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DOLFIN8100 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance, portfolio activity and positioning
Fund return, which was negative and behind the benchmark return over the quarter, was driven by duration risk, as government bond yields rose, and exposure to credit risk, as spreads widened. As referenced above, the sharp fall in the value of sterling assets towards the final days of the quarter weighed on the fund return, given our exposure to both UK credit and UK duration.
Over the period, we were selective on adding credit risk, preferring to use relative trades to try and generate extra return, especially in financial bonds. We added to our high yield exposure in the period and reduced equities exposure to 0.3% (from 1.5% at June-end). Finally, duration ended the quarter at around 5.9 years – up from 5.1 years at the end of June, the most interest rate risk exposure the fund has had since 2008. The sharp spike in UK gilt prices at the end of the period gave us a rare buy and sell opportunity (2050 and 2051 bonds) in what is a crowded and typically expensive part of the market. | # Rentabilidad, actividad de la cartera y posicionamiento
La rentabilidad del fondo, que fue negativa e inferior a la del índice de referencia durante el trimestre, vino marcada por el riesgo de duración, al aumentar los rendimientos de los TDP, así como por la exposición al riesgo de crédito, al ampliarse los diferenciales. Como se ha mencionado anteriormente, la fuerte caída del valor de los activos en libras esterlinas en los últimos días del trimestre lastró la rentabilidad del fondo, dada nuestra exposición tanto al crédito como a la duración en el Reino Unido.
Durante el periodo, fuimos selectivos a la hora de añadir riesgo de crédito, prefiriendo las operaciones relativas para intentar generar rentabilidad adicional, especialmente en bonos financieros. Aumentamos nuestra exposición a los productos de alto rendimiento durante el periodo y redujimos la exposición a renta variable a un 0,3% (desde 1,5% a finales de junio). Por último, la duración cerró el trimestre en torno a 5,9 años, frente a 5,1 años a finales de junio, la mayor exposición al riesgo de tipos de interés que ha tenido el fondo desde 2008. La brusca subida de los precios de los Gilts al final del periodo nos dio una inusual oportunidad de compra y venta (bonos 2050 y 2051) en la que es una parte del mercado muy concurrida y habitualmente cara. | # Performance, portfolio activity and positioning
Fund return, which was negative and behind the benchmark return over the quarter, was driven by duration risk, as government bond yields rose, and exposure to credit risk, as spreads widened. As referenced above, the sharp fall in the value of sterling assets towards the final days of the quarter weighed on the fund return, given our exposure to both UK credit and UK duration.
Over the period, we were selective on adding credit risk, preferring to use relative trades to try and generate extra return, especially in financial bonds. We added to our high yield exposure in the period and reduced equities exposure to 0.3% (from 1.5% at June-end). Finally, duration ended the quarter at around 5.9 years – up from 5.1 years at the end of June, the most interest rate risk exposure the fund has had since 2008. The sharp spike in UK gilt prices at the end of the period gave us a rare buy and sell opportunity (2050 and 2051 bonds) in what is a crowded and typically expensive part of the market. | en | es |
DOLFIN8101 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# CONVERSION TO AN ICAV
Subject to the approval of the Shareholders of the conversion of the Company to an ICAV by way of continuation in accordance with Central Bank Requirements and applicable law and the adoption by the Shareholders of the Instrument of Incorporation in accordance with Central Bank Requirements and applicable law, both of which shall take effect as of the date of registration of the Company as an ICAV by the Central Bank, the Company is authorised to apply to the Competent Authority to be registered as an ICAV by way of continuation (the “Registration”) and the Directors are authorised to perform all such acts and things and to agree, negotiate, make, resolve, file, execute and deliver all such documents (under hand or as a deed where necessary) and provide such assurances and/or confirmations as may be necessary or desirable to give effect to and in connection with the Registration. For the purpose of this Article 39.00, Instrument of Incorporation shall mean the instrument of incorporation to be adopted by the Shareholders of the Company upon conversion to an ICAV.
- | # 39.00 TRANSFORMATION EN ICAV
Sous réserve de l'approbation par les Actionnaires de la transformation de la Société en ICAV pour la poursuite de ses activités conformément aux Exigences de la Banque centrale et à la législation applicable et de l'adoption par les Actionnaires du Certificat de constitution conformément aux Exigences de la Banque centrale et à la législation applicable, qui prendront toutes deux effet à compter de la date d'enregistrement de la Société en tant qu'ICAV par la Banque centrale, la Société est autorisée à déposer une demande auprès de l'Autorité compétente en vue d'être enregistrée en tant qu'ICAV pour la poursuite de ses activités (l'« Enregistrement ») et les Administrateurs sont autorisés à prendre toutes les mesures et effectuer toutes les actions et à accepter, négocier, préparer, résoudre, déposer, exécuter et livrer tous les documents (à la main ou par acte notarié si nécessaire) et à fournir toutes les assurances et/ou confirmations jugées nécessaires ou souhaitables pour donner effet à l'Enregistrement ou en lien avec ce dernier. Aux fins du présent Article 39.00, le Certificat de constitution désigne le certificat de constitution que les Actionnaires de la Société doivent adopter en cas de conversion en ICAV. | # CONVERSION TO AN ICAV
Subject to the approval of the Shareholders of the conversion of the Company to an ICAV by way of continuation in accordance with Central Bank Requirements and applicable law and the adoption by the Shareholders of the Instrument of Incorporation in accordance with Central Bank Requirements and applicable law, both of which shall take effect as of the date of registration of the Company as an ICAV by the Central Bank, the Company is authorised to apply to the Competent Authority to be registered as an ICAV by way of continuation (the “Registration”) and the Directors are authorised to perform all such acts and things and to agree, negotiate, make, resolve, file, execute and deliver all such documents (under hand or as a deed where necessary) and provide such assurances and/or confirmations as may be necessary or desirable to give effect to and in connection with the Registration. For the purpose of this Article 39.00, Instrument of Incorporation shall mean the instrument of incorporation to be adopted by the Shareholders of the Company upon conversion to an ICAV.
- | en | fr |
DOLFIN8102 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Sans objectif d’investissement durable
Le fonds détiendra au minimum 10 % d’investissements durables en investissant dans des émetteurs dont les activités contribuent à un ou plusieurs des Objectifs de développement durable (ODD) ou dans des obligations dont le produit vise à financer des projets environnementaux et/ou sociaux, à condition (i) que ces investissements ne nuisent pas de manière significative à l’un des objectifs environnementaux ou sociaux énoncés dans le règlement (UE) 2019/2088 et (ii) que les sociétés bénéficiant de ces investissements respectent les pratiques de bonne gouvernance. Les Objectifs de développement durable promus par les Nations Unies visent à favoriser un développement mondial plus conscient et durable, y compris le bien-être des êtres humains, la protection et la prise en charge de l'environnement naturel et les réponses aux grands problèmes sociaux.
Le fonds ne promeut toutefois pas les objectifs environnementaux spécifiques énoncés dans le règlement (UE) 2020/852.
Eurizon Capital S.A. applique une méthodologie de sélection des investissements durables basée sur les Objectifs de développement durable (ODD) promus par les Nations Unies. Cette méthodologie vise à sélectionner les instruments émis par des entreprises dont les activités contribuent à un ou plusieurs des ODD (visant à favoriser un développement mondial plus conscient et durable, y compris le bien-être des personnes, la protection et le soin de l’environnement naturel et les réactions aux grandes questions sociales) au travers de leurs produits et services ou de leurs processus de production, pour autant : (i) que ces investissements ne causent de préjudice important à aucun des objectifs environnementaux ou sociaux définis par le règlement (UE) 2019/2088 et (ii) que les entreprises bénéficiant de ces investissements appliquent des pratiques de bonne gouvernance.
La Société considère par ailleurs comme « durables » les investissements dans des obligations dont le produit vise à financer des projets environnementaux et/ou sociaux (obligations labellisées vertes/sociales/durables).
Le fonds ne promeut toutefois pas les objectifs environnementaux spécifiques énoncés dans le règlement (UE) 2020/852. Le fonds est susceptible d’investir dans des activités susceptibles d’être considérées comme respectueuses de l’environnement selon sa politique d’investissement, mais ces investissements ne sont pas en soi décisifs pour la réalisation des objectifs environnementaux du fonds.
La Société, compte tenu des garanties qu’elle a définies, prend en considération des indicateurs environnementaux et sociaux spécifiques pour évaluer les principales incidences négatives des activités d’investissement du produit financier sur les facteurs de durabilité.
Bien que les effets négatifs des décisions d’investissement sur les facteurs de durabilité doivent être considérés en fonction des catégories d’actifs, des zones géographiques et des secteurs auxquels les produits gérés sont exposés, Eurizon Capital S.A. estime que la surveillance adéquate de l’exposition aux questions sociales et environnementales est nécessaire pour atténuer les effets négatifs potentiels de ses investissements.
La méthodologie de sélection des investissements durables basée sur les Objectifs de développement durable (ODD) promus par les Nations Unies, en particulier, tient compte des principales incidences négatives au travers de mesures quantitatives et qualitatives telles que, par exemple, l’exposition de l’émetteur à d’éventuelles controverses.
La méthodologie de sélection des investissements durables sur la base des Objectifs de développement durable (ODD) promus par les Nations Unies adoptées par Eurizon Capital S.A. tient compte des principales incidences négatives par le biais de métriques quantitatives et qualitatives, par exemple l’exposition de l’émetteur à des controverses éventuelles. Dans ce contexte, Eurizon Capital
S.A. évalue, par exemple, l’implication des émetteurs dans des controverses concernant les droits de l’homme, les droits des travailleurs et leur propre comportement en tant qu’entreprises. | # Sin objetivo de inversión sostenible
El fondo tendrá una proporción mínima del 10% de inversiones sostenibles, mediante inversiones en emisores cuyas actividades contribuyan a uno o varios de los Objetivos de Desarrollo sostenible (ODS) o inversiones en bonos cuyos ingresos se destinen a financiar proyectos medioambientales y/o sociales, siempre que (i) no perjudiquen significativamente a ninguno de los objetivos medioambientales o sociales establecidos en el Reglamento (UE) 2019/2088; y (ii) cumplan las prácticas de buena gobernanza. Los Objetivos de Desarrollo Sostenible promovidos por las Naciones Unidas metodología pretenden fomentar un desarrollo mundial más consciente y duradero, que incluya el bienestar de los seres humanos, la protección y el cuidado del medioambiente natural y respuestas a los principales problemas sociales.
No obstante, el fondo no promueve los objetivos medioambientales específicos estipulados en el Reglamento (UE) 2020/852.
Eurizon Capital S.A. ha adoptado una metodología para la selección de inversiones sostenibles basada en los Objetivos de Desarrollo Sostenible (ODS) promovidos por las Naciones Unidas. Esta metodología pretende seleccionar instrumentos emitidos por empresas cuyas actividades contribuyan a uno o varios de los ODS (cuyo objetivo es fomentar un desarrollo mundial más consciente y duradero, que incluya el bienestar de los seres humanos, la protección y el cuidado del medio ambiente natural y respuestas a los principales problemas sociales) a través de sus propios productos y servicios o procesos de producción, siempre que (i) dichas inversiones no perjudiquen significativamente a ninguno de los objetivos medioambientales o sociales establecidos en el Reglamento (UE) 2019/ 2088; y (ii) las empresas beneficiarias de dichas inversiones cumplan las prácticas de buen gobierno.
Además, la Sociedad definió como inversiones sostenibles los bonos cuyos ingresos están destinados a financiar proyectos medioambientales y/o sociales (bonos verdes/sociales/etiquetados como sostenibles).
No obstante, el fondo no promueve los objetivos medioambientales específicos estipulados en el Reglamento (UE) 2020/852. El fondo podría invertir en actividades que se consideren sostenibles desde una perspectiva medioambiental con arreglo a su política de inversión. Sin embargo, dichas inversiones no son decisivas per se para el logro de los objetivos medioambientales del fondo.
Teniendo en cuenta las garantías que ha definido, la Sociedad tiene en cuenta indicadores medioambientales y sociales específicos para la evaluación de las principales incidencias adversas en los factores de sostenibilidad provocadas por las actividades de inversión del producto financiero.
Aunque los efectos negativos de las decisiones de inversión sobre los factores de sostenibilidad deben considerarse en función de la diferente gama de activos, zonas geográficas y sectores a los que se exponen los productos gestionados, Eurizon Capital S.A. considera que una supervisión adecuada de la exposición a cuestiones sociales y medioambientales es prioritaria para mitigar los posibles efectos negativos de sus inversiones.
En concreto, la metodología para seleccionar inversiones sostenibles basada en los Objetivos de Desarrollo Sostenible (ODS) promovidos por Naciones Unidas considera las principales incidencias adversas mediante parámetros cuantitativos y cualitativos como, por ejemplo, la exposición del emisor a eventuales controversias.
La metodología para seleccionar inversiones sostenibles basada en los Objetivos de Desarrollo Sostenible (ODS) promovidos por Naciones Unidas y adoptados por Eurizon Capital S.A. considera las principales incidencias adversas mediante parámetros cuantitativos y cualitativos como, por ejemplo, la exposición del emisor a eventuales controversias. En este contexto, Eurizon Capital
S.A. evalúa, por ejemplo, la implicación de los emisores en polémicas relacionadas con los derechos humanos, los derechos de los trabajadores y la propia conducta empresarial. | # Sans objectif d’investissement durable
Le fonds détiendra au minimum 10 % d’investissements durables en investissant dans des émetteurs dont les activités contribuent à un ou plusieurs des Objectifs de développement durable (ODD) ou dans des obligations dont le produit vise à financer des projets environnementaux et/ou sociaux, à condition (i) que ces investissements ne nuisent pas de manière significative à l’un des objectifs environnementaux ou sociaux énoncés dans le règlement (UE) 2019/2088 et (ii) que les sociétés bénéficiant de ces investissements respectent les pratiques de bonne gouvernance. Les Objectifs de développement durable promus par les Nations Unies visent à favoriser un développement mondial plus conscient et durable, y compris le bien-être des êtres humains, la protection et la prise en charge de l'environnement naturel et les réponses aux grands problèmes sociaux.
Le fonds ne promeut toutefois pas les objectifs environnementaux spécifiques énoncés dans le règlement (UE) 2020/852.
Eurizon Capital S.A. applique une méthodologie de sélection des investissements durables basée sur les Objectifs de développement durable (ODD) promus par les Nations Unies. Cette méthodologie vise à sélectionner les instruments émis par des entreprises dont les activités contribuent à un ou plusieurs des ODD (visant à favoriser un développement mondial plus conscient et durable, y compris le bien-être des personnes, la protection et le soin de l’environnement naturel et les réactions aux grandes questions sociales) au travers de leurs produits et services ou de leurs processus de production, pour autant : (i) que ces investissements ne causent de préjudice important à aucun des objectifs environnementaux ou sociaux définis par le règlement (UE) 2019/2088 et (ii) que les entreprises bénéficiant de ces investissements appliquent des pratiques de bonne gouvernance.
La Société considère par ailleurs comme « durables » les investissements dans des obligations dont le produit vise à financer des projets environnementaux et/ou sociaux (obligations labellisées vertes/sociales/durables).
Le fonds ne promeut toutefois pas les objectifs environnementaux spécifiques énoncés dans le règlement (UE) 2020/852. Le fonds est susceptible d’investir dans des activités susceptibles d’être considérées comme respectueuses de l’environnement selon sa politique d’investissement, mais ces investissements ne sont pas en soi décisifs pour la réalisation des objectifs environnementaux du fonds.
La Société, compte tenu des garanties qu’elle a définies, prend en considération des indicateurs environnementaux et sociaux spécifiques pour évaluer les principales incidences négatives des activités d’investissement du produit financier sur les facteurs de durabilité.
Bien que les effets négatifs des décisions d’investissement sur les facteurs de durabilité doivent être considérés en fonction des catégories d’actifs, des zones géographiques et des secteurs auxquels les produits gérés sont exposés, Eurizon Capital S.A. estime que la surveillance adéquate de l’exposition aux questions sociales et environnementales est nécessaire pour atténuer les effets négatifs potentiels de ses investissements.
La méthodologie de sélection des investissements durables basée sur les Objectifs de développement durable (ODD) promus par les Nations Unies, en particulier, tient compte des principales incidences négatives au travers de mesures quantitatives et qualitatives telles que, par exemple, l’exposition de l’émetteur à d’éventuelles controverses.
La méthodologie de sélection des investissements durables sur la base des Objectifs de développement durable (ODD) promus par les Nations Unies adoptées par Eurizon Capital S.A. tient compte des principales incidences négatives par le biais de métriques quantitatives et qualitatives, par exemple l’exposition de l’émetteur à des controverses éventuelles. Dans ce contexte, Eurizon Capital
S.A. évalue, par exemple, l’implication des émetteurs dans des controverses concernant les droits de l’homme, les droits des travailleurs et leur propre comportement en tant qu’entreprises. | fr | es |
DOLFIN8103 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Our opinions on other matters prescribed the Companies Act 2014 are unmodified
We have obtained all the information and explanations which we consider necessary for the purpose of our audit.
In our opinion, the accounting records of the Company were sufficient to permit the financial statements to be readily and properly audited and the Company’s financial statements are in agreement with the accounting records.
We have nothing to report on other matters on which we are required to report by exception
The Companies Act 2014 requires us to report to you if, in our opinion, the disclosures of directors’ remuneration and transactions required by Sections 305 to 312 of the Act are not made. We have nothing to report in this regard.
Respective responsibilities and restrictions on use
Directors’ responsibilities
As explained more fully in their statement set out on page 18, the directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud, other irregularities or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. The risk of not detecting a material misstatement resulting from fraud or other irregularities is higher than for one resulting from error, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control and may involve any area of law and regulation and not just those directly affecting the financial statements.
A fuller description of our responsibilities is provided on IAASA’s website at https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf
The purpose of our audit work and to whom we owe our responsibilities
Our report is made solely to the Company’s members, as a body, in accordance with Section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for our report, or for the opinions we have formed.
Jorge Fernandez Revilla 25 March 2021
for and on behalf of KPMG
Chartered Accountants, Statutory Audit Firm
1 Harbourmaster Place IFSC
Dublin 1 | Notre opinion sur les autres sujets prescrits dans le Companies Act de 2014 demeure inchangée
Nous avons obtenu l’ensemble des informations et explications jugées nécessaires à la réalisation de notre audit.
Selon nous, les registres comptables tenus par la Société sont suffisants pour permettre un audit immédiat et approfondi des états financiers, et les états financiers de la Société sont conformes aux livres comptables.
Nous n’avons aucune observation à formuler sur les autres sujets sur lesquels nous sommes tenus d’établir un rapport à titre exceptionnel
En vertu du Companies Act de 2014, nous sommes tenus d’établir un rapport à votre intention s’il est de notre avis que les déclarations des rémunérations et des transactions des Administrateurs exigées par les articles 305 à 312 de cette Loi n’ont pas été effectuées. Nous n’avons aucune observation à formuler à cet égard.
Responsabilités respectives et restrictions d’utilisation
Responsabilité des Administrateurs
Comme expliqué plus en détail dans leur déclaration en page 18, les administrateurs sont responsables : de la préparation des états financiers, notamment en s'assurant que ceux-ci présentent une image fidèle et juste de la situation financière ; du contrôle interne qu’ils jugent nécessaire pour leur permettre de préparer des états financiers exempts d’anomalies significatives, résultant d’erreurs ou d’actes frauduleux ; de l’évaluation de la capacité de la Société à poursuivre ses activités, en publiant, le cas échéant, les faits relatifs à la continuité d’exploitation ; et de l’application du principe comptable de la continuité d’exploitation, à moins que les Administrateurs n’envisagent soit de liquider la Société, soit de cesser les opérations, ou qu’ils n’aient pas d’alternative réaliste que d’y procéder.
Responsabilités des commissaires aux comptes
Nos objectifs consistent à obtenir l’assurance raisonnable que les états financiers sont dans leur ensemble exempts d’anomalies significatives, résultant d’erreurs ou d’actes frauduleux, et à émettre notre avis dans un rapport de commissariat aux comptes. L’assurance raisonnable correspond à un haut niveau d’assurance, mais ne garantit aucunement qu’un audit effectué conformément aux normes ISA (Irlande) détecte dans tous les cas une anomalie significative, le cas échéant. Les anomalies peuvent émaner d’actes frauduleux, d’autres irrégularités ou d’erreurs et sont jugées significatives si, considérées individuellement ou dans leur ensemble, on pourrait raisonnablement s’attendre à ce qu’elles exercent une influence sur les décisions économiques prises par les utilisateurs sur la base des états financiers. Le risque de ne pas détecter une anomalie significative résultant d’un acte frauduleux ou d’autres irrégularités est plus élevé que pour une anomalie résultant d’une erreur, car ces actes peuvent comprendre une collusion, une falsification, des omissions intentionnelles, de fausses déclarations ou le contournement du contrôle interne, et peuvent couvrir tous les domaines du droit et de la règlementation, et pas uniquement ceux qui concernent directement les états financiers
Une description plus complète de nos responsabilités figure sur le site Internet de l’IAASA à l’adresse https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf
Finalité de nos travaux d'audit et désignation des personnes envers lesquelles nous assumons nos responsabilités
Notre rapport est élaboré uniquement à l’intention des membres de la Société, en tant qu’entité, conformément à l’article 391 du Companies Act de 2014. Notre mission d’audit est menée à la seule fin de communiquer aux membres de la Société les aspects que nous sommes tenus de leur communiquer dans un rapport des Commissaires aux comptes. Dans la mesure permise par la loi, nous n’acceptons ni n’endossons aucune responsabilité à l’égard de toute personne autre que la Société et les membres de la Société, en tant qu’entité, concernant notre mission d’audit, le présent rapport ou les opinions qui y sont formulées.
Jorge Fernandez Revilla 25 mars 2021
par et pour le compte de KPMG
Chartered Accountants, Statutory Audit Firm
1 Harbourmaster Place IFSC
Dublin 1 | Our opinions on other matters prescribed the Companies Act 2014 are unmodified
We have obtained all the information and explanations which we consider necessary for the purpose of our audit.
In our opinion, the accounting records of the Company were sufficient to permit the financial statements to be readily and properly audited and the Company’s financial statements are in agreement with the accounting records.
We have nothing to report on other matters on which we are required to report by exception
The Companies Act 2014 requires us to report to you if, in our opinion, the disclosures of directors’ remuneration and transactions required by Sections 305 to 312 of the Act are not made. We have nothing to report in this regard.
Respective responsibilities and restrictions on use
Directors’ responsibilities
As explained more fully in their statement set out on page 18, the directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud, other irregularities or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. The risk of not detecting a material misstatement resulting from fraud or other irregularities is higher than for one resulting from error, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control and may involve any area of law and regulation and not just those directly affecting the financial statements.
A fuller description of our responsibilities is provided on IAASA’s website at https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf
The purpose of our audit work and to whom we owe our responsibilities
Our report is made solely to the Company’s members, as a body, in accordance with Section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for our report, or for the opinions we have formed.
Jorge Fernandez Revilla 25 March 2021
for and on behalf of KPMG
Chartered Accountants, Statutory Audit Firm
1 Harbourmaster Place IFSC
Dublin 1 | en | fr |
DOLFIN8104 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Generally speaking, all shareholders will be informed of the triggering of gates in the next periodic report.
## Processing of unexecuted orders:
Redemption orders will be executed in the same proportions for shareholders of the SICAV that have requested a redemption since the last centralisation date. Unexecuted orders will be automatically carried over to the next net asset value and will not have priority over new redemption orders placed for execution at the following net asset value. The SICAV’s shareholders may not revoke unexecuted, automatically deferred redemption orders under any circumstances.
## Example illustrating the mechanism put in place:
By way of illustration, if net redemption requests represent 20% of the SICAV (whereas the trigger threshold is set at 10% of net assets), the management company may decide, in compliance with the principle of equal treatment, to honour redemption requests up to 15% of net assets (and therefore execute 75% of redemption requests instead of, if it strictly applied the cap at 10%, 50%). | # D’une manière générale, le déclenchement des Gates fera l’objet d’une information de tous les actionnaires dans la prochaine information périodique.
## Traitement des ordres non exécutés :
Les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires da la Sicav ayant demandé un rachat depuis la dernière date de centralisation. Les ordres non exécutés seront automatiquement reportés sur la valeur liquidative suivante et ne seront pas prioritaires sur les nouveaux ordres de rachat passés pour exécution sur la valeur liquidative suivante. En tout état de cause, les ordres de rachat non exécutés et automatiquement reportés ne pourront faire l’objet d’une révocation de la part des actionnaires de la Sicav.
## Exemple permettant d’illustrer le mécanisme mis en place :
A titre d’exemple, si les demandes de rachats nets représentent 20% de la SICAV (alors que le seuil de déclenchement est fixé à 10% de l’actif net), la société de gestion peut décider d’honorer les demandes de rachats jusqu’à 15% de l’actif net en respectant le principe d’équité de traitement (et donc exécuter 75% des demandes de rachats au lieu de 50% si elle appliquait strictement le plafonnement à 10%). | # Generally speaking, all shareholders will be informed of the triggering of gates in the next periodic report.
## Processing of unexecuted orders:
Redemption orders will be executed in the same proportions for shareholders of the SICAV that have requested a redemption since the last centralisation date. Unexecuted orders will be automatically carried over to the next net asset value and will not have priority over new redemption orders placed for execution at the following net asset value. The SICAV’s shareholders may not revoke unexecuted, automatically deferred redemption orders under any circumstances.
## Example illustrating the mechanism put in place:
By way of illustration, if net redemption requests represent 20% of the SICAV (whereas the trigger threshold is set at 10% of net assets), the management company may decide, in compliance with the principle of equal treatment, to honour redemption requests up to 15% of net assets (and therefore execute 75% of redemption requests instead of, if it strictly applied the cap at 10%, 50%). | en | fr |
DOLFIN8105 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
LES ACTIONS SONT VENDUES À L’INVESTISSEUR ÉTANT ENTENDU QU’IL S’AGIT D’UN « ACHETEUR QUALIFIÉ », TEL QUE DÉFINI À LA SECTION 10.1(1) DU CODE, ET PAR CONSÉQUENT CETTE TRANSACTION EST EXEMPTÉE DES EXIGENCES D’ENREGISTREMENT.
PAR L’ACHAT D’ACTIONS, L’INVESTISSEUR SERA RÉPUTÉ RECONNAÎTRE QUE L’ÉMISSION, L’OFFRE DE SOUSCRIPTION OU L’ACHAT, OU L’INVITATION DE SOUSCRIPTION OU D’ACHAT DE CES ACTIONS A ÉTÉ EFFECTUÉE EN DEHORS DES PHILIPPINES.
- SingapourL’offre ou l’invitation qui fait l’objet du présent Prospectus ne concerne pas un organisme de placement collectif autorisé en vertu de la section 286, chapitre 289 de la Loi sur les valeurs mobilières et les contrats à terme de Singapour (Securities and Futures Act, la « SFA ») ou reconnu en vertu de la section 287 de la SFA. La Société n’est ni autorisée ni reconnue par l’Autorité monétaire de Singapour (Monetary Authority of Singapore, la « MAS ») et les Actions ne peuvent pas être offertes au grand public. Le présent Prospectus et tout autre document ou matériel publié dans le cadre de l’offre ou de la vente ne constituent pas un prospectus au sens de la SFA et, par conséquent, la responsabilité légale en vertu de la SFA concernant le contenu des prospectus ne s’applique pas et vous devez évaluer avec soin si l’investissement vous convient. | LAS ACCIONES SE VENDEN AL INVERSOR CON EL PRESUPUESTO DE QUE SE TRATA DE UN “COMPRADOR APTO” (“QUALIFIED BUYER”), TAL COMO SE DEFINE EN EL APARTADO 10.1(1) DEL CÓDIGO, Y, POR CONSIGUIENTE, ESTA OPERACIÓN NO TIENE QUE REUNIR LOS REQUISITOS DE REGISTRO.
CON LA COMPRA DE LAS ACCIONES, SE CONSIDERARÁ QUE EL INVERSOR RECONOCE QUE LA EMISIÓN DE DICHAS ACCIONES, LA OFERTA DE SU SUSCRIPCIÓN O COMPRA, O LA INVITACIÓN A SU SUSCRIPCIÓN O COMPRA SE REALIZÓ FUERA DE FILIPINAS.
- SingapurLo dispuesto en el presente Folleto en cuanto a la oferta o invitación no se aplica a los organismos de inversión colectiva autorizados en virtud de la sección 286, capítulo 289 de la ley de valores y futuros (Securities and Futures Act) de Singapur (la “SFA”), ni de los reconocidos en virtud de la sección 287 de la SFA. La Sociedad no está autorizada ni reconocida por el organismo regulador de Singapur, la Monetary Authority of Singapore (en adelante, la “MAS”), y no se pueden ofrecer las Acciones al público general. El presente Folleto y cualquier otro documento o material emitido en relación con la oferta o venta no debe considerarse un “folleto” (“prospectus”) tal como se define en la SFA y, en consecuencia, no se aplica la responsabilidad legal en virtud de la SFA en relación con el contenido de los folletos. Por tanto, se aconseja a los inversores que consideren detenidamente la conveniencia o no de la inversión. | LES ACTIONS SONT VENDUES À L’INVESTISSEUR ÉTANT ENTENDU QU’IL S’AGIT D’UN « ACHETEUR QUALIFIÉ », TEL QUE DÉFINI À LA SECTION 10.1(1) DU CODE, ET PAR CONSÉQUENT CETTE TRANSACTION EST EXEMPTÉE DES EXIGENCES D’ENREGISTREMENT.
PAR L’ACHAT D’ACTIONS, L’INVESTISSEUR SERA RÉPUTÉ RECONNAÎTRE QUE L’ÉMISSION, L’OFFRE DE SOUSCRIPTION OU L’ACHAT, OU L’INVITATION DE SOUSCRIPTION OU D’ACHAT DE CES ACTIONS A ÉTÉ EFFECTUÉE EN DEHORS DES PHILIPPINES.
- SingapourL’offre ou l’invitation qui fait l’objet du présent Prospectus ne concerne pas un organisme de placement collectif autorisé en vertu de la section 286, chapitre 289 de la Loi sur les valeurs mobilières et les contrats à terme de Singapour (Securities and Futures Act, la « SFA ») ou reconnu en vertu de la section 287 de la SFA. La Société n’est ni autorisée ni reconnue par l’Autorité monétaire de Singapour (Monetary Authority of Singapore, la « MAS ») et les Actions ne peuvent pas être offertes au grand public. Le présent Prospectus et tout autre document ou matériel publié dans le cadre de l’offre ou de la vente ne constituent pas un prospectus au sens de la SFA et, par conséquent, la responsabilité légale en vertu de la SFA concernant le contenu des prospectus ne s’applique pas et vous devez évaluer avec soin si l’investissement vous convient. | fr | es |
DOLFIN8106 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The FDI which the Emerging Markets Value Fund may utilise may include futures, forwards and options for efficient portfolio management purposes, hedging purposes, to reduce portfolio risk or to obtain in a more efficient way exposure that would otherwise be obtained by direct investment in securities in accordance with the investment objective and policies above, and as further detailed below.
The Emerging Markets Value Fund may enter into swap transactions for any legal purpose consistent with its investment objective and policies. Swaps could include the exchange of currencies, interest rates, or a basket of equity securities representing a particular index.
Futures, forwards, options and swaps may be used to hedge against downward movements in the value of the Emerging Markets Value Fund’s portfolio, either by reference to specific securities (i.e. equity securities) or markets to which the Emerging Markets Value Fund may be exposed. These derivative instruments may also be used to gain or reduce the Emerging Markets Value Fund’s exposure to equity securities or markets on a short or medium term basis where it is more efficient to use derivatives for this purpose, or to gain indirect exposure to equity securities where the Manager feels that such use of FDI is in the best interests of the Emerging Markets Value Fund.
Forward foreign exchange contracts will only be used to facilitate trade settlement, for hedging purposes or to alter the currency exposure of the underlying assets in accordance with the limits set out by the Central Bank. The Emerging Markets Value Fund will not be leveraged as a result of engaging in forward foreign exchange contracts, however the Emerging Markets Value Fund may be leveraged due to its investment policy allowing investment in FDI. | Die FDI, die der Emerging Markets Value Fund verwenden darf, können Futures, Forwards und Optionen umfassen, und dies zum Zweck des effizienten Portfoliomanagements, zu Absicherungszwecken, zur Verringerung des Portfoliorisikos oder um in effizienterer Weise ein Engagement einzugehen, das andernfalls durch Direktanlagen in Wertpapieren in Übereinstimmung mit dem Anlageziel und der Anlagepolitik, die oben beschrieben und nachfolgend weiter erläutert sind, erzielt würde.
