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DOLFIN8000 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# When a manager identifies a new issuer that does not benefit from an internal assessment of credit quality, he/she shall send a request for the analysis to be carried out.
- Global Risk Management (‘GRM’): Within this department, a Paris based team dedicated to IRA analysis is responsible for providing final scores based on the ratings of the Research and quantitative teams. This team is composed of a head and employees (between 4 and 6) Quantitative Risk Analysts. The GRM IRA team completes the evaluation carried out by the above research team by considering additional quantitative parameters and produces the final scores on which the managers' investmentdecision is based.
The GRM IRA team is ultimately responsible for the internal scores used by the management. In terms of organization, the GRM department is attached to AXA IM's Chief Operating Officer (COO) Global, which in turn is directly attached to AXA IM's Global CEO, and is independent of management teams. The money market fund management team does not intervene and at any time influence the internal credit analysis carried out by the GRM IRA team. Members of the GRM IRA Team have the qualifications, skills and experiences to conduct the evaluations independently.
- Description of the methodology
- First stage: The Research team performs fundamental analysis based on the factors that vary accordingto the type of issuer, and which can be, for example:
- Macroeconomic indicators;
- In depth understanding of the issuer's business sectors;
- The financial situation of the issuer, the liquidity of the issuer, including the ability to refinancing the short term debt;
- Key ESG factors deemed most relevant to each issuer;
- Risk of occurrence of possible mergers, acquisitions or disposals;
- Rating of external agencies... | # Cuando un gestor identifique a un emisor nuevo que no se beneficie de una evaluación interna de la calidad crediticia, enviará una solicitud para que se efectúe el análisis.
- El departamento Global Risk Management ("GRM"): Dentro de este departamento, un equipo dedicado al análisis de los riesgos de inversión (Investment Risk Analysis "IRA"), ubicado en París, se encarga de facilitar las puntuaciones finales sobre la base de las calificaciones del equipo de Investigación y de elementos cuantitativos. Este equipo está compuesto por un director y colaboradores (entre 4 y 6) Quantitative Risk Analysts.
El equipo GRM IRA completará la evaluación efectuada por el equipo de investigación anterior considerando parámetros cuantitativos adicionales y elaborará las puntuaciones finales en las que se basa la decisión de inversión de los gestores.
El equipo GRM IRA es responsable al final de las puntuaciones internas utilizadas por la gestión. En términos de organización, el departamento GRM depende del Director de Operaciones (COO) Global de AXA IM, que, a su vez, está directamente relacionado con el CEO global de AXA IM y es independiente de los equipos de gestión. El equipo de gestión de fondos monetarios no interviene ni influye en ningún momento en el análisis interno de crédito realizado por el equipo GRM IRA. Los miembros del equipo GRM IRA cuentan con las cualificaciones, competencias y experiencia necesarias para realizar las evaluaciones de forma autónoma.
- Descripción de la metodología
- Primera etapa: El equipo de investigación realiza un análisis fundamental basándose en factores quevarían según el tipo de emisor y que pueden ser, a título de ejemplo:
- Indicadores macroeconómicos;
- Comprensión profunda de los sectores de actividad del emisor;
- Situación financiera del emisor, liquidez del emisor, incluida la capacidad de refinanciación de la deuda a corto plazo;
- Principales factores ASG considerados los más relevantes para cada emisor;
- Riesgo de evento derivado de posibles fusiones, adquisiciones o cesiones;
- Calificación de agencias externas... | # When a manager identifies a new issuer that does not benefit from an internal assessment of credit quality, he/she shall send a request for the analysis to be carried out.
- Global Risk Management (‘GRM’): Within this department, a Paris based team dedicated to IRA analysis is responsible for providing final scores based on the ratings of the Research and quantitative teams. This team is composed of a head and employees (between 4 and 6) Quantitative Risk Analysts. The GRM IRA team completes the evaluation carried out by the above research team by considering additional quantitative parameters and produces the final scores on which the managers' investmentdecision is based.
The GRM IRA team is ultimately responsible for the internal scores used by the management. In terms of organization, the GRM department is attached to AXA IM's Chief Operating Officer (COO) Global, which in turn is directly attached to AXA IM's Global CEO, and is independent of management teams. The money market fund management team does not intervene and at any time influence the internal credit analysis carried out by the GRM IRA team. Members of the GRM IRA Team have the qualifications, skills and experiences to conduct the evaluations independently.
- Description of the methodology
- First stage: The Research team performs fundamental analysis based on the factors that vary accordingto the type of issuer, and which can be, for example:
- Macroeconomic indicators;
- In depth understanding of the issuer's business sectors;
- The financial situation of the issuer, the liquidity of the issuer, including the ability to refinancing the short term debt;
- Key ESG factors deemed most relevant to each issuer;
- Risk of occurrence of possible mergers, acquisitions or disposals;
- Rating of external agencies... | en | es |
DOLFIN8001 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Multi-Asset Income – Investment Manager’s Report
For the 12 months ending 31 December 2021, the total return for the USD I Accumulating Class was 7.35%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any).
Amidst bouts of volatility and market weakness, the last 12 months saw strong performance from risk assets, despite a number of headwinds in the form of supply chain slowdowns, rising inflation readings, and the prospect of monetary policy tightening by central banks. Sentiment on global growth remained resilient over the year, bolstered by strong corporate earnings data and increased consumer demand, as global economies continued to navigate the evolving coronavirus pandemic. Markets were shaken in September by the prospect of the collapse of Chinese property giant Evergrande and again at the end of November upon the identification of the Omicron variant. Inflation as well as inflation expectations showed no let up around the world, causing central banks to accelerate the path of tapering and interest rate hikes, and placing upward pressure on bond yields. In the fiscal realm, the US senate passed President Biden’s $1.2 Trillion Bipartisan infrastructure bill into law. However, negotiations on the “Build Back Better” stimulus reached loggerheads toward the end of the year.
The portfolio’s allocations to equities drove gains while fixed income and uncorrelated strategies were also additive to performance. Within equities, all of the strategies bar Emerging Markets contributed positively, with energy infrastructure stocks and Real Estate securities making the largest impact on the back of strong performance from cyclical value equities. Within fixed income, European high yield credit contributed the most, outweighing losses from the allocations to Investment Grade Credit, US Treasuries and China bonds. Uncorrelated strategies performance was overall additive, led by strong positive contributions from options writing as volatility broadly trended lower over the period.
Over the next 12 months, a fundamentally robust economy and a positive earnings and default outlook make the case for holding risky assets, in our view. But the likely transition to higher inflation and higher interest rates, plus the risk of central bank policy errors, is a recipe for elevated volatility. We advocate that 2022 is a year to focus on carry income from risky assets, while adjusting portfolios to cushion against, and take advantage of, potential price volatility. Despite the recent spread of the Omicron variant, our primary concern is no longer the coronavirus, which, against effective vaccines and anti-viral treatments, can be disruptive but seems unlikely to demand the major lockdowns of 2020. Instead, concern centers on the transition to an environment of persistent high inflation and higher interest rates. Higher discount rates imply lower present values for equities and bonds, particularly given current valuations. Historical correlation suggests that a 15 basis point rise in real rates translates into a point off of the S&P 500 Index multiple, for example. Add on a risk premium for all that uncertainty around central bank policy and the path of inflation, and the steady carry income we anticipate for 2022 could be accompanied by elevated volatility in asset prices.
Finally, we continue to believe that a multi-dimensional approach to yield is prudent. During 2021, overall Portfolio performance was bolstered by expanded income sources such as energy infrastructure, real estate securities and European high yield. We continue to seek specialist income sources that offer an attractive risk/return payoff. Our multi-asset class approach avoids concentration of portfolio risk in equity, duration or spread risk and attempts to diversify across asset classes to achieve a high- and sustainable-income level in a risk managed framework.
92 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | # Multi-Asset Income – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I USD en el periodo de 12 meses finalizado el 31 de diciembre de 2021 ascendió al 7,35%. (En el Anexo II se recoge la rentabilidad de todas las clases de Acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. En la rentabilidad total mostrada se han descontado todas las comisiones y los gastos, y se incluye la reinversión de ingresos por dividendos y otras distribuciones, en su caso).
En un contexto de episodios de volatilidad y deterioro del mercado, los activos de riesgo obtuvieron una sólida rentabilidad en los últimos 12 meses, a pesar de una serie de inconvenientes materializados en forma de ralentizaciones de la cadena de suministro, aumento de los datos de inflación y perspectivas de endurecimiento de las políticas monetarias por parte de los bancos centrales. El sentimiento con respecto al crecimiento global se mostró resiliente durante el ejercicio, favorecido por los buenos datos de beneficios empresariales y por el aumento de la demanda de los consumidores, mientras las economías de todo el mundo continuaban lidiando con la pandemia de coronavirus. Los mercados se vieron sacudidos en septiembre por la posible quiebra del gigante inmobiliario chino Evergrande y de nuevo a finales de noviembre por la identificación de la variante ómicron. Ni la inflación ni las expectativas de inflación dieron tregua en todo el mundo, lo que obligó a los bancos centrales a acelerar la retirada de los estímulos y las subidas de tipos, y ejerció una presión al alza sobre las rentabilidades de los bonos. En materia fiscal, el Senado de EE. UU. aprobó el proyecto de ley bipartidista de infraestructuras del presidente Biden, por valor de 1,2 billones de dólares. Sin embargo, las negociaciones del plan de recuperación para reconstruir mejor llegaron a un punto muerto hacia finales de año.
Las asignaciones de la cartera a renta variable impulsaron las ganancias, aunque las estrategias de renta fija y no correlacionadas también contribuyeron a la rentabilidad. En el ámbito de renta variable, todas las estrategias salvo mercados emergentes contribuyeron a los resultados, siendo los valores de infraestructuras de energía y los inmobiliarios los que más favorecieron, gracias al buen comportamiento de las acciones cíclicas de valor. En renta fija, el crédito de alta rentabilidad europeo realizó la mayor contribución a los resultados, compensando las pérdidas de las asignaciones a crédito con grado de inversión, bonos del Tesoro de EE. UU. y bonos chinos. El comportamiento de las estrategias no correlacionadas también favoreció en general, gracias a las fuertes contribuciones positivas de la suscripción de opciones al reducirse la volatilidad durante el periodo.
A nuestro juicio, en los próximos 12 meses, una economía fundamentalmente sólida y unas perspectivas de beneficios e impagos positivas justifican la inversión en activos de riesgo. Sin embargo, la probable transición hacia unos niveles más elevados de inflación y tipos de interés, así como el riesgo de que los bancos centrales cometan errores con sus políticas monetarias son los ingredientes perfectos para una fuerte volatilidad. Creemos que 2022 es un año para centrarse en las rentas por carry de los activos de riesgo, así como para ajustar las carteras para protegerse frente a la potencial volatilidad de precios y beneficiarse de esta. A pesar de la reciente propagación de la variante ómicron, nuestra principal preocupación ya no es el coronavirus, ya que, gracias a la efectividad de las vacunas y a los tratamientos antivirales, puede que cause perturbaciones, pero parece poco probable que vaya a obligar a imponer los fuertes confinamientos de 2020. La preocupación se concentra, sin embargo, en la transición hacia un entorno de persistente inflación elevada y subidas de tipos de interés. El aumento de las tasas de descuento implica unos valores presentes más bajos para las acciones y los bonos, en especial teniendo en cuenta las valoraciones actuales. La correlación histórica sugiere que un aumento de 15 puntos básicos de los tipos reales se traduce en un punto menos en el múltiplo del S&P 500 Index, por ejemplo. Si añadimos una prima de riesgo a toda esa incertidumbre que rodea a la política de los bancos centrales y a la evolución de la inflación, las rentas por carry estables que prevemos para 2022 podrían verse acompañadas de una volatilidad elevada de los precios de los activos.
Por último, seguimos pensando que resulta prudente aplicar un enfoque multidimensional por lo que respecta al rendimiento. Durante 2021, la rentabilidad de la Cartera en general se vio favorecida por la expansión de las fuentes de ingresos, tales como las infraestructuras de energía, los valores inmobiliarios y la deuda de alta rentabilidad europea. Seguimos buscando fuentes de ingresos específicas que ofrezcan una recompensa atractiva en términos de riesgo/rentabilidad. Nuestro enfoque multiactivo evita la concentración del riesgo de la cartera en el riesgo de renta variable, de duración o del diferencial, y trata de diversificar entre clases de activos para conseguir un elevado nivel de rentas sostenible en un marco de gestión del riesgo.
92 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INFORME DEL GESTOR DE INVERSIONES CUENTAS | # Multi-Asset Income – Investment Manager’s Report
For the 12 months ending 31 December 2021, the total return for the USD I Accumulating Class was 7.35%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any).
Amidst bouts of volatility and market weakness, the last 12 months saw strong performance from risk assets, despite a number of headwinds in the form of supply chain slowdowns, rising inflation readings, and the prospect of monetary policy tightening by central banks. Sentiment on global growth remained resilient over the year, bolstered by strong corporate earnings data and increased consumer demand, as global economies continued to navigate the evolving coronavirus pandemic. Markets were shaken in September by the prospect of the collapse of Chinese property giant Evergrande and again at the end of November upon the identification of the Omicron variant. Inflation as well as inflation expectations showed no let up around the world, causing central banks to accelerate the path of tapering and interest rate hikes, and placing upward pressure on bond yields. In the fiscal realm, the US senate passed President Biden’s $1.2 Trillion Bipartisan infrastructure bill into law. However, negotiations on the “Build Back Better” stimulus reached loggerheads toward the end of the year.
The portfolio’s allocations to equities drove gains while fixed income and uncorrelated strategies were also additive to performance. Within equities, all of the strategies bar Emerging Markets contributed positively, with energy infrastructure stocks and Real Estate securities making the largest impact on the back of strong performance from cyclical value equities. Within fixed income, European high yield credit contributed the most, outweighing losses from the allocations to Investment Grade Credit, US Treasuries and China bonds. Uncorrelated strategies performance was overall additive, led by strong positive contributions from options writing as volatility broadly trended lower over the period.
Over the next 12 months, a fundamentally robust economy and a positive earnings and default outlook make the case for holding risky assets, in our view. But the likely transition to higher inflation and higher interest rates, plus the risk of central bank policy errors, is a recipe for elevated volatility. We advocate that 2022 is a year to focus on carry income from risky assets, while adjusting portfolios to cushion against, and take advantage of, potential price volatility. Despite the recent spread of the Omicron variant, our primary concern is no longer the coronavirus, which, against effective vaccines and anti-viral treatments, can be disruptive but seems unlikely to demand the major lockdowns of 2020. Instead, concern centers on the transition to an environment of persistent high inflation and higher interest rates. Higher discount rates imply lower present values for equities and bonds, particularly given current valuations. Historical correlation suggests that a 15 basis point rise in real rates translates into a point off of the S&P 500 Index multiple, for example. Add on a risk premium for all that uncertainty around central bank policy and the path of inflation, and the steady carry income we anticipate for 2022 could be accompanied by elevated volatility in asset prices.
Finally, we continue to believe that a multi-dimensional approach to yield is prudent. During 2021, overall Portfolio performance was bolstered by expanded income sources such as energy infrastructure, real estate securities and European high yield. We continue to seek specialist income sources that offer an attractive risk/return payoff. Our multi-asset class approach avoids concentration of portfolio risk in equity, duration or spread risk and attempts to diversify across asset classes to achieve a high- and sustainable-income level in a risk managed framework.
92 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | en | es |
DOLFIN8002 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## SINGAPORE
The offer or invitation of the Shares of the Company, which is the subject of this Prospectus, does not relate to a CIS which is authorised under Section 286 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) or recognised under Section 287 of the SFA. The Company is not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and the Shares are not allowed to be offered to the retail public. This Prospectus and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA and accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and you should consider carefully whether the investment is suitable for you.
This Prospectus has not been registered as a prospectus with the MAS. Accordingly, this Prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of Shares may not be circulated or distributed, nor may Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. | ## SINGAPOUR
L’offre ou l’invitation à des Actions de la Société, qui fait l’objet du présent Prospectus, ne se rapporte pas à un OPC autorisé en vertu de la Section 286 de la Securities and Futures Act, Chapitre 289 de Singapour (la « SFA ») ou reconnu en vertu de la Section 287 de la SFA. La Société n’est pas autorisée ou reconnue par l’Autorité monétaire de Singapour (la « MAS ») et les Actions ne sont pas autorisées pour une offre au grand public. Le présent Prospectus et tout autre document ou pièce publié dans le cadre de l’offre ou de la vente n’est pas un prospectus tel que défini dans la SFA et, par conséquent, la responsabilité légale en vertu de la SFA relative au contenu des prospectus ne s’applique pas, et vous devez déterminer avec soin si l’investissement vous convient.
Le présent Prospectus n’a pas été enregistré en tant que prospectus auprès de la MAS. En conséquence, le présent Prospectus et tout autre document ou pièce relatif à l’offre ou la vente, ou à l’invitation à la souscription ou à l’achat d’Actions ne peut pas être distribué ni offert ni vendu, ni faire l’objet d’une invitation à la souscription ou à l’achat, directement ou indirectement, à des personnes à Singapour autres que (i) à un investisseur institutionnel en vertu de la Section 304 de la SFA, (ii) à une personne concernée en vertu de la Section 305(1), ou à toute personne en vertu de la Section 305(2), et conformément aux conditions spécifiées à la Section 305 de la SFA, ou (iii) autrement en vertu et conformément aux conditions de toute autre disposition applicable de la SFA. | ## SINGAPORE
The offer or invitation of the Shares of the Company, which is the subject of this Prospectus, does not relate to a CIS which is authorised under Section 286 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) or recognised under Section 287 of the SFA. The Company is not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and the Shares are not allowed to be offered to the retail public. This Prospectus and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA and accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and you should consider carefully whether the investment is suitable for you.
This Prospectus has not been registered as a prospectus with the MAS. Accordingly, this Prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of Shares may not be circulated or distributed, nor may Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. | en | fr |
DOLFIN8003 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may
distributions by the companies are reinvested in the shares after tax. To achieve the aim, the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is EUR. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund is exposed to market movements in a single country which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que
reinvierten en las acciones tras descontar impuestos. Para lograr el objetivo, el fondo intentará replicar el índice comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es EUR. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El fondo está expuesto a movimientos del mercado de un solo país que podrían verse perjudicados por la evolución política o económica, las medidas adoptadas por el gobierno o por sucesos naturales que no afectan a un fondo que invierte en mercados más amplios. El fondo podría emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, y podría provocar mayores fluctuaciones en el valor del fondo. Lo que podría afectar negativamente al valor del mismo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may
distributions by the companies are reinvested in the shares after tax. To achieve the aim, the fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is EUR. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The fund is exposed to market movements in a single country which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN8004 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Combating money laundering
Pursuant to international regulations and the Luxembourg laws and regulations and including, but not limited to, the Law of 12 November 2004 on combating money laundering and the financing of terrorism, the Grand-Ducal Regulation of 1 February 2010, CSSF Regulation 12-02 of 14 December 2012 and CSSF circulars CSSF 13/556, CSSF 15/609, CSSF 17/650 and CSSF 17/661 on combating money laundering and the financing of terrorism, as well as all amendments thereto or subsequent regulations, all obligated parties are required to prevent undertakings for collective investment from being misused for the purpose of money laundering and terrorist financing. The Fund, the Management Company or a third party commissioned by it may require an applicant to provide any document it considers necessary for establishing identity. The Fund, the Management Company (or a third party commissioned by it) may also request any other information it needs to comply with the applicable statutory and regulatory provisions, including, but not limited to, the CRS and FATCA Law.
If an applicant does not provide the required documents in good time, in full, or at all, the subscription order shall be rejected. With redemptions, incomplete documentation can delay payment of the redemption price. The Management Company is not responsible for delayed processing or failed transactions if the applicant has not provided the documents in good time, in full or at all.
The Fund and Management Company (or a third party commissioned by it) may from time to time require shareholders to provide additional or updated documents relating to their identity in accordance with the applicable laws and provisions relating to their obligations to continuously monitor and check their customers. If these documents are not produced promptly, the Management Company is obliged and entitled to block the Fund units of the shareholders in question.
In order to transpose Article 30 of Directive (EU) 2015/849 of the European Parliament and of the Council, the 4th EU Anti-money Laundering Directive, the Law of 13 January 2019 establishing a register of beneficial owners was adopted. This requires registered legal entities to report their beneficial owners to the register set up for this purpose.
As a “registered legal entity”, investment companies and investment funds are also legally defined in Luxembourg.
For example, the beneficial owner as defined in the Law of 12 November 2004 is often any natural person who holds or otherwise controls more than 25% of the shares or units of a legal entity.
Depending on the specific situation, this could result in end investors of the Investment Company/Investment Fund being reported to the register of beneficial owners with names and other personal details. The following data of a beneficial owner can be viewed free of charge by anyone on the website of “Luxembourg Business Registers” from 1 September 2019: Name, surname(s), nationality (nationalities), date and place of birth, country of residence and nature and extent of economic interest. Public inspection can only be limited in exceptional circumstances after a case-by-case examination subject to a fee. | # Contrasto al riciclaggio di denaro
In conformità alle norme internazionali e alle leggi e ai regolamenti del Lussemburgo, tra cui a mero titolo esemplificativo la legge del 12 novembre 2004 sul contrasto al riciclaggio di denaro e al finanziamento del terrorismo, il regolamento del Granducato del 1º febbraio 2010, il regolamento CSSF 12-02 del 14 dicembre 2012 e le circolari CSSF 13/556, CSSF 15/609 e CSSF 17/650, CSSF 17/661 sul contrasto al riciclaggio di denaro e al finanziamento del terrorismo, nonché tutte le relative modifiche e norme conseguenti, tutti i soggetti obbligati sono tenuti a impedire un uso improprio degli organismi di investimento collettivo per scopi di riciclaggio del denaro e finanziamento del terrorismo. Il Fondo, la Società di gestione o un soggetto da essa incaricato può richiedere a colui che presenta la domanda qualunque documento che ritiene necessario per accertare la sua identità. Inoltre, il Fondo o la Società di gestione (o un suo incaricato) può richiedere tutte le altre informazioni di cui ha necessità per ottemperare alle disposizioni legali e normative applicabili, tra cui a mero titolo esemplificativo la legge CRS e la legge FATCA.
Qualora il richiedente non presenti i documenti richiesti, o li presenti in ritardo o in forma incompleta, la domanda di sottoscrizione verrà respinta. In caso di rimborso, una documentazione incompleta può comportare un ritardo nel pagamento del prezzo di rimborso. Se il richiedente non ha presentato i documenti, o li ha presentati in ritardo o in forma incompleta, la Società di gestione non risponde del ritardo nel disbrigo o dell'annullamento di una transazione.
Il Fondo o la Società di gestione (o un suo incaricato) ha facoltà di chiedere di volta in volta all'azionista, in conformità alle leggi applicabili e alle disposizioni che regolano il suo obbligo di vigilanza continua e controllo sui clienti, di presentare documenti aggiuntivi o aggiornati sulla propria identità. Qualora tali documenti non vengano prodotti tempestivamente, la Società di gestione è tenuta ed è autorizzata a bloccare le quote del Fondo degli azionisti interessati.
Per attuare l'articolo 30 della direttiva (UE) 2015/849 del Parlamento europeo e del Consiglio, la cosiddetta 4ª direttiva UE sul riciclaggio di denaro, è stata approvata la legge del 13 gennaio 2019 sull'istituzione di un registro dei beneficiari effettivi. A tal fine le persone giuridiche registrate sono tenute a comunicare i loro beneficiari effettivi al registro istituito a tale scopo.
In Lussemburgo, le società d'investimento e i fondi d'investimento sono tra le entità designate dalla legge come “entità registrate”.
Beneficiario effettivo ai sensi della legge del 12 novembre 2004 è, ad esempio, regolarmente qualsiasi persona fisica che detiene o comunque controlla più del 25% delle azioni o delle quote in una persona giuridica.
A seconda della situazione specifica, ciò potrebbe comportare l'obbligo di comunicare i nomi e gli altri dati personali degli investitori finali della Società di investimento o del Fondo d'investimento al registro dei beneficiari effettivi. I seguenti dati del beneficiario effettivo possono essere consultati gratuitamente da chiunque sul sito web dei “Registri delle imprese del Lussemburgo” a partire dal 1° settembre 2019: cognome, nome/i, nazionalità, data e luogo di nascita, paese di residenza e natura ed entità dell'interesse economico. Solo in circostanze eccezionali è possibile limitare l'ispezione pubblica dopo un esame individuale di ogni singolo caso, per il quale è richiesto il pagamento di una tassa. | # Combating money laundering
Pursuant to international regulations and the Luxembourg laws and regulations and including, but not limited to, the Law of 12 November 2004 on combating money laundering and the financing of terrorism, the Grand-Ducal Regulation of 1 February 2010, CSSF Regulation 12-02 of 14 December 2012 and CSSF circulars CSSF 13/556, CSSF 15/609, CSSF 17/650 and CSSF 17/661 on combating money laundering and the financing of terrorism, as well as all amendments thereto or subsequent regulations, all obligated parties are required to prevent undertakings for collective investment from being misused for the purpose of money laundering and terrorist financing. The Fund, the Management Company or a third party commissioned by it may require an applicant to provide any document it considers necessary for establishing identity. The Fund, the Management Company (or a third party commissioned by it) may also request any other information it needs to comply with the applicable statutory and regulatory provisions, including, but not limited to, the CRS and FATCA Law.
If an applicant does not provide the required documents in good time, in full, or at all, the subscription order shall be rejected. With redemptions, incomplete documentation can delay payment of the redemption price. The Management Company is not responsible for delayed processing or failed transactions if the applicant has not provided the documents in good time, in full or at all.
The Fund and Management Company (or a third party commissioned by it) may from time to time require shareholders to provide additional or updated documents relating to their identity in accordance with the applicable laws and provisions relating to their obligations to continuously monitor and check their customers. If these documents are not produced promptly, the Management Company is obliged and entitled to block the Fund units of the shareholders in question.
In order to transpose Article 30 of Directive (EU) 2015/849 of the European Parliament and of the Council, the 4th EU Anti-money Laundering Directive, the Law of 13 January 2019 establishing a register of beneficial owners was adopted. This requires registered legal entities to report their beneficial owners to the register set up for this purpose.
As a “registered legal entity”, investment companies and investment funds are also legally defined in Luxembourg.
For example, the beneficial owner as defined in the Law of 12 November 2004 is often any natural person who holds or otherwise controls more than 25% of the shares or units of a legal entity.
Depending on the specific situation, this could result in end investors of the Investment Company/Investment Fund being reported to the register of beneficial owners with names and other personal details. The following data of a beneficial owner can be viewed free of charge by anyone on the website of “Luxembourg Business Registers” from 1 September 2019: Name, surname(s), nationality (nationalities), date and place of birth, country of residence and nature and extent of economic interest. Public inspection can only be limited in exceptional circumstances after a case-by-case examination subject to a fee. | en | it |
DOLFIN8005 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- The performance shown is based on the net asset value, after the deduction of all ongoing charges and portfolio transaction costs, with distributable income reinvested.
- The Fund launched in 2022 pursuant to a merger of Barings Europe Select Fund, a Sub-Fund of an Irish Fund public limited company (Barings Investment Fund Plc) (the "merger Fund") into the Fund. The merger Fund's investment policy, strategy and portfolio do not materially differ from that of the Fund. The Unit Class is not yet launched.
- The chart shows past performance of the Unit Class and of the Benchmark for all full calendar years available since the Unit Class was launched.
- The past performance calculation does not take into account the entry and exit charges but does take into account all other ongoing charges.
- The Fund is not designed to track the Benchmark.
| | - La rentabilidad indicada se basa en el valor de inventario neto, una vez deducidos todos los gastos corrientes y los costes de transacción de la cartera, con los ingresos a distribuir reinvertidos.
- El Fondo se lanzó en 2022 en virtud de una fusión de Barings Europe Select Fund un Subfondo de una sociedad anónima de fondos irlandesa (Barings Investmen Fund Plc) (el «Fondo fusionado») con el fondo. La política de inversión, estrategia y cartera del Fondo fusionado no difieren significativamente de las del Fondo. La Clase de participaciones aún no se ha lanzado.
- El gráfico muestra la rentabilidad histórica de la Clase de participaciones y del Índice de referencia para todos los años naturales completos disponibles desde e lanzamiento de la Clase de participaciones.
- El cálculo de la rentabilidad histórica no tiene en cuenta los gastos de entrada y de salida, pero sí tiene en cuenta todos los demás gastos corrientes.
- El Fondo no está diseñado para seguir el Índice de Referencia.
| | - The performance shown is based on the net asset value, after the deduction of all ongoing charges and portfolio transaction costs, with distributable income reinvested.
- The Fund launched in 2022 pursuant to a merger of Barings Europe Select Fund, a Sub-Fund of an Irish Fund public limited company (Barings Investment Fund Plc) (the "merger Fund") into the Fund. The merger Fund's investment policy, strategy and portfolio do not materially differ from that of the Fund. The Unit Class is not yet launched.
- The chart shows past performance of the Unit Class and of the Benchmark for all full calendar years available since the Unit Class was launched.
- The past performance calculation does not take into account the entry and exit charges but does take into account all other ongoing charges.
- The Fund is not designed to track the Benchmark.
| | en | es |
DOLFIN8006 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor / and includes the costs of your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
The stress scenario shows what you might get back in extreme market circumstances. Unfavourable: This type of scenario occurred for an investment between 03/2021 and 12/2022. Moderate: This type of scenario occurred for an investment between 06/2016 and 05/2019.
Favourable: This type of scenario occurred for an investment between 03/2018 and 02/2021. | Le cifre riportate comprendono tutti i costi del prodotto in quanto tale, ma possono non comprendere tutti i costi da voi pagati al consulente o al distributore / e comprendono i costi da voi pagati al consulente o al distributore. Le cifre non tengono conto della vostra situazione fiscale personale, che può incidere anch'essa sull'importo del rimborso.
Lo scenario di stress indica quale potrebbe essere l'importo rimborsato in circostanze di mercato estreme. Sfavorevole: questo tipo di scenario si è verificato per un investimento tra il 03/2021 e 12/2022.
Moderato: questo tipo di scenario si è verificato per un investimento tra il 06/2016 e 05/2019. Favorevole: questo tipo di scenario si è verificato per un investimento tra il 03/2018 e 02/2021. | The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor / and includes the costs of your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
The stress scenario shows what you might get back in extreme market circumstances. Unfavourable: This type of scenario occurred for an investment between 03/2021 and 12/2022. Moderate: This type of scenario occurred for an investment between 06/2016 and 05/2019.
Favourable: This type of scenario occurred for an investment between 03/2018 and 02/2021. | en | it |
DOLFIN8007 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Additional information
- Foreign currencies are largely hedged versus the reference currency. Nevertheless, an active currency strategy is applied.
- Owing to the varying mixed asset allocation, this fund could be treated in specific phases as a bond fund for tax purposes in the UK. Investors should therefore contact a tax advisor.
- The portfolio manager is not tied to the benchmark in terms of investment selection or weight. | # Ulteriori informazioni
- Le valute estere sono per lo più coperte rispetto alla valuta di riferimento. Tuttavia, viene attuata una strategia valutaria attiva
- Data l’asset allocation mista variabile, durante determinati periodi questo fondo potrebbe essere trattato come un«fondo obbligazionario» ai fini della fiscalità britannica. Si invitano pertanto gli investitori a rivolgersi a un consulente fiscale.
- Il portfolio manager non è legato al benchmark per ciò che concerne la selezione o la ponderazione degli investimenti. | # Additional information
- Foreign currencies are largely hedged versus the reference currency. Nevertheless, an active currency strategy is applied.
- Owing to the varying mixed asset allocation, this fund could be treated in specific phases as a bond fund for tax purposes in the UK. Investors should therefore contact a tax advisor.
- The portfolio manager is not tied to the benchmark in terms of investment selection or weight. | en | it |
DOLFIN8008 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# How can I complain?
If you have any complaint about the product, please find the steps to be followed for lodging any complaint at www.morganstanley.com/im. You can also send your complaint by email to [email protected] or in writing to the Fund's management company at: MSIM Fund Management (Ireland) Limited, European Bank and Business Centre, 6B route de Tréves, L-2633 Senningerberg, Luxembourg. If you have a complaint about the person that advised you about this product, or who sold it to you, they will tell you where to complain.
Other relevant information | # Wie kann ich mich beschweren?
Wenn Sie sich über das Produkt beschweren möchten, befolgen Sie bitte die nachfolgenden Schritte für eine Beschwerde bei www.morganstanley.com/im. Sie können Ihre Beschwerde auch per E-Mail an [email protected] oder Brief an die Verwaltungsgesellschaft des Fonds unter folgender Adresse schicken: MSIM Fund Management (Ireland) Limited, European Bank and Business Centre, 6B route de Tréves, L-2633 Senningerberg, Luxembourg. Wenn Sie sich über die Person beschweren wollen, die Sie über dieses Produkt beraten oder es Ihnen verkauft hat, sagen wir Ihnen, an welche Stelle Sie Ihre Beschwerde richten müssen.
Sonstige zweckdienliche Angaben | # How can I complain?
If you have any complaint about the product, please find the steps to be followed for lodging any complaint at www.morganstanley.com/im. You can also send your complaint by email to [email protected] or in writing to the Fund's management company at: MSIM Fund Management (Ireland) Limited, European Bank and Business Centre, 6B route de Tréves, L-2633 Senningerberg, Luxembourg. If you have a complaint about the person that advised you about this product, or who sold it to you, they will tell you where to complain.
Other relevant information | en | de |
DOLFIN8009 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# GESTIONNAIRE DE FONDS
Wellington Management Company LLP (WMC) est un conseiller en placement indépendant enregistré auprès de la Securities and Exchange Commission aux États-Unis. WMC, ainsi que ses affiliés (collectivement, Wellington Management), offre des services de conseil et de gestion de placement à des institutions du monde entier. | Le présent document et son contenu ne peuvent être reproduits ou distribués, en tout ou partie, sans le consentement écrit exprès de Wellington Management. COMMUNICATION MARKETING. Rien dans le présent document ne doit être interprété comme un conseil ou une recommandation d’achat ou de vente d’actions de Wellington Management Funds (Ireland) plc (le Fonds). L’investissement dans le Fonds peut ne pas convenir à tous les investisseurs. Le Fonds n’accepte que des clients professionnels ou des placements effectués par le biais d’intermédiaires financiers. Les actions du Fonds ne sont disponibles que dans des juridictions où une telle offre ou sollicitation est légale. Il vous est conseillé de lire le plus récent document d’information clé pour l’investisseur (DICI), le Prospectus et le rapport annuel (ainsi que le rapport semestriel) le plus récent avant d’investir. Pour chaque pays où le Fonds est enregistré pour la vente, le prospectus, la procédure de plainte et la synthèse des droits de l’investisseur en anglais, ainsi que le DICI en anglais et dans une langue officielle, sont disponibles gratuitement auprès de l’Agent de transfert des Fonds, State Street Fund Services (Ireland) Limited, au 78 Sir John Rogerson’s Quay, Dublin 2, Irlande et sur le site www.Wellington.com/KIIDs. Les réclamations peuvent être déposées au Responsable des plaintes à l’adresse de l’Agent de transfert des Fonds ou par e-mail à l’adresse suivante : [email protected]. Le Fonds est agréé et réglementé en tant qu’OPCVM par la Banque centrale d’Irlande. Le Fonds peut décider de mettre fin à ses contrats commerciaux relatifs aux actions détenues dans un État membre de l’UE en donnant un préavis de 30 jours ouvrables. | En Suisse, les documents d’offre du Fonds sont disponibles auprès du représentant et de l’Agent payeur local, BNP Paribas Securities Services, Selnaustrasse 16, 8002 Zurich, Suisse. Les Prospectus sont disponibles en anglais, français et français suisse. | Notations des gestionnaires fournies par Citywire © pour des performances ajustées du risque sur des périodes glissantes de 3 ans. Les notations de Citywire sont fournies après la fin du mois. Par conséquent, veuillez consulter le site Internet de Citywire pour connaître les évaluations actuelles. | Profil de Risque et de Rendement : fondé sur la volatilité de la catégorie d’actions. Les données historiques ne sont pas nécessairement représentatives de l’avenir. La catégorie de risque indiquée n’est pas garantie et peut évoluer au fil du temps. La catégorie la plus basse n’est pas synonyme d’investissement sans risque. Veuillez vous reporter à la page 2 pour plus d’informations concernant les risques. | # GESTIÓN DEL FONDO
Wellington Management Company LLP (WMC) es un asesor de inversiones independiente registrado en la Securities and Exchange Commission de EE. UU. WMC y sus filiales (en conjunto, Wellington Management) prestan servicios de gestión y asesoramiento de inversión a entidades de todo el mundo. | Este material y su contenido no podrán ser reproducidos ni distribuidos en parte ni en su totalidad sin el consentimiento expreso y por escrito de Wellington Management. COMUNICACIÓN RELATIVA A LA COMERCIALIZACIÓN. Ninguna parte de este documento debe considerarse con carácter de asesoramiento ni es una recomendación para vender o comprar acciones de un fondo de Wellington Management Funds (Ireland) plc (el Fondo). La inversión en el Fondo podría no ser apta para todos los inversores. El Fondo solo acepta clientes profesionales o inversiones realizadas a través de intermediarios financieros. Las acciones del Fondo se ofertan únicamente en aquellas jurisdicciones en las que la ley permite su oferta o solicitud. Por favor, consulte el documento de datos fundamentales para el inversor (KIID) más reciente, el Folleto y el último informe anual (e informe semestral) antes de invertir. En cada país en el que el Fondo esté registrado para su venta, se puede obtener el folleto, el proceso de reclamación y el resumen de los derechos de los inversores en inglés, y el KIID en inglés y en el idioma oficial, de forma gratuita del Agente de transferencia del Fondo —State Street Fund Services (Ireland) Limited, 78 Sir John Rogerson’s Quay, Dublín 2, Irlanda— y en www.Wellington.com/KIIDs. Las reclamaciones pueden presentarse al Agente de reclamaciones en la dirección del Agente de transferencia del Fondo o por correo electrónico a [email protected]. El Fondo está autorizado y regulado como OICVM por el Banco Central de Irlanda. El Fondo puede tomar la decisión de extinguir los acuerdos de comercialización de las acciones de un Estado miembro de la UE con un aviso de 30 días hábiles de antelación. | En Suiza, los documentos del Fondo podrán solicitarse al Representante y Agente de pagos local BNP Paribas Securities Services, Selnaustrasse 16, 8002 Zúrich, Suiza. Los Folletos están en inglés, francés y francés suizo. | Calificaciones de la gestora provistas por Citywire © para la rentabilidad ajustada al riesgo durante un periodo consecutivo de tres años. Las calificaciones de Citywire son provistas después de fin de mes; por lo tanto, consulte el sitio web de Citywire para conocer las calificaciones actuales. | Perfil de riesgo y remuneración: basado en la volatilidad de la clase de acciones. Los datos históricos pueden no ser una indicación fiable del futuro. La categoría de riesgo no está garantizada, puede variar con el tiempo y la más baja no indica ausencia de riesgo. La página 2 ofrece más información sobre los riesgos. | # GESTIONNAIRE DE FONDS
Wellington Management Company LLP (WMC) est un conseiller en placement indépendant enregistré auprès de la Securities and Exchange Commission aux États-Unis. WMC, ainsi que ses affiliés (collectivement, Wellington Management), offre des services de conseil et de gestion de placement à des institutions du monde entier. | Le présent document et son contenu ne peuvent être reproduits ou distribués, en tout ou partie, sans le consentement écrit exprès de Wellington Management. COMMUNICATION MARKETING. Rien dans le présent document ne doit être interprété comme un conseil ou une recommandation d’achat ou de vente d’actions de Wellington Management Funds (Ireland) plc (le Fonds). L’investissement dans le Fonds peut ne pas convenir à tous les investisseurs. Le Fonds n’accepte que des clients professionnels ou des placements effectués par le biais d’intermédiaires financiers. Les actions du Fonds ne sont disponibles que dans des juridictions où une telle offre ou sollicitation est légale. Il vous est conseillé de lire le plus récent document d’information clé pour l’investisseur (DICI), le Prospectus et le rapport annuel (ainsi que le rapport semestriel) le plus récent avant d’investir. Pour chaque pays où le Fonds est enregistré pour la vente, le prospectus, la procédure de plainte et la synthèse des droits de l’investisseur en anglais, ainsi que le DICI en anglais et dans une langue officielle, sont disponibles gratuitement auprès de l’Agent de transfert des Fonds, State Street Fund Services (Ireland) Limited, au 78 Sir John Rogerson’s Quay, Dublin 2, Irlande et sur le site www.Wellington.com/KIIDs. Les réclamations peuvent être déposées au Responsable des plaintes à l’adresse de l’Agent de transfert des Fonds ou par e-mail à l’adresse suivante : [email protected]. Le Fonds est agréé et réglementé en tant qu’OPCVM par la Banque centrale d’Irlande. Le Fonds peut décider de mettre fin à ses contrats commerciaux relatifs aux actions détenues dans un État membre de l’UE en donnant un préavis de 30 jours ouvrables. | En Suisse, les documents d’offre du Fonds sont disponibles auprès du représentant et de l’Agent payeur local, BNP Paribas Securities Services, Selnaustrasse 16, 8002 Zurich, Suisse. Les Prospectus sont disponibles en anglais, français et français suisse. | Notations des gestionnaires fournies par Citywire © pour des performances ajustées du risque sur des périodes glissantes de 3 ans. Les notations de Citywire sont fournies après la fin du mois. Par conséquent, veuillez consulter le site Internet de Citywire pour connaître les évaluations actuelles. | Profil de Risque et de Rendement : fondé sur la volatilité de la catégorie d’actions. Les données historiques ne sont pas nécessairement représentatives de l’avenir. La catégorie de risque indiquée n’est pas garantie et peut évoluer au fil du temps. La catégorie la plus basse n’est pas synonyme d’investissement sans risque. Veuillez vous reporter à la page 2 pour plus d’informations concernant les risques. | fr | es |
DOLFIN8010 | 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 11,117
11.2%
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
11 117 CHF
11,2%
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 11,117
11.2%
CHF 12,321
4.3% | en | es |
DOLFIN8011 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# The role of heavy emitters
Economies and businesses have been adapting to the energy transition by developing low-carbon solutions that help trans- forming the global energy sector from fossil-based systems of energy production and consumption to renewable energy sources. However, many companies are still lagging in this transition and continue to face meaningful fundamental and environmental risks.
- There can be no warranty that an investment objective, targeted returns and results of an investment structure is achieved. The value of your investment can go up and down, and you could lose some or all of your invested money.
Any investment decision in the sub-funds should be made on the basis of the current prospectus and the Key Investor Information Document (KIID).
| Industry | Power 40% of total global emissions* | Industry 25% of total global emissions* | Transport 21% of total global emissions* | Buildings 8% of total global emissions* | Agriculture/Forestry 6% of total global emissions* |
| --- | --- | --- | --- | --- | --- |
| Key Sectors | Electric utilities Gas utilities Multi utilities Energy | Chemicals Metal production Mineral production Waste management | Air freight/ Logistics Rail & Road logistics Light-duty transport Heavy-duty transport | Residential buildings Commercial buildings HVAC | Agriculture Pulp & Paper Forestry |
| Opportunities | Renewable power Energy storage Network infrastructure | Hydrogen CCUS technologies Efficiency | Electrification Fuel cells Biofuels | Electrification Energy efficiency Renewables | Electrification Fertilizer production Application efficiency |
By definition, heavy emitters are responsible for a considera- ble part of the world’s pollution and the rapid growth of ESG strategies has led to a flight of capital from these companies as an effort to slash emissions that are quickly warming our planet. However, these companies are often overlooked by the market, have a cheap valuation and just need the right nudge to fulfil their environmental potential.
