gestora, ni el Subasesor ni ninguna de sus personas vinculadas podrán retener reembolsos en efectivo o de otro tipo por parte de los corredores-agentes; (vii) los bienes o servicios recibidos serán de beneficio demostrable para los Accionistas; y (viii) la divulgación periódica se hará en el informe anual de la SICAV en forma de declaración en la que se describa cualquier acuerdo de reparto de comisiones, incluida una descripción de los bienes y servicios recibidos. Los bienes y servicios recibidos pueden incluir: investigación que pueda agregar valor al proceso de toma de decisiones de un Subasesor y servicios de ejecución que mejoren la capacidad del Subasesor para ejecutar transacciones.
Solo los Subasesores Columbia Management Investment Advisors, LLC y STANLIB Asset Management (Pty) Limited pueden celebrar acuerdos de reparto de comisiones.
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### DIVIDENDOS | La Société de gestion et certains Conseillers par délégation peuvent conclure avec des courtiers des accords de commissions partagées en vertu desquels certaines prestations commerciales sont fournies par lesdits courtiers directement ou par des tiers et sont payées par ces courtiers sur les commissions perçues par eux sur les opérations réalisées pour le compte de la SICAV. Afin d’obtenir la meilleure exécution possible des ordres passés par la SICAV, la Société de gestion ou chaque Conseiller par délégation concerné peuvent attribuer spécifiquement à des courtiers les commissions de courtage générées par les opérations réalisées pour la SICAV, en échange de prestations de recherche ou de prestations fournies dans le cadre de l’exécution des ordres par ces courtiers. Des informations supplémentaires sur les pratiques de chaque Conseiller par délégation concernant les accords de commissions partagées sont reprises en détail dans le Prospectus à la section « Accords de conseil en investissement ».
Tout accord de commissions partagées conclu avec la Société de gestion ou un Conseiller par délégation sera régi selon les conditions suivantes :
(i) la Société de gestion ou le Conseiller par délégation agira toujours dans le meilleur intérêt de la SICAV et de ses Actionnaires lors de la conclusion d’accords de commissions partagées ; (ii) les services fournis auront un lien direct avec les activités de la Société de gestion ou du Conseiller par délégation ; (iii) les commissions de courtage générées par les opérations de courtage relatives au portefeuille de la SICAV seront allouées par la Société de gestion ou le Conseiller par délégation à des courtiers exerçant en société et non à des personnes physiques ; (iv) les accords de commissions partagées ne constituent pas un facteur déterminant dans la sélection des courtiers ; (v) la Société de gestion ou le Conseiller par délégation fournira aux Administrateurs des comptes-rendus sur les accords de commissions partagées, en décrivant la nature des services fournis ; (vi) ni la Société de gestion, ni le Conseiller par délégation, ni aucune des personnes liées à ces derniers ne pourront conserver une quelconque remise accordée, sous forme de liquidités ou autre, par des courtiers ; (vii) les biens ou services reçus représentent un avantage démontrable pour les Actionnaires ; et (viii) une publication périodique sera faite dans le rapport annuel de la SICAV sous la forme d’une déclaration décrivant ces accords de commissions partagées, y compris une description des biens et services reçus. Les biens et services reçus peuvent être : des recherches à valeur ajoutée pour les prises de décision d’un Conseiller par délégation et des services d’exécution qui renforcent la capacité du Conseiller par délégation à exécuter des transactions.
Seuls les Conseillers par délégation Columbia Management Investment Advisors, LLC et STANLIB Asset Management Limited (Pty) pourront conclure des accords de commissions partagées.
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### DIVIDENDES | fr | es |
DOLFIN7872 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Répartitions du portefeuille
Répartition des maturités (% des actifs)
150 jours et plus (FRN incl.)
56.56
120 - 150 jours
9.44
90 - 120 jours
4.81
30 - 90 jours
1.71
48 heures - 30 jours
2.04
Liquidités
25.44
0 10 20 30 40 50 60 | # Desglose de la cartera
Perfil de vencimiento (% del activo)
150 días y más (FRN incl.)
56.56
de 120 a 150 días
9.44
de 90 a 120 días
4.81
30-90 días
1.71
de 48 horas a 30 días
2.04
Liquidez
25.44
0 10 20 30 40 50 60 | # Répartitions du portefeuille
Répartition des maturités (% des actifs)
150 jours et plus (FRN incl.)
56.56
120 - 150 jours
9.44
90 - 120 jours
4.81
30 - 90 jours
1.71
48 heures - 30 jours
2.04
Liquidités
25.44
0 10 20 30 40 50 60 | fr | es |
DOLFIN7873 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Coûts de transaction
0.0% 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.
1 AUD
Coûts accessoires prélevés sous certaines conditions
Commissions liées aux résultats
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. Nous prélevons ces frais sur le produit s'il obtient un rendement supérieur à l'objectif fixé dans les documents constitutifs.
0 AUD | Costes de operación
0.0% 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.
1 AUD
Costes accesorios detraídos en condiciones específicas
Comisiones de rendimiento
El importe real variará en función de lo buenos que sean los resultados de su inversión. La estimación de los costes agregados anterior incluye la media de los últimos 5 años. Detraemos estos costes del producto si supera los criterios correspondientes, tal y como se define en los documentos constitutivos.
0 AUD | Coûts de transaction
0.0% 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.
1 AUD
Coûts accessoires prélevés sous certaines conditions
Commissions liées aux résultats
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. Nous prélevons ces frais sur le produit s'il obtient un rendement supérieur à l'objectif fixé dans les documents constitutifs.
0 AUD | fr | es |
DOLFIN7874 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations Pratiques
Performance historique au 31 décembre 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fonds | | 27,0 | 15,8 | 10,2 | 27,6 | 40,2 | 6,0 | 40,0 | 80,8 | 10,0 |
| Contrainte †¹ | | 24,2 | 22,4 | 9,2 | 33,8 | 29,5 | 0,0 | 41,2 | 41,1 | 28,5 |
Durant cette période, la performance a été réalisée dans des circonstances qui ne sont plus applicables.
Le dépositaire du Fonds est The Bank of New York Mellon SA / NV, filiale du Luxembourg.
Des informations complémentaires sur le Fonds sont disponibles dans les rapports annuels et semestriels les plus récents de BlackRock Global Funds (BGF). Ces documents sont disponibles gratuitement en anglais et dans certaines autres langues. Ils peuvent être obtenus, ainsi que d'autres informations telles que le prix des actions, sur le site Internet de BlackRock, www.blackrock.com, ou en appelant les Services aux Investisseurs Internationaux au +44 (0) 20 7743 3300.
Les investisseurs sont priés de noter que la législation fiscale applicable au Fonds peut avoir un impact sur la situation fiscale de leur investissement dans le Fonds.
Le Fonds est un compartiment de BGF, une SICAV à compartiments. Le présent document est spécifique au Fonds et à la catégorie de parts de fonds mentionnés au début du présent document. Le prospectus et les rapports annuels et semestriels, par contre, sont préparés pour la SICAV.
La responsabilité de BGF 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.
En vertu du droit luxembourgeois, les passifs des compartiments de BGF sont séparés (c'est-à-dire que les actifs du Fonds ne seront pas utilisés pour acquitter les passifs d'autres compartiments de BGF). En outre, les actifs du Fonds sont détenus séparément des actifs des autres compartiments.
Les investisseurs peuvent échanger leurs actions du Fonds contre des actions d’un autre compartiment de BGF sous réserve du respect de certaines conditions comme il est mentionné dans le prospectus.
La Politique de rémunération de la Société de gestion, qui décrit les modalités de définition et d'attribution des rémunérations et des avantages ainsi que les modalités de gouvernance connexes, sera disponible sur le site www.blackrock.com/Remunerationpolicy ou sur demande auprès du siège social de la Société de gestion.
Ce Fonds est agréé au Luxembourg et réglementé par la Commission de Surveillance du Secteur Financier (CSSF). Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 30 août 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | 27,0 | 15,8 | 10,2 | 27,6 | 40,2 | 6,0 | 40,0 | 80,8 | 10,0 |
| Limitación †¹ | | 24,2 | 22,4 | 9,2 | 33,8 | 29,5 | 0,0 | 41,2 | 41,1 | 28,5 |
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 30 agosto 2022 | # Informations Pratiques
Performance historique au 31 décembre 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fonds | | 27,0 | 15,8 | 10,2 | 27,6 | 40,2 | 6,0 | 40,0 | 80,8 | 10,0 |
| Contrainte †¹ | | 24,2 | 22,4 | 9,2 | 33,8 | 29,5 | 0,0 | 41,2 | 41,1 | 28,5 |
Durant cette période, la performance a été réalisée dans des circonstances qui ne sont plus applicables.
Le dépositaire du Fonds est The Bank of New York Mellon SA / NV, filiale du Luxembourg.
Des informations complémentaires sur le Fonds sont disponibles dans les rapports annuels et semestriels les plus récents de BlackRock Global Funds (BGF). Ces documents sont disponibles gratuitement en anglais et dans certaines autres langues. Ils peuvent être obtenus, ainsi que d'autres informations telles que le prix des actions, sur le site Internet de BlackRock, www.blackrock.com, ou en appelant les Services aux Investisseurs Internationaux au +44 (0) 20 7743 3300.
Les investisseurs sont priés de noter que la législation fiscale applicable au Fonds peut avoir un impact sur la situation fiscale de leur investissement dans le Fonds.
Le Fonds est un compartiment de BGF, une SICAV à compartiments. Le présent document est spécifique au Fonds et à la catégorie de parts de fonds mentionnés au début du présent document. Le prospectus et les rapports annuels et semestriels, par contre, sont préparés pour la SICAV.
La responsabilité de BGF 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.
En vertu du droit luxembourgeois, les passifs des compartiments de BGF sont séparés (c'est-à-dire que les actifs du Fonds ne seront pas utilisés pour acquitter les passifs d'autres compartiments de BGF). En outre, les actifs du Fonds sont détenus séparément des actifs des autres compartiments.
Les investisseurs peuvent échanger leurs actions du Fonds contre des actions d’un autre compartiment de BGF sous réserve du respect de certaines conditions comme il est mentionné dans le prospectus.
La Politique de rémunération de la Société de gestion, qui décrit les modalités de définition et d'attribution des rémunérations et des avantages ainsi que les modalités de gouvernance connexes, sera disponible sur le site www.blackrock.com/Remunerationpolicy ou sur demande auprès du siège social de la Société de gestion.
Ce Fonds est agréé au Luxembourg et réglementé par la Commission de Surveillance du Secteur Financier (CSSF). Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 30 août 2022 | fr | es |
DOLFIN7875 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which comprise:
- the Statement of Financial Position as at 30 June 2020;
- the Statement of Comprehensive Income for the year then ended;
- the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year then ended;
- the Portfolio of Investments for each of the Funds as at 30 June 2020; and
- the notes to the financial statements for the Company and for each of its Funds, which include a description of the significant accounting policies. | Abbiamo sottoposto a revisione il bilancio, incluso nella Relazione annuale e nel Bilancio sottoposto a revisione, che comprende:
- lo Stato patrimoniale al 30 giugno 2020;
- il Conto economico complessivo per l’esercizio chiuso in quel momento;
- il Prospetto delle variazioni del patrimonio netto attribuibile ai detentori di azioni partecipative redimibili per l’esercizio chiuso in quel momento;
- il Portafoglio degli investimenti per ciascuno dei Comparti al 30 giugno 2020; e
- le note al bilancio per la Società e per ciascuno dei suoi Comparti, che includono una descrizione delle politiche contabili significative. | We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which comprise:
- the Statement of Financial Position as at 30 June 2020;
- the Statement of Comprehensive Income for the year then ended;
- the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year then ended;
- the Portfolio of Investments for each of the Funds as at 30 June 2020; and
- the notes to the financial statements for the Company and for each of its Funds, which include a description of the significant accounting policies. | en | it |
DOLFIN7876 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The holding of Units at the end of a Relevant Period will also constitute a chargeable event. To the extent that any tax arises on such a chargeable event, such tax will be allowed as a credit against any tax payable on the subsequent encashment, redemption, cancellation or transfer of the relevant Units. Should the excess payment of appropriate tax arise on the redemption of Units as a result of tax paid on an earlier deemed chargeable event, the Fund, on election is not obliged to process the refund arising on behalf of a relevant Unitholder provided the value of the Units does not exceed 15% of the total value of the Units in the Fund. Instead, the Unitholder should seek such a repayment directly from the Irish Revenue. Unitholders should contact the Administrator to ascertain whether the Fund has made such an election in order to establish their responsibility to account to the Irish Revenue for any relevant tax.