Der Emerging Markets Value Fund kann Swap-Geschäfte zu jedem legalen, seinen Anlagezielen und - grundsätzen entsprechenden Zweck eingehen. Swaps können den Tausch von Währungen, Zinssätzen oder eines Korbs aus Aktien, die einen bestimmten Index darstellen, beinhalten.
Futures, Forwards, Optionen und Swaps können zur Absicherung von Rückgängen des Portfoliowerts des Emerging Markets Value Fund verwendet werden, indem sie sich auf bestimmte Wertpapiere (z.B. Aktien und aktienähnliche Wertpapiere) oder Märkte, in denen der Emerging Markets Value Fund engagiert sein kann, beziehen. Diese derivativen Finanzinstrumente können außerdem eingesetzt werden, um das Engagement des Emerging Markets Value Fund in Aktien und aktienähnlichen Wertpapieren oder Märkten kurz- oder mittelfristig zu verstärken oder zu senken, wenn es effizienter ist, für diesen Zweck Derivate zu verwenden, oder um ein indirektes Engagement in Aktien und aktienähnlichen Wertpapieren einzugehen, wenn die Verwaltungsgesellschaft der Meinung ist, dass ein solcher Einsatz von derivativen Finanzinstrumenten im besten Interesse des Emerging Markets Value Fund ist.
Devisentermingeschäfte werden nur getätigt, um die Geschäftsabwicklung zu erleichtern, zu Absicherungszwecken oder zur Veränderung der Währungsrisiken der zugrunde liegenden Vermögenswerte in Übereinstimmung mit den von der Zentralbank festgelegten Grenzen. Der Emerging Markets Value Fund wird durch den Abschluss von Devisentermingeschäften nicht gehebelt, doch kann der Emerging Markets Value Fund wegen seiner Anlagepolitik, die Anlagen in derivativen Finanzinstrumenten erlaubt, gehebelt werden. | The FDI which the Emerging Markets Value Fund may utilise may include futures, forwards and options for efficient portfolio management purposes, hedging purposes, to reduce portfolio risk or to obtain in a more efficient way exposure that would otherwise be obtained by direct investment in securities in accordance with the investment objective and policies above, and as further detailed below.
The Emerging Markets Value Fund may enter into swap transactions for any legal purpose consistent with its investment objective and policies. Swaps could include the exchange of currencies, interest rates, or a basket of equity securities representing a particular index.
Futures, forwards, options and swaps may be used to hedge against downward movements in the value of the Emerging Markets Value Fund’s portfolio, either by reference to specific securities (i.e. equity securities) or markets to which the Emerging Markets Value Fund may be exposed. These derivative instruments may also be used to gain or reduce the Emerging Markets Value Fund’s exposure to equity securities or markets on a short or medium term basis where it is more efficient to use derivatives for this purpose, or to gain indirect exposure to equity securities where the Manager feels that such use of FDI is in the best interests of the Emerging Markets Value Fund.
Forward foreign exchange contracts will only be used to facilitate trade settlement, for hedging purposes or to alter the currency exposure of the underlying assets in accordance with the limits set out by the Central Bank. The Emerging Markets Value Fund will not be leveraged as a result of engaging in forward foreign exchange contracts, however the Emerging Markets Value Fund may be leveraged due to its investment policy allowing investment in FDI. | en | de |
DOLFIN8107 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### The performance of the units depends on the investment policy as well as the market development of the individual investments of the UCITS and cannot be determined in advance. In this context, it must be pointed out that the value of the units can rise or fall versus the issue price at any time. It cannot be guaranteed that the investors will be able to recover their invested capital.
Due to the fact that the TRON eSport Fund invests its assets primarily in equities and securities, this type of investment is associated with a market and issuer risk which may negatively affect its net asset value. Additionally, other risks may apply, such as the currency-translation risk, the liquidity risk, and the interest-rate change risk.
Contrary to other funds that invest in companies of various industries, the TRON eSport Fund focuses its investments on a single specialized industry, specifically on companies in the eSports (electronic sports) domain. The value trend of industry- related securities may deviate significantly from the general stock market trend as reflected, for example, by broad market indices. Accordingly, investors should have sufficient risk tolerance and a long-term investment horizon.
Increased risks may be incurred with the deployment of derivative financial instruments that are not used for hedging purposes. The risk associated with derivative financial instruments must not exceed 100% of the fund's net assets. Hereby, the total risk must not exceed 200% of the fund's net assets. In a borrowing transaction that is permissible pursuant to UCITSG, the total risk shall not exceed 210% of the fund's net assets. The management company utilizes the generally accepted Modified Commitment approach as its risk management procedure. | #### Die Wertentwicklung der Anteile ist von der Anlagepolitik sowie von der Marktentwicklung der einzelnen Anlagen des OGAW abhängig und kann nicht im Voraus festgelegt werden. In die- sem Zusammenhang ist darauf hinzuweisen, dass der Wert der Anteile gegenüber dem Ausgabepreis jederzeit steigen oder fallen kann. Es kann nicht garantiert werden, dass der Anleger sein investiertes Kapital zurück erhält.
Aufgrund der überwiegenden Investition des Vermögens des TRON eSport Fund in Beteiligungspapiere und -rechte besteht bei diesem Anlagetyp ein Markt- und Emittentenrisiko, welches sich negativ auf das Nettovermögen auswirken kann. Daneben können andere Risiken wie etwa das Währungsrisiko, das Liquiditätsrisiko und das Zinsänderungsrisiko in Erscheinung treten.
Im Gegensatz zu anderen Fonds, die in Gesellschaften aus verschiedenen Wirtschaftsbranchen investieren, konzentriert der TRON eSport Fund seine Anlagen auf eine einzige spezialisierte Branche, nämlich auf Unternehmen im Bereich des eSports („elektronischer Sport“). Die Wertentwicklung branchen- bezogener Wertpapiere können vom allgemeinen Börsentrend, wie sie z.B. durch breite Marktindizes dargestellt werden, markant abweichen. Anleger sollten über eine entsprechende Risikobereitschaft und einen langfristigen Anlagehorizont verfügen.
Durch den Einsatz von derivativen Finanzinstrumenten, die nicht der Absicherung dienen, kann es zu erhöhten Risiken kommen. Das mit derivativen Finanzinstrumenten verbundene Risiko darf 100% des Nettofondsvermögens nicht überschreiten. Dabei darf das Gesamtrisiko 200% des Nettofondsvermögens nicht über- schreiten. Bei einer gemäss UCITSG zulässigen Kreditaufnahme darf das Gesamtrisiko insgesamt 210% des Nettofondsvermögens nicht übersteigen. Die Verwaltungsgesellschaft verwendet hierbei als Risikomanagementverfahren den Modified Commit- ment Ansatz als anerkannte Berechnungsmethode. | #### The performance of the units depends on the investment policy as well as the market development of the individual investments of the UCITS and cannot be determined in advance. In this context, it must be pointed out that the value of the units can rise or fall versus the issue price at any time. It cannot be guaranteed that the investors will be able to recover their invested capital.
Due to the fact that the TRON eSport Fund invests its assets primarily in equities and securities, this type of investment is associated with a market and issuer risk which may negatively affect its net asset value. Additionally, other risks may apply, such as the currency-translation risk, the liquidity risk, and the interest-rate change risk.
Contrary to other funds that invest in companies of various industries, the TRON eSport Fund focuses its investments on a single specialized industry, specifically on companies in the eSports (electronic sports) domain. The value trend of industry- related securities may deviate significantly from the general stock market trend as reflected, for example, by broad market indices. Accordingly, investors should have sufficient risk tolerance and a long-term investment horizon.
Increased risks may be incurred with the deployment of derivative financial instruments that are not used for hedging purposes. The risk associated with derivative financial instruments must not exceed 100% of the fund's net assets. Hereby, the total risk must not exceed 200% of the fund's net assets. In a borrowing transaction that is permissible pursuant to UCITSG, the total risk shall not exceed 210% of the fund's net assets. The management company utilizes the generally accepted Modified Commitment approach as its risk management procedure. | en | de |
DOLFIN8108 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
Reference benchmarks are indexes to measure whether the financial product attains the sustainable investment objective.
The reference index has E/S characteristics consistent with those being targeted by the fund. However, divergences from the reference index may exist because the manager has significant discretion to deviate from its securities and weightings.
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#### How is the reference benchmark continuously aligned with each of the environmental or social characteristics promoted by the financial product? | ## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est aligné sur les caractéristiques environnementales et/ou sociales qu'il promeut?
Les indices de référence sont des indices permettant de mesurer si le produit financier atteint l’objectif d'investissement durable.
L’indice de référence présente des caractéristiques E/S conformes à celles que cible la politique d’investissement du fonds. Toutefois, des divergences par rapport à l’indice de référence peuvent apparaître dans la mesure où le gestionnaire dispose d’un pouvoir discrétionnaire important pour s’écarter de ses titres et de ses pondérations.
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#### Comment l'indice de référence est-il en permanence aligné sur chacune des caractéristiques environnementales ou sociales promues par le produit financier? | ## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
Reference benchmarks are indexes to measure whether the financial product attains the sustainable investment objective.
The reference index has E/S characteristics consistent with those being targeted by the fund. However, divergences from the reference index may exist because the manager has significant discretion to deviate from its securities and weightings.
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#### How is the reference benchmark continuously aligned with each of the environmental or social characteristics promoted by the financial product? | en | fr |
DOLFIN8109 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: EUR 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 180 EUR | 952 EUR |
| Annual cost impact (*) | 1.8% | 1.8% | | | Investimento: 10.000 EUR | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi totali | 180 EUR | 952 EUR |
| Incidenza annuale dei costi (*) | 1,8% | 1,8% | | | Investment: EUR 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 180 EUR | 952 EUR |
| Annual cost impact (*) | 1.8% | 1.8% | | en | it |
DOLFIN8110 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
An interest-rate swap (IRS) is a bilateral contract in which one party agrees to exchange a series of interest payments for another series of interest payments from the other party (usually a fixed rate is swapped for a floating rate) that is based on a notional amount which is used simply to calculate the interest payments and is normally not swapped. Interest-rate swaps are marked to market when the net asset value is calculated in accordance with the valuation criteria specified in the contract and determined by the calculation agent.
Unrealised gains or losses on IRSs are presented in the Statement of Net Assets, as 'Net unrealised gain/loss on swaps', while changes in these amounts and the realised amount are presented in the Statement of Operations and Changes in Net Assets respectively as 'Change in the net unrealised gain/loss on swaps' and 'Net realised profit/loss on swaps'.
Interest receivable or payable on IRSs are calculated with each NAV calculation and are presented in the Statement of Net Assets respectively as "Interest receivable on swaps" and "Interest payable on swaps", and in the Statement of Operations and Changes in Net Assets respectively as "Interest received on swaps" and "Interest paid on swaps".
The interest-rate swap contracts that were outstanding on the balance sheet date are presented in the section entitled 'Notes to the Financial Statements – Derivatives Inventory’. | Un swap de taux d’intérêt (« IRS ») est un contrat bilatéral dans lequel une partie échange une série de paiements d’intérêts contre une autre série de paiements d’intérêts avec l’autre partie (habituellement fixe contre flottant), basée sur un montant notionnel servant de base de calcul qui est habituellement non échangé. Les swaps de taux d’intérêt sont évalués à la valeur de marché à chaque valeur nette d’inventaire sur base des éléments d’évaluation fixés par le contrat et déterminés par l’agent de calcul.
La plus-value ou moins-value non réalisée sur les IRS est présentée dans l’état des actifs nets, au poste « Plus-value/Moins-value nette non réalisée sur swaps », tandis que le mouvement de ces montants ainsi que le montant réalisé sont présentés dans l’état des opérations et des variations des actifs nets, respectivement aux postes « Variation de la plus-ou moins-value nette non réalisée sur swaps » et « Bénéfice net / Perte nette réalisé(e) sur swaps ».
Les intérêts à recevoir ou à payer sur IRS sont calculés à chaque valeur nette d’inventaire et sont présentés dans l’état des actifs nets, aux postes « Intérêts à recevoir sur swaps » et « Intérêts à payer sur swaps» et dans l’état des opérations et des variations des actifs nets, aux postes « Intérêts reçus sur swaps » et « Intérêts payés sur swaps ».
Les contrats de swaps d’intérêt ouverts à la date de clôture sont détaillés dans la section « Notes aux Etats Financiers - Etat des instruments dérivés ». | An interest-rate swap (IRS) is a bilateral contract in which one party agrees to exchange a series of interest payments for another series of interest payments from the other party (usually a fixed rate is swapped for a floating rate) that is based on a notional amount which is used simply to calculate the interest payments and is normally not swapped. Interest-rate swaps are marked to market when the net asset value is calculated in accordance with the valuation criteria specified in the contract and determined by the calculation agent.
Unrealised gains or losses on IRSs are presented in the Statement of Net Assets, as 'Net unrealised gain/loss on swaps', while changes in these amounts and the realised amount are presented in the Statement of Operations and Changes in Net Assets respectively as 'Change in the net unrealised gain/loss on swaps' and 'Net realised profit/loss on swaps'.
Interest receivable or payable on IRSs are calculated with each NAV calculation and are presented in the Statement of Net Assets respectively as "Interest receivable on swaps" and "Interest payable on swaps", and in the Statement of Operations and Changes in Net Assets respectively as "Interest received on swaps" and "Interest paid on swaps".
The interest-rate swap contracts that were outstanding on the balance sheet date are presented in the section entitled 'Notes to the Financial Statements – Derivatives Inventory’. | en | fr |
DOLFIN8111 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A Fund may also be wound up under Part V of the Insolvency Act 1986.
Winding-up procedure
On a winding-up (otherwise than in accordance with an approved scheme of amalgamation or reconstruction) the ACD is required as soon as practicable after the time the Company falls to be wound-up, to realise the property of the Company and pay the liabilities of the Company out of the proceeds.
Liabilities of the Company attributable or allocated to a particular Fund shall only be met out of the property attributable or allocated to such Fund.
After making adequate provision for the expenses of the winding-up and the discharge of any outstanding liabilities, the ACD may arrange for the Depositary to make interim distributions and then a final distribution of the proceeds of the realisation of the property attributable or allocated to each Fund to the holders in each Fund proportionately to the right to participate in the property attached to their respective Shares.
If the Company is to be wound-up in accordance with an approved scheme of amalgamation or reconstruction, the ACD is required to wind-up the Company in accordance with the resolution of holders approving such scheme.
Where the Company and one or more holders (other than the ACD) agree, the requirement to realise the property of the Company shall not apply to that part of the property which is proportionate to the right of that or those holder(s), and the ACD may distribute that part in the form of property, after making such adjustments or retaining such provision as appears to the ACD appropriate for ensuring that that or those holder(s) bear a proportionate Share of the liabilities and expenses.
If any sum of money is unclaimed or stands to the account of the Company at the date of its dissolution the ACD shall arrange for the Depositary to pay or lodge such sum within one month after that date in accordance with the OEIC Regulations.
Procedure for termination of a Fund
On the termination of a Fund (otherwise than in accordance with an approved scheme of amalgamation or reconstruction) the ACD is required as soon as practicable after the time the Fund falls to be terminated to realise the property of the Fund and pay the liabilities of the Fund out of the proceeds.
After making adequate provision for the expenses of the termination and the discharge of any outstanding liabilities, the ACD may arrange for the Depositary to make interim distributions and then a final distribution of the proceeds of the realisation of the property of the Fund to the holders of the Fund proportionately to the right to participate in the property attached to their respective Shares.
If the Fund is to be terminated in accordance with an approved scheme of amalgamation or reconstruction, the ACD is required to terminate the Fund in accordance with the resolution of holders approving such scheme.
Where the Company and one or more holders (other than the ACD) agree, the requirement to realise the property of the Fund shall not apply to that part of the property which is proportionate to the right of that or those holders, and the ACD may distribute that part in the form of property, after making such adjustments or retaining such provision as appears to the ACD appropriate for ensuring that those holders bear a proportionate Share of the liabilities and expenses.
If any sum of money is unclaimed or stands to the account of the property of the Fund, the ACD shall instruct the Depositary to retain such sum in an account separate from any other part of the property of the Company in accordance
with the FCA Rules. On the dissolution of the Company the Depositary shall cease to hold those amounts as part of that account and they shall be paid or lodged by the Depositary in accordance with the OEIC Regulations. | Un Compartiment peut également être liquidé en vertu de la partie V de l’Insolvency Act (loi britannique sur l’insolvabilité) de 1986.
Procédure de liquidation
Lors d’une liquidation (autre qu’une liquidation conforme à un programme de fusion ou de réaménagement approuvé), l’ACD doit, dès que possible après la date à laquelle la Société doit être liquidée, réaliser les biens de cette dernière et acquitter ses engagements à partir du produit de la réalisation.
Les engagements de la Société qui sont imputables ou attribués à un Compartiment spécifique sont uniquement acquittés à partir des biens imputables ou attribués à ce Compartiment.
Après avoir constitué une provision adéquate pour les dépenses découlant de la liquidation et l’acquittement des engagements, l’ACD peut faire en sorte que le Dépositaire distribue aux détenteurs d’Actions de chacun des Compartiments le produit de la réalisation des biens imputables ou attribués à chacun des Compartiments, par le biais de distributions intermédiaires puis d’une distribution finale, proportionnellement au droit de recevoir les bénéfices découlant des biens liés à leurs Actions respectives.
S’il est prévu de liquider la Société en vertu d’un programme de fusion ou de réaménagement approuvé, l’ACD doit effectuer la liquidation conformément à la résolution des détenteurs d’Actions ayant approuvé ledit programme.
Si la Société et l’un ou plusieurs des détenteurs d’Actions (autres que l’ACD) sont d’accord, l’exigence de réaliser les biens de la Société ne s’applique pas à la portion des biens correspondant aux droits dudit ou desdits détenteur(s), et l’ACD peut distribuer cette portion sous la forme de biens, après avoir fait les ajustements ou retenu la provision que l’ACD juge nécessaire(s) pour assurer que ledit ou lesdits détenteur(s) soit/soient responsable(s) d’une Part proportionnelle des engagements et des dépenses.
En cas de somme non réclamée ou restant sur le compte de la Société à la date de dissolution, l’ACD doit faire en sorte que le Dépositaire paie ou dépose cette somme, dans un délai d’un mois après cette date, conformément aux Règlements OEIC.
Procédure de résiliation des Compartiments
Lors de la résiliation d’un Compartiment (autre qu’une réalisation conforme à un programme de fusion ou de réaménagement approuvé), l’ACD doit, dès que possible après la date à laquelle le Compartiment doit être résilié, réaliser les biens de ce dernier et acquitter ses engagements à partir du produit de la réalisation.
Après avoir constitué une provision adéquate pour les dépenses découlant de la résiliation et l’acquittement des engagements, l’ACD peut faire en sorte que le Dépositaire distribue aux détenteurs d’Actions du Compartiment le produit de la réalisation de ses biens, par le biais de distributions intermédiaires puis d’une distribution finale, proportionnellement au droit de recevoir les bénéfices découlant des biens liés à leurs Actions respectives.
S’il est prévu de résilier le Compartiment en vertu d’un programme de fusion ou de réaménagement approuvé, l’ACD doit effectuer la résiliation conformément à la résolution des détenteurs d’Actions ayant approuvé ledit programme.
Si la Société et l’un ou plusieurs des détenteurs d’Actions (autres que l’ACD) sont d’accord, l’exigence de réaliser les biens du Compartiment ne s’applique pas à la portion des biens correspondant aux droits dudit ou desdits détenteur(s), et l’ACD peut distribuer cette portion sous la forme de biens, après avoir fait les ajustements ou retenu la provision que l’ACD juge nécessaire(s) pour assurer que ledit ou lesdits détenteur(s) soit/soient responsable(s) d’une Part proportionnelle des engagements et des dépenses.
En cas de somme non réclamée ou restant sur le compte des avoirs du Compartiment, l’ACD doit demander au Dépositaire de conserver cette somme sur un compte séparé de tous les autres avoirs de la Société, conformément aux Règles de la FCA. Lors de la dissolution de la Société, le Dépositaire cesse de conserver ces sommes sur ce compte et les paie ou les dépose, conformément aux Règlements OEIC. | A Fund may also be wound up under Part V of the Insolvency Act 1986.
Winding-up procedure
On a winding-up (otherwise than in accordance with an approved scheme of amalgamation or reconstruction) the ACD is required as soon as practicable after the time the Company falls to be wound-up, to realise the property of the Company and pay the liabilities of the Company out of the proceeds.
Liabilities of the Company attributable or allocated to a particular Fund shall only be met out of the property attributable or allocated to such Fund.
After making adequate provision for the expenses of the winding-up and the discharge of any outstanding liabilities, the ACD may arrange for the Depositary to make interim distributions and then a final distribution of the proceeds of the realisation of the property attributable or allocated to each Fund to the holders in each Fund proportionately to the right to participate in the property attached to their respective Shares.
If the Company is to be wound-up in accordance with an approved scheme of amalgamation or reconstruction, the ACD is required to wind-up the Company in accordance with the resolution of holders approving such scheme.
Where the Company and one or more holders (other than the ACD) agree, the requirement to realise the property of the Company shall not apply to that part of the property which is proportionate to the right of that or those holder(s), and the ACD may distribute that part in the form of property, after making such adjustments or retaining such provision as appears to the ACD appropriate for ensuring that that or those holder(s) bear a proportionate Share of the liabilities and expenses.
If any sum of money is unclaimed or stands to the account of the Company at the date of its dissolution the ACD shall arrange for the Depositary to pay or lodge such sum within one month after that date in accordance with the OEIC Regulations.
Procedure for termination of a Fund
On the termination of a Fund (otherwise than in accordance with an approved scheme of amalgamation or reconstruction) the ACD is required as soon as practicable after the time the Fund falls to be terminated to realise the property of the Fund and pay the liabilities of the Fund out of the proceeds.
After making adequate provision for the expenses of the termination and the discharge of any outstanding liabilities, the ACD may arrange for the Depositary to make interim distributions and then a final distribution of the proceeds of the realisation of the property of the Fund to the holders of the Fund proportionately to the right to participate in the property attached to their respective Shares.
If the Fund is to be terminated in accordance with an approved scheme of amalgamation or reconstruction, the ACD is required to terminate the Fund in accordance with the resolution of holders approving such scheme.
Where the Company and one or more holders (other than the ACD) agree, the requirement to realise the property of the Fund shall not apply to that part of the property which is proportionate to the right of that or those holders, and the ACD may distribute that part in the form of property, after making such adjustments or retaining such provision as appears to the ACD appropriate for ensuring that those holders bear a proportionate Share of the liabilities and expenses.
If any sum of money is unclaimed or stands to the account of the property of the Fund, the ACD shall instruct the Depositary to retain such sum in an account separate from any other part of the property of the Company in accordance
with the FCA Rules. On the dissolution of the Company the Depositary shall cease to hold those amounts as part of that account and they shall be paid or lodged by the Depositary in accordance with the OEIC Regulations. | en | fr |
DOLFIN8112 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Processus de gestion
- Le Fonds est géré activement.
- En appliquant l’approche d’investissement « Sustainable Equity Investment Approach » d’abrdn, le Fonds vise une notation ESG égale ou supérieure à celle de l’indice de référence, ainsi qu’une intensité carbone significativement plus basse comparé à l’indice de référence
- L’implication auprès des équipes de gestion des entreprises est utilisée pour évaluer les structures d’actionnariat, la gouvernance et la qualité de la gestion de ces entreprises, pour une construction éclairée du portefeuille.
- Les leaders durables sont considérés comme étant les entreprises ayant les meilleurs critères ESG ou des produits et services qui répondent aux défis environnementaux et sociétaux à l’échelle mondiale, tandis que les améliorateurs sont typiquement des sociétés avec une direction, des pratiques de gestion et de divulgation ESG de qualité moyenne, et qui présentent un potentiel d’amélioration.
- L’indice de référence est utilisé en tant que point de référence pour la construction de portefeuille et en tant que base de définition des contraintes de risque, mais il n’inclut aucun critère de durabilité.
- Afin d’atteindre son objectif, le Fonds ouvrira des positions dont les pondérations divergent de celles de l’indice de référence ou investira dans des titres qui n’y figurent pas. Les investissements du Fonds peuvent diverger considérablement des titres qui composent l’indice de référence et de leurs pondérations respectives.
- En raison de la nature active du processus de gestion, le profil de performance du Fonds peut s’écarter sensiblement de celui de l’indice de référence sur le long terme. | # Proceso de gestión
- El fondo se gestiona activamente.
- A través de la aplicación del Sustainable Equity Investment Approach de abrdn, el fondo tiene como objetivo una calificación ESG igual o mejor, y una intensidad de carbono significativamente más baja, que el índice de referencia.
- Los líderes sostenibles son vistos como empresas con las mejores credenciales ESG o productos y servicios de su clase que abordan los desafíos medioambientales y sociales globales, mientras que los mejoradores suelen ser empresas con prácticas promedio de gestión en el ámbito ESG y de gobierno y una divulgación con potencial de mejora.
- La implicación con los equipos directivos externos de la empresa se utiliza para evaluar las estructuras de propiedad, gobierno y calidad de gestión de esas empresas con el fin de informar la confección de cartera.
- El índice de referencia también se utiliza como un punto de referencia para la confección de carteras y como base para establecer restricciones de riesgo, pero no incorpora ningún criterio sostenible.
- Con el fin de lograr su objetivo, el fondo adoptará posiciones cuyas ponderaciones divergirán del índice de referencia o invertirá en valores que no estarán incluidos en el índice de referencia. Las inversiones del fondo podrán diferir significativamente de los componentes del índice de referencia y de sus respectivas ponderaciones.
- Debido a la naturaleza activa del proceso de gestión, el perfil de rentabilidad del fondo podría desviarse significativamente con respecto al del índice de referencia. | # Processus de gestion
- Le Fonds est géré activement.
- En appliquant l’approche d’investissement « Sustainable Equity Investment Approach » d’abrdn, le Fonds vise une notation ESG égale ou supérieure à celle de l’indice de référence, ainsi qu’une intensité carbone significativement plus basse comparé à l’indice de référence
- L’implication auprès des équipes de gestion des entreprises est utilisée pour évaluer les structures d’actionnariat, la gouvernance et la qualité de la gestion de ces entreprises, pour une construction éclairée du portefeuille.
- Les leaders durables sont considérés comme étant les entreprises ayant les meilleurs critères ESG ou des produits et services qui répondent aux défis environnementaux et sociétaux à l’échelle mondiale, tandis que les améliorateurs sont typiquement des sociétés avec une direction, des pratiques de gestion et de divulgation ESG de qualité moyenne, et qui présentent un potentiel d’amélioration.
- L’indice de référence est utilisé en tant que point de référence pour la construction de portefeuille et en tant que base de définition des contraintes de risque, mais il n’inclut aucun critère de durabilité.
- Afin d’atteindre son objectif, le Fonds ouvrira des positions dont les pondérations divergent de celles de l’indice de référence ou investira dans des titres qui n’y figurent pas. Les investissements du Fonds peuvent diverger considérablement des titres qui composent l’indice de référence et de leurs pondérations respectives.
- En raison de la nature active du processus de gestion, le profil de performance du Fonds peut s’écarter sensiblement de celui de l’indice de référence sur le long terme. | fr | es |
DOLFIN8113 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The tasks of the Fund Manager shall include in particular the day-to-day implementation of the investment policy on a discretionary basis and the management of the daily business of the respective sub-funds together with other associated services under the supervision, control and responsibility of the Management Company. These tasks shall be performed in conformity with the investment policy principles and the investment restrictions of the sub-funds concerned as described in Annex A, “Sub- fund summary”, and with the statutory investment restrictions.
The Fund Manager has the right to obtain advice from third parties, and in particular from different investment advisors, at its own risk and expense.
The details relating to the performance of the Fund Manager function are set out in the Fund Management Agreement concluded between the Management Company and AIPM Azur International Portfolio Management AG.
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## Investment Advisor | Aufgabe des Fondsmanagers ist insbesondere die eigenständige tägliche Umsetzung der Anlagepolitik und die Führung der Tagesgeschäfte des jeweiligen Teilfonds sowie anderer damit verbundenen Dienstleistungen unter der Aufsicht, Kontrolle und Verantwortung der Verwaltungsgesellschaft. Die Erfüllung dieser Aufgaben erfolgt unter Beachtung der Grundsätze der Anlagepolitik und der Anlagebeschränkungen des jeweiligen Teilfonds, wie sie in Anhang A „Teilfonds im Überblick“ beschrieben sind, sowie der gesetzlichen Anlagebeschränkungen.
Der Fondsmanager hat das Recht, sich auf eigene Kosten und Verantwortung von Dritten, insbesondere von verschiedenen Anlageberatern, beraten zu lassen.
Die genaue Ausführung des Auftrags regelt ein zwischen der Verwaltungsgesellschaft und der AIPM Azur International Portfolio Management AG abgeschlossener Fondsmanagervertrag.
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## Anlageberater | The tasks of the Fund Manager shall include in particular the day-to-day implementation of the investment policy on a discretionary basis and the management of the daily business of the respective sub-funds together with other associated services under the supervision, control and responsibility of the Management Company. These tasks shall be performed in conformity with the investment policy principles and the investment restrictions of the sub-funds concerned as described in Annex A, “Sub- fund summary”, and with the statutory investment restrictions.
The Fund Manager has the right to obtain advice from third parties, and in particular from different investment advisors, at its own risk and expense.
The details relating to the performance of the Fund Manager function are set out in the Fund Management Agreement concluded between the Management Company and AIPM Azur International Portfolio Management AG.
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## Investment Advisor | en | de |
DOLFIN8114 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment Policy
The Sub-Fund is actively and discretionarily managed in order to capture opportunities across different market conditions by taking long or short net positions in a wide range of asset classes including fixed income securities, equities, commodities (notably through commodity indices) and currencies on all global markets, including emerging markets. Investment decisions are based on a combination of investment strategies that are lowly correlated, encompassing security picking, asset allocation, thematic and relative value opportunities. The diversification of the portfolio is achieved through the combination of a macroeconomic, sector and company specific analysis. The Investment Manager will manage the Sub-Fund in accordance with a yearly risk budget at the overall portfolio level and at each individual strategy level.
The investment policy may be achieved by direct investments and through derivatives, especially by entering for instance into total return swaps on equities, bonds or indices, futures, forwards, or options.
The Sub-Fund's global exposure will be monitored by using the absolute Value-at-Risk (VaR) measurement with a maximum VaR of 5% with a five (5) Business Days horizon and 95% confidence level which corresponds to a VaR of 14.16% with a twenty (20) Business Days horizon and 99% confidence level under VaR normal | ## Política de inversión
El Subfondo está gestionado de forma activa y discrecional con el fin de captar oportunidades en las diferentes condiciones de mercado tomando posiciones netas largas o cortas en una amplia gama de clases de activos, incluidos títulos de renta fija, renta variable, materias primas (en particular a través de los índices sobre materias primas) y divisas en todos los mercados globales, incluidos los mercados emergentes. Las decisiones de inversión se basan en una combinación de estrategias de inversión poco correlacionadas, que comprenden selección de títulos, asignación de activos, y oportunidades de valor relativo y temático. La diversificación de la cartera se obtiene a través de la combinación de análisis específicos macroeconómicos, sectoriales y empresariales. La Gestora gestionará el Subfondo de acuerdo con un presupuesto de riesgo anual a nivel de la cartera general y a nivel de cada estrategia individual.
La política de inversión puede llevarse a cabo mediante inversiones directas y a través de derivados, especialmente formalizando, por ejemplo, permutas de rendimiento total (total return swaps) sobre renta variable, bonos o índices, futuros, forwards, u opciones.
La exposición global del Subfondo será controlada utilizando el indicador de valor en riesgo (Value-at-Risk - VaR) absoluto con un nivel máximo del 5% con un horizonte de cinco (5) días hábiles y un nivel de confianza del 95%, que corresponde a un VaR del 14,16% con un horizonte de veinte (20) días | ## Investment Policy
The Sub-Fund is actively and discretionarily managed in order to capture opportunities across different market conditions by taking long or short net positions in a wide range of asset classes including fixed income securities, equities, commodities (notably through commodity indices) and currencies on all global markets, including emerging markets. Investment decisions are based on a combination of investment strategies that are lowly correlated, encompassing security picking, asset allocation, thematic and relative value opportunities. The diversification of the portfolio is achieved through the combination of a macroeconomic, sector and company specific analysis. The Investment Manager will manage the Sub-Fund in accordance with a yearly risk budget at the overall portfolio level and at each individual strategy level.