Decarbonisation requires both collaboration and action. Therefore, rather than avoiding the high-emitting sectors, it is important to engage with these forgotten companies and heavy emitters which can play a crucial role in achieving the transition to a more sustainable world. By allocating capital to those companies and providing them with our expertise, together we can achieve returns while curbing real-world emissions
2
. | # Il ruolo dei principali emettitori
Le economie e le aziende si sono adattate alla transizione energetica sviluppando soluzioni a basso tenore di carbonio che aiutano a trasformare il settore energetico globale dai sistemi di produzione e consumo energetico basati su fossili alle fonti energetiche rinnovabili. Tuttavia, molte aziende sono ancora in ritardo in questa transizione e continuano ad affron- tare rischi fondamentali e ambientali significativi.
- L’effettivo raggiungimento di un obiettivo d’investimento, di risultati e rendimenti attesi di una struttura d’investimento non può in alcun modo essere garantito. Il valore degli investimenti può sia aumentare che diminuire e Lei potrebbe perdere parte o la totalità dell’importo investito.
Gli investimenti riguardanti i comparti dei fondi devono essere effettuati sulla base del Prospetto informativo e del Documento contenente le informazioni chiave per gli investitori (KIID).
| Industria | Energia 40% delle emissioni totali* | Industria 25% delle emissioni totali* | Trasporti 21% delle emissioni totali* | Edifici 8% delle emissioni totali* | Agricoltura/Silvicoltura 6% delle emissioni totali* |
| --- | --- | --- | --- | --- | --- |
| Settori chiave | Utility elettriche Utility a gas Multi Utility Energia | Sostanze chimiche Produzione di metalli Produzione di minerali Gestione dei rifiuti | Trasporto aereo/Logistica Logistica ferroviaria e stradale Trasporto leggero Trasporto pesante | Edifici residenziali Edifici commerciali HVAC | Agricoltura Polpa & Carta Silvicoltura |
| Opportunità | Energia rinnovabile Stoccaggio di energia Infrastruttura di rete | Idrogeno Tecnologie CCUS Efficienza | Elettrificazione Celle a combustibile Biocarburanti | Elettrificazione Efficienza energetica Energie rinnovabili | Elettrificazione Produzione di fertilizzanti Efficienza applicativa |
Per definizione, coloro che generano elevate emissioni di CO2 sono responsabili di una parte considerevole dell’inquinamento del mondo e la rapida crescita delle strategie ESG ha portato a una fuga di capitali da queste aziende per ridurre le emis- sioni che stanno rapidamente riscaldando il nostro pianeta. Tut- tavia, queste aziende, spesso trascurate dal mercato, hanno una valutazione a buon mercato e hanno solo bisogno della spinta giusta per soddisfare il loro potenziale ambientale.
La decarbonizzazione richiede collaborazione e azione. Per- tanto, anziché evitare i settori ad alta emissione, è importante impegnarsi con queste società dimenticate e con gli emettitori principali che possono svolgere un ruolo cruciale nel realiz- zare la transizione verso un mondo più sostenibile. Allocando capitale ed esperienza in queste aziende, insieme possiamo ottenere rendimenti riducendo al contempo le emissioni del mondo reale
2
. | # The role of heavy emitters
Economies and businesses have been adapting to the energy transition by developing low-carbon solutions that help trans- forming the global energy sector from fossil-based systems of energy production and consumption to renewable energy sources. However, many companies are still lagging in this transition and continue to face meaningful fundamental and environmental risks.
- There can be no warranty that an investment objective, targeted returns and results of an investment structure is achieved. The value of your investment can go up and down, and you could lose some or all of your invested money.
Any investment decision in the sub-funds should be made on the basis of the current prospectus and the Key Investor Information Document (KIID).
| Industry | Power 40% of total global emissions* | Industry 25% of total global emissions* | Transport 21% of total global emissions* | Buildings 8% of total global emissions* | Agriculture/Forestry 6% of total global emissions* |
| --- | --- | --- | --- | --- | --- |
| Key Sectors | Electric utilities Gas utilities Multi utilities Energy | Chemicals Metal production Mineral production Waste management | Air freight/ Logistics Rail & Road logistics Light-duty transport Heavy-duty transport | Residential buildings Commercial buildings HVAC | Agriculture Pulp & Paper Forestry |
| Opportunities | Renewable power Energy storage Network infrastructure | Hydrogen CCUS technologies Efficiency | Electrification Fuel cells Biofuels | Electrification Energy efficiency Renewables | Electrification Fertilizer production Application efficiency |
By definition, heavy emitters are responsible for a considera- ble part of the world’s pollution and the rapid growth of ESG strategies has led to a flight of capital from these companies as an effort to slash emissions that are quickly warming our planet. However, these companies are often overlooked by the market, have a cheap valuation and just need the right nudge to fulfil their environmental potential.
Decarbonisation requires both collaboration and action. Therefore, rather than avoiding the high-emitting sectors, it is important to engage with these forgotten companies and heavy emitters which can play a crucial role in achieving the transition to a more sustainable world. By allocating capital to those companies and providing them with our expertise, together we can achieve returns while curbing real-world emissions
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. | en | it |
DOLFIN8012 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The Brookfield Real Assets Securities UCITS Fund (the “Fund”) seeks total return through the growth of capital and current income.
- The Fund invests in both equity and debt securities.
- The Fund intends to invest at least 80% of its assets in real estate securities, infrastructure securities and natural resources securities.
- The Fund may invest in securities issued by U.S. and non-U.S. issuers, including companies in emerging markets around the world. In investment terms, emerging markets are regions of the world that are typically still developing their economies.
- The Fund may invest in derivatives, such as forward currency contracts, options, futures, and swaps which are linked to therise and fall of other assets.
- Derivatives may be used for investment purposes and for efficient portfolio management such as reducing risk, costs, or generating additional capital or income for the Fund.
- Any income the Fund generates for this share class will be reinvested to grow the value of your investment.
- You can buy and sell shares on most working days in Dublin. Exceptions are more fully described in the prospectus.
- Investment in the Fund may be suitable for investors with a medium to long term investment horizon.
- For full investment objectives and policy details, please refer to the prospectus. | # Objetivos y política de inversión
- El Brookfield Real Assets Securities UCITS Fund (el «Fondo») busca obtener un rendimiento total, mediante el crecimiento del capital y de la renta corriente.
- El Fondo invierte en títulos de renta variable y de deuda.
- El Fondo pretende invertir al menos el 80% de sus activos en títulos de bienes inmuebles, infraestructuras y recursos naturales.
- El Fondo puede invertir en valores emitidos por emisores estadounidenses y extranjeros, incluidas empresas de mercados emergentes de todo el mundo. En lo referente a inversiones, mercados emergentes son las regiones del mundo cuyas economías aún se están desarrollando.
- El Fondo puede invertir en derivados, tales como contratos de divisas a plazos, opciones, futuros y permutas financieras, que estén vinculados a la subida y bajada de otros activos.
- Los derivados pueden utilizarse con fines de inversión y para una gestión eficiente de la cartera, como reducir riesgos o costes, o generar capital o ingresos adicionales para el Fondo.
- Todo ingreso que el Fondo genere para esta clase de acciones se reinvertirá, para aumentar el valor de su inversión.
- Se puede comprar y vender acciones en la mayoría de días que sean hábiles en Dublín. Las excepciones se describen con todo detalle en el folleto.
- La inversión en el Fondo puede ser adecuada para inversores con un horizonte de inversión de plazo medio a largo.
- Consulte el folleto para obtener la información detallada sobre los objetivos y la política de inversión. | # Objectives and Investment Policy
- The Brookfield Real Assets Securities UCITS Fund (the “Fund”) seeks total return through the growth of capital and current income.
- The Fund invests in both equity and debt securities.
- The Fund intends to invest at least 80% of its assets in real estate securities, infrastructure securities and natural resources securities.
- The Fund may invest in securities issued by U.S. and non-U.S. issuers, including companies in emerging markets around the world. In investment terms, emerging markets are regions of the world that are typically still developing their economies.
- The Fund may invest in derivatives, such as forward currency contracts, options, futures, and swaps which are linked to therise and fall of other assets.
- Derivatives may be used for investment purposes and for efficient portfolio management such as reducing risk, costs, or generating additional capital or income for the Fund.
- Any income the Fund generates for this share class will be reinvested to grow the value of your investment.
- You can buy and sell shares on most working days in Dublin. Exceptions are more fully described in the prospectus.
- Investment in the Fund may be suitable for investors with a medium to long term investment horizon.
- For full investment objectives and policy details, please refer to the prospectus. | en | es |
DOLFIN8013 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et que puis-je espérer en retour ? (suite) Scénarios de performance
Le montant que vous allez récupérer sur ce produit dépend de la performance de marché future. Les évolutions de marché sont incertaines et ne peuvent pas être prévues de manière précise.
Période de conservation recommandée 5
Exemple d’investissement EUR 10.000
1 an 5 ans
| Scénario de crise Le scénario de crise montre ce que vous récupérerez dans des circonstances de marché extrêmes. |
| --- |
| Ce que vous récupérerez après imputation des frais | €1540,00 | €1660,39 |
| Performance moyenne chaque année en % | -84,60 | -30,17 |
| Scénario défavorable Ce type de scénario est survenu Robeco QI Global Conservative Equities C EUR entre 2021-11-30 et 2022-11-30. |
| Ce que vous récupérerez après imputation des frais | €8710,00 | €10751,63 |
| Performance moyenne chaque année en % | -12,90 | 1,46 |
| Scénario modéré Ce type de scénario est survenu Robeco QI Global Conservative Equities C EUR entre 2017-11-30 et 2022-11-30. |
| Ce que vous récupérerez après imputation des frais | €10970,00 | €14450,02 |
| Performance moyenne chaque année en % | 10,00 | 7,64 |
| Scénario favorable Ce type de scénario est survenu Robeco QI Global Conservative Equities C EUR entre 2012-12-31 et 2017-12-31. |
| Ce que vous récupérerez après imputation des frais | €13860,00 | €17272,21 |
| Performance moyenne chaque année en % | 39,00 | 11,55 |
Les chiffres présentés incluent tous les frais du produit, mais n’incluent pas nécessairement tous les frais que vous réglez à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut influer sur le montant que vous allez récupérer.
Les scénarios défavorables, modérés et favorables présentés sont des illustrations utilisant la performance la moins bonne, moyenne et meilleure du produit et un indicateur adapté des 10 dernières années.
Vous pouvez perdre une partie, voire l’intégralité de vos investissements. | # ¿Cuáles son los riesgos y qué puedo obtener a cambio? (continuación) Escenarios de
Lo que obtenga con este producto dependerá de la evolución futura del mercado. La evolución futura del mercado es incierta y no puede predecirse con exactitud.
Período de tenencia recomendado 5
Ejemplo de inversión EUR 10.000
1 año 5 años
| Supuesto de estrés El escenario de estrés muestra el importe que podría obtener en circunstancias extremas del mercado. |
| --- |
| Importe que podría obtener descontados los costes | €1540,00 | €1660,39 |
| Rendimiento medio anual % | -84,60 | -30,17 |
| Supuesto desfavorable Este tipo de escenario ocurrió por Robeco QI Global Conservative Equities C EUR entre 2021-11-30 y 2022-11-30. |
| Importe que podría obtener descontados los costes | €8710,00 | €10751,63 |
| Rendimiento medio anual % | -12,90 | 1,46 |
| Supuesto alternativo Este tipo de escenario ocurrió por Robeco QI Global Conservative Equities C EUR entre 2017-11-30 y 2022-11-30. |
| Importe que podría obtener descontados los costes | €10970,00 | €14450,02 |
| Rendimiento medio anual % | 10,00 | 7,64 |
| Supuesto favorable Este tipo de escenario ocurrió por Robeco QI Global Conservative Equities C EUR entre 2012-12-31 y 2017-12-31. |
| Importe que podría obtener descontados los costes | €13860,00 | €17272,21 |
| Rendimiento medio anual % | 39,00 | 11,55 |
Las cifras incluyen todos los costes del producto propiamente dicho, pero podrían no incluir los costes que usted pague a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también podría afectar al importe que obtenga.
Los escenarios desfavorable, moderado y favorable que se muestran son ejemplos de la rentabilidad peor, media y mejor del producto y de un índice de referencia apropiado durante los 10 últimos años.
Podría perder la totalidad o parte de su inversión. | # Quels sont les risques et que puis-je espérer en retour ? (suite) Scénarios de performance
Le montant que vous allez récupérer sur ce produit dépend de la performance de marché future. Les évolutions de marché sont incertaines et ne peuvent pas être prévues de manière précise.
Période de conservation recommandée 5
Exemple d’investissement EUR 10.000
1 an 5 ans
| Scénario de crise Le scénario de crise montre ce que vous récupérerez dans des circonstances de marché extrêmes. |
| --- |
| Ce que vous récupérerez après imputation des frais | €1540,00 | €1660,39 |
| Performance moyenne chaque année en % | -84,60 | -30,17 |
| Scénario défavorable Ce type de scénario est survenu Robeco QI Global Conservative Equities C EUR entre 2021-11-30 et 2022-11-30. |
| Ce que vous récupérerez après imputation des frais | €8710,00 | €10751,63 |
| Performance moyenne chaque année en % | -12,90 | 1,46 |
| Scénario modéré Ce type de scénario est survenu Robeco QI Global Conservative Equities C EUR entre 2017-11-30 et 2022-11-30. |
| Ce que vous récupérerez après imputation des frais | €10970,00 | €14450,02 |
| Performance moyenne chaque année en % | 10,00 | 7,64 |
| Scénario favorable Ce type de scénario est survenu Robeco QI Global Conservative Equities C EUR entre 2012-12-31 et 2017-12-31. |
| Ce que vous récupérerez après imputation des frais | €13860,00 | €17272,21 |
| Performance moyenne chaque année en % | 39,00 | 11,55 |
Les chiffres présentés incluent tous les frais du produit, mais n’incluent pas nécessairement tous les frais que vous réglez à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut influer sur le montant que vous allez récupérer.
Les scénarios défavorables, modérés et favorables présentés sont des illustrations utilisant la performance la moins bonne, moyenne et meilleure du produit et un indicateur adapté des 10 dernières années.
Vous pouvez perdre une partie, voire l’intégralité de vos investissements. | fr | es |
DOLFIN8014 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI Emerging Market TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund aims to generate capital growth over the long term. It mainly invests in equities and equity-related securities of agriculture, retail and consumer-related companies issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly, in emerging markets.The Investment Manager invests in companies that will best capture strong expected consumption growth in emerging markets. It follows a fundamental bottom-up approach that seeks to identify uniquely positioned companies with significant market misperception based on a top-down approach to identify sub-themes taking into account demographics, consumer trends and industry dynamics. Macro factors, impacting the relevant sectors and underlying companies, are constantly taken into account to prevent dichotomy with positions. The Investment
Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy. The Sub- Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El Subfondo se gestiona activamente. El índice MSCI Emerging Market TR ND se utiliza a efectos de comparación de la rentabilidad y seguimiento del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. Los valores que el Subfondo tiene previsto mantener pueden asemejarse a los del índice en una medida que varía a lo largo del tiempo, pero se prevé que su ponderación difiera significativamente. La rentabilidad del Subfondo podrá diferir sustancialmente de la del índice. El objetivo del subfondo es generar revalorización del capital a largo plazo. Invierte principalmente en acciones y títulos relacionados con renta variable de compañías del sector agrícola, minorista y de consumo emitidos por empresas constituidas o que ejercen una parte predominante de sus actividades comerciales, directa o indirectamente, en mercados emergentes.El gestor de inversiones invierte en empresas que capturarán mejor el fuerte crecimiento del consumo previsto en los mercados emergentes. Sigue un enfoque fundamental "bottom-up" que trata de identificar empresas con un posicionamiento único, que han sido considerablemente malinterpretadas por el mercado sobre la base de un enfoque "top-down", para identificar subtemas que tienen en cuenta aspectos demográficos, tendencias de consumo y dinámicas sectoriales. Se tienen en cuenta constantemente los factores macro que afectan a los sectores y las empresas subyacentes para evitar dicotomías en las
posiciones. El gestor de inversiones está autorizado a utilizar instrumentos financieros derivados a efectos de cobertura y gestión eficiente de la cartera, pero no como parte de la estrategia de inversión. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de dichas características, a los efectos del Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional hacia la forma en que analiza el perfil de sostenibilidad de las inversiones del subfondo (incluidas la selección y puntuación, exclusiones, restricciones y revisiones cualitativas y cuantitativas centradas en la sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI Emerging Market TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund aims to generate capital growth over the long term. It mainly invests in equities and equity-related securities of agriculture, retail and consumer-related companies issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly, in emerging markets.The Investment Manager invests in companies that will best capture strong expected consumption growth in emerging markets. It follows a fundamental bottom-up approach that seeks to identify uniquely positioned companies with significant market misperception based on a top-down approach to identify sub-themes taking into account demographics, consumer trends and industry dynamics. Macro factors, impacting the relevant sectors and underlying companies, are constantly taken into account to prevent dichotomy with positions. The Investment
Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy. The Sub- Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN8015 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Items included in each Sub-Fund's financial statements are measured using the currency of the primary economic environment in which the relevant Sub-Fund operates (the “functional currency”). The functional or base currency of each Sub-Fund is detailed in the General Information section. The ICAV also has adopted these functional currencies as the presentation currency of each of the Sub-Funds.
-
###### Significant Accounting Policies (continued)
- Functional and Presentation Currency (continued)Transactions in foreign currencies are translated into the functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated into the functional currency of the Sub-Fund at the exchange rate at that date. | Die in den Abschlüssen der einzelnen Teilfonds ausgewiesenen Posten werden in der Währung des primären wirtschaftlichen Umfelds bewertet, in dem der betreffende Teilfonds tätig ist (die „funktionale Währung“). Die funktionale Währung oder Basiswährung der einzelnen Teilfonds ist im Abschnitt Allgemeine Informationen angegeben. Die ICAV verwendet diese funktionalen Währungen auch als Darstellungswährung für die einzelnen Teilfonds.
-
###### Wesentliche Bilanzierungsgrundsätze (Fortsetzung)
- Funktionale Währung und Darstellungswährung (Fortsetzung)Transaktionen in Fremdwährungen werden zu dem am Transaktionstag geltenden Wechselkurs in die funktionale Währung umgerechnet. Monetäre Vermögenswerte und Verbindlichkeiten, die zum Bilanzstichtag auf Fremdwährungen lauten, werden zu dem an diesem Tag geltenden Wechselkurs in die funktionale Währung des Teilfonds umgerechnet. | Items included in each Sub-Fund's financial statements are measured using the currency of the primary economic environment in which the relevant Sub-Fund operates (the “functional currency”). The functional or base currency of each Sub-Fund is detailed in the General Information section. The ICAV also has adopted these functional currencies as the presentation currency of each of the Sub-Funds.
-
###### Significant Accounting Policies (continued)
- Functional and Presentation Currency (continued)Transactions in foreign currencies are translated into the functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated into the functional currency of the Sub-Fund at the exchange rate at that date. | en | de |
DOLFIN8016 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI Emerging Market ND is used for performance and internal risk indicators comparison, without implying any particular constraints to the sub-fund investments.
The Sub-Fund aims to generate capital growth over the medium and long terms.
It mainly invests in in equity and equity-related securities of companies having their registered office, or listed, in an Emerging Market country.
Up to 20% of the Sub-Fund’s net assets may be invested in China A- Shares which are shares issued by mainland China-based companies
that trade on regulated exchanges but only available for purchase through certain trading facilities (such as Stock Connect). | ### Obiettivi e politica d'investimento
Il Comparto è gestito attivamente. Il MSCI Emerging Market ND è utilizzato a fini di confronto della performance e degli indicatori di rischio interni, ma non comporta vincoli particolari per gli investimenti del Comparto.
Il Comparto punta alla crescita del capitale a medio e lungo termine. Investe soprattutto in azioni e titoli legati ad azioni di società che hanno sede legale o sono quotate in un paese dei Mercati Emergenti.
Fino al 20% dell’attivo netto del Comparto può essere investito in azioni A cinesi, ovvero azioni emesse da società con sede nella Cina continentale scambiate su borse regolamentate, ma che possono essere
acquistate solo attraverso determinate strutture di negoziazione (come Stock Connect). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI Emerging Market ND is used for performance and internal risk indicators comparison, without implying any particular constraints to the sub-fund investments.
The Sub-Fund aims to generate capital growth over the medium and long terms.
It mainly invests in in equity and equity-related securities of companies having their registered office, or listed, in an Emerging Market country.
Up to 20% of the Sub-Fund’s net assets may be invested in China A- Shares which are shares issued by mainland China-based companies
that trade on regulated exchanges but only available for purchase through certain trading facilities (such as Stock Connect). | en | it |
DOLFIN8017 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if Amundi Asset Management is unable to pay out?
A separate pool of assets is invested and maintained for each Sub-Fund of Lyxor Newcits IRL III ICAV. The assets and liabilities of the Sub-Fund are segregated from those of other sub-funds as well as from those of the Management Company, and there is no cross-liability among any of them. The Sub-Fund would not be liable if the Management Company or any delegated service provider were to fail or default. | # Cosa accade se Amundi Asset Management non è in grado di corrispondere quanto dovuto?
Per ciascun Comparto di Lyxor Newcits IRL III ICAV viene investito e mantenuto un pool di attività distinto. Le attività e passività del Comparto sono separate da quelle degli altri comparti e da quelle della Società di gestione e non vi è alcuna passività incrociata tra loro. Il Comparto non sarà responsabile in caso di fallimento o insolvenza della Società di gestione o di qualsiasi fornitore di servizi delegato. | # What happens if Amundi Asset Management is unable to pay out?
A separate pool of assets is invested and maintained for each Sub-Fund of Lyxor Newcits IRL III ICAV. The assets and liabilities of the Sub-Fund are segregated from those of other sub-funds as well as from those of the Management Company, and there is no cross-liability among any of them. The Sub-Fund would not be liable if the Management Company or any delegated service provider were to fail or default. | en | it |
DOLFIN8018 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Neuberger Berman Japan Equity Engagement Fund
## Rapport du Gestionnaire d’investissement
Pour le semestre clôturé le 30 juin 2021, le rendement total de la Catégorie de capitalisation I en JPY était de 11,94 %. Sur la même période, le MSCI Japan Small Cap Net Index (Rendement total en JPY) (l’« Indice ») a enregistré un rendement de 10,14 %. (Les données de performance représentent la performance passée et ne sauraient être indicatives des résultats futurs. Les rendements totaux indiqués tiennent compte du réinvestissement des dividendes et autres distributions, le cas échéant.)
Au cours du premier semestre 2021, les petites capitalisations japonaises ont rencontré un contexte de marché volatil sous l’effet des attentes des investisseurs, en termes de reprise économique mondiale à la suite du déploiement des vaccins contre la Covid-19, et de la progression des taux d’intérêt américains, incitant les sociétés de croissance à opérer des prises de bénéfices ainsi qu'une rotation vers les valeurs de rendement qui avaient sous- performé pendant la majeure partie de 2020. Au cours du second semestre, le démarrage tardif de la distribution nationale des vaccins contre la Covid-19 au Japon a nourri des craintes sur les perspectives de l’économie et des dépenses de consommation, entraînant une sous-performance des petites capitalisations japonaises par rapport à leurs homologues des marchés développés aux États-Unis et en Europe. L’annonce faite par la Réserve fédérale américaine à la mi-juin sur une possible normalisation de son programme d’assouplissement quantitatif dès 2023 a temporairement pesé sur la confiance des investisseurs.
Au cours de la période considérée, le Portefeuille a surclassé l’indice de référence, principalement grâce à la sélection de titres dans des secteurs tels que les Technologies de l’information et les Services de communication, à savoir également les deux secteurs dans lesquels nous avons les plus fortes surpondérations par rapport à l’Indice. Cela a permis de compenser la contribution négative de l’allocation sectorielle qui a découlé de la sous-pondération de l’Immobilier et de la surpondération des Soins de santé.
Les entreprises japonaises ont annoncé des prévisions prudentes pour l’ensemble de l’année au cours de la saison d’annonce des résultats de mai, du fait des incertitudes entourant l’impact de la Covid-19. Cependant, de nombreuses équipes de gestion ont suggéré qu’il existait un potentiel de rebond au second semestre, en fonction de la vitesse de déploiement des vaccins, laquelle s’est accélérée notamment vers la fin du mois de juin. En dépit d'un contexte macroéconomique difficile, notre équipe a poursuivi sa découverte d’opportunités d’investissement à long terme dans des sociétés japonaises à petite capitalisation qui présentent des fondamentaux commerciaux solides et des possibilités de croissance intéressantes, et qui sont gérées par une direction comme nous désireuse de prêter attention aux actionnaires minoritaires afin de dégager de la valeur et de réaliser une croissance durable.
820 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BILAN ÉTATS FINANCIERS | # Neuberger Berman Japan Equity Engagement Fund
## Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I JPY en el semestre finalizado el 30 de junio de 2021 ascendió al 11,94%. En el mismo periodo, el MSCI Japan Small Cap Net Index (USD Total Return, Net of Tax) (el "Índice") registró una rentabilidad del 10,14%. (Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. La rentabilidad total que se indica refleja la reinversión de los ingresos por dividendos y otras distribuciones, en su caso.)
Durante la primera mitad de 2021, los valores japoneses de pequeña capitalización asistieron a un entorno de mercado volátil ante las expectativas de los inversores sobre una recuperación económica global tras la administración de las vacunas contra la COVID-19 y la subida de los tipos de interés estadounidenses, factores que provocaron recogidas de beneficios de las empresas de crecimiento, así como una rotación hacia las acciones de valor que habían quedado rezagadas durante la mayor parte de 2020. Durante la segunda mitad, el retraso en el arranque de la distribución de vacunas contra la COVID-19 en Japón suscitó inquietud en torno a las perspectivas de la economía y el gasto de los consumidores, lo que hizo que los valores japoneses de pequeña capitalización se comportaran peor que sus homólogos de mercados desarrollados de EE. UU. y Europa. El anuncio de la Reserva Federal estadounidense a mediados de junio de que podría plantearse normalizar su programa de expansión cuantitativa ya a principios de 2023 afectó temporalmente al ánimo de los inversores.
Durante el periodo analizado, la Cartera batió al índice de referencia gracias especialmente a la selección de valores en sectores como tecnología de la información y servicios de comunicaciones, dos áreas en las que estamos más sobreponderados con respecto al índice. Esto ayudó a contrarrestar el efecto negativo de la asignación sectorial resultante de nuestra infraponderación en bienes inmobiliarios y la sobreponderación en atención sanitaria.
Durante la temporada de publicación de resultados de mayo las empresas japonesas anunciaron unas previsiones prudentes para todo el año, a causa de las incertidumbres asociadas al impacto de la COVID-19. Sin embargo, muchos equipos directivos señalaron también la posibilidad de una recuperación en el segundo semestre, dependiendo de la rapidez de la administración de las vacunas, que se ha acelerado sobre todo a finales de junio. A pesar del difícil contexto macroeconómico, nuestro equipo ha seguido encontrando oportunidades de inversión a largo plazo en empresas japonesas de pequeña capitalización con unos sólidos fundamentales empresariales y oportunidades de crecimiento atractivas que están gestionadas por equipos directivos dispuestos a atender a accionistas minoritarios como nosotros para liberar valor y lograr un crecimiento sostenible.
820 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BALANCE CUENTAS | # Neuberger Berman Japan Equity Engagement Fund
## Rapport du Gestionnaire d’investissement
Pour le semestre clôturé le 30 juin 2021, le rendement total de la Catégorie de capitalisation I en JPY était de 11,94 %. Sur la même période, le MSCI Japan Small Cap Net Index (Rendement total en JPY) (l’« Indice ») a enregistré un rendement de 10,14 %. (Les données de performance représentent la performance passée et ne sauraient être indicatives des résultats futurs. Les rendements totaux indiqués tiennent compte du réinvestissement des dividendes et autres distributions, le cas échéant.)
Au cours du premier semestre 2021, les petites capitalisations japonaises ont rencontré un contexte de marché volatil sous l’effet des attentes des investisseurs, en termes de reprise économique mondiale à la suite du déploiement des vaccins contre la Covid-19, et de la progression des taux d’intérêt américains, incitant les sociétés de croissance à opérer des prises de bénéfices ainsi qu'une rotation vers les valeurs de rendement qui avaient sous- performé pendant la majeure partie de 2020. Au cours du second semestre, le démarrage tardif de la distribution nationale des vaccins contre la Covid-19 au Japon a nourri des craintes sur les perspectives de l’économie et des dépenses de consommation, entraînant une sous-performance des petites capitalisations japonaises par rapport à leurs homologues des marchés développés aux États-Unis et en Europe. L’annonce faite par la Réserve fédérale américaine à la mi-juin sur une possible normalisation de son programme d’assouplissement quantitatif dès 2023 a temporairement pesé sur la confiance des investisseurs.
Au cours de la période considérée, le Portefeuille a surclassé l’indice de référence, principalement grâce à la sélection de titres dans des secteurs tels que les Technologies de l’information et les Services de communication, à savoir également les deux secteurs dans lesquels nous avons les plus fortes surpondérations par rapport à l’Indice. Cela a permis de compenser la contribution négative de l’allocation sectorielle qui a découlé de la sous-pondération de l’Immobilier et de la surpondération des Soins de santé.
Les entreprises japonaises ont annoncé des prévisions prudentes pour l’ensemble de l’année au cours de la saison d’annonce des résultats de mai, du fait des incertitudes entourant l’impact de la Covid-19. Cependant, de nombreuses équipes de gestion ont suggéré qu’il existait un potentiel de rebond au second semestre, en fonction de la vitesse de déploiement des vaccins, laquelle s’est accélérée notamment vers la fin du mois de juin. En dépit d'un contexte macroéconomique difficile, notre équipe a poursuivi sa découverte d’opportunités d’investissement à long terme dans des sociétés japonaises à petite capitalisation qui présentent des fondamentaux commerciaux solides et des possibilités de croissance intéressantes, et qui sont gérées par une direction comme nous désireuse de prêter attention aux actionnaires minoritaires afin de dégager de la valeur et de réaliser une croissance durable.
820 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BILAN ÉTATS FINANCIERS | fr | es |
DOLFIN8019 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Directors of the Company and the Manager
The powers of management of the Company and the Company’s assets are vested in the Directors. The Directors have delegated the day-to-day management and running of the Company to the Manager. Consequently, all Directors of the Company are non-executive.
The Directors of the Company and the Manager are as follows: | ### Amministratori della Società e Gestore
I poteri di gestione della Società e del suo patrimonio spettano agli Amministratori. Gli Amministratori hanno delegato la gestione e conduzione ordinaria della Società al Gestore. Tutti gli Amministratori della Società sono pertanto non esecutivi.
Di seguito sono riportati gli Amministratori della Società e il Gestore. | ### Directors of the Company and the Manager
The powers of management of the Company and the Company’s assets are vested in the Directors. The Directors have delegated the day-to-day management and running of the Company to the Manager. Consequently, all Directors of the Company are non-executive.
The Directors of the Company and the Manager are as follows: | en | it |
DOLFIN8020 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 3 years |
| --- | --- |
| Total costs | 635 EUR | 1205 EUR |
| Annual cost impact (*) | 6.4% | 3.8% each year | | | En caso de salida después de 1 año | En caso de salida después de 3 años |
| --- | --- |
| Costes totales | 635 EUR | 1205 EUR |
| Incidencia anual de los costes (*) | 6.4% | 3.8% cada año | | | If you exit after 1 year | If you exit after 3 years |
| --- | --- |
| Total costs | 635 EUR | 1205 EUR |
| Annual cost impact (*) | 6.4% | 3.8% each year | | en | es |
DOLFIN8021 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
This Fund is actively managed. The benchmark ICE BofAML Q6AL Custom Index (Hedged in EUR) is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark.
The Fund seeks to increase the value of its assets over the medium term by investing in high-yield bonds or other debt instruments that are rated below Baa3 (Moody's) or BBB- (S&P/Fitch) denominated in various European currencies with an average maturity that does not exceed three years. The Fund can invest in low rated bonds which may increase the default risk of the fund.
The sub-fund may not be invested in securities with a rating below CCC- (S&P/Fitch) or Caa3 (Moody's). After hedging, the exposure to currencies other than EUR will not exceed 5%.
Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 3 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # UM WELCHE ART VON PRODUKT HANDELT ES SICH?
## Art
Dieses Produkt ist ein Organismus für gemeinsame Anlagen in Wertpapieren (OGAW). Es ist ein Teilfonds von BNP Paribas Funds, einer offenen Investmentgesellschaft (Société d'Investissement à Capital variable, „SICAV“), die den Bestimmungen von Teil I des Gesetzes von 17. Dezember 2010 über Organismen für gemeinsame Anlagen sowie der OGAW-Richtlinie 2009/65 unterliegt.
## Laufzeit
Dieses Produkt hat kein Fälligkeitsdatum.
BNP PARIBAS ASSET MANAGEMENT Luxembourg ist nicht zu einer einseitigen Kündigung des Produkts berechtigt. Der Verwaltungsrat ist befugt, über die Zusammenlegung, Aufteilung, Liquidation oder Schließung des Teilfonds zu entscheiden. Darüber hinaus kann die SICAV durch Beschluss einer außerordentlichen Hauptversammlung der Anteilinhaber aufgelöst werden.
## Ziele
Der Fonds wird aktiv verwaltet. Der Referenzindex ICE BofAML Q6AL Custom Index (Hedged in EUR) wird nur für den Vergleich der Wertentwicklung verwendet. Der Fonds ist benchmarkunabhängig und seine Wertentwicklung kann erheblich von der des Referenzindex abweichen.
Ziel des Fonds ist die mittelfristige Wertsteigerung seiner Vermögenswerte durch Anlagen in auf verschiedene europäische Währungen lautenden Hochzinsanleihen und anderen Schuldinstrumenten mit einem Rating unter Baa3 (Moody's) oder BBB- (S&P), die eine durchschnittliche Laufzeit von maximal drei Jahren haben. Der Fonds kann in Anleihen mit niedrigem Rating investieren, was das Ausfallrisiko des Fonds erhöhen kann.
Der Teilfonds darf nicht in Wertpapiere mit einem Rating unter CCC- (S&P/Fitch) oder Caa3 (Moody's) investiert sein. Nach der Absicherung wird das Engagement in anderen Währungen als dem EUR 5 % nicht überschreiten.
ESG-Kriterien (Umwelt, Soziales und Unternehmensführung) tragen zur Entscheidungsfindung des Managers bei, sind aber kein ausschlaggebender Faktor. Die Erträge werden grundsätzlich reinvestiert.
Anleger können ihre Anteile täglich (an Bankarbeitstagen in Luxemburg) zurückgeben, wie im Verkaufsprospekt beschrieben.
## Kleinanleger-Zielgruppe
Dieses Produkt ist für Kleinanleger konzipiert, die weder über Finanzexpertise noch über spezifische Kenntnisse verfügen, um das Produkt zu verstehen, aber dennoch einen vollständigen Kapitalverlust verkraften können. Es ist für Kunden geeignet, die Kapitalwachstum anstreben. Potenzielle Anleger sollten einen Anlagehorizont von mindestens 3 Jahren haben.
## Praktische Informationen
Verwahrstelle: BNP PARIBAS, Luxembourg Branch
Dieses Basisinformationsblatt wurde für die oben genannte Anteilsklasse erstellt und beschreibt einen Teilfonds des BNP Paribas Funds Fonds. Weitere Informationen über das Produkt sind im Prospekt und in den regelmäßigen Berichten enthalten, die auf der Ebene der SICAV herausgegeben werden. Nach luxemburgischem Recht haften die Teilfonds getrennt voneinander, d. h. die Vermögenswerte eines Teilfonds können nicht dazu verwendet werden, die Ansprüche eines Gläubigers oder einer dritten Partei gegenüber einem anderen Teilfonds zu erfüllen.
Anleger können Anteile zwischen den Teilfonds der SICAVs umschichten. Einzelheiten hierzu erfahren Sie im Verkaufsprospekt oder von Ihrem Finanzberater. Weitere Informationen zum Produkt, einschließlich des aktuellen Prospekts, des Basisinformationsblatts, der Nettoinventarwerte, der zuletzt veröffentlichten Anteilspreise, des Jahresberichts und der Anlagebeschreibung sind kostenfrei in englischer Sprache bei BNP PARIBAS ASSET MANAGEMENT Luxembourg oder online unter www.bnpparibas-am.com erhältlich. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
This Fund is actively managed. The benchmark ICE BofAML Q6AL Custom Index (Hedged in EUR) is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark.
The Fund seeks to increase the value of its assets over the medium term by investing in high-yield bonds or other debt instruments that are rated below Baa3 (Moody's) or BBB- (S&P/Fitch) denominated in various European currencies with an average maturity that does not exceed three years. The Fund can invest in low rated bonds which may increase the default risk of the fund.
The sub-fund may not be invested in securities with a rating below CCC- (S&P/Fitch) or Caa3 (Moody's). After hedging, the exposure to currencies other than EUR will not exceed 5%.
Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 3 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | de |
DOLFIN8022 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Breakdown by economic sector of Ethna-DYNAMISCH
| Breakdown by economic sector 1) |
| --- |
| Pharmaceuticals, biotechnology and biosciences | 7.52 % |
| Food, beverages and tobacco | 6.60 % |
| Diversified financial services | 6.53 % |
| Capital goods | 6.07 % |
| Hardware and equipment | 4.48 % |
| Energy | 3.95 % |
| Real estate | 3.79 % |
| Raw materials and supplies | 3.68 % |
| Consumer services | 3.26 % |
| Media & entertainment | 2.93 % |
| Software & services | 2.73 % |
| Healthcare: Equipment & services | 2.46 % |
| Household goods & personal care products | 2.27 % |
| Semiconductors & equipment for semiconductor production | 2.14 % |
| Food and staples retail | 2.08 % |
| Telecommunication services | 2.02 % |
| Transport | 1.98 % |
| Automobiles and components | 1.90 % |
| Wholesale and retail | 1.85 % |
| Insurance | 1.15 % |
| Securities holdings | 69.39 % |
| Options | 0.53 % |
| Futures contracts | 0.09 % |
| Cash at banks 2) | 30.07 % |
| Other receivables and payables (net) | -0.08 % |
### 4
### 100.00 %
1) Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
2) See notes to the Report.
### Change over the last 3 financial years
### Unit class (A)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 53.84 | 668,744 | -6,291.43 | 80.52 |
| 31/12/2018 | 50.92 | 684,739 | 1,424.53 | 74.37 |
| 30.06.2019 | 44.13 | 574,600 | -8,472.91 | 76.79 |
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 121.71 | 1,456,051 | 6,429.42 | 83.59 |
| 31/12/2018 | 147.14 | 1,905,837 | 37,094.69 | 77.20 |
| 30.06.2019 | 156.67 | 1,963,002 | 4,537.04 | 79.81 |
### Unit class (T)
### 5
### Unit class (SIA-A)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 13.77 | 23,788 | 2,695.81 | 578.72 |
| 31/12/2018 | 21.07 | 39,116 | 8,771.21 | 538.64 |
| 30.06.2019 | 15.16 | 27,136 | -6,701.96 | 558.68 |
### Unit class (SIA-T)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 56.06 | 95,822 | -4,066.53 | 585.08 |
| 31/12/2018 | 64.70 | 118,796 | 13,487.94 | 544.64 |
| 30.06.2019 | 22.76 | 40,234 | -44,323.13 | 565.62 |
### Unit class (R-A)*
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 0.21 | 1,982 | -121.76 | 103.93 |
| 31/12/2018 | 0.08 | 864 | -114.42 | 95.69 |
| 30.06.2019 | 0.09 | 864 | 0.00 | 98.63 |
### Unit class (R-T)*
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 1.45 | 14,129 | 255.94 | 102.47 |
| 31/12/2018 | 2.94 | 31,202 | 1,743.52 | 94.19 |
| 30.06.2019 | 2.63 | 27,017 | -409.29 | 97.20 |
* Unit classes (R-A) and (R-T) are intended exclusively for distribution in Italy, France and Spain.
### Change since inception
### Unit class (USD-T)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR | Unit value USD |
| --- | --- | --- | --- | --- | --- |
| 01.03.2019 | inception | - | - | 87.83 | 100.00 1) |
| 30.06.2019 | 1.48 | 16,690 | 1,477.08 | 88.94 | 101.10 2) |
### Unit class (SIA CHF-T)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR | Unit value CHF |
| --- | --- | --- | --- | --- | --- |
| 16.04.2019 | inception | - | - | 439.68 | 500.00 3) |
| 30.06.2019 | 1.16 | 2,600 | 1,145.88 | 444.53 | 493.92 4) |
### 6
1) converted into EUR as of 1 March 2019 EUR 1 = USD 1.1386
2) converted into EUR as of 30 June 2019 EUR 1 = USD 1.1367
3) converted into EUR as of 16 April 2019 EUR 1 = CHF 1.1372
4) converted into EUR as of 30 June 2019 EUR 1 = CHF 1.1111 | # Distribución sectorial del fondo Ethna-DYNAMISCH
| Distribución sectorial 1) |
| --- |
| Productos farmacéuticos, biotecnología y ciencias biológicas | 7,52 % |
| Productos de alimentación, bebidas y tabaco | 6,60 % |
| Servicios financieros diversificados | 6,53 % |
| Bienes de inversión | 6,07 % |
| Hardware y equipos | 4,48 % |
| Energía | 3,95 % |
| Bienes inmuebles | 3,79 % |
| Materias primas, materiales auxiliares y combustibles | 3,68 % |
| Servicios al consumidor | 3,26 % |
| Medios de comunicación y entretenimiento | 2,93 % |
| Software y servicios | 2,73 % |
| Sanidad: equipamiento y servicios | 2,46 % |
| Artículos del hogar y productos de cuidado personal | 2,27 % |
| Semiconductores y equipos de fabricación de semiconductores | 2,14 % |
| Comercio minorista de alimentos y productos básicos | 2,08 % |
| Servicios de telecomunicaciones | 2,02 % |
| Transporte | 1,98 % |
| Automoción y componentes | 1,90 % |
| Comercio mayorista y minorista | 1,85 % |
| Compañías de seguros | 1,15 % |
| Cartera de valores | 69,39 % |
| Opciones | 0,53 % |
| Contratos de futuros | 0,09 % |
| Bancos 2) | 30,07 % |
| Saldo de otros activos y pasivos | -0,08 % |
### 4
### 100,00 %
1) Debido a las diferencias de redondeo de las posiciones individuales los totales pueden diferir del valor real.
2) Véanse las notas explicativas del Informe.
### Evolución de los últimos 3 ejercicios
### Clase de participaciones (A)
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2017 | 53,84 | 668.744 | -6.291,43 | 80,52 |
| 31.12.2018 | 50,92 | 684.739 | 1.424,53 | 74,37 |
| 30.06.2019 | 44,13 | 574.600 | -8.472,91 | 76,79 |
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2017 | 121,71 | 1.456.051 | 6.429,42 | 83,59 |
| 31.12.2018 | 147,14 | 1.905.837 | 37.094,69 | 77,20 |
| 30.06.2019 | 156,67 | 1.963.002 | 4.537,04 | 79,81 |
### Clase de participaciones (T)
### 5
### Clase de participaciones (SIA-A)
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2017 | 13,77 | 23.788 | 2.695,81 | 578,72 |
| 31.12.2018 | 21,07 | 39.116 | 8.771,21 | 538,64 |
| 30.06.2019 | 15,16 | 27.136 | -6.701,96 | 558,68 |
### Clase de participaciones (SIA-T)
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2017 | 56,06 | 95.822 | -4.066,53 | 585,08 |
| 31.12.2018 | 64,70 | 118.796 | 13.487,94 | 544,64 |
| 30.06.2019 | 22,76 | 40.234 | -44.323,13 | 565,62 |
### Clase de participaciones (R-A)*
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2017 | 0,21 | 1.982 | -121,76 | 103,93 |
| 31.12.2018 | 0,08 | 864 | -114,42 | 95,69 |
| 30.06.2019 | 0,09 | 864 | 0,00 | 98,63 |
### Clase de participaciones (R-T)*
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2017 | 1,45 | 14.129 | 255,94 | 102,47 |
| 31.12.2018 | 2,94 | 31.202 | 1.743,52 | 94,19 |
| 30.06.2019 | 2,63 | 27.017 | -409,29 | 97,20 |
* Las clases de participaciones (R-A) y (R-T) se comercializarán única y exclusivamente en Italia, Francia y España.