Where the value of the Units held by Taxable Irish Persons is less than 10% of the value of the total Units in the Fund, the Fund will not be obliged to deduct tax on the happening of such a chargeable event, provided they elect to report certain information to the Irish Revenue and the Unitholder. In such circumstances, the Unitholder will have to account for the appropriate tax arising on the happening of the chargeable event on a self-assessment basis.
Where the chargeable event is the ending of a Relevant Period, the Fund has the option of electing to value the Units at certain dates other than at the date of the deemed eight year disposal itself.
If the Fund becomes liable to account for tax if a chargeable event occurs, the Fund shall be entitled to deduct from the payment arising on a chargeable event an amount equal to the appropriate tax and/or where applicable, to appropriate or cancel such number of Units held by the Unitholder or such beneficial owner of the Units as are required to meet the amount of tax. The relevant Unitholder shall indemnify and keep the Fund indemnified against loss arising to the Fund by reason of the Fund becoming liable to account for tax on the happening of a chargeable event if no such deduction, appropriation or cancellation has been made.
Please see the “Unitholders” section below dealing with the tax consequences for the Fund and the Unitholders of chargeable events in respect of: -
- Unitholders who are neither Irish Residents nor Irish Ordinary Residents; and
- Unitholders who are either Irish Residents or Irish Ordinary Residents. | Anche la detenzione di Quote alla fine di un Periodo Pertinente costituirà un evento imponibile. Nella misura in cui tale evento imponibile produca un credito d'imposta, detta imposta potrà essere considerata un credito rispetto a qualunque imposta dovuta sulla successiva conversione in contanti, sul rimborso, sull'annullamento o sul trasferimento delle relative Quote. Qualora il pagamento in eccesso di imposte dovute si verifichi con il rimborso di Quote, in seguito a imposte versate in occasione di un evento in precedenza ritenuto imponibile, il Fondo potrà scegliere di non effettuare il rimborso a favore del relativo Titolare di Quote, purché il valore delle Quote non superi il 15% del valore complessivo delle Quote del Fondo. Il Titolare di Quote dovrà chiedere il rimborso direttamente all'Agenzia delle Entrate irlandese. I Titolari di Quote devono contattare l'Agente Amministrativo per assicurarsi che il Fondo abbia operato tale scelta, al fine di stabilire se siano tenuti a versare imposte all'Agenzia delle Entrate irlandese.
Qualora il valore delle Quote detenute dai Soggetti d'Imposta Irlandesi sia inferiore al 10% del valore delle Quote totali del Fondo, quest'ultimo non sarà tenuto a detrarre le imposte al verificarsi di un evento imponibile, purché si accetti di comunicare determinate informazioni all'Agenzia delle Entrate irlandese e al Titolare di Quote. In tali circostanze, il Titolare di Quote risponderà delle imposte esigibili al verificarsi dell'evento imponibile secondo la formula dell'autoaccertamento.
Se l'evento imponibile è la conclusione di un Periodo Pertinente, il Fondo ha la facoltà di valutare le Quote in date diverse da quella stabilita di otto anni per la cessione.
Laddove diventi sostituto d'imposta in caso di evento imponibile, il Fondo può detrarre dal pagamento connesso a un evento imponibile un importo pari all'imposta adeguata e/o, se del caso, adeguare o annullare il numero di Quote detenute dal Titolare di Quote o dal beneficiario effettivo delle Quote necessario per onorare l'imposta. Il Titolare di Quote interessato deve sollevare e tenere il Fondo indenne da qualsiasi perdita derivante dal ruolo di sostituto d'imposta assunto dal Fondo in caso di evento imponibile, anche nell'eventualità di mancata detrazione, appropriazione o annullamento.
Si veda di seguito alla voce "Titolari di Quote" per le conseguenze fiscali, a carico del Fondo e dei Titolari di Quote, degli eventi imponibili relativi: -
- Titolari di Quote che non sono né Residenti in Irlanda né Residenti Abituali in Irlanda; e
- Titolari di Quote che sono Residenti in Irlanda o Residenti Abituali in Irlanda. | The holding of Units at the end of a Relevant Period will also constitute a chargeable event. To the extent that any tax arises on such a chargeable event, such tax will be allowed as a credit against any tax payable on the subsequent encashment, redemption, cancellation or transfer of the relevant Units. Should the excess payment of appropriate tax arise on the redemption of Units as a result of tax paid on an earlier deemed chargeable event, the Fund, on election is not obliged to process the refund arising on behalf of a relevant Unitholder provided the value of the Units does not exceed 15% of the total value of the Units in the Fund. Instead, the Unitholder should seek such a repayment directly from the Irish Revenue. Unitholders should contact the Administrator to ascertain whether the Fund has made such an election in order to establish their responsibility to account to the Irish Revenue for any relevant tax.
Where the value of the Units held by Taxable Irish Persons is less than 10% of the value of the total Units in the Fund, the Fund will not be obliged to deduct tax on the happening of such a chargeable event, provided they elect to report certain information to the Irish Revenue and the Unitholder. In such circumstances, the Unitholder will have to account for the appropriate tax arising on the happening of the chargeable event on a self-assessment basis.
Where the chargeable event is the ending of a Relevant Period, the Fund has the option of electing to value the Units at certain dates other than at the date of the deemed eight year disposal itself.
If the Fund becomes liable to account for tax if a chargeable event occurs, the Fund shall be entitled to deduct from the payment arising on a chargeable event an amount equal to the appropriate tax and/or where applicable, to appropriate or cancel such number of Units held by the Unitholder or such beneficial owner of the Units as are required to meet the amount of tax. The relevant Unitholder shall indemnify and keep the Fund indemnified against loss arising to the Fund by reason of the Fund becoming liable to account for tax on the happening of a chargeable event if no such deduction, appropriation or cancellation has been made.
Please see the “Unitholders” section below dealing with the tax consequences for the Fund and the Unitholders of chargeable events in respect of: -
- Unitholders who are neither Irish Residents nor Irish Ordinary Residents; and
- Unitholders who are either Irish Residents or Irish Ordinary Residents. | en | it |
DOLFIN7877 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Derivative contracts which are not traded on an Eligible Market and which are not cleared by a clearing counterparty may be valued on the basis of the mark to market value of the derivative contract or if market conditions prevent marking to market, reliable and prudent marking to model may be used. Derivative contracts which are not traded on a regulated market and which are cleared by a clearing counterparty (including, without limitation, swap contracts and swaptions) will be valued daily either:
- on the basis of a quotation provided by the relevant counterparty and such valuation shall be approved or verified at least weekly by a party who is approved for the purpose by the Depositary and who is independent of thecounterparty (the “Counterparty Valuation”);or
- using an alternative valuation provided by a competent person (including the Investment Manager) appointed by the Manager or the Directors and approved for the purpose by the Depositary or a valuation by any other meansprovided that the value is approved by the Depositary (the “Alternative Valuation”). Where such Alternative Valuation method is used theCompany will follow international best practise and adhere to the principles on valuation of over- the-counter instruments established by bodies such as the International Organisation of Securities Commissions and the Alternative Investment Management Association and will be reconciled to the Counterparty Valuation on a monthly basis. Where significant differences arise these will be promptly investigated and explained;
- forward foreign exchange contracts and interest rate swap contracts will be valued by an independent price source by reference to the price at the Valuation Point on the Valuation Day at which a new forward contract of the same size and maturity could be undertaken;
- in the case of a Sub-Fund which is a money market fund, the amortised cost method of valuation mayonly be used in relation to funds which comply with the Central Bank’s requirements for money market funds and where a review of the amortised costvaluation vis-à-vis market valuation will be carried out in accordance with the Central Bank’s guidelines;and
- in the case of non-money market funds, the Directors may value money market instruments on anamortised cost basis, in accordance with the Central Bank’s requirements. | Derivatkontrakte, die nicht an einem zugelassenen Markt gehandelt werden und die nicht von einer Clearing-Gegenpartei beglichen werden, können auf Grundlage der Marktbewertung des Derivatkontrakts bewertet werden, oder es kann eine zuverlässige und umsichtige Bewertung zu Modellpreisen erfolgen, falls die Marktbedingungen eine Marktbewertung nicht zulassen. Derivatkontrakte, die nicht an einem regulierten Markt gehandelt werden und die von einer Clearing-Gegenpartei beglichen werden (u. a. einschließlich Swap-Kontrakten und Swaptions) werden täglich bewertet:
- auf der Basis einer vom jeweiligen Kontrahenten gelieferten Kursnotierung, wobei diese Bewertung mindestens wöchentlich von einer zu diesem Zweck von der Depotstelle genehmigten Partei, die nicht vom Kontrahenten abhängig ist, genehmigt oder geprüft wird (die„Kontrahentenbewertung“);oder
- unter Verwendung einer alternativen Bewertung durch eine kompetente Person (einschließlich der Anlagemanagementgesellschaft), die von der Managementgesellschaft oder vom Verwaltungsrat ernannt und von der Depotstelle zu diesem Zweck genehmigt wird oder anhand einer anderen Bewertungsmethode, sofern der Wert von der Depotstelle genehmigt wird (die„alternative Bewertung“). Wird diese Methode derAlternativen Bewertung verwendet, befolgt dieGesellschaft die international vorbildliche Praxis (Best Practice) und hält die Grundsätze für die Bewertung außerbörslicher Instrumente ein, die von Stellen wie der International Organisation of Securities Commissions und der Alternative Investment Management Association festgelegt wurden.Diese wird jeden Monat mit der Kontrahentenbewertung abgeglichen. Tauchen erhebliche Differenzen auf, werden diese umgehend untersucht und erklärt.
- Devisentermin- und Zinsswap-Kontrakte werden von einem unabhängigen Kursdienst unter Heranziehung des Kurses zum Bewertungszeitpunkt am Bewertungstag, zu dem ein neues Termingeschäft derselben Größe und Laufzeit abgeschlossen werden könnte, bewertet.