The investment policy may be achieved by direct investments and through derivatives, especially by entering for instance into total return swaps on equities, bonds or indices, futures, forwards, or options.
The Sub-Fund's global exposure will be monitored by using the absolute Value-at-Risk (VaR) measurement with a maximum VaR of 5% with a five (5) Business Days horizon and 95% confidence level which corresponds to a VaR of 14.16% with a twenty (20) Business Days horizon and 99% confidence level under VaR normal | en | es |
DOLFIN8115 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | We do not charge an entry fee. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product, [but the person selling you the product may do so]. | 0 EUR |
| Ongoing costs taken each year If you exit after 1 year |
| Management fees and other administrative or operating costs | Management fees and other operating costs total 1.05% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 105 EUR |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. | 94 EUR |
| Incidental costs taken under specific conditions If you exit after 1 year |
| Performance fees | There is no Performance Fee for this product. | 0 EUR | | | Costi una tantum di ingresso o di uscita In caso di uscita dopo 1 anno |
| --- |
| Costi di ingresso | Non addebitiamo una commissione di ingresso. | 0 EUR |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto [ma la persona che vende il prodotto può farlo]. | 0 EUR |
| Costi correnti registrati ogni anno In caso di uscita dopo 1 anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | Le commissioni di gestione e gli altri costi operativi sono pari a 1,05% annuo del valore del vostro investimento. Si tratta di una stima basata sui costi effettivi dell’ultimo anno. | 105 EUR |
| Costi di transazione | L’impatto dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. | 94 EUR |
| Oneri accessori sostenuti in determinate condizioni In caso di uscita dopo 1 anno |
| Commissioni di performance | Per questo prodotto non si applicano le Commissioni di performance. | 0 EUR | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | We do not charge an entry fee. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product, [but the person selling you the product may do so]. | 0 EUR |
| Ongoing costs taken each year If you exit after 1 year |
| Management fees and other administrative or operating costs | Management fees and other operating costs total 1.05% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 105 EUR |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. | 94 EUR |
| Incidental costs taken under specific conditions If you exit after 1 year |
| Performance fees | There is no Performance Fee for this product. | 0 EUR | | en | it |
DOLFIN8116 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Board may decide at any time to create within each fund different classes of Shares whose assets will be commonly invested pursuant to the specific investment policy of the relevant fund, but where a specific fee structure, or other specific features may apply according to the characteristics of each class of Share listed below. Additionally, classes of Shares may be created in Australian Dollar, Canadian Dollar, Chinese Renminbi, Czech Koruna, Euro, Hong Kong Dollar, Hungarian Forint, Japanese Yen, New Taiwan Dollar, New Zealand Dollar, Norwegian Krone, Polish Zloty, Singapore Dollar, South Korean Won, Sterling, Swedish Krona, Swiss Francs, US Dollar, or any other freely convertible currency.
Each class of Shares is represented by a code composed by one indicator (the “Class Indicator”) and one or several sub- indicators defined below (the “Class Sub-Indicators”). Each Class Sub-Indicator represents a specific characteristic and several Class Sub-Indicators may be combined in order to determine the features of a class of Shares.
A detailed list of Share classes available as at the time of the Prospectus can be found in Appendix II, “List of Share Classes” of the Prospectus. Such list may be updated from time to time. A complete list of all available Share classes may be obtained, free of charge and upon request, from the registered office of the Fund in Luxembourg.
The Management Company may, at any time, offer existing classes of Shares through different distribution channels in different countries.
The Board shall update the relevant country specific information with the addition of existing classes of Shares in order to conform to local law, custom, business practice or any other reason.
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###### List of the Class Indicators and their related features | Le Conseil peut décider à tout moment de créer, au sein de chaque Compartiment, différentes Catégories d’Actions dont les actifs seront généralement investis conformément à la politique d’investissement du Compartiment concerné mais pour lesquelles une structure de coûts spécifique ou d’autres caractéristiques particulières pourront s’appliquer selon les caractéristiques de chaque Catégorie d’Actions indiquée ci-dessous. Par ailleurs, des Catégories d’Actions peuvent être créées en euro, couronne norvégienne, couronne suédoise, couronne tchèque, dollar australien, dollar canadien, dollar de Hong Kong, dollar de Singapour, dollar des États-Unis, forint hongrois, franc suisse, livre sterling, nouveau dollar de Taïwan, nouveau dollar néo-zélandais, renminbi chinois, won sud-coréen, yen japonais, zloty polonais ou dans toute autre devise librement convertible.
Chaque Catégorie d’Actions est représentée par un code composé d’un indicateur (l’« Indicateur de catégorie ») et d’un ou plusieurs sous-indicateurs définis ci-dessous (les « Sous-indicateurs de catégories »). Chaque Sous-indicateur de catégorie représente une caractéristique spécifique et plusieurs Sous-indicateurs de catégories peuvent être associés afin d’établir les caractéristiques d’une Catégorie d’Actions.
Une liste détaillée des Catégories d’Actions disponibles à la date du Prospectus figure à l’Annexe I « Liste des Catégories d’Actions » du Prospectus. Cette liste peut être mise à jour de temps en temps. Une liste complète de toutes les Catégories d’Actions disponibles peut être obtenue, gratuitement et sur demande, auprès du siège social de la SICAV au Luxembourg.
La Société de gestion peut à tout moment proposer des Catégories d’Actions existantes par le biais de réseaux de distribution différents dans différents pays.
Le Conseil actualisera les informations spécifiques aux pays par l’ajout des Catégories d’Actions existantes afin de se conformer à la législation, aux usages et pratiques locaux ou encore pour toute autre raison.
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###### Liste des Indicateurs de catégories et de leurs caractéristiques afférentes | The Board may decide at any time to create within each fund different classes of Shares whose assets will be commonly invested pursuant to the specific investment policy of the relevant fund, but where a specific fee structure, or other specific features may apply according to the characteristics of each class of Share listed below. Additionally, classes of Shares may be created in Australian Dollar, Canadian Dollar, Chinese Renminbi, Czech Koruna, Euro, Hong Kong Dollar, Hungarian Forint, Japanese Yen, New Taiwan Dollar, New Zealand Dollar, Norwegian Krone, Polish Zloty, Singapore Dollar, South Korean Won, Sterling, Swedish Krona, Swiss Francs, US Dollar, or any other freely convertible currency.
Each class of Shares is represented by a code composed by one indicator (the “Class Indicator”) and one or several sub- indicators defined below (the “Class Sub-Indicators”). Each Class Sub-Indicator represents a specific characteristic and several Class Sub-Indicators may be combined in order to determine the features of a class of Shares.
A detailed list of Share classes available as at the time of the Prospectus can be found in Appendix II, “List of Share Classes” of the Prospectus. Such list may be updated from time to time. A complete list of all available Share classes may be obtained, free of charge and upon request, from the registered office of the Fund in Luxembourg.
The Management Company may, at any time, offer existing classes of Shares through different distribution channels in different countries.
The Board shall update the relevant country specific information with the addition of existing classes of Shares in order to conform to local law, custom, business practice or any other reason.
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###### List of the Class Indicators and their related features | en | fr |
DOLFIN8117 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No ESG reference benchmark has been designated for the purpose of determining whether the financial product is aligned with the characteristics that it promotes.
Reference benchmarks are indexes to measure whether the financial product attains the environmental or social characteristics that they promote. | ## Un indice spécifique a-t-il été désigné comme indice de référence pour déterminer si ce produit financier est aligné sur les caractéristiques environnementales et/ou sociales qu’il promeut ?
Aucun indice de référence ESG n'a été désigné pour déterminer si ce produit financier est aligné sur les caractéristiques qu'il promeut.
Les indices de référence sont des indices permettant de mesurer si le produit financier atteint les caractéristiques environnementales ou sociales qu’il promeut. | ## Is a specific index designated as a reference benchmark to determine whether this financial product is aligned with the environmental and/or social characteristics that it promotes?
No ESG reference benchmark has been designated for the purpose of determining whether the financial product is aligned with the characteristics that it promotes.
Reference benchmarks are indexes to measure whether the financial product attains the environmental or social characteristics that they promote. | en | fr |
DOLFIN8118 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Article 20 – Allowances and remuneration of the board of directors and of the advisers
The members of the board of directors may receive as attendance fees annual fixed remuneration whose total amount for the board is determined by the general meeting. Said amount is maintained until it makes a new decision.
The board of directors will share the remuneration between its members under the conditions it deems appropriate.
Annual fixed remuneration may be awarded to the non-voting members under the same conditions. Said remuneration is divided amongst them by the board of directors. | ###### Article 20 - Allocations et rémunérations du conseil d’Administration et des censeurs
Les membres du conseil d’administration peuvent recevoir à titre de jetons de présence, une rémunération fixe annuelle dont le montant global pour le conseil est déterminé par l’assemblée générale. Il est maintenu jusqu’à décision nouvelle de sa part.
Le conseil d’administration répartit cette rémunération entre ses membres dans les conditions qu’il juge convenables.
Une rémunération fixe annuelle peut dans les mêmes conditions être allouée aux censeurs. Cette rémunération est répartie entre ces derniers par les soins du conseil d’administration. | ###### Article 20 – Allowances and remuneration of the board of directors and of the advisers
The members of the board of directors may receive as attendance fees annual fixed remuneration whose total amount for the board is determined by the general meeting. Said amount is maintained until it makes a new decision.
The board of directors will share the remuneration between its members under the conditions it deems appropriate.
Annual fixed remuneration may be awarded to the non-voting members under the same conditions. Said remuneration is divided amongst them by the board of directors. | en | fr |
DOLFIN8119 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Optimised replication
The sub-fund will achieve exposure to bonds issued on the emerging markets by countries respecting Environmental, Social and Corporate Governance (ESG) criteria 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 debt securities issued by issuers included in the index. The remainder of the assets may be invested in debt securities other than those referred to in the core policy, 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). | #### Réplication optimisée
Le compartiment obtiendra une exposition aux obligations émises dans les marchés émergents par des pays qui respectent les critères environnementaux, sociaux et de gouvernance d’entreprise (ESG) en investissant dans un échantillon représentatif de l’indice sous- jacent (le portefeuille modèle).
Le compartiment investira au moins 90 % de ses actifs dans des titres de créance d’émetteurs inclus dans l’indice. La part restante des actifs pourra être investie en titres de créance autres que ceux prévus dans la politique principale, 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. | #### Optimised replication
The sub-fund will achieve exposure to bonds issued on the emerging markets by countries respecting Environmental, Social and Corporate Governance (ESG) criteria 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 debt securities issued by issuers included in the index. The remainder of the assets may be invested in debt securities other than those referred to in the core policy, 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 |
DOLFIN8120 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## In addition, the Courts Service must make, in respect of each year of assessment, on or before 28 February in the year following the year of assessment, a return to the Revenue Commissioners which:-
- specifies the total amount of gains arising to the investment undertaking in respect of the units acquired and
- specifies in respect of each person who is or was beneficially entitled to those units-
- where available, the name and address of the person,
- the amount of total gains to which the person has beneficial entitlement, and
- such other information as the Revenue Commissioners may require. | ## Darüber hinaus muss der Courts Service für jedes Veranlagungsjahr bis spätestens 28. Februar des Folgejahres bei der Steuerbehörde eine Erklärung einreichen, in der
- der Gesamtbetrag der Gewinne, die die Investmentgesellschaft in Bezug auf die erworbenen Anteile erzielt, aufgeführt ist, und
- zu jeder Person, die für diese Anteile wirtschaftlich Berechtigter ist oder war, folgende Daten aufgeführt werden:
- soweit verfügbar, Name und Adresse der Person,
- der Betrag der Gesamtgewinne, auf die die Person einen wirtschaftlichen Anspruch hat, und
- die weiteren Angaben, die die Steuerbehörde ggf. anfordert. | ## In addition, the Courts Service must make, in respect of each year of assessment, on or before 28 February in the year following the year of assessment, a return to the Revenue Commissioners which:-
- specifies the total amount of gains arising to the investment undertaking in respect of the units acquired and
- specifies in respect of each person who is or was beneficially entitled to those units-
- where available, the name and address of the person,
- the amount of total gains to which the person has beneficial entitlement, and
- such other information as the Revenue Commissioners may require. | en | de |
DOLFIN8121 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Investment limitations
The Stock Connect is subject to quota limitations on daily basis. In particular, once the remaining balance of the relevant quota drops to zero or the daily quota is exceeded, buy orders will be rejected (although investors will be permitted to sell their cross-boundary securities regardless of the quota balance) and there is no certainty that the quota might be extended in the future. Therefore, quota limitations may restrict the concerned Sub-Fund’s ability to invest in A Shares through the Stock Connect on a timely basis, and the concerned Sub-Fund may not be able to effectively pursue its investment strategy.
In addition stock may be recalled from the scope of eligible stocks for trading via the Stock Connect and in such a case the stock can only be sold but restricted from being bought. This may affect the ability of the Sub-Fund to implement its investment strategy.
It is contemplated that Hong Kong stock exchange and PRC stock exchanges markets would reserve the right to suspend trading if necessary for ensuring an orderly and fair market and that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension is triggered. Where a suspension is effected, the concerned Sub-Fund’s ability to access the PRC market via Stock Connect will be adversely affected.
The Stock Connect will only operate on days when both the PRC and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding Settlement Days. So it is possible that there are occasions when it is a normal trading day for the PRC market but the concerned Sub-Fund cannot carry out any A Shares trading via the Stock Connect where that day is not a trading day in Hong Kong. The concerned Sub-Fund may be subject to a risk of price fluctuations in A Shares during the time when the Stock Connect is not trading as a result. | ###### Limitaciones de inversión
El Stock Connect está sujeto a limitaciones de cuotas diarias. En particular, una vez que se agote el saldo disponible de una cuota, o se supere la cuota diaria, las órdenes de compra serán rechazadas (aunque se permitirá a los inversores vender sus títulos transfronterizos independientemente del saldo de la cuota) y no existe certeza alguna de que la cuota pueda ampliarse en el futuro. Por tanto, las limitaciones de cuota pueden restringir la capacidad del subfondo afectado para invertir en acciones A mediante el programa Stock Connect en el momento oportuno, y es posible que este no pueda ejecutar eficazmente su estrategia de inversión.
Además, es posible que una determinada acción deje de ser considerada apta para su negociación a través del Stock Connect y que, en tal caso, dicha acción pueda venderse pero su compra quede restringida. Esto también podría menoscabar la capacidad del subfondo para poner en práctica su estrategia de inversión.
Está previsto que la bolsa de valores de Hong Kong y los mercados de valores de la RPC se reserven el derecho de suspender las negociaciones si fuera necesario para asegurar un mercado ordenado y razonable y garantizar que los riesgos se gestionen de forma prudente. La suspensión requeriría el consentimiento previo del regulador competente. Cuando se efectúe una suspensión, la capacidad del subfondo afectado para acceder al mercado de la RPC a través del programa Stock Connect podría verse perjudicada.
El Stock Connect solo funcionará los días en los que las negociaciones estén abiertas tanto en los mercados de la RPC como en los de Hong Kong y cuando los bancos de ambos mercados se encuentren abiertos en los días de liquidación correspondientes. Por tanto, puede que en ocasiones para los mercados de la RPC sea un día de negociación normal, pero que el subfondo en cuestión no pueda realizar ninguna negociación con acciones A mediante el programa Stock Connect por no tratarse de un día de negociación en Hong Kong. El subfondo puede estar sujeto a un riesgo de fluctuaciones en los precios de las acciones A durante el tiempo en el que las negociaciones a través del Stock Connect estén cerradas. | ###### Investment limitations
The Stock Connect is subject to quota limitations on daily basis. In particular, once the remaining balance of the relevant quota drops to zero or the daily quota is exceeded, buy orders will be rejected (although investors will be permitted to sell their cross-boundary securities regardless of the quota balance) and there is no certainty that the quota might be extended in the future. Therefore, quota limitations may restrict the concerned Sub-Fund’s ability to invest in A Shares through the Stock Connect on a timely basis, and the concerned Sub-Fund may not be able to effectively pursue its investment strategy.
In addition stock may be recalled from the scope of eligible stocks for trading via the Stock Connect and in such a case the stock can only be sold but restricted from being bought. This may affect the ability of the Sub-Fund to implement its investment strategy.
It is contemplated that Hong Kong stock exchange and PRC stock exchanges markets would reserve the right to suspend trading if necessary for ensuring an orderly and fair market and that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension is triggered. Where a suspension is effected, the concerned Sub-Fund’s ability to access the PRC market via Stock Connect will be adversely affected.
The Stock Connect will only operate on days when both the PRC and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding Settlement Days. So it is possible that there are occasions when it is a normal trading day for the PRC market but the concerned Sub-Fund cannot carry out any A Shares trading via the Stock Connect where that day is not a trading day in Hong Kong. The concerned Sub-Fund may be subject to a risk of price fluctuations in A Shares during the time when the Stock Connect is not trading as a result. | en | es |
DOLFIN8122 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Name | UBAM - Europe Sustainable Small Cap Equity |
| --- | --- |
| Legal form | Sub-fund of UBAM, Luxembourg-domiciled SICAV, UCITS |
| Base currency | EUR |
| Currency-hedged share classes | CHF, GBP, USD, SEK and USD (hedged) |
| Cut-off time | 13:00 (LU time) |
| Inception date1 | 16.12.2016 |
| Minimum investment | None |
| Liquidity | Daily |
| Applicable management fee2 | AC EUR: 1.50% IC EUR: 1.00% UC EUR: 1.00% |
| Registered countries3 | AT, CH, DE, ES, FI, FR, IT, LU, NL, SE, SG, UK |
| ISIN | AC EUR: LU1509917735 IC EUR: LU1509919277 UC EUR: LU1509920440 | | | Nome | UBAM - Europe Sustainable Small Cap Equity |
| --- | --- |
| Forma giuridica | Comparto di UBAM, SICAV domiciliata in Lussemburgo, UCITS |
| Valuta di riferimento | EUR |
| Valute della classe di azioni con copertura | CHF, GBP, USD, SEK e USD (con copertura valutaria) |
| Ora del cut-off | 13:00 (ora di Lussemburgo) |
| Data di attivazione1 | 16.12.2016 |
| Investimento minimo | Nessuno |
| Liquidità | Giornaliera |
| Management fee applicabile2 | AC EUR: 1,50% IC EUR: 1,00% IC EUR: 1,00% |
| Paesi registrati3 | AT, CH, DE, ES, FI, FR, IT, LU, NL, SE, SG, UK |
| ISIN | AC EUR: LU1509917735 IC EUR: LU1509919277 UC EUR: LU1509920440 | | | Name | UBAM - Europe Sustainable Small Cap Equity |
| --- | --- |
| Legal form | Sub-fund of UBAM, Luxembourg-domiciled SICAV, UCITS |
| Base currency | EUR |
| Currency-hedged share classes | CHF, GBP, USD, SEK and USD (hedged) |
| Cut-off time | 13:00 (LU time) |
| Inception date1 | 16.12.2016 |
| Minimum investment | None |
| Liquidity | Daily |
| Applicable management fee2 | AC EUR: 1.50% IC EUR: 1.00% UC EUR: 1.00% |
| Registered countries3 | AT, CH, DE, ES, FI, FR, IT, LU, NL, SE, SG, UK |
| ISIN | AC EUR: LU1509917735 IC EUR: LU1509919277 UC EUR: LU1509920440 | | en | it |
DOLFIN8123 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Aberdeen Standard Investments (Asia) Limited (ASIAL) a été nommée en qualité de Conseiller en investissement du Japanese Equity Fund et du Japanese Smaller Companies Fund (concernant les actifs asiatiques de ces Fonds uniquement) à compter du 1er janvier 2021.
Afin de lever toute ambiguïté, Aberdeen Standard Investments (Japan) Limited (ASIJL) restera Gestionnaire d’investissement délégué des Fonds et conservera donc le pouvoir discrétionnaire sur la gestion des actifs du Fonds. Par conséquent, cette nomination n’aura aucun impact sur le mode de gestion actuel de ces Fonds.
De même, la prestation de services de conseil par le fonds ASIAL au fonds ASIJL n’augmentera pas les commissions que vous ou les Fonds verserez, car le fonds ASIAL sera rémunéré par le Gestionnaire d’investissement délégué actuel sur ses propres commissions.
-
# Changement de dénomination de l’indice MSCI China A (USD) | Aberdeen Standard Investments (Asia) Limited (ASIAL) ha sido designada como Asesor de inversiones del Japanese Equity Fund y del Japanese Smaller Companies Fund (solo en relación con los activos asiáticos de estos Fondos) con efecto a partir del 1 de enero de 2021.
Con el fin de disipar cualquier duda al respecto, Aberdeen Standard Investments (Japan) Limited (ASIJL) seguirá siendo el Subgestor de inversiones de los Fondos y, por lo tanto, seguirá teniendo facultades discrecionales sobre la gestión de los activos del Fondo. Como tal, este nombramiento no tendrá ningún impacto sobre la forma en que estos Fondos se gestionan actualmente.
Asimismo, la prestación de servicios de asesoramiento por parte de ASIAL a ASIJL no aumentará las comisiones que deberán pagar los Accionistas o los Fondos, ya que el Subgestor de inversiones actual deducirá la remuneración de ASIAL de sus propias comisiones.
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# Modificación del nombre del MSCI China A Index (USD) | Aberdeen Standard Investments (Asia) Limited (ASIAL) a été nommée en qualité de Conseiller en investissement du Japanese Equity Fund et du Japanese Smaller Companies Fund (concernant les actifs asiatiques de ces Fonds uniquement) à compter du 1er janvier 2021.
Afin de lever toute ambiguïté, Aberdeen Standard Investments (Japan) Limited (ASIJL) restera Gestionnaire d’investissement délégué des Fonds et conservera donc le pouvoir discrétionnaire sur la gestion des actifs du Fonds. Par conséquent, cette nomination n’aura aucun impact sur le mode de gestion actuel de ces Fonds.
De même, la prestation de services de conseil par le fonds ASIAL au fonds ASIJL n’augmentera pas les commissions que vous ou les Fonds verserez, car le fonds ASIAL sera rémunéré par le Gestionnaire d’investissement délégué actuel sur ses propres commissions.
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# Changement de dénomination de l’indice MSCI China A (USD) | fr | es |
DOLFIN8124 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
If the limits in paragraph 4.2 are exceeded for reasons beyond the control of the Company or as a result of redemption requests for Shares or as a result of the exercise of subscription rights, it must adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interests of its shareholders.
While ensuring observance of the principle of risk spreading, recently created Sub-Funds may derogate from the limits in paragraph 4.2 other than those mentioned in sub-paragraphs (i) and (p) for a period of six months following the date of their launch.
- Liquid AssetsA Sub-Fund's holding of Cash and Cash Equivalents may comprise ancillary liquid assets which are bank deposits at sight, such as cash held in current accounts with a bank accessible at any time. | Si les limites visées au paragraphe 4.2 sont dépassées pour des raisons indépendantes de la volonté de la Société, ou du fait des demandes de rachat d’Actions ou de l’exercice du droit de souscription, la Société doit avoir pour objectif prioritaire de ses transactions de vente de régulariser cette situation, en tenant dûment compte de l’intérêt de ses actionnaires.
Conformément au principe de la répartition des risques, les Compartiments créés récemment peuvent déroger aux limites visées au paragraphe 4.2, à l’exception de celles visées aux alinéas (i) et (p), pour une période de six mois à compter de leur lancement.
- LiquiditésLes positions du Compartiment en Liquidités et Moyens proches des liquidités peuvent inclure des actifs liquides à titre accessoire qui sont des dépôts bancaires à vue, ces liquidités étant détenues dans des comptes courants auprès d’une banque et accessibles à tout moment. | If the limits in paragraph 4.2 are exceeded for reasons beyond the control of the Company or as a result of redemption requests for Shares or as a result of the exercise of subscription rights, it must adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interests of its shareholders.
While ensuring observance of the principle of risk spreading, recently created Sub-Funds may derogate from the limits in paragraph 4.2 other than those mentioned in sub-paragraphs (i) and (p) for a period of six months following the date of their launch.
- Liquid AssetsA Sub-Fund's holding of Cash and Cash Equivalents may comprise ancillary liquid assets which are bank deposits at sight, such as cash held in current accounts with a bank accessible at any time. | en | fr |
DOLFIN8125 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
A list of changes in the portfolio for the year ended 31 December 2017 is available free of charge at the registered office of the Management Company of the SICAV. All details relating to the Outstanding Derivatives Contracts as at 31 December 2017 are presented within the Notes to the Financial Statements.
-
### DIVIDENDS
- Distributing Annually: these classes distribute on annual basis an amount based on the net income generated in the previous year. | Eine Liste der Veränderungen im Wertpapierbestand für das am 31. Dezember 2017 abgelaufene Geschäftsjahr steht am eingetragenen Sitz der Verwaltungsgesellschaft der SICAV kostenlos zur Verfügung.
Sämtliche Einzelheiten zu den mit Stand vom 31. Dezember 2017 ausstehenden Derivatkontrakten sind den Erläuterungen zum Jahresabschluss zu entnehmen.
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### DIVIDENDEN
- Ausschüttend jährlich : Diese Klassen schütten auf jährlicher Basis einen Betrag aus, der auf dem im Vorjahr erzielten Nettoertrag basiert. | A list of changes in the portfolio for the year ended 31 December 2017 is available free of charge at the registered office of the Management Company of the SICAV. All details relating to the Outstanding Derivatives Contracts as at 31 December 2017 are presented within the Notes to the Financial Statements.
-
### DIVIDENDS
- Distributing Annually: these classes distribute on annual basis an amount based on the net income generated in the previous year. | en | de |
DOLFIN8126 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Change in net assets
| | 31/12/2021 | 31/12/2020 |
| --- | --- | --- |
| Net assets at the beginning of the year | 733,477,155.22 | 785,402,082.16 |
| Subscriptions (including subscription fees retained by the UCI) | 222,604,673.20 | 144,491,662.25 |
| Redemptions (net of redemption fees retained by the UCI) | -305,173,854.35 | -195,181,723.49 |
| Realised capital gains on deposits and financial instruments | 65,536,394.27 | 28,495,794.43 |
| Realised capital losses on deposits and financial instruments | -14,183,387.42 | -52,782,676.42 |
| Realised capital gains on financial contracts | - | - |
| Realised capital losses on financial contracts | - | - |
| Transaction fees | -453,182.37 | -361,414.09 |
| Exchange rate differences | 865.24 | -571.81 |
| Variation in the estimation difference of deposits and financial instruments | 78,676,681.04 | 21,950,487.70 |
| Valuation difference for financial year Y | 223,449,474.10 | 144,772,793.06 |
| Valuation difference for financial year Y-1 | 144,772,793.06 | 122,822,305.36 |
| Changes in valuation difference of financial contracts: | - | - |
| Valuation difference for financial year Y | - | - |
| Valuation difference for financial year Y-1 | - | - |
| Distribution of assets | - | - |
| Distribution of the previous year’s net capital gains and losses | - | - |
| Dividends paid in the previous financial year on net income | -700,249.55 | -1,510,454.40 |
| Net profit/loss of the period before equalisation adjustment | 7,543,201.04 | 2,973,968.89 |
| Interim dividends paid on net capital gains/losses during the financial year | - | - |
| Interim dividends paid on net income during the financial year | - | - |
| Other items * | - | - |
| Net assets at end of year | 787,328,296.32 | 733,477,155.22 |
* The contents of this line will be subject to a precise explanation by the UCI (merger contributions, payments received as capital and/or performance guarantee) | # Evolution de l’actif net
| | 31.12.2021 | 31.12.2020 |
| --- | --- | --- |
| Actif net en début d’exercice | 733 477 155,22 | 785 402 082,16 |
| Souscriptions (y compris les commissions de souscription acquises à l’OPCVM) | 222 604 673,20 | 144 491 662,25 |
| Rachats (sous déduction des commissions de rachat acquises à l’OPCVM) | -305 173 854,35 | -195 181 723,49 |
| Plus-values réalisées sur dépôts et instruments financiers | 65 536 394,27 | 28 495 794,43 |
| Moins-values réalisées sur dépôts et instruments financiers | -14 183 387,42 | -52 782 676,42 |
| Plus-values réalisées sur contrats financiers | - | - |
| Moins-values réalisées sur contrats financiers | - | - |
| Frais de transaction | -453 182,37 | -361 414,09 |
| Différences de change | 865,24 | -571,81 |
| Variation de la différence d’estimation des dépôts et instruments financiers | 78 676 681,04 | 21 950 487,70 |
| Différence d’estimation exercice N : | 223 449 474,10 | 144 772 793,06 |
| Différence d’estimation exercice N-1 : | 144 772 793,06 | 122 822 305,36 |
| Variation de la différence d’estimation des contrats financiers | - | - |
| Différence d’estimation exercice N : | - | - |
| Différence d’estimation exercice N-1 : | - | - |
| Distribution d’avoirs | - | - |
| Distribution de l’exercice antérieur sur plus et moins-values nettes | - | - |
| Distribution de l’exercice antérieur sur résultat | -700 249,55 | -1 510 454,40 |
| Résultat net de l’exercice avant compte de régularisation | 7 543 201,04 | 2 973 968,89 |
| Acompte(s) versé(s) au cours de l’exercice sur plus et moins-values nettes | - | - |
| Acompte(s) versé(s) au cours de l’exercice sur résultat | - | - |
| Autres éléments * | - | - |
| Actif net en fin d’exercice | 787 328 296,32 | 733 477 155,22 |
* Le contenu de cette ligne fera l’objet d’une explication précise de la part de l’OPC (apports en fusion, versements reçus en garantie en capital et/ou de performance) | # Change in net assets
| | 31/12/2021 | 31/12/2020 |
| --- | --- | --- |
| Net assets at the beginning of the year | 733,477,155.22 | 785,402,082.16 |
| Subscriptions (including subscription fees retained by the UCI) | 222,604,673.20 | 144,491,662.25 |
| Redemptions (net of redemption fees retained by the UCI) | -305,173,854.35 | -195,181,723.49 |
| Realised capital gains on deposits and financial instruments | 65,536,394.27 | 28,495,794.43 |
| Realised capital losses on deposits and financial instruments | -14,183,387.42 | -52,782,676.42 |
| Realised capital gains on financial contracts | - | - |
| Realised capital losses on financial contracts | - | - |
| Transaction fees | -453,182.37 | -361,414.09 |
| Exchange rate differences | 865.24 | -571.81 |
| Variation in the estimation difference of deposits and financial instruments | 78,676,681.04 | 21,950,487.70 |
| Valuation difference for financial year Y | 223,449,474.10 | 144,772,793.06 |
| Valuation difference for financial year Y-1 | 144,772,793.06 | 122,822,305.36 |
| Changes in valuation difference of financial contracts: | - | - |
| Valuation difference for financial year Y | - | - |
| Valuation difference for financial year Y-1 | - | - |
| Distribution of assets | - | - |
| Distribution of the previous year’s net capital gains and losses | - | - |
| Dividends paid in the previous financial year on net income | -700,249.55 | -1,510,454.40 |
| Net profit/loss of the period before equalisation adjustment | 7,543,201.04 | 2,973,968.89 |
| Interim dividends paid on net capital gains/losses during the financial year | - | - |
| Interim dividends paid on net income during the financial year | - | - |
| Other items * | - | - |
| Net assets at end of year | 787,328,296.32 | 733,477,155.22 |
* The contents of this line will be subject to a precise explanation by the UCI (merger contributions, payments received as capital and/or performance guarantee) | en | fr |
DOLFIN8127 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# INVESTOR PROFILE SPECULATIVE:
The fund is appropriate for speculative investors. Due to the composition of the net sub-fund assets, there is a very high degree of risk but also a very high degree of profit potential. The risks may consist in particular of currency risk, credit risk and price risk, as well as market interest rate risks. | # PROFILO DI RISCHIO SPECULATIVO:
Il fondo è indicato per gli investitori speculativi. In base alla composizione del patrimonio netto del comparto, il rischio complessivo risulta molto elevato, con opportunità di guadagno altrettanto elevate. I rischi consistono, in particolare, in rischi valutari, di solvibilità e di corso, nonché in rischi derivanti dalle variazioni dei tassi di interesse di mercato. | # INVESTOR PROFILE SPECULATIVE:
The fund is appropriate for speculative investors. Due to the composition of the net sub-fund assets, there is a very high degree of risk but also a very high degree of profit potential. The risks may consist in particular of currency risk, credit risk and price risk, as well as market interest rate risks. | en | it |
DOLFIN8128 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The figures do not take into account your personal tax situation, which may also affect how much you get back.