### Evolución desde el lanzamiento
### Clase de participaciones (USD-T)
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR | Valor liquidativo USD |
| --- | --- | --- | --- | --- | --- |
| 01.03.2019 | Lanzamiento | - | - | 87,83 | 100,00 1) |
| 30.06.2019 | 1,48 | 16.690 | 1.477,08 | 88,94 | 101,10 2) |
### Clase de participaciones (SIA CHF-T)
| Fecha | Patrimonio neto del Fondo en Millones de EUR | Participaciones en circulación | Ingresos netos en Miles de EUR | Valor liquidativo EUR | Valor liquidativo CHF |
| --- | --- | --- | --- | --- | --- |
| 16.04.2019 | Lanzamiento | - | - | 439,68 | 500,00 3) |
| 30.06.2019 | 1,16 | 2.600 | 1.145,88 | 444,53 | 493,92 4) |
### 6
1) Tipos de cambio frente al EUR a 1 de marzo de 2019: 1 EUR = 1,1386 USD
2) Tipos de cambio frente al EUR a 30 de junio de 2019: 1 EUR = 1,1367 USD
3) Tipos de cambio frente al EUR a 16 de abril de 2019: 1 EUR = 1,1372 CHF
4) Tipos de cambio frente al EUR a 30 de junio de 2019: 1 EUR = 1,1111 CHF | # Breakdown by economic sector of Ethna-DYNAMISCH
| Breakdown by economic sector 1) |
| --- |
| Pharmaceuticals, biotechnology and biosciences | 7.52 % |
| Food, beverages and tobacco | 6.60 % |
| Diversified financial services | 6.53 % |
| Capital goods | 6.07 % |
| Hardware and equipment | 4.48 % |
| Energy | 3.95 % |
| Real estate | 3.79 % |
| Raw materials and supplies | 3.68 % |
| Consumer services | 3.26 % |
| Media & entertainment | 2.93 % |
| Software & services | 2.73 % |
| Healthcare: Equipment & services | 2.46 % |
| Household goods & personal care products | 2.27 % |
| Semiconductors & equipment for semiconductor production | 2.14 % |
| Food and staples retail | 2.08 % |
| Telecommunication services | 2.02 % |
| Transport | 1.98 % |
| Automobiles and components | 1.90 % |
| Wholesale and retail | 1.85 % |
| Insurance | 1.15 % |
| Securities holdings | 69.39 % |
| Options | 0.53 % |
| Futures contracts | 0.09 % |
| Cash at banks 2) | 30.07 % |
| Other receivables and payables (net) | -0.08 % |
### 4
### 100.00 %
1) Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
2) See notes to the Report.
### Change over the last 3 financial years
### Unit class (A)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 53.84 | 668,744 | -6,291.43 | 80.52 |
| 31/12/2018 | 50.92 | 684,739 | 1,424.53 | 74.37 |
| 30.06.2019 | 44.13 | 574,600 | -8,472.91 | 76.79 |
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 121.71 | 1,456,051 | 6,429.42 | 83.59 |
| 31/12/2018 | 147.14 | 1,905,837 | 37,094.69 | 77.20 |
| 30.06.2019 | 156.67 | 1,963,002 | 4,537.04 | 79.81 |
### Unit class (T)
### 5
### Unit class (SIA-A)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 13.77 | 23,788 | 2,695.81 | 578.72 |
| 31/12/2018 | 21.07 | 39,116 | 8,771.21 | 538.64 |
| 30.06.2019 | 15.16 | 27,136 | -6,701.96 | 558.68 |
### Unit class (SIA-T)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 56.06 | 95,822 | -4,066.53 | 585.08 |
| 31/12/2018 | 64.70 | 118,796 | 13,487.94 | 544.64 |
| 30.06.2019 | 22.76 | 40,234 | -44,323.13 | 565.62 |
### Unit class (R-A)*
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 0.21 | 1,982 | -121.76 | 103.93 |
| 31/12/2018 | 0.08 | 864 | -114.42 | 95.69 |
| 30.06.2019 | 0.09 | 864 | 0.00 | 98.63 |
### Unit class (R-T)*
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 31/12/2017 | 1.45 | 14,129 | 255.94 | 102.47 |
| 31/12/2018 | 2.94 | 31,202 | 1,743.52 | 94.19 |
| 30.06.2019 | 2.63 | 27,017 | -409.29 | 97.20 |
* Unit classes (R-A) and (R-T) are intended exclusively for distribution in Italy, France and Spain.
### Change since inception
### Unit class (USD-T)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR | Unit value USD |
| --- | --- | --- | --- | --- | --- |
| 01.03.2019 | inception | - | - | 87.83 | 100.00 1) |
| 30.06.2019 | 1.48 | 16,690 | 1,477.08 | 88.94 | 101.10 2) |
### Unit class (SIA CHF-T)
| Date | Total net fund assets in EUR millions | Outstanding units | Net inflows in EUR thousands | Unit value EUR | Unit value CHF |
| --- | --- | --- | --- | --- | --- |
| 16.04.2019 | inception | - | - | 439.68 | 500.00 3) |
| 30.06.2019 | 1.16 | 2,600 | 1,145.88 | 444.53 | 493.92 4) |
### 6
1) converted into EUR as of 1 March 2019 EUR 1 = USD 1.1386
2) converted into EUR as of 30 June 2019 EUR 1 = USD 1.1367
3) converted into EUR as of 16 April 2019 EUR 1 = CHF 1.1372
4) converted into EUR as of 30 June 2019 EUR 1 = CHF 1.1111 | en | es |
DOLFIN8023 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### High Water Mark and Hurdle NAV Reset
Since valuation point 4 is the end of the Crystallisation Period, the cumulative accrual for the Performance Fee has now Crystallised and the High Water Mark is reset at €1.0452 per Share. The Hurdle NAV is also reset at
€1.0452 per Share. The Performance Fee Crystallised at this point will not be refunded even if the NAV of the relevant Share Class falls below the reset High Water Mark and/or Hurdle NAV, although no Performance Fee will be accrued in the new Crystallisation Period until the new Hurdle NAV and the new High Water Mark is exceeded. | ##### Rideterminazione dell’High Water Mark e del NAV soglia
Poiché il Momento di valutazione 4 coincide con la fine del Periodo di cristallizzazione, la Commissione di performance complessiva maturata viene cristallizzata e l’High Water Mark viene rideterminato e fissato a
€1,0452 per Azione. Il NAV Soglia viene anch’esso rideterminato e fissato a €1,0452 per Azione. La Commissione di performance cristallizzata in tale momento non potrà essere rimborsata anche qualora il NAV della Classe di azioni interessata scenda al di sotto del nuovo High Water Mark e/o NAV Soglia, sebbene durante il nuovo Periodo di cristallizzazione non maturerà alcuna Commissione di performance sino al momento in cui il NAV soglia e il nuovo High Water Mark non verranno superati. | ##### High Water Mark and Hurdle NAV Reset
Since valuation point 4 is the end of the Crystallisation Period, the cumulative accrual for the Performance Fee has now Crystallised and the High Water Mark is reset at €1.0452 per Share. The Hurdle NAV is also reset at
€1.0452 per Share. The Performance Fee Crystallised at this point will not be refunded even if the NAV of the relevant Share Class falls below the reset High Water Mark and/or Hurdle NAV, although no Performance Fee will be accrued in the new Crystallisation Period until the new Hurdle NAV and the new High Water Mark is exceeded. | en | it |
DOLFIN8024 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Investment: USD 10’000 | |
| --- | --- |
| Scenarios: | | 1 Year | 3 years | 5 years |
| Stress scenario | What you might receive after deduction of the costs | 1’970.00 | 4’940.00 | 3’940.00 |
| | Average annual return | -80.3% | -21.0% | -17.0% |
| Pessimistic scenario | What you might receive after deduction of the costs | 7’580.00 | 6’250.00 | 4’570.00 |
| | Average annual return | -24.2% | -14.5% | -14.5% |
| Average scenario | What you might receive after deduction of the costs | 10’810.00 | 12’100.00 | 14’750.00 |
| | Average annual return | 8.1% | 6.6% | 8.1% |
| Optimistic scenario | What you might receive after deduction of the costs | 15’380.00 | 16’360.00 | 18’890.00 |
| | Average annual return | 53.8% | 17.8% | 13.6% | | | Pièces jointes : USD 10’000 | |
| --- | --- |
| Scénarii | | 1 Année | 3 Années | 5 Années |
| Scénario Stress | Ce que vous pourriez recevoir après la déduction des frais | 1’970.00 | 4’940.00 | 3’940.00 |
| | Rendements annuels moyens | -80.3% | -21.0% | -17.0% |
| Scénario pessimiste | Ce que vous pourriez recevoir après la déduction des frais | 7’580.00 | 6’250.00 | 4’570.00 |
| | Rendements annuels moyens | -24.2% | -14.5% | -14.5% |
| Scénario moyen | Ce que vous pourriez recevoir après la déduction des frais | 10’810.00 | 12’100.00 | 14’750.00 |
| | Rendements annuels moyens | 8.1% | 6.6% | 8.1% |
| Scénario optimiste | Ce que vous pourriez recevoir après la déduction des frais | 15’380.00 | 16’360.00 | 18’890.00 |
| | Rendements annuels moyens | 53.8% | 17.8% | 13.6% | | | Investment: USD 10’000 | |
| --- | --- |
| Scenarios: | | 1 Year | 3 years | 5 years |
| Stress scenario | What you might receive after deduction of the costs | 1’970.00 | 4’940.00 | 3’940.00 |
| | Average annual return | -80.3% | -21.0% | -17.0% |
| Pessimistic scenario | What you might receive after deduction of the costs | 7’580.00 | 6’250.00 | 4’570.00 |
| | Average annual return | -24.2% | -14.5% | -14.5% |
| Average scenario | What you might receive after deduction of the costs | 10’810.00 | 12’100.00 | 14’750.00 |
| | Average annual return | 8.1% | 6.6% | 8.1% |
| Optimistic scenario | What you might receive after deduction of the costs | 15’380.00 | 16’360.00 | 18’890.00 |
| | Average annual return | 53.8% | 17.8% | 13.6% | | en | fr |
DOLFIN8025 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Mirova prepares qualitative sustainability analysis on each investment. This analysis encompasses the entire life cycle of Sub-Fund development, from raw material extraction to consumer use and disposal, and focuses on the most pertinent issues to each investment. Principal adverse indicators specific to each sector are systematically integrated in sustainability opinion.
- Mirova also evaluates each investment using a physical indicator for carbon, assessing both risks and opportunities related to the energy transition. At the portfolio level, the aggregate emissions induced and avoided are considered in order to assign a level of alignment with climate scenarios published by international organisations such as the Intergovernmental Panel on Climate Change or the International Energy Agency. Further information on the methodology used can be found under https://www.mirova.com/en/research/demonstrating-impact
- Investments are also assessed against specific indicators such as gender diversity and employment as disclosed in the monthly reporting of each Sub-Fund.
- No significant harm to the sustainable investment objectivesUpon investment and over the life of the Sub-Fund, the Delegated Investment Manager assess and monitor indicators that are deemed to indicate the presence of a principal adverse impact for each sector we invest in as further described on our website https://www.mirova.com/understand. Companies whose economic activities are deemed to have a significant negative impact on the achievement of one or more of the UN SDGs are systematically excluded from the investment universe. Furthermore, a strict exclusion list is applied for controversial activities, including inter alia UN Global Compact, OECD Guidelines for Multinational Enterprisesand the UN Guiding Principles on Business and Human Rights breaches. Acknowledging that even activities
| | - Mirova prépare une analyse qualitative de durabilité pour chaque investissement. Cette analyse couvre l’ensemble du cycle de vie du développement du Compartiment, de l’extraction des matières premières à l’utilisation et à l’élimination par les consommateurs, et met l’accent sur les questions les plus pertinentes pour chaque investissement. Les principaux indicateurs défavorables spécifiques à chaque secteur sont systématiquement intégrés dans l’opinion sur la durabilité.
- Mirova évalue également chaque investissement à l’aide d’un indicateur physique portant sur le carbone, en évaluant à la fois les risques et les opportunités liés à la transition énergétique. Au niveau du portefeuille, les émissions globales induites et évitées sont prises en compte afin d’attribuer un niveau d’alignement avec les scénarios climatiques publiés par des organisations internationales telles que le Groupe d’experts intergouvernemental sur l’évolution du climat ou l’Agence internationale de l’énergie. Pour plus d’informations sur la méthodologie utilisée, consultez le site https://www.mirova.com/en/research/demonstrating-impact
- Les investissements sont également évalués par rapport à des indicateurs spécifiques relatifs notamment à la diversité de genre et à l’emploi, comme indiqué dans le rapport mensuel de chaque Compartiment.
- Pas de préjudice important aux objectifs d’investissement durableLors de l’investissement et sur la durée de vie du Compartiment, le Gestionnaire Financier par Délégation évalue et surveille les indicateurs réputés indiquer l’existence d’un impact négatif majeur pour chaque secteur dans lequel nous investissons, comme décrit plus en détail sur notre site Internet https ://www.mirova.com/understand. Les sociétés dont l’activité économique est considérée comme ayant un impact négatif important sur la réalisation d’un ou plusieurs ODD de l’ONU sont systématiquement exclues de l’univers d’investissement. En outre, une liste d’exclusion stricte est appliquée pour les activités controversées, au regard notamment du Pacte mondial desNations Unies, des lignes directrices de l’OCDE à l’intention des entreprises multinationales et des Principes directeurs des Nations Unies relatifs aux entreprises et aux droits de l’homme. Conscient que même les activités
| | - Mirova prepares qualitative sustainability analysis on each investment. This analysis encompasses the entire life cycle of Sub-Fund development, from raw material extraction to consumer use and disposal, and focuses on the most pertinent issues to each investment. Principal adverse indicators specific to each sector are systematically integrated in sustainability opinion.
- Mirova also evaluates each investment using a physical indicator for carbon, assessing both risks and opportunities related to the energy transition. At the portfolio level, the aggregate emissions induced and avoided are considered in order to assign a level of alignment with climate scenarios published by international organisations such as the Intergovernmental Panel on Climate Change or the International Energy Agency. Further information on the methodology used can be found under https://www.mirova.com/en/research/demonstrating-impact
- Investments are also assessed against specific indicators such as gender diversity and employment as disclosed in the monthly reporting of each Sub-Fund.
- No significant harm to the sustainable investment objectivesUpon investment and over the life of the Sub-Fund, the Delegated Investment Manager assess and monitor indicators that are deemed to indicate the presence of a principal adverse impact for each sector we invest in as further described on our website https://www.mirova.com/understand. Companies whose economic activities are deemed to have a significant negative impact on the achievement of one or more of the UN SDGs are systematically excluded from the investment universe. Furthermore, a strict exclusion list is applied for controversial activities, including inter alia UN Global Compact, OECD Guidelines for Multinational Enterprisesand the UN Guiding Principles on Business and Human Rights breaches. Acknowledging that even activities
| | en | fr |
DOLFIN8026 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
*Cross holdings of EUR 49,693,927 in net assets attributable to holders of redeemable participating shares at beginning of financial period have been eliminated from the Company total.
**Investment loss of EUR (304,638) due to loss earned from cross holdings have been eliminated from the Company total.
***Share transactions of EUR 10,364,935 due to cross holdings have been eliminated from the Company total.
****The Algebris Allocation Fund portfolio of investments was liquidated into cash on 13 April 2021 and final redemptions were made on 17 May 2021. | *Le partecipazioni incrociate nell'attivo netto ascrivibile ai titolari di azioni di partecipazione riscattabili a inizio periodo, pari a Euro 49.693.927, sono state eliminate dal saldo complessivo.
**La perdita da investimenti pari a Euro 304.638 dovuta a partecipazioni incrociate è stata eliminata dal saldo complessivo.
***Le operazioni su azioni pari a Euro 10.364.935 dovute a partecipazioni incrociate sono state eliminate dal saldo complessivo.
****Il portafoglio investimenti di Algebris Allocation Fund è stato liquidato in contanti il 13 aprile 2021 e i rimborsi finali sono stati effettuati il 17 maggio 2021. | *Cross holdings of EUR 49,693,927 in net assets attributable to holders of redeemable participating shares at beginning of financial period have been eliminated from the Company total.
**Investment loss of EUR (304,638) due to loss earned from cross holdings have been eliminated from the Company total.
***Share transactions of EUR 10,364,935 due to cross holdings have been eliminated from the Company total.
****The Algebris Allocation Fund portfolio of investments was liquidated into cash on 13 April 2021 and final redemptions were made on 17 May 2021. | en | it |
DOLFIN8027 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce Produit ?
## Type
Le Produit est un sous-fonds de EDMOND DE ROTHSCHILD FUND, une société anonyme, constituée en société d’investissement à capital variable en vertu de la partie I de la loi luxembourgeoise du 17 décembre 2010 relative aux entreprises de placement collectif et qualifiant d’entreprise de placement collectif en valeurs mobilières (OPCVM).
## Durée
La durée de vie de ce Produit n’est pas limitée.
## Objectifs
Objectif d’investissement : L’objectif d’investissement du sous-fonds est de générer des résultats en sélectionnant principalement des titres nord-américains susceptibles de réduire leur escompte par rapport à leur secteur d’activité ou au marché sur lequel ils sont cotés.
Indice de référence : L’indice de référence sera l’indice de valeur Russell 1000, couvert en euros, calculé avec les dividendes nets réinvestis
L’indice de référence du sous-fonds sert uniquement à des fins de comparaison et comme base pour déterminer l’univers d’investissement environnemental, social et de gouvernance (ESG) du sous-fonds. Le sous-fonds est géré activement.
Politique d’investissement : Le Gestionnaire d’investissement met en œuvre une stratégie discrétionnaire qui vise à exposer entre 75 % et 110 % de l’actif net du sous-fonds à des actions nord-américaines (plus de 1 milliard USD) couvrant tous les marchés et secteurs cotés nord-américains. Les actions sélectionnées seront libellées en dollars américains ou en dollars canadiens, exposant ainsi le sous-fonds au risque de change pouvant atteindre 110 % de l’actif net.
Le Gestionnaire d’investissement inclura systématiquement des facteurs ESG dans son analyse financière afin de sélectionner les entreprises les mieux notées. Au moins 90 % des entreprises du portefeuille auront une notation ESG. Le sous-fonds aura une notation ESG supérieure à celle de son indice de référence.
Le processus de sélection de titre comprend un filtre négatif pour exclure les entreprises qui contribuent à la production d’armes controversées conformément aux conventions internationales dans ce domaine ainsi que les entreprises qui sont exposées à des activités liées au charbon thermique ou au tabac conformément à la politique d’exclusion d’Edmond De Rothschild Group, disponible sur son site Internet.
Le sous-fonds est classé dans la catégorie de l’Article 8, paragraphe 1, du SFDR car il favorise une combinaison de caractéristiques ESG, bien qu’aucun indice de référence n’ait été désigné pour atteindre les caractéristiques environnementales ou sociales.
Compte tenu de sa stratégie ESG, le sous-fonds favorise les caractéristiques environnementales mais n’investit pas dans des activités économiques durables sur le plan environnemental. Les investissements qui sous-tendent ce produit financier ne tiennent pas compte des critères de l’UE pour des activités économiques durables sur le plan environnemental, dans le cadre du règlement sur la taxonomie.
Aux fins de la gestion des liquidités, le sous-fonds peut investir jusqu’à 25 % de son actif net dans des titres de créance transférables, des instruments du marché monétaire et des fonds du marché monétaire.
Le sous-fonds peut utiliser des instruments financiers dérivés pour atteindre son objectif d’investissement.
Jusqu’à concurrence de 10 % de son actif net, le sous-fonds peut investir dans des parts ou des actions d’OPCVM ou d’autres fonds d’investissement.
Les investissements qui sous-tendent ce produit financier ne tiennent pas compte des critères de l’UE pour des activités économiques durables sur le plan environnemental. La Catégorie sera couverte contre la fluctuation du taux de change EUR/USD.
La période d’investissement minimale recommandée est de 5 ans.
Fréquence d’achat ou de vente d’actions : Tous les jours ouvrables bancaires au Luxembourg et en France sauf le Vendredi saint, le 24 décembre (veille de Noël) et les jours de clôture des marchés français (calendrier officiel d’Euronext Paris S.A.) et des marchés américains (calendrier officiel de NYSE) pour les commandes reçues par l’agent de transfert à chaque jour de calcul de la valeur nette des actifs avant 12'h'30 et traitées sur la base de la valeur nette des actifs de ce jour.
Répartition des revenus : Accumulation
## Investisseurs de détail visés
Le Produit convient aux investisseurs institutionnels, aux entreprises et aux individus capables de comprendre les risques spécifiques du Produit et qui souhaitent augmenter la valeur de leurs économies grâce à un vecteur, qui cible en particulier les actions en Amérique du Nord. Cette action est destinée aux investisseurs institutionnels.
## Informations pratiques
Conservateur des actifs : Edmond de Rothschild (Europe)
Des informations plus détaillées sur le Edmond de Rothschild Fund, les sous-fonds disponibles et les catégories d’actions, telles que le prospectus et les rapports annuels et semestriels, peuvent être obtenues gratuitement, en anglais, auprès du siège social d’Edmond de Rothschild Asset Management (Luxembourg) à l’adresse : 4 Rue Robert Stumper, L-2557 Luxembourg. | # ¿Qué es este producto?
## Tipo
El producto es un subfondo de EDMOND DE ROTHSCHILD FUND, una sociedad anónima constituida como «société d'investissement à capital variable» de conformidad con la Parte I de la Ley luxemburguesa de 17 de diciembre de 2010 relativa a organismos de inversión colectiva y por la que se modifica la Ley sobre organismos de inversión colectiva en valores mobiliarios (OICVM).
## Plazo
La duración de este producto es ilimitada.
## Objetivos
Objetivo de inversión: El objetivo de inversión del Subfondo es generar rentabilidad seleccionando principalmente valores norteamericanos susceptibles de reducir su descuento con respecto a su sector de actividad o al mercado en el que cotizan.
Valor de referencia: El valor de referencia será el Russell 1000 Value Index, cubierto en EUR, calculado con los dividendos netos reinvertidos
El valor de referencia del Subfondo sirve únicamente a efectos comparativos y como base para determinar el universo de inversión medioambiental, social y de gobernanza (ESG) del Subfondo. El Subfondo se gestiona de forma activa.
Política de inversión: El Gestor de inversiones implementa una estrategia discrecional cuyo objetivo es exponer entre el 75% y el 110% del patrimonio neto del Subfondo a valores de renta variable norteamericanos (superiores a 1.000 millones de USD) que representen la totalidad de los mercados y sectores cotizados de Norteamérica. Los valores de renta variable seleccionados se denominarán en dólares estadounidenses o canadienses, exponiendo así al Subfondo a un riesgo de cambio de hasta el 110% del patrimonio neto.
El Gestor de inversiones incluirá sistemáticamente factores ESG en su análisis financiero con el fin de seleccionar las empresas mejor valoradas.
Como mínimo el 90% de las empresas en cartera tendrán una calificación ESG. El Subfondo tendrá una calificación ESG superior a la de su valor de referencia.
El proceso de selección de valores incluye un filtro negativo para excluir aquellas empresas que contribuyen a la producción de armas controvertidas, de conformidad con los convenios internacionales en la materia, así como las empresas expuestas a actividades relacionadas con el carbón térmico o el tabaco, de conformidad con la política de exclusión del Grupo Edmond de Rothschild, disponible en su sitio web.
El Subfondo cumple los requisitos del apartado 1 del artículo 8 del SFDR, en la medida en que promueve una combinación de características ESG, si bien no se ha designado ningún valor de referencia a efectos de alcanzar dichas características medioambientales o sociales.
Teniendo en cuenta su estrategia ESG, el Subfondo promueve características medioambientales pero no invierte en actividades económicas sostenibles desde el punto de vista medioambiental. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas sostenibles desde el punto de vista medioambiental, en el contexto del Reglamento de Taxonomía.
A efectos de gestión de efectivo, el Subfondo podrá invertir hasta el 25% de su patrimonio neto en títulos de crédito negociables, instrumentos del mercado monetario y fondos del mercado monetario.
El Subfondo podrá utilizar instrumentos financieros derivados para alcanzar su objetivo de inversión.
Dentro del límite del 10% de su patrimonio neto, el Subfondo podrá invertir en participaciones o acciones de OICVM u otros fondos de inversión.
Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas sostenibles desde el punto de vista medioambiental. La Clase estará cubierta frente a las fluctuaciones del tipo de cambio EUR/USD.
El período mínimo de inversión recomendado es de 5 años.
Frecuencia de compra o venta de acciones: Todos los días hábiles bancarios de Luxemburgo y Francia, salvo los días de Viernes Santo, 24 de diciembre (Nochebuena) y los días de cierre de los mercados franceses (calendario oficial de Euronext Paris S.A.) y estadounidenses (calendario oficial de NYSE) para las órdenes recibidas por el agente de transferencias en cada día de cálculo del valor liquidativo antes de las 12:30 horas y tramitadas sobre la base del valor liquidativo de dicho día.
Asignación de ingresos: Acumulación
## Inversor minorista al que va dirigido
El producto es adecuado para inversores institucionales, para empresas y personas físicas capaces de comprender los riesgos específicos del producto y que deseen aumentar el valor de sus ahorros gracias a un vehículo que, en particular, se centra en valores norteamericanos. Esta acción está destinada a inversores institucionales.
## Información práctica
Depositario: Edmond de Rothschild (Europe)
Si desea obtener información más detallada sobre Edmond de Rothschild Fund, los subfondos y las clases de acciones disponibles, así como el folleto y los informes anuales y semestrales, puede solicitarla gratuitamente, en inglés, en el domicilio social de Edmond de Rothschild Asset Management (Luxembourg) en: 4 Rue Robert Stumper, L-2557 Luxemburgo. | # En quoi consiste ce Produit ?
## Type
Le Produit est un sous-fonds de EDMOND DE ROTHSCHILD FUND, une société anonyme, constituée en société d’investissement à capital variable en vertu de la partie I de la loi luxembourgeoise du 17 décembre 2010 relative aux entreprises de placement collectif et qualifiant d’entreprise de placement collectif en valeurs mobilières (OPCVM).
## Durée
La durée de vie de ce Produit n’est pas limitée.
## Objectifs
Objectif d’investissement : L’objectif d’investissement du sous-fonds est de générer des résultats en sélectionnant principalement des titres nord-américains susceptibles de réduire leur escompte par rapport à leur secteur d’activité ou au marché sur lequel ils sont cotés.
Indice de référence : L’indice de référence sera l’indice de valeur Russell 1000, couvert en euros, calculé avec les dividendes nets réinvestis
L’indice de référence du sous-fonds sert uniquement à des fins de comparaison et comme base pour déterminer l’univers d’investissement environnemental, social et de gouvernance (ESG) du sous-fonds. Le sous-fonds est géré activement.
Politique d’investissement : Le Gestionnaire d’investissement met en œuvre une stratégie discrétionnaire qui vise à exposer entre 75 % et 110 % de l’actif net du sous-fonds à des actions nord-américaines (plus de 1 milliard USD) couvrant tous les marchés et secteurs cotés nord-américains. Les actions sélectionnées seront libellées en dollars américains ou en dollars canadiens, exposant ainsi le sous-fonds au risque de change pouvant atteindre 110 % de l’actif net.
Le Gestionnaire d’investissement inclura systématiquement des facteurs ESG dans son analyse financière afin de sélectionner les entreprises les mieux notées. Au moins 90 % des entreprises du portefeuille auront une notation ESG. Le sous-fonds aura une notation ESG supérieure à celle de son indice de référence.
Le processus de sélection de titre comprend un filtre négatif pour exclure les entreprises qui contribuent à la production d’armes controversées conformément aux conventions internationales dans ce domaine ainsi que les entreprises qui sont exposées à des activités liées au charbon thermique ou au tabac conformément à la politique d’exclusion d’Edmond De Rothschild Group, disponible sur son site Internet.
Le sous-fonds est classé dans la catégorie de l’Article 8, paragraphe 1, du SFDR car il favorise une combinaison de caractéristiques ESG, bien qu’aucun indice de référence n’ait été désigné pour atteindre les caractéristiques environnementales ou sociales.
Compte tenu de sa stratégie ESG, le sous-fonds favorise les caractéristiques environnementales mais n’investit pas dans des activités économiques durables sur le plan environnemental. Les investissements qui sous-tendent ce produit financier ne tiennent pas compte des critères de l’UE pour des activités économiques durables sur le plan environnemental, dans le cadre du règlement sur la taxonomie.
Aux fins de la gestion des liquidités, le sous-fonds peut investir jusqu’à 25 % de son actif net dans des titres de créance transférables, des instruments du marché monétaire et des fonds du marché monétaire.
Le sous-fonds peut utiliser des instruments financiers dérivés pour atteindre son objectif d’investissement.
Jusqu’à concurrence de 10 % de son actif net, le sous-fonds peut investir dans des parts ou des actions d’OPCVM ou d’autres fonds d’investissement.
Les investissements qui sous-tendent ce produit financier ne tiennent pas compte des critères de l’UE pour des activités économiques durables sur le plan environnemental. La Catégorie sera couverte contre la fluctuation du taux de change EUR/USD.
La période d’investissement minimale recommandée est de 5 ans.
Fréquence d’achat ou de vente d’actions : Tous les jours ouvrables bancaires au Luxembourg et en France sauf le Vendredi saint, le 24 décembre (veille de Noël) et les jours de clôture des marchés français (calendrier officiel d’Euronext Paris S.A.) et des marchés américains (calendrier officiel de NYSE) pour les commandes reçues par l’agent de transfert à chaque jour de calcul de la valeur nette des actifs avant 12'h'30 et traitées sur la base de la valeur nette des actifs de ce jour.
Répartition des revenus : Accumulation
## Investisseurs de détail visés
Le Produit convient aux investisseurs institutionnels, aux entreprises et aux individus capables de comprendre les risques spécifiques du Produit et qui souhaitent augmenter la valeur de leurs économies grâce à un vecteur, qui cible en particulier les actions en Amérique du Nord. Cette action est destinée aux investisseurs institutionnels.
## Informations pratiques
Conservateur des actifs : Edmond de Rothschild (Europe)
Des informations plus détaillées sur le Edmond de Rothschild Fund, les sous-fonds disponibles et les catégories d’actions, telles que le prospectus et les rapports annuels et semestriels, peuvent être obtenues gratuitement, en anglais, auprès du siège social d’Edmond de Rothschild Asset Management (Luxembourg) à l’adresse : 4 Rue Robert Stumper, L-2557 Luxembourg. | fr | es |
DOLFIN8028 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Global growth
After a first half of the year marked by alternating periods of restricted activity and reopening in a still uncertain health context despite the deployment of massive vaccination campaigns, the second half of 2021 saw global activity continue to return to normal and inflation accelerate sharply due to the rise in raw material prices and tensions over supplies. At the very end of the period, concerns about the new omicron variant clouded the growth outlook for early 2022.
Despite the strong business momentum, the disruption of value chains and fears of uncontrolled price rises weighed on the global economic momentum, which gradually normalised after the June highs. The United States led the way: despite the vote of a second stimulus package by Congress, which consolidates fiscal support, economic players are worried about a possible price-wage spiral that could anchor inflation expectations at the top. Europe followed at the end of the half-year with the return of health restrictions and the very rapid rise in energy prices in a context of very strong geopolitical tensions with Russia. | ###### Croissance mondiale
Après un premier semestre marqué par une alternance entre périodes de restriction d’activité et de réouverture dans un contexte sanitaire toujours incertain malgré le déploiement des campagnes massives de vaccination, le second semestre 2021 a vu l’activité mondiale poursuivre son retour à la normale et l’inflation accélérer fortement en raison de la montée des prix des matières premières et des tensions sur les approvisionnements. En toute fin de période, les craintes liées au nouveau variant omicron ont obscurci les perspectives de croissance pour début 2022.
En dépit d’une belle dynamique d’activité, la perturbation des chaines de valeur et la crainte d’une montée incontrôlée des prix a pesé sur le Momentum économique mondial qui s’est progressivement normalisé après les plus hauts de juin. Les États-Unis ont mené ce mouvement : malgré le vote d’un deuxième plan de relancepar le Congrès qui consolide le soutien fiscal, les acteurs économiques s’inquiètent d’une possible spirale prix-salaires susceptible d’ancrer au plus haut les anticipations d’inflation. L’Europe a suivi à la fin du semestre avec le retour des restrictions sanitaires et la montée très rapide des prix de l’énergie dans un contexte de tensionsgéopolitique très fortes avec la Russie. | ###### Global growth
After a first half of the year marked by alternating periods of restricted activity and reopening in a still uncertain health context despite the deployment of massive vaccination campaigns, the second half of 2021 saw global activity continue to return to normal and inflation accelerate sharply due to the rise in raw material prices and tensions over supplies. At the very end of the period, concerns about the new omicron variant clouded the growth outlook for early 2022.
Despite the strong business momentum, the disruption of value chains and fears of uncontrolled price rises weighed on the global economic momentum, which gradually normalised after the June highs. The United States led the way: despite the vote of a second stimulus package by Congress, which consolidates fiscal support, economic players are worried about a possible price-wage spiral that could anchor inflation expectations at the top. Europe followed at the end of the half-year with the return of health restrictions and the very rapid rise in energy prices in a context of very strong geopolitical tensions with Russia. | en | fr |
DOLFIN8029 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Investment policy
The objective of each sub-fund’s investment policy (or “financial product”) is to achieve reasonable value growth in the relevant sub-fund currency (as defined in the respective annex). All sub-funds follow an actively managed investment policy. The fund manager chooses, regularly reviews and, if necessary, adjusts the composition of the portfolio in accordance with the criteria specified in the investment policy. Details of the investment policy of each sub-fund are contained in the relevant annexes to this sales prospectus.
The general investment principles and restrictions specified in Article 4 of the management regulations apply to all sub-funds, insofar as no deviations or additions are contained in the relevant annex to the sales prospectus for the respective sub-fund.
The Management Company and Flossbach von Storch AG as the Fund Manager are using an integrated definition of sustainability for this purpose, in which long-term corporate governance with integrity plays a major role. Further information on the sustainability policy is provided in the “Sustainability policy” section.
The respective sub-fund assets are invested pursuant to the principle of risk diversification in the sense of the provisions of Part I of the Law of 17 December 2010 and in accordance with the investment policy principles described in Article 4 of the management regulations and in line with the investment restrictions. | #### Politique d’investissement
La politique d’investissement des différents compartiments (ou « produit financier ») vise à réaliser une performance ap- propriée dans la devise de chaque compartiment (telle que définie dans l’annexe correspondante). Tous les comparti- ments appliquent une politique d’investissement gérée activement. La composition du portefeuille est élaborée, réguliè- rement vérifiée et, éventuellement, ajustée par le gestionnaire du fonds conformément aux critères définis dans la poli- tique d’investissement. La politique d’investissement spécifique à chaque compartiment est décrite dans l’annexe corres- pondante du prospectus.
Les principes généraux et les restrictions d’investissement énoncés à l’article 4 du règlement de gestion s’appliquent à tous les compartiments, sous réserve de toute divergence ou tout complément propre à chaque compartiment figurant dans l’annexe correspondante du prospectus.
La société de gestion et Flossbach von Storch AG, gestionnaire du fonds, se fondent sur une définition globale de la dura- bilité, qui accorde une importance particulière à une gouvernance d’entreprise intégrée et axée sur le long terme. Pour plus d’informations sur la Politique de durabilité, veuillez consulter la section Politique de durabilité.
Les actifs des différents compartiments sont investis dans le respect du principe de diversification des risques, au sens des règles de la Partie I de la loi du 17 décembre 2010, conformément aux principes de politique d’investissement décrits à l’article 4 du règlement de gestion et dans la limite des restrictions d’investissement. | #### Investment policy
The objective of each sub-fund’s investment policy (or “financial product”) is to achieve reasonable value growth in the relevant sub-fund currency (as defined in the respective annex). All sub-funds follow an actively managed investment policy. The fund manager chooses, regularly reviews and, if necessary, adjusts the composition of the portfolio in accordance with the criteria specified in the investment policy. Details of the investment policy of each sub-fund are contained in the relevant annexes to this sales prospectus.
The general investment principles and restrictions specified in Article 4 of the management regulations apply to all sub-funds, insofar as no deviations or additions are contained in the relevant annex to the sales prospectus for the respective sub-fund.
The Management Company and Flossbach von Storch AG as the Fund Manager are using an integrated definition of sustainability for this purpose, in which long-term corporate governance with integrity plays a major role. Further information on the sustainability policy is provided in the “Sustainability policy” section.
The respective sub-fund assets are invested pursuant to the principle of risk diversification in the sense of the provisions of Part I of the Law of 17 December 2010 and in accordance with the investment policy principles described in Article 4 of the management regulations and in line with the investment restrictions. | en | fr |
DOLFIN8030 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## 2 The investment objective of the Fund is to achieve long term capital appreciation.
2 The Fund seeks to achieve this objective through investing primarily in equities (e.g. shares) and equity related securities (e.g. convertible bonds) issued by companies (i) with principle offices in, and/or (ii) exercise their primary economic activity in, and/or (iii) are listed on a Recognised Market, in the United States of America (“US Equities”).
## 2 The Fund may invest up to 20% of net assets in equities which are not US Equities.
## 2 The fund manager will adopt different investment styles; value, core growth and aggressive growth and will not employ any industry, style or market cap bias.
2 The Fund is considered to be actively managed in reference to S&P 500 / Average 1 month deposit rate / Average USD 1 Month Deposit Rate (the “Benchmarks”) by virtue of the fact that it uses the Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are not used to define the portfolio composition of the
## Fund and the Fund may be wholly invested in securities which are not constituents of the Benchmarks.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may use a limited number of simple derivative instruments for efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within five years. | # Objetivos y política de inversión
## 2 El objetivo de inversión del Fondo es conseguir la revalorización del capital a largo plazo.
2 El Fondo tratará de lograr este objetivo invirtiendo principalmente en renta variable (por ejemplo, acciones) y valores relacionados con la renta variable (por ejemplo, bonos convertibles) emitidos por empresas (i) con oficinas principales en, y/o (ii) que ejerzan su principales actividades económicas en, y/o (iii) se negocien en mercados reconocidos de los Estados Unidos de América («Renta variable de EE.UU.»).
## 2 El Fondo podrá invertir hasta el 20% de sus activos netos en valores de renta variable no estadounidenses.
## 2 El gestor del fondo adoptará diferentes estilos de inversión (valor, crecimiento básico y crecimiento contundente) y no tendrá ningún sesgo sectorial, de estilo o capitalización bursátil.
2 Se considera que el Fondo está gestionado activamente con referencia al índice S&P 500 / Average 1 month deposit rate y al tipo medio de los depósitos a 1 mes en USD (los «Índices de referencia»), dado que utiliza los Índices de referencia en la moneda pertinente a efectos de comparación de la rentabilidad. No obstante, no se recurre a los Índices de referencia para determinar la composición de la cartera del Fondo y,
## por lo tanto, el Fondo podrá invertir en su totalidad en valores que no forman parte de los Índices de referencia.
## 2 Las Acciones del Fondo pueden comprarse y venderse diariamente (cada Día Hábil del Fondo).
## 2 El Fondo cuenta con varias clases de acciones. Estas pueden diferir en materia de comisiones, importe mínimo de inversión, divisas, utilización de los ingresos y cualificación de los inversores.
## 2 Los rendimientos derivados de esta Clase de Acciones se capitalizarán. Otras clases de acciones del Fondo podrían repartir los rendimientos.
## 2 El gestor del Fondo puede gestionar las inversiones de este a su entera discreción.
2 Asimismo, el Fondo podrá emplear un número limitado de instrumentos derivados sencillos con fines de lograr una gestión eficaz de la cartera. Podrá hallar más información sobre el uso de derivados por parte del Fondo en el apartado «Derivados» del Suplemento del Fondo. Aunque el uso de derivados puede generar exposición adicional, dicha exposición adicional no superará el patrimonio neto del Fondo.
## 2 Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cinco años. | # Objectives and investment policy
## 2 The investment objective of the Fund is to achieve long term capital appreciation.
2 The Fund seeks to achieve this objective through investing primarily in equities (e.g. shares) and equity related securities (e.g. convertible bonds) issued by companies (i) with principle offices in, and/or (ii) exercise their primary economic activity in, and/or (iii) are listed on a Recognised Market, in the United States of America (“US Equities”).
## 2 The Fund may invest up to 20% of net assets in equities which are not US Equities.
## 2 The fund manager will adopt different investment styles; value, core growth and aggressive growth and will not employ any industry, style or market cap bias.
2 The Fund is considered to be actively managed in reference to S&P 500 / Average 1 month deposit rate / Average USD 1 Month Deposit Rate (the “Benchmarks”) by virtue of the fact that it uses the Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are not used to define the portfolio composition of the
## Fund and the Fund may be wholly invested in securities which are not constituents of the Benchmarks.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may use a limited number of simple derivative instruments for efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within five years. | en | es |
DOLFIN8031 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
These transactions include options on transferable securi- ties and other financial instruments, futures and forwards, as well as swaps.
In principle, OTC transactions may only be conducted with counterparties approved by the Board of Directors. The lim- its specified in Article 43 (1) of the 2010 Law of 10% of the net asset value for transactions with qualified credit institu- tions and a maximum of 5% in all other cases shall be ob- served in each case. Where there are plans to conduct OTC transactions with a counterparty, such counterparty must have concluded an ISDA master agreement.
- Derivatives to Hedge against Currency RisksThe Company may within the scope of the law, its imple- menting regulations and management practice, use invest- ment techniques and financial instruments intended to provide protection against foreign exchange risks. | Zu diesen Geschäften gehören unter anderem Optionsgeschäfte auf Wertpapiere und andere Finanzinstrumente, Termingeschäfte (Futures und Forwards) sowie Tauschgeschäfte (Swaps).
OTC-Geschäfte dürfen grundsätzlich nur mit durch den Verwaltungsrat gebilligten Gegenparteien getätigt werden. Dabei sind jeweils die Grenzen gemäss Artikel 43 (1) des Gesetzes von 2010 von 10% des Nettovermögens bei Geschäften mit qualifizierten Kreditinstituten und von maximal 5% in allen anderen Fällen zu beachten. Sind OTC- Transaktionen mit einer Gegenpartei geplant, so muss mit dieser Gegenpartei ein ISDA Rahmenvertrag abgeschlossen werden.
- Derivate zur Absicherung gegen WährungsrisikenDie Gesellschaft kann im Rahmen der Gesetze sowie deren Ausführungsbestimmungen und der Verwaltungspraxis, Anlagetechniken und Finanzinstrumente verwenden, deren Zweck die Absicherung von Währungsrisiken ist. | These transactions include options on transferable securi- ties and other financial instruments, futures and forwards, as well as swaps.
In principle, OTC transactions may only be conducted with counterparties approved by the Board of Directors. The lim- its specified in Article 43 (1) of the 2010 Law of 10% of the net asset value for transactions with qualified credit institu- tions and a maximum of 5% in all other cases shall be ob- served in each case. Where there are plans to conduct OTC transactions with a counterparty, such counterparty must have concluded an ISDA master agreement.
- Derivatives to Hedge against Currency RisksThe Company may within the scope of the law, its imple- menting regulations and management practice, use invest- ment techniques and financial instruments intended to provide protection against foreign exchange risks. | en | de |
DOLFIN8032 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
We have established cross-functional teams in each region (Americas, Asia Pacific and EMEA) that are monitoring the situation globally and regionally. These teams, which namely include representatives from Distribution, Portfolio Management, Trading, Technology/Operations, Human Resources, Business Continuity, Compliance, are taking steps to ensure an appropriate and effective response during a highly fluid situation.