- bei einem Teilfonds, der ein Geldmarktfonds ist, darf die Bewertungsmethode der amortisierten Kosten nur bei Fonds verwendet werden, die den Anforderungen der Zentralbank für Geldmarktfonds entsprechen und sofern die amortisierte Kostenbewertung in Übereinstimmung mit den Richtlinien der Zentralbank mit der Marktbewertung verglichen wirdund
- bei anderen als Geldmarktfonds darf der Verwaltungsrat Geldmarktinstrumente in Übereinstimmung mit den Anforderungen der Zentralbank auf Basis der amortisierten Kosten bewerten. | Derivative contracts which are not traded on an Eligible Market and which are not cleared by a clearing counterparty may be valued on the basis of the mark to market value of the derivative contract or if market conditions prevent marking to market, reliable and prudent marking to model may be used. Derivative contracts which are not traded on a regulated market and which are cleared by a clearing counterparty (including, without limitation, swap contracts and swaptions) will be valued daily either:
- on the basis of a quotation provided by the relevant counterparty and such valuation shall be approved or verified at least weekly by a party who is approved for the purpose by the Depositary and who is independent of thecounterparty (the “Counterparty Valuation”);or
- using an alternative valuation provided by a competent person (including the Investment Manager) appointed by the Manager or the Directors and approved for the purpose by the Depositary or a valuation by any other meansprovided that the value is approved by the Depositary (the “Alternative Valuation”). Where such Alternative Valuation method is used theCompany will follow international best practise and adhere to the principles on valuation of over- the-counter instruments established by bodies such as the International Organisation of Securities Commissions and the Alternative Investment Management Association and will be reconciled to the Counterparty Valuation on a monthly basis. Where significant differences arise these will be promptly investigated and explained;
- forward foreign exchange contracts and interest rate swap contracts will be valued by an independent price source by reference to the price at the Valuation Point on the Valuation Day at which a new forward contract of the same size and maturity could be undertaken;
- in the case of a Sub-Fund which is a money market fund, the amortised cost method of valuation mayonly be used in relation to funds which comply with the Central Bank’s requirements for money market funds and where a review of the amortised costvaluation vis-à-vis market valuation will be carried out in accordance with the Central Bank’s guidelines;and
- in the case of non-money market funds, the Directors may value money market instruments on anamortised cost basis, in accordance with the Central Bank’s requirements. | en | de |
DOLFIN7878 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### LO Funds – Alternative Risk Premia
Investment Objective and Policy
A Sub-Fund investing in rule-based long/short strategies seeking to provide complementary sources of return and diversification to traditional asset classes. They can be classified, but not limited to, 3 main groups: momentum, carry and value reverting strategies.
Each of these groups displays certain characteristics:
- momentum strategies take advantage of the persistence of directional moves in a large universe of assets;
- carry strategies take advantage of structural spreads within asset classes;
- value reverting strategies take advantage of convergence effects and/or fair value reverting properties of certain asset classes. | ### LO Funds – Alternative Risk Premia
Objectif et politique d’investissement
Compartiment investissant dans des stratégies longues/courtes basées sur des règles en vue de fournir des sources complémentaires de rendement et de diversification par rapport aux classes d’actifs traditionnels. Elles peuvent être classées, sans toutefois s’y limiter, en trois grandes catégories: stratégies de momentum, de portage et de retour à la valeur.
Chacune de ces catégories affiche certaines caractéristiques:
- les stratégies de momentum tirent parti de la persistance des mouvements directionnels dans un large univers d’actifs;
- les stratégies de portage exploitent les écarts structurels au sein des classes d’actifs;
- les stratégies de retour à la valeur profitent des effets de convergence et/ou des caractéristiques de retour à la juste valeur de certaines classes d’actifs. | ### LO Funds – Alternative Risk Premia
Investment Objective and Policy
A Sub-Fund investing in rule-based long/short strategies seeking to provide complementary sources of return and diversification to traditional asset classes. They can be classified, but not limited to, 3 main groups: momentum, carry and value reverting strategies.
Each of these groups displays certain characteristics:
- momentum strategies take advantage of the persistence of directional moves in a large universe of assets;
- carry strategies take advantage of structural spreads within asset classes;
- value reverting strategies take advantage of convergence effects and/or fair value reverting properties of certain asset classes. | en | fr |
DOLFIN7879 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Custody Risks
Market practices in relation to the settlement of securities transactions and the custody of assets could provide increased risk. As a Fund may invest in markets where custodial and/or settlement systems are not fully developed, the assets of the Fund which are traded in such markets and which have been entrusted to sub-custodians, in circumstances where the use of such sub-custodians is necessary, may be exposed to risks in circumstances whereby the Depositary will have no liability.
The Company is subject to a number of risks relating to the insolvency of the Depositary. The Company is subject to similar risks in the event of an insolvency of any sub-custodian with which any relevant securities are held or of any third party bank with which client money is held. In addition, the Company is subject to the risk that the cash held by the Depositary is not held in accordance with the contractual requirements. | # Verwahrungsrisiken
Marktpraktiken in Bezug auf die Abrechnung von Wertpapiertransaktionen und die Verwahrung von Vermögenswerten könnten für ein erhöhtes Risiko sorgen. Da ein Fonds in Märkten investieren kann, in denen die Verwahrungs- und/oder Abrechnungssysteme nicht vollständig entwickelt sind, können die Vermögenswerte des Fonds, die in solchen Märkten gehandelt werden und die Unterdepotbanken anvertraut wurden, unter Umständen, in denen der Einsatz solcher Unterdepotbanken erforderlich ist, Risiken ausgesetzt sein, für die die Verwahrstelle nicht haftet.
Die Gesellschaft ist einer Reihe von Risiken im Zusammenhang mit der Insolvenz der Verwahrstelle ausgesetzt. Die Gesellschaft unterliegt ähnlichen Risiken im Falle einer Insolvenz einer Unterdepotbank, bei der relevante Wertpapiere gehalten werden, oder einer Drittbank, bei der Kundengelder gehalten werden. Darüber hinaus unterliegt die Gesellschaft dem Risiko, dass die von der Verwahrstelle gehaltenen Barmittel nicht in Übereinstimmung mit den vertraglichen Anforderungen gehalten werden. | # Custody Risks
Market practices in relation to the settlement of securities transactions and the custody of assets could provide increased risk. As a Fund may invest in markets where custodial and/or settlement systems are not fully developed, the assets of the Fund which are traded in such markets and which have been entrusted to sub-custodians, in circumstances where the use of such sub-custodians is necessary, may be exposed to risks in circumstances whereby the Depositary will have no liability.
The Company is subject to a number of risks relating to the insolvency of the Depositary. The Company is subject to similar risks in the event of an insolvency of any sub-custodian with which any relevant securities are held or of any third party bank with which client money is held. In addition, the Company is subject to the risk that the cash held by the Depositary is not held in accordance with the contractual requirements. | en | de |
DOLFIN7880 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Objective: The Fund aims to preserve capital and achieve long term capital appreciation, by investing in a globally diversified portfolio of companies within the healthcare sector.
Policy: The Fund invests directly or indirectly up to 100% of its Net Asset Value (and typically at least two thirds of its Net Asset Value) in equities and equity related securities of healthcare companies worldwide, which may be listed on a Regulated Market or unlisted. The Fund may invest up to 10% of its Net Asset Value in global listed securities other than healthcare related companies and up to 30% of its Net Asset Value in ancillary liquid assets and cash. The total amount of these investments is limited to a third of the Fund's Net Asset Value. Up to 30% of the Net Asset Value may be invested in emerging markets.
The Fund may invest up to 20% of its Net Asset Value in equity warrants, up 20% of its Net Asset Value in Depositary Receipts (including ADRs, EDRs and/or GDRs) and up to 10% of its Net Asset Value in participatory notes. The Fund can invest directly or indirectly up to 20% of its Net Asset Value in China A shares via both, the Shanghai-Hong Kong Stock Connect or the Shenzhen-Hong Kong Stock Connect and China H-shares traded on the Hong Kong Stock Exchange. The Fund may use financial derivatives for efficient portfolio management and/or hedging purposes.
The Fund may use investment techniques known as ‘hedging’ to provide protection against exchange risks for the efficient management of its investments or to hedge a non-base currency share class. Such techniques may include options, forwards, futures, swaps and securities lending agreements. | Objectif: le Fonds vise à préserver le capital et à générer une croissance du capital à long terme en investissant dans un portefeuille de sociétés du secteur des soins de santé diversifié à l’échelle mondiale.
Politique d'investissement: le Fonds investit directement ou indirectement jusqu'à 100% de sa Valeur nette d’inventaire (et habituellement au moins les deux tiers de sa Valeur nette d’inventaire) dans des actions et des titres liés à des actions de sociétés de soins de santé du monde entier, qui peuvent être cotées ou non sur un Marché réglementé. Le Fonds peut également investir jusqu'à 10% de sa Valeur nette d’inventaire dans des titres cotés du monde entier autres que ceux émis par des sociétés liées aux soins de santé et jusqu’à 30% de sa Valeur nette d’inventaire dans des actifs liquides accessoires et des liquidités. Le montant total de ces investissements est limité à un tiers de la Valeur nette d’inventaire du Fonds. Jusqu’à 30 % de la Valeur nette d’inventaire peuvent être investis sur les marchés émergents.
Le Fonds peut également investir jusqu'à 20% de sa Valeur nette d’inventaire dans des bons de souscription sur actions, jusqu’à 20% en certificats de dépôt (y compris des ADR, EDR et/ou GDR) et jusqu’à 10% en obligations participatives. Le Fonds peut investir directement ou indirectement jusqu'à 20% de sa Valeur nette d’inventaire dans des Actions A chinoises par l’intermédiaire du programme Shanghai-Hong Kong Stock Connect ou du programme Shenzhen-Hong Kong Stock Connect et dans des Actions H chinoises négociées sur la Bourse de valeurs de Hong Kong.
Le Fonds peut utiliser des instruments financiers dérivés à des fins de gestion efficace du portefeuille et/ou de couverture.
Le Fonds peut utiliser des techniques d’investissement dites de « couverture » pour se protéger contre les risques de change à des fins de gestion efficace de ses investissements ou de couverture d’une catégorie d’actions libellée dans une devise autre que la devise de base. Ces techniques peuvent inclure des options, des contrats à terme de gré | Objective: The Fund aims to preserve capital and achieve long term capital appreciation, by investing in a globally diversified portfolio of companies within the healthcare sector.
Policy: The Fund invests directly or indirectly up to 100% of its Net Asset Value (and typically at least two thirds of its Net Asset Value) in equities and equity related securities of healthcare companies worldwide, which may be listed on a Regulated Market or unlisted. The Fund may invest up to 10% of its Net Asset Value in global listed securities other than healthcare related companies and up to 30% of its Net Asset Value in ancillary liquid assets and cash. The total amount of these investments is limited to a third of the Fund's Net Asset Value. Up to 30% of the Net Asset Value may be invested in emerging markets.
The Fund may invest up to 20% of its Net Asset Value in equity warrants, up 20% of its Net Asset Value in Depositary Receipts (including ADRs, EDRs and/or GDRs) and up to 10% of its Net Asset Value in participatory notes. The Fund can invest directly or indirectly up to 20% of its Net Asset Value in China A shares via both, the Shanghai-Hong Kong Stock Connect or the Shenzhen-Hong Kong Stock Connect and China H-shares traded on the Hong Kong Stock Exchange. The Fund may use financial derivatives for efficient portfolio management and/or hedging purposes.
The Fund may use investment techniques known as ‘hedging’ to provide protection against exchange risks for the efficient management of its investments or to hedge a non-base currency share class. Such techniques may include options, forwards, futures, swaps and securities lending agreements. | en | fr |
DOLFIN7881 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Global equity markets declined for the month of August as hopes faded of an imminent dovish pivot in Federal Reserve policy. This was a marked reversal from a positive July.
Performance (basis CHF, net of fees)
1
Rebased to 100 on the basis of month-end data in %
170
160
150
140
130
120
110
100
90
+21
+18
+15
+12
+9
+6
+3
0
-3 | # Les actions mondiales ont reculé en août, les espoirs d’un changement de cap imminent de la Réserve fédérale s’étant évanouis. Le mois d’août a été marqué par un retournement de tendance par rapport à juillet.
Performance (base CHF, commissions déduites)
1
Recalculée en base 100 à partir des données de fin de mois en %
170
160
150
140
130
120
110
100
90
+21
+18
+15
+12
+9
+6
+3
0
-3 | # Global equity markets declined for the month of August as hopes faded of an imminent dovish pivot in Federal Reserve policy. This was a marked reversal from a positive July.