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 378 CHF | 691 CHF |
| Annual cost impact (*) | 3.8% | 1.4% each year |
This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 0,5 % before costs and -0,9 % after costs. | # Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 378 CHF | 691 CHF |
| Incidence des coûts annuels (*) | 3.8% | 1.4% chaque année |
Ceci illustre comment les coûts réduisent votre rendement chaque année tout au long de la période de détention. Cela montre par exemple que si vous sortez au terme de la période de détention recommandée, votre rendement moyen par an devrait être de 0,5% avant imputation des coûts et de -0,9% après imputation des coûts. | # The figures do not take into account your personal tax situation, which may also affect how much you get back.
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 378 CHF | 691 CHF |
| Annual cost impact (*) | 3.8% | 1.4% each year |
This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 0,5 % before costs and -0,9 % after costs. | en | fr |
DOLFIN8129 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 years Example Investment: 10 000 EUR |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return. You could lose some or all of your investment. | 1 year | 5 years Recommended holding period |
| Stress scenario | What you might get back after costs | 4 164 EUR | 4 748 EUR |
| | Average return each year | -58.36 % | -13.84 % |
| Unfavourable scenario | What you might get back after costs | 8 055 EUR | 8 314 EUR |
| | Average return each year | -19.45 % | -3.62 % |
| Moderate scenario | What you might get back after costs | 10 017 EUR | 10 717 EUR |
| | Average return each year | 0.17 % | 1.39 % |
| Favourable scenario | What you might get back after costs | 10 979 EUR | 12 031 EUR |
| | Average return each year | 9.79 % | 3.77 % | | | Período de mantenimiento recomendado: 5 años Ejemplo de inversión: 10 000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | 1 año | 5 años Período de mantenimiento recomendado |
| Tensión | Lo que podría recibir tras deducir los costes | 4 164 EUR | 4 748 EUR |
| | Rendimiento medio cada año | -58,36 % | -13,84 % |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8 055 EUR | 8 314 EUR |
| | Rendimiento medio cada año | -19,45 % | -3,62 % |
| Moderado | Lo que podría recibir tras deducir los costes | 10 017 EUR | 10 717 EUR |
| | Rendimiento medio cada año | 0,17 % | 1,39 % |
| Favorable | Lo que podría recibir tras deducir los costes | 10 979 EUR | 12 031 EUR |
| | Rendimiento medio cada año | 9,79 % | 3,77 % | | | Recommended holding period: 5 years Example Investment: 10 000 EUR |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return. You could lose some or all of your investment. | 1 year | 5 years Recommended holding period |
| Stress scenario | What you might get back after costs | 4 164 EUR | 4 748 EUR |
| | Average return each year | -58.36 % | -13.84 % |
| Unfavourable scenario | What you might get back after costs | 8 055 EUR | 8 314 EUR |
| | Average return each year | -19.45 % | -3.62 % |
| Moderate scenario | What you might get back after costs | 10 017 EUR | 10 717 EUR |
| | Average return each year | 0.17 % | 1.39 % |
| Favourable scenario | What you might get back after costs | 10 979 EUR | 12 031 EUR |
| | Average return each year | 9.79 % | 3.77 % | | en | es |
DOLFIN8130 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# US Multi Cap Opportunities – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the USD I Accumulating Class was 25.19%. Over the same period, the benchmark index, the S&P 500 (Total Return, Net of Tax, USD) (the “Index”), returned 28.16%. (Performance for all share classes is provided in Appendix II). Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any).
The Portfolio generated strong absolute performance during the year, highlighted by robust returns within the Financials, Health Care, and Information Technology sectors. Strong stock selection within the Health Care, Industrials, and Information Technology sectors benefited relative performance. Selection within Communication Services, Consumer Discretionary, and Utilities detracted from relative performance. The Portfolio’s zero exposure to Energy and underweight to Information Technology detracted from relative performance. The Portfolio benefited from an overweight position to Financials, and an underweight position to Health Care and Utilities. The Portfolio finished the year with an overweight in Financials, Industrials and Materials, an underweight in Health Care and Information Technology, and had no exposure to Energy or Real Estate.
Portfolio construction is an important component of our investment process, and we continue to find compelling opportunities across our three investment categories: Special Situation, Opportunistic, and Classic investments. This balanced approach is designed to mitigate risk, while generating alpha through stock selection in various market environments. We continue to find compelling opportunities in each category.
The core of our investment process is an unwavering focus on a company’s generation of free cash flow and its use by management. We believe free cash flow is a cleaner measure of value creation than income statement earnings, which may be obfuscated by various accounting methods. Our analysis considers the stability and sources of free cash flow generation, as well as the potential uses of this capital. This investment focus enables us to look across sectors, market capitalisations, and risk profiles to find opportunities, particularly during periods of increased market volatility.
We continue to apply disciplined fundamental research to identify high quality business models with attractive free cash flow characteristics trading at compelling valuations. We believe our investment strategy has the ability to create long-term value for clients and effectively navigate the dynamic market environment. Pent-up demand, selectively challenged supply chains, inflationary pressures, and ongoing shifts in consumer behavior, have the potential to create an environment for businesses to differentiate themselves from peers with company specific solutions. The depth of our Storehouse of Knowledge remains robust. We continue to identify attractive investment opportunities as equity market conditions evolve. As part of our ongoing research process, our team continues to closely monitor developments related to COVID-19. We believe the opening of the US economy will progress, supporting US corporate earnings growth. We believe the Portfolio is well positioned to benefit from the continued growth of global economic activity and increasing investor focus on company fundamentals.
As we evaluate both potential new positions and current portfolio holdings, we will continue to do so with a long-term investment perspective in mind. As always, our focus is to grow our clients’ assets through the disciplined application of our investment philosophy and process.
ANNUAL REPORT 2021 107
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | # US Multi Cap Opportunities – 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 25,19%. En el mismo período, el índice de referencia, el S&P 500 (rentabilidad total en USD, neta de impuestos) (el “Índice”), rindió un 28,16%. (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).
La Cartera generó una sólida rentabilidad absoluta durante el ejercicio, impulsada por los excelentes resultados en el sector financiero, de atención sanitaria y de tecnología de la información. La acertada selección de valores en los sectores de atención sanitaria, industria y tecnología de la información benefició a la rentabilidad relativa. La selección en servicios de comunicación, consumo discrecional y suministros públicos lastró la rentabilidad relativa. La ausencia de exposición de la Cartera a energía y una infraponderación en tecnología de la información lastraron la rentabilidad relativa. La Cartera se benefició de una sobreponderación del sector financiero y de una infraponderación de los sectores de atención sanitaria y suministros públicos. La Cartera cerró el año con sobreponderaciones en finanzas, industria y materiales, con infraponderaciones en atención sanitaria y tecnología de la información y sin exposición a los sectores de la energía e inmobiliario.
La construcción de la cartera constituye un importante componente de nuestro proceso de inversión y seguimos encontrando oportunidades atractivas en nuestras tres categorías de inversión: la inversión en situaciones especiales, la inversión oportunista y la inversión clásica. Este enfoque equilibrado se ha concebido para mitigar el riesgo y generar alfa mediante la selección de títulos en distintos contextos de mercado. Seguimos encontrando oportunidades atractivas en todas y cada una de ellas.
La esencia de nuestro proceso de inversión es la atención sistemática a la generación de flujo de caja libre de una empresa y al uso que su equipo directivo hace del mismo. Creemos que el flujo de caja libre es una medida más clara de creación de valor que los beneficios recogidos en una cuenta de pérdidas y ganancias, que pueden depender de los diversos métodos contables. En nuestro análisis tenemos en cuenta la estabilidad y el origen de la generación de flujo de caja libre, así como los usos que se pueden dar a este capital. Este enfoque de inversión nos permite estudiar los distintos sectores, capitalizaciones de mercado y perfiles de riesgo para encontrar oportunidades, sobre todo en periodos de mayor volatilidad del mercado.
Seguimos aplicando un análisis fundamental disciplinado para identificar modelos de negocio de alta calidad con un elevado flujo de caja disponible que coticen a valoraciones atractivas. Consideramos que nuestra estrategia de inversión puede generar valor a largo plazo para los clientes y afrontar de forma eficaz un entorno de mercado dinámico. La demanda acumulada, los problemas que afrontan determinadas cadenas de suministro, las presiones inflacionarias y el actual cambio del patrón de conducta de los consumidores podrían dar lugar a un entorno en el que las empresas puedan marcar una diferencia frente a sus homólogas a través de soluciones exclusivas propias. La profundidad de nuestro acervo de conocimientos continúa siendo sólida. Seguimos identificando oportunidades de inversión atractivas a medida que evolucionan las condiciones del mercado de renta variable. Nuestro equipo sigue vigilando de cerca los acontecimientos relacionados con la COVID-19, dentro de nuestro proceso de análisis sistemático. Creemos que la reapertura de la economía estadounidense avanzará, lo que apuntalará el crecimiento de los beneficios de las empresas de ese país. A nuestro juicio, la Cartera está bien posicionada para sacar partido del constante crecimiento de la actividad económica mundial y de la atención cada vez mayor de los inversores a los fundamentales de las empresas.
Seguiremos llevando a cabo nuestra evaluación tanto de las posibles posiciones nuevas como de las posiciones actuales de la cartera desde una perspectiva de inversión a largo plazo. Como siempre, la prioridad es lograr una revalorización de los activos de los clientes aplicando de forma disciplinada nuestra filosofía y nuestro proceso de inversión.
INFORME ANUAL 2021 107
CUENTAS INFORME DEL GESTOR DE INVERSIONES | # US Multi Cap Opportunities – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the USD I Accumulating Class was 25.19%. Over the same period, the benchmark index, the S&P 500 (Total Return, Net of Tax, USD) (the “Index”), returned 28.16%. (Performance for all share classes is provided in Appendix II). Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any).
The Portfolio generated strong absolute performance during the year, highlighted by robust returns within the Financials, Health Care, and Information Technology sectors. Strong stock selection within the Health Care, Industrials, and Information Technology sectors benefited relative performance. Selection within Communication Services, Consumer Discretionary, and Utilities detracted from relative performance. The Portfolio’s zero exposure to Energy and underweight to Information Technology detracted from relative performance. The Portfolio benefited from an overweight position to Financials, and an underweight position to Health Care and Utilities. The Portfolio finished the year with an overweight in Financials, Industrials and Materials, an underweight in Health Care and Information Technology, and had no exposure to Energy or Real Estate.
Portfolio construction is an important component of our investment process, and we continue to find compelling opportunities across our three investment categories: Special Situation, Opportunistic, and Classic investments. This balanced approach is designed to mitigate risk, while generating alpha through stock selection in various market environments. We continue to find compelling opportunities in each category.
The core of our investment process is an unwavering focus on a company’s generation of free cash flow and its use by management. We believe free cash flow is a cleaner measure of value creation than income statement earnings, which may be obfuscated by various accounting methods. Our analysis considers the stability and sources of free cash flow generation, as well as the potential uses of this capital. This investment focus enables us to look across sectors, market capitalisations, and risk profiles to find opportunities, particularly during periods of increased market volatility.
We continue to apply disciplined fundamental research to identify high quality business models with attractive free cash flow characteristics trading at compelling valuations. We believe our investment strategy has the ability to create long-term value for clients and effectively navigate the dynamic market environment. Pent-up demand, selectively challenged supply chains, inflationary pressures, and ongoing shifts in consumer behavior, have the potential to create an environment for businesses to differentiate themselves from peers with company specific solutions. The depth of our Storehouse of Knowledge remains robust. We continue to identify attractive investment opportunities as equity market conditions evolve. As part of our ongoing research process, our team continues to closely monitor developments related to COVID-19. We believe the opening of the US economy will progress, supporting US corporate earnings growth. We believe the Portfolio is well positioned to benefit from the continued growth of global economic activity and increasing investor focus on company fundamentals.
As we evaluate both potential new positions and current portfolio holdings, we will continue to do so with a long-term investment perspective in mind. As always, our focus is to grow our clients’ assets through the disciplined application of our investment philosophy and process.
ANNUAL REPORT 2021 107
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | en | es |
DOLFIN8131 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and | #### Esposizione totale e Leva Finanziaria
Metodologia di calcolo dell’esposizione totale: Approccio fondato sugli impegni (Commitment Approach)
Leva finanziaria massima: il 100% del Valore Patrimoniale Netto
Per ulteriori informazioni sull'approccio fondato sugli impegni, consultare la sezione "La Società – Esposizione totale e | #### Global Exposure and Leverage
Global Exposure Calculation Methodology: Commitment approach
Maximum leverage: 100% of the Net Asset Value
For more information on the commitment approach, please see “The Company – Global Exposure and | en | it |
DOLFIN8132 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.09% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 15.00% of New Net Appreciation. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | No aplicable |
| Gastos de salida | No aplicable |
| Este es el máximo que puede detraerse del capital del inversor antes de proceder a la inversión o de abonar el producto de esta. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 2,09% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 15,00% de la Nueva Apreciación Neta. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.09% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 15.00% of New Net Appreciation. | | en | es |
DOLFIN8133 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### A Sub-Fund may invest in aggregate up to 20% of its net assets in transferable securities and money market instruments with the same group.
- Notwithstanding the ceilings set forth above, a Sub-Fund is authorised to invest in accordance with the principle of risk spreading, up to 100% of its net assets in transferable securities and money market instruments issued or guaranteed by a Member State, by its local authorities, by an OECD member state, G20 and Singapore, or public international bodies of which one or more Member State(s) of the European Union are members provided that
- such securities are part of at least six different issues, and
- the securities from any one issue do not account for more than 30% of the net assets of such Sub- Fund. | ##### Tout Compartiment peut investir au total jusqu’à 20 % de son actif net dans des titres négociables et instruments du marché monétaire émis par un même groupe.
- Nonobstant les plafonds énoncés ci- dessus, tout Compartiment est autorisé à investir, en respectant les principes de diversification des risques, jusqu’à 100 % de son actif net dans des titres négociables ou instruments du marché monétaire émis ou garantis par un État membre, par ses collectivités locales, par un État membre de l’OCDE, par un pays du G20 et Singapour ou encore par des organismes publics internationaux auxquels adhèrent un ou plusieurs États membres de l’Union européenne sous réserve que
- ces titres soient répartis en au moins six émissions différentes et
- les titres d’une émission donnée n’excèdent pas 30 % de l’actif net de ce Compartiment. | ##### A Sub-Fund may invest in aggregate up to 20% of its net assets in transferable securities and money market instruments with the same group.
- Notwithstanding the ceilings set forth above, a Sub-Fund is authorised to invest in accordance with the principle of risk spreading, up to 100% of its net assets in transferable securities and money market instruments issued or guaranteed by a Member State, by its local authorities, by an OECD member state, G20 and Singapore, or public international bodies of which one or more Member State(s) of the European Union are members provided that
- such securities are part of at least six different issues, and
- the securities from any one issue do not account for more than 30% of the net assets of such Sub- Fund. | en | fr |
DOLFIN8134 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 255 USD | 1,352 USD |
| Annual cost impact (*) | 2.5% | 2.6% | | | Investimento: 10.000 USD | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi totali | 255 USD | 1.352 USD |
| Incidenza annuale dei costi (*) | 2,5% | 2,6% | | | Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 255 USD | 1,352 USD |
| Annual cost impact (*) | 2.5% | 2.6% | | en | it |
DOLFIN8135 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The ability of issuers in the private sector to face their obligations may also be affected by these same factors. Furthermore, these issuers suffer the effect of decrees, laws and regulations introduced by the government authorities. These may be the modification of exchange controls and amendments to the legal and regulatory system, expropriations and nationalisations and the introduction of, or increase in, taxes, such as deduction at source.
Uncertainty due to an unclear legal environment or to the inability to establish firm ownership rights constitute other decisive factors. Added to this are the lack of reliable sources of information in these countries, the non-compliance of accounting methods with international standards and the lack of financial or commercial controls.
The investors’ attention is drawn to the fact that, at present, investments in Russia are subject to increased risk as regards the ownership and custody of transferable securities: market practice for the custody of bonds is such that these bonds are deposited with Russian institutions that do not always have adequate insurance to cover risk of loss arising from the theft, destruction or disappearance of instruments held in custody.
- DerivativesFinancial derivative instruments are available under the investment policy described in each of the sub-fund supplements. These instruments may be used not only for hedging purposes, but also as an integral part of the investment strategy. The ability to use these instruments may be limited by market conditions and regulatory limits. Participation in financial derivative instruments transactions involves investment risks and transaction costs to which the sub-funds would not be subject if the sub-funds did not use these instruments. Risks inherent in the use of options, foreign currency, swaps and future contracts and options on future contracts include, but are not limited to (a) dependence on the relevant portfolio manager to predict correctly movements in the direction of interest rates, securities prices and currency markets; (b) imperfect correlation between the price of options and futures contracts and option thereon and movements in the prices of the securities or currencies being hedged; (c) the fact that skills needed to use these instruments are different from those needed to select portfolio securities; d) the possible inability of a sub-fund to purchase or sell a portfolio security at a time that otherwise would be favourable for it to do so, or the possible need for a sub-fund to sell a portfolio security at a disadvantageous time. When a sub-fund enters into swap transactions, it is exposed to a potential counterparty risk. The use of financial derivative instruments implies additional risks due to the leverage thus created. Leverage occurs when a modest capital sum is invested in the purchase of derivatives in comparison with the cost of direct acquisition of the underlying assets. The higher the leverage effect, the greater the variation in the price of the derivative in the event of fluctuation in the price of the underlying asset (in comparison with the subscription price calculated in the conditions of the derivative). The potential and the risks of derivatives thus increase in parallel with the increase of the leverage effect. Finally, there can be no assurance that the objective sought to be attained from the use of these financial derivative instruments will be achieved.
- WarrantsCertain sub-funds may invest in equity-linked securities or equity-linked instruments such as warrants. The gearing effect of investment in warrants and the volatility of warrant prices make the risk attached to the investment in warrants higher than in the case with investment in equities. | La capacità degli emittenti del settore privato di far fronte ai propri obblighi potrà risentire degli effetti di questi stessi fattori. Inoltre, tali emittenti subiscono gli effetti di decreti, leggi e regolamenti introdotti dalle autorità governative. Tali effetti includono modifiche introdotte nella normativa valutaria e variazioni relative al sistema legale e di vigilanza, espropriazioni e nazionalizzazioni, l’introduzione o l’aumento delle imposte, quali le ritenute alla fonte.
Le incertezze dovute ad un quadro giuridico non trasparente o all’incapacità di determinare con certezza i diritti di proprietà costituiscono ulteriori fattori decisivi. A ciò si aggiunge la mancanza di informazioni attendibili in questi paesi, la non conformità dei principi contabili con gli standard internazionali e la mancanza di controlli finanziari o commerciali.
Si richiama l’attenzione degli investitori sul fatto che, al momento, l’investimento in Russia è soggetto ad un rischio più marcato relativamente ai diritti di proprietà e alla custodia di valori mobiliari: la prassi di mercato inerente al deposito di obbligazioni è tale che le obbligazioni sono depositate presso istituti russi che non sempre dispongono di assicurazioni adeguate per coprire il rischio di perdite derivanti da furto, distruzione o scomparsa degli strumenti custoditi.
- DerivatiGli strumenti finanziari derivati sono indicati nella politica di investimento descritta in ciascun supplemento dei comparti. Tali strumenti possono essere utilizzati non solo per la copertura ma anche quale parte integrante della strategia di investimento. La capacità di utilizzare tali strumenti potrà risultare limitata dalle condizioni di mercato e dai limiti normativi. La partecipazione in operazioni su strumenti finanziari derivati implica rischi di investimento e oneri di transazione ai quali il comparto non sarebbe altrimenti soggetto se non venissero utilizzati tali strumenti. I rischi inerenti all’uso di opzioni e contratti su valuta, swaps, futures e opzioni su contratti futures includono, a titolo non esaustivo, (a) la dipendenza dall’abilità del relativo gestore del portafoglio nel prevedere correttamente le fluttuazioni dei tassi di interesse e le oscillazioni dei prezzi dei titoli e dei mercati valutari;(b) la correlazione imperfetta che vi è tra i prezzi delle opzioni e dei contratti future e delle opzioni sui medesimi e le oscillazioni dei prezzi dei titoli o delle valute coperti; (c) la circostanza che le capacità richieste per utilizzare tali strumenti siano diverse da quellerichieste per selezionare i titoli di portafoglio; (d) l’impossibilità per il comparto di acquistare o vendere un titolo del portafoglio in un momento favorevole o l’esigenza di vendere un titolo del portafoglio in un momento sfavorevole. Quando un comparto conclude un’operazione swap viene esposto ad un potenziale rischio di controparte. L’uso di strumenti finanziari derivati implica rischi aggiuntivi dato l’effetto leva che viene creato. L’effetto leva insorge quando una modesta somma di capitale viene investita per l’acquisto di derivati rispetto al costo dell’acquisizione diretta degli attivi sottostanti. Più alto è l’effetto leva, maggiori sono le oscillazioni del prezzo del derivato in caso di fluttuazioni del prezzo dell’attivo sottostante (rispetto al prezzo di sottoscrizione calcolato in base ai termini applicabili al derivato). Il potenziale e i rischi dei derivati, quindi, aumentano contestualmente all’aumento dell’effetto leva. Infine, non vi è alcuna garanzia che l’obiettivo perseguito con l’uso di tali strumenti finanziari derivati verrà raggiunto.
- WarrantsAlcuni comparti possono investire in titoli o strumenti collegati a titoli azionari, quali warrants. L’effetto leva dell’investimento in warrants e la volatilità dei prezzi dei warrants rendono il rischio correlato all’investimento in tali strumenti più elevato che nel caso di investimento in titoli azionari. | The ability of issuers in the private sector to face their obligations may also be affected by these same factors. Furthermore, these issuers suffer the effect of decrees, laws and regulations introduced by the government authorities. These may be the modification of exchange controls and amendments to the legal and regulatory system, expropriations and nationalisations and the introduction of, or increase in, taxes, such as deduction at source.
Uncertainty due to an unclear legal environment or to the inability to establish firm ownership rights constitute other decisive factors. Added to this are the lack of reliable sources of information in these countries, the non-compliance of accounting methods with international standards and the lack of financial or commercial controls.
The investors’ attention is drawn to the fact that, at present, investments in Russia are subject to increased risk as regards the ownership and custody of transferable securities: market practice for the custody of bonds is such that these bonds are deposited with Russian institutions that do not always have adequate insurance to cover risk of loss arising from the theft, destruction or disappearance of instruments held in custody.
- DerivativesFinancial derivative instruments are available under the investment policy described in each of the sub-fund supplements. These instruments may be used not only for hedging purposes, but also as an integral part of the investment strategy. The ability to use these instruments may be limited by market conditions and regulatory limits. Participation in financial derivative instruments transactions involves investment risks and transaction costs to which the sub-funds would not be subject if the sub-funds did not use these instruments. Risks inherent in the use of options, foreign currency, swaps and future contracts and options on future contracts include, but are not limited to (a) dependence on the relevant portfolio manager to predict correctly movements in the direction of interest rates, securities prices and currency markets; (b) imperfect correlation between the price of options and futures contracts and option thereon and movements in the prices of the securities or currencies being hedged; (c) the fact that skills needed to use these instruments are different from those needed to select portfolio securities; d) the possible inability of a sub-fund to purchase or sell a portfolio security at a time that otherwise would be favourable for it to do so, or the possible need for a sub-fund to sell a portfolio security at a disadvantageous time. When a sub-fund enters into swap transactions, it is exposed to a potential counterparty risk. The use of financial derivative instruments implies additional risks due to the leverage thus created. Leverage occurs when a modest capital sum is invested in the purchase of derivatives in comparison with the cost of direct acquisition of the underlying assets. The higher the leverage effect, the greater the variation in the price of the derivative in the event of fluctuation in the price of the underlying asset (in comparison with the subscription price calculated in the conditions of the derivative). The potential and the risks of derivatives thus increase in parallel with the increase of the leverage effect. Finally, there can be no assurance that the objective sought to be attained from the use of these financial derivative instruments will be achieved.
- WarrantsCertain sub-funds may invest in equity-linked securities or equity-linked instruments such as warrants. The gearing effect of investment in warrants and the volatility of warrant prices make the risk attached to the investment in warrants higher than in the case with investment in equities. | en | it |
DOLFIN8136 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The asset management company’s staff members are remunerated solely by the asset management company itself and not by the portfolios they manage. H2O has ensured that all variable remuneration, including all deferred portions, is only paid or awarded if it is:
- Justified by the performance of:
- portfolios;
- the commercial unit; and
- the person concerned; and | Le personnel de la société de gestion est rémunéré uniquement par la société de gestion elle-même et non par les Portefeuilles qu'elle gère. H2O s'est assuré que toute rémunération variable, y compris toute partie différée, ne soit versée ou octroyée que si elle est :
- Justifiée en fonction des performances de :
- des portefeuilles ;
- de l'unité commerciale ; et
- de la personne concernée ; et | The asset management company’s staff members are remunerated solely by the asset management company itself and not by the portfolios they manage. H2O has ensured that all variable remuneration, including all deferred portions, is only paid or awarded if it is:
- Justified by the performance of:
- portfolios;
- the commercial unit; and
- the person concerned; and | en | fr |
DOLFIN8137 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# You are about to purchase a product that is not simple and may be difficult to understand. WHAT IS THIS PRODUCT?
Type: Undertakings for the Collective Investment in Transferable Securities (UCITS)
Product Term: Recommended minimum holding period: 5 year(s)
Objective: The investment objective of the Fund is to provide long-term capital appreciation by investing in European equities. The Fund will primarily invest in a concentrated portfolio of equity securities of companies that are listed or traded on the stock exchanges of European OECD-member countries. Particular emphasis is put on companies that exhibit sustainable long-term top and bottom-line growth. The Fund will, under normal circumstances, invest at least 80% of its net assets in companies that the Sub- Investment Manager believes will adhere to the Fund’s environmental, social and governance (“ESG”) criteria. The Sub-Investment Manager evaluates investment opportunities on a company-by-company basis and utilizes fundamental analysis to identify companies believed to have an intrinsic value greater than what is reflected in the current market valuation. This approach includes analysis of a company's financial statements, profitability, management structure, and its position within its industry, among other things. Along with determining whether a company meets the ESG criteria of the Fund, supplemental analysis is carried out to determine an individual company’s ESG factors, which may vary depending on the sector.
The Fund is actively managed which means the Sub-Investment Manager is actively making investment decisions for the Fund. The Fund measures its performance for comparative purposes against the MSCI Europe NR EUR Index ("the Benchmark"). However, when selecting investments, the Fund is not required to follow the composition of this index. Additional information is detailed in the Prospectus: https://www.heptagon-capital.com/documents/prospectus .
Intended Retail Investor: The intended investor of this Fund should have basic knowledge of relevant financial instruments. | # Está a punto de adquirir un producto que no es sencillo y que puede ser difícil de comprender.
¿QUÉ ES ESTE PRODUCTO?
Tipo: Organismos de inversión colectiva en valores mobiliarios
Plazo del producto: Período de mantenimiento mínimo recomendado: 5 año(s)
Objetivo: El objetivo de inversión del Fondo es proporcionar una revalorización de capital mediante la inversión en renta variable europea. El Fondo invertirá principalmente en una cartera concentrada de valores de renta variable de empresas que coticen o se negocien en las bolsas de valores de países europeos miembros de la OCDE. En particular, la atención se centra sobre todo en aquellas empresas que muestran un crecimiento sostenible de los ingresos y los beneficios a largo plazo. El Fondo invertirá, en circunstancias normales, al menos el 80 % de su patrimonio neto en empresas que, a juicio de la Gestora delegada de inversiones, se ajusten a los criterios medioambientales, sociales y de gobernanza («ESG», por sus siglas en inglés) del Fondo. La Gestora delegada de inversiones evalúa las oportunidades de inversión empresa por empresa y aplica el análisis fundamental para identificar aquellas empresas que considera que poseen un valor intrínseco superior al que reflejan las valoraciones actuales del mercado. Este enfoque incluye el análisis de los estados financieros, la rentabilidad, la estructura de gestión y la posición dentro del sector de una empresa, entre otros aspectos. Además de determinar si una empresa cumple los criterios ESG del Fondo, se lleva a cabo un análisis complementario para determinar los factores ESG de una empresa individual, que pueden variar en función del sector. El Fondo se gestiona de forma activa, lo que significa que la Gestora delegada de inversiones toma las decisiones de inversión del Fondo de forma activa. A efectos de comparación, el Fondo mide su rentabilidad en función del índice MSCI Europe NR EUR ("Índice De Referencia"). No obstante, a la hora de seleccionar sus inversiones, el Fondo puede desviarse de la composición de dicho índice. En el Folleto se ofrece información adicional: https://www.heptagon-capital.com/documents/prospectus .
Inversor minorista al que va dirigido: El inversor al que va dirigido este Fondo debe tener conocimientos básicos de los instrumentos financieros pertinentes. | # You are about to purchase a product that is not simple and may be difficult to understand. WHAT IS THIS PRODUCT?
Type: Undertakings for the Collective Investment in Transferable Securities (UCITS)
Product Term: Recommended minimum holding period: 5 year(s)
Objective: The investment objective of the Fund is to provide long-term capital appreciation by investing in European equities. The Fund will primarily invest in a concentrated portfolio of equity securities of companies that are listed or traded on the stock exchanges of European OECD-member countries. Particular emphasis is put on companies that exhibit sustainable long-term top and bottom-line growth. The Fund will, under normal circumstances, invest at least 80% of its net assets in companies that the Sub- Investment Manager believes will adhere to the Fund’s environmental, social and governance (“ESG”) criteria. The Sub-Investment Manager evaluates investment opportunities on a company-by-company basis and utilizes fundamental analysis to identify companies believed to have an intrinsic value greater than what is reflected in the current market valuation. This approach includes analysis of a company's financial statements, profitability, management structure, and its position within its industry, among other things. Along with determining whether a company meets the ESG criteria of the Fund, supplemental analysis is carried out to determine an individual company’s ESG factors, which may vary depending on the sector.
The Fund is actively managed which means the Sub-Investment Manager is actively making investment decisions for the Fund. The Fund measures its performance for comparative purposes against the MSCI Europe NR EUR Index ("the Benchmark"). However, when selecting investments, the Fund is not required to follow the composition of this index. Additional information is detailed in the Prospectus: https://www.heptagon-capital.com/documents/prospectus .