We have considered whether there are any financial contingencies and have determined that there are no commitments, contingent liabilities or balances after the reporting period to be disclosed at this stage.
The directors of Invesco Markets II plc are actively monitoring the situation and, with the support of the investment manager, continue to manage the Fund’s assets within its investment and risk parameters that have been established. The Directors will continue to review the situation in order to navigate through this period of heightened uncertainty. In line with IFRS, COVID-19 has been assessed as a non adjusting post balance sheet event. | Wir haben in jeder Region (Nord- und Südamerika, Asien- Pazifik und EMEA) funktionsübergreifende Teams zusammengestellt, die die Situation global und regional überwachen. Diese Teams, zu denen Vertreter aus den Bereichen Vertrieb, Portfoliomanagement, Handel, Technologie/Betrieb, Personalwesen, Geschäftskontinuität und Compliance gehören, ergreifen Maßnahmen, um in einer äußerst unsicheren Situation eine angemessene und wirksame Reaktion zu gewährleisten.
Wir haben geprüft, ob es finanzielle Eventualitäten gibt, und haben festgestellt, dass es nach Ablauf des Berichtszeitraums keine Verpflichtungen, Eventualverbindlichkeiten oder Salden gibt, die zu diesem Zeitpunkt offen gelegt werden müssen.
Der Verwaltungsrat der Invesco Markets II plc überwacht die Situation aktiv und managt mit Unterstützung des Anlageverwalters weiterhin das Vermögen der Fonds innerhalb ihrer festgelegten Anlage- und Risikoparameter. Der Verwaltungsrat wird die Situation weiterhin prüfen, um durch diese Periode erhöhter Unsicherheit zu navigieren. IFRS-konform wird COVID-19 als nicht zu berücksichtigendes Ereignis nach dem Bilanzstichtag gewertet. | We have established cross-functional teams in each region (Americas, Asia Pacific and EMEA) that are monitoring the situation globally and regionally. These teams, which namely include representatives from Distribution, Portfolio Management, Trading, Technology/Operations, Human Resources, Business Continuity, Compliance, are taking steps to ensure an appropriate and effective response during a highly fluid situation.
We have considered whether there are any financial contingencies and have determined that there are no commitments, contingent liabilities or balances after the reporting period to be disclosed at this stage.
The directors of Invesco Markets II plc are actively monitoring the situation and, with the support of the investment manager, continue to manage the Fund’s assets within its investment and risk parameters that have been established. The Directors will continue to review the situation in order to navigate through this period of heightened uncertainty. In line with IFRS, COVID-19 has been assessed as a non adjusting post balance sheet event. | en | de |
DOLFIN8033 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Restrictions on Distribution and Sale of Shares
The distribution of this Prospectus and the offering of Shares may be restricted in certain jurisdictions. This Prospectus does not constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is not authorised or the person receiving the offer or solicitation may not lawfully do so. It is the responsibility of any person in possession of this Prospectus and of any person wishing to apply for Shares to inform himself of and to observe all applicable laws and regulations of the countries of his nationality, residence, ordinary residence or domicile.
The Directors may restrict the ownership of Shares by any person, firm or corporation where such ownership would be in breach of any regulatory or legal requirement or may affect the tax status of the Company. Any restrictions applicable to a particular Fund or Class shall be specified in the relevant Supplement for such Fund or Class. Any person who is holding Shares in contravention of the restrictions set out above or, by virtue of his holding, is in breach of the laws and regulations of any competent jurisdiction or whose holding could, in the opinion of the Directors, cause the Company or any Shareholder or any Fund to incur any liability to taxation or to suffer any pecuniary disadvantage which any or all of them might not otherwise have incurred or sustained or otherwise in circumstances which the Directors believe might be prejudicial to the interests of the Shareholders, shall indemnify the Company, the Manager, the Distributor, the Investment Advisor, the Depositary, the Administrator and Shareholders for any loss suffered by it or them as a result of such person or persons acquiring or holding Shares in the Company.
The Directors have the power under the Articles of Association to compulsorily redeem and/or cancel any Shares held or beneficially owned in contravention of the restrictions imposed by them as described in this Prospectus.
United Kingdom
The Company is a recognised collective investment scheme for the purposes of section 264 of the Financial Services and Markets Act 2000 of the United Kingdom. Accordingly, the Shares of those Funds recognised in the United Kingdom may be marketed to the general public in the United Kingdom. The Company provides the facilities required by the Collective Investment Schemes Sourcebook published by the Financial Conduct Authority governing such schemes at the offices of the Distributor in the United Kingdom as specified in the ‘Directory’ section of this Prospectus. The Company does not have a permanent place of business in the United Kingdom.
The Manager has notified the FCA of which Funds it wishes to continue to market in the UK under the Temporary Permissions Regime following the United Kingdom’s exit from the European Union. Accordingly, such Funds may continue to be marketed in the United Kingdom.
United States of America
The Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "1933 Act") and may not be sold, offered or otherwise transferred to a US Person (as defined in Appendix 5) except in accordance with the provisions contained herein and in any Supplement. The Shares offered hereby have not been approved or disapproved by the U.S. Securities and Exchange Commissionn (the “SEC”) or by the securities regulatory authority of any US state. The Articles provide that the Company may refuse to register any transfer of Shares to a US Person.
The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended (the "1940 Act"), pursuant to the exemption from such registration set forth in Section 3(c)(7) of the 1940 Act. Any purchaser of Shares that is a US Person must be a "qualified purchaser" as defined in the 1940 Act and the rules promulgated thereunder and a "qualified institutional buyer" as defined in Rule 144A of the 1933 Act. | ## Beschränkung auf die Verbreitung des Prospekts und den Verkauf von Anteilen
Die Verteilung dieses Prospekts und das Anbieten von Anteilen können in bestimmten Hoheitsgebieten Beschränkungen unterliegen. Dieser Prospekt stellt kein Angebot oder Ansuchen in einem Hoheitsgebiet dar, in dem ein derartiges Angebot oder Ansuchen nicht zulässig ist bzw. in dem gegenüber der Person, die dieses Angebot oder Ansuchen erhält, ein derartiges Angebot oder Ansuchen ungesetzlich wäre. Personen, die im Besitz dieses Prospekts sind, und Personen, die Anteile beantragen möchten, sind verpflichtet, sich selbst über die geltenden Gesetze und Rechtsvorschriften in den Ländern, deren Staatsangehörigkeit sie besitzen oder in denen sie ihren Wohnsitz, ihren gewöhnlichen Aufenthaltsort oder ihr Domizil haben, zu informieren und diese einzuhalten.
Der Verwaltungsrat darf den Besitz von Anteilen durch eine Person, Firma oder Körperschaft einschränken, wenn ein solcher Besitz einen Verstoß gegen Vorschriften oder rechtliche Anforderungen darstellt oder sich auf den steuerlichen Status der Gesellschaft auswirkt. Gegebenenfalls für einen bestimmten Fonds oder eine bestimmte Klasse auferlegte Beschränkungen werden im betreffenden Nachtrag für den jeweiligen Fonds bzw. die jeweilige Klasse beschrieben. Personen, die Anteile unter Verletzung der oben aufgeführten Beschränkungen besitzen oder mit diesem Besitz gegen Gesetze und Verordnungen eines zuständigen Hoheitsgebiets verstoßen oder deren Anteilsbesitz nach Ansicht des Verwaltungsrats zur Folge haben könnte, dass der Gesellschaft oder einem Anteilinhaber eines Fonds eine Steuerpflicht oder finanzielle Nachteile entstehen, die ihnen einzeln oder gemeinsam ansonsten nicht entstanden wären, oder anderweitig unter Umständen, die nach Ansicht des Verwaltungsrats den Interessen der Anteilinhaber abträglich sein könnten, haben die Gesellschaft, den Manager, die Vertriebsstelle, den Anlageberater, die Verwahrstelle, den Administrator und die Anteilinhaber von Verlusten freizustellen, die ihnen dadurch entstehen, dass diese Personen Anteile an der Gesellschaft erwerben oder besitzen.
Der Verwaltungsrat ist nach der Satzung befugt, Anteile zwangsweise zurückzunehmen und/oder zu annullieren, die unter Verletzung der von ihm festgesetzten und in diesem Prospekt beschriebenen Beschränkungen gehalten werden oder sich im wirtschaftlichen Eigentum befinden.
Großbritannien
Die Gesellschaft ist ein anerkannter Organismus für gemeinsame Anlagen gemäß Abschnitt 264 des Financial Services and Markets Act 2000 des Vereinigten Königreichs. Dementsprechend können die Anteile der Fonds, die im Vereinigten Königreich anerkannt sind, an die allgemeine Öffentlichkeit im Vereinigten Königreich vertrieben werden. Die Gesellschaft hinterlegt die im von der Financial Conduct Authority veröffentlichten Collective Investment Schemes Sourcebook angeforderten Unterlagen in den im Anschriftenverzeichnis dieses Prospekt angegebenen Geschäftsräumen der Vertriebsstelle im Vereinigten Königreich. Die Gesellschaft hat keinen festen Sitz im Vereinigten Königreich.
Der Manager hat die FCA darüber informiert, welche Fonds er im Anschluss an den Austritt des Vereinigten Königreichs aus der Europäischen Union weiterhin im Rahmen des vorläufigen Zulassungsverfahrens (Temporary Permissions Regime) im Vereinigten Königreich vermarkten möchte. Dementsprechend können diese Fonds auch weiterhin im Vereinigten Königreich vermarktet werden.
USA
Die Anteile wurden und werden nicht nach dem US Securities Act von 1933 in der jeweiligen Fassung (das „Gesetz von 1933“) registriert und dürfen an US-Personen (gemäß der Definition in Anhang 5) weder verkauft noch angeboten oder anderweitig übertragen werden, sofern dies nicht unter Beachtung der hierin sowie in möglichen Nachträgen enthaltenen Bestimmungen erfolgt. Die hiermit angebotenen Anteile wurden weder von der U.S. Securities and Exchange Commission (der „SEC“) noch von der Wertpapieraufsichtsbehörde eines US-Bundesstaats genehmigt oder abgelehnt. Der Satzung entsprechend kann die Gesellschaft die Registrierung einer Übertragung von Anteilen an eine US-Person verweigern.
Die Gesellschaft wurde und wird gemäß der Ausnahme einer entsprechenden Registrierung in Abschnitt 3(c)(7) des US Investment Company Act von 1940 in der jeweiligen Fassung (das „Gesetz von 1940“) nicht nach dem Gesetz von 1940 registriert. Käufer von Anteilen, bei denen es sich um US-Personen handelt, müssen „qualifizierte
Käufer“ gemäß der Definition im Gesetz von 1940 und den darin vorgegebenen Regeln sowie „qualifizierte institutionelle Käufer“ gemäß Vorschrift 144A des Gesetzes von 1933 sein. | ## Restrictions on Distribution and Sale of Shares
The distribution of this Prospectus and the offering of Shares may be restricted in certain jurisdictions. This Prospectus does not constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is not authorised or the person receiving the offer or solicitation may not lawfully do so. It is the responsibility of any person in possession of this Prospectus and of any person wishing to apply for Shares to inform himself of and to observe all applicable laws and regulations of the countries of his nationality, residence, ordinary residence or domicile.
The Directors may restrict the ownership of Shares by any person, firm or corporation where such ownership would be in breach of any regulatory or legal requirement or may affect the tax status of the Company. Any restrictions applicable to a particular Fund or Class shall be specified in the relevant Supplement for such Fund or Class. Any person who is holding Shares in contravention of the restrictions set out above or, by virtue of his holding, is in breach of the laws and regulations of any competent jurisdiction or whose holding could, in the opinion of the Directors, cause the Company or any Shareholder or any Fund to incur any liability to taxation or to suffer any pecuniary disadvantage which any or all of them might not otherwise have incurred or sustained or otherwise in circumstances which the Directors believe might be prejudicial to the interests of the Shareholders, shall indemnify the Company, the Manager, the Distributor, the Investment Advisor, the Depositary, the Administrator and Shareholders for any loss suffered by it or them as a result of such person or persons acquiring or holding Shares in the Company.
The Directors have the power under the Articles of Association to compulsorily redeem and/or cancel any Shares held or beneficially owned in contravention of the restrictions imposed by them as described in this Prospectus.
United Kingdom
The Company is a recognised collective investment scheme for the purposes of section 264 of the Financial Services and Markets Act 2000 of the United Kingdom. Accordingly, the Shares of those Funds recognised in the United Kingdom may be marketed to the general public in the United Kingdom. The Company provides the facilities required by the Collective Investment Schemes Sourcebook published by the Financial Conduct Authority governing such schemes at the offices of the Distributor in the United Kingdom as specified in the ‘Directory’ section of this Prospectus. The Company does not have a permanent place of business in the United Kingdom.
The Manager has notified the FCA of which Funds it wishes to continue to market in the UK under the Temporary Permissions Regime following the United Kingdom’s exit from the European Union. Accordingly, such Funds may continue to be marketed in the United Kingdom.
United States of America
The Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "1933 Act") and may not be sold, offered or otherwise transferred to a US Person (as defined in Appendix 5) except in accordance with the provisions contained herein and in any Supplement. The Shares offered hereby have not been approved or disapproved by the U.S. Securities and Exchange Commissionn (the “SEC”) or by the securities regulatory authority of any US state. The Articles provide that the Company may refuse to register any transfer of Shares to a US Person.
The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended (the "1940 Act"), pursuant to the exemption from such registration set forth in Section 3(c)(7) of the 1940 Act. Any purchaser of Shares that is a US Person must be a "qualified purchaser" as defined in the 1940 Act and the rules promulgated thereunder and a "qualified institutional buyer" as defined in Rule 144A of the 1933 Act. | en | de |
DOLFIN8034 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Indicateur de risque
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 2 sur 7, qui est une classe de risque basse. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau faible et, si la situation venait à se détériorer sur les marchés, il est très peu probable que la valeur de votre investissement en soit affectée.
Attention au risque de change. Les sommes qui vous seront versées le seront dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Veuillez consulter le Rapport annuel ou le Prospectus du produit disponible sur le site web www.nuveen.com/ucits pour en savoir plus sur les autres risques matériellement pertinents du produit qui ne sont pas repris dans l’indicateur synthétique de risque ou dans les autres informations.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que 2 significa «un riesgo bajo». Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como «baja» y es muy poco probable que una mala coyuntura de mercado afecte al valor de su inversión.
Tenga presente el riesgo de cambio. Recibirá pagos en una moneda diferente, por lo que su rentabilidad final dependerá del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Para consultar otros riesgos sustancialmente relevantes para el producto que no tiene en cuenta el indicador resumido de riesgo u otra información, lea el Informe anual del producto o el Folleto disponible en www.nuveen.com/ucits.
Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Indicateur de risque
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 2 sur 7, qui est une classe de risque basse. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau faible et, si la situation venait à se détériorer sur les marchés, il est très peu probable que la valeur de votre investissement en soit affectée.
Attention au risque de change. Les sommes qui vous seront versées le seront dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Veuillez consulter le Rapport annuel ou le Prospectus du produit disponible sur le site web www.nuveen.com/ucits pour en savoir plus sur les autres risques matériellement pertinents du produit qui ne sont pas repris dans l’indicateur synthétique de risque ou dans les autres informations.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | fr | es |
DOLFIN8035 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# b09846e3-6abd-492a-b977-19ff6d01f484
Key Information Document
Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, and potential gains and losses of this product and to help you compare it with other products.
Product
Product name/ISIN Credit Suisse Rockefeller Ocean Engagement Fund - share class SBH CHF (the Product); ISIN LU2194264961; in share class currency CHF
a share class of Credit Suisse Rockefeller Ocean Engagement Fund (the Sub-fund)
a Sub-fund of Credit Suisse Wealth Funds 1 (the Umbrella / the Investment Company)
The Product is a UCITS Sub-fund established in Luxembourg. It is managed by MultiConcept Fund Management S.A. (the Management Company).
Product Manufacturer MultiConcept Fund Management S.A., member of Credit Suisse Group; 5, rue Jean Monnet, L-2180 Luxembourg.
Call +352 43 61 61 1 or visit www.credit-suisse.com/microsites/multiconcept/en.html for more information.
Competent regulatory authority Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising MultiConcept Fund Management S.A. in relation to this Key Information Document | # 523d225c-cafd-4cf6-aab3-8fa4b1138936
Documento de datos fundamentales
Finalidad
Este documento le proporciona información fundamental que debe conocer sobre este producto de inversión. No se trata de material comercial. Es una información exigida por ley para ayudarle a comprender la naturaleza, los riesgos, los costes y los beneficios y pérdidas potenciales de este producto y para ayudarle a compararlo con otros productos.
Producto
Nombre del producto/ISIN Credit Suisse Rockefeller Ocean Engagement Fund - clase de acciones SBH CHF (el producto); ISIN LU2194264961; en la moneda de la clase de acciones CHF
una clase de acciones de Credit Suisse Rockefeller Ocean Engagement Fund (el subfondo)
un subfondo de Credit Suisse Wealth Funds 1 (el fondo paraguas / la sociedad de inversión)
El producto es un subfondo OICVM establecido en Luxemburgo. Está gestionado por MultiConcept Fund Management S.A. (la Sociedad Gestora).
Fabricante del producto MultiConcept Fund Management S.A., miembro del Credit Suisse Group; 5, rue Jean Monnet, L-2180 Luxemburgo.
Llame al +352 43 61 61 1 o visite www.credit-suisse.com/microsites/multiconcept/en.html para más información.
Autoridad competente La Commission de Surveillance du Secteur Financier (CSSF) es responsable de la supervisión de MultiConcept Fund Management S.A. en relación con este documento de datos fundamentales | # b09846e3-6abd-492a-b977-19ff6d01f484
Key Information Document
Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, and potential gains and losses of this product and to help you compare it with other products.
Product
Product name/ISIN Credit Suisse Rockefeller Ocean Engagement Fund - share class SBH CHF (the Product); ISIN LU2194264961; in share class currency CHF
a share class of Credit Suisse Rockefeller Ocean Engagement Fund (the Sub-fund)
a Sub-fund of Credit Suisse Wealth Funds 1 (the Umbrella / the Investment Company)
The Product is a UCITS Sub-fund established in Luxembourg. It is managed by MultiConcept Fund Management S.A. (the Management Company).
Product Manufacturer MultiConcept Fund Management S.A., member of Credit Suisse Group; 5, rue Jean Monnet, L-2180 Luxembourg.
Call +352 43 61 61 1 or visit www.credit-suisse.com/microsites/multiconcept/en.html for more information.
Competent regulatory authority Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising MultiConcept Fund Management S.A. in relation to this Key Information Document | en | es |
DOLFIN8036 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Répartition des actifs par rating ESG
## En % de l’exposition économique totale. Performance du fonds par rapport à l’indice de référence traditionnel. Source: Notation ESG MSCI | # Desglose de activos por Calificación ESG
## En % de la exposición económica total. Rentabilidad del fondo respecto al índice de referencia tradicional. Fuente: Calificación MSCI ESG | # Répartition des actifs par rating ESG
## En % de l’exposition économique totale. Performance du fonds par rapport à l’indice de référence traditionnel. Source: Notation ESG MSCI | fr | es |
DOLFIN8037 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Investment Policy
Health care cost to society has risen to levels which are no longer sustainable. This fund invests globally in innovative companies which are driving a revolution in the health care sector through the application of technology. It offers diversified exposure to the digital health universe, which is one of the fastest growing segments in the health care industry. The investment universe comprises three segments: Research & Development, Treatments and Efficiency. The fund invests in “pure-play” digital health companies, which are typically small to mid-sized. The investment objective is long-term capital appreciation from actively managed exposure to this secular growth theme. | # Politica d’investimento
I costi sanitari a carico della società hanno raggiunto livelli ormai insostenibili. Questo fondo investe a livello globale in aziende innovative che grazie all'applicazione della tecnologia rivestono un ruolo di primo piano nella rivoluzione del settore sanitario. Offre un'esposizione diversificata all'universo della sanità digitale, uno dei segmenti in più rapida crescita nel settore health care.
L'universo d'investimento comprende tre segmenti: ricerca e sviluppo, trattamenti ed efficienza Il fondo investe in società di tipo pureplay" attive nel campo della sanità digitale, che sono generalmente a piccola e media capitalizzazione. L'obiettivo d'investimento è l'aumento del valore capitale nel lungo periodo, ottenuto attraverso un'esposizione gestita attivamente a questo tema di crescita a lungo termine. | # Investment Policy
Health care cost to society has risen to levels which are no longer sustainable. This fund invests globally in innovative companies which are driving a revolution in the health care sector through the application of technology. It offers diversified exposure to the digital health universe, which is one of the fastest growing segments in the health care industry. The investment universe comprises three segments: Research & Development, Treatments and Efficiency. The fund invests in “pure-play” digital health companies, which are typically small to mid-sized. The investment objective is long-term capital appreciation from actively managed exposure to this secular growth theme. | en | it |
DOLFIN8038 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: February 17, 2020. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
1.5%
1%
0.5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 17 de febrero de 2020. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en EUR.
1.5%
1%
0.5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: February 17, 2020. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
1.5%
1%
0.5%
0% | en | es |
DOLFIN8039 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Points marquants
- Au mois de septembre, la dette des marchés émergents a vu ses performances affectées par la hausse des rendements des bons du Trésor américain, l’élargissement des spreads de crédit, la hausse des taux d’intérêt des marchés émergents et l’appréciation du dollar américain. Les obligations souveraines en devises fortes ont affiché leur pire performance mensuelle de 2022, entravée par leur longue duration face à la hausse des rendements des bons du Trésor américain.
- La performance du fonds a été globalement conforme à celle de l’indice de référence. Le fonds a bénéficié de la hausse des prix d’une partie de son exposition résiduelle aux obligations souveraines russes. Toutefois, la surpondération des émetteurs à haut rendement a pesé sur la performance relative, dans la mesure où les spreads de crédit se sont élargis à mesure que les risques d’une récession en 2023 se sont accentués.
- Nous avons participé aux nouvelles émissions obligataires de la Bulgarie et de la Roumanie malgré un marché primaire atone. Nous avons par ailleurs réduit nos positions au Bahreïn et en Bolivie en raison de fondamentaux peu attrayants. Notre surpondération des actifs en devises locales a globalement augmenté, et ce de façon marginale. | # Aspectos destacados
- La rentabilidad de la deuda de los mercados emergentes se vio afectada por el aumento de los rendimientos de los bonos del Tesoro estadounidense (UST), la ampliación de los diferenciales de crédito, la subida de los tipos de interés de los mercados emergentes y la apreciación del USD en septiembre. Los títulos de deuda pública (TDP) en divisa fuerte registraron su peor rentabilidad mensual de 2022, lastrados por su mayor duración, habida cuenta del aumento de los rendimientos de los UST.
- La rentabilidad del fondo se situó generalmente en línea con la de su índice de referencia. El fondo se benefició de los movimientos al alza en los precios de algunos TDP rusos restantes en cartera. En cambio, la sobreponderación en emisores de alto rendimiento detrajo la rentabilidad relativa, al ampliarse los diferenciales de crédito debido a la intensificación de los riesgos de recesión en 2023.
- Participamos en las nuevas emisiones de TDP de Bulgaria y Rumanía, pese a un mercado primario poco activo. También redujimos posiciones en Baréin y Bolivia debido a unos fundamentales poco atractivos. Nuestra exposición sobreponderada a los activos en divisa local aumentó marginalmente en general. | # Points marquants
- Au mois de septembre, la dette des marchés émergents a vu ses performances affectées par la hausse des rendements des bons du Trésor américain, l’élargissement des spreads de crédit, la hausse des taux d’intérêt des marchés émergents et l’appréciation du dollar américain. Les obligations souveraines en devises fortes ont affiché leur pire performance mensuelle de 2022, entravée par leur longue duration face à la hausse des rendements des bons du Trésor américain.
- La performance du fonds a été globalement conforme à celle de l’indice de référence. Le fonds a bénéficié de la hausse des prix d’une partie de son exposition résiduelle aux obligations souveraines russes. Toutefois, la surpondération des émetteurs à haut rendement a pesé sur la performance relative, dans la mesure où les spreads de crédit se sont élargis à mesure que les risques d’une récession en 2023 se sont accentués.
- Nous avons participé aux nouvelles émissions obligataires de la Bulgarie et de la Roumanie malgré un marché primaire atone. Nous avons par ailleurs réduit nos positions au Bahreïn et en Bolivie en raison de fondamentaux peu attrayants. Notre surpondération des actifs en devises locales a globalement augmenté, et ce de façon marginale. | fr | es |
DOLFIN8040 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Nous communiquons avec les personnes chargées de la gouvernance concernant, entre autres, la portée et le calendrier prévus pour l’audit et leur transmettons les principales conclusions de l’audit, notamment les informations concernant les failles significatives du contrôle interne éventuellement décelées au cours de notre audit.
PricewaterhouseCoopers, Société coopérative Luxembourg, le 27 avril 2022 Représentée par
Steven Libby
Veuillez noter que le rapport d’audit n’est applicable que pour la version des états financiers signée dans le cadre de l’audit
juridique et déposée auprès du régulateur luxembourgeois, qui a été signée en date du 27 avril 2022. | Nos comunicamos con los encargados de la gobernanza en lo relativo, entre otros asuntos, al alcance y a los plazos previstos de la auditoría, así como a las conclusiones significativas de la auditoría, que incluyen las deficiencias relevantes en los controles internos identificadas durante nuestra auditoría.
PricewaterhouseCoopers, Société coopérative Luxemburgo, 27 de abril de 2022 Representada por
Steven Libby
Se debe tener en cuenta que el informe de auditoría solo corresponde a la versión de los datos financieros acordados en el contexto de la auditoría legal y presentados ante el organismo regulador de Luxemburgo correspondiente, que se haya firmado a fecha de 27 de abril de 2022. | Nous communiquons avec les personnes chargées de la gouvernance concernant, entre autres, la portée et le calendrier prévus pour l’audit et leur transmettons les principales conclusions de l’audit, notamment les informations concernant les failles significatives du contrôle interne éventuellement décelées au cours de notre audit.
PricewaterhouseCoopers, Société coopérative Luxembourg, le 27 avril 2022 Représentée par
Steven Libby
Veuillez noter que le rapport d’audit n’est applicable que pour la version des états financiers signée dans le cadre de l’audit
juridique et déposée auprès du régulateur luxembourgeois, qui a été signée en date du 27 avril 2022. | fr | es |
DOLFIN8041 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement de 10 000 CHF |
| --- |
| Scénarios | 1 an | 5 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 7,260.0 CHF | 6,800.0 CHF |
| Rendement annuel moyen | -27.4% | -7.4% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8,530.0 CHF | 8,530.0 CHF |
| Rendement annuel moyen | -14.7% | -3.1% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,480.0 CHF | 12,530.0 CHF |
| Rendement annuel moyen | 4.8% | 4.6% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 11,640.0 CHF | 13,920.0 CHF |
| Rendement annuel moyen | 16.4% | 6.8% | | | Inversión de 10.000 CHF |
| --- |
| Escenarios | 1 año | 5 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 7,260.0 CHF | 6,800.0 CHF |
| Rendimiento medio cada año | -27.4% | -7.4% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 8,530.0 CHF | 8,530.0 CHF |
| Rendimiento medio cada año | -14.7% | -3.1% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10,480.0 CHF | 12,530.0 CHF |
| Rendimiento medio cada año | 4.8% | 4.6% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 11,640.0 CHF | 13,920.0 CHF |
| Rendimiento medio cada año | 16.4% | 6.8% | | | Investissement de 10 000 CHF |
| --- |
| Scénarios | 1 an | 5 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 7,260.0 CHF | 6,800.0 CHF |
| Rendement annuel moyen | -27.4% | -7.4% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8,530.0 CHF | 8,530.0 CHF |
| Rendement annuel moyen | -14.7% | -3.1% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,480.0 CHF | 12,530.0 CHF |
| Rendement annuel moyen | 4.8% | 4.6% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 11,640.0 CHF | 13,920.0 CHF |
| Rendement annuel moyen | 16.4% | 6.8% | | fr | es |
DOLFIN8042 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 3 years |
| --- | --- |
| Total costs | USD 132 | USD 463 |
| Annual cost impact (*) | 1.3% | 1.4% each year | | | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| --- | --- |
| Coûts totaux | USD 132 | USD 463 |
| Incidence des coûts annuels (*) | 1.3% | 1.4% chaque année | | | If you exit after 1 year | If you exit after 3 years |
| --- | --- |
| Total costs | USD 132 | USD 463 |
| Annual cost impact (*) | 1.3% | 1.4% each year | | en | fr |
DOLFIN8043 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | $418 | $1015 |
| Incidence des coûts annuels (*) | 4.2% | 1.8% Chaque année | | | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | $418 | $1015 |
| Incidencia anual de los costes (*) | 4.2% | 1.8% cada año | | | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | $418 | $1015 |
| Incidence des coûts annuels (*) | 4.2% | 1.8% Chaque année | | fr | es |
DOLFIN8044 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### China market risk
Investing in the China market is subject to the risks of investing in emerging markets generally and the risks specific to the China market in particular. Since 1978, the Chinese government has implemented economic reform measures which emphasise decentralisation and the utilisation of market forces in the development of the China economy. Many of the economic reforms in the China are unprecedented or experimental and are subject to adjustment and modification. Any significant change in Chinese political, social or economic policy may have a negative impact on investments in the China market.
The regulatory and legal framework for capital markets and joint stock companies in the China may not be as well developed when compared with those of developed countries. Chinese accounting standards and practice may deviate significantly from international accounting standards. The settlement and clearing systems of the PRC securities markets may not be as well tested and may be subject to increased risks of error or inefficiency.
Investments in equity interests of Chinese companies may be made through China A-shares, China B-Shares and China H-Shares. As the number of these securities and their combined total market value are relatively small compared to more developed markets, investments in these securities may be subject to increased price volatility and lower liquidity. The China government's control of currency conversion and movements in the Renminbi exchange rates may adversely affect the operations and financial results of Chinese companies.
Investing in mainland China is subject to the risk of investing in emerging markets and may expose investors to the following risks: | #### Marktrisiko in China
Anlagen in China unterliegen den üblichen Risiken von Anlagen in Schwellenländern und auch den spezifischen Risiken des chinesischen Markts. Seit 1978 hat die chinesische Regierung Maßnahmen zur Wirtschaftsreform umgesetzt, welche die Dezentralisierung und die Nutzung der Kräfte des freien Markts in der Entwicklung der Wirtschaft in China verstärken. Viele der Wirtschaftsreformen in China sind neu oder experimentell und erfahren Anpassungen oder Änderungen. Jede größere Änderung in den politischen, gesellschaftlichen oder wirtschaftlichen Leitlinien in China kann negative Konsequenzen für Anlagen auf dem chinesischen Markt mit sich bringen.
Der regulatorische und gesetzliche Rahmen für Kapitalmärkte und Aktiengesellschaften in China ist möglicherweise nicht gleichermaßen gut ausgestaltet, wie jene in entwickelten Ländern. Chinesische Rechnungslegungsstandards und -verfahren können erheblich von internationalen Rechnungs- legungsstandards abweichen. Die Abwicklungs- und Clearingsysteme der Wertpapiermärkte der VR China sind möglicherweise noch nicht ausgereift und könnten höheren Risiken in Bezug auf Fehler oder Ineffizienz unterliegen.
Anlagen in Beteiligungen bei chinesischen Unternehmen können in Form von chinesischen A-Aktien, chinesischen B-Aktien und chinesischen H-Aktien vorgenommen werden. Da die Anzahl dieser Wertpapiere und ihr Gesamtmarktwert im Vergleich zu weiter entwickelten Märkten relativ gering sind, können Anlagen in diesen Wertpapieren einer höheren Preisvolatilität und geringeren Liquidität unterliegen. Die Kontrolle der Regierung in China über Devisenumtausch und Devisenbewegungen zu den Renminbi-Wechselkursen hat möglicherweise negative Auswirkungen auf die Finanzergebnisse von Unternehmen in China.
Anlagen in Festlandchina unterliegen dem Risiko von Anlagen in Schwellenländern und können Anleger den folgenden Risiken aussetzen: | #### China market risk
Investing in the China market is subject to the risks of investing in emerging markets generally and the risks specific to the China market in particular. Since 1978, the Chinese government has implemented economic reform measures which emphasise decentralisation and the utilisation of market forces in the development of the China economy. Many of the economic reforms in the China are unprecedented or experimental and are subject to adjustment and modification. Any significant change in Chinese political, social or economic policy may have a negative impact on investments in the China market.
The regulatory and legal framework for capital markets and joint stock companies in the China may not be as well developed when compared with those of developed countries. Chinese accounting standards and practice may deviate significantly from international accounting standards. The settlement and clearing systems of the PRC securities markets may not be as well tested and may be subject to increased risks of error or inefficiency.
Investments in equity interests of Chinese companies may be made through China A-shares, China B-Shares and China H-Shares. As the number of these securities and their combined total market value are relatively small compared to more developed markets, investments in these securities may be subject to increased price volatility and lower liquidity. The China government's control of currency conversion and movements in the Renminbi exchange rates may adversely affect the operations and financial results of Chinese companies.
Investing in mainland China is subject to the risk of investing in emerging markets and may expose investors to the following risks: | en | de |
DOLFIN8045 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | $154 | $881 |
| Annual cost impact (*) | 1.5% | 1.5% each year | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- |
| Costi totali | $154 | $877 |
| Incidenza annuale dei costi (*) | 1,5% | 1,5% ogni anno | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | $154 | $881 |
| Annual cost impact (*) | 1.5% | 1.5% each year | | en | it |
DOLFIN8046 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Supplements for each of these Funds are to be amended to provide, with respect to all dealings in the Funds' Shares placed as and from the Effective Date, that subscription payments must be received and redemption proceeds will be paid within threeBusiness Days of the relevant Dealing Day in respect of which the deal is placed.
- Change relevant to Shareholders of Lazard Coherence Credit Alternative FundThe "Benchmarks" section of the Supplement for the Lazard Coherence Credit Alternative Fund is to be updated to disclose the Bloomberg US Credit Total Return Value Unhedged USD Index (Ticker: LUCRTRUU) as being an additional index against which performance of the Fund will be measured as and from the Effective Date.
- Change relevant only to holders of C class Shares in Lazard Coherence Credit Alternative FundReduction in the Percentage Performance Fee Rate applicable to class C Shares in the FundHolders of C class Shares in the Fund should note that, with effect as and from the Effective Date, the percentage performance fee rate chargeable in respect of all C share classes in the Fund is to be reducedfrom:20% of the Net Gain (as such term is defined in the Supplement for the Fund), if any, during the relevant Performance Period:to15% of the Net Gain, if any, during the relevant Performance Period.
- Change relevant only to Shareholders of Lazard Nordic High Yield Bond FundThe Supplement for Lazard Nordic High Yield Bond Fund is to be updated so as to permit the Fund to invest in the units or shares of open-ended collective investment schemes, including exchange traded funds, and so as to specifically proscribe that aggregate investment by the Fund in such open-ended collective schemes shall not exceed 10% of the Fund’s Net Asset Value at any time. | I Supplementi di ciascuno di questi Fondi devono essere modificati in modo da prevedere, per tutte le operazioni sulle Azioni dei Fondi effettuate a partire dalla Data di efficacia, che i pagamenti delle sottoscrizioni debbano essere ricevuti, e i proventi del riscatto pagati, entro treGiorni lavorativi dal Giorno di negoziazione pertinente per il quale è stata effettuata l’operazione.
- Modifica riguardanti gli Azionisti di Lazard Coherence Credit Alternative FundLa sezione “Benchmark” del Supplemento relativo al Lazard Coherence Credit alternative Fund deve essere aggiornata per indicare il Bloomberg US Credit Total Return Value Unhedged USD Index (Ticker: LUCRTRUU) come indice supplementare, in relazione al quale sarà misurata la performance del Fondo a decorrere dalla Data di efficacia.
- Modifica riguardante solo i titolari di Azioni di classe C di Lazard Coherence Credit Alternative FundRiduzione della Percentuale della Commissione di Performance applicabile alle Azioni di classe C del FondoSi richiama l’attenzione dei titolari di Azioni di classe C del Fondo che, a decorrere dalla Data di efficacia, la percentuale della commissione di performance applicabile a tutte le Azioni di classe C del Fondo deve essere ridottadal:20% dell’eventuale Incremento netto (secondo la definizione contenuta nel Supplemento del Fondo) nel corso del Periodo di performance pertinente:al15% dell’eventuale Incremento netto nel corso del Periodo di performance pertinente.
- Modifiche riguardanti esclusivamente gli azionisti di Lazard Nordic High Yield Bond FundIl Supplemento del Lazard Nordic High Yield Bond Fund deve essere aggiornato in modo da consentire al Fondo di investire in quote o azioni di organismi di investimento collettivo di tipo aperto, compresi i fondi scambiati in borsa, e in modo da prevedere specificamente che l’investimento complessivo del Fondo in tali organismi collettivi di tipo aperto non superi mai il 10% del Valore patrimoniale netto del Fondo. | The Supplements for each of these Funds are to be amended to provide, with respect to all dealings in the Funds' Shares placed as and from the Effective Date, that subscription payments must be received and redemption proceeds will be paid within threeBusiness Days of the relevant Dealing Day in respect of which the deal is placed.
- Change relevant to Shareholders of Lazard Coherence Credit Alternative FundThe "Benchmarks" section of the Supplement for the Lazard Coherence Credit Alternative Fund is to be updated to disclose the Bloomberg US Credit Total Return Value Unhedged USD Index (Ticker: LUCRTRUU) as being an additional index against which performance of the Fund will be measured as and from the Effective Date.
- Change relevant only to holders of C class Shares in Lazard Coherence Credit Alternative FundReduction in the Percentage Performance Fee Rate applicable to class C Shares in the FundHolders of C class Shares in the Fund should note that, with effect as and from the Effective Date, the percentage performance fee rate chargeable in respect of all C share classes in the Fund is to be reducedfrom:20% of the Net Gain (as such term is defined in the Supplement for the Fund), if any, during the relevant Performance Period:to15% of the Net Gain, if any, during the relevant Performance Period.
- Change relevant only to Shareholders of Lazard Nordic High Yield Bond FundThe Supplement for Lazard Nordic High Yield Bond Fund is to be updated so as to permit the Fund to invest in the units or shares of open-ended collective investment schemes, including exchange traded funds, and so as to specifically proscribe that aggregate investment by the Fund in such open-ended collective schemes shall not exceed 10% of the Fund’s Net Asset Value at any time. | en | it |
DOLFIN8047 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Portefeuille d'investissement
2 Le compartiment investit au minimum deux-tiers de son argent disponible (actifs nets) dans un portefeuille d'actions de sociétés actives dans l'extraction, l'exploration, la transformation et le négoce de l'or. Le compartiment peut également détenir des actions de sociétés actives dans d'autres métaux précieux.
2 Afin de tirer parti ou de se couvrir contre des fluctuations de marché, ou encore pour une gestion de portefeuille efficace, le compartiment peut recourir à des instruments dérivés. Le compartiment a également recours à des contrats de change à terme pour se couvrir contre le risque de change par rapport au dollar des Etats-Unis (USD). | # Cartera de inversión
2 El compartimento invierte un mínimo de dos tercios de su capital disponible (activos netos) en una cartera de acciones de sociedades activas en la extracción, exploración, transformación y comercio de oro. El compartimento también puede poseer acciones de sociedades que operen con otros metales preciosos.
2 Con el fin de sacar provecho o de protegerse frente a fluctuaciones de mercado, o para una gestión eficaz de la cartera, el compartimento puede recurrir a instrumentos derivados. El compartimento también recurre a contratos de cambio a plazo para protegerse del riesgo de cambio con respecto al dólar de Estados Unidos (USD). | # Portefeuille d'investissement
2 Le compartiment investit au minimum deux-tiers de son argent disponible (actifs nets) dans un portefeuille d'actions de sociétés actives dans l'extraction, l'exploration, la transformation et le négoce de l'or. Le compartiment peut également détenir des actions de sociétés actives dans d'autres métaux précieux.
2 Afin de tirer parti ou de se couvrir contre des fluctuations de marché, ou encore pour une gestion de portefeuille efficace, le compartiment peut recourir à des instruments dérivés. Le compartiment a également recours à des contrats de change à terme pour se couvrir contre le risque de change par rapport au dollar des Etats-Unis (USD). | fr | es |
DOLFIN8048 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
This ESG rating is combined with an ESG trend (up, stable or down) as a gauge of Best Effort momentum. Oddo BHF AM SAS, while covering each of the three environmental, social and governance (ESG) pillars, has chosen to prioritise governance and human resources/management quality issues and studies.
The management company Oddo BHF AM SAS uses the following providers specialised in ESG analysis:
- The ESG division of the Oddo BHF research group,
- Other specialised teams of brokers,
- Extra-financial rating agency Sustainalytics
- Gross ESG data increasingly provided by Bloomberg and Thomson Reuters/Datastream. | A questa classifica ESG è associata anche una tendenza ESG stabile, in rialzo o in calo, che permette di qualificare la dinamica "Best effort". Oddo BHF AM SAS, pur coprendo i 3 pilastri Ambiente, Sociale e Governance (ESG), ha scelto di dare la priorità alle questioni e analisi di Governance e di Risorse umane / Qualità del management.
La società di gestione Oddo BHF AM SAS si avvale dei diversi fornitori seguenti specializzati nell'analisi ESG:
- L'unità ESG dell'ufficio studi di Oddo BHF,
- Altri team specializzati di broker,
- L'agenzia di rating extra-finanziario Sustainalytics
- I dati grezzi ESG forniti in misura crescente dai provider Bloomberg e Thomson Reuters/Datastream. | This ESG rating is combined with an ESG trend (up, stable or down) as a gauge of Best Effort momentum. Oddo BHF AM SAS, while covering each of the three environmental, social and governance (ESG) pillars, has chosen to prioritise governance and human resources/management quality issues and studies.
The management company Oddo BHF AM SAS uses the following providers specialised in ESG analysis:
- The ESG division of the Oddo BHF research group,
- Other specialised teams of brokers,
- Extra-financial rating agency Sustainalytics
- Gross ESG data increasingly provided by Bloomberg and Thomson Reuters/Datastream. | en | it |
DOLFIN8049 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Fund was charged with the expenses of setting up, including costs for drafting and printing of the Prospectus, expenses for notarial deeds, costs relating to the filing of the Fund with administrative and stock exchange authorities and any other cost relating to the incorporation and launching of the Fund. The preliminary expenses were borne by the Sub-funds which were initially launched. Further Sub-funds will only bear the preliminary expenses relating to their own launching.
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### NET ASSET VALUE
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#### Definition | Al Fondo sono state addebitate le spese di costituzione, inclusi i costi di redazione e stampa del Prospetto informativo, le spese per gli atti notarili, i costi legati al deposito del Fondo presso le autorità amministrative e le borse valori e tutti gli altri costi correlati alla costituzione e al lancio del Fondo. Le spese preliminari sono state sostenute dai Comparti inizialmente lanciati. I Comparti che verranno lanciati in seguito sosterranno solo le spese preliminari relative al proprio lancio.
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### VALORE PATRIMONIALE NETTO
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#### Definizione | The Fund was charged with the expenses of setting up, including costs for drafting and printing of the Prospectus, expenses for notarial deeds, costs relating to the filing of the Fund with administrative and stock exchange authorities and any other cost relating to the incorporation and launching of the Fund. The preliminary expenses were borne by the Sub-funds which were initially launched. Further Sub-funds will only bear the preliminary expenses relating to their own launching.
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### NET ASSET VALUE
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#### Definition | en | it |
DOLFIN8050 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Objectifs
Le Fonds est activement géré. L’indice de référence 50JPM GBI-EM Global Diversified (Hedged in HKD) (RI) + 50JPM EMBI Global Diversified (Hedged in HKD) (RI) est utilisé uniquement à des fins de comparaison de performance. Le Fonds n’est pas contraint par un indice de référence et sa performance peut s’écarter sensiblement de celle de l’indice de référence.