Performance (basis CHF, net of fees)
1
Rebased to 100 on the basis of month-end data in %
170
160
150
140
130
120
110
100
90
+21
+18
+15
+12
+9
+6
+3
0
-3 | en | fr |
DOLFIN7882 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Les frais réels peuvent varier d'un exercice à l'autre. Pour chaque exercice, le rapport annuel du Fonds donne le montant exact des frais encourus.
Ils ne comprennent pas les commissions de surperformance, les frais d'intermédiation, excepté dans le cas 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 surperformance | Néant | | # Los gastos reales pueden variar de un año a otro. El informe anual del Fondo correspondiente a cada ejercicio presenta de manera pormenorizada los gastos exactos cobrados.
Estos gastos no incluyen ni las comisiones de rentabilidad ni los gastos de intermediación, salvo los gastos de entrada y/o de salida abonados por el Fondo por la venta o la compra de participaciones de otro organismo de inversión colectiva.
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| --- |
| Comisión de rentabilidad | N/A | | # Les frais réels peuvent varier d'un exercice à l'autre. Pour chaque exercice, le rapport annuel du Fonds donne le montant exact des frais encourus.
Ils ne comprennent pas les commissions de surperformance, les frais d'intermédiation, excepté dans le cas 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 surperformance | Néant | | fr | es |
DOLFIN7883 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The licensing agreement between the Eleva UCITS Fund and STOXX is solely for their benefit and not for the benefit of the owners of the Sub-Fund(s) or any other third parties.
The STOXX® Europe Small 200 Net Return and the trademarks used in the index name are the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors. The index is used under license from STOXX. The Eleva Leaders Small & Mid-Cap Europe Fund is in no way sponsored, endorsed, sold or promoted by STOXX and/or its licensors and neither STOXX nor its licensors shall have any liability with respect thereto.
APPENDIX IV – ELEVA SUSTAINABLE IMPACT EUROPE FUND | Le contrat de licence entre Eleva UCITS Fund et STOXX est passé uniquement dans leur intérêt et non dans l’intérêt des propriétaires des Compartiments ou de tiers.
L’indice STOXX® Europe Small 200 Net Return et les marques utilisées dans sa dénomination sont la propriété intellectuelle de STOXX Limited, Zurich, Suisse et/ou de ses concédants. L’indice est utilisé sous licence de STOXX. Le Compartiment Eleva Leaders Small & Mid-Cap Europe Fund n’est d’aucune façon parrainé, approuvé, vendu ou soutenu par STOXX et/ou ses concédants et ni STOXX ni ses concédants n’engagent leur responsabilité à ce titre.
ANNEXE IV - ELEVA SUSTAINABLE IMPACT EUROPE FUND | The licensing agreement between the Eleva UCITS Fund and STOXX is solely for their benefit and not for the benefit of the owners of the Sub-Fund(s) or any other third parties.
The STOXX® Europe Small 200 Net Return and the trademarks used in the index name are the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors. The index is used under license from STOXX. The Eleva Leaders Small & Mid-Cap Europe Fund is in no way sponsored, endorsed, sold or promoted by STOXX and/or its licensors and neither STOXX nor its licensors shall have any liability with respect thereto.
APPENDIX IV – ELEVA SUSTAINABLE IMPACT EUROPE FUND | en | fr |
DOLFIN7884 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Objectives
## Investment Objective
The aim of the sub-fund ("Fund") is to achieve steady capital growth over the long term by means of a conservative risk strategy. For this purpose, the Fund invests in first-class debt securities which are denominated in euros (EUR). These are investments which are extremely likely to be repaid in full on maturity and to pay interest on time and in full.
## Investment Policy
The Fund invests at least 2/3 of its assets in floating and fixed-rate debt securities which are denominated in euros (EUR) and are issued or guaranteed by governments, international organisations and companies. The Fund is also free to invest in debt securities that can be converted into or exchanged for shares.
## The Fund may use complex financial instruments to hedge the Fund assets and to profit from promising investments.
The Fund is actively managed. It follows the benchmark JPM GBI EMU ex GR / IE / IT / PT / ES 1-10Y, which it seeks to outperform over the long term. The Fund has freedom of choice concerning investments and their weighting. It is able to invest in stocks included in the benchmark index, although is independent of the benchmark index.
## Share Class Policy:
## The Fund has several share classes. These may differ with regard to fees, minimum investment, use of revenues and investor qualification.
## Income is reinvested in the share class.
## Processing of subscription and redemption orders
## Investors may buy or sell the Fund on any bank working day in Luxembourg. | # Ziele
## Anlageziel
Das Ziel des Subfonds ("Fonds") ist es, langfristig mittels einer konservativen Risikostrategie eine stetige Kapitalsteigerung zu erwirtschaften. Zu diesem Zweck investiert der Fonds in erstklassige Schuldverschreibungen, die auf den Euro (EUR) lauten. Dies sind Anlagen, die mit einer sehr hohen Wahrscheinlichkeit bei Fälligkeit vollständig zurückbezahlt werden sowie die Zinsen per Stichtag und in voller Höhe bezahlen.
## Anlagepolitik
Der Fonds investiert mindestens 2/3 des Vermögens in variabel- und festverzinsliche Schuldverschreibungen, die auf Euro (EUR) lauten und von Staaten, internationalen Organisationen oder Unternehmen ausgegeben oder garantiert werden. Ebenfalls steht es dem Fonds frei, in Schuldverschreibungen, die in Aktien umgewandelt oder getauscht werden können, zu investieren.
## Der Fonds kann komplexe Finanzinstrumente einsetzen, um das Fondsvermögen abzusichern und von erfolgversprechenden Anlagen zu profitieren.
Der Fonds wird aktiv verwaltet. Er orientiert sich am Referenzindex JPM GBI EMU ex GR / IE / IT / PT / ES 1-10Y und ist bestrebt, diesen langfristig zu übertreffen. Der Fonds ist dazu frei in der Wahl der Anlagen und ihrer Gewichtung. Er kann in Anlagen investieren, die Bestandteil des Referenzindex sind, ist aber unabhängig von Referenzindex.
## Anteilsklassenpolitik:
## Der Fonds verfügt über verschiedene Anteilsklassen. Diese können sich hinsichtlich der Kommissionshöhe, der Mindesteinlage, der Verwendung der Erträge und der Anlegerqualifikation unterscheiden.
## Erträge werden in die Anteilsklasse reinvestiert.
## Bearbeitung von Zeichnungs- und Rücknahmeaufträgen
## Anleger können den Fonds an jedem Bankarbeitstag in Luxemburg kaufen oder verkaufen. | # Objectives
## Investment Objective
The aim of the sub-fund ("Fund") is to achieve steady capital growth over the long term by means of a conservative risk strategy. For this purpose, the Fund invests in first-class debt securities which are denominated in euros (EUR). These are investments which are extremely likely to be repaid in full on maturity and to pay interest on time and in full.
## Investment Policy
The Fund invests at least 2/3 of its assets in floating and fixed-rate debt securities which are denominated in euros (EUR) and are issued or guaranteed by governments, international organisations and companies. The Fund is also free to invest in debt securities that can be converted into or exchanged for shares.
## The Fund may use complex financial instruments to hedge the Fund assets and to profit from promising investments.
The Fund is actively managed. It follows the benchmark JPM GBI EMU ex GR / IE / IT / PT / ES 1-10Y, which it seeks to outperform over the long term. The Fund has freedom of choice concerning investments and their weighting. It is able to invest in stocks included in the benchmark index, although is independent of the benchmark index.
## Share Class Policy:
## The Fund has several share classes. These may differ with regard to fees, minimum investment, use of revenues and investor qualification.
## Income is reinvested in the share class.
## Processing of subscription and redemption orders
## Investors may buy or sell the Fund on any bank working day in Luxembourg. | en | de |
DOLFIN7885 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
#### E = le Prix de souscription par Action des Nouvelles actions le Jour d’évaluation concerné.
Lorsque la demande d’échange d’Actions constitue l’investissement initial dans un Compartiment, les Actionnaires devraient s’assurer que la valeur des Actions initiales échangées est égale ou supérieure à la détention minimale pour le Compartiment concerné spécifiée dans le Supplément du dit Compartiment.
En cas d’échange partiel d’une position, la valeur de la participation restante doit être au moins égale à la participation minimale pour ce Compartiment, telle que définie dans le Supplément y afférent.
À l’heure actuelle, aucun frais n’est facturé directement aux Actionnaires dans le cadre de l’échange, bien que, dans la mesure permise par la législation, les Statuts autorisent la Société à prélever une commission maximum de 6 % de la Valeur liquidative des Actions utilisées pour l’échange et que la Société se réserve le droit de facturer ces commissions aux Actionnaires à l’avenir. | ##### E = el Precio de Suscripción por Acción correspondiente a las Nuevas Acciones en el Día de valoración pertinente.
Cuando se solicite el canje de Acciones como una inversión inicial en un Subfondo, los Accionistas deberán asegurarse de que el valor de las Acciones Originales canjeadas es equivalente o superior a la participación mínima correspondiente al Subfondo pertinente, según lo especificado en el Suplemento correspondiente a ese Subfondo.
En caso de canje de únicamente una participación parcial, el valor de la participación restante también deberá ser equivalente a la participación mínima correspondiente al Subfondo, según lo descrito en el Suplemento correspondiente a ese Subfondo.
En la actualidad, no se cobran comisiones a los Accionistas, directamente, en relación con los canjes. No obstante, en la medida permitida por la ley, los Estatutos permiten a la Sociedad cobrar una comisión de hasta el 6% del Valor de inventario neto de las Acciones entregadas para su canje, y la Sociedad se reserva el derecho a cobrar a los Accionistas esas comisiones en un futuro. | #### E = le Prix de souscription par Action des Nouvelles actions le Jour d’évaluation concerné.
Lorsque la demande d’échange d’Actions constitue l’investissement initial dans un Compartiment, les Actionnaires devraient s’assurer que la valeur des Actions initiales échangées est égale ou supérieure à la détention minimale pour le Compartiment concerné spécifiée dans le Supplément du dit Compartiment.
En cas d’échange partiel d’une position, la valeur de la participation restante doit être au moins égale à la participation minimale pour ce Compartiment, telle que définie dans le Supplément y afférent.
À l’heure actuelle, aucun frais n’est facturé directement aux Actionnaires dans le cadre de l’échange, bien que, dans la mesure permise par la législation, les Statuts autorisent la Société à prélever une commission maximum de 6 % de la Valeur liquidative des Actions utilisées pour l’échange et que la Société se réserve le droit de facturer ces commissions aux Actionnaires à l’avenir. | fr | es |
DOLFIN7886 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Any service, security, investment or product outlined in this document may not be suitable for a prospective investor or available in their jurisdiction.
Any information with respect to UCITS Funds is not intended for U.S. Persons, as defined in Regulation S under the U.S. Securities Act of 1933, or persons in any other jurisdictions where such use or distribution would be contrary to law or local regulation.
This fund may not be registered or authorized for a particular jurisdiction for distribution to persons who are not Professional Investors/Institutional Investors, in which case the following conditions apply in each of the below listed jurisdictions: | ## Tout service, titre, investissement ou produit présenté dans ce document peut ne pas convenir à un investisseur potentiel ou ne pas être disponible dans son pays.
L’information relative aux OPCVM n’est pas destinée aux investisseurs américains au sens du règlement S pris en application du Securities Act de 1933 des États-Unis, ni aux personnes d’autres territoires où une telle utilisation ou distribution serait contraire à la loi ou à la réglementation locales.
Ce fonds peut ne pas être enregistré ou autorisé pour une juridiction particulière pour distribution à des personnes qui ne sont pas des Investisseurs Professionnels / Investisseurs Institutionnels, auquel cas les conditions suivantes s’appliquent dans chacune des juridictions énumérées ci-dessous : | ## Any service, security, investment or product outlined in this document may not be suitable for a prospective investor or available in their jurisdiction.