Intended Retail Investor: The intended investor of this Fund should have basic knowledge of relevant financial instruments. | en | es |
DOLFIN8138 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Table 1: Costs over time (Based on an investment of € 10.000,00) |
| --- |
| Scenarios | If you exit after: 1 year | If you exit after: 5 years* |
| Total costs | €720,00 | €2.456,00 |
| Impact on return (RIY) per year | 7,20% | 3,50% | | | Tabelle 1: Kosten im Zeitverlauf (Basierend auf einer Anlage von € 10.000,00) |
| --- |
| Szenarien | Wenn Sie aussteigen nach: 1 Jahr | Wenn Sie nach 5 Jahre* aussteigen |
| Kosten insgesamt | €720,00 | €2.456,00 |
| Auswirkung auf die jährliche Rendite (RIY) | 7,20% | 3,50% | | | Table 1: Costs over time (Based on an investment of € 10.000,00) |
| --- |
| Scenarios | If you exit after: 1 year | If you exit after: 5 years* |
| Total costs | €720,00 | €2.456,00 |
| Impact on return (RIY) per year | 7,20% | 3,50% | | en | de |
DOLFIN8139 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In connection with the above activities, the custo- dian or its affiliated companies:
- will seek to make a profit from these activities, and are entitled to receive and retain any profits or remunerations of any kind. They are not required to notify the fund of the nature or amount of any such profits or compensation, including but not limited to fees, costs, com- missions, income shares, spreads, markups, markdowns, interest, reimbursements, dis- counts or other benefits received in connec- tion with such activities;
- may buy, sell, issue, trade or hold securities or other financial products or instruments as principals in their own interest, in the interest of their affiliated companies or for their other clients;
- may trade in the same or the opposite direc- tion to the transactions carried out, including on the basis of information in their possession but not available to the fund;
- may provide the same or similar services to other clients, including competitors of the fund;
- may obtain creditor rights from the fund, which they may exercise. | En ce qui concerne les activités susmentionnées, l’agence dépositaire ou les entreprises associées :
- tenteront de réaliser un bénéfice via ces activités, du moment qu’elles sont habilitées à recevoir et à conserver tout bénéfice ou rémunération, de quelque nature que ce soit. Elles ne sont pas tenues de communiquer au fonds la nature ou le montant de tels béné- fices ou rémunérations, y compris frais, provisions, parts de rendement, spreads, hausses des cours, baisses des cours, inté- rêts, remboursements, décotes ou autres avantages obtenus en relation avec ces activités ;
- pourront acheter, vendre, émettre, négocier ou détenir des titres ou d’autres produits finan- ciers ou instruments financiers dans leur propre intérêt, dans l’intérêt de leurs entre- prises associées ou pour leurs autres clients ;
- pourront effectuer des échanges commerciaux dans le sens identique ou le sens contraire des transactions réalisées, y compris sur la base des informations qui sont en leur posses- sion, mais non disponibles au fonds ;
- pourront fournir des services identiques ou similaires à d’autres clients, y compris les concurrents du fonds ;
- pourront obtenir des droits de créance du fonds qui pourront être exercés. | In connection with the above activities, the custo- dian or its affiliated companies:
- will seek to make a profit from these activities, and are entitled to receive and retain any profits or remunerations of any kind. They are not required to notify the fund of the nature or amount of any such profits or compensation, including but not limited to fees, costs, com- missions, income shares, spreads, markups, markdowns, interest, reimbursements, dis- counts or other benefits received in connec- tion with such activities;
- may buy, sell, issue, trade or hold securities or other financial products or instruments as principals in their own interest, in the interest of their affiliated companies or for their other clients;
- may trade in the same or the opposite direc- tion to the transactions carried out, including on the basis of information in their possession but not available to the fund;
- may provide the same or similar services to other clients, including competitors of the fund;
- may obtain creditor rights from the fund, which they may exercise. | en | fr |
DOLFIN8140 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### General Investment Risk
Past performance may not be a reliable guide to future performance. The value of Shares, and the return derived from them, can fluctuate and can go down as well as up. No assurance can be given that the Funds will achieve their investment objectives. An investor who realises their investment after a short period may, in addition, not realise the amount that they originally invested because of the initial charge applicable on the issue of certain Share Classes as set out in the section ‘Key Features of the Company’ of this Prospectus. In certain circumstances Shareholders’ rights to redeem Shares may be deferred or suspended (see the section ‘Possible Deferral or Suspension of Redemptions’ of this Prospectus).
Investments on an international basis involve certain risks, including:
- The value of an investment in the Funds may be affected by fluctuations in the value of the currency of denomination of the relevant Fund’s Shares against the value of the currency of denomination of that Fund’s underlying investments. It may also be affected by any changes in exchange control regulations, government policies, tax laws, natural disasters, political, economic or monetary policies and other applicable laws and regulations of the countries in which a Fund may invest. Adverse fluctuations in currency exchange rates can result in a decrease in return and in a loss of capital.
- Accounting, auditing and financial reporting standards, practices and disclosure requirements applicable to some countries in which a Fund may invest may differ from those applicable in Luxembourg in respect of the nature, quality and timeliness of the information disclosed to Investors and, accordingly, investment possibilities may be difficult to assess properly. | ##### Rischio Generale d’investimento
Le performance precedenti potrebbero non rappresentare un’indicazione affidabile per quelle future. Il valore delle Azioni, e il ritorno da esse derivante, è soggetto a fluttuazioni e può sia scendere che salire. Non può esservi garanzia che i Comparti raggiungano il loro obiettivo d’investimento. È inoltre possibile che un investitore che realizzi il proprio investimento dopo un breve periodo di detenzione non riceva l’importo originariamente investito a causa delle commissioni iniziali applicabili al momento dell’emissione di alcune Classi di azioni, come specificato nella sezione “Caratteristiche essenziali della Società” del presente Prospetto. In alcune circostanze, i diritti dell’azionista di richiedere il rimborso delle azioni possono essere differiti o sospesi (vedi il paragrafo “Eventuale differimento o sospensione dei rimborsi” del presente Prospetto informativo).
Gli investimenti internazionali comportano determinati rischi, tra cui:
- Il valore di un investimento nei Comparti Società sarà soggetto a fluttuazioni nel valore delle valute di denominazione delle Azioni del Comparto interessato rispetto al valore della valuta in cui sono espressi gli investimenti sottostanti di quel Comparto. Può anche essere influenzato da modifiche della normativa sul controllo dei cambi, delle politiche governative, delle leggi fiscali, da disastri naturali, dal contesto politico, da determinate politiche economiche o monetarie e da altre leggi e normative in vigore nei Paesi in cui un Comparto sceglie investire. Le fluttuazioni negative nei tassi di cambio possono dar luogo ad un ribasso dei rendimenti e ad una perdita di capitale.
- Potrebbero esserci delle differenze tra gli standard contabili, di revisione e di rendicontazione finanziaria, le prassi e i requisiti di trasparenza applicabili ad alcuni Paesi in cui il Comparto potrà investire e quelli applicati in Lussemburgo, per la natura, la qualità e la tempestività delle informazioni divulgate agli Investitori; di conseguenza, potrebbe essere difficile valutare correttamente le opportunità d’investimento. | ##### General Investment Risk
Past performance may not be a reliable guide to future performance. The value of Shares, and the return derived from them, can fluctuate and can go down as well as up. No assurance can be given that the Funds will achieve their investment objectives. An investor who realises their investment after a short period may, in addition, not realise the amount that they originally invested because of the initial charge applicable on the issue of certain Share Classes as set out in the section ‘Key Features of the Company’ of this Prospectus. In certain circumstances Shareholders’ rights to redeem Shares may be deferred or suspended (see the section ‘Possible Deferral or Suspension of Redemptions’ of this Prospectus).
Investments on an international basis involve certain risks, including:
- The value of an investment in the Funds may be affected by fluctuations in the value of the currency of denomination of the relevant Fund’s Shares against the value of the currency of denomination of that Fund’s underlying investments. It may also be affected by any changes in exchange control regulations, government policies, tax laws, natural disasters, political, economic or monetary policies and other applicable laws and regulations of the countries in which a Fund may invest. Adverse fluctuations in currency exchange rates can result in a decrease in return and in a loss of capital.
- Accounting, auditing and financial reporting standards, practices and disclosure requirements applicable to some countries in which a Fund may invest may differ from those applicable in Luxembourg in respect of the nature, quality and timeliness of the information disclosed to Investors and, accordingly, investment possibilities may be difficult to assess properly. | en | it |
DOLFIN8141 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2 USD Acc between 08/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,702
-3.0%
USD 11,320
2.5% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2 USD Acc entre 08/2022-12/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 702 USD
-3,0%
11 320 USD
2,5% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2 USD Acc between 08/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,702
-3.0%
USD 11,320
2.5% | en | es |
DOLFIN8142 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through total return, using a combination of income and capital growth.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in debt securities, including sovereign debt, of issuers that the Investment Manager believes are positively aligned with sustainable investment themes. These issuers include Emerging Market sovereign issuers as well as other issuers that are organised, or have substantial business activities, in Emerging Markets. These securities may be below investment grade.
The Investment Manager invests in securities that it believes are positively exposed to environmentally- or socially-oriented sustainable investment themes derived from the UN Sustainable Development Goals (UNSDGs).
The Investment Manager emphasizes positive selection criteria, in particular by analyzing the exposure to environmental, social and governance (ESG) factors of each security or issuer, over broad-based negative screens in assessing an issuer's exposure to such ESG factors.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Responsible Investing
The Fund is classified as Article 9 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
JP Morgan Equal Weighted Index (1/3 JP Morgan EMBI Global Diversified, 1/3 JP Morgan GBI-EM Global Diversified, 1/3 JP Morgan CEMBI Broad Diversified) used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a distributing share class. Dividends may include income, realized capital gains and/or be paid out of capital.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Below Investment Grade Securities: Debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
Debt securities: Securities that represent the obligation to pay a debt, with interest.
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Emerging market countries: Nations whose economies and securities markets are less established.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Other investment purposes: In line with the Fund's investment objective and policy, means to gain exposure and/or to manage duration.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector.
Sustainable investment themes: Those investment themes that are derived from the UNSDGs such as Health, Climate, and Empowerment. Sustainable investment themes may change over time.
UN Sustainable Development Goals ("UNSDGs"): A set of 17 goals that represent the United Nations' aspirational view of how the world could look like by 2030. The 17 goals address economic prosperity, environmental sustainability and social inclusion. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo de Inversión
El Fondo trata de aumentar el valor de su inversión con el tiempo mediante la rentabilidad total obtenida de una combinación de ingresos y crecimiento del capital.
## Política de inversión
En condiciones normales de mercado, el Fondo normalmente invierte, al menos, el 80% de sus activos en títulos de renta fija, incluida la deuda soberana, de emisores que el Gestor de Inversiones considere que están expuestos de manera favorable a temas de inversión sostenible. Entre ellos se incluyen emisores soberanos de países emergentes, así como otros emisores constituidos o con una importante actividad en países emergentes. Estos títulos pueden estar situados por debajo del grado de inversión.
El Gestor de Inversiones invierte en títulos que considera que están expuestos de manera favorable a temas de inversión sostenible relacionados con el medioambiente o al ámbito social y derivados de los Objetivos de Desarrollo Sostenible de la ONU.
El Gestor de Inversiones hace hincapié en criterios de selección positiva, en particular mediante el análisis de la exposición a factores medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) de cada título o emisor, frente a los amplios procesos de evaluación negativos, cando evalúa la exposición de un emisor a dichos factores ESG.
El Fondo puede tener exposición a cualquier divisa.
El Fondo utiliza derivados para la cobertura (reducción de riesgos), gestión eficiente de la cartera y otros objetivos de inversión.
## Inversión responsable
El Fondo entra en la categoría del artículo 9 del Reglamento SFDR. Si desea más información, consulte las referencias a la divulgación de información relativa a la sostenibilidad del folleto.
## Índice de referencia
JP Morgan Equal Weighted Index (1/3 JP Morgan EMBI Global Diversified, 1/3 JP Morgan GBI-EM Global Diversified, 1/3 JP Morgan CEMBI Broad Diversified) se emplea para comparar la rentabilidad.
El Fondo se gestiona de forma activa, y el Gestor de Inversiones no está limitado por su índice de referencia. Consulte el folleto del Fondo para obtener más información.
## Divisa del compartimento
La divisa de referencia del Fondo es USD.
## Divisa de la clase de acciones
La divisa de referencia de la clase de acciones es USD.
## Política de reparto
Esta clase de acciones es una clase de acciones de distribución. Los dividendos pueden proceder de ingresos y plusvalías de capital realizadas o abonarse con cargo al capital.
## Amortización
Las acciones pueden amortizarse cualquier día en el que tanto la Bolsa de Nueva York como los bancos en Luxemburgo estén abiertos.
## Glosario
Títulos por debajo del grado de inversión: títulos de renta fija con una calificación inferior al grado de inversión que pueden generar altas rentabilidades pero acarrear mayores riesgos.
Valores de deuda: Valores que representan la obligación de pagar una deuda, con intereses.
Derivados: Instrumentos financieros cuyo valor está vinculado a uno o más tipos, índices, precios de acciones u otros valores.
Países de mercados emergentes: Países cuyas economías y mercados de valores están menos consolidados.
Títulos dentro del grado de inversión: títulos de renta fija con una calificación de BBB-, Baa3 o superior.
Otros fines de inversión: significa aumentar la exposición o gestionar la duración de forma acorde con el objetivo y la política de inversión del Fondo.
Reglamento SFDR: Reglamento (UE) 2019/2088 del Parlamento Europeo y del Consejo, de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros.
Temas de inversión sostenible: aquellos temas de inversión derivados de los ODS de la ONU, tales como salud, clima y empoderamiento. Los temas de inversión sostenible pueden cambiar con el tiempo.
Objetivos de Desarrollo Sostenible de la ONU (ODS): un conjunto de 17 objetivos que representan la visión a la que aspiran las Naciones Unidas de cómo podría ser el mundo en 2030. Estas 17 metas abordan la prosperidad económica, la sostenibilidad medioambiental y la inclusión social. | # OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through total return, using a combination of income and capital growth.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in debt securities, including sovereign debt, of issuers that the Investment Manager believes are positively aligned with sustainable investment themes. These issuers include Emerging Market sovereign issuers as well as other issuers that are organised, or have substantial business activities, in Emerging Markets. These securities may be below investment grade.
The Investment Manager invests in securities that it believes are positively exposed to environmentally- or socially-oriented sustainable investment themes derived from the UN Sustainable Development Goals (UNSDGs).
The Investment Manager emphasizes positive selection criteria, in particular by analyzing the exposure to environmental, social and governance (ESG) factors of each security or issuer, over broad-based negative screens in assessing an issuer's exposure to such ESG factors.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Responsible Investing
The Fund is classified as Article 9 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
JP Morgan Equal Weighted Index (1/3 JP Morgan EMBI Global Diversified, 1/3 JP Morgan GBI-EM Global Diversified, 1/3 JP Morgan CEMBI Broad Diversified) used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a distributing share class. Dividends may include income, realized capital gains and/or be paid out of capital.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Below Investment Grade Securities: Debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
Debt securities: Securities that represent the obligation to pay a debt, with interest.
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Emerging market countries: Nations whose economies and securities markets are less established.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Other investment purposes: In line with the Fund's investment objective and policy, means to gain exposure and/or to manage duration.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector.
Sustainable investment themes: Those investment themes that are derived from the UNSDGs such as Health, Climate, and Empowerment. Sustainable investment themes may change over time.
UN Sustainable Development Goals ("UNSDGs"): A set of 17 goals that represent the United Nations' aspirational view of how the world could look like by 2030. The 17 goals address economic prosperity, environmental sustainability and social inclusion. | en | es |
DOLFIN8143 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
2 Dépositaire : RBC Investor Services Bank S.A.
2 De plus amples informations sur le Fonds ainsi que le prospectus, les statuts, le dernier rapport annuel et tout rapport semestriel ultérieur sont disponibles gratuitement en allemand et en anglais auprès de la société de gestion J. Safra Sarasin Fund Management (Luxembourg) S.A., 11-13 Bvd de la Foire, L-1528 Luxembourg, tél. : +352 262 1251, et de la société, JSS Investmentfonds II, 11-13, Bvd de la Foire, L-1528 Luxembourg.
2 D'autres informations pratiques sur le Fonds ainsi que le prix actuel par action sont disponibles à l'adresse www.jsafrasarasin.ch/funds.
2 La réglementation fiscale de votre pays de domicile ou de résidence fiscale déterminera l'impact de votre investissement sur votre situation fiscale. Pour plus d'informations sur les conséquences fiscales de l'investissement, veuillez contacter votre conseiller fiscal.
2 La responsabilité de JSS Investmentfonds II ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les sections correspondantes du prospectus de JSS Investmentfonds II.
2 Le document d'informations clés pour l'investisseur décrit un compartiment du fonds JSS Investmentfonds II. Le prospectus et les rapports réguliers sont produits pour l'ensemble du fonds JSS Investmentfonds II.
2 Les actifs de chaque compartiment de JSS Investmentfonds II ne répondront, à l'égard de tiers, que du passif du compartiment concerné. En outre, les compartiments sont traités comme des entités distinctes s'agissant des relations entre investisseurs, et chaque compartiment se voit attribuer ses propres engagements lors du calcul de la valeur nette d'inventaire.
2 Les investisseurs d'un compartiment donné de JSS Investmentfonds II ont le droit de convertir tout ou partie de leurs actions en actions d'un autre compartiment de JSS Investmentfonds II lors de tout jour d'évaluation commun aux deux compartiments. De plus amples informations à ce sujet figurent à la section « Conversion d'actions » du prospectus de JSS Investmentfonds II.
2 De plus amples informations quant à la distribution des catégories d'actions supplémentaires d'un quelconque des compartiments de JSS Investmentfonds II peuvent être obtenues auprès de votre conseiller financier.
2 Un résumé de la dernière version de la politique de rémunération est disponible à l'adresse http://fundmanagement-lu.jsafrasarasin.com/internet/fmlu. Cette politique inclut une description de la méthode de calcul de la rémunération et des avantages, ainsi que des informations sur les personnes responsables de l'attribution des rémunérations et des avantages, y compris la composition du comité de rémunération si un tel comité a été constitué. Les investisseurs peuvent obtenir une copie de la politique de rémunération en vigueur gratuitement auprès du siège social de la société de gestion.
Le Fonds est agréé au Luxembourg et supervisé par la CSSF.
Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 30/09/2022. | # Información práctica
2 Depositario: RBC Investor Services Bank S.A.
2 Podrá obtenerse más información gratuita sobre el Fondo, el folleto de inversión, los estatutos, el último informe anual y cualesquiera informes semestrales posteriores en alemán e inglés de la sociedad gestora, J. Safra Sarasin Fund Management (Luxembourg) S.A., 11-13 Bvd de la Foire, L-1528 Luxemburgo, telf. +352 262 1251 y de la sociedad, JSS Investmentfonds II, 11-13 Bvd de la Foire, L-1528 Luxemburgo.
2 En el sitio web www.jsafrasarasin.ch/funds podrá consultar la información práctica sobre el fondo así como los últimos precios de las acciones.
2 La legislación fiscal en el país de su residencia o domicilio fiscal determinarán la forma en la que la inversión repercutirá en su situación tributaria. Si desea más información sobre las consecuencias tributarias de la inversión, póngase en contacto con su asesor fiscal.
2 JSS Investmentfonds II únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes secciones del Folleto de JSS Investmentfonds II.
2 El documento de datos fundamentales describe un subfondo de JSS Investmentfonds II. El folleto y los informes regulares se elaboran para JSS Investmentfonds II en su conjunto.
2 Cada subfondo de JSS Investmentfonds II responderá frente a terceros con su propio patrimonio, si bien únicamente en lo referente a sus propios pasivos. Por otra parte, cada subfondo se considera una entidad independiente en lo que respecta a las relaciones entre los inversores, y los pasivos se asignan a cada subfondo cuando se calcula el patrimonio neto.
2 Los inversores en un subfondo concreto de JSS Investmentfonds II tienen derecho a convertir la totalidad o parte de sus acciones en acciones de otro subfondo de JSS Investmentfonds II en un día de valoración válido para ambos subfondos. En el apartado «Conversión de acciones» del folleto de JSS Investmentfonds II se expone más información a este respecto.
2 Puede obtener más información sobre la distribución de otras clases de acciones de cualquiera de los subfondos de JSS Investmentfonds II a través de su asesor financiero.
2 El resumen de la política de remuneración, en su versión más reciente, se encuentra disponible en http://fundmanagement-lu.jsafrasarasin.com/internet/fmlu. La política recoge una descripción de la metodología de cálculo de la remuneración y los beneficios, los datos de las personas que se encargan de conceder la remuneración y los beneficios, así como la composición del comité de remuneración, en el caso de que se haya establecido dicho comité. Los inversores podrán obtener, sin coste alguno, una copia de la política de remuneración en vigor en el domicilio social de la sociedad gestora.
Este Fondo está autorizado en Luxemburgo y está supervisado por la CSSF. Los presentes datos fundamentales para el inversor son exactos a 30/09/2022. | # Informations pratiques
2 Dépositaire : RBC Investor Services Bank S.A.
2 De plus amples informations sur le Fonds ainsi que le prospectus, les statuts, le dernier rapport annuel et tout rapport semestriel ultérieur sont disponibles gratuitement en allemand et en anglais auprès de la société de gestion J. Safra Sarasin Fund Management (Luxembourg) S.A., 11-13 Bvd de la Foire, L-1528 Luxembourg, tél. : +352 262 1251, et de la société, JSS Investmentfonds II, 11-13, Bvd de la Foire, L-1528 Luxembourg.
2 D'autres informations pratiques sur le Fonds ainsi que le prix actuel par action sont disponibles à l'adresse www.jsafrasarasin.ch/funds.
2 La réglementation fiscale de votre pays de domicile ou de résidence fiscale déterminera l'impact de votre investissement sur votre situation fiscale. Pour plus d'informations sur les conséquences fiscales de l'investissement, veuillez contacter votre conseiller fiscal.
2 La responsabilité de JSS Investmentfonds II ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les sections correspondantes du prospectus de JSS Investmentfonds II.
2 Le document d'informations clés pour l'investisseur décrit un compartiment du fonds JSS Investmentfonds II. Le prospectus et les rapports réguliers sont produits pour l'ensemble du fonds JSS Investmentfonds II.
2 Les actifs de chaque compartiment de JSS Investmentfonds II ne répondront, à l'égard de tiers, que du passif du compartiment concerné. En outre, les compartiments sont traités comme des entités distinctes s'agissant des relations entre investisseurs, et chaque compartiment se voit attribuer ses propres engagements lors du calcul de la valeur nette d'inventaire.
2 Les investisseurs d'un compartiment donné de JSS Investmentfonds II ont le droit de convertir tout ou partie de leurs actions en actions d'un autre compartiment de JSS Investmentfonds II lors de tout jour d'évaluation commun aux deux compartiments. De plus amples informations à ce sujet figurent à la section « Conversion d'actions » du prospectus de JSS Investmentfonds II.
2 De plus amples informations quant à la distribution des catégories d'actions supplémentaires d'un quelconque des compartiments de JSS Investmentfonds II peuvent être obtenues auprès de votre conseiller financier.
2 Un résumé de la dernière version de la politique de rémunération est disponible à l'adresse http://fundmanagement-lu.jsafrasarasin.com/internet/fmlu. Cette politique inclut une description de la méthode de calcul de la rémunération et des avantages, ainsi que des informations sur les personnes responsables de l'attribution des rémunérations et des avantages, y compris la composition du comité de rémunération si un tel comité a été constitué. Les investisseurs peuvent obtenir une copie de la politique de rémunération en vigueur gratuitement auprès du siège social de la société de gestion.
Le Fonds est agréé au Luxembourg et supervisé par la CSSF.
Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 30/09/2022. | fr | es |
DOLFIN8144 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Realised gains or losses on disposal of investments during the financial year/year and unrealised gains and losses on valuation of investments held at the financial year end are included in the Statements of comprehensive income, within net gains/(losses) on financial assets and financial liabilities at fair value through profit and loss.
Unlisted investments
In the case of investments (outperformance swaps and total return swaps) which are not quoted, listed or dealt with on a recognised market, the fair value of such investments shall be calculated in accordance with the valuation technique, comprising of observable data which tracks the performance of the relevant underlying Reference Index/strategy against the performance of the underlying equity basket (in the case of outperformance swaps) or a financing component (in the case of total return swaps) used in the Invesco Commodity Composite UCITS ETF, the Invesco Bloomberg Commodity UCITS ETF and the Invesco Bloomberg Commodity Ex-Agriculture UCITS ETF ("the Commodity Funds") respectively.
In the case of the valuation of the Reference Index/strategy leg of the swap, the observable inputs are the initial Reference Index/strategy value and the current Reference Index/strategy value. For the equity leg of the outperformance swap, the value is that of the underlying equity basket. The components of the financing leg of the total return swap are interest and fees.
The swaps in these Funds are contracts between the Fund and the counterparties. In the case of outperformance swaps, the Fund agrees to exchange with the counterparties the gains/(losses) arising on the equity basket in the Fund for the total return on the relevant Reference Index/strategy on a daily basis.
In the case of a total return swap the Fund receives positive performance on the underlying Reference Index from the counterparty and pays negative performance on the underlying Reference Index, fees and interest to the counterparty.
Any change in the fair value of these outperformance or total return swaps is included in the Statements of comprehensive income, within net gains/(losses) on financial assets and financial liabilities at fair value through profit or loss. | Les plus-values ou moins-values réalisées sur cession d’investissements au cours de l’exercice/l'année et les plus-values et moins-values latentes sur la valorisation des investissements détenus à la clôture de l’exercice sont incluses dans les États du résultat global, au poste de plus-values/(moins-values) nettes sur actifs et passifs financiers à la juste valeur par le biais du compte de résultat.
Investissements non cotés
Dans le cas des investissements (swaps de surperformance et swaps de rendement total) qui ne sont pas cotés, négociés ou échangés sur un marché reconnu, la juste valeur de ces investissements sera calculée conformément à la méthode d’évaluation incluant des données observables répliquant la performance de l’Indice de référence/stratégie sous- jacent(e) correspondant(e) par rapport à la performance du panier d’actions sous-jacent (dans le cas des swaps de surperformance) ou d’une composante financement (dans le cas des swaps de rendement total) utilisée dans les Fonds Invesco Commodity Composite UCITS ETF, Invesco Bloomberg Commodity UCITS ETF et Invesco Bloomberg Commodity Ex-Agriculture UCITS ETF (« les Fonds Commodity »), respectivement.
Dans le cas de l’évaluation du volet Indice de référence/stratégie du swap, les données observables sont la valeur initiale de l’Indice de référence/stratégie et la valeur actuelle de l’Indice de référence/stratégie. La valeur observable du volet titres de participation du swap de surperformance est la valeur du panier de titres sous-jacents. Les composantes du volet financement du swap sur rendement total sont les intérêts et les commissions.
Les swaps de ces Fonds sont des contrats entre le Fonds et les contreparties. Dans le cas des swaps de surperformance, le Fonds consent à échanger avec les contreparties les plus-values/(moins-values) induites par le panier actions au sein du Fonds contre le rendement total de l’Indice de référence/stratégie correspondant(e), sur une base journalière.
Dans le cas d’un swap sur rendement total, le Fonds reçoit la performance positive de l’Indice de référence sous-jacent de la contrepartie et paie la performance négative de l’Indice de référence sous-jacent, les commissions et les intérêts à la contrepartie.
Toute variation de la juste valeur de ces swaps de surperformance ou de rendement total est incluse dans l’État du résultat global, au poste plus- values/(moins-values) nettes sur actifs et passifs financiers à la juste valeur par le biais du compte de résultat. | Realised gains or losses on disposal of investments during the financial year/year and unrealised gains and losses on valuation of investments held at the financial year end are included in the Statements of comprehensive income, within net gains/(losses) on financial assets and financial liabilities at fair value through profit and loss.
Unlisted investments
In the case of investments (outperformance swaps and total return swaps) which are not quoted, listed or dealt with on a recognised market, the fair value of such investments shall be calculated in accordance with the valuation technique, comprising of observable data which tracks the performance of the relevant underlying Reference Index/strategy against the performance of the underlying equity basket (in the case of outperformance swaps) or a financing component (in the case of total return swaps) used in the Invesco Commodity Composite UCITS ETF, the Invesco Bloomberg Commodity UCITS ETF and the Invesco Bloomberg Commodity Ex-Agriculture UCITS ETF ("the Commodity Funds") respectively.
In the case of the valuation of the Reference Index/strategy leg of the swap, the observable inputs are the initial Reference Index/strategy value and the current Reference Index/strategy value. For the equity leg of the outperformance swap, the value is that of the underlying equity basket. The components of the financing leg of the total return swap are interest and fees.
The swaps in these Funds are contracts between the Fund and the counterparties. In the case of outperformance swaps, the Fund agrees to exchange with the counterparties the gains/(losses) arising on the equity basket in the Fund for the total return on the relevant Reference Index/strategy on a daily basis.
In the case of a total return swap the Fund receives positive performance on the underlying Reference Index from the counterparty and pays negative performance on the underlying Reference Index, fees and interest to the counterparty.
Any change in the fair value of these outperformance or total return swaps is included in the Statements of comprehensive income, within net gains/(losses) on financial assets and financial liabilities at fair value through profit or loss. | en | fr |
DOLFIN8145 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment MSCI World (TR) between 31.03.2015-31.03.2022.
Moderate scenario
What you might get back after costs
Average return each year
GBP 10,607
6.1%
GBP 18,651
9.3% | # Ce type de scénario s’est produit pour un placement MSCI World (TR) entre 31.03.2015-31.03.2022.
Scénario intermédiaire
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
GBP 10 607
6,1%
GBP 18 651
9,3% | # This type of scenario occurred for an investment MSCI World (TR) between 31.03.2015-31.03.2022.
Moderate scenario
What you might get back after costs
Average return each year
GBP 10,607
6.1%
GBP 18,651
9.3% | en | fr |
DOLFIN8146 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The fund management company, in cooperation with the custodian bank, may also make an enforced redemption of the units of an investor at the current redemption price if:
- the participation of the investor in the investment fund is such that it might have a significant detrimental impact on the economic interests of the other Investors, in particular if the participation might result in tax disadvantages for the investment fund in Switzerland or abroad;
- the investor has acquired or holds their units in violation of provisions of a law to which they are subject either in Switzerland or abroad, of the present fund contract or the prospectus;
- there is a detrimental impact on the economic interests of the investors, in particular in cases in which individual investors seek by way of systematic subscriptions and immediate redemptions to achieve a financial benefit by exploiting the time differences between the setting of the closing prices and the valuation of the fund assets (market timing). | - Zusätzlich können die Anteile eines Anlegers durch die Fondsleitung in Zusammenarbeit mit der Depotbank zum jeweiligen Rücknahmepreis zwangsweise zurückgenommen werden, wenn:
- die Beteiligung des Anlegers am Anlagefonds geeignet ist, die wirtschaftlichen Interessen der übrigen Anleger massgeblich zu beeinträchtigen, insbesondere wenn die Beteiligung steuerliche Nachteile für den Anlagefonds im In- oder Ausland zeitigen kann;
- Anleger ihre Anteile in Verletzung von Bestimmungen eines auf sie anwendbaren in- oder ausländischen Gesetzes, dieses Fondsvertrags oder des Prospekts erworben haben oder halten;
- die wirtschaftlichen Interessen der Anleger beeinträchtigt werden, insbesondere in Fällen, wo einzelne Anleger durch systematische Zeichnungen und unmittelbar darauffolgende Rücknahmen Vermögensvorteile zu erzielen versuchen, indem sie Zeitunterschiede zwischen der Festlegung der Schlusskurse und der Bewertung des Fondsvermögens ausnutzen (Market Timing). | - The fund management company, in cooperation with the custodian bank, may also make an enforced redemption of the units of an investor at the current redemption price if:
- the participation of the investor in the investment fund is such that it might have a significant detrimental impact on the economic interests of the other Investors, in particular if the participation might result in tax disadvantages for the investment fund in Switzerland or abroad;
- the investor has acquired or holds their units in violation of provisions of a law to which they are subject either in Switzerland or abroad, of the present fund contract or the prospectus;
- there is a detrimental impact on the economic interests of the investors, in particular in cases in which individual investors seek by way of systematic subscriptions and immediate redemptions to achieve a financial benefit by exploiting the time differences between the setting of the closing prices and the valuation of the fund assets (market timing). | en | de |
DOLFIN8147 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The distribution fee is paid to intermediaries holding these unit classes to compensate them for distribution and Unitholder services provided to underlying beneficial owners of these Units. Investors considering investing via an intermediary should be aware of these fees and the potential for conflicts of interest that they create where, for example, an intermediary might be incentivised to recommend a particular Fund, or unit class within a Fund, that has a higher distribution fee.
The distribution fee rates applicable to each of the unit classes are outlined later (Note 3e).
- Administrative feeThe Management Company shall be paid an administrative fee out of the assets of each of the Funds attributable to the relevant unit classes. This administrative fee is calculated as a percentage of the daily net assets of that unit class, accrued daily in the net asset value of the relevant unit class and paid monthly in arrears. The administrative fee rate will vary across Funds and unit classes reflecting the differing expenses of such Funds and/or unit classes but the maximum administrative fee that is paid shall not exceed 0.25% per annum for all unit classes with the exception of unit classes D, N, DL, G and NE where the maximum administrative fee that is paid shall not exceed 0.40% per annum. | La commission de distribution est versée pour rémunérer les intermédiaires détenant ces catégories de parts au titre de la distribution et des services des Porteurs de parts fournis en faveur des bénéficiaires économiques des Parts concernées. Les investisseurs envisageant d’investir via un intermédiaire doivent avoir connaissance de ces commissions et des conflits d’intérêts potentiels qu’elles génèrent, par exemple, si un intermédiaire recommande un Compartiment particulier, ou une catégorie de parts particulière au sein d’un Compartiment, en étant motivé par leur commission de distribution plus élevée.