Le Fonds cherche à accroître la valeur de ses actifs à moyen terme en investissant dans des obligations et d’autres titres de créance émis par des pays émergents ou des sociétés des pays émergents ou des sociétés exerçant leurs activités dans ces pays, bénéficiant d’une structure financière solide et/ou d’un potentiel de croissance bénéficiaire.
Le Fonds peut investir dans des titres de créance négociés sur le marché obligataire interbancaire chinois.
Les critères environnementaux, sociaux et de gouvernance (ESG) contribuent, mais ne constituent pas un facteur déterminant, à la prise de décision du gestionnaire.
Un dividende peut être distribué.
Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus.
Cette classe d’actions vise la couverture du rendement du portefeuille en USD lors de sa conversion en EUR. | ## Objetivos
El Fondo se gestiona de manera activa. El valor de referencia compuesto en un 50por el JPM GBI-EM Global Diversified (Hedged in HKD) (RI) y en un 50por el JPM EMBI Global Diversified (Hedged in HKD) (RI) se utiliza únicamente para comparar la rentabilidad. El Fondo no está limitado por el valor de referencia, y su rentabilidad puede diferir considerablemente de la de dicho índice.
El Fondo trata de incrementar el valor de sus activos a medio plazo invirtiendo en bonos y obligaciones y/o en otros instrumentos de deuda emitidos por países emergentes o por empresas de países emergentes o que operen en dichos países, que presenten una sólida estructura financiera y/o potencial de crecimiento de beneficios.
El Fondo puede invertir en valores de renta fija negociados en el mercado de bonos y obligaciones interbancarios de China.
Los criterios ambientales, sociales y de gobernanza (ESG) contribuyen a la toma de decisiones del gestor, pero no constituyen un factor determinante. Se puede distribuir un dividendo.
Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. Esta clase de acciones tiene como objetivo cubrir la rentabilidad de la cartera de USD a EUR. | ## Objectifs
Le Fonds est activement géré. L’indice de référence 50JPM GBI-EM Global Diversified (Hedged in HKD) (RI) + 50JPM EMBI Global Diversified (Hedged in HKD) (RI) est utilisé uniquement à des fins de comparaison de performance. Le Fonds n’est pas contraint par un indice de référence et sa performance peut s’écarter sensiblement de celle de l’indice de référence.
Le Fonds cherche à accroître la valeur de ses actifs à moyen terme en investissant dans des obligations et d’autres titres de créance émis par des pays émergents ou des sociétés des pays émergents ou des sociétés exerçant leurs activités dans ces pays, bénéficiant d’une structure financière solide et/ou d’un potentiel de croissance bénéficiaire.
Le Fonds peut investir dans des titres de créance négociés sur le marché obligataire interbancaire chinois.
Les critères environnementaux, sociaux et de gouvernance (ESG) contribuent, mais ne constituent pas un facteur déterminant, à la prise de décision du gestionnaire.
Un dividende peut être distribué.
Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus.
Cette classe d’actions vise la couverture du rendement du portefeuille en USD lors de sa conversion en EUR. | fr | es |
DOLFIN8051 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Objectives
The objective of this Product is to outperform its benchmark over a full market cycle through active exposure to European equities.
Environment, social and governance (ESG) criteria are one of the management components. However, the individual weighting of each of these criteria in the final decision is not defined in advance.
Benchmark: The benchmark for the Product is the MSCI Europe Index denominated in EUR, calculated with net dividend income reinvested.
Investment policy: The Product is actively managed. The benchmark is used only for performance comparison purposes.
The Product invests at least 70% of its net assets in equities of companies that are domiciled in Europe, carry out the majority of their economic activity in Europe or are admitted to an official listing or are traded on a European regulated market.
The Product can also invest up to 30% of its net assets in companies that are not domiciled in Europe, do not carry out the majority of their economic activity in Europe and are not admitted to an official listing or traded on a European regulated market (other OECD countries).
The Product will consider all market capitalisations in all economic sectors without limitation and may invest in securities denominated in currencies other than the Euro. Up to 100% of the Product's net assets may be exposed to currency risk.
For cash management purposes, the Product may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Product will mainly target public or private issuers.
In order to protect its assets and/or achieve its management objective, the Product may use derivative financial instruments traded on regulated markets or over-the-counter (OTC) markets.
At least 90% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating defined by the investment manager or a rating provided by an external non-financial rating agency selected by the investment manager.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the production of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the exclusion policy of the Edmond de Rothschild Group, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Product falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of ESG factors, even though no benchmark has been designated for the purposes of achieving these environmental and social factors.
In light of its ESG strategy, the Product promotes environmental factors but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the European Union's criteria regarding sustainable economic activities as defined in the Taxonomy Regulation.
Income allocation: Accumulation | ## Objectifs
L’objectif de ce Produit est d'obtenir, sur un cycle de marché complet, une performance supérieure à celle de son indice de référence par l’exposition active à des actions européennes. Les critères environnementaux, sociaux et de gouvernance (ESG) sont une des composantes de la gestion. Néanmoins le poids individuel de chacun de ces critères dans la décision finale n’est pas défini en amont.
Indicateur de référence : L’indice de référence du Produit est le MSCI Europe Index exprimé en EUR, calculé avec dividendes nets réinvestis.
Politique d'investissement : Le Produit est géré activement. L’indice de référence est utilisé uniquement à des fins de comparaison de performance.
Le Produit investit au minimum 70% de ses actifs nets en actions de sociétés dont le siège social se trouve en Europe, ayant une partie prépondérante de leur activité économique en Europe ou admises à une cote officielle ou négociées sur un Marché Réglementé européen.
Le Produit peut aussi investir jusqu’à 30% de son actif net dans des sociétés dont le siège social ne se trouve pas en Europe, n’ayant pas une partie prépondérante de leur activité économique en Europe et n’étant pas admises à une cote officielle ou négociées sur un Marché Réglementé européen (autres pays de l’OCDE).
Le Produit considérera toutes les capitalisations boursières dans tous les secteurs économiques sans restriction et pourra investir dans des valeurs libellées dans des devises autres que l’euro. Le Produit pourra être exposé au risque de change pour 100% de son actif net.
Pour des besoins de gestion de trésorerie, le Produit peut investir jusqu’à 25% de ses actifs nets en titres de créance transférables et Instruments du Marché monétaire. Le Produit ciblera principalement des émissions d’émetteurs publics ou privés.
Dans un but de protection de ses actifs et/ou de réalisation de son objectif de gestion le Produit peut avoir recours aux instruments financiers dérivés négociés sur des Marchés réglementés ou de gré à gré.
Au moins 90% des sociétés du portefeuille auront une notation ESG. Il s'agira soit d'une notation ESG interne définie par le gestionnaire d'investissement, soit d'une notation fournie par une agence de notation extra-financière externe sélectionnée par le gestionnaire d'investissement.
En outre, le processus de sélection des titres comprend un filtrage négatif visant à exclure les sociétés qui contribuent à la production d'armes controversées, conformément aux conventions internationales en la matière, ainsi que les sociétés exposées aux activités liées au charbon thermique ou au tabac, conformément à la politique d'exclusion du Groupe Edmond de Rothschild, disponible sur son site Internet https://www.edmond-de-rothschild.com/fr/asset-management/investissement-responsable.
Le Produit est classé « Article 8(1) du règlement Durabilité » car il promeut un ensemble de caractéristiques ESG, bien qu’aucun indice de référence n’ait été désigné aux fins d’atteindre ces caractéristiques environnementales ou sociales.
Compte tenu de sa stratégie ESG, le Produit promeut les caractéristiques environnementales mais n'investit pas dans des activités économiques écologiquement durables au sens du Règlement Taxonomie. Les investissements sous-jacents à ce produit financier ne prennent pas en compte les critères de l'UE pour les activités économiques durables sur le plan environnemental, dans le cadre du Règlement Taxonomie.
Affectation des revenus : Capitalisation | ## Objectives
The objective of this Product is to outperform its benchmark over a full market cycle through active exposure to European equities.
Environment, social and governance (ESG) criteria are one of the management components. However, the individual weighting of each of these criteria in the final decision is not defined in advance.
Benchmark: The benchmark for the Product is the MSCI Europe Index denominated in EUR, calculated with net dividend income reinvested.
Investment policy: The Product is actively managed. The benchmark is used only for performance comparison purposes.
The Product invests at least 70% of its net assets in equities of companies that are domiciled in Europe, carry out the majority of their economic activity in Europe or are admitted to an official listing or are traded on a European regulated market.
The Product can also invest up to 30% of its net assets in companies that are not domiciled in Europe, do not carry out the majority of their economic activity in Europe and are not admitted to an official listing or traded on a European regulated market (other OECD countries).
The Product will consider all market capitalisations in all economic sectors without limitation and may invest in securities denominated in currencies other than the Euro. Up to 100% of the Product's net assets may be exposed to currency risk.
For cash management purposes, the Product may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Product will mainly target public or private issuers.
In order to protect its assets and/or achieve its management objective, the Product may use derivative financial instruments traded on regulated markets or over-the-counter (OTC) markets.
At least 90% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating defined by the investment manager or a rating provided by an external non-financial rating agency selected by the investment manager.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the production of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the exclusion policy of the Edmond de Rothschild Group, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Product falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of ESG factors, even though no benchmark has been designated for the purposes of achieving these environmental and social factors.
In light of its ESG strategy, the Product promotes environmental factors but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the European Union's criteria regarding sustainable economic activities as defined in the Taxonomy Regulation.
Income allocation: Accumulation | en | fr |
DOLFIN8052 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
*Since the Management Company has opted out of VAT, these fees are charged excluding VAT and their amount including taxes is equal to their amount excluding taxes.
** The fund invests a maximum of 10% in UCIs.
*** Maximum amount that varies according to the instruments used.
The fees listed below are not included in the five categories of fees set out above:
- contributions owed for management of the UCITS pursuant to 4° of II of article L. 621-5-3 of the Monetary and Financial Code,
- exceptional and non-recurrent taxes, duties and other government fees (relating to the UCITS),
- exceptional and non-recurrent costs relating to the collection of debts (e.g. Lehman) or to proceedings in order to exercise a right (e.g. class action lawsuit). | * Al no estar sujeta la Sociedad Gestora al IVA, estos gastos se facturan sin IVA y el importe con todos los impuestos incluidos es igual al importe libre de impuestos.
** El Fondo tiene invertido como máximo un 10% de su patrimonio neto en IIC.
*** Importe máximo que varía en función de los instrumentos utilizados.
Los gastos mencionados a continuación no forman parte de los 5 bloques de gastos indicados anteriormente:
- Las contribuciones debidas por la gestión del OICVM en aplicación de la sección II 4° del artículo L.621-5-3 del Código Monetario y Financiero francés;
- Los impuestos, las tasas, los gravámenes y los derechos gubernamentales (en relación con el OICVM) extraordinarios y no recurrentes;
- Los costes extraordinarios y no recurrentes destinados al cobro de créditos (por ejemplo, Lehman) o a un procedimiento para hacer valer un derecho (por ejemplo, procedimiento de acción colectiva). | *Since the Management Company has opted out of VAT, these fees are charged excluding VAT and their amount including taxes is equal to their amount excluding taxes.
** The fund invests a maximum of 10% in UCIs.
*** Maximum amount that varies according to the instruments used.
The fees listed below are not included in the five categories of fees set out above:
- contributions owed for management of the UCITS pursuant to 4° of II of article L. 621-5-3 of the Monetary and Financial Code,
- exceptional and non-recurrent taxes, duties and other government fees (relating to the UCITS),
- exceptional and non-recurrent costs relating to the collection of debts (e.g. Lehman) or to proceedings in order to exercise a right (e.g. class action lawsuit). | en | es |
DOLFIN8053 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The objective of this Fund is to achieve reasonable capital growth. The Fund seeks to achieve this by investing at least 85% of its net asset value in LGT Sustainable Equity Global Sub-Fund ("the Master Fund"), a sub-fund of Crown Sigma UCITS plc. The performance of the Fund will essentially be equal to the Master Fund’s perform- ance. The Master Fund strategically seeks to achieve this by invest- ing primarily in a broad range of equity securities and instruments issued by issuers all over the world. The Master Fund may also in- vest up to 10% of its assets in fixed income securities all over the world. Furthermore, this Fund may invest up to 15% in cash and other cash-like investments. The Fund may invest in derivatives (fin- ancial instruments derived from other securities or assets) for
hedging purposes. The Fund’s portfolio is actively managed. The Fund aims to deliver better returns than its benchmark, the MSCI World (NR) Index. The Manager may use the index as a universe when selecting individual securities. However, the Manager may also invest to a limited extent in securities, which do not form part of the index.
Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance. The Fund may not be ap- propriate for investors who plan to withdraw their money within less than 7 years.
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# Risk and Reward Profile | L’obiettivo di questo Fondo consiste nel conseguire una congrua crescita del capitale. Il Fondo punta a realizzare tale obiettivo inve- stendo almeno l’85% del valore patrimoniale netto in LGT Sustaina- ble Equity Global Sub-Fund (il “Fondo Master”), un comparto di Crown Sigma UCITS plc. La performance del Fondo sarà sostanzial- mente pari a quella del Fondo Master. Quest’ultimo mira strategica- mente a realizzare l’obiettivo investendo principalmente in un’ampia gamma di titoli e strumenti azionari emessi da emittenti di tutto il mondo. Il Fondo Master può inoltre investire fino al 10% del patrimonio in titoli a reddito fisso di tutto il mondo. Inoltre, que- sto Fondo può investire fino al 15% in liquidità e altri strumenti analoghi alla liquidità. Il Fondo può investire in derivati (strumenti fi- nanziari derivati da altri titoli o attività) a fini di copertura. Il portafo- glio del Fondo è gestito in modo attivo. Il Fondo si prefigge di otte-
nere rendimenti superiori rispetto al benchmark, l’indice MSCI World (NR). All’atto della selezione dei singoli titoli, il Gestore può usare l’indice come un universo d’investimento. Il Gestore degli In- vestimenti può tuttavia investire in misura limitata anche in titoli non ricompresi nell’indice.
Gli investitori possono effettuare negoziazioni in azioni del Fondo con cadenza giornaliera. L’eventuale reddito generato dal Fondo viene reinvestito, il che accresce il valore delle azioni.
I costi di transazione del portafoglio possono avere un impatto so- stanziale sulla performance.
Il Fondo potrebbe non essere adatto per gli investitori che intendo- no ritirare il denaro investito dopo meno di 7 anni.
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# Profilo di rischio e rendimento | The objective of this Fund is to achieve reasonable capital growth. The Fund seeks to achieve this by investing at least 85% of its net asset value in LGT Sustainable Equity Global Sub-Fund ("the Master Fund"), a sub-fund of Crown Sigma UCITS plc. The performance of the Fund will essentially be equal to the Master Fund’s perform- ance. The Master Fund strategically seeks to achieve this by invest- ing primarily in a broad range of equity securities and instruments issued by issuers all over the world. The Master Fund may also in- vest up to 10% of its assets in fixed income securities all over the world. Furthermore, this Fund may invest up to 15% in cash and other cash-like investments. The Fund may invest in derivatives (fin- ancial instruments derived from other securities or assets) for
hedging purposes. The Fund’s portfolio is actively managed. The Fund aims to deliver better returns than its benchmark, the MSCI World (NR) Index. The Manager may use the index as a universe when selecting individual securities. However, the Manager may also invest to a limited extent in securities, which do not form part of the index.
Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance. The Fund may not be ap- propriate for investors who plan to withdraw their money within less than 7 years.
-
# Risk and Reward Profile | en | it |
DOLFIN8054 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The share capital of the Company is represented by fully paid Shares of no par value and is at any time equal to the total of the net assets of the Funds.
The minimum capital of the Company is the equivalent in USD of €1,250,000.
-
### General Meetings and Notices to Shareholders | Il capitale azionario della Società è rappresentato da azioni interamente versate senza valore nominale ed è sempre pari al patrimonio netto totale dei Comparti.
Il capitale minimo della Società è pari all’equivalente in USD di €1.250.000.
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### Assemblee generali e comunicazioni agli Azionisti | The share capital of the Company is represented by fully paid Shares of no par value and is at any time equal to the total of the net assets of the Funds.
The minimum capital of the Company is the equivalent in USD of €1,250,000.
-
### General Meetings and Notices to Shareholders | en | it |
DOLFIN8055 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# CARACTÉRISTIQUES
Frais de gestion variable : 20% de la surperformance dès lors que la performance depuis le début de l'exercice dépasse la performance de l'indicateur de référence et si aucune sous- performance passée ne doit encore être compensée. (1) Les frais courants se fondent sur les frais de l'exercice précédent. Ils peuvent varier d'un exercice à l'autre et ne comprennent pas les commissions de performance et les frais de transactions. (2) Droits d'entrée payés aux distributeurs. Pas de frais de sortie. (3) Merci de vous référer au prospectus pour les montants minimum de souscriptions ultérieures. Le prospectus est disponible sur le site internet : www.carmignac.com. | # CARACTERÍSTICAS
Comisión variable de gestión: 20% del exceso de rentabilidad, siempre que la rentabilidad desde el inicio del año supere la rentabilidad del indicador de referencia y no deba recuperarse ninguna rentabilidad inferior pasad. (1) Los gastos corrientes se basan en los costes del último ejercicio. Dichos gastos pueden variar de un año a otro y no incluyen la comisión de rentabilidad ni los costes de transacción. (2) Gastos de suscripción abonados a las entidades comercializadoras. Ningún gasto de reembolso aplicable. (3) Consulte el folleto en relación con los importes mínimos de suscripción subsiguientes. El folleto está disponible en el sitio web www.carmignac.com. | # CARACTÉRISTIQUES
Frais de gestion variable : 20% de la surperformance dès lors que la performance depuis le début de l'exercice dépasse la performance de l'indicateur de référence et si aucune sous- performance passée ne doit encore être compensée. (1) Les frais courants se fondent sur les frais de l'exercice précédent. Ils peuvent varier d'un exercice à l'autre et ne comprennent pas les commissions de performance et les frais de transactions. (2) Droits d'entrée payés aux distributeurs. Pas de frais de sortie. (3) Merci de vous référer au prospectus pour les montants minimum de souscriptions ultérieures. Le prospectus est disponible sur le site internet : www.carmignac.com. | fr | es |
DOLFIN8056 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- Les fluctuations des taux d'intérêt se répercuteront sur la valeur du Fonds.
- Les titres de créance sont exposés au risque de crédit, qui dépend de la capacité de l'emprunteur à rembourser les intérêts et le capital à la date de remboursement.
- Il peut être difficile pour le Fonds de vendre ou d’acheter certains titres en cas de tensions sur les marchés. Par conséquent, le prix obtenu lors de la vente de tels titres peut être plus bas que dans des conditions de marché normales.
- À des fins d’investissement, le Fonds peut avoir recours à des produits dérivés (instruments complexes) pouvant comporter un effet de levier important et entraîner de fortes fluctuations de la valeur du Fonds. L’utilisation d’opérations sur produits dérivés peut exposer le Fonds à des risques de contrepartie qui peuvent entraîner des pertes pour le Fonds liées à la faillite ou à l’insolvabilité d’une contrepartie.
- Le Fonds peut investir dans des obligations convertibles contingentes, ce qui peut se traduire par un risque important de perte de capital en fonction de certains éléments déclencheurs.
- Ce Fonds est investi dans un secteur spécifique et vous devez être prêt à accepter des fluctuations de sa valeur plus importantes que pour un fonds ayant un profil d'investissement plus large.
- La Section 8 du Prospectus contient une description plus détaillée des facteurs de risque propres à ce Fonds. | - Los cambios en los tipos de interés pueden causar fluctuaciones en el valor del Fondo.
- Los instrumentos de deuda están expuestos al riesgo de crédito, que corresponde a la capacidad del prestatario de devolver los intereses y el capital en la fecha de reembolso.
- El Fondo puede encontrar dificultades para comprar o vender determinados instrumentos en condiciones extremas de mercado. En consecuencia, el precio obtenido por la venta de tales instrumentos puede ser inferior al obtenido en condiciones normales de mercado.
- El Fondo podrá usar derivados (instrumentos complejos) con fines de inversión, los cuales pueden dar lugar a que el Fondo se apalanque significativamente y puede derivar en fluctuaciones en el valor del Fondo. El uso de operaciones con derivados puede exponer al Fondo a riesgos de contraparte, que pueden dar lugar a pérdidas para el Fondo relacionadas con la quiebra o la insolvencia de una contraparte.
- El Fondo podrá invertir en bonos convertibles contingentes que conllevan un riesgo considerable de pérdida de capital en función de algunos eventos desencadenantes.
- Puesto que este Fondo se invierte en un sector particular, deberá estar preparado para aceptar mayores fluctuaciones en el valor del Fondo en comparación con un fondo con un espectro de inversión más amplio.
- Puede consultar la Sección 8 del Folleto informativo para obtener una descripción más detallada de los factores de riesgo asociados a este Fondo. | - Les fluctuations des taux d'intérêt se répercuteront sur la valeur du Fonds.
- Les titres de créance sont exposés au risque de crédit, qui dépend de la capacité de l'emprunteur à rembourser les intérêts et le capital à la date de remboursement.
- Il peut être difficile pour le Fonds de vendre ou d’acheter certains titres en cas de tensions sur les marchés. Par conséquent, le prix obtenu lors de la vente de tels titres peut être plus bas que dans des conditions de marché normales.
- À des fins d’investissement, le Fonds peut avoir recours à des produits dérivés (instruments complexes) pouvant comporter un effet de levier important et entraîner de fortes fluctuations de la valeur du Fonds. L’utilisation d’opérations sur produits dérivés peut exposer le Fonds à des risques de contrepartie qui peuvent entraîner des pertes pour le Fonds liées à la faillite ou à l’insolvabilité d’une contrepartie.
- Le Fonds peut investir dans des obligations convertibles contingentes, ce qui peut se traduire par un risque important de perte de capital en fonction de certains éléments déclencheurs.
- Ce Fonds est investi dans un secteur spécifique et vous devez être prêt à accepter des fluctuations de sa valeur plus importantes que pour un fonds ayant un profil d'investissement plus large.
- La Section 8 du Prospectus contient une description plus détaillée des facteurs de risque propres à ce Fonds. | fr | es |
DOLFIN8057 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Barings Dynamic Absolute Return Fund*
## Investment objective and policy
The investment objective of the Barings Dynamic Absolute Return Fund (“the Fund”) was to generate a positive absolute return. The Fund invested in a diversified global portfolio of both physical and synthetic long positions and synthetic short positions. The Fund aimed to produce, though had no guarantee of achieving, a return in excess of the three-month US LIBOR rate by approximately 4% over a rolling three-year period. It sought to achieve this with a medium level of risk. The Fund could apply leverage.
## Please refer to the Prospectus for the full investment objective and policy.
## How the Fund was managed
## The Manager of the Company, Baring International Fund Managers (Ireland) Limited, appointed Baring Asset Management Limited as the Investment Manager of the Fund.
The Manager used a top-down fundamental approach. It sought out over and under-valuation across equities, currencies, bonds, credit and commodities, as well as relative value opportunities between them. The Fund was managed with a market-agnostic approach, in as much as there is no systematic or permanent equity market beta, although the portfolio assumed some positive or negative beta from time to time if opportunities emerged.
## Risk profile
## Please see detailed below some of the key risks applicable to the Fund:
- Derivative instruments can make a profit or a loss and there was no guarantee that a financial derivative contract would achieve its intended outcome. The use of derivatives could have increased the amount by which the Fund’s value rose and fell and could have exposed the Fund to losses that were significantly greater than the cost of the derivative as a relatively small movement may have a larger impact on derivatives than the underlying assets.
- The rating of a bond could change. There was no guarantee that a bond issuer would pay the interest due or repay the loan (bonds that produce a higher level of income are at a greater risk of default). Bond values were likely to fall if interest rates rose.
- Emerging market countries may have less developed regulation and face more political, economic or structural challenges than developed countries. This means your money was at greater risk.
- If markets are disrupted or less liquid, the value of certain fund investments may fall or rise substantially in short periods of time and in some cases it could become difficult to buy or sell at an advantageous time or price.
- Changes in exchange rates between the currency of the Fund and the currencies in which the assets of the Fund are valued could have had the effect of increasing or decreasing the value of the Fund and any income generated.
- Losses may have occurred if an organisation through which we bought an asset (such as a bank) failed to meet its obligations.
## Please refer to the Prospectus for the full risk profile.
- The Fund was closed on 14 December 2018.
Introduction (continued) | # Barings Dynamic Absolute Return Fund*
## Objectif et politique d’investissement
Le Barings Dynamic Absolute Return Fund (« le Fonds ») visait à générer un rendement absolu positif. Le Fonds investissait dans un portefeuille mondial diversifié, composé de positions longues physiques et synthétiques ainsi que de positions courtes synthétiques. Le Fonds visait à produire un rendement supérieur d’environ 4 % au LIBOR USD 3 mois sur une période glissante de trois ans, sachant toutefois que cela n’était pas garanti. Il cherchait à réaliser cet objectif avec un niveau de risque moyen. Le Fonds pouvait appliquer un effet de levier.
## Pour une description complète de l’objectif et de la politique d’investissement, veuillez lire le Prospectus.
## Gestion du Fonds
## La Société de gestion de la Société, Baring International Fund Managers (Ireland) Limited, a nommé Baring Asset Management Limited comme Gestionnaire d’investissement du Fonds.
La Société de gestion suivait une approche fondamentale « top-down » (descendante). À ce titre, elle recherchait des titres survalorisés ou sous-valorisés dans l’ensemble des segments des actions, devises, obligations, titres de crédit et matières premières, ainsi que des opportunités de valeur relative entre eux. Le Fonds était géré sans référence à un marché spécifique, dans la mesure où il n’existe pas de bêta systématique ou permanent sur le marché des actions (mais le portefeuille pouvait de temps en temps opter pour un bêta positif ou négatif en fonction des opportunités).
## Profil de risque
## Certains des principaux risques subis par le Fonds sont détaillés ci-dessous :
- Les produits dérivés peuvent générer des bénéfices ou des pertes, et il n’était aucunement garanti qu’un contrat sur instrument financier dérivé produise les résultats escomptés. Les produits dérivés pouvaient décupler la hausse ou la baisse de la valeur du Fonds, ce qui pouvait exposer ce dernier à des pertes largement supérieures au coût du produit dérivé concerné car la moindre fluctuation pouvait avoir un impact plus important sur les produits dérivés que sur les actifs sous-jacents.
- La notation d’une obligation pouvait changer. Le fait pour l’émetteur d’une obligation de payer des intérêts ou de rembourser le prêt (les obligations produisant un niveau de revenus supérieur présentent un plus grand risque de défaut) n’était pas garanti. En cas de hausse des taux d’intérêt, la valeur d’une obligation était susceptible de diminuer.
- Les pays émergents peuvent subir plus de problèmes politiques, économiques ou structurels que les pays développés, et présenter une réglementation moins solide. Pour ces raisons, votre capital était soumis à des risques plus importants.
- Si les marchés subissaient des perturbations ou étaient moins liquides, la valeur de certains investissements du Fonds pouvait baisser ou augmenter de manière significative pendant de brèves périodes et, dans certains cas, il pouvait être difficile d’acheter ou de vendre à un moment ou pour un prix avantageux.
- Les fluctuations des taux de change entre la devise du Fonds et les devises dans lesquelles les actifs du Fonds étaient évalués pouvaient faire augmenter ou diminuer la valeur du Fonds et tout revenu en découlant.
- Des pertes pouvaient survenir si une entreprise par le biais de laquelle nous achetions un actif (comme par exemple une banque) manquait à ses obligations.
## Pour consulter le profil de risque complet, veuillez lire le Prospectus.
- Le Fonds a été clôturé le 14 décembre 2018.
Introduction (suite) | # Barings Dynamic Absolute Return Fund*
## Investment objective and policy
The investment objective of the Barings Dynamic Absolute Return Fund (“the Fund”) was to generate a positive absolute return. The Fund invested in a diversified global portfolio of both physical and synthetic long positions and synthetic short positions. The Fund aimed to produce, though had no guarantee of achieving, a return in excess of the three-month US LIBOR rate by approximately 4% over a rolling three-year period. It sought to achieve this with a medium level of risk. The Fund could apply leverage.
## Please refer to the Prospectus for the full investment objective and policy.
## How the Fund was managed
## The Manager of the Company, Baring International Fund Managers (Ireland) Limited, appointed Baring Asset Management Limited as the Investment Manager of the Fund.
The Manager used a top-down fundamental approach. It sought out over and under-valuation across equities, currencies, bonds, credit and commodities, as well as relative value opportunities between them. The Fund was managed with a market-agnostic approach, in as much as there is no systematic or permanent equity market beta, although the portfolio assumed some positive or negative beta from time to time if opportunities emerged.
## Risk profile
## Please see detailed below some of the key risks applicable to the Fund:
- Derivative instruments can make a profit or a loss and there was no guarantee that a financial derivative contract would achieve its intended outcome. The use of derivatives could have increased the amount by which the Fund’s value rose and fell and could have exposed the Fund to losses that were significantly greater than the cost of the derivative as a relatively small movement may have a larger impact on derivatives than the underlying assets.
- The rating of a bond could change. There was no guarantee that a bond issuer would pay the interest due or repay the loan (bonds that produce a higher level of income are at a greater risk of default). Bond values were likely to fall if interest rates rose.
- Emerging market countries may have less developed regulation and face more political, economic or structural challenges than developed countries. This means your money was at greater risk.
- If markets are disrupted or less liquid, the value of certain fund investments may fall or rise substantially in short periods of time and in some cases it could become difficult to buy or sell at an advantageous time or price.
- Changes in exchange rates between the currency of the Fund and the currencies in which the assets of the Fund are valued could have had the effect of increasing or decreasing the value of the Fund and any income generated.
- Losses may have occurred if an organisation through which we bought an asset (such as a bank) failed to meet its obligations.
## Please refer to the Prospectus for the full risk profile.
- The Fund was closed on 14 December 2018.
Introduction (continued) | en | fr |
DOLFIN8058 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
HKD CNY TWD USD
50.79%
19.84%
19.41%
9.93%
* Past performance is not a reliable indicator of future performance. The calculation took into account all fees and expenses incurred at the Fund's level, with the exception of the subscription fee. Where applicable, any depositary costs incurred would additionally reduce the value development. | HKD CNY TWD USD
50.79%
19.84%
19.41%
9.93%
* I risultati ottenuti nel passato non costituiscono un'indicazione affidabile dei risultati futuri. Il calcolo tiene conto di tutte le commissioni e spese sostenute dal Fondo, ad eccezione della commissione di sottoscrizione. Ove applicabile, eventuali costi sostenuti per il depositario ridurrebbero ulteriormente il rendimento. | HKD CNY TWD USD
50.79%
19.84%
19.41%
9.93%
* Past performance is not a reliable indicator of future performance. The calculation took into account all fees and expenses incurred at the Fund's level, with the exception of the subscription fee. Where applicable, any depositary costs incurred would additionally reduce the value development. | en | it |
DOLFIN8059 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Any financial instruments used to implement such currency hedging strategies with respect to one or more Classes shall be assets/liabilities of the Fund as a whole but will be attributable to the relevant Class(es) and the gains/losses on, and the costs of, the relevant financial instruments will accrue solely to the relevant Class. However, investors should note that there is no segregation of liability between Share Classes. Although the costs, gains and losses of the currency hedging transactions will accrue solely to the relevant Class, Shareholders are nonetheless exposed to the risk that hedging transactions undertaken in one class may impact negatively on the Net Asset Value of another Class.
Classes will be identified as currency hedged Classes or duration hedged Classes, as appropriate, in the Supplement for the Fund in which such Class is issued.
Where the relevant Investment Manager seeks to hedge against currency fluctuations, while not intended, this could result in over-hedged or under-hedged positions due to external factors outside the control of the ICAV. However, over-hedged positions will not exceed 105% of the Net Asset Value and hedged positions will be kept under review to ensure that over-hedged positions do not exceed the permitted level. Such review will also incorporate a procedure to ensure that positions materially in excess of 100% of Net Asset Value will not be carried forward from month to month. To the extent that hedging is successful for a particular Class, the performance of the Class is likely to move in line with the performance of the underlying assets, with the result that investors in that Class will not gain/lose if the Class currency falls / rises against the Base Currency.
- Duration Hedged ClassesThe ICAV may launch duration hedged Classes in certain Funds in order to limit the impact of interest rate movements. This will be done by hedging the interest rate risk of the net assets of the duration hedged Class to a target duration between zero (0) and six (6) months. | Eventuali strumenti finanziari utilizzati al fine di attuare tali strategie di copertura valutaria rispetto a una o più Classi saranno attività/passività del Fondo nel suo insieme ma saranno riconducibili alla/e relativa/e Classe/i e gli/le utili/perdite su e i costi dei relativi strumenti finanziari matureranno esclusivamente per la relativa Classe. Gli investitori sono tuttavia pregati di notare che non vi è alcuna separazione patrimoniale tra le Classi di Azioni. Sebbene i costi, gli utili e le perdite relativi alle operazioni di copertura valutaria maturino esclusivamente per la Classe interessata, gli Azionisti sono tuttavia esposti al rischio che le operazioni di copertura effettuate in una classe possano influire negativamente sul Valore patrimoniale netto di un'altra Classe.
All'interno del Supplemento relativo al Fondo in cui le Classi saranno emesse, queste ultime saranno identificate, a seconda dei casi, quali Classi con copertura valutaria o Classi con copertura della duration.
Laddove il Gestore degli investimenti interessato tenti di procedere a copertura rispetto alle oscillazioni valutarie, seppur non previsto, ciò potrebbe comportare posizioni soggette a copertura eccessiva o non sufficiente per via di fattori esterni che non rientrino sotto il controllo della ICAV. Tuttavia, le posizioni oggetto di copertura eccessiva non supereranno il 105% del Valore patrimoniale netto, e le posizioni oggetto di copertura saranno tenute sotto controllo al fine di assicurare che le posizioni oggetto di copertura eccessiva non superino i livelli consentiti. Tale monitoraggio includerà inoltre una procedura volta a garantire che le posizioni che superino significativamente il 100% del Valore patrimoniale netto non siano portate a nuovo di mese in mese. Nella misura in cui la copertura vada a buon fine per una Classe specifica, la performance della Classe potrebbe variare in linea con la performance delle attività sottostanti, e gli investitori della suddetta Classe non conseguirebbero utili/perdite laddove la valuta della Classe subisse una flessione/un aumento rispetto alla Valuta di base.
- Classi con copertura della durationLa ICAV potrà lanciare Classi con copertura della duration in taluni Fondi al fine di limitare l'effetto delle oscillazioni dei tassi d'interesse. Tale risultato sarà ottenuto attraverso la copertura del rischio di variazione dei tassi d'interesse del patrimonio netto della Classe con copertura della duration su un obiettivo di duration compreso tra zero (0) e sei (6) mesi. | Any financial instruments used to implement such currency hedging strategies with respect to one or more Classes shall be assets/liabilities of the Fund as a whole but will be attributable to the relevant Class(es) and the gains/losses on, and the costs of, the relevant financial instruments will accrue solely to the relevant Class. However, investors should note that there is no segregation of liability between Share Classes. Although the costs, gains and losses of the currency hedging transactions will accrue solely to the relevant Class, Shareholders are nonetheless exposed to the risk that hedging transactions undertaken in one class may impact negatively on the Net Asset Value of another Class.
Classes will be identified as currency hedged Classes or duration hedged Classes, as appropriate, in the Supplement for the Fund in which such Class is issued.
Where the relevant Investment Manager seeks to hedge against currency fluctuations, while not intended, this could result in over-hedged or under-hedged positions due to external factors outside the control of the ICAV. However, over-hedged positions will not exceed 105% of the Net Asset Value and hedged positions will be kept under review to ensure that over-hedged positions do not exceed the permitted level. Such review will also incorporate a procedure to ensure that positions materially in excess of 100% of Net Asset Value will not be carried forward from month to month. To the extent that hedging is successful for a particular Class, the performance of the Class is likely to move in line with the performance of the underlying assets, with the result that investors in that Class will not gain/lose if the Class currency falls / rises against the Base Currency.
- Duration Hedged ClassesThe ICAV may launch duration hedged Classes in certain Funds in order to limit the impact of interest rate movements. This will be done by hedging the interest rate risk of the net assets of the duration hedged Class to a target duration between zero (0) and six (6) months. | en | it |
DOLFIN8060 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# How can I complain?
Any complaints concerning the conduct of your distribution agent should be addressed to that distribution agent, with a copy to Partners Group (Luxembourg) S.A., using the contact details specified below.
Any complaints concerning the Manufacturer, or about the Fund itself, should be addressed in writing to the Manufacturer at Partners Group (Luxembourg) S.A., 35D, avenue J.F. Kennedy, L-1855 Luxembourg, Luxembourg or [email protected]. | # Come presentare reclami?
Gli eventuali reclami concernenti la condotta del vostro agente di distribuzione vanno indirizzati all'agente di distribuzione, con copia a Partners Group (Luxembourg) S.A., utilizzando le informazioni di contatto riportate di seguito.
I reclami concernenti l'Ideatore, o in merito al Fondo stesso, vanno presentati per iscritto all'Ideatore, presso Partners Group (Luxembourg) S.A., 35D, avenue
J.F. Kennedy, L-1855 Luxembourg, Luxembourg, o all'indirizzo [email protected]. | # How can I complain?
Any complaints concerning the conduct of your distribution agent should be addressed to that distribution agent, with a copy to Partners Group (Luxembourg) S.A., using the contact details specified below.
Any complaints concerning the Manufacturer, or about the Fund itself, should be addressed in writing to the Manufacturer at Partners Group (Luxembourg) S.A., 35D, avenue J.F. Kennedy, L-1855 Luxembourg, Luxembourg or [email protected]. | en | it |
DOLFIN8061 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Composition of costs |
| --- |
| One-off costs upon entry or exit | If you exit after 1 year |
| Entry costs | 3.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 300 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.75 % of the value of your investment per year. | 88 EUR |
| Portfolio transaction costs | 0.21 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 21 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | We do not charge a performance fee for this product. | 0 EUR | | | Composizione dei costi |
| --- |
| Costi una tantum di ingresso o di uscita | In caso di vendita dell’investimento dopo 1 anno |
| Costi di ingresso | 3,00 % dell'importo che paghi quando entri in questo investimento. Questo è il massimo che ti verrà addebitato. La persona che ti vende il prodotto ti informerà dell'effettivo addebito. | 300 EUR |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto. | 0 EUR |
| Costi correnti | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0,75 % del valore dell’investimento all’anno. | 88 EUR |
| Costi di transazione del portafoglio | 0,21 % del valore dell’investimento all’anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 21 EUR |
| Oneri accessori sostenuti in determinate condizioni | |
| Commissioni di performance | Non addebitiamo una commissione di performance per questo prodotto. | 0 EUR | | | Composition of costs |
| --- |
| One-off costs upon entry or exit | If you exit after 1 year |
| Entry costs | 3.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 300 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.75 % of the value of your investment per year. | 88 EUR |
| Portfolio transaction costs | 0.21 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 21 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | We do not charge a performance fee for this product. | 0 EUR | | en | it |
DOLFIN8062 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
for the period from 01/01/2021 to 31/12/2021 (including income equalisation)
1)
Under the Terms and Conditions, an all-in fee of up to 1.04% p.a. (in the financial year 0.62% p.a.) is payable to the investment management company on behalf of the fund. The expenses met by the investment management company from this fee included the expenses for portfolio management and the custodian charges (in the financial year 0.000% p.a.) as well as other third party payments (e.g. printing and publication expenses, audit fees, etc.).
Statement of Changes in Net Assets 2021
Unit class: Allianz Internationaler Rentenfonds A (EUR)
Unit class: Allianz Internationaler Rentenfonds R (EUR) | für den Zeitraum vom 01.01.2021 - 31.12.2021 (einschließlich Ertragsausgleich)
1)
Gemäß den Vertragsbedingungen ist für das Sondervermögen eine an die Kapi- talverwaltungsgesellschaft abzuführende Pauschalvergütung („All-In-Fee“) in der Höhe von 1,04 % p.a. (im Geschäftsjahr 0,62 % p.a.) vereinbart. Hieraus bestritt die Kapitalverwaltungsgesellschaft die Kosten für das Portfoliomanagement sowie un- ter anderem die Aufwendungen für die Verwahrstelle (im Geschäftsjahr 0,008 % p.a.) und für Sonstige Dritte (z.B. Druck- und Veröffentlichungskosten, Abschlussprü- fung, etc.).
Entwicklung des Sondervermögens 2021
Anteilklasse: Allianz Internationaler Rentenfonds A (EUR)
Anteilklasse: Allianz Internationaler Rentenfonds R (EUR) | for the period from 01/01/2021 to 31/12/2021 (including income equalisation)
1)
Under the Terms and Conditions, an all-in fee of up to 1.04% p.a. (in the financial year 0.62% p.a.) is payable to the investment management company on behalf of the fund. The expenses met by the investment management company from this fee included the expenses for portfolio management and the custodian charges (in the financial year 0.000% p.a.) as well as other third party payments (e.g. printing and publication expenses, audit fees, etc.).
Statement of Changes in Net Assets 2021
Unit class: Allianz Internationaler Rentenfonds A (EUR)
Unit class: Allianz Internationaler Rentenfonds R (EUR) | en | de |
DOLFIN8063 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# La SICAV peut investir jusqu’à 100 % de l’actif en :
- Instruments du marché monétaire, libellés ou non en euro négociés sur un marché règlementé au sens de la directive 2004/39/CE ou négociés sur un autre marché d’un Etat membre, règlementé, en fonctionnement régulier, reconnu et ouvert au public, ou négociés sur un autre marché tiers, réglementé, en fonctionnement régulier, reconnu et ouvert au public pour autant que le choix du marché ait été approuvé par les autorités compétentes (ou soit prévu par la loi ou par le règlement du fond ou par les documents constitutifs de la société d’investissement) ;
- Instruments du marché monétaire visés à l’article 50, paragraphe 1, point h de la directive 2009/65/CE ; En particulier :
- les Certificats de Dépôt ;
- les titres négociables à court terme ou moyen terme (dont Euro Medium Term Notes indexés sur des références court terme et Euro Commercial Papers) ;
- Les Bons du Trésor ;
- Les Billets de trésorerie ;Les instruments financiers sélectionnés (telles que des obligations, par exemple) peuvent être à taux fixe ou à taux variable ou révisable ou indexés d’échéance légale à l’émission de 397 jours ou moins ou d’échéance résiduelle de 397 jours ou moins. | # La SICAV puede invertir hasta el 100% de su patrimonio en:
- Instrumentos del mercado monetario, denominados o no en euros, negociados en un mercado regulado en el sentido de la Directiva 2004/39/CE o negociados en otro mercado de un Estado miembro, que esté regulado, opere regularmente y esté reconocido y abierto al público, o negociado en otro mercado tercero, que esté regulado, opere periódicamente y esté reconocido y abierto al público, siempre que la elección del mercado haya sido aprobada por las autoridades competentes (o esté previsto por la ley o el reglamento del fondo o los documentos constitutivos de la sociedad de inversión);
- Instrumentos del mercado monetario contemplados en el artículo 50, párrafo 1, letra h) de la Directiva 2009/65/CE;En particular:
- Los Certificados de Depósito;
- Títulos negociables a corto o medio plazo (entre los que se incluyen Euro Medium Term Notes indexadas sobre referencias a corto plazo y Euro Commercial Papers);
- Bonos del Tesoro;
- Pagarés de empresa;Los instrumentos financieros seleccionados (como los bonos) pueden ser a tipo fijo o a tipo variable o revisable o indexados de vencimiento legal en el momento de emisión de 397 días o menos o de vencimiento residual de 397 días o menos. | # La SICAV peut investir jusqu’à 100 % de l’actif en :
- Instruments du marché monétaire, libellés ou non en euro négociés sur un marché règlementé au sens de la directive 2004/39/CE ou négociés sur un autre marché d’un Etat membre, règlementé, en fonctionnement régulier, reconnu et ouvert au public, ou négociés sur un autre marché tiers, réglementé, en fonctionnement régulier, reconnu et ouvert au public pour autant que le choix du marché ait été approuvé par les autorités compétentes (ou soit prévu par la loi ou par le règlement du fond ou par les documents constitutifs de la société d’investissement) ;
- Instruments du marché monétaire visés à l’article 50, paragraphe 1, point h de la directive 2009/65/CE ; En particulier :
- les Certificats de Dépôt ;
- les titres négociables à court terme ou moyen terme (dont Euro Medium Term Notes indexés sur des références court terme et Euro Commercial Papers) ;
- Les Bons du Trésor ;
- Les Billets de trésorerie ;Les instruments financiers sélectionnés (telles que des obligations, par exemple) peuvent être à taux fixe ou à taux variable ou révisable ou indexés d’échéance légale à l’émission de 397 jours ou moins ou d’échéance résiduelle de 397 jours ou moins. | fr | es |
DOLFIN8064 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Note 10 - Total Expense Ratio ("TER") ("unaudited")
The TER disclosed under "Statistical information" of this report is calculated in accordance with the "Guidelines for the calculation and disclosure of the Total Expense Ratio (TER) of collective investment schemes" issued on 16th May 2008 as modified on 5th August 2021 by the Asset Management Association Switzerland.