Any information with respect to UCITS Funds is not intended for U.S. Persons, as defined in Regulation S under the U.S. Securities Act of 1933, or persons in any other jurisdictions where such use or distribution would be contrary to law or local regulation.
This fund may not be registered or authorized for a particular jurisdiction for distribution to persons who are not Professional Investors/Institutional Investors, in which case the following conditions apply in each of the below listed jurisdictions: | en | fr |
DOLFIN7887 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Specific situation relating to legal entities subject to corporate income tax (IS)
In accordance with Article 209-O A of the French General Tax Code, companies subject to corporate income tax must, in principle, calculate the net asset value of the shares and units of investment funds that they hold at the end of the financial year and include any positive or negative differences between the value at the start over the year and the value at the end of the year (mark-to-market valuation).
The application of Article 209-O A removes any practical effects of the above-mentioned Article 38-5 bis (see above). In this case, the valuation differences taxed in accordance with Article 209-O A of the French General Tax Code include the capital gain on the exchange arising from the merger. | # Particularité d’imposition des personnes morales soumises à l’IS :
En application de l’article 209-O A du CGI, les sociétés soumises à l’IS doivent en principe calculer à la clôture de l’exercice, la valeur liquidative des actions et des parts des OPCVM qu’elles détiennent à cette date et intégrer dans leur résultat imposable l’écart, positif ou négatif, existant entre cette valeur et celle constatée à l’ouverture de l’exercice (valorisation mark-to-market).
L’application de l’article 209-O A du CGI a pour effet de priver l’article 38-5 bis précité de portée pratique. Les écarts d’évaluation imposés conformément à l’article 209-O A du CGI comprennent dans ce cas la plus-value d’échange résultant de la fusion. | # Specific situation relating to legal entities subject to corporate income tax (IS)
In accordance with Article 209-O A of the French General Tax Code, companies subject to corporate income tax must, in principle, calculate the net asset value of the shares and units of investment funds that they hold at the end of the financial year and include any positive or negative differences between the value at the start over the year and the value at the end of the year (mark-to-market valuation).
The application of Article 209-O A removes any practical effects of the above-mentioned Article 38-5 bis (see above). In this case, the valuation differences taxed in accordance with Article 209-O A of the French General Tax Code include the capital gain on the exchange arising from the merger. | en | fr |
DOLFIN7888 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Dealing in the assets of the ICAV by Service Providers
Without prejudice to the provisions of this “Conflicts of Interests” section, an Interested Party may contract or enter into any financial, banking or other transaction with another Interested Party. This may include, without limitation, investment by a Sub-Fund in securities of an Interested Party or investment by an Interested Party in any company or bodies any of whose investments form part of the assets comprised in any Sub-Fund. In addition, any Interested Party may invest in and deal in Shares relating to any Sub-Fund or any property of the kind included in the property of any Sub-Fund for their respective individual accounts or for the account of someone else.
Any cash of the ICAV or a Sub-Fund may be deposited, in accordance with the UCITS Regulations, with any Interested Party or invested in certificates of deposit or banking instruments issued by any Interested Party. Banking and similar transactions may also be undertaken with or through an Interested Party.
Any Interested Party may also deal as agent or principal in the sale or purchase of securities and other Investments to or from the Investment Manager for the account of the relevant Sub-Fund. This may create a potential conflict of interest between the duties of the relevant Interested Party to the relevant Sub-Fund and its desire to maximise its own profits or obtain other benefits with respect to its proprietary trading activities.
There will be no obligation on the part of any Interested Party to account to the relevant Sub-Fund or to Shareholders for any benefits arising in any of the circumstances above, and any such benefits may be retained by the relevant party, provided that such transactions are conducted at arm’s length. Transactions must be in the best interests of the Shareholders of such Sub-Fund and:
- a certified valuation of such transaction by a person appointed by the Manager and approved by the Depositary (or in the case of any such transaction entered into by the Depositary, the Manager) as independent and competent has been obtained; or
- such transaction has been executed on best terms on an organised investment exchange under its rules; or
- where (a) and (b) above are not practical, such transaction has been executed on terms which the Depositary is (or in the case of any such transaction entered into by the Depositary, the Manager is) satisfied conform with the principle that such transactions be conducted at arm’s length and in the best interests of Shareholders and the Depositary (or the Manager in the case of a transaction involving the Depositary) shall document its rationale for being satisfied that the transaction conformed to the principles outlined in this paragraph. | ## Negoziazione delle attività dell'ICAV da parte dei Fornitori di servizi
Fatte salve le disposizioni della presente sezione "Conflitti di interessi", una Parte interessata può stipulare contratti o effettuare operazioni finanziarie, bancarie o di altro tipo con un'altra Parte interessata. Ciò può includere, a titolo non esaustivo, l'investimento da parte di un Comparto in titoli di una Parte interessata o l'investimento da parte di una Parte interessata in qualsiasi società o ente i cui investimenti fanno parte delle attività comprese in qualsiasi Comparto. Inoltre, ogni Parte interessata può investire e negoziare Azioni relative a qualsiasi Comparto o qualsiasi bene del tipo incluso nei beni di qualsiasi Comparto per i rispettivi conti individuali o per conto altrui.
Qualsiasi liquidità dell'ICAV o di un Comparto può essere depositata, in conformità ai Regolamenti OICVM, presso qualsiasi Parte interessata, o investita in certificati di deposito o strumenti bancari emessi da qualsiasi Parte interessata. Con o attraverso una Parte interessata possono essere intraprese anche operazioni bancarie e simili.
Qualsiasi Parte interessata può anche trattare in qualità di agente o mandante nella vendita o nell'acquisto di titoli e altri investimenti al o dal Gestore degli investimenti per conto del Comparto interessato. Ciò può generare un potenziale conflitto di interessi tra i doveri della Parte interessata nei confronti del relativo Comparto e il suo desiderio di massimizzare i propri profitti o di ottenere altri benefici in relazione alle sue attività di trading proprietario.
Non vi sarà alcun obbligo da parte di una Parte interessata di rendere conto al Comparto pertinente o agli Azionisti di eventuali benefici derivanti da una delle circostanze di cui sopra, e tali benefici possono essere trattenuti dalla parte interessata, a condizione che tali operazioni siano condotte a condizioni di mercato. Le operazioni devono essere nel migliore interesse degli Azionisti di tale Comparto e:
- deve essere ottenuta una valutazione certificata di tale operazione da una persona nominata dal Gestore e approvata dal Depositario (o, in caso di operazioni di questo tipo effettuate dal Depositario, dal Gestore) come indipendente e competente; o
- tale operazione deve essere eseguita alle migliori condizioni in una borsa d'investimento organizzata secondo le sue regole; o
- laddove (a) e (b) di cui sopra non siano fattibili, l'operazione deve essere eseguita a condizioni che il Depositario (o, nel caso di operazioni di questo tipo effettuate dal Depositario, il Gestore) ritiene conformi al principio che tali operazioni siano condotte a condizioni di mercato e nel migliore interesse degli Azionisti, e il Depositario (o il Gestore nel caso di un'operazione che coinvolga il Depositario) deve documentare le ragioni per cui è convinto che l'operazione sia conforme ai principi delineati nel presente paragrafo. | ## Dealing in the assets of the ICAV by Service Providers
Without prejudice to the provisions of this “Conflicts of Interests” section, an Interested Party may contract or enter into any financial, banking or other transaction with another Interested Party. This may include, without limitation, investment by a Sub-Fund in securities of an Interested Party or investment by an Interested Party in any company or bodies any of whose investments form part of the assets comprised in any Sub-Fund. In addition, any Interested Party may invest in and deal in Shares relating to any Sub-Fund or any property of the kind included in the property of any Sub-Fund for their respective individual accounts or for the account of someone else.
Any cash of the ICAV or a Sub-Fund may be deposited, in accordance with the UCITS Regulations, with any Interested Party or invested in certificates of deposit or banking instruments issued by any Interested Party. Banking and similar transactions may also be undertaken with or through an Interested Party.
Any Interested Party may also deal as agent or principal in the sale or purchase of securities and other Investments to or from the Investment Manager for the account of the relevant Sub-Fund. This may create a potential conflict of interest between the duties of the relevant Interested Party to the relevant Sub-Fund and its desire to maximise its own profits or obtain other benefits with respect to its proprietary trading activities.
There will be no obligation on the part of any Interested Party to account to the relevant Sub-Fund or to Shareholders for any benefits arising in any of the circumstances above, and any such benefits may be retained by the relevant party, provided that such transactions are conducted at arm’s length. Transactions must be in the best interests of the Shareholders of such Sub-Fund and:
- a certified valuation of such transaction by a person appointed by the Manager and approved by the Depositary (or in the case of any such transaction entered into by the Depositary, the Manager) as independent and competent has been obtained; or
- such transaction has been executed on best terms on an organised investment exchange under its rules; or
- where (a) and (b) above are not practical, such transaction has been executed on terms which the Depositary is (or in the case of any such transaction entered into by the Depositary, the Manager is) satisfied conform with the principle that such transactions be conducted at arm’s length and in the best interests of Shareholders and the Depositary (or the Manager in the case of a transaction involving the Depositary) shall document its rationale for being satisfied that the transaction conformed to the principles outlined in this paragraph. | en | it |
DOLFIN7889 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 01/07/2010 and the share class in 2013.
Past performance has been calculated in USD and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | Se muestra la rentabilidad histórica tras deducir los gastos corrientes. Las comisiones de entrada/salida están excluidas del cálculo.
El Subfondo se lanzó el 01/07/2010 y la clase de acción en 2013.
La rentabilidad pasada ha sido calculada en USD y se expresa como una variación porcentual del valor liquidativo del Subfondo al cierre de cada año. | Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 01/07/2010 and the share class in 2013.
Past performance has been calculated in USD and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | en | es |
DOLFIN7890 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### TITLE VII - EXTENSION - DISSOLUTION - LIQUIDATION ARTICLE 28 - EXTENSION OR EARLY DISSOLUTION
The Board of Directors may at any time and for any reason ask an Extraordinary General Meeting to extend or early dissolve or liquidate the SICAV.
Shareholders' subscription and redemption orders are frozen on the publication date of the Notice of Meeting of the General Meeting at which the early dissolution or liquidation is proposed or the expiration of the Company is announced. | #### TÍTULO VII - PRÓRROGA - DISOLUCIÓN - LIQUIDACIÓN ARTÍCULO 28 - PRÓRROGA O DISOLUCIÓN ANTICIPADA
El Consejo de Administración podrá, en cualquier momento y por cualquier motivo, proponer en una junta extraordinaria la prórroga o la disolución anticipada o la liquidación de la SICAV.
La emisión de nuevas acciones y el reembolso por parte de la SICAV de las acciones a los accionistas que así lo soliciten cesan el día de la publicación de la convocatoria de la junta general en la que se proponen la disolución anticipada y la liquidación de la sociedad, o al término del plazo de vigencia de la sociedad. | #### TITLE VII - EXTENSION - DISSOLUTION - LIQUIDATION ARTICLE 28 - EXTENSION OR EARLY DISSOLUTION
The Board of Directors may at any time and for any reason ask an Extraordinary General Meeting to extend or early dissolve or liquidate the SICAV.
Shareholders' subscription and redemption orders are frozen on the publication date of the Notice of Meeting of the General Meeting at which the early dissolution or liquidation is proposed or the expiration of the Company is announced. | en | es |
DOLFIN7891 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Conflicts of Interest
The Management Company, the Investment Managers, certain Distributors and other service providers or some of the counterparties of the Company are part of Credit Suisse Group AG (“Credit Suisse Group AG”).