La commission de distribution applicable à chacune des catégories de parts est décrite plus loin (Note 3e).
- Frais administratifsLa Société de gestion perçoit des frais administratifs sur les actifs de chacun des Compartiments attribuables aux catégories de parts concernées. Ces frais administratifs sont calculés en pourcentage des actifs nets quotidiens de la catégorie de parts concernée, cumulés quotidiennement dans la valeur liquidative de la catégorie de parts et payés mensuellement à terme échu. Le taux des frais administratifs variera selon les Compartiments et les catégories de parts, reflétant les dépenses différentes de ces Compartiments et/ou catégories de parts, mais les frais administratifs maximaux payés ne doivent pas dépasser 0,25 % par an pour toutes les catégories de parts à l’exception des catégories D, N, DL, G et NE pour lesquelles les frais administratifs payés ne doivent pas dépasser 0,40 % par an. | The distribution fee is paid to intermediaries holding these unit classes to compensate them for distribution and Unitholder services provided to underlying beneficial owners of these Units. Investors considering investing via an intermediary should be aware of these fees and the potential for conflicts of interest that they create where, for example, an intermediary might be incentivised to recommend a particular Fund, or unit class within a Fund, that has a higher distribution fee.
The distribution fee rates applicable to each of the unit classes are outlined later (Note 3e).
- Administrative feeThe Management Company shall be paid an administrative fee out of the assets of each of the Funds attributable to the relevant unit classes. This administrative fee is calculated as a percentage of the daily net assets of that unit class, accrued daily in the net asset value of the relevant unit class and paid monthly in arrears. The administrative fee rate will vary across Funds and unit classes reflecting the differing expenses of such Funds and/or unit classes but the maximum administrative fee that is paid shall not exceed 0.25% per annum for all unit classes with the exception of unit classes D, N, DL, G and NE where the maximum administrative fee that is paid shall not exceed 0.40% per annum. | en | fr |
DOLFIN8148 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Dans ce contexte, en vue de générer des capitaux ou des revenus supplémentaires ou de réduire ses frais ou les risques encourus, le Fonds peut effectuer des opérations de prêt de titres, pour autant que ces opérations soient conformes aux dispositions légales et réglementations applicables au Luxem- bourg, aux circulaires de la CSSF (entre autres CSSF 08/356, CSSF 11/512 et CSSF 14/592), ainsi qu'au règlement SFTR.
- Le Fonds peut prêter des titres soit directement, soit dans le cadre d'un système de prêt de titres standardisé organisé via un organisme reconnu de règlement de titres ou des orga- nismes de compensation tels que CLEARSTREAM et EUROCLEAR, ou par un établissement fi- nancier spécialisé dans ce type d'opérations. Le Fonds s'assure que, dans le cadre du prêt de titres, les titres transférés puissent être restitués à tout moment et que l'opération de prêt de titres conclue puisse également cesser à tout moment. Si l’établissement financier susmen- tionné agit pour son propre compte, il doit être considéré comme contrepartie du contrat de prêt de titres. Si le Fonds prête ses titres à des sociétés liées au Fonds dans le cadre d’une re- lation de gestion ou de contrôle, il faudra notamment veiller à la possible apparition de con- flits d’intérêts. Le Fonds doit, préalablement ou au moment du transfert des titres prêtés, ob- tenir une sûreté conformément aux exigences prudentielles relatives au risque de contrepartie et à la constitution d’une sûreté. La restitution de la sûreté s’effectue parallèlement à l’expiration du contrat de prêt de titres ou après la restitution des titres prêtés. Dans le cadre d’un système de prêt de titres standardisé, organisé via un organisme reconnu pour le règle- ment des titres, ou d’un système de prêt de titres organisé via un institut financier soumis à des règles prudentielles équivalentes aux dispositions CE selon la CSSF et spécialisé dans ce type d’opérations, le transfert des titres prêtés peut alors s’effectuer avant la réception de la sûreté si l’intermédiaire garantit l’exécution en bonne et due forme de l’opération. Cet inter- médiaire peut, en lieu et place de l’emprunteur, mettre à disposition du Fonds une sûreté conformément aux exigences prudentielles relatives au risque de contrepartie et à la constitu- tion d’une sûreté. Dans ce cas, l’intermédiaire est contractuellement tenu de fournir des ga- ranties.
- Le Fonds doit s’assurer que le volume des opérations de prêt de titres est maintenu à un ni- veau approprié ou doit pouvoir exiger la restitution des titres prêtés d’une manière telle qu’il puisse à tout moment s’acquitter de son obligation de restitution et garantir que ces opéra- tions n’affectent pas la gestion des actifs du Fonds conformément à sa politique d’investissement. Jusqu'à 100 % du portefeuille détenu en éléments d'actifs éligibles au prêt de titres peuvent être prêtés. Pour chaque opération de prêt de titres conclue, le Fonds doit s'assurer que la valeur courante de la sûreté pendant la durée totale du prêt de titres soit au moins aussi élevée que la valeur courante des actifs réaffectés.
- Obtention d’une sûreté appropriéeLe Fonds peut tenir compte d’une sûreté conformément aux exigences mentionnées aux pré- sentes afin d’inclure le risque de contrepartie dans le cadre des opérations assorties d’un droit de rachat. | En este contexto, el fondo puede llevar a cabo operaciones de préstamo de valores para obtener capital o rendimientos adicionales o para reducir sus costes o riesgos si bien dichas operaciones deben estar en consonancia con las leyes y disposiciones luxemburguesas aplicables, las circulares CSSF (entre otras CSSF 08/356, CSSF 11/512 y CSSF 14/592) y el SFTR.
- El fondo podrá realizar el préstamo de valores tanto directamente como a través de un sistema normalizado de préstamo de valores organizado por un organismo reconocido para la gestión de valores, por una entidad de compensación de valores, como CLEARSTREAM y EUROCLEAR, o bien por una entidad financiera especializada en ese tipo de transacciones. El fondo se asegura de que la transferencia de valores realizada en el marco del préstamo de valores se pueda revertir y de que la operación iniciada de préstamo de valores se pueda terminar en cualquier momento. Si la entidad financiera anteriormente mencionada actúa por cuenta propia, se le considerará contraparte del contrato de préstamo de valores. Si el fondo presta sus valores a empresas que estén vinculadas con el fondo en el marco de una relación de gestión o control, se deben observar muy de cerca los conflictos de intereses que puedan surgir. El fondo debe recibir previamente o en el momento de la transmisión de los valores prestados una garantía en consonancia con los requisitos cautelares en materia de riesgo de contraparte y prestación de garantías. Una vez transcurrido el período de validez del contrato de préstamo de valores se efectuará la devolución de la garantía al mismo tiempo o tras el reembolso de los valores prestados. En el marco de un sistema de préstamo de valores estandarizado, que se organice a través de un organismo reconocido para la liquidación de valores, o un sistema de préstamo de valores, que se organice a través de una entidad bancaria especializada en este tipo de operaciones y supeditada a su vez a prescripciones cautelares que, desde el punto de vista de la CSSF, sean equivalentes a las disposiciones de la UE, la transmisión de valores prestados podrá efectuarse antes de recibir la garantía si el intermediario (intermédiaire) garantiza que la operación se lleva a cabo como es debido. En lugar del prestatario, dicho intermediario podrá poner a disposición del fondo una garantía en consonancia con los requisitos cautelares en materia de riesgo de contraparte y prestaciónde garantías. En dicho caso el intermediario estará obligado contractualmente a la presentación de las garantías.
- El fondo debe velar por que la magnitud de las operaciones de préstamo de valores se mantenga a un nivel adecuado o debe poder exigir la devolución de los valores prestados de tal forma que siempre le sea posible cumplir con su obligación de reembolso y garantizar que dichas operaciones no perjudican la gestión de los activos del fondo conforme a su política de inversión. Se puede prestar hasta un 100 % de los activos patrimoniales con capacidad para ser incluidos en operaciones de préstamos de valores. Para cada operación de préstamo de valores iniciada, el fondo debe garantizar que, durante la duración íntegra de la operación de préstamo, el valor de mercado de la garantía sea al menos tan alto como el valor de mercado de los valores patrimoniales reutilizados.
- Recepción de una garantía adecuadaEl fondo debe contar con una garantía en consonancia con los requisitos expuestos en el presente documento con el fin de considerar el riesgo de contraparte en operaciones con derecho de recompra. | Dans ce contexte, en vue de générer des capitaux ou des revenus supplémentaires ou de réduire ses frais ou les risques encourus, le Fonds peut effectuer des opérations de prêt de titres, pour autant que ces opérations soient conformes aux dispositions légales et réglementations applicables au Luxem- bourg, aux circulaires de la CSSF (entre autres CSSF 08/356, CSSF 11/512 et CSSF 14/592), ainsi qu'au règlement SFTR.
- Le Fonds peut prêter des titres soit directement, soit dans le cadre d'un système de prêt de titres standardisé organisé via un organisme reconnu de règlement de titres ou des orga- nismes de compensation tels que CLEARSTREAM et EUROCLEAR, ou par un établissement fi- nancier spécialisé dans ce type d'opérations. Le Fonds s'assure que, dans le cadre du prêt de titres, les titres transférés puissent être restitués à tout moment et que l'opération de prêt de titres conclue puisse également cesser à tout moment. Si l’établissement financier susmen- tionné agit pour son propre compte, il doit être considéré comme contrepartie du contrat de prêt de titres. Si le Fonds prête ses titres à des sociétés liées au Fonds dans le cadre d’une re- lation de gestion ou de contrôle, il faudra notamment veiller à la possible apparition de con- flits d’intérêts. Le Fonds doit, préalablement ou au moment du transfert des titres prêtés, ob- tenir une sûreté conformément aux exigences prudentielles relatives au risque de contrepartie et à la constitution d’une sûreté. La restitution de la sûreté s’effectue parallèlement à l’expiration du contrat de prêt de titres ou après la restitution des titres prêtés. Dans le cadre d’un système de prêt de titres standardisé, organisé via un organisme reconnu pour le règle- ment des titres, ou d’un système de prêt de titres organisé via un institut financier soumis à des règles prudentielles équivalentes aux dispositions CE selon la CSSF et spécialisé dans ce type d’opérations, le transfert des titres prêtés peut alors s’effectuer avant la réception de la sûreté si l’intermédiaire garantit l’exécution en bonne et due forme de l’opération. Cet inter- médiaire peut, en lieu et place de l’emprunteur, mettre à disposition du Fonds une sûreté conformément aux exigences prudentielles relatives au risque de contrepartie et à la constitu- tion d’une sûreté. Dans ce cas, l’intermédiaire est contractuellement tenu de fournir des ga- ranties.
- Le Fonds doit s’assurer que le volume des opérations de prêt de titres est maintenu à un ni- veau approprié ou doit pouvoir exiger la restitution des titres prêtés d’une manière telle qu’il puisse à tout moment s’acquitter de son obligation de restitution et garantir que ces opéra- tions n’affectent pas la gestion des actifs du Fonds conformément à sa politique d’investissement. Jusqu'à 100 % du portefeuille détenu en éléments d'actifs éligibles au prêt de titres peuvent être prêtés. Pour chaque opération de prêt de titres conclue, le Fonds doit s'assurer que la valeur courante de la sûreté pendant la durée totale du prêt de titres soit au moins aussi élevée que la valeur courante des actifs réaffectés.
- Obtention d’une sûreté appropriéeLe Fonds peut tenir compte d’une sûreté conformément aux exigences mentionnées aux pré- sentes afin d’inclure le risque de contrepartie dans le cadre des opérations assorties d’un droit de rachat. | fr | es |
DOLFIN8149 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 7e892ca3-5ea5-48cc-a3c6-c45d34784d9e
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 HtC Fund - share class FAH GBP (the Product); ISIN LU2241962708; in share class currency GBP a share class of Credit Suisse HtC 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 | # e1252479-2cb2-4298-939a-642b07769e34
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 HtC Fund - clase de acciones FAH GBP (el producto); ISIN LU2241962708; en la moneda de la clase de acciones GBP una clase de acciones de Credit Suisse HtC 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 | # 7e892ca3-5ea5-48cc-a3c6-c45d34784d9e
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 HtC Fund - share class FAH GBP (the Product); ISIN LU2241962708; in share class currency GBP a share class of Credit Suisse HtC 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 |
DOLFIN8150 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: EUR 10,000 |
| --- |
| | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Total Costs | 737 EUR | 2599 EUR |
| Annual Cost Impact (*) | 7.37 % | 3.35 % | | | Investimento: EUR 10.000 |
| --- |
| | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (periodo di detenzione raccomandato) |
| Costi totali | 737 EUR | 2599 EUR |
| Incidenza annuale dei costi (*) | 7,37 % | 3,35 % | | | Investment: EUR 10,000 |
| --- |
| | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Total Costs | 737 EUR | 2599 EUR |
| Annual Cost Impact (*) | 7.37 % | 3.35 % | | en | it |
DOLFIN8151 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Typically lower reward Typically higher reward
The Share Class is assigned to this risk category because of the price variations resulting from its currency and the nature of the Compartment's investments and strategy. The risk category shown is based on historical data and may not be a reliable indication for the future risk profile of the Share Class. It is not a target or a guarantee and may change over time. The lowest category does not mean a risk-free investment. The Compartment offers no capital guarantee or asset protection measures.
The Compartment may be exposed to the following risks which are not adequately captured by the synthetic risk indicator and may negatively impact its value:
- Financial Derivatives risk: the leverage resulting from derivatives amplifies losses in certain market conditions.
- Liquidity risk: markets with low volumes result in difficulties valuing and/or trading some assets.
- Counterparty risk: losses occur when a counterparty does not honour its obligations related to contracts such as over-the-counter derivatives.
- Investments in emerging markets are generally more sensitive to risk events, such as changes in the economic, political, fiscal and legal environment, as well as fraud.
- Investments in Mainland China may be subject to capital restrictions and trading quotas (e.g. QFII and RQFII regimes). The Compartment may encounter difficulties or delays in enforcing its rights in the event of disputes.
- Chinese "Stock Connect" trading programmes may be subject to additional risks related to ownership rights, clearing & settlement, trading quotas and operational issues.
- Operational risk: losses resulting from human errors, system failures, incorrect valuation and safekeeping of assets.
- Sustainability risk: ESG related risk events or conditions could cause a material negative impact on the value of the investment if they were to occur. | Normalmente menor remuneración Normalmente mayor remuneración
Esta categoría de riesgo se asigna a la Clase de acciones debido a las variaciones de los precios resultantes de su divisa y la naturaleza de las inversiones y la estrategia del Compartimento. La categoría de riesgo indicada está basada en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo de esta Clase de acciones. La categoría de riesgo indicada no es un objetivo ni una garantía, y puede variar a lo largo del tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El Compartimento no ofrece garantía de capital ni medidas de protección de activos.
El Compartimento podrá estar expuesto a riesgos importantes que el indicador sintético de riesgo no refleja adecuadamente y que pueden incidir en su rentabilidad:
- Riesgo de derivados financieros: el apalancamiento resultante de los derivados incrementa las pérdidas en ciertas condiciones de mercado.
- Riesgo de liquidez: los mercados con volúmenes bajos conllevan dificultades de valoración y/o compraventa de algunos activos.
- Riesgo de contraparte: las pérdidas se producen cuando una contraparteno cumple con sus obligaciones relacionadas con contratos, tales como por ej. los derivados extrabursátiles.
- Las inversiones en los mercados emergentes: son generalmente más sensibles a eventos de riesgo, como cambios en el entorno económico, político, fiscal y jurídico, así como casos de fraude.
- Las inversiones en China continental podrán estar sujetas a restricciones de capital y cuotas de negociación (por ejemplo, los regímenes QFII y RQFII). El Compartimento podría sufrir dificultades o retrasos a la hora de ejercer sus derechos en caso de conflictos.
- Los programas de negociación «Stock Connect» pueden estar sujetos a riesgos adicionales relacionados con derechos de titularidad, compensación y liquidación, cuotas de negociación y cuestiones operativas.
- Riesgo operativo: pérdidas provocadas por errores humanos, fallos de sistemas, una incorrecta valoración y custodia de los activos.
- Riesgo de sostenibilidad: los acontecimientos o condiciones de riesgo relacionados con cuestiones medioambientales, sociales y de gobierno corporativo (ESG) podrían tener un impacto negativo importante en el valor de la inversión en caso de producirse. | Typically lower reward Typically higher reward
The Share Class is assigned to this risk category because of the price variations resulting from its currency and the nature of the Compartment's investments and strategy. The risk category shown is based on historical data and may not be a reliable indication for the future risk profile of the Share Class. It is not a target or a guarantee and may change over time. The lowest category does not mean a risk-free investment. The Compartment offers no capital guarantee or asset protection measures.
The Compartment may be exposed to the following risks which are not adequately captured by the synthetic risk indicator and may negatively impact its value:
- Financial Derivatives risk: the leverage resulting from derivatives amplifies losses in certain market conditions.
- Liquidity risk: markets with low volumes result in difficulties valuing and/or trading some assets.
- Counterparty risk: losses occur when a counterparty does not honour its obligations related to contracts such as over-the-counter derivatives.
- Investments in emerging markets are generally more sensitive to risk events, such as changes in the economic, political, fiscal and legal environment, as well as fraud.
- Investments in Mainland China may be subject to capital restrictions and trading quotas (e.g. QFII and RQFII regimes). The Compartment may encounter difficulties or delays in enforcing its rights in the event of disputes.
- Chinese "Stock Connect" trading programmes may be subject to additional risks related to ownership rights, clearing & settlement, trading quotas and operational issues.
- Operational risk: losses resulting from human errors, system failures, incorrect valuation and safekeeping of assets.
- Sustainability risk: ESG related risk events or conditions could cause a material negative impact on the value of the investment if they were to occur. | en | es |
DOLFIN8152 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Anti-avoidance provisions
The attention of Shareholders who are individuals resident in the UK is drawn to the provisions contained in Chapter 2 (Transfer of assets abroad) of Part 13 of the Income Tax Act 2007. These provisions prevent avoidance of UK income tax by such individuals through transactions (which could include acquiring Shares in the Company) resulting in the transfer of assets or income to persons (including companies) resident or domiciled outside the United Kingdom. These provisions may render such individuals liable to UK income tax on an annual basis in respect of income and profits of the Company not distributed to them. This legislation is not directed towards the taxation of capital gains. In addition, these provisions will not apply if any relevant Shareholder can satisfy HMRC that the transaction is considered to be a genuine transaction and the individual’s liability to tax would contravene EU treaty freedoms.
The attention of Shareholders who are resident in the UK (and who, if individuals, are domiciled in the UK) is also drawn to section 3 of the Taxation of Chargeable Gains Act 1992. This section could be material to any such person whose proportionate interest in the Company (whether as a Shareholder or otherwise as a “participator” for United Kingdom taxation purposes) when aggregated with that of persons connected with that person is 25%, or greater, if, at the same time, the Company is itself controlled in such manner that, were it to be resident in the United Kingdom for taxation purposes, it would be a “close” company for those purposes. The provisions of this section, if applied, will have the effect of making such individual Shareholders liable to UK capital gains tax (or, in the case of Shareholders that are companies, corporation tax on chargeable gains) on an apportioned part of any capital gains accruing to the Company as if it had accrued to that Shareholder directly. This rule should only apply where either the holding or disposal of the asset formed part of arrangements of which one of the main purposes was the avoidance of capital gains tax or corporation tax.
The provisions concerning controlled foreign companies (“CFCs”), set out in Part 9A of the Taxation (International and Other Provisions) Act 2010, impose a charge to tax on chargeable profits, affecting any UK resident company with an interest of 25% or more (including the interests of associated or connected persons) in the profits of a non-UK resident company provided no statutory exemptions apply. Where a CFC’s profits fall within certain “gateway” provisions (and are not otherwise excluded by any exemption) they will be apportioned to UK participators. This charge may be reduced by a credit for any foreign tax attributable to the relevant profits and by the offset of UK reliefs. UK resident companies holding a right to 25% or more of the profits of the Company (directly or indirectly) are advised to seek their own specific professional taxation advice in relation to whether and how these rules might affect their proposed investment in the Company. The legislation is not directed towards the taxation of capital gains. | ##### Dispositions antifraude
L’attention des Actionnaires résidant en tant que personnes physiques au Royaume-Uni est attirée sur les dispositions contenues au chapitre 2 (Transfert d’actifs à l’étranger) de la Partie 13 de la Loi de 2007 relative à l’impôt sur le revenu (Income Tax Act 2007). Ces dispositions empêchent lesdites personnes physiques de se soustraire à l’impôt britannique sur les revenus par l’intermédiaire de transactions (comme, entre autres, l’acquisition d’Actions au sein de la Société) entraînant le transfert d’actifs ou de revenus à des personnes (y compris des sociétés) résidant ou domiciliées en dehors du Royaume-Uni. Ces dispositions peuvent assujettir de telles personnes physiques à l’impôt britannique sur les revenus au titre des revenus et bénéfices annuels de la Société qui ne leur ont pas été distribués. Cette législation ne concerne pas l’imposition des plus-values. En outre, ces dispositions ne s’appliqueront pas si un Actionnaire concerné peut convaincre HMRC que la transaction est considérée comme une transaction réelle et que l’assujettissement de la personne physique à l’impôt enfreindrait les libertés fondamentales inscrites dans le Traité sur l’Union européenne.
L’attention des Actionnaires résidants au Royaume-Uni (et qui, s’il s’agit de personnes physiques, sont domiciliés au Royaume-Uni) est également attirée sur la section 3 de la Loi de 1992 sur la fiscalité des gains imposables (Taxation of Chargeable Gains Act 1992). Cette section pourrait être essentielle pour toute personne dont les participations proportionnées dans la Société (que ce soit en tant qu’Actionnaire ou d’une quelque autre façon en tant que « participant » à des fins fiscales au Royaume-Uni) cumulées à celles des personnes associées à cette personne sont de 25 %, ou plus, si, parallèlement, la Société est elle-même contrôlée de telle sorte que, si elle était résidente fiscale britannique, elle serait une société « fermée » à de telles fins. Les stipulations évoquées dans cette section, si elles sont appliquées, auront pour conséquence d’assujettir de tels Actionnaires-personnes physiques à l’impôt britannique sur les plus-values (ou, pour les Actionnaires-personnes morales, à l’impôt sur les gains imposables des sociétés) sur une portion répartie des éventuelles plus-values revenant à la Société comme si elle avait été directement acquise à cet Actionnaire. Cette règle ne devrait s’appliquer que lorsque soit la détention soit la cession de l’actif faisait partie des accords dont l’un des objectifs principaux était d’éviter l’impôt sur les plus-values ou l’impôt sur les sociétés.
Les dispositions relatives aux sociétés étrangères contrôlées (« CFC »), énoncées dans la partie 9A de la Loi de 2010 relative aux dispositions internationales et autres sur l’imposition (Taxation (International and Other Provisions) Act 2010), imposent un assujettissement à l’impôt sur les bénéfices imposables, affectant toute société résidant au Royaume-Uni et détenant une participation de 25 % ou plus (y compris des participations de personnes associées ou liées) dans les bénéfices d’une société non résidente fiscale au Royaume-Uni, à condition qu’aucune exemption réglementaire ne s’applique. Lorsque les bénéfices d’un CFC relèvent de certaines dispositions de « passerelle » (et ne sont pas exclus d’une quelque autre façon par une exemption), ils seront répartis entre les participants au Royaume-Uni. Cette charge pourra être réduite par un crédit d’impôt étranger imputable aux bénéfices associés et par la compensation des allègements britanniques. Il est conseillé aux sociétés résidant au Royaume-Uni et détenant un droit sur 25 % ou plus des bénéfices de la Société (directement ou indirectement) de se renseigner personnellement sur leur fiscalité professionnelle particulière pour savoir si et comment ces règles peuvent avoir des répercussions sur leur investissement proposé dans la Société. Cette législation ne concerne pas l’imposition des plus-values. | ##### Anti-avoidance provisions
The attention of Shareholders who are individuals resident in the UK is drawn to the provisions contained in Chapter 2 (Transfer of assets abroad) of Part 13 of the Income Tax Act 2007. These provisions prevent avoidance of UK income tax by such individuals through transactions (which could include acquiring Shares in the Company) resulting in the transfer of assets or income to persons (including companies) resident or domiciled outside the United Kingdom. These provisions may render such individuals liable to UK income tax on an annual basis in respect of income and profits of the Company not distributed to them. This legislation is not directed towards the taxation of capital gains. In addition, these provisions will not apply if any relevant Shareholder can satisfy HMRC that the transaction is considered to be a genuine transaction and the individual’s liability to tax would contravene EU treaty freedoms.
The attention of Shareholders who are resident in the UK (and who, if individuals, are domiciled in the UK) is also drawn to section 3 of the Taxation of Chargeable Gains Act 1992. This section could be material to any such person whose proportionate interest in the Company (whether as a Shareholder or otherwise as a “participator” for United Kingdom taxation purposes) when aggregated with that of persons connected with that person is 25%, or greater, if, at the same time, the Company is itself controlled in such manner that, were it to be resident in the United Kingdom for taxation purposes, it would be a “close” company for those purposes. The provisions of this section, if applied, will have the effect of making such individual Shareholders liable to UK capital gains tax (or, in the case of Shareholders that are companies, corporation tax on chargeable gains) on an apportioned part of any capital gains accruing to the Company as if it had accrued to that Shareholder directly. This rule should only apply where either the holding or disposal of the asset formed part of arrangements of which one of the main purposes was the avoidance of capital gains tax or corporation tax.
The provisions concerning controlled foreign companies (“CFCs”), set out in Part 9A of the Taxation (International and Other Provisions) Act 2010, impose a charge to tax on chargeable profits, affecting any UK resident company with an interest of 25% or more (including the interests of associated or connected persons) in the profits of a non-UK resident company provided no statutory exemptions apply. Where a CFC’s profits fall within certain “gateway” provisions (and are not otherwise excluded by any exemption) they will be apportioned to UK participators. This charge may be reduced by a credit for any foreign tax attributable to the relevant profits and by the offset of UK reliefs. UK resident companies holding a right to 25% or more of the profits of the Company (directly or indirectly) are advised to seek their own specific professional taxation advice in relation to whether and how these rules might affect their proposed investment in the Company. The legislation is not directed towards the taxation of capital gains. | en | fr |
DOLFIN8153 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Interprétation de l'Indicateur de Risque et de Rendement : L'Indicateur de Risque et de Rendement prend en compte les données historiques, lesquelles ne sont pas une indication fiable de l'avenir. La catégorie de risque a été calculée sur la base des données de performance passées correspondantes et peut ne pas être un indicateur fiable du profil de risque futur du Fonds. La catégorie de risque du Fonds ne constitue ni un objectif ni une garantie de stabilité dans le temps. Une catégorie de risque 1 n'est pas synonyme d'investissement sans risque.
Pourquoi ce Fonds est-il dans cette catégorie? Le Fonds est classé dans la catégorie de risque 4 car il investit essentiellement dans des obligations et autres titres asiatiques productifs de revenu et ces actifs n'ont pas affiché de fortes variations de valorisation (« volatilité »). Cependant, de nombreux marchés asiatiques sont considérés comme des marchés émergents et peuvent connaître des variations de valeur. Les variations de valeur sont censées entraîner des variations de la valeur nette d'inventaire du Fonds.
Existe-t-il d'autres risques particuliers que vous devriez prendre en considération? L'Indicateur de Risque et de Rendement ne constitue pas une indication du profil de risque global du Fonds, et n'intègre pas non plus tous les risques liés à l'investissement dans le Fonds. Les risques que vous devriez prendre en compte incluent : le risque de marché, le risque de taux d’intérêt, le risque lié aux devises, le risque de change, le risque de règlement, le risque de valorisation, le risque de crédit, le risque de liquidité, le risque de conformité, le risque politique, le risque juridique, le risque de garde, le risque opérationnel, le risque de contrepartie, le risque régional et de pays, le risque inhérent à l’investissement dans des actions A chinoises ou dans des titres de créance onshore, ainsi que le risque lié au haut rendement. Les investissements dans des marchés financiers moins développés peuvent exposer le Fonds à un risque opérationnel, juridique et politique accru. Les instruments dérivés sont hautement sensibles aux variations de valeurs de l’actif sous-jacent sur lequel ils sont basés. Certains dérivés peuvent produire des pertes plus importantes que le montant initialement investi. Si une contrepartie devait faire défaut, le bénéfice latent sur le contrat de dérivé ainsi que son exposition au marché peuvent disparaître. Le Fonds vise à redistribuer la totalité des revenus enregistrés par cette catégorie. Cela peut avoir pour conséquence que les charges de la catégorie soient prélevées sur le capital. Le paiement des charges sur le capital s'apparente à une restitution ou à un retrait d'une partie du placement initial d'un investisseur, et limite son potentiel de génération de revenu. Pour davantage de précisions sur les risques, veuillez vous reporter à la section « Facteurs de risque » du Prospectus du Fonds, disponible sur global.matthewsasia.com/prospectus. | Interpretación del indicador de riesgo y remuneración: El indicador de riesgo y remuneración toma en cuenta datos históricos que no constituyen una indicación fiable de los resultados futuros. La categoría de riesgo se calculó utilizando los correspondientes datos de rentabilidad histórica, que puede no constituir una indicación fiable del futuro perfil de riesgo de los fondos. La categoría de riesgo del fondo no constituye un objetivo ni se garantiza su estabilidad en el tiempo. La categoría de riesgo 1 no significa que la inversión esté exenta de riesgos.
¿Por qué está este fondo en esta categoría? El fondo se encuentra en la categoría de riesgo 4 debido a que invierte principalmente en renta fija asiática y otros valores que generan ingresos y estos activos no han mostrado cambios significativos en su valoración («volatilidad»). No obstante, muchos mercados asiáticos son considerados mercados emergentes y pueden experimentar cambios en su valoración («volatilidad»). En general, los cambios en la valoración generan cambios en el valor de inventario neto del fondo.
¿Existen otros riesgos concretos que debería considerar? El indicador de riesgo y remuneración no proporciona un perfil general de riesgo del fondo, ni refleja plenamente todos los riesgos que comporta invertir en él. Entre los riesgos que debe considerar se incluyen: riesgo de mercado, riesgo de tipo de interés, riesgo de divisas, riesgo cambiario, riesgo de liquidación, riesgo de valoración, riesgo de crédito, riesgo de liquidez, riesgo de cumplimiento, riesgo político, riesgo jurídico, riesgo de custodia, riesgo operativo, riesgo de contraparte, riesgo regional y nacional, riesgo de invertir en acciones A de China o valores de deuda onshore y riesgo invertir en títulos de alto rendimiento. Las inversiones en mercados financieros menos desarrollados pueden exponer al Fondo a un mayor riesgo operativo, jurídico y político. Los instrumentos derivados son extremadamente sensibles a los cambios en el valor del activo subyacente en el que se basan. Determinados derivados pueden dar lugar a pérdidas superiores al importe invertido. Si se produjese un impago de la contraparte, podría perderse el beneficio no materializado sobre el contrato derivado y su exposición al mercado. El fondo pretende distribuir todos los ingresos obtenidos por esta clase. Como consecuencia de esto puede que los gastos de esta clase se abonen con cargo al capital. El pago de los gastos con cargo al capital equivale a una devolución o a una retirada de parte de la inversión original de un inversor y limita su potencial de generación de ingresos. Si desea más información sobre los riesgos, consulte la sección
«Consideraciones sobre riesgos» del folleto del fondo que está disponible en global.matthewsasia.com/prospectus. | Interprétation de l'Indicateur de Risque et de Rendement : L'Indicateur de Risque et de Rendement prend en compte les données historiques, lesquelles ne sont pas une indication fiable de l'avenir. La catégorie de risque a été calculée sur la base des données de performance passées correspondantes et peut ne pas être un indicateur fiable du profil de risque futur du Fonds. La catégorie de risque du Fonds ne constitue ni un objectif ni une garantie de stabilité dans le temps. Une catégorie de risque 1 n'est pas synonyme d'investissement sans risque.