The TER is calculated for the last 12 months preceding the date of this report.
Transaction fees are not taken into account in the calculation of the TER.
If a fund invests at least 10% of its assets in other funds which publish a TER, a synthetic TER of the fund of funds is calculated as of the closing date of the financial year or the end of the first half of the financial year. This corresponds to the sum of the prorated TER of the individual target fund, weighted on the basis of their proportion in the net fund assets of the fund as the closing date, the issue and redemption commissions of the target funds actually paid and the TER of the fund of funds minus the retrocessions received from the target funds during the reporting period. The synthetic TER is calculated with the information available at the time of the establishment of this document.
If a performance-related fee is foreseen and has been calculated, the TER is disclosed including this fee. Moreover the performance fee ratio is calculated in percentage of the average net assets for the last 12 months preceding indicated reference date. | ## Note 10 - Total expense ratio ("TER") ("non audité")
Le TER présenté dans les "Statistiques" de ce rapport est calculé en respect de la Directive pour le calcul et la publication du Total Expense Ratio (TER) pour les placements collectifs de capitaux émise le 16 mai 2008 et telle que modifiée en date du 5 août 2021 par l’Asset Management Association Switzerland.
Le TER est calculé sur les 12 derniers mois précédant la date de ce rapport. Les frais sur transactions ne sont pas repris dans le calcul du TER.
Lorsqu'une SICAV investit 10 % au moins de sa fortune nette dans d'autres fonds publiant un TER, un TER composé (synthétique) du fonds faîtier est calculé à la date de clôture annuelle ou semestrielle. Il correspond à la somme des TER proportionnels des différents fonds cibles, pondérés selon leur quote- part à la fortune nette totale du fonds au jour de référence, des commissions d'émission et de rachat des fonds cibles payées effectivement et du TER du fonds faîtier moins les rétrocessions encaissées de la part des fonds cibles durant la période sous revue. Le TER synthétique est calculé avec les informations disponibles au moment de l’établissement du présent document.
Si une commission de performance est prévue et a été calculée, le TER présenté inclut cette commission. De plus, le ratio de commission de performance est calculé en pourcentage de la moyenne des actifs nets pour les 12 derniers mois précédant la date de ce rapport. | ## Note 10 - Total Expense Ratio ("TER") ("unaudited")
The TER disclosed under "Statistical information" of this report is calculated in accordance with the "Guidelines for the calculation and disclosure of the Total Expense Ratio (TER) of collective investment schemes" issued on 16th May 2008 as modified on 5th August 2021 by the Asset Management Association Switzerland.
The TER is calculated for the last 12 months preceding the date of this report.
Transaction fees are not taken into account in the calculation of the TER.
If a fund invests at least 10% of its assets in other funds which publish a TER, a synthetic TER of the fund of funds is calculated as of the closing date of the financial year or the end of the first half of the financial year. This corresponds to the sum of the prorated TER of the individual target fund, weighted on the basis of their proportion in the net fund assets of the fund as the closing date, the issue and redemption commissions of the target funds actually paid and the TER of the fund of funds minus the retrocessions received from the target funds during the reporting period. The synthetic TER is calculated with the information available at the time of the establishment of this document.
If a performance-related fee is foreseen and has been calculated, the TER is disclosed including this fee. Moreover the performance fee ratio is calculated in percentage of the average net assets for the last 12 months preceding indicated reference date. | en | fr |
DOLFIN8065 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit ?
Type :
Ce produit est un Fonds OPCVM.
Durée :
Fonds à capital variable.
Objectifs :
Alger SICAV - Alger Weatherbie Specialized Growth Fund (le « Fonds ») est géré de manière active et vise une appréciation du capital sur le long terme.
Le Fonds investit généralement au moins les deux tiers de ses actifs nets dans des titres de capital de sociétés de petites et moyennes capitalisations qui présentent un potentiel de croissance prometteur. Les sociétés de petite ou moyenne capitalisation sont des entreprises qui, au moment de leur achat, ont une capitalisation boursière totale comprise dans la fourchette de capitalisation des sociétés incluses dans l’indice Russell 2500 Growth Index ou l’indice Russell Midcap Growth Index, tel que déclaré par les indices lors de la dernière clôture trimestrielle. Le Fonds n’est géré
en référence à aucun de ces indices.
Le Fonds prévoit d’investir une part substantielle de ses actifs dans un petit nombre d’émetteurs et peut concentrer ses participations sur un nombre de secteurs d’activités ou d’industries plus restreint. Le Fonds détiendra environ 50 participations. Le nombre de participations détenues par le Fonds peut occasionnellement dépasser cette limite et ce, pour différentes raisons. Le Fonds peut également investir une partie importante de ses actifs dans les titres de sociétés exerçant leur activité au sein d’un seul et même secteur, y compris les secteurs des technologies de l’information, de la consommation discrétionnaire, des soins de santé et de l’industrie.
Le Fonds peut investir dans des instruments financiers dérivés pour des besoins de couverture et de gestion efficace du portefeuille.
Investisseurs de détail visés :
Ce produit est destiné aux investisseurs qui sont prêts à assumer un niveau de risque relativement élevé de perte de leur capital initial afin d’obtenir un rendement potentiel plus élevé, et qui prévoient de conserver leur investissement pendant au moins 5 ans. Il est conçu pour s’intégrer dans un portefeuille d’investissements. | # ¿Qué es este producto?
Tipo:
Este producto es un Fondo OICVM.
Plazo:
Fondo abierto.
Objetivos:
Alger SICAV - Alger Weatherbie Specialized Growth Fund (el «Fondo») se gestiona de forma activa y trata de obtener la revalorización del capital a largo plazo.
Por lo general, el Fondo invierte al menos dos terceras partes de sus activos netos en valores de renta variable de empresas de pequeña y mediana capitalización que muestran un potencial de crecimiento prometedor. Las empresas de pequeña o mediana capitalización son aquellas que, en el momento de la adquisición, cuentan con una capitalización bursátil total en el rango de las empresas incluidas en el índice Russell 2500 Growth Index o el índice Russell Midcap Growth Index, respectivamente, según los índices a fecha del cierre del último trimestre. El Fondo
no se gestiona en relación con estos índices.
El Fondo pretende invertir una parte sustancial de sus activos en un número más reducido de emisores, y puede concentrar sus posiciones en un menor número de industrias o sectores empresariales. El Fondo mantendrá aproximadamente 50 posiciones. En ocasiones, el número de posiciones que mantiene el Fondo puede superar este rango por diversos motivos. Además, el Fondo también puede invertir una parte significativa de sus activos en valores de empresas que desarrollan su actividad en un único sector, como los sectores de tecnología de la información, consumo discrecional, atención sanitaria y los sectores industriales.
El Fondo puede invertir en instrumentos derivados financieros con fines de cobertura y de gestión eficiente de la cartera.
Inversor minorista al que va dirigido:
Este producto se dirige a inversores que estén dispuestos a asumir un nivel relativamente elevado de riesgo de pérdida del capital inicialmente invertido para obtener una rentabilidad potencial superior, y que tienen previsto mantener su inversión durante al menos 5 años. Está diseñado para formar parte de una cartera de inversiones. | # En quoi consiste ce produit ?
Type :
Ce produit est un Fonds OPCVM.
Durée :
Fonds à capital variable.
Objectifs :
Alger SICAV - Alger Weatherbie Specialized Growth Fund (le « Fonds ») est géré de manière active et vise une appréciation du capital sur le long terme.
Le Fonds investit généralement au moins les deux tiers de ses actifs nets dans des titres de capital de sociétés de petites et moyennes capitalisations qui présentent un potentiel de croissance prometteur. Les sociétés de petite ou moyenne capitalisation sont des entreprises qui, au moment de leur achat, ont une capitalisation boursière totale comprise dans la fourchette de capitalisation des sociétés incluses dans l’indice Russell 2500 Growth Index ou l’indice Russell Midcap Growth Index, tel que déclaré par les indices lors de la dernière clôture trimestrielle. Le Fonds n’est géré
en référence à aucun de ces indices.
Le Fonds prévoit d’investir une part substantielle de ses actifs dans un petit nombre d’émetteurs et peut concentrer ses participations sur un nombre de secteurs d’activités ou d’industries plus restreint. Le Fonds détiendra environ 50 participations. Le nombre de participations détenues par le Fonds peut occasionnellement dépasser cette limite et ce, pour différentes raisons. Le Fonds peut également investir une partie importante de ses actifs dans les titres de sociétés exerçant leur activité au sein d’un seul et même secteur, y compris les secteurs des technologies de l’information, de la consommation discrétionnaire, des soins de santé et de l’industrie.
Le Fonds peut investir dans des instruments financiers dérivés pour des besoins de couverture et de gestion efficace du portefeuille.
Investisseurs de détail visés :
Ce produit est destiné aux investisseurs qui sont prêts à assumer un niveau de risque relativement élevé de perte de leur capital initial afin d’obtenir un rendement potentiel plus élevé, et qui prévoient de conserver leur investissement pendant au moins 5 ans. Il est conçu pour s’intégrer dans un portefeuille d’investissements. | fr | es |
DOLFIN8066 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Unless otherwise specified in Chapter 23, “Subfunds”, the Net Asset Value of the Shares of each Subfund shall be calculated in the Reference Currency of the respective Subfund and shall be determined under the responsibility of the Company’s Board of Directors in Luxembourg on each Banking Day on which banks are open all day for business in Luxembourg (each such day being referred to as a “Valuation Day”). In case the Valuation Day is not a full Banking Day in Luxembourg, the Net Asset Value of that Valuation Day will be calculated on the next following Banking Day. If a Valuation Day falls on a day which is a holiday in countries whose stock exchanges or other markets are decisive for valuing the majority of a Subfund’s assets, the Company may decide, by way of exception, that the Net Asset Value of the Shares in this Subfund will not be determined on such days.
For determining the net asset value, the assets and liabilities of the Company shall be allocated to the Subfunds (and to the individual Share Classes within each Subfund), the calculation is carried out by dividing the net asset value of the Subfund by the total number of Shares outstanding for the relevant Subfund or the relevant Share Class. If the Subfund in question has more than one Share Class, that portion of the Net Asset Value of the Subfund attributable to the particular Class will be divided by the number of issued Shares of that Class.
The Net Asset Value of an Alternate Currency Class shall be calculated first in the Reference Currency of the relevant Subfund. The Net Asset Value of the Alternate Currency Class shall be calculated through conversion at the mid-market rate between the Reference Currency and the Alternate Currency of the relevant Share Class.
The Net Asset Value of the Alternate Currency Class will in particular reflect the costs and expenses incurred for the currency conversion in connection with the subscription, redemption and conversion of Shares in this Class and for hedging the currency risk. | Sauf indication contraire au chapitre 23 «Les compartiments», la valeur nette d’inventaire des actions de chaque compartiment est calculée dans la monnaie de référence du compartiment concerné et est déterminée sous la responsabilité du conseil d’administration de la société à Luxembourg chaque jour bancaire, soit un jour où les banques sont ouvertes toute la journée pour les transactions à Luxembourg (chacun de ces jours étant désigné sous le terme «jour d’évaluation»). Si le jour d’évaluation n’est pas un jour bancaire intégral au Luxembourg, alors la valeur nette d’inventaire de ce jour d’évaluation sera calculée le jour bancaire suivant. Si un jour d’évaluation coïncide avec un jour férié habituel dans des pays dont les bourses ou autres marchés sont décisifs pour l’évaluation de la majorité des actifs d’un compartiment, la société peut décider, à titre exceptionnel, de ne pas déterminer la valeur nette d’inventaire des actions de ce compartiment pour ce jour.
Pour déterminer la valeur nette d’inventaire, les éléments d’actif et de passif de la société sont attribués aux compartiments (et aux différentes catégories d’actions au sein de chaque compartiment); le calcul est effectué par division de la valeur nette d’inventaire du compartiment par le nombre total d’actions en circulation pour le compartiment ou la catégorie d’actions concerné. Si le compartiment en question présente plusieurs catégories d’actions, la partie de la valeur nette d’inventaire du compartiment attribuable à la catégorie en question sera divisée par le nombre d’actions émises de cette catégorie.
La valeur nette d’inventaire d’une catégorie libellée dans une autre monnaie est calculée en priorité dans la monnaie de référence du compartiment concerné. La valeur nette d’inventaire de la catégorie libellée dans une autre monnaie est calculée au moyen de la conversion au taux médian du marché entre la monnaie de référence et l’autre monnaie de la catégorie d’actions concernée.
La valeur nette d’inventaire de la catégorie libellée dans une autre monnaie reflètera en particulier les coûts et charges engagés pour la conversion de la monnaie dans le cadre de la souscription, du remboursement et de la conversion d’actions dans cette catégorie et pour la couverture du risque de change. | Unless otherwise specified in Chapter 23, “Subfunds”, the Net Asset Value of the Shares of each Subfund shall be calculated in the Reference Currency of the respective Subfund and shall be determined under the responsibility of the Company’s Board of Directors in Luxembourg on each Banking Day on which banks are open all day for business in Luxembourg (each such day being referred to as a “Valuation Day”). In case the Valuation Day is not a full Banking Day in Luxembourg, the Net Asset Value of that Valuation Day will be calculated on the next following Banking Day. If a Valuation Day falls on a day which is a holiday in countries whose stock exchanges or other markets are decisive for valuing the majority of a Subfund’s assets, the Company may decide, by way of exception, that the Net Asset Value of the Shares in this Subfund will not be determined on such days.
For determining the net asset value, the assets and liabilities of the Company shall be allocated to the Subfunds (and to the individual Share Classes within each Subfund), the calculation is carried out by dividing the net asset value of the Subfund by the total number of Shares outstanding for the relevant Subfund or the relevant Share Class. If the Subfund in question has more than one Share Class, that portion of the Net Asset Value of the Subfund attributable to the particular Class will be divided by the number of issued Shares of that Class.
The Net Asset Value of an Alternate Currency Class shall be calculated first in the Reference Currency of the relevant Subfund. The Net Asset Value of the Alternate Currency Class shall be calculated through conversion at the mid-market rate between the Reference Currency and the Alternate Currency of the relevant Share Class.
The Net Asset Value of the Alternate Currency Class will in particular reflect the costs and expenses incurred for the currency conversion in connection with the subscription, redemption and conversion of Shares in this Class and for hedging the currency risk. | en | fr |
DOLFIN8067 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### The sub-fund will achieve exposure to North American equities by investing in a representative sample of the underlying index (the model portfolio).
The sub-fund will invest at least 90% of its assets in equities or equity equivalent securities issued by issuers included in the index. The remainder of the assets may be invested in equities or equity equivalent securities other than those referred to in the core policy, convertible bonds, Money Market Instruments or, cash.
More specifically, the sub-fund may invest up to 10% of its assets in derivatives (including futures) issued by an investment bank and listed on a regulated market, for forex hedging or exposure to the tracked index purposes.
Optimised replication will be preferred to full replication whenever the number of components is too high compared to the assets under management, or when the liquidity is not homogeneous across the constituents of the index.
While optimisation can be a more cost efficient approach than full replication, it may also lead to an increased in Tracking Error as the sub-fund does not hold all index constituents. A model portfolio will thus be created, and its closeness to the index (Tracking Error below 1%) will be constantly monitored, as will correlations between components (correlation grids, quant tests). | ### Le compartiment obtiendra une exposition aux actions nord-américaines en investissant dans un échantillon représentatif de l’indice sous-jacent (le portefeuille modèle).
Le compartiment investira au moins 90 % de ses actifs en actions ou titres assimilables aux actions d’émetteurs inclus dans l’indice. La part restante des actifs pourra être investie en actions ou titres assimilables aux actions autres que ceux prévus dans la politique principale, en obligations convertibles, en instruments du marché monétaire ou en liquidités.
Plus spécifiquement, un maximum de 10 % des actifs du compartiment pourra être investi en instruments dérivés (y compris des contrats à terme standardisés (futures)) émis par une banque d’investissement et cotés sur un marché réglementé, à des fins de couverture de change ou d’exposition à l’indice répliqué.
La réplication optimisée sera favorisée par rapport à la réplication totale lorsque le nombre de composantes sera trop élevé par rapport aux actifs sous gestion ou que la liquidité ne sera pas homogène entre les constituants de l’indice.
Si l’optimisation peut s’avérer une approche plus efficace en termes de coûts que la réplication totale, elle peut également entraîner une augmentation de l’Écart de suivi puisque le compartiment ne détient pas tous les constituants de l’indice. Un portefeuille modèle sera ainsi construit, dont l’étroite relation à l’indice (Écart de suivi de 1 % max.) sera constamment sous surveillance et dont les corrélations entre composantes (matrices de corrélation, tests quant) seront étroitement contrôlées. | ### The sub-fund will achieve exposure to North American equities by investing in a representative sample of the underlying index (the model portfolio).
The sub-fund will invest at least 90% of its assets in equities or equity equivalent securities issued by issuers included in the index. The remainder of the assets may be invested in equities or equity equivalent securities other than those referred to in the core policy, convertible bonds, Money Market Instruments or, cash.
More specifically, the sub-fund may invest up to 10% of its assets in derivatives (including futures) issued by an investment bank and listed on a regulated market, for forex hedging or exposure to the tracked index purposes.
Optimised replication will be preferred to full replication whenever the number of components is too high compared to the assets under management, or when the liquidity is not homogeneous across the constituents of the index.
While optimisation can be a more cost efficient approach than full replication, it may also lead to an increased in Tracking Error as the sub-fund does not hold all index constituents. A model portfolio will thus be created, and its closeness to the index (Tracking Error below 1%) will be constantly monitored, as will correlations between components (correlation grids, quant tests). | en | fr |
DOLFIN8068 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Expectation of fund manager
The world has probably changed for the worse after the invasion of Ukraine. So far, markets have been enjoying the economic recovery fueled by the reopening of economies and central banking stimulus. How to deal with rising inflation and whether or not this is transitory has been the main rhetoric in the market. Now, there is growing consensus that an extended period of aggravated geopolitical tensions and elevated commodity prices will persist, leading to an even stickier inflation figure. The jury is still out on whether we will have economic growth after all the imposed sanctions and repercussions. Will we put an end to our Russian natural gas dependency? Will this lead to stagflation in Europe and the US? Central banks were ready to change their trajectory, but how will they react in this new environment? In the past few days, valuations have moved closer to longer-term averages, and opportunities will arise as markets are pricing in a new reality. We are still cautious but looking to increase the beta when we deem that risk premiums are priced in correctly. | # Prognose des Fondsmanagements
Die weltweite Lage hat sich durch die Invasion in der Ukraine verschlechtert. Bisher hatten die Märkte die ökonomische Erholung durch die Wiedereröffnung der Wirtschaftsaktivitäten und Zentralbankhilfen genutzt. Der richtige Umgang mit steigender Inflation und ob diese vorübergehend ist, waren die wichtigsten Diskussionspunkte am Markt. Jetzt gibt es immer mehr Einigkeit darüber, dass uns eine längere Periode erhöhter geopolitischer Spannungen und erhöhter Rohstoffpreise bevorsteht, womit die Inflation noch hartnäckiger werden dürfte. Es ist noch unklar, ob es nach all den gegen Russland verhängten Sanktionen und Rückwirkungen überhaupt Wirtschaftswachstum geben wird. Werden wir unsere Abhängigkeit von russischem Erdgas beenden? Wir das in Europa und den USA zu einer Stagflation führen? Die Zentralbanken waren bereit, ihre politische Ausrichtung zu ändern – wie werden sie auf dieses neue Umfeld reagieren? Jüngst haben sich die Bewertungen ihren langfristigen Mittelwerten angenähert, und während die Märkte die neue Sachlage einpreisen, werden sich Chancen ergeben. Wir sind weiterhin vorsichtig, möchten das Beta aber erhöhen, sobald die Risikoaufschlage angemessen eingepreist sind. | # Expectation of fund manager
The world has probably changed for the worse after the invasion of Ukraine. So far, markets have been enjoying the economic recovery fueled by the reopening of economies and central banking stimulus. How to deal with rising inflation and whether or not this is transitory has been the main rhetoric in the market. Now, there is growing consensus that an extended period of aggravated geopolitical tensions and elevated commodity prices will persist, leading to an even stickier inflation figure. The jury is still out on whether we will have economic growth after all the imposed sanctions and repercussions. Will we put an end to our Russian natural gas dependency? Will this lead to stagflation in Europe and the US? Central banks were ready to change their trajectory, but how will they react in this new environment? In the past few days, valuations have moved closer to longer-term averages, and opportunities will arise as markets are pricing in a new reality. We are still cautious but looking to increase the beta when we deem that risk premiums are priced in correctly. | en | de |
DOLFIN8069 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The costs charged to the UCITS fund may not be deducted from the performance of the benchmark prior to comparison.
In accordance with the respective result of the daily comparison, any performance-based fee calculated is deferred in the UCITS fund for each unit issued, or an already recognized provision is reversed accordingly. Reversed provisions accrue to the UCITS fund. A performance-based fee may be withdrawn only if corresponding provisions have been recognized.
The performance-based fee may be withdrawn even if the net asset value per unit at the end of the settlement period is less than the net asset value per unit at the beginning of the settlement period (negative absolute unit performance).
- The Company shall receive for the initiation, preparation and execution of securities lending transactions and securities repurchase agree- ments for the account of the UCITS fund a fee customary in the market of up to one-third of the gross income from these transactions. The Company shall bear the costs incurred in connec-tion with the preparation and execution of such transactions, including any fees payable to third parties.
- Transaction costsIn addition to the aforementioned fees and expenses, the costs incurred in connection with the purchase and sale of fund assets will also be charged to the UCITS fund.
- The Company shall disclose in the annual report and in the semiannual report the amount of the initial sales charges and redemption fees that have been charged to the UCITS fund, over the period covered by the report, for the acquisi- tion and redemption of units as defined by article 196 KAGB. When acquiring units that are managed directly or indirectly by the Company itself or by another company with which the Company is affiliated through a material direct orindirect equity interest, the Company itself or the other company may not charge initial sales charges and redemption fees for acquisitions and redemptions. The Company shall disclose in the annual report and in the semiannual report the fee charged to the UCITS fund as a management fee for the units held in the UCITS fund by the Company itself, by another (asset) management company, or by another company with which the Company is affiliated through a material direct or indirect equity interest. | Los gastos cargados al fondo OICVM no deben descontarse de la evolución del índice de referencia antes de realizar la comparación.
En función del resultado de la comparación diaria, se provisionará en el fondo OICVM la comisión de rendimiento calculada por cada participación emi- tida, o bien se revertirá correspondientemente una provisión ya contabilizada. Las provisiones reverti- das le corresponden al fondo OICVM. Solo se podrá retirar una comisión de rendimiento en la medida en que se hayan dotado las provisiones correspondientes.
La comisión de rendimiento también podrá reti- rarse cuando el valor liquidativo por participación al final del periodo de liquidación sea inferior al valor liquidativo por participación al comienzo de dicho periodo (evolución absoluta negativa del valor liquidativo por participación).
- La sociedad recibirá por la iniciación, la prepa- ración y la realización de operaciones de prés- tamo de valores y operaciones de repo por cuenta del fondo OICVM una comisión habitual en el mercado por un importe máximo de una tercera parte de los ingresos brutos obtenidos en esas operaciones. Los gastos originados en rela- ción con la preparación y la realización de tales operaciones, incluidas las comisiones a terceros, serán sufragados por la sociedad.
- Gastos transaccionalesAparte de las comisiones y los gastos menciona- dos anteriormente, se le cargarán al fondo OICVM los costes originados en relación con la adquisición y la enajenación de activos financie- ros.
- La sociedad ha de hacer público en el informe anual y en el informe semestral el importe de las primas de suscripción y de las comisiones de reembolso que hayan sido carga- das al fondo OICVM en el periodo de referencia por la adquisición y el reembolso de participacio- nes en el sentido del artículo 196 del KAGB. Para la adquisición de participaciones que sean gestio- nadas directa o indirectamente por la propia sociedad o por otra compañía con la que la socie- dad esté vinculada mediante una participación importante directa o indirecta, la sociedad o la otra compañía deben renunciar a la imputación de una prima de suscripción o una comisión de reembolso por la adquisición y el reembolso. La sociedad ha de hacer pública en el informe anual y en el informe semestral la comisión que la pro- pia sociedad, otra sociedad gestora (de capital) u otra compañía con la que la sociedad esté vincu-lada mediante una participación importante directa o indirecta hayan cargado al fondo OICVM como comisión de gestión por las partici- paciones mantenidas en este. | The costs charged to the UCITS fund may not be deducted from the performance of the benchmark prior to comparison.
In accordance with the respective result of the daily comparison, any performance-based fee calculated is deferred in the UCITS fund for each unit issued, or an already recognized provision is reversed accordingly. Reversed provisions accrue to the UCITS fund. A performance-based fee may be withdrawn only if corresponding provisions have been recognized.
The performance-based fee may be withdrawn even if the net asset value per unit at the end of the settlement period is less than the net asset value per unit at the beginning of the settlement period (negative absolute unit performance).
- The Company shall receive for the initiation, preparation and execution of securities lending transactions and securities repurchase agree- ments for the account of the UCITS fund a fee customary in the market of up to one-third of the gross income from these transactions. The Company shall bear the costs incurred in connec-tion with the preparation and execution of such transactions, including any fees payable to third parties.
- Transaction costsIn addition to the aforementioned fees and expenses, the costs incurred in connection with the purchase and sale of fund assets will also be charged to the UCITS fund.
- The Company shall disclose in the annual report and in the semiannual report the amount of the initial sales charges and redemption fees that have been charged to the UCITS fund, over the period covered by the report, for the acquisi- tion and redemption of units as defined by article 196 KAGB. When acquiring units that are managed directly or indirectly by the Company itself or by another company with which the Company is affiliated through a material direct orindirect equity interest, the Company itself or the other company may not charge initial sales charges and redemption fees for acquisitions and redemptions. The Company shall disclose in the annual report and in the semiannual report the fee charged to the UCITS fund as a management fee for the units held in the UCITS fund by the Company itself, by another (asset) management company, or by another company with which the Company is affiliated through a material direct or indirect equity interest. | en | es |
DOLFIN8070 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The level of customer due diligence documentation required will depend on the circumstances of each application and the results of the risk assessment on each investor. For example, a detailed verification might not be required where, the application is made through a recognised intermediary located in a jurisdiction recognised by Ireland as having equivalent anti-money laundering protections and the application is deemed low risk after consideration of a number of risk variables including jurisdiction, customer type and distribution channels.
The Administrator reserves the right to request such information and documentation as is necessary to verify the identity of each applicant, and where applicable the beneficial owner (pursuant to the Beneficial Ownership Regulations 2016 (SI 560 of 2016)), verify the source of wealth and source of funds and obtain all supporting documentation of an applicant. In the event of delay or failure by the applicant to produce any information and documentation required for verification purposes, the Administrator may not process the application and return all subscription monies and/or payment of Redemption Proceeds may be delayed and the ICAV,
the relevant Fund, the Directors, the Depositary, the Manager, the Investment Manager or the Administrator shall not be liable to the subscriber or Shareholder where an application for Shares is not processed in such circumstances. If an application is rejected, the Administrator will return application monies or the balance thereof by telegraphic transfer in accordance with any applicable laws to the account from which it was paid at the cost and risk of the applicant. The Administrator may refuse to pay Redemption Proceeds where the requisite information and documentation for verification purposes has not been produced by a Shareholder.
Each subscriber and Shareholder will be required to make such representations as may be required by the Fund in connection with applicable anti-money laundering programmes, including representations that such subscriber or Shareholder is not a prohibited country, territory, individual or entity listed on the United States Department of Treasury's Office of Foreign Assets Control ("OFAC") website and that it is not directly or indirectly affiliated with any country, territory, individual or entity named on an OFAC list or prohibited by any OFAC sanctions programmes. Such subscriber or Shareholder shall also represent that amounts contributed by it to the Fund were not directly or indirectly derived from activities that may contravene U.S. Federal, State or international laws and regulations, including any applicable anti-money laundering laws and regulations. Each applicant will also be required to represent that it is not listed or directly or indirectly affiliated with any person, group or entity listed on the European Union consolidated list of persons, groups and entities that are subject to Common Foreign and Security Policy ("CFSP") related financial sanctions, which can be found on the European Commission's website, and that it is not subject to any CFSP sanctions programmes. Each applicant will be required to represent that subscription monies are not directly or indirectly derived from activities that may contravene United States Federal or State, or international, or European Union laws and regulations including, in each case, anti-money laundering laws and regulations.
The Administrator may disclose information regarding investors to such parties (e.g., affiliates, attorneys, auditors, administrators or regulators) as it deems necessary or advisable to facilitate the transfer of the Shares, including but not limited to being in connection with anti-money laundering and similar laws. The Administrator or other service providers may also release information if directed to do so by the investors in the Shares, if compelled to do so by law or in connection with any government or self-regulatory organisation request or investigation. In connection with the establishment of anti-money laundering procedures, the Directors may implement additional restrictions on the transfer of Shares.
The Directors and the Administrator may impose additional requirements from time to time to comply with all applicable anti-money laundering laws and regulations, including the USA Patriot Act.
None of the ICAV, the Manager, the Directors, the relevant Investment Manager, the Depositary or the Administrator shall be liable to the subscriber or Shareholder where an application for Shares is not processed or Shares are compulsorily redeemed or payment of Redemption Proceeds is delayed in such circumstances.
- Data ProtectionProspective investors should note that, by virtue of making an investment in the ICAV and the associated interactions with the ICAV and its affiliates and delegates (including completing the Application Form, and including the recording of electronic communications or phone calls where applicable), or by virtue of providing the ICAV with personal information on individuals connected with the investor (for example directors, trustees, employees, representatives, shareholders, investors, clients, beneficial owners or agents) such individuals will be providing the ICAV and its affiliates and delegates with certain personal information which constitutes personal data within the meaning of the Data Protection Legislation. The ICAV shall act as a data controller in respect of this personal data and its affiliates and delegates, such as theAdministrator, Manager and Investment Manager may act as data processors (or joint data controllers in some circumstances). | Il livello della documentazione di due diligence relativa alla clientela richiesta dipenderà dalle circostanze di ogni domanda e dagli esiti della valutazione del rischio per ogni investitore. Ad esempio, potrebbe non essere necessaria una verifica dettagliata nel caso in cui la domanda sia presentata tramite un intermediario riconosciuto situato in una giurisdizione riconosciuta dall’Irlanda e ritenuto in possesso di garanzie equivalenti in materia di antiriciclaggio e nel caso in cui la domanda sia considerata a basso rischio dopo aver preso in considerazione una serie di variabili di rischio, tra cui la giurisdizione, il tipo di cliente e i canali di distribuzione.
L'Agente amministrativo si riserva la facoltà di richiedere le informazioni e la documentazione necessarie al fine di verificare l'identità di ogni richiedente, ed eventualmente del beneficiario effettivo (ai sensi del Regolamento sui beneficiari effettivi del 2016 (S.I. 560 del 2016)), verificare la fonte di reddito e l'origine dei capitali e ottenere tutta la documentazione di supporto relativa a un richiedente. In caso di ritardi o di mancata produzione delle informazioni e della documentazione richieste ai fini della verifica da parte del richiedente, l'Agente amministrativo potrebbe non elaborare la richiesta di sottoscrizione e restituire tutti i proventi di sottoscrizione e/o il pagamento dei Proventi di rimborso potrà essere rinviato e la ICAV, il relativo Fondo, gli Amministratori, la Banca depositaria, il Gestore, il Gestore degli investimenti o l'Agente amministrativo non potranno essere ritenuti responsabili nei confronti del sottoscrittore o dell'Azionista laddove una richiesta di sottoscrizione di Azioni non sia elaborata nelle suddette circostanze. Laddove una richiesta di sottoscrizione sia respinta, l'Agente amministrativo restituirà i proventi di sottoscrizione o il relativo saldo mediante bonifico telegrafico in conformità alle leggi applicabili sul conto da cui gli stessi siano stati corrisposti a carico e a rischio del richiedente. L'Agente amministrativo potrà rifiutarsi di
corrispondere i Proventi del rimborso laddove un Azionista non abbia fornito le informazioni e la documentazione richieste a fini di verifica.
Tutti i sottoscrittori e gli Azionisti saranno tenuti a fornire le dichiarazioni richieste dai rispettivi Fondi in relazione ai programmi antiriciclaggio applicabili, ivi comprese dichiarazioni che ciascun sottoscrittore o ciascun Azionista non siano un paese, un territorio, una persona fisica o un'entità vietati specificati all'interno del sito Web dell'Office of Foreign Assets Control ("OFAC") del Dipartimento del Tesoro statunitense e non siano direttamente o indirettamente consociati a qualsivoglia paese, territorio, persona fisica o entità di cui a un elenco OFAC o vietati da qualsivoglia programma di sanzioni OFAC. Tutti i sottoscrittori e gli Azionisti dovranno inoltre dichiarare che gli importi da essi conferiti al Fondo non derivino, direttamente o indirettamente, da attività che possano violare le leggi o i regolamenti federali statunitensi, statali o internazionali, ivi compresi eventuali leggi e regolamenti antiriciclaggio applicabili. Ciascun richiedente sarà inoltre tenuto a dichiarare di non rientrare o essere direttamente o indirettamente consociato a qualunque soggetto, gruppo o entità che rientrino nell'elenco consolidato dell'Unione europea di persone, gruppi ed entità soggetti alla Politica estera di sicurezza comune ("PESC") in materia di sanzioni finanziarie, disponibile sul sito Web della Commissione europea, e di non essere soggetto a qualsivoglia programma PESC in materia di sanzioni. Ciascun richiedente sarà tenuto a dichiarare che i proventi di sottoscrizione non derivino direttamente o indirettamente da attività che possano violare leggi e regolamenti federali o statali degli Stati Uniti, internazionali o dell'Unione europea ivi compresi in ogni caso le leggi e i regolamenti antiriciclaggio.
L'Agente amministrativo potrà comunicare le informazioni relative agli investitori alle suddette parti (ad es. società consociate, avvocati, società di revisione, amministratori o enti normativi) secondo quanto da esso ritenuto necessario o auspicabile al fine di favorire il trasferimento delle Azioni, ivi compresa, a titolo esemplificativo ma non esaustivo, la conformità alle leggi antiriciclaggio e di natura analoga. Se obbligati a farlo ai sensi di legge o in relazione alle richieste o alle indagini di qualunque governo od organizzazione indipendente, gli investitori potranno richiedere all'Agente amministrativo o ad altri fornitori di servizi di divulgare le suddette informazioni. In relazione all'adozione di procedure antiriciclaggio, gli Amministratori potranno applicare ulteriori limitazioni al trasferimento di Azioni.
Ai fini della conformità a tutte le leggi e i regolamenti antiriciclaggio applicabili, ivi compreso il Patriot Act statunitense, gli Amministratori e l'Agente amministrativo potranno di volta in volta imporre ulteriori requisiti.
In queste circostanze la ICAV, il Gestore, gli Amministratori, i relativi Gestori degli investimenti, la Banca depositaria e l'Agente amministrativo non rispondono nei confronti del sottoscrittore né dell'Azionista in caso di mancata evasione di una richiesta di sottoscrizione di Azioni, di rimborso obbligatorio delle Azioni, o di ritardo nel pagamento dei Proventi del rimborso.
- Protezione dei datiI potenziali investitori devono tenere presente che, in virtù di un investimento nell’ICAV e delle relative interazioni con l’ICAV e le rispettive consociate e delegati (ivi compresa la compilazione del Modulo di Richiesta, compresa la registrazione delle comunicazioni elettroniche o delle telefonate, se del caso), o in virtù della comunicazione all’ICAV di dati personali relativi a persone fisiche legate all’investitore (ad esempio amministratori, trustee, dipendenti, rappresentanti, azionisti, investitori, clienti, titolari effettivi o agenti), tali soggetti forniranno all’ICAV e alle rispettive consociate e delegati alcune informazioni personali che rientrano nei dati personali ai sensi della Legislazione sulla protezione dei dati personali. L’ICAV agirà in qualità di titolare del trattamento dei suddetti dati personali e le sue consociate e delegati, quali l’Agente amministrativo, il Gestore e il Gestore degli investimenti,potranno agire in qualità di responsabili del trattamento dei dati (o, in alcune circostanze, di co-titolari del trattamento). | The level of customer due diligence documentation required will depend on the circumstances of each application and the results of the risk assessment on each investor. For example, a detailed verification might not be required where, the application is made through a recognised intermediary located in a jurisdiction recognised by Ireland as having equivalent anti-money laundering protections and the application is deemed low risk after consideration of a number of risk variables including jurisdiction, customer type and distribution channels.
The Administrator reserves the right to request such information and documentation as is necessary to verify the identity of each applicant, and where applicable the beneficial owner (pursuant to the Beneficial Ownership Regulations 2016 (SI 560 of 2016)), verify the source of wealth and source of funds and obtain all supporting documentation of an applicant. In the event of delay or failure by the applicant to produce any information and documentation required for verification purposes, the Administrator may not process the application and return all subscription monies and/or payment of Redemption Proceeds may be delayed and the ICAV,
the relevant Fund, the Directors, the Depositary, the Manager, the Investment Manager or the Administrator shall not be liable to the subscriber or Shareholder where an application for Shares is not processed in such circumstances. If an application is rejected, the Administrator will return application monies or the balance thereof by telegraphic transfer in accordance with any applicable laws to the account from which it was paid at the cost and risk of the applicant. The Administrator may refuse to pay Redemption Proceeds where the requisite information and documentation for verification purposes has not been produced by a Shareholder.
Each subscriber and Shareholder will be required to make such representations as may be required by the Fund in connection with applicable anti-money laundering programmes, including representations that such subscriber or Shareholder is not a prohibited country, territory, individual or entity listed on the United States Department of Treasury's Office of Foreign Assets Control ("OFAC") website and that it is not directly or indirectly affiliated with any country, territory, individual or entity named on an OFAC list or prohibited by any OFAC sanctions programmes. Such subscriber or Shareholder shall also represent that amounts contributed by it to the Fund were not directly or indirectly derived from activities that may contravene U.S. Federal, State or international laws and regulations, including any applicable anti-money laundering laws and regulations. Each applicant will also be required to represent that it is not listed or directly or indirectly affiliated with any person, group or entity listed on the European Union consolidated list of persons, groups and entities that are subject to Common Foreign and Security Policy ("CFSP") related financial sanctions, which can be found on the European Commission's website, and that it is not subject to any CFSP sanctions programmes. Each applicant will be required to represent that subscription monies are not directly or indirectly derived from activities that may contravene United States Federal or State, or international, or European Union laws and regulations including, in each case, anti-money laundering laws and regulations.
The Administrator may disclose information regarding investors to such parties (e.g., affiliates, attorneys, auditors, administrators or regulators) as it deems necessary or advisable to facilitate the transfer of the Shares, including but not limited to being in connection with anti-money laundering and similar laws. The Administrator or other service providers may also release information if directed to do so by the investors in the Shares, if compelled to do so by law or in connection with any government or self-regulatory organisation request or investigation. In connection with the establishment of anti-money laundering procedures, the Directors may implement additional restrictions on the transfer of Shares.
The Directors and the Administrator may impose additional requirements from time to time to comply with all applicable anti-money laundering laws and regulations, including the USA Patriot Act.
None of the ICAV, the Manager, the Directors, the relevant Investment Manager, the Depositary or the Administrator shall be liable to the subscriber or Shareholder where an application for Shares is not processed or Shares are compulsorily redeemed or payment of Redemption Proceeds is delayed in such circumstances.
- Data ProtectionProspective investors should note that, by virtue of making an investment in the ICAV and the associated interactions with the ICAV and its affiliates and delegates (including completing the Application Form, and including the recording of electronic communications or phone calls where applicable), or by virtue of providing the ICAV with personal information on individuals connected with the investor (for example directors, trustees, employees, representatives, shareholders, investors, clients, beneficial owners or agents) such individuals will be providing the ICAV and its affiliates and delegates with certain personal information which constitutes personal data within the meaning of the Data Protection Legislation. The ICAV shall act as a data controller in respect of this personal data and its affiliates and delegates, such as theAdministrator, Manager and Investment Manager may act as data processors (or joint data controllers in some circumstances). | en | it |
DOLFIN8071 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Assets | | |
| --- | --- | --- |
| Securities portfolio | 100,578,688.07 | 99.04 |
| Bank deposits | 2,379,986.42 | 2.34 |
| Total assets | 102,958,674.49 | 101.38 | | | Aktiva | | |
| --- | --- | --- |
| Wertpapiervermögen | 100.578.688,07 | 99,04 |
| Bankguthaben | 2.379.986,42 | 2,34 |
| Gesamtaktiva | 102.958.674,49 | 101,38 | | | Assets | | |
| --- | --- | --- |
| Securities portfolio | 100,578,688.07 | 99.04 |
| Bank deposits | 2,379,986.42 | 2.34 |
| Total assets | 102,958,674.49 | 101.38 | | en | de |
DOLFIN8072 | 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
## Objectifs
Le compartiment offre la possibilité de participer aux opportunités offertes par le marché des actions européennes. L’objectif du compartiment est de construire un portefeuille qui présente le meilleur rapport entre le risque estimé et la rentabilité espérée. Le comparti- ment est investi selon une approche active qui consiste à choisir un portefeuille qui offre le risque estimé optimal compte tenu de l’univers considéré.
## Politique d’investissement
Le compartiment investit principalement dans les catégories suivantes d’instruments : Actions européennes libellées en EUR ou dans une autre devise.
Le compartiment peut détenir des produits dérivés afin de couvrir le risque de change et/ou dans un but d’optimisation de la gestion des investissements.
Les sociétés acquises sont cotées, ont leur siège ou effectuent une part importante de leur activité dans un État membre de l’Union européenne (y compris le Royaume-Uni), en Suisse, en Islande ou en Norvège et soumises à l’impôt sur les sociétés ou à un impôt équivalent.
Le compartiment est actif et géré sans référence à un indice de référence. Le Gestion- naire d’investissement a un pouvoir discrétionnaire sur la composition de son portefeuille sous réserve de cet objectif et de la politique d’investissement.
Le compartiment a pour but de promouvoir des caractéristiques environnementales et | # Objetivos y política de inversión
## Objetivos
El compartimento ofrece la posibilidad de aprovechar las oportunidades que ofrece el mercado de renta variable europea. El objetivo del compartimento consiste en construir una cartera que presente la mejor relación entre el riesgo previsto y la rentabilidad es- perada. El compartimento invierte según un planteamiento activo que consiste en elegir una cartera que ofrezca el riesgo que se considere óptimo teniendo en cuenta el universo elegido.