Credit Suisse Group AG is a worldwide, full-service private banking, investment banking, asset management and financial services organization and a major participant in the global financial markets. As such, Credit Suisse Group AG is active in various business activities and may have other direct or indirect interests in the financial markets in which the Company invests. The Company will not be entitled to compensation related to such business activities.
The Management Company is not prohibited to enter into any transactions with Credit Suisse Group AG, provided that such transactions are carried out as if effected on normal commercial terms negotiated at arm’s length. In such case, in addition to the management fees the Management Company or the Investment Manager earn for managing the Company, they may also have an arrangement with the issuer, dealer and/or distributor of any products entitling them to a share in the revenue from such products that they purchase on behalf of the Company. Moreover, the Management Company or the Investment Managers are not prohibited to purchase or to provide advice to purchase any products on behalf of the Company where the issuer, dealer and/or distributor of such products is part of Credit Suisse Group AG provided that such transactions are carried out in the best interest of the Company as if effected on normal commercial terms negotiated at arm’s length. Entities of Credit Suisse Group AG act as counterparty in respect of financial derivative contracts entered into by the Company.
Potential conflicts of interest or duties may arise because Credit Suisse Group AG may have invested directly or indirectly in the Company. Credit Suisse Group AG could hold a relatively large proportion of Shares in the Company.
Employees and Directors of Credit Suisse Group AG may hold Shares in the Company. Employees of Credit Suisse Group AG are bound by the terms of the respective policy on personal transactions and conflicts of interest applicable to them.
In the conduct of its business the Management Company and Credit Suisse Group AG’s policy is to identify, manage and where necessary prohibit any action or transaction that may pose a conflict between the interests of Credit Suisse Group AG’s’ various business activities and the Company or its investors. Credit Suisse Group AG, as well as the Management Company strive to manage any conflicts in a manner consistent with the highest standards of integrity and fair dealing. For this purpose, both have implemented procedures that shall ensure that any business activities involving a conflict which may harm the interests of the Company or its investors, are carried out with an appropriate level of independence and that any conflicts are resolved fairly.
Such procedures include, but are not limited to the following:
- Procedure to prevent or control the exchange of information between entities of Credit Suisse Group AG,
- Procedure to ensure that any voting rights attached to the Company’s assets are exercised in the sole interests of the Company and its investors,
- Procedures to ensure that any investment activities on behalf of the Company are executed in accordance with the highest ethical standards and in the interests of the Company and its investors,
- Procedure on management of conflicts of interest. | Conflitti d’interessi
La società di gestione, i gestori degli investimenti, alcuni agenti di distribuzione e altri fornitori di servizi o alcune delle controparti della società sono parte di Credit Suisse Group AG (“Credit Suisse Group AG”).
Credit Suisse Group AG è un’organizzazione operante a livello mondiale nell’ambito dei servizi finanziari, con servizi completi nel settore private banking, investment banking, asset management, ed è inoltre uno dei principali attori sui mercati finanziari globali. In quanto tale, Credit Suisse Group AG opera in vari settori di attività, e può detenere altri interessi diretti o indiretti nei mercati finanziari in cui investe la società. La società non ha diritto ad alcuna compensazione in relazione alle soprammenzionate attività. Alla società di gestione non è preclusa la possibilità di effettuare operazioni con Credit Suisse Group AG, a condizione che tali transazioni siano essere effettuate in base a condizioni normali di mercato e negoziate in regime di concorrenza. In questo caso, la società di gestione o i consulenti per gli investimenti, oltre alle commissioni di gestione e al guadagno dalla gestione della società, possono avere diritto, in virtù di un accordo con l’emittente, intermediario e/o agente di distribuzione di qualsiasi prodotto, a una partecipazione ai ricavi derivanti dai prodotti acquistati per conto della società.
Non sussiste inoltre alcun divieto, né per la società di gestione, né per i consulenti per gli investimenti, di acquisire o fornire consulenze circa l’acquisto di qualsiasi prodotto per conto della società, ove l’emittente, intermediario e/o agente di distribuzione di tale prodotto faccia parte di Credit Suisse Group AG, a condizione che tali transazioni siano effettuate nel miglior interesse della società, alle normali condizioni di mercato in regime di libera concorrenza. Con riferimento alle operazioni in derivati effettuate dalla società, le entità di Credit Suisse Group AG agiscono in veste di controparte.
I potenziali conflitti di interesse o di obblighi possono insorgere in virtù del fatto che Credit Suisse Group AG ha investito in via diretta o indiretta nella società. Credit Suisse Group AG può infatti detenere una percentuale relativamente ampia di azioni della società.
Anche i dipendenti e gli amministratori di Credit Suisse Group AG possono detenere azioni della società. I dipendenti di Credit Suisse Group AG sono vincolati dai termini delle linee guida, vigenti per le operazioni di investimento personale e i conflitti di interesse che li riguardano.
Le linee guida dispongono che la società di gestione e Credit Suisse Group AG, nell’esercizio delle proprie attività, debbano identificare, gestire e, ove necessario, impedire qualsiasi azione o operazione che possa ingenerare un conflitto fra gli interessi relativi alle diverse attività di Credit Suisse Group AG e quelli della società o dei propri investitori. Sia la società di gestione che Credit Suisse Group AG si impegnano a gestire qualsiasi conflitto in maniera rigorosa seguendo i più severi standard di correttezza e integrità. A tal fine entrambi hanno attuato procedure atte ad assicurare che tutte le attività, che possono comportare conflitti potenzialmente pregiudizievoli per gli interessi della società o dei suoi investitori, siano condotte con un adeguato grado di indipendenza in modo che i conflitti possano essere risolti secondo equità.
Tali procedure prevedono, a titolo esemplificativo, ma non esaustivo:
- Una procedura per la prevenzione o il controllo dello scambio di informazioni fra entità di Credit Suisse Group AG,
- Una procedura volta a garantire che i diritti di voto collegati al patrimonio della società siano esercitati nell’interesse esclusivo della società e dei propri investitori,
- Procedure volte a garantire che tutte le attività di investimento per conto della società siano condotte in conformità con i più rigorosi dettami etici e nell’interesse della società e dei propri investitori,
- Una procedura per la gestione dei conflitti di interesse. | Conflicts of Interest
The Management Company, the Investment Managers, certain Distributors and other service providers or some of the counterparties of the Company are part of Credit Suisse Group AG (“Credit Suisse Group AG”).
Credit Suisse Group AG is a worldwide, full-service private banking, investment banking, asset management and financial services organization and a major participant in the global financial markets. As such, Credit Suisse Group AG is active in various business activities and may have other direct or indirect interests in the financial markets in which the Company invests. The Company will not be entitled to compensation related to such business activities.
The Management Company is not prohibited to enter into any transactions with Credit Suisse Group AG, provided that such transactions are carried out as if effected on normal commercial terms negotiated at arm’s length. In such case, in addition to the management fees the Management Company or the Investment Manager earn for managing the Company, they may also have an arrangement with the issuer, dealer and/or distributor of any products entitling them to a share in the revenue from such products that they purchase on behalf of the Company. Moreover, the Management Company or the Investment Managers are not prohibited to purchase or to provide advice to purchase any products on behalf of the Company where the issuer, dealer and/or distributor of such products is part of Credit Suisse Group AG provided that such transactions are carried out in the best interest of the Company as if effected on normal commercial terms negotiated at arm’s length. Entities of Credit Suisse Group AG act as counterparty in respect of financial derivative contracts entered into by the Company.
Potential conflicts of interest or duties may arise because Credit Suisse Group AG may have invested directly or indirectly in the Company. Credit Suisse Group AG could hold a relatively large proportion of Shares in the Company.
Employees and Directors of Credit Suisse Group AG may hold Shares in the Company. Employees of Credit Suisse Group AG are bound by the terms of the respective policy on personal transactions and conflicts of interest applicable to them.
In the conduct of its business the Management Company and Credit Suisse Group AG’s policy is to identify, manage and where necessary prohibit any action or transaction that may pose a conflict between the interests of Credit Suisse Group AG’s’ various business activities and the Company or its investors. Credit Suisse Group AG, as well as the Management Company strive to manage any conflicts in a manner consistent with the highest standards of integrity and fair dealing. For this purpose, both have implemented procedures that shall ensure that any business activities involving a conflict which may harm the interests of the Company or its investors, are carried out with an appropriate level of independence and that any conflicts are resolved fairly.
Such procedures include, but are not limited to the following:
- Procedure to prevent or control the exchange of information between entities of Credit Suisse Group AG,
- Procedure to ensure that any voting rights attached to the Company’s assets are exercised in the sole interests of the Company and its investors,
- Procedures to ensure that any investment activities on behalf of the Company are executed in accordance with the highest ethical standards and in the interests of the Company and its investors,
- Procedure on management of conflicts of interest. | en | it |
DOLFIN7892 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Past performance
A
Performances (%)
30
25
20
3.8
4.2
15
10
5
0
-5
-10
-15
The performance figures shown in the bar chart are not a reliable indication of future performance.
Annualised performance is calculated after deducting all charges taken from the Fund.
16.1
26.6
Fund creation date: 9 October 2014 Share class launch date: 9 October 2014
Base currency: US Dollar.
-4.4
-2.4
-0.5
Indicative Benchmark: MSCI AC World Daily Net Total Return USD Index.
7.9
-11.4
-9.4
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund A
Benchmark
A : The performance figures shown in the bar chart are past performance figures from the Fund TOBAM Anti-Benchmark All Countries World Equity Fund which merged into the Fund on 9 October 2014. The performances shown on the chart have been realized in the context of the management of a French UCITS with the same management company and a similar investment policy. | # Risultati ottenuti nel passato
A
Risultati (%)
30
25
20
3,8
4,2
15
10
5
0
-5
-10
-15
I risultati illustrati nel diagramma non costituiscono un'indicazione affidabile circa i risultati futuri.
I risultati annualizzati sono calcolati al netto di tutte le commissioni prelevate dal Fondo.
26,6
Data di creazione del Fondo: 9 ottobre 2014
16,1
Data di creazione della classe di azioni: 9 ottobre 2014 Valuta di riferimento: Dollaro USA.
-4,4
-2,4
-0,5
Indice di riferimento indicativo: Indice MSCI AC World Daily Net Total Return USD.
7,9
-11,4
-9,4
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund A
Indice di riferimento
A: I dati sui rendimenti riportati nel grafico a barre sono i dati storici del Fondo TOBAM Anti-Benchmark All Countries World Equity Fund, incorporato nel Fondo il 9 ottobre 2014. Tali rendimenti sono stati realizzati da un OICVM di diritto francese gestito dalla stessa società di gestione e con una politica d'investimento simile. | # Past performance
A
Performances (%)
30
25
20
3.8
4.2
15
10
5
0
-5
-10
-15
The performance figures shown in the bar chart are not a reliable indication of future performance.
Annualised performance is calculated after deducting all charges taken from the Fund.
16.1
26.6
Fund creation date: 9 October 2014 Share class launch date: 9 October 2014
Base currency: US Dollar.
-4.4
-2.4
-0.5
Indicative Benchmark: MSCI AC World Daily Net Total Return USD Index.
7.9
-11.4
-9.4
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund A
Benchmark
A : The performance figures shown in the bar chart are past performance figures from the Fund TOBAM Anti-Benchmark All Countries World Equity Fund which merged into the Fund on 9 October 2014. The performances shown on the chart have been realized in the context of the management of a French UCITS with the same management company and a similar investment policy. | en | it |
DOLFIN7893 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les données historiques utilisées aux fins du calcul de l'indicateur synthétique ne sauraient constituer une indication fiable du profil de risque/rendement futur de la catégorie de parts. Le classement concerné peut faire l'objet de modifications et donc changer au fil du temps. Même la catégorie la plus faible ne peut être assimilée à un investissement sans risque.