Pourquoi ce Fonds est-il dans cette catégorie? Le Fonds est classé dans la catégorie de risque 4 car il investit essentiellement dans des obligations et autres titres asiatiques productifs de revenu et ces actifs n'ont pas affiché de fortes variations de valorisation (« volatilité »). Cependant, de nombreux marchés asiatiques sont considérés comme des marchés émergents et peuvent connaître des variations de valeur. Les variations de valeur sont censées entraîner des variations de la valeur nette d'inventaire du Fonds.
Existe-t-il d'autres risques particuliers que vous devriez prendre en considération? L'Indicateur de Risque et de Rendement ne constitue pas une indication du profil de risque global du Fonds, et n'intègre pas non plus tous les risques liés à l'investissement dans le Fonds. Les risques que vous devriez prendre en compte incluent : le risque de marché, le risque de taux d’intérêt, le risque lié aux devises, le risque de change, le risque de règlement, le risque de valorisation, le risque de crédit, le risque de liquidité, le risque de conformité, le risque politique, le risque juridique, le risque de garde, le risque opérationnel, le risque de contrepartie, le risque régional et de pays, le risque inhérent à l’investissement dans des actions A chinoises ou dans des titres de créance onshore, ainsi que le risque lié au haut rendement. Les investissements dans des marchés financiers moins développés peuvent exposer le Fonds à un risque opérationnel, juridique et politique accru. Les instruments dérivés sont hautement sensibles aux variations de valeurs de l’actif sous-jacent sur lequel ils sont basés. Certains dérivés peuvent produire des pertes plus importantes que le montant initialement investi. Si une contrepartie devait faire défaut, le bénéfice latent sur le contrat de dérivé ainsi que son exposition au marché peuvent disparaître. Le Fonds vise à redistribuer la totalité des revenus enregistrés par cette catégorie. Cela peut avoir pour conséquence que les charges de la catégorie soient prélevées sur le capital. Le paiement des charges sur le capital s'apparente à une restitution ou à un retrait d'une partie du placement initial d'un investisseur, et limite son potentiel de génération de revenu. Pour davantage de précisions sur les risques, veuillez vous reporter à la section « Facteurs de risque » du Prospectus du Fonds, disponible sur global.matthewsasia.com/prospectus. | fr | es |
DOLFIN8154 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Exposition aux contrats de différence par courtiers compensateurs
###### Au 30 septembre 2022, l’exposition totale aux contrats de différence pour chaque contrepartie, calculée comme la somme des montants non réalisés se présentait comme suit :
| Nom du Compartiment | Devise | Goldman Sachs | HSBC | JP.Morgan | Morgan Stanley | UBS |
| --- | --- | --- | --- | --- | --- | --- |
| Asia Fund | USD | - | (864 153) | 663 397 | 277 502 | 160 481 |
| Emerging Markets Fund | USD | (599 341) | (670 568) | (69 871) | 491 002 | 103 594 |
| Europe Fund | EUR | 427 660 | 147 286 | (2 088 398) | 7 424 570 | 409 929 |
| Global Fund | USD | 915 592 | 24 675 | (225 767) | (423 201) | 108 297 |
- | # Exposición a contratos por diferencias por operadores de compensación
###### La exposición total por contraparte de contratos por diferencias, calculada como la suma de los no materializados, a 30 de septiembre de 2022 fue la siguiente:
| Nombre del subfondo | Divisa | Goldman Sachs | HSBC | JP Morgan | Morgan Stanley | UBS |
| --- | --- | --- | --- | --- | --- | --- |
| Asia Fund | USD | - | (864.153) | 663.397 | 277.502 | 160.481 |
| Emerging Markets Fund | USD | (599.341) | (670.568) | (69.871) | 491.002 | 103.594 |
| Europe Fund | EUR | 427.660 | 147.286 | (2.088.398) | 7.424.570 | 409.929 |
| Global Fund | USD | 915.592 | 24.675 | (225.767) | (423.201) | 108.297 |
- | # Exposition aux contrats de différence par courtiers compensateurs
###### Au 30 septembre 2022, l’exposition totale aux contrats de différence pour chaque contrepartie, calculée comme la somme des montants non réalisés se présentait comme suit :
| Nom du Compartiment | Devise | Goldman Sachs | HSBC | JP.Morgan | Morgan Stanley | UBS |
| --- | --- | --- | --- | --- | --- | --- |
| Asia Fund | USD | - | (864 153) | 663 397 | 277 502 | 160 481 |
| Emerging Markets Fund | USD | (599 341) | (670 568) | (69 871) | 491 002 | 103 594 |
| Europe Fund | EUR | 427 660 | 147 286 | (2 088 398) | 7 424 570 | 409 929 |
| Global Fund | USD | 915 592 | 24 675 | (225 767) | (423 201) | 108 297 |
- | fr | es |
DOLFIN8155 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,590 USD -84.12% | 1,920 USD -28.09% |
| Unfavourable¹ | What you might get back after costs Average return each year | 8,480 USD -15.25% | 8,850 USD -2.41% |
| Moderate² | What you might get back after costs Average return each year | 10,600 USD 5.96% | 13,220 USD 5.74% |
| Favourable³ | What you might get back after costs Average return each year | 13,250 USD 32.48% | 15,640 USD 9.35% | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 1.590 USD -84,12% | 1.920 USD -28,09% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 8.480 USD -15,25% | 8.850 USD -2,41% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.600 USD 5,96% | 13.220 USD 5,74% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 13.250 USD 32,48% | 15.640 USD 9,35% | | | Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,590 USD -84.12% | 1,920 USD -28.09% |
| Unfavourable¹ | What you might get back after costs Average return each year | 8,480 USD -15.25% | 8,850 USD -2.41% |
| Moderate² | What you might get back after costs Average return each year | 10,600 USD 5.96% | 13,220 USD 5.74% |
| Favourable³ | What you might get back after costs Average return each year | 13,250 USD 32.48% | 15,640 USD 9.35% | | en | es |
DOLFIN8156 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Asset valuation rules
Financial instruments are recorded in the financial statements using the historical cost method and are entered on the balance sheet at their current value as determined by the last-known market value or, where a market does not exist, by any external means or by using financial models.
Differences between the current values used to calculate the net asset value and the historical costs of transferable securities when first included in the portfolio are recorded in “valuation differentials” accounts.
Securities that are not denominated in the currency of the portfolio are valued in accordance with the principle described below; the valuation is then converted into the currency of the portfolio on the basis of the exchange rate prevailing on the valuation day.
DEPOSITS:
Deposits with a residual maturity of less than or equal to three months are valued using the straight-line method.
EQUITIES, BONDS AND OTHER SECURITIES TRADED ON A REGULATED OR SIMILAR MARKET:
For the calculation of the net asset value, equities and other securities traded on a regulated or similar market are valued on the basis of the last market price of the day.
Bonds and other similar securities are valued at the closing price supplied by various financial service providers. Interest accrued on bonds and other similar securities is calculated up to the date of the net asset value.
EQUITIES, BONDS AND OTHER SECURITIES NOT TRADED ON A REGULATED OR SIMILAR MARKET:
Securities not traded on a regulated market are valued by the management company using methods based on the market value and the yield, while taking account of recent prices observed for significant transactions.
TRANSFERABLE DEBT SECURITIES:
Transferable debt securities and similar securities that are not traded in large volumes are valued on the basis of an actuarial method, the reference rate (as defined below) being increased, where applicable, by a differential representative of the intrinsic characteristics of the issuer:
- Transferable debt securities with a maturity of less than or equal to one year: Interbank rate in euro (Euribor);
- Transferable debt securities with a maturity exceeding one year: valued using rates for French Treasury bills (BTAN and OAT) with similar maturity dates for the longer durations. | ## Normas de valoración de los activos:
Los instrumentos financieros se contabilizan según el método de costes históricos y se incluyen en el balance de acuerdo con su valor actual determinado en función del último valor de mercado conocido o, en ausencia de mercado, por todos los medios externos disponibles o mediante la aplicación de modelos financieros.
Las diferencias entre los valores actuales utilizados a la hora de calcular el valor liquidativo y los costes históricos de los valores mobiliarios en el momento de su inclusión en cartera se registran en las cuentas «diferencias de valoración».
Los valores denominados en una divisa diferente a la moneda base de la cartera se valoran de conformidad con el principio que se menciona a continuación y se convierten posteriormente a la moneda de la cartera sobre la base del tipo de cambio del día de valoración.
DEPÓSITOS:
Los depósitos con un plazo de vida residual inferior o igual a 3 meses se valoran según el método lineal.
ACCIONES, OBLIGACIONES Y OTROS VALORES NEGOCIADOS EN UN MERCADO ORGANIZADO O EQUIVALENTE:
A la hora de calcular el valor liquidativo, las acciones y otros valores negociados en un mercado organizado o equivalente se valoran sobre la base de su última cotización del día.
Las obligaciones y valores equivalentes se valoran sobre la base de las cotizaciones al cierre facilitadas por distintos prestatarios de servicios financieros. Los intereses devengados procedentes de obligaciones y valores equivalentes se calculan hasta la fecha del valor liquidativo.
ACCIONES, OBLIGACIONES Y OTROS VALORES NO NEGOCIADOS EN UN MERCADO ORGANIZADO O EQUIVALENTE:
Los valores que no se negocien en un mercado organizado se valoran bajo la responsabilidad de la sociedad gestora utilizando métodos basados en el valor patrimonial y el rendimiento, teniendo en cuenta los precios aplicados en transacciones significativas recientes.
TÍTULOS DE CRÉDITO NEGOCIABLES:
Los títulos de crédito negociables y equivalentes que no sean objeto de transacciones significativas se valoran de modo actuarial sobre la base de un tipo de referencia —que se define a continuación— incrementado, llegado el caso, por un diferencial representativo de las características intrínsecas del emisor:
- Títulos de crédito negociables (TCN) cuyo vencimiento es inferior o igual a 1 año: Tipo de interés interbancario ofrecido en euros (Euribor);
- TCN cuyo vencimiento es superior a 1 año: Tipo de los Bonos del Tesoro con intereses Anuales Normalizados (BTAN) o tipo de las OAT con un vencimiento cercano para las emisiones a más largo plazo. | ## Asset valuation rules
Financial instruments are recorded in the financial statements using the historical cost method and are entered on the balance sheet at their current value as determined by the last-known market value or, where a market does not exist, by any external means or by using financial models.
Differences between the current values used to calculate the net asset value and the historical costs of transferable securities when first included in the portfolio are recorded in “valuation differentials” accounts.
Securities that are not denominated in the currency of the portfolio are valued in accordance with the principle described below; the valuation is then converted into the currency of the portfolio on the basis of the exchange rate prevailing on the valuation day.
DEPOSITS:
Deposits with a residual maturity of less than or equal to three months are valued using the straight-line method.
EQUITIES, BONDS AND OTHER SECURITIES TRADED ON A REGULATED OR SIMILAR MARKET:
For the calculation of the net asset value, equities and other securities traded on a regulated or similar market are valued on the basis of the last market price of the day.
Bonds and other similar securities are valued at the closing price supplied by various financial service providers. Interest accrued on bonds and other similar securities is calculated up to the date of the net asset value.
EQUITIES, BONDS AND OTHER SECURITIES NOT TRADED ON A REGULATED OR SIMILAR MARKET:
Securities not traded on a regulated market are valued by the management company using methods based on the market value and the yield, while taking account of recent prices observed for significant transactions.
TRANSFERABLE DEBT SECURITIES:
Transferable debt securities and similar securities that are not traded in large volumes are valued on the basis of an actuarial method, the reference rate (as defined below) being increased, where applicable, by a differential representative of the intrinsic characteristics of the issuer:
- Transferable debt securities with a maturity of less than or equal to one year: Interbank rate in euro (Euribor);
- Transferable debt securities with a maturity exceeding one year: valued using rates for French Treasury bills (BTAN and OAT) with similar maturity dates for the longer durations. | en | es |
DOLFIN8157 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Dividende : la distribution de tout ou partie du revenu net, des plus-values et/ou du capital attribuables à une Classe d’Actions du Compartiment.
Performance historique : les informations relatives à la performance passée de chaque Compartiment sont exposées dans le Document d’information clé pour l’investisseur. La performance passée ne préjuge aucunement des résultats futurs d’un Compartiment et ne constitue en aucun cas une garantie quant aux performances futures.
Investisseurs institutionnels : un investisseur au sens des Articles 174 et 175 de la Loi de 2010, qui inclut actuellement les compagnies d’assurance, les fonds de pension, les établissements de crédit et les autres professionnels du secteur financier investissant pour leur compte propre ou pour le compte de clients ayant également le statut d’investisseurs aux termes de la présente définition, ou encore dans le cadre d’un mandat de gestion discrétionnaire, des organismes de placement collectif luxembourgeois et étrangers et des sociétés « holding » habilitées. | ##### Dividendos: Distribución de la totalidad o parte de los ingresos netos, las plusvalías y/o el capital atribuibles a una Clase de acciones del Subfondo.
Rentabilidad histórica: En el Documento de datos fundamentales para el inversor se recoge información sobre la rentabilidad pasada de cada Subfondo. La rentabilidad obtenida en el pasado no debe considerarse indicativa del comportamiento futuro de un Subfondo y no puede proporcionar en modo alguno una garantía de los resultados futuros.
Inversores institucionales: Un inversor, en el sentido de los artículos 174 y 175 de la Ley de 2010, que en la actualidad incluye empresas aseguradoras, fondos de pensiones, entidades de crédito y otros profesionales del sector financiero que invierten en su propio nombre o en nombre de sus clientes, que a su vez son inversores en el sentido de dicha definición o en el marco de un mandato de gestión discrecional, organismos de inversión colectiva luxemburgueses y extranjeros y sociedades holding cualificadas. | ##### Dividende : la distribution de tout ou partie du revenu net, des plus-values et/ou du capital attribuables à une Classe d’Actions du Compartiment.
Performance historique : les informations relatives à la performance passée de chaque Compartiment sont exposées dans le Document d’information clé pour l’investisseur. La performance passée ne préjuge aucunement des résultats futurs d’un Compartiment et ne constitue en aucun cas une garantie quant aux performances futures.
Investisseurs institutionnels : un investisseur au sens des Articles 174 et 175 de la Loi de 2010, qui inclut actuellement les compagnies d’assurance, les fonds de pension, les établissements de crédit et les autres professionnels du secteur financier investissant pour leur compte propre ou pour le compte de clients ayant également le statut d’investisseurs aux termes de la présente définition, ou encore dans le cadre d’un mandat de gestion discrétionnaire, des organismes de placement collectif luxembourgeois et étrangers et des sociétés « holding » habilitées. | fr | es |
DOLFIN8158 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Delegation
The Depositary has full power to delegate the whole or any part of its safe-keeping functions but its liability will not be affected by the fact that it has entrusted to a third party some or all of the assets in its safekeeping. The Depositary's liability shall not be affected by any delegation of its safe-keeping functions under the Depositary Agreement.
The Depositary has delegated those safekeeping duties set out in Article 22(5)(a) of the UCITS Directive to State Street Bank and Trust Company with registered office at One Lincoln Street, Boston, Massachusetts 02111, USA, whom it has appointed as its global sub-custodian. State Street Bank and Trust Company as global sub-custodian has appointed local sub-custodians within the State Street Global Custody Network.
Information about the safe-keeping functions which have been delegated and the identification of the relevant delegates and sub-delegates are available on the State Street Subcustodian List website at http://www.statestreet.com/about/office-locations/luxembourg/subcustodians.html.
- | # Délégation
Le Dépositaire a tout pouvoir de déléguer tout ou partie de ses fonctions de garde, mais sa responsabilité ne sera pas affectée par le fait qu’il a confié à un tiers tout ou partie des actifs placés en conservation auprès de lui. La responsabilité du Dépositaire ne sera pas affectée par le fait qu’il a délégué ses fonctions de garde en vertu du Contrat de dépositaire.
Le Dépositaire a délégué les fonctions de garde définies à l’Article 22(5)(a) de la Directive OPCVM à State Street Bank and Trust Company, dont le siège social est sis One Lincoln Street, Boston, Massachusetts 02111, Etats-Unis, et qu’il a nommé comme sous-dépositaire mondial. En sa qualité de sous-dépositaire mondial, State Street Bank and Trust Company a nommé des sous-dépositaires locaux au sein du réseau de dépositaires mondial de State Street.
Des informations relatives aux fonctions de garde qui ont été déléguées ainsi qu’à l’identification des délégataires et sous- délégataires sont disponibles sur la page consacrée à la liste des sous-dépositaires du site Internet de State Street http://www.statestreet.com/about/office-locations/luxembourg/subcustodians.html.
- | # Delegation
The Depositary has full power to delegate the whole or any part of its safe-keeping functions but its liability will not be affected by the fact that it has entrusted to a third party some or all of the assets in its safekeeping. The Depositary's liability shall not be affected by any delegation of its safe-keeping functions under the Depositary Agreement.
The Depositary has delegated those safekeeping duties set out in Article 22(5)(a) of the UCITS Directive to State Street Bank and Trust Company with registered office at One Lincoln Street, Boston, Massachusetts 02111, USA, whom it has appointed as its global sub-custodian. State Street Bank and Trust Company as global sub-custodian has appointed local sub-custodians within the State Street Global Custody Network.
Information about the safe-keeping functions which have been delegated and the identification of the relevant delegates and sub-delegates are available on the State Street Subcustodian List website at http://www.statestreet.com/about/office-locations/luxembourg/subcustodians.html.
- | en | fr |
DOLFIN8159 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
On the happening of a Chargeable Event, the ICAV shall be entitled to deduct the appropriate amount of tax on any payment made to a Shareholder in respect of the Chargeable Event. On the occurrence of a Chargeable Event where no payment is made by the ICAV to the Shareholder, the ICAV may appropriate or cancel the required number of Shares to meet the tax liability.
Where the Chargeable Event is a Deemed Disposal and the value of Shares held by Irish Resident Shareholders in the ICAV is less than 10% of the total value of Shares in the ICAV (or a Fund) and the ICAV has made an election to the Revenue Commissioners to report annually certain details for each Irish Resident Shareholder, the ICAV will not be required to deduct the appropriate tax and each Irish Resident Shareholder (and not the ICAV) must pay the tax on the Deemed Disposal on a self- assessment basis. Credit is available against appropriate tax relating to the Chargeable Event for appropriate tax paid by the ICAV or the Shareholder on any previous Deemed Disposal. On the eventual disposal by the Shareholder of the Shares, a refund of any unutilised credit will be payable.
- Taxation of ShareholdersNon-Irish Resident ShareholdersNon-Irish Resident Shareholders will not be chargeable to Irish tax on the happening of a Chargeable Event provided that either:
- the ICAV is in possession of a completed Relevant Declaration to the effect that the Shareholder is not an Irish Resident, or
- the ICAV is in possession of written notice of approval from the Revenue Commissioners to the effect that the requirement to provide a Relevant Declaration is deemed to have been complied with in respect of that Shareholder and the written notice of approval has not been withdrawn by the Revenue Commissioners. | Al verificarsi di un Evento generatore d'imposta la ICAV sarà autorizzata a detrarre l'importo dell'imposta da qualsivoglia pagamento effettuato a beneficio degli Azionisti in relazione all'Evento generatore d'imposta. Al verificarsi di un Evento generatore d'imposta nell'ambito del quale la ICAV non effettui alcun pagamento a beneficio degli Azionisti, la ICAV potrà utilizzare o annullare il numero necessario di Azioni al fine di far fronte all'onere fiscale.
Laddove l'Evento generatore d'imposta consista in una Presunta cessione e il valore delle Azioni detenute dagli Azionisti residenti in Irlanda della ICAV sia inferiore al 10% del valore complessivo delle Azioni della ICAV (o di un Fondo) e la ICAV abbia scelto di comunicare con cadenza annuale alle Autorità fiscali taluni dettagli relativi a ciascun Azionista residente in Irlanda, la ICAV non sarà tenuta a detrarre l'imposta e ciascun Azionista residente in Irlanda (e non la ICAV) dovrà corrispondere l'imposta sulla Presunta cessione mediante autotassazione. A fronte dell'imposta relativa all'Evento generatore d'imposta sarà disponibile un credito relativo all'imposta versata dalla ICAV o dall'Azionista sulle precedenti Presunte cessioni. Alla cessione finale di Azioni da parte dell'Azionista potrà essere applicato un rimborso del credito inutilizzato.
- Trattamento fiscale degli Azionisti Azionisti non residenti in IrlandaGli Azionisti non residenti in Irlanda non saranno soggetti all'imposta irlandese sugli Eventi generatori d'imposte a condizione che:
- la ICAV sia in possesso di una Dichiarazione rilevante compilata dall'Azionista all'interno della quale sia specificato che lo stesso non sia Residente in Irlanda, o
- la ICAV sia in possesso di una comunicazione scritta all'interno della quale le Autorità fiscali dichiarino che il requisito di trasmissione della Dichiarazione rilevante sia stato rispettato dal suddetto Azionista e che la suddetta comunicazione scritta non sia stata ritirata dalle Autorità fiscali. | On the happening of a Chargeable Event, the ICAV shall be entitled to deduct the appropriate amount of tax on any payment made to a Shareholder in respect of the Chargeable Event. On the occurrence of a Chargeable Event where no payment is made by the ICAV to the Shareholder, the ICAV may appropriate or cancel the required number of Shares to meet the tax liability.
Where the Chargeable Event is a Deemed Disposal and the value of Shares held by Irish Resident Shareholders in the ICAV is less than 10% of the total value of Shares in the ICAV (or a Fund) and the ICAV has made an election to the Revenue Commissioners to report annually certain details for each Irish Resident Shareholder, the ICAV will not be required to deduct the appropriate tax and each Irish Resident Shareholder (and not the ICAV) must pay the tax on the Deemed Disposal on a self- assessment basis. Credit is available against appropriate tax relating to the Chargeable Event for appropriate tax paid by the ICAV or the Shareholder on any previous Deemed Disposal. On the eventual disposal by the Shareholder of the Shares, a refund of any unutilised credit will be payable.
- Taxation of ShareholdersNon-Irish Resident ShareholdersNon-Irish Resident Shareholders will not be chargeable to Irish tax on the happening of a Chargeable Event provided that either:
- the ICAV is in possession of a completed Relevant Declaration to the effect that the Shareholder is not an Irish Resident, or
- the ICAV is in possession of written notice of approval from the Revenue Commissioners to the effect that the requirement to provide a Relevant Declaration is deemed to have been complied with in respect of that Shareholder and the written notice of approval has not been withdrawn by the Revenue Commissioners. | en | it |
DOLFIN8160 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Note 8 - Central administration costs and Depositary fees
Central administration costs and Depositary fees are based on variable annual rates as defined by their respective contracts.
Note 9 - Subscription duty (“Taxe d’abonnement”)
The Company is governed by Luxembourg law.
Pursuant to the legislation and regulations in force, the Company is subject to an annual “taxe d’abonnement” of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter.
Pursuant to Article 174 (2) of the 2010 Law, this rate is reduced to 0.01% for Share classes reserved to institutional investors.
Pursuant to Article 175 (a) of the 2010 Law, the net assets invested in undertakings for collective investment already subject to the “taxe d’abonnement” are exempt from this tax. | #### Nota 8 - Spese di amministrazione centrale e commissioni di depositario
I spese per l'amministrazione centrale e le commissioni di depositario si basano su tassi annuali variabili, come definito dai rispettivi contratti.
Nota 9 - Tassazione ("taxe d'abonnement")
La Società è governata dalla legge del Lussemburgo.
In conformità alla legislazione e ai regolamenti in vigore, la Società è soggetta a una "taxe d'abonnement" annuale dello 0,05%, pagabile trimestralmente e calcolata sulla base del patrimonio netto di ciascun Comparto l'ultimo giorno di ogni trimestre.
Ai sensi dell'articolo 174, paragrafo 2, della Legge del 2010, tale aliquota è ridotta allo 0,01% per le classi di azioni riservate agli investitori istituzionali.
Ai sensi dell'articolo 175, paragrafo a), della Legge del 2010, il patrimonio netto investito in organismi di investimento collettivo già soggetti al "taxe d'abonnement" è esente da tale imposta. | #### Note 8 - Central administration costs and Depositary fees
Central administration costs and Depositary fees are based on variable annual rates as defined by their respective contracts.
Note 9 - Subscription duty (“Taxe d’abonnement”)
The Company is governed by Luxembourg law.
Pursuant to the legislation and regulations in force, the Company is subject to an annual “taxe d’abonnement” of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter.
Pursuant to Article 174 (2) of the 2010 Law, this rate is reduced to 0.01% for Share classes reserved to institutional investors.
Pursuant to Article 175 (a) of the 2010 Law, the net assets invested in undertakings for collective investment already subject to the “taxe d’abonnement” are exempt from this tax. | en | it |
DOLFIN8161 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## DWS Invest Euro-Gov Bonds
Classe d’actions: LC, ISIN: LU0145652052, Code valeur allemand: 551812, Devise: EUR
un compartiment du DWS Invest. Le fonds est un OPCVM de droit luxembourgeois. La société de gestion est DWS Investment S.A. (l’initiateur), membre du groupe DWS Group. Consultez le site www.dws.com/fundinformation/ ou contactez le +352 4 21 01-2 pour de plus amples informations. L'autorité compétente, la Commission de Surveillance du Secteur Financier, est chargée de superviser DWS Invest en lien avec le présent Document d’informations clés. Ce PRIIP est autorisé au Luxembourg. La société de gestion DWS Investment | ## DWS Invest Euro-Gov Bonds
Clase de acciones: LC, ISIN: LU0145652052, Código del fondo Alemán: 551812, Divisa: EUR
un subfondo de DWS Invest. El fondo es un OICVM domiciliado en Luxemburgo. La sociedad gestora es DWS Investment S.A. (productor), un miembro del grupo DWS. 'Si desea más información, entre en www.dws.com/fundinformation/ o llame al +352 4 21 01-2. La Commission de Surveillance du Secteur Financier es la autoridad competente responsable de supervisar a DWS Invest en lo que respecta a este documento de datos fundamentales. Este PRIIP está autorizado en Luxemburgo. La sociedad gestora DWS Investment | ## DWS Invest Euro-Gov Bonds
Classe d’actions: LC, ISIN: LU0145652052, Code valeur allemand: 551812, Devise: EUR
un compartiment du DWS Invest. Le fonds est un OPCVM de droit luxembourgeois. La société de gestion est DWS Investment S.A. (l’initiateur), membre du groupe DWS Group. Consultez le site www.dws.com/fundinformation/ ou contactez le +352 4 21 01-2 pour de plus amples informations. L'autorité compétente, la Commission de Surveillance du Secteur Financier, est chargée de superviser DWS Invest en lien avec le présent Document d’informations clés. Ce PRIIP est autorisé au Luxembourg. La société de gestion DWS Investment | fr | es |
DOLFIN8162 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Liquidity management
The Company has established written policies and procedures for the Fund that enable it to monitor the Fund's liquidity risks and to ensure that the liquidity profile of the Fund's investments covers the under- lying liabilities of the Fund.
Subject to the investment strategy described in Section 11 “Investment objective, investment principles
and investment policy”, the Fund's liquidity profile is as follows:
- The Fund aims to invest in assets, the whole of which can, in the opinion of the Asset Management Company at the time of this Sales Prospectus going to print, be almost fully liquidated within a week.
- The Company shall, in the manner described below, monitor the liquidity risks that may arise at Fund level, at asset level or as a result of increased redemption orders from investors:
- The Company must implement a liquidity management system during the course of its business activities for each fund and ensure that investment strategies, liquidity profiles and redemption principles are consistent.
- The Company's liquidity management system is available in a reasonably documented form, re- vised at least once a year and updated if necessary.
- The implemented liquidity management system ensures, as a general rule, that the liquidity level of a given fund covers its underlying liabilities, with the relative liquidity of its assets being valued, inter alia, on the basis of the duration and price at which assets are disposed of.
- The liquidity level of each fund is also monitored in terms of its key obligations and liabilities as well as the marginal contribution of each individual asset. To this end, the Company considers (inter alia) the profile of the Fund's investor base, the type of investors, the relative size of invest- ments in the Fund and their redemption terms and conditions. If the Fund's assets are invested in other undertakings for collective investment, the approach to liquidity management followed by the asset managers of said other undertakings for collective investment is monitored and checks are regularly made to see if the redemption terms and conditions have been changed.
- The Company employs reasonable liquidity measurement precautions and procedures in order to determine the quantitative and qualitative risks of the Fund's individual assets. It does so based on reasonable knowledge and experience with regard to the liquidity of individual assets as well as with regard to the related trading volume, price sensitivity and spreads under normal and extraordinary liquidity conditions.
- As part of its liquidity management, the Company ensures that the processes and instruments necessary for managing liquidity risks are implemented. It does so by identifying the normal and extraordinary circumstances under which these instruments and precautionary measures may be used, with all investors being treated equally. The Company has appropriate escalation processes in place to manage current and potential liquidity problems or other emergency situations within the Fund.
- The Company sets individual liquidity limits, taking into account the nature, scope and complexity of each individual managed fund. These limits, which are continuously monitored, reflect the underlying liabilities and redemption principles; reasonable steps are taken to improve the liquid- ity situation if they are or may be exceeded. When setting these limits, the Company considers the liquidity management guidelines, the appropriateness of the liquidity profile of the Fund's assets, and the impact of atypical redemption requests. Periodic fluctuations are possible.
- The Company conducts regular stress tests with which it can assess the Fund's liquidity risks. The Company conducts stress tests based on current reliable quantitative or, if this is inadequate, qualitative information available. These may include investment strategies, redemption periods, payment obligations and deadlines within which assets may be disposed of, as well as infor- mation regarding general investor behaviour and market developments. The stress tests simulate a situation of a lack of liquidity of assets in the Fund, as well as atypical redemption requests. These are performed with a frequency appropriate for the Fund (at least once a year) and take into consideration the Fund's investment strategy, liquidity profile, investor structure and re- demption rules.
Redemption rights under normal and extraordinary circumstances and the restriction or suspension of redemption are set out under “Issue and redemption of units” and “Restriction of unit redemption” or “Suspension of unit redemption” in Section 1 “Units”. The risks involved are explained in the “Risk infor- mation” section, subsections “Fund investment risks” (“Restriction of unit redemption” or “Suspension of unit redemption” and “Risks of limited or increased liquidity of the Fund (liquidity risk)”). | # Liquiditätsmanagement
Die Gesellschaft hat für den Fonds schriftliche Grundsätze und Verfahren festgelegt, die es ihr ermögli- chen, die Liquiditätsrisiken des Fonds zu überwachen und zu gewährleisten, dass sich das Liquiditätsprofil der Anlagen des Fonds mit den zugrundeliegenden Verbindlichkeiten des Fonds deckt.
Unter Berücksichtigung der unter Abschnitt 11 „Anlageziel, Anlagegrundsätze und Anlagepolitik“ dar-
gelegten Anlagestrategie ergibt sich folgendes Liquiditätsprofil des Fonds:
- Für den Fonds wird angestrebt, das Vermögen des Fonds in Vermögensgegenstände anzulegen, die nach Einschätzung der Asset Management-Gesellschaft zum Zeitpunkt der Drucklegung dieses Ver- kaufsprospektes nahezu vollständig innerhalb von einer Woche liquidierbar sind.
- Die Gesellschaft überwacht die Liquiditätsrisiken, die sich auf Ebene des Fonds, der Vermögensge- genstände sowie durch erhöhtes Rückgabeverlangen der Anleger ergeben können wie folgt:
- Die Gesellschaft hat im Rahmen ihrer Geschäftstätigkeit für jeden Fonds ein Liquiditätsmanage- mentsystem zu implementieren und die Kohärenz von Anlagestrategie, Liquiditätsprofil und Rücknahmegrundsätzen zu gewährleisten.
- Das Liquiditätsmanagementsystem der Gesellschaft liegt in einer angemessenen dokumentierten Form vor, wird mindestens einmal jährlich überprüft und bei Bedarf entsprechend angepasst.
- Durch das implementierte Liquiditätsmanagementsystem wird in der Regel gewährleistet, dass der Liquiditätslevel eines jeden Fonds die zugrunde liegenden Verbindlichkeiten abdeckt, wobei die Bewertung der relativen Liquidität der Vermögenswerte u.a. die Veräußerungsdauer und den Veräußerungspreis der Vermögenswerte einbezieht.