## Política de inversión
El compartimento invierte principalmente en las siguientes categorías de instrumentos: Acciones Europeas expresadas en euros o en otra moneda.
El compartimento puede recurrir a productos derivados con fines de cobertura del riesgo de divisas y/o para mejorar la gestión de inversión eficiente.
Las sociedades adquiridas tienen su sede o realizan una parte importante de sus activi- dades en un Estado miembro de la Unión Europea, en Suiza, el Reino Unido, Islandia o Noruega y están sujetas al impuesto sobre sociedades o a un impuesto equivalente.
El subfondo está activo y gestionado sin ninguna referencia a un índice de referencia. El Gestor de inversiones tiene discreción sobre la composición de su cartera con sujeción a este objetivo y a la política de inversiones.
El subfondo pretende promover las características medioambientales y sociales invir- | # Objectifs et politique d’investissement
## Objectifs
Le compartiment offre la possibilité de participer aux opportunités offertes par le marché des actions européennes. L’objectif du compartiment est de construire un portefeuille qui présente le meilleur rapport entre le risque estimé et la rentabilité espérée. Le comparti- ment est investi selon une approche active qui consiste à choisir un portefeuille qui offre le risque estimé optimal compte tenu de l’univers considéré.
## Politique d’investissement
Le compartiment investit principalement dans les catégories suivantes d’instruments : Actions européennes libellées en EUR ou dans une autre devise.
Le compartiment peut détenir des produits dérivés afin de couvrir le risque de change et/ou dans un but d’optimisation de la gestion des investissements.
Les sociétés acquises sont cotées, ont leur siège ou effectuent une part importante de leur activité dans un État membre de l’Union européenne (y compris le Royaume-Uni), en Suisse, en Islande ou en Norvège et soumises à l’impôt sur les sociétés ou à un impôt équivalent.
Le compartiment est actif et géré sans référence à un indice de référence. Le Gestion- naire d’investissement a un pouvoir discrétionnaire sur la composition de son portefeuille sous réserve de cet objectif et de la politique d’investissement.
Le compartiment a pour but de promouvoir des caractéristiques environnementales et | fr | es |
DOLFIN8073 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Il existe trop peu de données pour fournir aux investisseurs de cette catégorie d’actions des indications utiles sur les performances passées.
5,4%
6,4%
9,3%
10,7% | # Los datos disponibles son insuficientes para proporcionar una indicación útil de la rentabilidad histórica a los inversores de esta clase de acciones.
5,4%
6,4%
9,3%
10,7% | # Il existe trop peu de données pour fournir aux investisseurs de cette catégorie d’actions des indications utiles sur les performances passées.
5,4%
6,4%
9,3%
10,7% | fr | es |
DOLFIN8074 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Performance contributors
Montrose Environmental Group’s share price rallied after the company announced it intends to offer 1.8 million shares of its common stock in an underwritten public offering for USD 62 per share. Meta Financial’s share price performed well after the announcement of a common stock share repurchase programme of up to 6 million shares. | # Positive Performancebeiträge
Die Aktie von Montrose Environmental Group verteuerte sich deutlich, nachdem das Unternehmen ankündigte, es wolle im Rahmen eines garantierten öffentlichen Zeichnungsangebots 1,8 Millionen seiner Stammaktien für USD 62 je Aktie anbieten.
Der Aktienkurs von Meta Financial entwickelte sich erfreulich, nachdem das Unternehmen bekanntgab, dass es über ein Aktienrückkaufprogramm bis zu 6 Millionen Stammaktien zurückkaufen wolle. | # Performance contributors
Montrose Environmental Group’s share price rallied after the company announced it intends to offer 1.8 million shares of its common stock in an underwritten public offering for USD 62 per share. Meta Financial’s share price performed well after the announcement of a common stock share repurchase programme of up to 6 million shares. | en | de |
DOLFIN8075 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Performance Scenarios
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate and favourable scenarios shown are illustrations using the worst, average and best performance of the product over the last 10 years. Markets could develop very differently in the future. The stress scenario shows what you might get back in extreme market circumstances.
| Example Investment USD 10,000 Recommended Holding Period: 5 Years | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| | Scenarios | | | |
| | Minimum | There is no minimum guarantee. You could lose some or all of your investment. | |
| | | What you might get back after costs | 2,310 USD | 2,760 USD |
| | Stress scenario | | |
| | | Average return each year | -76.9% | -22.7% |
| | | What you might get back after costs | 6,960 USD | 8,540 USD |
| | Unfavourable scenario* | | |
| | | Average return each year | -30.4% | -3.1% |
| | | What you might get back after costs | 10,350 USD | 12,220 USD |
| | Moderate scenario* | | |
| | | Average return each year | 3.5% | 4.1% |
| | | What you might get back after costs | 13,280 USD | 15,600 USD |
| | Favourable scenario* | | |
| | | Average return each year | 32.8% | 9.3% |
| * | The scenario occurred for an investment between January 2022 and September 2023 for the unfavourable scenario, between July 2015 and June 2020 for the moderate scenario and between January 2017 and December 2021 for the favourable scenario. | | # Scenari di performance
Le cifre riportate comprendono tutti i costi del prodotto in quanto tale, ma possono non comprendere tutti i costi da voi pagati al consulente o al distributore. Le cifre non tengono conto della vostra situazione fiscale personale, che può incidere anch'essa sull'importo del rimborso. I risultati ottenuti da questo prodotto dipendono dalla performance futura del mercato. Gli sviluppi futuri del mercato sono incerti e non possono essere previsti con precisione. Gli scenari sfavorevole, moderato e favorevole riportati sono illustrazioni che utilizzano le prestazioni peggiori, medie e migliori del prodotto negli ultimi 10 anni. I mercati potrebbero svilupparsi in modo molto diverso in futuro. Lo scenario di stress indica quale potrebbe essere l'importo rimborsato in circostanze di mercato estreme.
| Esempio d'investimento da USD 10.000 Periodo di detenzione raccomandato: 5 anni | IN CASO DI USCITA DOPO 1 ANNO | IN CASO DI USCITA DOPO 5 ANNI |
| --- | --- | --- |
| | Scenari | | | |
| | Minimo | Non è prevista alcuna garanzia minima. Potreste perdere una parte o la totalità del vostro investimento. |
| | | Quanto potrebbe essere l'importo rimborsato al netto dei costi | USD 2.310 | USD 2.760 |
| | Scenario di stress | | |
| | | Rendimento medio per ciascun anno | -76,9% | -22,7% |
| | | Quanto potrebbe essere l'importo rimborsato al netto dei costi | USD 6.960 | USD 8.540 |
| | Scenario sfavorevole* | | |
| | | Rendimento medio per ciascun anno | -30,4% | -3,1% |
| | | Quanto potrebbe essere l'importo rimborsato al netto dei costi | USD 10.350 | USD 12.220 |
| | Scenario moderato* | | |
| | | Rendimento medio per ciascun anno | 3,5% | 4,1% |
| | | Quanto potrebbe essere l'importo rimborsato al netto dei costi | USD 13.280 | USD 15.600 |
| | Scenario favorevole* | | |
| | | Rendimento medio per ciascun anno | 32,8% | 9,3% |
| * | Lo scenario si è verificato per un investimento tra gennaio 2022 e settembre 2023 per lo scenario sfavorevole, tra luglio 2015 e giugno 2020 per lo scenario moderato e tra gennaio 2017 e dicembre 2021 per lo scenario favorevole. | | # Performance Scenarios
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate and favourable scenarios shown are illustrations using the worst, average and best performance of the product over the last 10 years. Markets could develop very differently in the future. The stress scenario shows what you might get back in extreme market circumstances.
| Example Investment USD 10,000 Recommended Holding Period: 5 Years | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| | Scenarios | | | |
| | Minimum | There is no minimum guarantee. You could lose some or all of your investment. | |
| | | What you might get back after costs | 2,310 USD | 2,760 USD |
| | Stress scenario | | |
| | | Average return each year | -76.9% | -22.7% |
| | | What you might get back after costs | 6,960 USD | 8,540 USD |
| | Unfavourable scenario* | | |
| | | Average return each year | -30.4% | -3.1% |
| | | What you might get back after costs | 10,350 USD | 12,220 USD |
| | Moderate scenario* | | |
| | | Average return each year | 3.5% | 4.1% |
| | | What you might get back after costs | 13,280 USD | 15,600 USD |
| | Favourable scenario* | | |
| | | Average return each year | 32.8% | 9.3% |
| * | The scenario occurred for an investment between January 2022 and September 2023 for the unfavourable scenario, between July 2015 and June 2020 for the moderate scenario and between January 2017 and December 2021 for the favourable scenario. | | en | it |
DOLFIN8076 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Equity value
Source: UBP Asset Management (France) Past performance is not indicative of future results
Investment process
- Bottom-up, long-term fundamental approach geared towards convexity
- Initial quantitative filtering according to credit and liquiditycriteria
- Careful analysis of the issuers’ credit quality with the primary objective being capital preservation over time
- Identification of convertible instruments whose underlying equity offers solid potential for appreciation in the mid-to-long term
- Technical analysis of the option to validate the asymmetrical behaviour of the security
- Portfolio construction taking into account the strategy’s specific risk profile and investment guidelines, alongside portfolio managers’ fundamental convictions, credit and risk/ return considerations
- Discretionary management of the portfolio’s aggregate sensitivities, if necessary
- Ongoing monitoring of the investment cases and of the portfolio’s aggregate exposuresBOTTOM-UP PORTFOLIO CONSTRUCTION RISK MONITORING | Prezzo dell'azione
Fonte: UBP Asset Management (France) La performance passata non è indicativa ai fini del risultati attuali o futuri.
Processo d’investimento
- Approccio di tipo bottom-up basato sui fondamentali alungo termine orientato alla convessità
- Iniziale screening quantitativo secondo criteri creditizi e diliquidità
- Attenta analisi della qualità creditizia degli emittenti con l’obiettivo primario della preservazione del capitale nel tempo
- Identificazione degli strumenti convertibili la cui azione sottostante offre un forte potenziale di apprezzamento nel medio-lungo termine
- Analisi tecnica dell’opzione per convalidare ilcomportamento asimmetrico del titolo
- Costruzione del portafoglio che considera il profilo di rischio specifico della strategia e le direttive d’investimento, unitamente alle convinzioni fondamentali dei gestori e alle considerazioni in termini di credito e del rapporto rischio/ rendimento
- Gestione discrezionale delle sensibilità aggregate delportafoglio, ove necessario
- Monitoraggio costante delle ragioni dell’investimento e delleCOSTRUZIONE DEL PORTAFOGLIO BOTTOM-UP MONITORAGGIO DEL RISCHIO | Equity value
Source: UBP Asset Management (France) Past performance is not indicative of future results
Investment process
- Bottom-up, long-term fundamental approach geared towards convexity
- Initial quantitative filtering according to credit and liquiditycriteria
- Careful analysis of the issuers’ credit quality with the primary objective being capital preservation over time
- Identification of convertible instruments whose underlying equity offers solid potential for appreciation in the mid-to-long term
- Technical analysis of the option to validate the asymmetrical behaviour of the security
- Portfolio construction taking into account the strategy’s specific risk profile and investment guidelines, alongside portfolio managers’ fundamental convictions, credit and risk/ return considerations
- Discretionary management of the portfolio’s aggregate sensitivities, if necessary
- Ongoing monitoring of the investment cases and of the portfolio’s aggregate exposuresBOTTOM-UP PORTFOLIO CONSTRUCTION RISK MONITORING | en | it |
DOLFIN8077 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment EUR 10,000 | |
| --- | --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Total costs | 173 EUR | 1,372 EUR |
| Annual cost impact(*) | 1.73 % | 1.89 % | | | Investimento EUR 10,000 | |
| --- | --- |
| Scenari | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| Costi totali | 173 EUR | 1,372 EUR |
| Incidenza annuale dei costi (*) | 1.73 % | 1.89 % | | | Investment EUR 10,000 | |
| --- | --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Total costs | 173 EUR | 1,372 EUR |
| Annual cost impact(*) | 1.73 % | 1.89 % | | en | it |
DOLFIN8078 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The following applies to other assets:
- the Depositary verifies whether the Fund is the owner of the assets concerned by determining whether the Fund is the owner on the basis of the information or documents provided by the Fund or the Management Company and, where available, on the basis of external evidence;
- the Depositary keeps records of the assets for which it has satisfied itself that the Fund is the owner, and it keeps its records up to date. | - für andere Vermögenswerte gilt:
- die Verwahrstelle prüft, ob der Fonds Eigentümer der betreffenden Vermögenswerte ist, indem sie auf der Grundlage der vom Fonds oder der Verwaltungsgesellschaft vorgelegten Informationen oder Unterlagen und, soweit verfügbar, anhand externer Nachweise feststellt, ob der Fonds Eigentümer ist;
- die Verwahrstelle führt Aufzeichnungen über die Vermögenswerte, bei denen sie sich vergewissert hat, dass der Fonds Eigentümer ist und hält ihre Aufzeichnungen auf dem neuesten Stand. | - The following applies to other assets:
- the Depositary verifies whether the Fund is the owner of the assets concerned by determining whether the Fund is the owner on the basis of the information or documents provided by the Fund or the Management Company and, where available, on the basis of external evidence;
- the Depositary keeps records of the assets for which it has satisfied itself that the Fund is the owner, and it keeps its records up to date. | en | de |
DOLFIN8079 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Investment Policy
In pursuit of its investment objective, the Fund will build and maintain a diversified portfolio consisting of:
- fixed and/or floating rate Investment Grade, Non-Investment Grade and Unrated bonds and other Fixed Income Securities, which are primarily issued by Emerging Market Companies, by governments, government agencies or supranational bodies of Emerging Market Countries, or denominated in emerging market currencies or collateralised by emerging market debt. The Fund has the flexibility to invest in excess of 30% of its Net Asset Value in sub-Investment Grade Securities;
- financial derivative instruments (“FDI”). While the reference items for FDI will primarily relate to debt and credit, currencies and equity securities may also constitute the underlying reference items, as detailed below;
- units or shares of collective investment schemes; and
- cash; (all as further described below). | ##### Anlagepolitik
Zur Erreichung seines Anlageziels wird der Fonds ein diversifiziertes Portfolio bestehend aus den nachstehend aufgeführten Vermögenswerten aufbauen und aufrechterhalten:
- fest und/oder variabel verzinsliche Anleihen mit Investment-Grade-Rating und Non-Investment- Grade-Rating oder ohne Rating sowie andere festverzinsliche Wertpapiere, die in erster Linie von Unternehmen in Schwellenländern begeben werden oder von Regierungen, Regierungsstellen oder supranationalen Einrichtungen von Schwellenländern begeben werden, oder die auf lokale Währungen von Schwellenländern lauten oder durch Schuldtitel aus Schwellenländern besichert sind. Der Fonds hat die Flexibilität, mehr als 30 % seines Nettoinventarwertes in Wertpapieren mit einem Rating unterhalb von Investment-Grade anzulegen;
- derivative Finanzinstrumente („Finanzderivate“). Zwar werden die Referenzwerte der Finanzderivate in erster Linie einen Bezug auf Schuldtitel und Kreditwerte aufweisen, es können jedoch auch Währungen und Aktienwerte als Basiswerte dienen, wie nachstehend näher beschrieben;
- Units oder Anteilen von Organismen für gemeinsame Anlagen; und
- Barmitteln; (jeweils wie nachstehend näher beschrieben). | ##### Investment Policy
In pursuit of its investment objective, the Fund will build and maintain a diversified portfolio consisting of:
- fixed and/or floating rate Investment Grade, Non-Investment Grade and Unrated bonds and other Fixed Income Securities, which are primarily issued by Emerging Market Companies, by governments, government agencies or supranational bodies of Emerging Market Countries, or denominated in emerging market currencies or collateralised by emerging market debt. The Fund has the flexibility to invest in excess of 30% of its Net Asset Value in sub-Investment Grade Securities;
- financial derivative instruments (“FDI”). While the reference items for FDI will primarily relate to debt and credit, currencies and equity securities may also constitute the underlying reference items, as detailed below;
- units or shares of collective investment schemes; and
- cash; (all as further described below). | en | de |
DOLFIN8080 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Pre-contractual information
SFDR, which is designed to reduce information asymmetry with regard to the promotion of environmental or social characteristics and sustainable investment objectives, requires pre-contractual information be communicated to investors. For the purpose of ensuring comparability of the material adverse effect statement, pre-contractual information and periodic reports under the SFDR, and to ensure that this information is easily understandable for investors, the Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 supplementing the SFDR sets out standard formats for the presentation of such information.
The pre-contractual information for the sub-funds referred to in Article 8 of the SFDR and Article 6 of the Taxonomy Regulation and for the sub-funds referred to in Article 9 of the SFDR and Article 5 of the Taxonomy Regulation is available in Appendix 1 below.
The Board of Directors of the SICAV (hereinafter the “Board of Directors”) is invested with the widest possible powers to act in any circumstances, on behalf of the SICAV, subject to the powers expressly reserved by Luxembourg law to the general meeting of shareholders.
The Board of Directors is responsible for the general management and administration of the SICAV, including, among other things, the appointment and supervision of the management company, the custodian and other service providers, the determination of the investment objectives and policies of the sub-funds, the exercise of any rights attached directly or indirectly to the assets of the SICAV’s sub-funds, the creation of additional sub-funds, etc.
The Board of Directors is responsible for the information contained in this Prospectus and has taken all reasonable precautions to ensure that it is accurate and complete as of the date of publication. Consequently, any information or statement not contained in the Prospectus, in the annexes to the Prospectus, if any, in the KIID(s) or in the financial reports forming an integral part thereof, must be considered as unauthorised.
The Board of Directors has appointed DEGROOF PETERCAM ASSET SERVICES S.A. (DPAS) as management company (the “Management Company”) of the SICAV, charged with performing all the collective portfolio management functions referred to in appendix II to the Law of 2010, namely portfolio management and administration and marketing of the SICAV, as well as the function of domiciliary agent. As such, it assumes the administrative functions required by Luxembourg Law and the regulatory provisions in force, such as keeping the accounts and company books, including the shareholders' register. It shall also take charge of the calculation of the net asset value per share in each sub-fund and in each class, if applicable. These functions are referred to generically as Central Administration.
DEGROOF PETERCAM ASSET SERVICES S.A. is authorised as a management company within the meaning of chapter 15 of the Law of 2010. The Management Company exercises its mandate for an indefinite period and the Board of Directors may replace it.
Subject to the applicable legal provisions, the Management Company may delegate, under its control and supervision, the exercise of one or more of its functions to third parties holding the required approvals and licences to perform the functions that the Management Company intends to delegate to them.
The Management Company, under its responsibility and control, delegated the management of the sub-funds' portfolios to | #### Informations précontractuelles
SFDR qui vise à réduire l’asymétrie de l’information en ce qui concerne la promotion des caractéristiques environnementales ou sociales et les objectifs d’investissement durable impose de publier à l’attention des investisseurs des informations précontractuelles. Afin de garantir une comparabilité de la déclaration relative aux principales incidences négatives, des informations précontractuelles et des rapports périodiques requis par SFDR et de veiller à ce que ces informations soient facilement compréhensibles pour les investisseurs, le Règlement délégué (UE) 2022/1288 de la Commission du 6 avril 2022 complétant SFDR a établi des modèles types pour la présentation de ces informations.
Les informations précontractuelles pour les compartiments visés à l’article 8 de SFDR et à l’article 6 du Règlement taxinomie ainsi que pour les compartiments visés à l’article 9 de SFDR et à l’article 5 du Règlement taxinomie sont disponibles en Annexe 1 ci-dessous.
Le conseil d'administration de la SICAV (ci-après le « Conseil d'Administration ») est investi des pouvoirs les plus étendus pour agir en toute circonstance, au nom de la SICAV, sous réserve des pouvoirs expressément attribués par la loi luxembourgeoise à l'assemblée générale des actionnaires.
Le Conseil d'Administration est responsable de la gestion et de l’administration générales de la SICAV, notamment, en autres, la nomination et supervision de la société de gestion, du dépositaire et autres prestataires de services, la détermination des objectifs et politiques d’investissement des compartiments, l’exercice de tous droits attachés directement ou indirectement aux actifs des compartiments de la SICAV, la création de compartiments supplémentaires, ...
Le Conseil d'Administration est responsable des informations contenues dans le présent Prospectus et a pris toutes les précautions raisonnables pour s’assurer que celui-ci est effectivement exact et complet à sa date de publication. Par conséquent, toute information ou affirmation non contenue dans le Prospectus, dans les annexes au Prospectus le cas échéant, dans le (les) DICI ou dans les rapports financiers qui en font partie intégrante, doit être considérée comme non autorisée.
Le Conseil d’Administration a désigné DEGROOF PETERCAM ASSET SERVICES S.A. en abrégé DPAS en tant que société de gestion de la SICAV (la « Société de Gestion ») afin que celle-ci exerce, de manière globale, l’ensemble des fonctions de gestion collective de portefeuille visées à l’Annexe II de la Loi de 2010, à savoir la gestion de portefeuille, l’administration et la commercialisation de la SICAV ainsi que la fonction d’agent domiciliataire. Dans ce cadre, elle assume les fonctions administratives requises par la loi luxembourgeoise et les dispositions réglementaires en vigueur, comme la tenue de la comptabilité et des livres sociaux, y compris la tenue du registre des actionnaires. Elle prend également en charge le calcul de la valeur nette d'inventaire par action dans chaque compartiment et dans chaque classe, le cas échéant. Ces fonctions sont reprises sous le terme générique d’Administration Centrale.
DEGROOF PETERCAM ASSET SERVICES S.A. est agréée comme société de gestion au sens du chapitre 15 de la Loi de 2010. La Société de gestion exerce son mandat pour une durée indéterminée et le Conseil d’Administration peut la remplacer.
Sous réserve des dispositions légales applicables, la Société de Gestion peut déléguer, sous son contrôle et sa supervision, l’exercice d’une ou plusieurs de ses fonctions à des tiers disposant des autorisations et licences requises pour exercer les fonctions que la Société de Gestion entend leur déléguer.
La Société de Gestion a délégué, sous sa responsabilité et son contrôle, la gestion de portefeuille des compartiments suivants à | #### Pre-contractual information
SFDR, which is designed to reduce information asymmetry with regard to the promotion of environmental or social characteristics and sustainable investment objectives, requires pre-contractual information be communicated to investors. For the purpose of ensuring comparability of the material adverse effect statement, pre-contractual information and periodic reports under the SFDR, and to ensure that this information is easily understandable for investors, the Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 supplementing the SFDR sets out standard formats for the presentation of such information.
The pre-contractual information for the sub-funds referred to in Article 8 of the SFDR and Article 6 of the Taxonomy Regulation and for the sub-funds referred to in Article 9 of the SFDR and Article 5 of the Taxonomy Regulation is available in Appendix 1 below.
The Board of Directors of the SICAV (hereinafter the “Board of Directors”) is invested with the widest possible powers to act in any circumstances, on behalf of the SICAV, subject to the powers expressly reserved by Luxembourg law to the general meeting of shareholders.
The Board of Directors is responsible for the general management and administration of the SICAV, including, among other things, the appointment and supervision of the management company, the custodian and other service providers, the determination of the investment objectives and policies of the sub-funds, the exercise of any rights attached directly or indirectly to the assets of the SICAV’s sub-funds, the creation of additional sub-funds, etc.
The Board of Directors is responsible for the information contained in this Prospectus and has taken all reasonable precautions to ensure that it is accurate and complete as of the date of publication. Consequently, any information or statement not contained in the Prospectus, in the annexes to the Prospectus, if any, in the KIID(s) or in the financial reports forming an integral part thereof, must be considered as unauthorised.
The Board of Directors has appointed DEGROOF PETERCAM ASSET SERVICES S.A. (DPAS) as management company (the “Management Company”) of the SICAV, charged with performing all the collective portfolio management functions referred to in appendix II to the Law of 2010, namely portfolio management and administration and marketing of the SICAV, as well as the function of domiciliary agent. As such, it assumes the administrative functions required by Luxembourg Law and the regulatory provisions in force, such as keeping the accounts and company books, including the shareholders' register. It shall also take charge of the calculation of the net asset value per share in each sub-fund and in each class, if applicable. These functions are referred to generically as Central Administration.
DEGROOF PETERCAM ASSET SERVICES S.A. is authorised as a management company within the meaning of chapter 15 of the Law of 2010. The Management Company exercises its mandate for an indefinite period and the Board of Directors may replace it.
Subject to the applicable legal provisions, the Management Company may delegate, under its control and supervision, the exercise of one or more of its functions to third parties holding the required approvals and licences to perform the functions that the Management Company intends to delegate to them.
The Management Company, under its responsibility and control, delegated the management of the sub-funds' portfolios to | en | fr |
DOLFIN8081 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Income and operational charges | Amount in the portfolio currency |
| --- | --- |
| Income (***) | -1,031,489.30 |
| Other income | |
| Total income | -1,031,489.30 |
| Direct operational expenses Indirect operational expenses Other expenses Total expenses | | | | Ricavi e spese operative | Importo in valuta del portafoglio |
| --- | --- |
| Ricavi (***) | -1 031 489,30 |
| Altri ricavi | |
| Totale dei ricavi | -1 031 489,30 |
| Spese operative dirette Spese operative indirette Altre spese Totale delle spese | | | | Income and operational charges | Amount in the portfolio currency |
| --- | --- |
| Income (***) | -1,031,489.30 |
| Other income | |
| Total income | -1,031,489.30 |
| Direct operational expenses Indirect operational expenses Other expenses Total expenses | | | en | it |
DOLFIN8082 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The upper limit set out in the first sentence of B(1) shall be raised to 35% if the securities or money market instruments are issued or guaranteed by a Member State or one of its non- central public sector entities, by an OECD Member State or by international bodies under public law to which at least one Member State belongs.
- The upper limit in the first sentence of B(1) is raised to 25% if the debt instruments are issued by a credit institution in a Member State which is subject to particular public supervision based on legal provisions for the protection of the investors in these debt instruments. In particular, the income from the issue of these debt instruments must be invested, in compliance with the legal provisions, in assets that provide adequate cover for the resulting liabilities over the entire term of the debt instruments and are intended predominantly for the repayment of capital and interest should the issuer default. If the Fund invests over 5% of its net assets in debt instruments within the meaning of B(5) above which are issued by a single issuer, then the total value of these investments cannot exceed 80% of the value of the net fund assets.
- The securities and money market instruments mentioned in B(4) and B(5) shall not be taken into consideration in the application of the investment limit of 40% provided for in B(2). | - Die Obergrenze unter B) 1., erster Satz wird auf 35% angehoben, wenn die Wertpapiere oder Geldmarktinstrumente von einem Mitgliedstaat oder seinen Gebietskörperschaften, von einem OECD- Mitgliedstaat oder von internationalen Einrichtungen öffentlich-rechtlichen Charakters, denen mindestens ein Mitgliedstaat angehört, begeben oder garantiert werden.
- Die Obergrenze unter B 1., erster Satz wird auf 25% angehoben, wenn die Schuldverschreibungen von einem Kreditinstitut mit Sitz in einem Mitgliedstaat begeben werden, das aufgrund gesetzlicher Vorschriften zum Schutz der Inhaber dieser Schuldverschreibungen einer besonderen öffentlichen Aufsicht unterliegen. Insbesondere müssen die Erträge aus der Emission dieser Schuldverschreibungen gemäß den gesetzlichen Vorschriften in Vermögenswerte angelegt werden, die während der gesamten Laufzeit der Schuldverschreibungen die sich daraus ergebenden Verbindlichkeiten ausreichend decken und vorrangig für die beim Ausfall des Emittenten fällig werdende Rückzahlung des Kapitals und der Zinsen bestimmt sind. Legt der Fonds mehr als 5% seines Nettofondsvermögens in Schuldverschreibungen im Sinne des vorstehenden Absatzes B) 5. an, die von ein und demselben Emittenten begeben werden, so darf der Gesamtwert dieser Anlagen 80% des Wertes des Nettofondsvermögens nicht überschreiten.
- Die unter B) 4. und 5. genannten Wertpapiere und Geldmarktinstrumente werden bei der Anwendung der unter B) 2. vorgesehenen Anlagegrenze von 40% nicht berücksichtigt. | - The upper limit set out in the first sentence of B(1) shall be raised to 35% if the securities or money market instruments are issued or guaranteed by a Member State or one of its non- central public sector entities, by an OECD Member State or by international bodies under public law to which at least one Member State belongs.
- The upper limit in the first sentence of B(1) is raised to 25% if the debt instruments are issued by a credit institution in a Member State which is subject to particular public supervision based on legal provisions for the protection of the investors in these debt instruments. In particular, the income from the issue of these debt instruments must be invested, in compliance with the legal provisions, in assets that provide adequate cover for the resulting liabilities over the entire term of the debt instruments and are intended predominantly for the repayment of capital and interest should the issuer default. If the Fund invests over 5% of its net assets in debt instruments within the meaning of B(5) above which are issued by a single issuer, then the total value of these investments cannot exceed 80% of the value of the net fund assets.
- The securities and money market instruments mentioned in B(4) and B(5) shall not be taken into consideration in the application of the investment limit of 40% provided for in B(2). | en | de |
DOLFIN8083 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The following is based on the Directors' understanding of the law and practice in force at the date of this document and applies to Investors acquiring Shares in the Company as an investment. Investors should, however, consult their financial or other professional advisers on the possible tax or other consequences of buying, holding, transferring, switching, redeeming or other dealing in the Company's Shares under the laws of their countries of citizenship, residence and domicile.
This summary is subject to future changes Luxembourg Taxation
- Taxation of the CompanyIn Luxembourg, the Company is not subject to taxation on its income, profits or gains. The Company is not subject to net wealth tax. | El resumen siguiente está basado en el entendimiento que tiene el Consejo de administración de la legislación y la práctica vigentes en la fecha del presente documento, y se aplica a todos los Inversores que compren Participaciones en la Sociedad a modo de inversión. No obstante, se recomienda a los Inversores que consulten a sus asesores financieros u otros asesores profesionales acerca de las posibles consecuencias fiscales o de otro tipo de la compra, posesión, transmisión, conversión y reembolso de Participaciones de la Sociedad o de cualquier otra operación con las mismas, de acuerdo con la legislación de su país de nacionalidad, residencia y domicilio.
Este resumen está sujeto a cambios futuros Fiscalidad de Luxemburgo
- Fiscalidad de la SociedadEn Luxemburgo, la Sociedad no está sujeta a tributación sobre sus ingresos, beneficios o ganancias. La Sociedad no está sujeta al impuesto sobre el patrimonio. | The following is based on the Directors' understanding of the law and practice in force at the date of this document and applies to Investors acquiring Shares in the Company as an investment. Investors should, however, consult their financial or other professional advisers on the possible tax or other consequences of buying, holding, transferring, switching, redeeming or other dealing in the Company's Shares under the laws of their countries of citizenship, residence and domicile.
This summary is subject to future changes Luxembourg Taxation
- Taxation of the CompanyIn Luxembourg, the Company is not subject to taxation on its income, profits or gains. The Company is not subject to net wealth tax. | en | es |
DOLFIN8084 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Duration Breakdown (By Currency)
| | | Fund | |
| --- | --- | --- | --- |
| Nominal | Real | TOTAL |
| USD | 2.02 | 0.00 | 2.02 |
| CNY | 0.53 | 0.00 | 0.53 |
| EUR | 0.00 | 0.00 | 0.00 |
| JPY | 0.00 | 0.00 | 0.00 |
| GBP | 0.00 | 0.00 | 0.00 |
| Other | 0.03 | 0.00 | 0.03 |
| TOTAL | 2.58 | 0.00 | 2.58 |
Duration includes the effect of interest rate derivatives such as government bond futures, inflation swaps and interest rate swaps. Nominal Fund refers to the sensitivity to nominal yields, whereas Real Fund refers to the sensitivity to inflation-linked / real yields.
| Credit Rating | | |
| --- | --- | --- |
| | Security Holdings (excl. Derivatives) | Contribution to Duration Times Spread (incl. Derivatives) |
| | Fund | Fund |
| AAA/Aaa | 0.00 | 1 |
| AA/Aa | 0.00 | 0 |
| A | 7.74 | 7 |
| BBB/Baa | 1.27 | 13 |
| BB/Ba | 30.92 | 943 |
| B | 24.40 | 989 |
| CCC and Below | 8.18 | 729 |
| Not Rated | 15.48 | 532 |
| Interest Rate Derivatives | 0.00 | 0 |
| FX / Derivative P&L | 0.37 | 0 |
| Cash | 11.65 | 0 |
| Rounding adjustment | -0.01 | 1 |
| TOTAL | 100.00 | 3215 |
Exposure as a percent of total net assets and contribution to duration-times-spread (DTS). 'FX / Derivative P&L' includes collateral balances with counterparties arising from derivatives used in the fund (this can lead to a negative balance). DTS includes the effect of derivatives. For ratings breakdown, worst of the two best ratings from across S&P, Moody's and Fitch is applied (commonly known as the Basel method). | # Durationsverteilung (nach Währung)
| | | Fonds | |
| --- | --- | --- | --- |
| Nominal | Real | GESAMT |
| USD | 2,02 | 0,00 | 2,02 |
| CNY | 0,53 | 0,00 | 0,53 |
| EUR | 0,00 | 0,00 | 0,00 |
| JPY | 0,00 | 0,00 | 0,00 |
| GBP | 0,00 | 0,00 | 0,00 |
| Sonstige | 0,03 | 0,00 | 0,03 |
| GESAMT | 2,58 | 0,00 | 2,58 |
Duration berücksichtigt auch den Effekt von Zinsderivaten wie etwa Futures auf Staatsanleihen, Inflations- und Zinsswaps. "Fonds nominal" bezieht sich auf die Empfindlichkeit für die nominalen Renditen, "Fonds real" dagegen auf die Empfindlichkeit für die inflationsindexierten/realen Renditen.
| Bonitätseinstufung | | |
| --- | --- | --- |
| | Wertpapierbestände (ohne Derivate) | Beitrag zu Duration Times Spread (mit Derivaten) |
| | Fonds | Fonds |
| AAA/Aaa | 0,00 | 1 |
| AA/Aa | 0,00 | 0 |
| A | 7,74 | 7 |
| BBB/Baa | 1,27 | 13 |
| BB/Ba | 30,92 | 943 |
| B | 24,40 | 989 |
| CCC und niedriger | 8,18 | 729 |
| Ohne Rating | 15,48 | 532 |
| Zinsderivate | 0,00 | 0 |
| FX/Derivative P&L | 0,37 | 0 |
| Liquide Mittel | 11,65 | 0 |
| Rundungsausgleich | -0,01 | 1 |
| GESAMT | 100,00 | 3215 |
Exposure in Prozent des Gesamtnettovermögens und als Beitrag zu Duration Times Spread (DTS). FX/Derivate G&V enthält Salden mit Gegenparteien für Sicherheiten, die aus vom Fonds gehaltenen Derivaten resultieren (negativer Saldo möglich). DTS berücksichtigt auch den Effekt von Derivaten. Bei der Aufteilung nach Ratings wird das jeweils schlechtere der beiden besten Ratings von S&P, Moody's und Fitch zugrunde gelegt („Baseler Methode“). | # Duration Breakdown (By Currency)
| | | Fund | |
| --- | --- | --- | --- |
| Nominal | Real | TOTAL |
| USD | 2.02 | 0.00 | 2.02 |
| CNY | 0.53 | 0.00 | 0.53 |
| EUR | 0.00 | 0.00 | 0.00 |
| JPY | 0.00 | 0.00 | 0.00 |
| GBP | 0.00 | 0.00 | 0.00 |
| Other | 0.03 | 0.00 | 0.03 |
| TOTAL | 2.58 | 0.00 | 2.58 |
Duration includes the effect of interest rate derivatives such as government bond futures, inflation swaps and interest rate swaps. Nominal Fund refers to the sensitivity to nominal yields, whereas Real Fund refers to the sensitivity to inflation-linked / real yields.
| Credit Rating | | |
| --- | --- | --- |
| | Security Holdings (excl. Derivatives) | Contribution to Duration Times Spread (incl. Derivatives) |
| | Fund | Fund |
| AAA/Aaa | 0.00 | 1 |
| AA/Aa | 0.00 | 0 |
| A | 7.74 | 7 |
| BBB/Baa | 1.27 | 13 |
| BB/Ba | 30.92 | 943 |
| B | 24.40 | 989 |
| CCC and Below | 8.18 | 729 |
| Not Rated | 15.48 | 532 |
| Interest Rate Derivatives | 0.00 | 0 |
| FX / Derivative P&L | 0.37 | 0 |
| Cash | 11.65 | 0 |
| Rounding adjustment | -0.01 | 1 |
| TOTAL | 100.00 | 3215 |
Exposure as a percent of total net assets and contribution to duration-times-spread (DTS). 'FX / Derivative P&L' includes collateral balances with counterparties arising from derivatives used in the fund (this can lead to a negative balance). DTS includes the effect of derivatives. For ratings breakdown, worst of the two best ratings from across S&P, Moody's and Fitch is applied (commonly known as the Basel method). | en | de |
DOLFIN8085 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In addition, the Investment Manager uses ESG data in the construction of the selection universe. ESG scores can also be used to target portfolio construction towards stocks with superior ESG characteristics.
The ESG data used in the investment process is based partly on data provided by third parties and, in some cases, on an internal basis. They are subjective and may change over time. Despite several initiatives, the lack of harmonised definitions may make ESG criteria heterogeneous. Thus, the various investment strategies that use ESG criteria and ESG reporting are difficult to comparable between them. Strategies which integrate ESG criteria and those which integrate sustainable development criteria may use ESG data which appear similar but which should be distinguished because their calculation method may be different.
AXA IM's various ESG methodologies described above may evolve in the future to take into account any improvement in data availability and reliability, or any changes in regulations or other external frameworks or initiatives, among others.
- /Portfolioconstruction:Quantitative and qualitative analysis of ESG factors contributes to the criteria taken into account by the manager when determining the weighting of a security in the portfolio. The weight will depend on the company's management qualities, its growth strategy and its governance. | Además, el Gestor de inversiones utiliza los datos ESG como parte de la construcción del universo de selección. Las notas ESG permiten también orientar la construcción de la cartera hacia valores que demuestren características ESG superiores.
Los datos ASG utilizados en el proceso de inversión se basan en metodologías ASG que se basan parcialmente en datos proporcionados por terceros, y en algunos casos se desarrollan internamente. Son subjetivas y pueden cambiar con el tiempo. A pesar de varias iniciativas, la falta de definiciones armonizadas puede hacer que los criterios ESG sean heterogéneos. Por lo tanto, las diferentes estrategias de inversión que utilizan los criterios ESG y los informes ESG son difícilmente comparables entre sí. Las estrategias que integran los criterios ASG y las que integran los criterios de desarrollo sostenible pueden utilizar datos ASG que parecen similares pero que conviene distinguir porque su método de cálculo puede ser diferente.
Las diferentes metodologías ASG de AXA IM descritas anteriormente pueden evolucionar en el futuro para tener en cuenta cualquier mejora en la disponibilidad y la fiabilidad de los datos, o cualquier evolución en la normativa o en otros marcos o iniciativas externos, entre otros.
- /Construccióndecarteras:El análisis cuantitativo y cualitativo de los factores ESG contribuye a los criterios que tiene en cuenta el gestor para determinar la ponderación de un valor en la cartera. Dicha ponderación dependerá de las cualidades de la sociedad en lo que respecta a la gestión, la estrategia de crecimiento de la empresa y su gobernanza. | In addition, the Investment Manager uses ESG data in the construction of the selection universe. ESG scores can also be used to target portfolio construction towards stocks with superior ESG characteristics.
The ESG data used in the investment process is based partly on data provided by third parties and, in some cases, on an internal basis. They are subjective and may change over time. Despite several initiatives, the lack of harmonised definitions may make ESG criteria heterogeneous. Thus, the various investment strategies that use ESG criteria and ESG reporting are difficult to comparable between them. Strategies which integrate ESG criteria and those which integrate sustainable development criteria may use ESG data which appear similar but which should be distinguished because their calculation method may be different.
AXA IM's various ESG methodologies described above may evolve in the future to take into account any improvement in data availability and reliability, or any changes in regulations or other external frameworks or initiatives, among others.
- /Portfolioconstruction:Quantitative and qualitative analysis of ESG factors contributes to the criteria taken into account by the manager when determining the weighting of a security in the portfolio. The weight will depend on the company's management qualities, its growth strategy and its governance. | en | es |
DOLFIN8086 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Type: Ce Produit est une société d’investissement éligible en tant que Compartiment OPCVM conformément au droit des OPCVM.
Durée: Ce Produit n’a pas de date d’échéance. Le Compartiment a été constitué pour une durée indéterminée. Le Conseil d’administration de la Société d’investissement est en droit de liquider, fusionner ou repositionner unilatéralement le Produit à tout moment si le Produit ne peut plus être géré dans l’intérêt des investisseurs. La somme perçue par l’investisseur en cas de résiliation anticipée peut être inférieure au montant investi.
Objectifs: Ce compartiment en actions à gestion active sans référence à un benchmark vise à atteindre un objectif de placement durable et à obtenir le meilleur rendement possible en USD, la monnaie de référence. Dans le cadre de la sélection des placements, le gestionnaire de portefeuille tient compte des principes de la répartition des risques, de la sécurité du capital engagé et de la liquidité des actifs investis. Le compartiment promeut également les caractéristiques environnementales et sociales de contribution aux objectifs de développement durable des Nations Unies tout en ciblant spécifiquement la contribution à l’objectif de développement durable n°14 des Nations Unies – «Vie aquatique». Des détails sont disponibles dans le prospectus et sur le site de publication des informations ESG du compartiment. Le compartiment promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement [UE] 2019/2088) grâce à une combinaison de différentes techniques de gestion de portefeuille. Des détails sont disponibles dans le prospectus et sur le site de publication des informations ESG du compartiment. Au moins 75% du total des actifs nets de ce compartiment sont investis dans des actions et des titres assimilés à des actions de sociétés qui, de l’avis du gestionnaire de portefeuille, sont engagées dans l’exploitation durable des océans. En outre, le compartiment peut investir jusqu’à 15% du total de ses actifs nets dans des produits structurés sur actions ou au maximum 25% dans des actifs liquides. Le compartiment peut investir dans le monde entier dans des pays développés, des pays émergents, y compris la Chine, ainsi que dans des marchés en développement. Pour atteindre son objectif, le compartiment peut avoir recours à des instruments dérivés pour se protéger contre les fluctuations des cours de change et des cours boursiers, et pour garantir une gestion efficace du portefeuille. Le fonds recourt à des instruments dérivés pour limiter l'effet des fluctuations de change sur la performance pour cette classe d'actions. Cette classe d'actions ne verse pas de distributions. Le Fonds supporte les frais usuels de courtage et de banque encourus au titre des transactions portant sur les titres du portefeuille.
Investisseurs de détail visés: Ce produit est destiné aux investisseurs de détail disposant d’une connaissance et d’une expérience suffisantes dans les placements collectifs de capitaux et les produits similaires, capables de supporter une perte d’avoirs modérée et ayant un horizon de placement à long terme.
Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
- | # Tipo: Este producto es una sociedad de inversión clasificada como subfondo OICVM de conformidad con la legislación sobre los OICVM.
Plazo: Este producto no tiene fecha de vencimiento. El subfondo se ha establecido por un periodo de tiempo indefinido. El Consejo de Administración de la sociedad de inversión tiene derecho a liquidar, fusionar o reposicionar el producto en cualquier momento unilateralmente en caso de que el producto ya no se pueda gestionar en beneficio de los inversores. El importe que el inversor recibirá en caso de terminación anticipada podría ser inferior al importe invertido.