Cette catégorie de parts a été classée dans la catégorie de risque précitée car le prix de ses parts est soumis à des fluctuations moyennes à fortes et par conséquent, ses opportunités de gains, mais aussi son risque de perte peuvent être modérés à élevés.
Il peut arriver, lors du classement de la catégorie de parts dans une catégorie de risque, que tous les risques ne soient pas pris en compte en raison du modèle de calcul utilisé. Vous trouverez une présentation détaillée à la section « Informations relatives aux risques » du prospectus. Les risques suivants n'influencent pas directement ce classement, mais peuvent revêtir une certaine importance pour le fonds: | Los datos históricos utilizados en el cálculo del indicador sintético no constituyen una indicación fiable del futuro perfil de riesgo y remuneración de la clase de participaciones. La categoría asignada puede sufrir alteraciones y, por consiguiente, variar a lo largo del tiempo. La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
Este fondo ha sido clasificado en la clase de riesgo anteriormente mencionada ya que su precio de participación está sujeto a oscilaciones medias o fuertes y, por consiguiente, tanto la oportunidad de lucro como el riesgo de pérdida pueden ser entre moderados y elevados.
Al clasificar la clase de participaciones en una clase de riesgo puede ocurrir que no se tengan presentes todos los riesgos debido al modelo de cálculo. Una descripción detallada se encuentra en el apartado “Observaciones sobre el riesgo” del folleto de venta. Los siguientes riesgos no influyen directamente en la clasificación de riesgo, aunque pueden ser significativos para el fondo: | Les données historiques utilisées aux fins du calcul de l'indicateur synthétique ne sauraient constituer une indication fiable du profil de risque/rendement futur de la catégorie de parts. Le classement concerné peut faire l'objet de modifications et donc changer au fil du temps. Même la catégorie la plus faible ne peut être assimilée à un investissement sans risque.
Cette catégorie de parts a été classée dans la catégorie de risque précitée car le prix de ses parts est soumis à des fluctuations moyennes à fortes et par conséquent, ses opportunités de gains, mais aussi son risque de perte peuvent être modérés à élevés.
Il peut arriver, lors du classement de la catégorie de parts dans une catégorie de risque, que tous les risques ne soient pas pris en compte en raison du modèle de calcul utilisé. Vous trouverez une présentation détaillée à la section « Informations relatives aux risques » du prospectus. Les risques suivants n'influencent pas directement ce classement, mais peuvent revêtir une certaine importance pour le fonds: | fr | es |
DOLFIN7894 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Autres informations pertinentes
Des informations complémentaires sur le Fonds ou sur d'autres catégories d'Actions ou le Fonds du Fonds parapluie, y compris le Prospectus, le rapport annuel le plus récent, les éventuels rapports semestriels ultérieurs et le prix des Parts, peuvent être obtenues par courriel ou par téléphone auprès de l'Agent de transfert du Fonds. Vous trouverez les coordonnées ci-dessous. Ces documents sont disponibles en anglais sans frais.
Tél. : +353 1 2425452
C Curriel : [email protected]
Les installations suivantes sont disponibles sur www.eifs.lu/wellingtonmanagementfunds :
- Informations sur la façon dont les commandes (souscription, remboursement et rachat) peuvent être effectuées et la façon dont les produits de remboursement et derachat sont payés ;
- informations et accès aux procédures et aux arrangements relatifs aux droits des investisseurs et au traitement des plaintes ;
- informations relatives aux tâches effectuées par les installations sur un support durable ;
- le prospectus de vente le plus récent, les statuts, les rapports annuels et semestriels, ainsi que les documents d'informations clés pour l'investisseur.
Vous trouverez des informations sur les scénarios de performance du produit au cours des 10 dernières années et sur les calculs des scénarios de performances précédents sur :
- https://docs.data2report.lu/documents/KID_PP/KID_annex_PP_Wellington_IE00BF2ZV712_fr.pdf.
- https://docs.data2report.lu/documents/KID_PS/KID_annex_PS_Wellington_IE00BF2ZV712_fr.pdf. | # Otros datos de interés
Puede obtenerse información adicional sobre el Fondo y otras clases de Participaciones o Fondos del Fondo Paraguas, y consultar el Folleto, el último informe anual, cualquier informe semestral posterior, y los precios de Participaciones solicitándolos al Agente de Transferencias del Fondo por correo electrónico o por teléfono. Véanse más abajo los datos de contacto. Los documentos se encuentran disponibles en inglés y son gratuitos.
Tel.: +353 1 242 5452
Correo electrónico: [email protected]
La siguiente documentación se encuentra disponible en www.eifs.lu/wellingtonmanagementfunds:
- Información sobre cómo ejecutar órdenes (de suscripción, recompra o rescate) y cómo se abona el producto de recompras y rescates;
- información sobre los procedimientos y acuerdos relativos a los derechos de los inversores y la gestión de reclamaciones, así como acceso a los mismos;
- información sobre las tareas que realizan las distintas entidades en un soporte duradero;
- los últimos folletos de comercialización, los estatutos, los informes anuales y semestrales, así como los documentos de datos fundamentales para el inversor.
Puede obtener información relativa a la rentabilidad histórica del producto en los últimos 10 años, y a los cálculos de escenarios de rentabilidad anterior, en el sitio web :
- https://docs.data2report.lu/documents/KID_PP/KID_annex_PP_Wellington_IE00BF2ZV712_es.pdf.
- https://docs.data2report.lu/documents/KID_PS/KID_annex_PS_Wellington_IE00BF2ZV712_es.pdf. | # Autres informations pertinentes
Des informations complémentaires sur le Fonds ou sur d'autres catégories d'Actions ou le Fonds du Fonds parapluie, y compris le Prospectus, le rapport annuel le plus récent, les éventuels rapports semestriels ultérieurs et le prix des Parts, peuvent être obtenues par courriel ou par téléphone auprès de l'Agent de transfert du Fonds. Vous trouverez les coordonnées ci-dessous. Ces documents sont disponibles en anglais sans frais.
Tél. : +353 1 2425452
C Curriel : [email protected]
Les installations suivantes sont disponibles sur www.eifs.lu/wellingtonmanagementfunds :
- Informations sur la façon dont les commandes (souscription, remboursement et rachat) peuvent être effectuées et la façon dont les produits de remboursement et derachat sont payés ;
- informations et accès aux procédures et aux arrangements relatifs aux droits des investisseurs et au traitement des plaintes ;
- informations relatives aux tâches effectuées par les installations sur un support durable ;
- le prospectus de vente le plus récent, les statuts, les rapports annuels et semestriels, ainsi que les documents d'informations clés pour l'investisseur.
Vous trouverez des informations sur les scénarios de performance du produit au cours des 10 dernières années et sur les calculs des scénarios de performances précédents sur :
- https://docs.data2report.lu/documents/KID_PP/KID_annex_PP_Wellington_IE00BF2ZV712_fr.pdf.
- https://docs.data2report.lu/documents/KID_PS/KID_annex_PS_Wellington_IE00BF2ZV712_fr.pdf. | fr | es |
DOLFIN7895 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Taxation
Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B (1) of the Taxes Consolidation Act, 1997 as amended. On that basis, it is not therefore chargeable to Irish tax on its relevant income or relevant gains. However, Irish tax can arise on the happening of a chargeable event in the Company.
A chargeable event includes any distribution payments to shareholders or any encashment, redemption, or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares. No Irish tax will arise on the Company in respect of chargeable events in respect of:
- a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997 as amended, are held by the Company, and
- certain exempted Irish tax resident shareholders who have provided the Company with the necessary signed statutory declarations. There were no chargeable events during the year under review. | #### Tributación
De conformidad con la legislación y la práctica vigentes, la Sociedad cumple los requisitos para ser un organismo de inversión según la definición del artículo 739B(1) de la Ley de Consolidación Tributaria (Taxes Consolidation Act) de 1997, en su versión vigente. Por lo tanto, no está obligada a pagar impuestos irlandeses sobre sus rentas ni sobre sus plusvalías. Sin embargo, la Sociedad puede quedar sujeta al pago de impuestos en Irlanda si se produce un hecho imponible que le afecte.
Un hecho imponible incluye cualquier pago de dividendos a los Accionistas, la liquidación, reembolso o transmisión de Acciones o la posesión de Acciones al final de cada periodo de ocho años a partir de la fecha de adquisición de las mismas. No se derivará obligación fiscal alguna en Irlanda para la Sociedad respecto de hechos imponibles relativos a:
- un Accionista que no sea residente en Irlanda ni residente habitual en Irlanda a efectos fiscales en el momento en que se produzca el hecho imponible, siempre que la Sociedad tenga en su poder las preceptivas declaraciones válidas previstas por la Ley de Consolidación Tributaria de 1997, en su versión vigente; y
- determinados accionistas que sean residentes en Irlanda exentos que hayan facilitado a la Sociedad las preceptivas declaraciones legales firmadas. Durante el ejercicio analizado no se produjeron hechos imponibles. | #### Taxation
Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B (1) of the Taxes Consolidation Act, 1997 as amended. On that basis, it is not therefore chargeable to Irish tax on its relevant income or relevant gains. However, Irish tax can arise on the happening of a chargeable event in the Company.
A chargeable event includes any distribution payments to shareholders or any encashment, redemption, or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares. No Irish tax will arise on the Company in respect of chargeable events in respect of:
- a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997 as amended, are held by the Company, and
- certain exempted Irish tax resident shareholders who have provided the Company with the necessary signed statutory declarations. There were no chargeable events during the year under review. | en | es |
DOLFIN7896 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Hong Kong
Warning:
The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.
Please note that (i) Shares in Funds which has not been authorised by the Hong Kong Securities and Futures Commission (“HKSFC”) may not be offered or sold in Hong Kong by means of this Prospectus or any other document other than to "professional investors" as defined in Part I of Schedule 1 to the Securities and Futures Ordinance (“SFO”) and any rules made thereunder, and (ii) no person shall issue or possess for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to Shares in any such Fund which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in Part I of Schedule 1 to the SFO and any rules made thereunder.
- | # Hong Kong
Avertissements sur les risques :
Le contenu du présent document n'a pas été revu par les autorités règlementaires de Hong Kong. Il est recommandé de faire preuve de prudence à l'égard de l'offre y étant exposée. En cas de doute quant au contenu de ce document, il vous est recommandé de consulter un conseiller professionnel indépendant.
Veuillez noter que (i) les Actions des Compartiments qui n'ont pas été autorisés par la Hong Kong Securities and Futures Commission (« HKSFC ») ne peuvent pas être proposées ou vendues à Hong Kong au moyen du présent Prospectus ou de tout autre document sauf à des « investisseurs professionnels » tels que définis à la Partie I de l'Annexe 1 de la Securities and Futures Ordinance (« SFO ») et dans toute règle y afférente, et (ii) personne ne peut produire ou posséder aux fins de produire, à Hong Kong ou ailleurs, toute publicité, invitation ou document relatif aux Actions d'un Compartiment qui soit destinée ou dont il est probable que le contenu soit publiquement accessible ou consulté à Hong Kong (sauf si les lois sur les valeurs mobilières de Hong Kong le permettent) sauf au titre d'Actions qui sont à disposition ou dont l'intention est qu'elles soient à disposition de personnes en dehors de Hong Kong ou uniquement à des « investisseurs professionnels » tels que définis à la Partie I de l'Annexe 1 du SFO et de toute règle y afférente.]
- | # Hong Kong
Warning:
The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.
Please note that (i) Shares in Funds which has not been authorised by the Hong Kong Securities and Futures Commission (“HKSFC”) may not be offered or sold in Hong Kong by means of this Prospectus or any other document other than to "professional investors" as defined in Part I of Schedule 1 to the Securities and Futures Ordinance (“SFO”) and any rules made thereunder, and (ii) no person shall issue or possess for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to Shares in any such Fund which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in Part I of Schedule 1 to the SFO and any rules made thereunder.