Objetivos: Este subfondo de renta variable se gestiona activamente sin referencia a un índice de referencia con el objetivo de lograr un objetivo de inversión sostenible y el mayor rendimiento posible en USD, la moneda de referencia. La entidad gestora tiene en cuenta los principios de diversificación del riesgo, la seguridad del capital invertido y la liquidez del patrimonio invertido en la selección de las inversiones. Al mismo tiempo, el subfondo promueve características medioambientales y sociales en favor de la consecución de los Objetivos de Desarrollo Sostenible de las Naciones Unidas, con una contribución específica al Objetivo de Desarrollo Sostenible 14: «Vida submarina». Más información disponible en el folleto y en los datos del subfondo sobre ESG publicados en el sitio web. El subfondo promueve criterios medioambientales, sociales y de gobierno corporativo (ESG) (en el sentido del artículo 8 del Reglamento (UE) 2019/2088) mediante la combinación de diferentes técnicas de gestión de carteras. Más información disponible en el folleto y en los datos del subfondo sobre ESG publicados en el sitio web. Al menos el 75% del patrimonio neto total de este subfondo se invierte en acciones y valores similares de empresas que, según considera la entidad gestora, están comprometidas con el uso sostenible de los océanos Además, el subfondo podrá invertir hasta el 15% de su patrimonio neto total en productos estructurados sobre renta variable o un máximo del 25% en activos líquidos. El subfondo podrá invertir globalmente en países desarrollados, países emergentes (incluida China) y mercados en desarrollo. Para lograr su objetivo, el subfondo puede hacer uso de instrumentos derivados para protegerse contra los movimientos de divisas y cotizaciones de valores, así como para una gestión eficaz de la cartera. El fondo utiliza derivados para reducir el impacto de las variaciones de los tipos de cambio en el rendimiento de esta clase de acciones. Esta clase de acciones no realiza distribuciones. El fondo asumirá los gastos por comisiones bancarias y de corretaje que recaigan sobre las operaciones con valores de la cartera.
Inversor minorista al que va dirigido: Este producto está dirigido a inversores minoristas con suficiente conocimiento y experiencia en instituciones de inversión colectiva y productos similares, una capacidad para asumir una pérdida de inversión media y un horizonte de inversión a largo plazo.
¿Qué riesgos corro y qué podría obtener a cambio?
- | # Type: Ce Produit est une société d’investissement éligible en tant que Compartiment OPCVM conformément au droit des OPCVM.
Durée: Ce Produit n’a pas de date d’échéance. Le Compartiment a été constitué pour une durée indéterminée. Le Conseil d’administration de la Société d’investissement est en droit de liquider, fusionner ou repositionner unilatéralement le Produit à tout moment si le Produit ne peut plus être géré dans l’intérêt des investisseurs. La somme perçue par l’investisseur en cas de résiliation anticipée peut être inférieure au montant investi.
Objectifs: Ce compartiment en actions à gestion active sans référence à un benchmark vise à atteindre un objectif de placement durable et à obtenir le meilleur rendement possible en USD, la monnaie de référence. Dans le cadre de la sélection des placements, le gestionnaire de portefeuille tient compte des principes de la répartition des risques, de la sécurité du capital engagé et de la liquidité des actifs investis. Le compartiment promeut également les caractéristiques environnementales et sociales de contribution aux objectifs de développement durable des Nations Unies tout en ciblant spécifiquement la contribution à l’objectif de développement durable n°14 des Nations Unies – «Vie aquatique». Des détails sont disponibles dans le prospectus et sur le site de publication des informations ESG du compartiment. Le compartiment promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement [UE] 2019/2088) grâce à une combinaison de différentes techniques de gestion de portefeuille. Des détails sont disponibles dans le prospectus et sur le site de publication des informations ESG du compartiment. Au moins 75% du total des actifs nets de ce compartiment sont investis dans des actions et des titres assimilés à des actions de sociétés qui, de l’avis du gestionnaire de portefeuille, sont engagées dans l’exploitation durable des océans. En outre, le compartiment peut investir jusqu’à 15% du total de ses actifs nets dans des produits structurés sur actions ou au maximum 25% dans des actifs liquides. Le compartiment peut investir dans le monde entier dans des pays développés, des pays émergents, y compris la Chine, ainsi que dans des marchés en développement. Pour atteindre son objectif, le compartiment peut avoir recours à des instruments dérivés pour se protéger contre les fluctuations des cours de change et des cours boursiers, et pour garantir une gestion efficace du portefeuille. Le fonds recourt à des instruments dérivés pour limiter l'effet des fluctuations de change sur la performance pour cette classe d'actions. Cette classe d'actions ne verse pas de distributions. Le Fonds supporte les frais usuels de courtage et de banque encourus au titre des transactions portant sur les titres du portefeuille.
Investisseurs de détail visés: Ce produit est destiné aux investisseurs de détail disposant d’une connaissance et d’une expérience suffisantes dans les placements collectifs de capitaux et les produits similaires, capables de supporter une perte d’avoirs modérée et ayant un horizon de placement à long terme.
Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
- | fr | es |
DOLFIN8087 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Stock Exchanges and Regulated Markets
With the exception of permitted investment in unlisted securities or in units of open-ended collective investment schemes, investment in securities will be restricted to those stock exchanges and markets in this Prospectus (as may be updated from time to time), as set out below:
- All stock exchanges of the Member States of the European Union, Norway, Australia, Canada, Japan, New Zealand,Switzerland, the United Kingdom and the United States; and
- the following stock exchanges: | ## Bourses de valeurs et Marchés réglementés
À l’exception des investissements autorisés dans des titres non cotés en Bourse ou dans des parts d’organismes de placement collectif à capital variable, l’investissement dans des titres sera limité aux Bourses de valeurs et marchés identifiés ci-dessous dans le présent Prospectus (cette liste pouvant être périodiquement mise à jour) :
- Toutes les Bourses de valeurs des États membres de l’Union européenne, de Norvège, d’Australie, du Canada, du Japon, de Nouvelle- Zélande, de Suisse, du Royaume-Uni et des États-Unis ; et
- les Bourses de valeurs suivantes : | ## Stock Exchanges and Regulated Markets
With the exception of permitted investment in unlisted securities or in units of open-ended collective investment schemes, investment in securities will be restricted to those stock exchanges and markets in this Prospectus (as may be updated from time to time), as set out below:
- All stock exchanges of the Member States of the European Union, Norway, Australia, Canada, Japan, New Zealand,Switzerland, the United Kingdom and the United States; and
- the following stock exchanges: | en | fr |
DOLFIN8088 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- Janus Henderson Investors (Australia) Institutional Funds Management Limited
- Janus Henderson Investors (Singapore) Limited
- Janus Henderson Investors (Japan) Limited
- Janus Henderson Investors (Jersey) LimitedThe Investment Manager, and/or any Sub-Investment Manager(s), that are responsible for each Fund can be found in the section “Directors, Management and Administration” of this Prospectus.
| | - Janus Henderson Investors (Australia) Institutional Funds Management Limited
- Janus Henderson Investors (Singapore) Limited
- Janus Henderson Investors (Japan) Limited
- Janus Henderson Investors (Jersey) LimitedIl Gestore degli Investimenti, e/o gli eventuali Sub-gestori degli Investimenti, responsabili di ciascun Comparto sono riportati nella Sezione “Gestione e amministrazione” del presente Prospetto informativo.
| | - Janus Henderson Investors (Australia) Institutional Funds Management Limited
- Janus Henderson Investors (Singapore) Limited
- Janus Henderson Investors (Japan) Limited
- Janus Henderson Investors (Jersey) LimitedThe Investment Manager, and/or any Sub-Investment Manager(s), that are responsible for each Fund can be found in the section “Directors, Management and Administration” of this Prospectus.
| | en | it |
DOLFIN8089 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
When assessing the credit quality, the following criteria, factors and general principles must be taken into account, at a minimum, in accordance with the conditions set out in the Money Market Funds Regulation and in Delegated Regulation (EU) 2018/990:
- The criteria for quantifying the credit risk as well as the relative default risk of the issuer and the relevant default risk of the issuer and of the instrument:
- information on the bond price, including credit spreads, and on the price of com- parable fixed rate financial instruments and their associated securities;
- prices of money market instruments of the issuers, of the instruments or of the sector;
- information on the price of credit default swaps (CDS), including CDS spreads for comparable instruments;
- default statistics on the issuer, the instru- ment or the sector;
- financial indices for the geographical location, the sector or the asset class of the issuer or of the instrument;
- financial information on the issuer, including profitability indicators, interest expense, metrics in relation to borrowing and the pricing of new issues, and also whether subordinated securities exist. | La valutazione della qualità del credito tiene conto almeno dei criteri, fattori e principi generali elencati di seguito, in conformità alle disposizioni del regolamento sui fondi comuni monetari e del regolamento delegato (UE) 2018/990.
- I criteri per quantificare il rischio di credito, il rischio di credito relativo dell’emittente e il rischio di credito sostanziale dell’emittente e dello strumento sono:
- informazioni sul prezzo delle obbligazioni, compresi gli spread creditizi, e sul corso degli strumenti finanziari a tasso fisso comparabili e dei titoli pertanto collegati;
- i corsi degli strumenti del mercato mone- tario dell’emittente, dello strumento o del settore;
- informazioni sul corso dei credit default swap (CDS), compresi gli spread dei CDS per gli strumenti comparabili;
- statistiche sugli inadempimenti dell’emit- tente, dello strumento o del settore;
- indici finanziari dell’ubicazione geografica, del settore o della classe di investimento dell’emittente o dello strumento;
- informazioni finanziarie sull’emittente, compresi gli indici di redditività, gli inte- ressi passivi, le misure di leva finanziaria, i prezzi delle nuove emissioni e anche l’esistenza di titoli subordinati. | When assessing the credit quality, the following criteria, factors and general principles must be taken into account, at a minimum, in accordance with the conditions set out in the Money Market Funds Regulation and in Delegated Regulation (EU) 2018/990:
- The criteria for quantifying the credit risk as well as the relative default risk of the issuer and the relevant default risk of the issuer and of the instrument:
- information on the bond price, including credit spreads, and on the price of com- parable fixed rate financial instruments and their associated securities;
- prices of money market instruments of the issuers, of the instruments or of the sector;
- information on the price of credit default swaps (CDS), including CDS spreads for comparable instruments;
- default statistics on the issuer, the instru- ment or the sector;
- financial indices for the geographical location, the sector or the asset class of the issuer or of the instrument;
- financial information on the issuer, including profitability indicators, interest expense, metrics in relation to borrowing and the pricing of new issues, and also whether subordinated securities exist. | en | it |
DOLFIN8090 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
#### The fund qualifies as a UCITS governed by Luxembourg law.
## Term
This product does not have any minimum investment period, but the product is meant for medium to long-term investing and the minimum recommended investment period is 5 years. The minimum recommended investment period is based on the risk/return profile of the fund. If you dispose of the fund before the minimum recommended investment period, there will be a greater risk for the value fluctuation of the fund.
## Objectives
The fund aims to make a return for you through a mixture of generating income and growing the amount you originally invested. It mainly invests in Structured Credit Securities, which are debt instruments that typically pay a floating rate interest and which are backed by specific pools of financial assets including, but not limited to, leveraged loans, credit card loans, auto loans, residential and commercial mortgages.
The fund is actively managed and targets better returns than its benchmark, the ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index. There are no restrictions on the extent to which the fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. At least two-thirds of the fund's investments will be in Structured Credit Securities issued globally. Up to one-third of the fund's assets may be invested in other types of fixed income instruments issued by sovereign or corporate issuers. Up to 30% of the fund's assets may be invested in Structured Credit Securities or other types of fixed income instruments rated below investment grade, provided that such bonds are not rated below B-/B3 or an equivalent rating by a credit rating agency. The fund may use derivatives (such as futures, options and swaps, which are linked to the rise and fall of other assets) to obtain, increase or reduce exposure to underlying assets and may thus create gearing which may result in greater fluctuations of the value of the fund. The manager of the fund will ensure that the use of derivatives does not materially alter the overall risk profile of the fund.
#### For full details of the investment objective and policy of the fund, please refer to the prospectus.
#### You can buy and sell shares every day which is a business day in London and Luxembourg, subject to the terms in the General Information section of the prospectus.
## Intended retail investor
This product is only available to qualified Institutional Investors and/or investors who are: (a) an informed investor who has an average knowledge of relevant financial products (an informed investor can make an informed investment decision based on the regulated and authorised offering documentation, together with knowledge and understanding of the specific factors/risks highlighted within them only); or has some financial industry experience; or (b) an advanced investor who has a good knowledge of relevant financial products and transactions; or has financial industry experience; or is accompanied by professional investment advice; or is included in a discretionary portfolio service. | # Cos'è questo prodotto?
## Tipo
#### Il fondo si qualifica come OICVM di diritto lussemburghese.
## Termine
Questo prodotto non prevede un periodo di investimento minimo, ma è concepito per investimenti a medio-lungo termine e il periodo di investimento minimo consigliato è di 5 anni. Il periodo d'investimento minimo consigliato si basa sul profilo di rischio/rendimento del fondo. L’eventuale cessione del fondo prima del periodo d'investimento minimo consigliato comporta un rischio maggiore di oscillazione del valore del fondo stesso.
## Obiettivi
Il fondo mira a generare un rendimento per gli investitori combinando la generazione di reddito con la crescita del capitale iniziale. Investe principalmente in Titoli di credito strutturati, ovvero strumenti di debito che pagano generalmente un interesse a tasso variabile e che sono garantiti da specifici pool di attività finanziarie quali, a titolo esemplificativo ma non esaustivo, leveraged loans, credit card loans, prestiti per l’acquisto di automobili, ipoteche residenziali e commerciali.
Il fondo è gestito attivamente e punta a generare un rendimento superiore rispetto al suo parametro di riferimento, l'ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index. Non vi sono limiti alla misura in cui il portafoglio e il rendimento del fondo possano discostarsi da quelli del parametro di riferimento. Nell'ambito del processo d’investimento, il Gestore degli investimenti ha piena discrezionalità sulla composizione del portafoglio del fondo e può esporsi a società, paesi o settori non inclusi nel parametro di riferimento. Almeno due terzi degli investimenti del fondo saranno effettuati in Titoli di credito strutturati emessi a livello globale. Fino a un terzo delle attività del fondo può essere investito in altri tipi di strumenti a reddito fisso emessi da emittenti sovrani o societari. Fino al 30% delle attività del fondo può essere investito in Titoli di credito strutturati e altre tipologie di strumenti a reddito fisso con rating inferiore a investment grade, a condizione che tali obbligazioni non abbiano un rating inferiore a B-/B3 o equivalente attribuito da un'agenzia di rating. Il fondo può utilizzare derivati (come futures, opzioni e swap, che sono legati ai movimenti al rialzo e al ribasso di altre attività) per acquisire, aumentare o ridurre l'esposizione alle relative attività sottostanti, dando così origine a un effetto leva (gearing) che può tradursi in maggiori oscillazioni del valore del fondo. Il gestore del fondo farà in modo che l'uso dei derivati non modifichi in modo significativo il profilo di rischio complessivo del fondo stesso.
#### Per tutti i dettagli relativi alla politica e all’obiettivo di investimento del fondo, si prega di fare riferimento al prospetto.
#### È possibile acquistare e vendere azioni in qualsiasi giorno lavorativo a Londra e a Lussemburgo, nel rispetto dei termini previsti nella sezione Informazioni generali del prospetto.
## Investitori al dettaglio cui si intende commercializzare il prodotto
Questo prodotto è disponibile esclusivamente per gli Investitori istituzionali qualificati e/o per gli investitori che siano: (a) investitori informati con una conoscenza media dei prodotti finanziari pertinenti (un investitore informato può prendere una decisione d’investimento consapevole sulla base della documentazione di offerta regolamentata e autorizzata, insieme alla conoscenza e alla comprensione dei fattori/rischi specifici illustrati al suo interno) o con esperienza nel settore finanziario; oppure (b) investitori avanzati con una buona conoscenza dei prodotti e delle transazioni finanziarie interessate, o con esperienza nel settore finanziario, oppure seguiti da un consulente professionale in materia di investimenti, o che beneficiano di un’assistenza legata a un portafoglio discrezionale. | # What is this product?
## Type
#### The fund qualifies as a UCITS governed by Luxembourg law.
## Term
This product does not have any minimum investment period, but the product is meant for medium to long-term investing and the minimum recommended investment period is 5 years. The minimum recommended investment period is based on the risk/return profile of the fund. If you dispose of the fund before the minimum recommended investment period, there will be a greater risk for the value fluctuation of the fund.
## Objectives
The fund aims to make a return for you through a mixture of generating income and growing the amount you originally invested. It mainly invests in Structured Credit Securities, which are debt instruments that typically pay a floating rate interest and which are backed by specific pools of financial assets including, but not limited to, leveraged loans, credit card loans, auto loans, residential and commercial mortgages.
The fund is actively managed and targets better returns than its benchmark, the ICE BofA Merrill Lynch Euro Currency 3-Month Deposit Offered Rate Constant Maturity Index. There are no restrictions on the extent to which the fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark. At least two-thirds of the fund's investments will be in Structured Credit Securities issued globally. Up to one-third of the fund's assets may be invested in other types of fixed income instruments issued by sovereign or corporate issuers. Up to 30% of the fund's assets may be invested in Structured Credit Securities or other types of fixed income instruments rated below investment grade, provided that such bonds are not rated below B-/B3 or an equivalent rating by a credit rating agency. The fund may use derivatives (such as futures, options and swaps, which are linked to the rise and fall of other assets) to obtain, increase or reduce exposure to underlying assets and may thus create gearing which may result in greater fluctuations of the value of the fund. The manager of the fund will ensure that the use of derivatives does not materially alter the overall risk profile of the fund.
#### For full details of the investment objective and policy of the fund, please refer to the prospectus.
#### You can buy and sell shares every day which is a business day in London and Luxembourg, subject to the terms in the General Information section of the prospectus.
## Intended retail investor
This product is only available to qualified Institutional Investors and/or investors who are: (a) an informed investor who has an average knowledge of relevant financial products (an informed investor can make an informed investment decision based on the regulated and authorised offering documentation, together with knowledge and understanding of the specific factors/risks highlighted within them only); or has some financial industry experience; or (b) an advanced investor who has a good knowledge of relevant financial products and transactions; or has financial industry experience; or is accompanied by professional investment advice; or is included in a discretionary portfolio service. | en | it |
DOLFIN8091 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Product
Macquarie Emerging Markets Debt Select Opportunities Fund Class I EUR H
A sub-fund of Macquarie Fund Solutions, a Société d'Investissement à Capital Variable (the “SICAV”).
ISIN: LU2538704607
Website: www.macquarieim.com/investments/products/macquarie-fund-solutions
Please call +352 315155 or contact [email protected] for more information.
The Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising the SICAV in relation to this Key Information Document.
This PRIIP is authorised in Luxembourg.
Lemanik Asset Management S.A. is authorised in the Grand Duchy of Luxembourg and regulated by the CSSF and is the management company of
the SICAV (the “Management Company”).
The document was published on 03 July 2023.
You are about to purchase a product that is not simple and may be difficult to understand. | # Produit
Macquarie Emerging Markets Debt Select Opportunities Fund Classe I EUR H
Un compartiment de Macquarie Fund Solutions, une Société d'Investissement à Capital Variable (la «SICAV»).
ISIN : LU2538704607
Site web : www.macquarieim.com/investments/products/macquarie-fund-solutions
Veuillez nous joindre au +352 315155 ou contacter [email protected] pour plus d'informations.
La Commission de Surveillance du Secteur Financier (CSSF) est responsable de la surveillance de la SICAV par rapport au présent Document d'informations clés.
Ce PRIIP est autorisé au Luxembourg.
Lemanik Asset Management S.A., agréée au Grand-Duché de Luxembourg et réglementée par la CSSF, est la société de gestion de la SICAV (la
« Société de gestion »).
Le document a été publié le 03 Juillet 2023.
Vous êtes sur le point d'acheter un produit complexe et qui peut être difficile à assimiler. | # Product
Macquarie Emerging Markets Debt Select Opportunities Fund Class I EUR H
A sub-fund of Macquarie Fund Solutions, a Société d'Investissement à Capital Variable (the “SICAV”).
ISIN: LU2538704607
Website: www.macquarieim.com/investments/products/macquarie-fund-solutions
Please call +352 315155 or contact [email protected] for more information.
The Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising the SICAV in relation to this Key Information Document.
This PRIIP is authorised in Luxembourg.
Lemanik Asset Management S.A. is authorised in the Grand Duchy of Luxembourg and regulated by the CSSF and is the management company of
the SICAV (the “Management Company”).
The document was published on 03 July 2023.
You are about to purchase a product that is not simple and may be difficult to understand. | en | fr |
DOLFIN8092 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Investment Policy
The Fund invests at least 2/3 of its assets in debt securities which are issued or guaranteed by borrowers from emerging economies. These debt securities are denominated in the local currency or tied to it. The Fund may also invest in debt securities in other currencies or from borrowers in other countries. Because the Fund invests its assets in various currencies, it may hedge against fluctuations vis-à-vis the Fund's base currency.
The Fund invests in floating and fixed-rate debt securities. These securities are issued predominantly by governments and quasi-state entities. It may invest in debt securities with differing maturities, in differing currencies, and with differing quality characteristics in terms of the ability to repay the debts. | ### Politica d'investimento
Il Fondo investe almeno 2/3 del patrimonio in obbligazioni emesse o garantite da debitori di paesi emergenti. Le obbligazioni sono denominate nelle relative valute locali o collegate alle medesime. Il Fondo può altresì investire in obbligazioni denominate in altre valute o di debitori con sede in altri paesi. Dal momento che il Fondo investe il suo patrimonio in diverse valute, le fluttuazioni nei confronti della valuta di riferimento del Fondo possono essere sottoposte a copertura.
Il Fondo investe in obbligazioni a tasso fisso e variabile. I titoli sono emessi principalmente da governi e da autorità sovrane. Possono essere selezionate obbligazioni con diverse scadenze, valute e rating, in riferimento alla capacità di rimborso dei debiti. | ### Investment Policy
The Fund invests at least 2/3 of its assets in debt securities which are issued or guaranteed by borrowers from emerging economies. These debt securities are denominated in the local currency or tied to it. The Fund may also invest in debt securities in other currencies or from borrowers in other countries. Because the Fund invests its assets in various currencies, it may hedge against fluctuations vis-à-vis the Fund's base currency.
The Fund invests in floating and fixed-rate debt securities. These securities are issued predominantly by governments and quasi-state entities. It may invest in debt securities with differing maturities, in differing currencies, and with differing quality characteristics in terms of the ability to repay the debts. | en | it |
DOLFIN8093 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## The use of derivatives therefore requires not only an understanding of the basic instrument, but also well-founded knowledge of the de- rivatives.
Derivative financial instruments also carry the risk of a loss to the UCITS because another party participating in the derivative financial instrument (usually a 'counterparty') does not fulfil its obligations.
The credit risk for derivatives traded on a stock exchange is general- ly lower than the risk for derivatives traded off the board, since the clearing house which acts as issuer or counterparty of each deriva- tive traded on the stock exchange undertakes a handling guarantee. To reduce the overall default risk, this guarantee is supported by a daily payment system maintained by the clearing house, in which the assets required for coverage are calculated. There is no compa- rable guarantee by the clearing house for derivatives traded off the board, and the UCITS must factor in the creditworthiness of each counterparty of a derivative traded off the board when analysing the potential credit risk.
There are also liquidity risks, since certain instruments may be diffi- cult to buy or sell. If derivative transactions are especially large, or if the respective market is not liquid (which can happen with deriva- tives traded off the board), it might not be possible to completely ex- ecute transactions in all instances or a position can only be liquidat- ed with increased costs.
Additional risks associated with the use of derivatives lie in inaccu- rate pricing or valuation of derivatives. It is also possible that deriva- tives might not completely correlate with the assets, interest rates and indices underlying them. Many derivatives are complex and of- ten analysed subjectively. Inaccurate valuations can result in in- creased cash payments for counterparts or a loss of value to the UCITS. Derivatives are not always in direct or parallel proportion to the value of the assets, interest rates or indices from which they are derived. Therefore the use of derivatives by the UCITS is not always an effective means of achieving the investment objective of the UCITS, but can sometimes even achieve the opposite effect. | ## Deshalb erfordert der Einsatz von Derivaten nicht nur ein Verständnis des Basisinstruments, sondern auch fundierte Kenntnisse der Derivate selbst.
Derivative Finanzinstrumente bergen auch das Risiko, dass dem OGAW ein Verlust entsteht, weil eine andere an dem derivativen Finanzinstrument beteiligte Partei (in der Regel eine „Gegenpartei“) ihre Verpflichtungen nicht einhält.
Das Kreditrisiko für Derivate, die an einer Börse gehandelt werden, ist im Allgemeinen geringer als das Risiko bei ausserbörslich gehandelten Derivaten, da die Clearingstelle, die als Emittent oder Gegenpartei jedes an der Börse gehandelten Derivats auftritt, eine Abwicklungsgarantie übernimmt. Zur Reduzierung des Gesamtausfallrisikos wird diese Garantie durch ein von der Clearingstelle unterhaltenes tägliches Zahlungssystem, in welchem die zur Deckung erforderlichen Vermögenswerte berechnet werden, unterstützt. Für ausserbörslich gehandelte Derivate gibt es keine vergleichbare Garantie der Clearingstelle, und der OGAW muss die Bonität jeder Gegenpartei eines ausserbörslich gehandelten Derivats bei der Bewertung des potentiellen Kreditrisikos mit einbeziehen.
Es bestehen zudem Liquiditätsrisiken, da bestimmte Instrumente schwierig zu kaufen oder zu verkaufen sein können. Wenn Derivattransaktionen besonders gross sind, oder wenn der entsprechende Markt illiquid ist (wie es bei ausserbörslich gehandelten Derivaten der Fall sein kann), können Transaktionen unter Umständen nicht jederzeit vollständig durchgeführt oder eine Position nur mit erhöhten Kosten liquidiert werden.
Weitere Risiken im Zusammenhang mit dem Einsatz von Derivaten liegen in falscher Kursbestimmung oder Bewertung von Derivaten. Zudem besteht die Möglichkeit, dass Derivate mit den ihnen zu Grunde liegenden Vermögenswerten, Zinssätzen und Indizes nicht vollständig korrelieren. Viele Derivate sind komplex und oft subjektiv bewertet. Unangemessene Bewertungen können zu erhöhten Barzahlungsforderungen von Gegenparteien oder zu einem Wertverlust für den OGAW führen. Derivate stehen nicht immer in einem direkten oder parallelen Verhältnis zum Wert der Vermögenswerte, Zinssätze oder Indizes von denen sie abgeleitet sind. Daher stellt der Einsatz von Derivaten durch den OGAW nicht immer ein wirksames Mittel zur Erreichung des Anlagezieles des OGAW dar, sondern kann manchmal sogar gegenteilige Auswirkungen hervorrufen. | ## The use of derivatives therefore requires not only an understanding of the basic instrument, but also well-founded knowledge of the de- rivatives.
Derivative financial instruments also carry the risk of a loss to the UCITS because another party participating in the derivative financial instrument (usually a 'counterparty') does not fulfil its obligations.
The credit risk for derivatives traded on a stock exchange is general- ly lower than the risk for derivatives traded off the board, since the clearing house which acts as issuer or counterparty of each deriva- tive traded on the stock exchange undertakes a handling guarantee. To reduce the overall default risk, this guarantee is supported by a daily payment system maintained by the clearing house, in which the assets required for coverage are calculated. There is no compa- rable guarantee by the clearing house for derivatives traded off the board, and the UCITS must factor in the creditworthiness of each counterparty of a derivative traded off the board when analysing the potential credit risk.
There are also liquidity risks, since certain instruments may be diffi- cult to buy or sell. If derivative transactions are especially large, or if the respective market is not liquid (which can happen with deriva- tives traded off the board), it might not be possible to completely ex- ecute transactions in all instances or a position can only be liquidat- ed with increased costs.
Additional risks associated with the use of derivatives lie in inaccu- rate pricing or valuation of derivatives. It is also possible that deriva- tives might not completely correlate with the assets, interest rates and indices underlying them. Many derivatives are complex and of- ten analysed subjectively. Inaccurate valuations can result in in- creased cash payments for counterparts or a loss of value to the UCITS. Derivatives are not always in direct or parallel proportion to the value of the assets, interest rates or indices from which they are derived. Therefore the use of derivatives by the UCITS is not always an effective means of achieving the investment objective of the UCITS, but can sometimes even achieve the opposite effect. | en | de |
DOLFIN8094 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
À des fins de gestion efficace du portefeuille et de couverture des risques de change, la Société peut mettre en œuvre des instruments financiers dérivés, dans la mesure permise par les objectifs et politiques d’investissement des Fonds et dans le respect des limites ponctuellement définies par la Banque centrale d’Irlande et des dispositions du Prospectus. Au cours du semestre clos le 30 juin 2022, la Société a mis en œuvre des techniques de gestion efficace du portefeuille par le biais de contrats à terme normalisés sur des taux d’intérêt.
La Société a conclu des contrats de change à terme à des fins de couverture du risque de change découlant des investissements et des liquidités, en vue de se prémunir contre le risque lié à l’Indice de Référence. La Société a également conclu des contrats de change à terme afin de couvrir certaines classes d’actions.
Les contrats en cours au 30 juin 2022 figurent au Calendrier des investissements.
Les gains et pertes réalisés sur les instruments financiers utilisés dans une optique de gestion efficace du portefeuille sont présentés dans le tableau ci-dessous.
Au 30 juin 2022 | A efectos de gestión eficiente de la cartera y de cobertura de los riesgos de divisas, la Sociedad podrá formalizar instrumentos financieros derivados en la medida en que lo permiten los objetivos y las políticas de inversión de los Fondos, y con sujeción a los límites dispuestos por el Banco Central de Irlanda en cada momento y a lo previsto en el Folleto. En el semestre cerrado a 30 de junio de 2022, la Sociedad utilizó técnicas de gestión eficiente de la cartera mediante el uso de operaciones de futuros de tipos de interés.
La Sociedad realizó operaciones de divisas a plazo con fines de cobertura del riesgo de cambio sobre inversiones y efectivo, para cubrir el riesgo de índice de referencia. También celebró operaciones de divisa a plazo para cubrir clases de acciones.
Los contratos abiertos a 30 de junio de 2022 se indican en la Relación de inversiones. Las minusvalías y plusvalías materializadas sobre instrumentos financieros utilizados para una gestión eficiente de la cartera se indican en la tabla siguiente.
A 30 de junio de 2022 | À des fins de gestion efficace du portefeuille et de couverture des risques de change, la Société peut mettre en œuvre des instruments financiers dérivés, dans la mesure permise par les objectifs et politiques d’investissement des Fonds et dans le respect des limites ponctuellement définies par la Banque centrale d’Irlande et des dispositions du Prospectus. Au cours du semestre clos le 30 juin 2022, la Société a mis en œuvre des techniques de gestion efficace du portefeuille par le biais de contrats à terme normalisés sur des taux d’intérêt.
La Société a conclu des contrats de change à terme à des fins de couverture du risque de change découlant des investissements et des liquidités, en vue de se prémunir contre le risque lié à l’Indice de Référence. La Société a également conclu des contrats de change à terme afin de couvrir certaines classes d’actions.
Les contrats en cours au 30 juin 2022 figurent au Calendrier des investissements.
Les gains et pertes réalisés sur les instruments financiers utilisés dans une optique de gestion efficace du portefeuille sont présentés dans le tableau ci-dessous.
Au 30 juin 2022 | fr | es |
DOLFIN8095 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# General investment principles and investment restrictions
The respective sub-fund assets shall be invested in accordance with the principle of risk diversification within the mean- ing of the rules of the UCITSG and in accordance with the investment policy principles set out in Article 26 of the Trust Agreement and in Appendix A "Overview of the sub-fund" as well as within the investment restrictions.
- | # Allgemeine Anlagegrundsätze und -beschränkungen
Das jeweilige Teilfondsvermögen wird unter Beachtung des Grundsatzes der Risikostreuung im Sinne der Regeln des UCITSG und nach den in Artikel 26 des Treuhandvertrags sowie nach den im Anhang A "Teilfonds im Überblick" be- schriebenen anlagepolitischen Grundsätzen und innerhalb der Anlagebeschränkungen angelegt.
- | # General investment principles and investment restrictions
The respective sub-fund assets shall be invested in accordance with the principle of risk diversification within the mean- ing of the rules of the UCITSG and in accordance with the investment policy principles set out in Article 26 of the Trust Agreement and in Appendix A "Overview of the sub-fund" as well as within the investment restrictions.
- | en | de |
DOLFIN8096 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Management Company uses a risk management process that allows monitoring the risk of the portfolio positions and their share of the overall risk profile of the portfolios on the Sub-funds at any time.
In accordance with the Law of 17 December 2010 and the applicable regulatory requirements of the Commission de Surveillance du Secteur Financier ("CSSF") the Management Company reports to the CSSF on a regular basis on the risk management process. The Management Company assures, on the basis of appropriate and reasonable methods, that the overall risk, associated with derivatives, does not exceed the net asset value of the portfolio. The Management Company uses the following methods:
- The Commitment approach: the positions on derivative financial instruments are converted into equivalent positions in the underlying assets, after consideration of all netting and coverage effects.
- The Value-at-Risk (VaR) approach: The VaR is a mathematical-statistical concept and is used as a standard measure of risk in the financial sector. The VaR represents the potential loss of a portfolio over a given period (so-called holding period) for a certain probability (so-called confidence level). The VaR is measured at the whole Sub-fund level, on a holding period not exceeding one month (20 business days) and a confidence level not below 95%,
- Relative VaR approach: The relative VaR concept determines the VaR based on a reference portfolio. The relative VaR cannot exceed the VaR of a reference portfolio by more than 100%, i.e. two times the reference VaR (200%). The reference portfolio is a matching portfolio in comparison to the Sub-fund's investment policy.
- Absolute VaR approach: In the absolute VaR approach the VaR (min. 95% confidence level, max. 20-day holding period) of the Sub-fund cannot exceed 20% of the Sub-fund net assets (99% confidence level, 20-day holding period). The maximum limit of 20% is adjusted accordingly, when different holding periods or confidence levels are applied. Information of the applicable maximum limit is provided. | La Société de gestion utilise un processus de gestion du risque permettant de surveiller à tout moment le risque des positions du portefeuille et leur pondération dans le profil de risque global des portefeuilles des Compartiments.
Conformément à la Loi du 17 décembre 2010 et aux exigences réglementaires en la matière édictées par la Commission de Surveillance du Secteur Financier (« CSSF »), la Société de gestion soumet périodiquement à la CSSF un rapport sur le processus de gestion du risque.
La Société de gestion s'assure, sur la base de méthodes adéquates et raisonnables, que le risque global associé aux dérivés n'excède pas la valeur de l'actif net du portefeuille. La Société de gestion utilise les méthodes suivantes :
- L'approche par les engagements : les positions sur instruments financiers dérivés sont converties en positions équivalentes dans les actifs sous-jacents, après avoir pris en compte tous les effets de compensation et de couverture.
- L'approche de la valeur à risque (VaR) : La VaR est un concept mathématique et statistique utilisé comme mesure standard du risque dans le secteur financier. La VaR représente la moins-value potentielle d'un portefeuille sur une période donnée (appelée« durée de détention ») et ce, avec un certain niveau de probabilité (appelé « niveau de confiance »). La VaR est mesurée au niveau global du Compartiment sur une durée de détention n’excédant pas un mois (20 jours ouvrés) et à un niveau de confiance supérieur à 95 %.
- Approche de la VaR relative : Le concept de VaR relative détermine la VaR sur la base d'un portefeuille de référence. La VaR relative ne peut dépasser plus de 100 % la VaR du portefeuille de référence, à savoir deux fois la VaR de référence (200 %). Le portefeuille de référence est un portefeuille d'adossement comparé à la politique d'investissement du Compartiment.
- Approche de la VaR absolue : dans l'approche de la Var absolue la VaR (niveau de confiance de 95 % min., durée de détention de 20 jours max.) du Compartiment ne peut dépasser 20 % de l'Actif net du Compartiment (pour un niveau de confiance de 99 % et une période de détention de 20 jours). La limite maximum de 20 % doit être ajustée en conséquence lorsque des durées de détention ou des niveaux de confiance différents sont appliqués. Des informations concernant la limite maximale applicable sont fournies. | The Management Company uses a risk management process that allows monitoring the risk of the portfolio positions and their share of the overall risk profile of the portfolios on the Sub-funds at any time.
In accordance with the Law of 17 December 2010 and the applicable regulatory requirements of the Commission de Surveillance du Secteur Financier ("CSSF") the Management Company reports to the CSSF on a regular basis on the risk management process. The Management Company assures, on the basis of appropriate and reasonable methods, that the overall risk, associated with derivatives, does not exceed the net asset value of the portfolio. The Management Company uses the following methods:
- The Commitment approach: the positions on derivative financial instruments are converted into equivalent positions in the underlying assets, after consideration of all netting and coverage effects.
- The Value-at-Risk (VaR) approach: The VaR is a mathematical-statistical concept and is used as a standard measure of risk in the financial sector. The VaR represents the potential loss of a portfolio over a given period (so-called holding period) for a certain probability (so-called confidence level). The VaR is measured at the whole Sub-fund level, on a holding period not exceeding one month (20 business days) and a confidence level not below 95%,
- Relative VaR approach: The relative VaR concept determines the VaR based on a reference portfolio. The relative VaR cannot exceed the VaR of a reference portfolio by more than 100%, i.e. two times the reference VaR (200%). The reference portfolio is a matching portfolio in comparison to the Sub-fund's investment policy.
- Absolute VaR approach: In the absolute VaR approach the VaR (min. 95% confidence level, max. 20-day holding period) of the Sub-fund cannot exceed 20% of the Sub-fund net assets (99% confidence level, 20-day holding period). The maximum limit of 20% is adjusted accordingly, when different holding periods or confidence levels are applied. Information of the applicable maximum limit is provided. | en | fr |
DOLFIN8097 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Other relevant information
Alongside this document, please read the prospectus. Copies of the prospectus, the latest annual and semi-annual reports, as well as the latest published prices of the shares in the fund and other information, including how to buy and sell shares are available from the administrator or the website below.
You may switch your shares to the shares of another sub-fund of the Company. A fee may apply. Please refer to the fund prospectus for full details.
The fund is one of a number of sub-funds. The assets and liabilities of each sub-fund are segregated by law from each other and the rights of investors and creditors in relation to any sub-fund should normally be limited to the assets of that sub-fund. However, the Company is a single legal entity and may operate in jurisdictions that may not recognise such segregation.
The above information and details of the past performance of the fund and the previous performance scenario calculations can be found on the website https://www.guinnessgi.com/literature#tab-regulatory-documents. The past performance chart shows the share class's performance as the percentage loss or gain per year over the last 3 years. | # Altre informazioni pertinenti
Unitamente a questo documento si invita a leggere anche il prospetto. Il prospetto, le ultime relazioni annuale e semestrale nonché le ultime quotazioni delle azioni del fondo pubblicate e altre informazioni, tra cui le modalità di acquisto e vendita di azioni, sono disponibili presso l'amministratore o sul sito web indicato più in basso.
Potete convertire le vostre Azioni in Azioni di un altro Comparto della Società. Potrebbe essere richiesto il pagamento di una tassa. Per ulteriori informazioni, consultare il prospetto informativo del fondo.
Il Fondo è uno di una serie di comparti. Le attività e passività di ogni comparto sono separate per legge da quelle di altri comparti e i diritti degli investitori e dei creditori nei confronti di un comparto possono di regola essere fatti valere solo sul patrimonio di quel comparto. Tuttavia, la Società è una persona giuridica singola e può operare in giurisdizioni che potrebbero non riconoscere tale separazione.
Le precedenti informazioni e i dettagli sulle performance passate del Fondo nonché i calcoli dei precedenti scenari di performance sono consultabili sul sito web. Il grafico delle performance passate mostra la performance della categoria di azioni come percentuale annua di perdite o di guadagni negli ultimi 3 anni. Tutte le informazioni possono essere consultate su https://www.guinnessgi.com/literature#tab- regulatory-documents. | # Other relevant information
Alongside this document, please read the prospectus. Copies of the prospectus, the latest annual and semi-annual reports, as well as the latest published prices of the shares in the fund and other information, including how to buy and sell shares are available from the administrator or the website below.
You may switch your shares to the shares of another sub-fund of the Company. A fee may apply. Please refer to the fund prospectus for full details.
The fund is one of a number of sub-funds. The assets and liabilities of each sub-fund are segregated by law from each other and the rights of investors and creditors in relation to any sub-fund should normally be limited to the assets of that sub-fund. However, the Company is a single legal entity and may operate in jurisdictions that may not recognise such segregation.
The above information and details of the past performance of the fund and the previous performance scenario calculations can be found on the website https://www.guinnessgi.com/literature#tab-regulatory-documents. The past performance chart shows the share class's performance as the percentage loss or gain per year over the last 3 years. | en | it |
DOLFIN8098 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- Aucuns frais d'entrée ou de sortie ne sont imputés.
- Le montant des frais courants est une estimation établie sur la base des chiffres disponibles les plus récents au janvier 2022. Il peut varier d'un exercice à l'autre.
- Les frais courants du Fonds comprennent les frais prélevés par tous les fonds dans lesquels il investit le cas échéant. Ils excluent le coût des opérations de portefeuille.
- Tout ou partie des frais courants peut être prélevé(e) sur le capital du Fonds. | - No existen gastos de entrada ni de salida.
- La cifra de gastos corrientes se basa en los últimos gastos disponibles en enero 2022. Esta cifra puede variar de un año a otro.
- Los gastos corrientes de este fondo incluyen cualesquiera gastos soportados por cualquier otro fondo en el que pueda invertir. Estos excluyen los costes de transacción de la cartera.
- Podrá detraerse del capital del fondo parte o la totalidad de los gastos corrientes. | - Aucuns frais d'entrée ou de sortie ne sont imputés.
- Le montant des frais courants est une estimation établie sur la base des chiffres disponibles les plus récents au janvier 2022. Il peut varier d'un exercice à l'autre.
- Les frais courants du Fonds comprennent les frais prélevés par tous les fonds dans lesquels il investit le cas échéant. Ils excluent le coût des opérations de portefeuille.
- Tout ou partie des frais courants peut être prélevé(e) sur le capital du Fonds. | fr | es |
DOLFIN8099 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# How long should I hold it and can I take money out early?
Recommended holding period of this fund is 3 years. The recommended holding period was selected in accordance with the fund’s objective. You may redeem your units on any dealing day. The redemption price is calculated by reference to the Net Asset Value per unit of the relevant class fund as at the Valuation Point on the relevant dealing day. The request may be made
- in writing to: M&G Luxembourg at Boulevard Royal 16, Luxembourg 2449
- or by phone at +352 2605 9944 | # COMBIEN DE TEMPS DOIS-JE LE CONSERVER, ET PUIS-JE RETIRER DE L’ARGENT DE FAÇON ANTICIPÉE ?
La période de détention recommandée pour ce fonds est de 3 ans. La période de détention recommandée a été choisie conformément à l’objectif du fonds. Vous pouvez demander le rachat de vos parts n’importe quel jour de transaction. Le prix de rachat est calculé par rapport à la valeur d’actif nette par part du fonds de la catégorie concernée à l’heure d’évaluation du jour de transaction concerné. La demande peut être faite
- par voie postale à l’adresse : M&G Luxembourg au Boulevard Royal 16, Luxembourg 2449
- ou par téléphone au +352 2605 9944 | # How long should I hold it and can I take money out early?
Recommended holding period of this fund is 3 years. The recommended holding period was selected in accordance with the fund’s objective. You may redeem your units on any dealing day. The redemption price is calculated by reference to the Net Asset Value per unit of the relevant class fund as at the Valuation Point on the relevant dealing day. The request may be made
- in writing to: M&G Luxembourg at Boulevard Royal 16, Luxembourg 2449
- or by phone at +352 2605 9944 | en | fr |
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