- | en | fr |
DOLFIN7897 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- orders received after this cut-off time will be processed at the Net Asset Value of the Valuation Day following the given Valuation Day;
- orders shall indicate (i) the number of Shares for which the conversion is requested, the Sub-Fund or Share Class to which they belong, whether they are Accumulation Shares or Income Shares, as well as the details of the Sub-Fund of the new Shares and whether the latter are to Income Shares or Accumulation Shares, (ii) whether any possible physical delivery of the Shares must take place as well as the address to which the payment of any possible balance arising from the conversion must be sent;
- orders must be accompanied by the Shares for which the conversion is requested;
- orders must be formulated according to the procedures laid down for the subscription and redemption of Shares, as described above; in particular the minimum of initial and subsequent subscription as specified in the relevant Sub- Fund fact sheet(s) in the Part A of this prospectus must be respected.
- the conversion may only take place on those Valuation Days in Luxembourg that the relevant Sub-Funds have in common. | - gli ordini ricevuti dopo questo orario limite saranno evasi al Valore patrimoniale netto del Giorno di valutazione successivo al dato Giorno di valutazione;
- gli ordini devono indicare (i) il numero di Azioni di cui si richiede la conversione, il Comparto o la Classe di Azioni di appartenenza, il tipo di Azioni (a distribuzione o a capitalizzazione), nonché i dettagli relativi al Comparto delle nuove Azioni e la tipologia di queste ultime (a distribuzione o a capitalizzazione), (ii) se dovrà aver luogo un'eventuale consegna fisica delle Azioni e l'indirizzo per l'invio del pagamento dell'eventuale saldo della conversione;
- gli ordini devono essere accompagnati dalle Azioni di cui si richiede la conversione;
- gli ordini devono essere formulati secondo le modalità previste per la sottoscrizione e il rimborso di Azioni, come sopra indicato; in particolare, deve essere rispettato l'importo minimo della sottoscrizione iniziale e di quelle successive indicato nelle specifiche schede informative di Comparto contenute nella Parte A del presente prospetto informativo.
- la conversione può essere effettuata esclusivamente nei Giorni di valutazione in Lussemburgo comuni ai Comparti in questione. | - orders received after this cut-off time will be processed at the Net Asset Value of the Valuation Day following the given Valuation Day;
- orders shall indicate (i) the number of Shares for which the conversion is requested, the Sub-Fund or Share Class to which they belong, whether they are Accumulation Shares or Income Shares, as well as the details of the Sub-Fund of the new Shares and whether the latter are to Income Shares or Accumulation Shares, (ii) whether any possible physical delivery of the Shares must take place as well as the address to which the payment of any possible balance arising from the conversion must be sent;
- orders must be accompanied by the Shares for which the conversion is requested;
- orders must be formulated according to the procedures laid down for the subscription and redemption of Shares, as described above; in particular the minimum of initial and subsequent subscription as specified in the relevant Sub- Fund fact sheet(s) in the Part A of this prospectus must be respected.
- the conversion may only take place on those Valuation Days in Luxembourg that the relevant Sub-Funds have in common. | en | it |
DOLFIN7898 | 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 generate a high level of income on your investment.
The Fund invests globally at least 70% of its total assets in equity securities (e.g. shares).
In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection. This means that stocks will be selected based on their expected contribution to portfolio returns when risk and transaction cost forecasts are taken into account.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund’s investments. In doing so may take into consideration the MSCI ACWI Minimum Volatility Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. The Fund’s portfolio holdings are expected to deviate materially from the Index.
The Fund distributes income gross of expenses.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid annually on the shares).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Swiss Franc. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$100,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo trata de generar un alto nivel de rendimientos de su inversión.
El Fondo invierte a escala mundial al menos el 70% de sus activos totales en valores de renta variable (como acciones).
Para alcanzar su objetivo de inversión, el Fondo invertirá en varias estrategias e instrumentos de inversión. En particular, el Fondo utilizará modelos cuantitativos (es decir, matemáticos o estadísticos) para lograr un enfoque sistemático (basado en normas) de selección de valores. Esto significa que los valores se seleccionarán según su contribución a la rentabilidad de la cartera prevista, teniendo en cuenta el riesgo y los costes de transacción.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, podrá tener en cuenta el MSCI ACWI Minimum Volatility Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su potestad para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. Está previsto que los valores de la cartera del Fondo se desvíen de forma considerable del Índice.
Los rendimientos de este Fondo se distribuyen sin previa deducción de gastos.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas (anualmente se pagarán ingresos por dividendo sobre las acciones).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en francos suizos. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 100 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to generate a high level of income on your investment.
The Fund invests globally at least 70% of its total assets in equity securities (e.g. shares).
In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection. This means that stocks will be selected based on their expected contribution to portfolio returns when risk and transaction cost forecasts are taken into account.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund’s investments. In doing so may take into consideration the MSCI ACWI Minimum Volatility Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. The Fund’s portfolio holdings are expected to deviate materially from the Index.
The Fund distributes income gross of expenses.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing (i.e. dividend income will be paid annually on the shares).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Swiss Franc. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$100,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN7899 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
For the purpose of generating additional capital or income for reducing its costs or risks, the Company may, with respect to the assets of each Sub-Fund, engage in SFTs provided that these transactions comply with applicable laws and regulations, including CSSF Circular 08/356 and CSSF Circular 14/592, as they may be amended or supplemented from time to time.
In case a Sub-Fund enters into SFTs, it has to be ensured that at any time the full amount of cash or any security that has been lent or sold can be recalled and any securities lending and/or repurchase agreement entered into can be terminated. It shall also be ensured that the amount of transactions is kept at a level such that the Sub-Fund is able, at all times, to meet its redemption obligations towards its shareholders. Furthermore, the use of SFTs should not result in a change of the investment objective of the Sub-Fund nor add substantial supplementary risks in comparison to the risk profile as stated in the Sub-Fund factsheet.
All the revenues arising from SFTs are returned to the participating Sub-Fund. The Management Company performs the oversight of the program and Goldman Sachs International Bank and Goldman Sachs Bank USA are appointed as the Company’s securities lending agent. Goldman Sachs International Bank and Goldman Sachs Bank USA are neither related to the Management Company nor related to the Depositary.
Each Sub-Fund may lend/sell the securities included in its portfolio to a borrower/buyer (the “counterparty”) either directly or through a standardised lending system organised by a recognised clearing institution or through a lending system organised by a financial institution subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by European Community Law and specialised in this type of transactions. The counterparty must be of high quality and meet the requirements of a “financial counterparty” pursuant to article 3 of Regulation (EU) 2015/2365 (i.e. the counterparty must at least have an investment grade rating by Fitch, Moody’s and/or Standard & Poor’s, be structured as a public limited liability company, and have its parent company registered office located in OECD countries) and be subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by European Community Law. In case the aforementioned financial institution acts on its own account, it is to be considered as counterparty in the securities lending/repurchase agreement. Further information on the counterparty(ies) is made available in the Annual Report which can be obtained free of charges from the registered office of the Company. | Al fine di generare capitale o reddito addizionale mirato a ridurre i propri costi o rischi, la Società può, in relazione al patrimonio di ciascun Comparto, perfezionare SFT a condizione che tali operazioni siano conformi alle leggi e ai regolamenti applicabili, comprese le Circolari 08/356 e 14/592 della CSSF, come di volta in volta modificate o integrate.
Qualora un Comparto perfezioni SFT, dovrà assicurare che l’intero ammontare della liquidità o eventuali titoli prestati o venduti possano essere richiamati in qualsiasi momento e che eventuali contratti di prestito titoli e/o di vendita con patto di riacquisto perfezionati possano essere risolti. Deve inoltre essere assicurato che l’importo delle operazioni sia mantenuto a un livello tale da consentire al Comparto di soddisfare sempre i propri obblighi di rimborso nei confronti dei suoi azionisti. Inoltre, l’uso di SFD non deve determinare un cambiamento dell’obiettivo d’investimento del Comparto, né creare rischi supplementari sostanziali rispetto al profilo di rischio indicato nella scheda informativa del Comparto in oggetto.
Tutti i ricavi derivanti da SFT saranno restituiti al Comparto partecipante. La Società di gestione è incaricata della supervisione del programma e Goldman Sachs International Bank e Goldman Sachs Bank USA sono nominate agente di prestito titoli della Società. Goldman Sachs International Bank e Goldman Sachs Bank USA non sono in alcun modo collegate né con la Società di gestione né con la Banca depositaria.
Ciascun Comparto potrà prestare/vendere titoli inclusi nel proprio portafoglio a un prestatario/acquirente (la “controparte”) direttamente o attraverso un sistema standardizzato di prestito titoli organizzato da un organismo di compensazione riconosciuto o tramite un sistema di prestito titoli predisposto da una società finanziaria soggetta a norme di vigilanza prudenziale che la CSSF consideri equivalenti a quelle prescritte dal diritto della Comunità Europea e specializzata in questo tipo di operazioni. La controparte deve essere di alta qualità e soddisfare i requisiti di una “controparte finanziaria” ai sensi dell’articolo 3 del Regolamento (UE) 2015/2365 (ossia deve avere un rating pari ad almeno investment grade assegnato da Fitch, Moody’s e/o Standard & Poor’s, la forma giuridica di una società per azioni (public limited liability company) e la sede legale della capogruppo situata in un paese dell’OCSE) ed essere soggetta a regole di vigilanza prudenziale che la CSSF consideri equivalenti a quelle prescritte dal diritto della Comunità Europea. Qualora la suddetta società finanziaria operi per conto proprio, dovrà essere considerata come controparte nel contratto di prestito titoli/di vendita con patto di riacquisto. Maggiori informazioni sulla o sulle controparti sono riportate nella Relazione annuale, ottenibile gratuitamente presso la sede legale della Società. | For the purpose of generating additional capital or income for reducing its costs or risks, the Company may, with respect to the assets of each Sub-Fund, engage in SFTs provided that these transactions comply with applicable laws and regulations, including CSSF Circular 08/356 and CSSF Circular 14/592, as they may be amended or supplemented from time to time.
In case a Sub-Fund enters into SFTs, it has to be ensured that at any time the full amount of cash or any security that has been lent or sold can be recalled and any securities lending and/or repurchase agreement entered into can be terminated. It shall also be ensured that the amount of transactions is kept at a level such that the Sub-Fund is able, at all times, to meet its redemption obligations towards its shareholders. Furthermore, the use of SFTs should not result in a change of the investment objective of the Sub-Fund nor add substantial supplementary risks in comparison to the risk profile as stated in the Sub-Fund factsheet.
All the revenues arising from SFTs are returned to the participating Sub-Fund. The Management Company performs the oversight of the program and Goldman Sachs International Bank and Goldman Sachs Bank USA are appointed as the Company’s securities lending agent. Goldman Sachs International Bank and Goldman Sachs Bank USA are neither related to the Management Company nor related to the Depositary.
Each Sub-Fund may lend/sell the securities included in its portfolio to a borrower/buyer (the “counterparty”) either directly or through a standardised lending system organised by a recognised clearing institution or through a lending system organised by a financial institution subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by European Community Law and specialised in this type of transactions. The counterparty must be of high quality and meet the requirements of a “financial counterparty” pursuant to article 3 of Regulation (EU) 2015/2365 (i.e. the counterparty must at least have an investment grade rating by Fitch, Moody’s and/or Standard & Poor’s, be structured as a public limited liability company, and have its parent company registered office located in OECD countries) and be subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by European Community Law. In case the aforementioned financial institution acts on its own account, it is to be considered as counterparty in the securities lending/repurchase agreement. Further information on the counterparty(ies) is made available in the Annual Report which can be obtained free of charges from the registered office of the Company. | en | it |
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