- Des Weiteren erfolgt die Überwachung des Liquiditätslevels eines jeden Fonds im Hinblick auf die wesentlichen Verpflichtungen und Verbindlichkeiten sowie auf den marginalen Beitrag indi- vidueller Vermögenswerte. Zu diesem Zweck wird unter anderem das Profil der Anlegerbasis des Fonds, die Art der Anleger, die relative Größe der Investments im Fonds und deren Rücknahme- bedingungen durch die Gesellschaft berücksichtigt. Im Fall von Anlagen des Fonds in andere Organismen für gemeinsame Anlagen erfolgt die Überwachung des durch die Vermögensver- walter dieser anderen Organismen für gemeinsame Anlagen verfolgten Ansatzes beim Liquidi- tätsmanagement und es wird eine regelmäßige Prüfung hinsichtlich der Änderungen der Rück- nahmebestimmungen verfolgt.
- Die Gesellschaft setzt angemessene Liquiditätsmessvorkehrungen und -verfahren ein, um die quantitativen und qualitativen Risiken von einzelnen Vermögenswerten des Fonds zu bewerten. Dieses erfolgt auf Basis angemessener Kenntnisse und Erfahrungen hinsichtlich der Liquidität einzelner Vermögenswerte, sowie hinsichtlich des zugehörigen Handelsvolumens, der Preissen- sitivität und der Spreads unter normalen und außergewöhnlichen Liquiditätsbedingungen.
- Im Rahmen des Liquiditätsmanagements stellt die Gesellschaft die Umsetzung der für die Steue- rung des Liquiditätsrisikos erforderlichen Prozesse und Instrumente sicher. Dazu werden unter Beachtung der Gleichbehandlung aller Anleger die normalen und außergewöhnlichen Umstände identifiziert, unter denen diese Instrumente und Vorkehrungen angewandt werden können. Um aktuelle und potentielle Liquiditätsprobleme oder andere Notsituationen des Fonds zu bewälti- gen, verfügt die Gesellschaft über angemessene Eskalationsprozesse.
- Unter Berücksichtigung der Art, des Umfangs und der Komplexität jedes einzelnen verwalteten Fonds, erfolgt durch die Gesellschaft die Festlegung der individuellen Liquiditätslimits. Die Limits stehen im Einklang mit den zugrundeliegenden Verbindlichkeiten und den Rücknahmegrundsät- zen, werden fortlaufend überwacht und bei Überschreitungen oder potentiellen Überschreitun- gen werden angemessene Maßnahmen zur Verbesserung der Liquiditätssituation getroffen. In Rahmen der Festlegung bezieht die Gesellschaft die Liquiditätsmanagementrichtlinie, die Ange- messenheit des Liquiditätsprofils der Vermögenswerte des Fonds sowie die Auswirkung atypi- scher Rücknahmeforderungen ein. Vorübergehenden Schwankungen sind möglich.
- Die Gesellschaft führt regelmäßig Stresstests durch, mit denen sie die Liquiditätsrisiken des Fonds bewerten kann. Die Gesellschaft führt die Stresstests auf der Grundlage zuverlässiger und aktu- eller quantitativer oder, falls dies nicht angemessen ist, qualitativer Informationen durch. Hierbei können Anlagestrategie, Rücknahmefristen, Zahlungsverpflichtungen und Fristen, innerhalb de- rer die Vermögensgegenstände veräußert werden können, sowie Informationen in Bezug auf allgemeines Anlegerverhalten und Marktentwicklungen einbezogen werden. Die Stresstests si- mulieren mangelnde Liquidität der Vermögenswerte im Fonds sowie atypische Rücknahmefor- derungen. Sie werden unter Berücksichtigung der Anlagestrategie, des Liquiditätsprofils, der An- legerstruktur und der Rücknahmegrundsätze des Fonds in einer der Art des Fonds angemessenen Häufigkeit, mindestens einmal jährlich, durchgeführt.
Die Rückgaberechte unter normalen und außergewöhnlichen Umständen sowie die Beschränkung oder Aussetzung der Rücknahme sind im Abschnitt 1 „Anteile“, Unterabschnitte „Ausgabe und Rücknahme von Anteilen“ und „Beschränkung der Anteilrücknahme“ bzw. „Aussetzung der Anteilrücknahme“ dar- gestellt. Die hiermit verbunden Risiken sind im Abschnitt 7 „Risikohinweise“, Unterabschnitte „Risiken einer Fondsanlage“ („Beschränkung der Anteilrücknahme“ bzw. „Aussetzung der Anteilrücknahme“ so- wie „Risiken der eingeschränkten oder erhöhten Liquidität des Fonds (Liquiditätsrisiko)“) erläutert. | # Liquidity management
The Company has established written policies and procedures for the Fund that enable it to monitor the Fund's liquidity risks and to ensure that the liquidity profile of the Fund's investments covers the under- lying liabilities of the Fund.
Subject to the investment strategy described in Section 11 “Investment objective, investment principles
and investment policy”, the Fund's liquidity profile is as follows:
- The Fund aims to invest in assets, the whole of which can, in the opinion of the Asset Management Company at the time of this Sales Prospectus going to print, be almost fully liquidated within a week.
- The Company shall, in the manner described below, monitor the liquidity risks that may arise at Fund level, at asset level or as a result of increased redemption orders from investors:
- The Company must implement a liquidity management system during the course of its business activities for each fund and ensure that investment strategies, liquidity profiles and redemption principles are consistent.
- The Company's liquidity management system is available in a reasonably documented form, re- vised at least once a year and updated if necessary.
- The implemented liquidity management system ensures, as a general rule, that the liquidity level of a given fund covers its underlying liabilities, with the relative liquidity of its assets being valued, inter alia, on the basis of the duration and price at which assets are disposed of.
- The liquidity level of each fund is also monitored in terms of its key obligations and liabilities as well as the marginal contribution of each individual asset. To this end, the Company considers (inter alia) the profile of the Fund's investor base, the type of investors, the relative size of invest- ments in the Fund and their redemption terms and conditions. If the Fund's assets are invested in other undertakings for collective investment, the approach to liquidity management followed by the asset managers of said other undertakings for collective investment is monitored and checks are regularly made to see if the redemption terms and conditions have been changed.
- The Company employs reasonable liquidity measurement precautions and procedures in order to determine the quantitative and qualitative risks of the Fund's individual assets. It does so based on reasonable knowledge and experience with regard to the liquidity of individual assets as well as with regard to the related trading volume, price sensitivity and spreads under normal and extraordinary liquidity conditions.
- As part of its liquidity management, the Company ensures that the processes and instruments necessary for managing liquidity risks are implemented. It does so by identifying the normal and extraordinary circumstances under which these instruments and precautionary measures may be used, with all investors being treated equally. The Company has appropriate escalation processes in place to manage current and potential liquidity problems or other emergency situations within the Fund.
- The Company sets individual liquidity limits, taking into account the nature, scope and complexity of each individual managed fund. These limits, which are continuously monitored, reflect the underlying liabilities and redemption principles; reasonable steps are taken to improve the liquid- ity situation if they are or may be exceeded. When setting these limits, the Company considers the liquidity management guidelines, the appropriateness of the liquidity profile of the Fund's assets, and the impact of atypical redemption requests. Periodic fluctuations are possible.
- The Company conducts regular stress tests with which it can assess the Fund's liquidity risks. The Company conducts stress tests based on current reliable quantitative or, if this is inadequate, qualitative information available. These may include investment strategies, redemption periods, payment obligations and deadlines within which assets may be disposed of, as well as infor- mation regarding general investor behaviour and market developments. The stress tests simulate a situation of a lack of liquidity of assets in the Fund, as well as atypical redemption requests. These are performed with a frequency appropriate for the Fund (at least once a year) and take into consideration the Fund's investment strategy, liquidity profile, investor structure and re- demption rules.
Redemption rights under normal and extraordinary circumstances and the restriction or suspension of redemption are set out under “Issue and redemption of units” and “Restriction of unit redemption” or “Suspension of unit redemption” in Section 1 “Units”. The risks involved are explained in the “Risk infor- mation” section, subsections “Fund investment risks” (“Restriction of unit redemption” or “Suspension of unit redemption” and “Risks of limited or increased liquidity of the Fund (liquidity risk)”). | en | de |
DOLFIN8163 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Capital Group Euro Corporate Bond Fund (LUX)1
| Launch Date | 16 September 2010 | |
| --- | --- | --- |
| Investment Objective | To provide, over the long term, a high level of total return largely comprised of current income with a view to capital preservation. The Fund invests primarily in EUR-denominated corporate Investment Grade Bonds and other fixed-income securities, including government securities. These are usually listed or traded on other Regulated Markets. Unlisted securities may also be purchased, subject to the relevant provisions of the “General Investment Guidelines and Restrictions”. |
| Profile of the typical investor | The Fund is particularly suitable for investors seeking high level of current income and the potential for higher returns than cash through investment primarily in EUR-denominated corporate or government Investment Grade Bonds. |
| Eligible Investment Countries | Any country. | |
| Specific Investment Guidelines and Restrictions | - The Fund will seek to invest at least 80% of its total net assets in EUR-denominated corporate Investment Grade Bonds. In case of split-rated Bonds by NRSROs designated by the Investment Adviser, the highest credit rating of S&P, Moody’s or Fitch will apply.
- The overall Portfolio exposure to the EUR currency will generally be at least equal to 90% of the value of the net assets of the Fund.
- The Fund may invest in ABS/MBS which will not exceed 10% of the net assets of the Fund.
- The Fund may use interest rate swaps, CDX, CDS, futures and options on futures.
- The Fund may invest in contingent convertible bonds which will not exceed 5% of the net assets of the Fund.
|
| Specific Risks | Bonds, derivative instruments, High Yield Bonds, contingent convertible bonds, OTC Markets |
| Investment Adviser | CRMC | |
| Investment Sub-Adviser | CISA CISA, when managing the Fund, considers environmental, social and governance (ESG) issues alongside financial and economic indicators in its fundamental research and analysis of companies. CISA performs an internal ESG norms-based screening using the United Nations Global Compact (https://www.unglobalcompact.org/what-is-gc/mission/principles) for flagging companies in breach of these internationally recognized norms, as an intrinsic part of its investment process. CISA bases its decisions to buy or to sell securities on financial and economic indicators and uses the above norms-based ESG screening as an additional non-binding input in our forward looking assessment. |
| Base Currency | EUR | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which any market(s) representing a meaningful portion of the Fund’s portfolio is closed. For the purpose of this paragraph, the market to be considered is the market where the relevant instrument is traded. (A list of such dates is available on capitalgroup.com/international) |
| Calculation method of the risk exposure | The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. |
| Hedged Equivalent Classes | The Fund will aim at hedging, with a reasonable margin of tolerance, the main currency exposures of the Fund back into the currency referred to in the relevant Class’s designation. It is expected that the resulting effective hedge ratio (i.e. the percentage exposure in the currency of the hedged share class) will typically be in the range of 80% to 100%. The list of available Hedged Equivalent Classes can be found online on the Management Company’s webpage at capitalgroup.com/international |
| Cut-Off Time | 1:00pm Luxembourg time on every Valuation Date | |
| Fiscal year-end | 31 December in each year | |
| Fees and charges2 | Fund Administration Fee3 | 0.15% maximum |
| | Depositary and Custody Fees4 | 0.05% maximum |
- Formally known as Capital Group Euro Credit Fund (LUX) prior to December 2015.
- Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KIID and the Company’s annual report for details.
- Effective rate varies with the total assets of the Fund up to the indicated maximum.
- Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum. | # Capital Group Euro Corporate Bond Fund (LUX)1
| Auflagedatum | 16. September 2010 | |
| --- | --- | --- |
| Anlageziel | Der Fonds strebt, mit Blick auf Kapitalerhalt, langfristig ein hohes Maß an Gesamterträgen an, die im Wesentlichen aus laufenden Einkünften bestehen. Der Fonds legt vorwiegend in auf EUR lautende Unternehmensanleihen mit Investment-Grade-Rating und andere festverzinsliche Wertpapiere an, einschließlich Staatsanleihen. Diese sind üblicherweise auf anderen Geregelten Märkten börslich notiert oder werden dort gehandelt. Nicht börsennotierte Wertpapiere können vorbehaltlich der entsprechenden Bestimmungen in den „Allgemeinen Anlageleitlinien und Beschränkungen“ ebenfalls gekauft werden. |
| Profil des typischen Anlegers | Der Fonds eignet sich besonders für Anleger, die durch die vorwiegende Anlage in auf EUR lautende Unternehmens- oder Staatsanleihen mit Investment-Grade-Rating ein hohes Maß an laufenden Einnahmen und ein höheres Ertragspotenzial als Barmittel anstreben. |
| Qualifizierte Anlageländer | Alle Länder. | |
| Spezifische Anlageleitlinien und Beschränkungen | - Der Fonds versucht, mindestens 80 % seines gesamten Nettovermögens in auf EUR lautende Unternehmensanleihen mit Investment-Grade Rating anzulegen. Bei Anleihen mit gespaltenen Ratings („split- rated“) von national anerkannten statistischen Rating-Organisationen („NRSROs“), die durch den Anlageberater benannt wurden, gilt das höchste Rating von S&P, Moody’s oder Fitch.
- Das Gesamtexposure des Portfolios zum EUR wird im Normalfall mindestens 90 % des Nettovermögenswerts des Fonds entsprechen.
- Der Fonds kann bis zu 10 % seines Nettovermögens in ABS/MBS anlegen.
- Der Fonds kann Zinsswaps, CDX, CDS, Termingeschäfte und Optionen auf Termingeschäfte nutzen.
- Der Fonds kann bis zu 5 % seines Nettovermögens in bedingte Pflichtwandelanleihen anlegen.
|
| Besondere Risiken | Anleihen, derivative Instrumente, Hochverzinsliche Anleihen, bedingte Pflichtwandelanleihen, OTC-Märkte |
| Anlageberater | CRMC | |
| Stellvertretender Anlageberater | CISA Bei der Bewirtschaftung des Fonds berücksichtigt CISA in seiner auf Fundamentaldaten gestützten Recherche und Analyse von Unternehmen neben finanziellen und wirtschaftlichen Indikatoren Umwelt-, soziale und Governance- Aspekte (ESG). Fester Bestandteil des Anlageprozesses von CISA ist ein internes, normenbasiertes ESG- Screening unter Verwendung des Globalen Pakts der Vereinten Nationen (https://www.unglobalcompact.org/what- is-gc/mission/principles) zur Ermittlung von Unternehmen, die gegen diese international anerkannten Normen verstoßen. CISA stützt sich bei seinen Kauf- und Verkaufsentscheidungen bezüglich Wertpapieren auf finanzielle und wirtschaftliche Indikatoren und bezieht das vorstehend erwähnte normenbasierte ESG-Screening als zusätzlichen, unverbindlichen Faktor in unsere vorausschauende Beurteilung ein. |
| Basiswährung | EUR | |
| Bewertungstag | Jeder Geschäftstag, mit Ausnahme von Tagen (festgelegt durch den Verwaltungsrat oder die Verwaltungsgesellschaft nach eigenem Ermessen), an denen ein Markt oder mehrere Märkte, der/die für einen erheblichen Teil des Portfolios des Fonds steht/stehen, geschlossen ist/sind. Für die Zwecke dieses Absatzes ist der zu berücksichtigende Markt der Markt, an dem das maßgebliche Instrument gehandelt wird. (Eine Liste dieser Daten ist erhältlich unter capitalgroup.com/international) |
| Methode zur Berechnung des Risikos | Die angewandte Methode zur Berechnung des Gesamtrisikos, das sich aus der Nutzung von derivativen Finanzinstrumenten ergibt, ist der Commitment-Ansatz gemäß dem CSSF-Rundschreiben 11/512. |
| Äquivalente Hedged- Anteilsklassen | Der Fonds zielt darauf ab, mit angemessener Toleranzbreite die wichtigsten Währungspositionen des Fonds in der Währung abzusichern, die in der Bezeichnung der jeweiligen Anteilsklasse angegeben ist. Es wird davon ausgegangen, dass die daraus resultierende effektive Hedge-Kennzahl (d. h. das prozentuale Engagement in der Währung der abgesicherten Anteilsklasse) in der Regel bei 80 % bis 100 % liegt. Eine Liste der verfügbaren Äquivalenten Hedged-Anteilsklassen ist online auf der Website der Verwaltungsgesellschaft unter capitalgroup.com/international verfügbar |
| Handelsschluss | 13:00 Luxemburger Zeit an jedem Bewertungstag | |
| Ende des Geschäftsjahres | 31. Dezember in jedem Jahr | |
| Gebühren und Aufwendungen2 | Fondsverwaltungsgebühr3 | 0,15 % Maximum |
| | Verwahrungs- und Depotgebühren4 | 0,05 % Maximum |
- Vor Dezember 2015 als Capital Group Euro Credit Fund (LUX) bekannt.
- Fondsverwaltungs-, Verwahrungs- und Depotgebühren, die in die Total Expense Ratio (TER), die je nach Fonds und Anteilsklasse unterschiedlich ausfällt, einbezogen werden, können teilweise von der Verwaltungsgesellschaft der jeweiligen Anteilsklasse zugerechnet werden. Weitere Angaben entnehmen Sie bitte den jeweiligen KIID und dem Jahresbericht der Gesellschaft.
- Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds, bis zum angegebenen Maximum.
- Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds und der Länderaufschlüsselung im Portfolio, bis zum angegebenen Maximum. | # Capital Group Euro Corporate Bond Fund (LUX)1
| Launch Date | 16 September 2010 | |
| --- | --- | --- |
| Investment Objective | To provide, over the long term, a high level of total return largely comprised of current income with a view to capital preservation. The Fund invests primarily in EUR-denominated corporate Investment Grade Bonds and other fixed-income securities, including government securities. These are usually listed or traded on other Regulated Markets. Unlisted securities may also be purchased, subject to the relevant provisions of the “General Investment Guidelines and Restrictions”. |
| Profile of the typical investor | The Fund is particularly suitable for investors seeking high level of current income and the potential for higher returns than cash through investment primarily in EUR-denominated corporate or government Investment Grade Bonds. |
| Eligible Investment Countries | Any country. | |
| Specific Investment Guidelines and Restrictions | - The Fund will seek to invest at least 80% of its total net assets in EUR-denominated corporate Investment Grade Bonds. In case of split-rated Bonds by NRSROs designated by the Investment Adviser, the highest credit rating of S&P, Moody’s or Fitch will apply.
- The overall Portfolio exposure to the EUR currency will generally be at least equal to 90% of the value of the net assets of the Fund.
- The Fund may invest in ABS/MBS which will not exceed 10% of the net assets of the Fund.
- The Fund may use interest rate swaps, CDX, CDS, futures and options on futures.
- The Fund may invest in contingent convertible bonds which will not exceed 5% of the net assets of the Fund.
|
| Specific Risks | Bonds, derivative instruments, High Yield Bonds, contingent convertible bonds, OTC Markets |
| Investment Adviser | CRMC | |
| Investment Sub-Adviser | CISA CISA, when managing the Fund, considers environmental, social and governance (ESG) issues alongside financial and economic indicators in its fundamental research and analysis of companies. CISA performs an internal ESG norms-based screening using the United Nations Global Compact (https://www.unglobalcompact.org/what-is-gc/mission/principles) for flagging companies in breach of these internationally recognized norms, as an intrinsic part of its investment process. CISA bases its decisions to buy or to sell securities on financial and economic indicators and uses the above norms-based ESG screening as an additional non-binding input in our forward looking assessment. |
| Base Currency | EUR | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which any market(s) representing a meaningful portion of the Fund’s portfolio is closed. For the purpose of this paragraph, the market to be considered is the market where the relevant instrument is traded. (A list of such dates is available on capitalgroup.com/international) |
| Calculation method of the risk exposure | The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. |
| Hedged Equivalent Classes | The Fund will aim at hedging, with a reasonable margin of tolerance, the main currency exposures of the Fund back into the currency referred to in the relevant Class’s designation. It is expected that the resulting effective hedge ratio (i.e. the percentage exposure in the currency of the hedged share class) will typically be in the range of 80% to 100%. The list of available Hedged Equivalent Classes can be found online on the Management Company’s webpage at capitalgroup.com/international |
| Cut-Off Time | 1:00pm Luxembourg time on every Valuation Date | |
| Fiscal year-end | 31 December in each year | |
| Fees and charges2 | Fund Administration Fee3 | 0.15% maximum |
| | Depositary and Custody Fees4 | 0.05% maximum |
- Formally known as Capital Group Euro Credit Fund (LUX) prior to December 2015.
- Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KIID and the Company’s annual report for details.
- Effective rate varies with the total assets of the Fund up to the indicated maximum.
- Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum. | en | de |
DOLFIN8164 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Charges and expenses borne by the Company
The Company is subject to charges and expenses. These charges and expenses may vary depending on, among other factors, the size of the assets of a Sub-Fund, the location where the investments are made, and the volume of investment transactions. In certain cases, these charges are calculated based on a reducing scale as the size of the assets increases and may be subject to temporary waivers, maximum limits or, in limited circumstances where the assets of a Sub-Fund are below a certain minimum threshold, minimum limits. Charges and expenses reduce the potential growth of your investment. Further details regarding such charges can be found in sections titled “Fees, Charges and Expenses” as well as in each Supplement of this Prospectus. Where applicable, the amounts of any minimum fees can be obtained at the registered office of the Company.
- Specific Risk Factors
For specific risk considerations relating to any Sub-Fund, please refer to the relevant sections in the Supplements below.
Investment in Equity Securities
The value of a Sub-Fund that invests in equity and equity related securities will be affected by changes in the stock markets, changes in the value of individual portfolio securities, as well as by economic, political, and issuer specific changes. At times, stock markets and individual securities can be volatile and prices can change substantially in short periods of time. The equity securities of smaller companies are more sensitive to these changes than those of larger companies. This risk will affect the value of such Sub-Funds, which will fluctuate as the value of the underlying equity securities fluctuates. | # Frais et dépenses supportés par la Société
La Société est assujettie à des frais et dépenses. Ces frais et dépenses peuvent varier, entre autres facteurs, selon la taille des actifs d’un Compartiment, le lieu où les investissements sont réalisés et le volume d’opérations d’investissement. Dans certains cas, ces frais sont calculés en fonction d’une échelle dégressive avec l’accroissement de la taille des actifs et peuvent être sujets à des renonciations temporaires, à des seuils maximum ou, dans des circonstances exceptionnelles, à des seuils minimum lorsque les actifs d’un Compartiment tombent en deçà d’un seuil minimum quelconque. Les frais et dépenses entravent la croissance potentielle de votre investissement. De plus amples détails sur ces frais peuvent être obtenus au chapitre « Commissions, frais et dépenses », ainsi que dans chaque Supplément du présent Prospectus. Le cas échéant, les montants de toute commission minimale peuvent être obtenus au siège social de la Société.
- Facteurs de risque spécifiques
Pour les considérations de risques propres à chaque Compartiment, veuillez consulter les sous-sections concernées des Suppléments ci-dessous.
Investissements en actions et titres apparentés
La valeur d’un Compartiment qui investit dans des actions et des titres apparentés à des actions subira l’impact des fluctuations des marchés d’actions, des fluctuations de valeur des différents titres en portefeuille ainsi que des évolutions économiques, politiques et propres aux différents émetteurs. Les marchés d’actions et les différents titres peuvent parfois être volatils, et les prix peuvent varier considérablement en un laps de temps réduit. Les titres liés aux actions de petites entreprises sont plus sensibles à ces changements que ceux des grandes entreprises. Ce risque aura une incidence sur la valeur des Compartiments, laquelle fluctue au rythme des fluctuations de la valeur des titres sous-jacents. | # Charges and expenses borne by the Company
The Company is subject to charges and expenses. These charges and expenses may vary depending on, among other factors, the size of the assets of a Sub-Fund, the location where the investments are made, and the volume of investment transactions. In certain cases, these charges are calculated based on a reducing scale as the size of the assets increases and may be subject to temporary waivers, maximum limits or, in limited circumstances where the assets of a Sub-Fund are below a certain minimum threshold, minimum limits. Charges and expenses reduce the potential growth of your investment. Further details regarding such charges can be found in sections titled “Fees, Charges and Expenses” as well as in each Supplement of this Prospectus. Where applicable, the amounts of any minimum fees can be obtained at the registered office of the Company.
- Specific Risk Factors
For specific risk considerations relating to any Sub-Fund, please refer to the relevant sections in the Supplements below.
Investment in Equity Securities
The value of a Sub-Fund that invests in equity and equity related securities will be affected by changes in the stock markets, changes in the value of individual portfolio securities, as well as by economic, political, and issuer specific changes. At times, stock markets and individual securities can be volatile and prices can change substantially in short periods of time. The equity securities of smaller companies are more sensitive to these changes than those of larger companies. This risk will affect the value of such Sub-Funds, which will fluctuate as the value of the underlying equity securities fluctuates. | en | fr |
DOLFIN8165 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The entry, exit and conversion charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the year ending September 30, 2021. This figure may vary from year to year. It excludes:
Performance fees,
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: amundi.com.
Past Performance
25 % .
20
15
10
A B
The chart has a limited value as a guide to future performance.
23.5%
22.6%
The annualised performances displayed in this diagram are calculated net of all charges taken by the Sub-Fund.
The Sub-Fund was launched on March 10, 2020. The Share Class was launched on March 10, 2020.
The reference currency is the Euro.
The reference Index is : MSCI EMU SRI Filtered PAB Index | Los gastos de entrada, salida y conversión indicados son gastos máximos. En algunos casos los gastos pueden ser inferiores; puede obtener más información consultando a su asesor financiero.
La cifra de gastos corrientes se basa en los gastos del año finalizado el 30 de septiembre de 2021. Dicha cifra puede variar de un año a otro. No incluye:
Comisiones de rentabilidad,
Costes de transacción de la cartera, excepto en caso de que el Compartimento pague gastos de entrada o de salida cuando compre o venda participaciones de otro organismo de inversión colectiva.
Para más información sobre los gastos, consulte el apartado de gastos del folleto del OICVM, que está disponible en: amundi.com.
Rentabilidad histórica
25 % .
20
15
10
A B
El gráfico no sirve como guía para predecir la rentabilidad futura.
23,5%
22,6%
La rentabilidad anual que se muestra en este diagrama se calcula tras restar todos los gastos detraídos por el Subfondo.
El Compartimento se creó el 10 de marzo de 2020. La Clase de acciones se creó el 10 de marzo de 2020.
La divisa de referencia es el EUR.
El Índice de referencia es: Índice MSCI EMU SRI Filtered PAB | The entry, exit and conversion charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser.
The ongoing charges figure is based on expenses for the year ending September 30, 2021. This figure may vary from year to year. It excludes:
Performance fees,
Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: amundi.com.
Past Performance
25 % .
20
15
10
A B
The chart has a limited value as a guide to future performance.
23.5%
22.6%
The annualised performances displayed in this diagram are calculated net of all charges taken by the Sub-Fund.
The Sub-Fund was launched on March 10, 2020. The Share Class was launched on March 10, 2020.
The reference currency is the Euro.
The reference Index is : MSCI EMU SRI Filtered PAB Index | en | es |
DOLFIN8166 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market
Bonds and other debt instruments
Ireland | ###### Titoli negoziabili e strumenti del mercato monetario ammessi alla quotazione ufficiale di una borsa valori e/o negoziati su un altro mercato regolamentato
Obbligazioni e altri titoli di debito
Irlanda | ##### Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market
Bonds and other debt instruments
Ireland | en | it |
DOLFIN8167 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Performance is not constant over time and is no guarantee of future performance.
The year-on-year performance presented on this chart are calculated with net income reinvested and after deduction of all fees charged by the SICAV. The SICAV was launched on 04 January 2018 and its AMUNDI RESPONSIBLE INVESTING - EUROPEAN CREDIT SRI - I2-C class on 06
November 2019.
-0.4%
The reference currency is the euro (EUR).
1.8%
-1.0%
2017 2018 2019 2020 2021
Name of the Depositary: CACEIS Bank.
The latest prospectus and most recent periodic disclosure documents, and all other useful information, are available free of charge from the Management Company.
As this UCITS has sub-funds, its latest aggregate annual report is also available from the Management Company. Updated details on the Management Company’s remuneration policy are available on its website or free of charge upon written request to it.
In particular, this policy describes the calculation methods applied to the remuneration and benefits for certain categories of employees, the entities responsible for their allocation and the composition of the Remuneration Committee.
The net asset value is available on request from the management company, on its website www.amundi.com, on the websites of distributor establishments, and is published in various national and regional daily newspapers as well as in periodicals.
Depending upon your personal tax position, capital gains and any income associated with holding securities in the Fund may be subject to taxation. We advise you to seek information about this from the UCITS distributor.
This UCITS is not available to residents of the United States of America/“U.S. Persons” (the definition of “U.S. Person” is provided on the Management Company’s website, www.amundi.com, and/or in the prospectus).
Amundi Asset Management may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS.
The Fund offers other units or shares for the categories of investors defined in its prospectus. This key investor information is accurate as at 01 June 2022. | La rentabilidad no es constante en el tiempo ni es indicativa de rentabilidades futuras.
La rentabilidad anualizada que se presenta en este diagrama se calcula con los ingresos netos reinvertidos y tras restar todos los gastos detraídos por la SICAV.
La SICAV fue creada el 04 de enero de 2018 y su clase AMUNDI RESPONSIBLE INVESTING - EUROPEAN CREDIT SRI - I2-C, el 06 de
noviembre de 2019.
-1,0%
La divisa de referencia es el euro (EUR).
1,8%
-0,4%
2017 2018 2019 2020 2021
Nombre del depositario: CACEIS Bank.
El último folleto, los últimos documentos de información periódica reglamentarios y demás información práctica, se hallan disponibles de forma gratuita en la sociedad gestora.
Teniendo en cuenta que este OICVM se compone de compartimentos, su último informe anual agregado también está disponible en la sociedad gestora. Los detalles actualizados de la política de remuneración de la sociedad gestora están disponibles en su sitio web o de forma gratuita previa solicitud por escrito a la misma.
Esta política describe principalmente las modalidades de cálculo de las remuneraciones y beneficios de ciertas categorías de empleados, los organismos responsables de su asignación, así como la composición del Comité de remuneración.
El valor de liquidación se halla disponible previa solicitud en la sociedad gestora, en su sitio web www.amundi.com, en los sitios web de las entidades comercializadoras, y publicado en varios diarios nacionales, regionales y periódicos.
Según su régimen fiscal, las plusvalías y los ingresos eventuales relacionados con la tenencia de títulos del OICVM pueden estar sujetos a impuestos. Le aconsejamos que solicite información al respecto a su comercializador del OICVM.
El OICVM no está disponible para los residentes de los Estados Unidos de América/«Personas estadounidenses» (cuya definición se encuentra disponible en el sitio web de la sociedad gestora www.amundi.com y/o en el folleto).
La responsabilidad de Amundi Asset Management solo puede verse comprometida sobre la base de declaraciones engañosas, inexactas o incoherentes con las partes correspondientes del folleto del OICVM contenidas en el presente documento.
El OICVM propone otras participaciones o acciones para categorías de inversores definidas en su folleto. Los presentes datos fundamentales para el inversor son exactos y vigentes a 01 de junio de 2022. | Performance is not constant over time and is no guarantee of future performance.
The year-on-year performance presented on this chart are calculated with net income reinvested and after deduction of all fees charged by the SICAV. The SICAV was launched on 04 January 2018 and its AMUNDI RESPONSIBLE INVESTING - EUROPEAN CREDIT SRI - I2-C class on 06
November 2019.
-0.4%
The reference currency is the euro (EUR).
1.8%
-1.0%
2017 2018 2019 2020 2021
Name of the Depositary: CACEIS Bank.
The latest prospectus and most recent periodic disclosure documents, and all other useful information, are available free of charge from the Management Company.
As this UCITS has sub-funds, its latest aggregate annual report is also available from the Management Company. Updated details on the Management Company’s remuneration policy are available on its website or free of charge upon written request to it.
In particular, this policy describes the calculation methods applied to the remuneration and benefits for certain categories of employees, the entities responsible for their allocation and the composition of the Remuneration Committee.
The net asset value is available on request from the management company, on its website www.amundi.com, on the websites of distributor establishments, and is published in various national and regional daily newspapers as well as in periodicals.
Depending upon your personal tax position, capital gains and any income associated with holding securities in the Fund may be subject to taxation. We advise you to seek information about this from the UCITS distributor.
This UCITS is not available to residents of the United States of America/“U.S. Persons” (the definition of “U.S. Person” is provided on the Management Company’s website, www.amundi.com, and/or in the prospectus).
Amundi Asset Management may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS.
The Fund offers other units or shares for the categories of investors defined in its prospectus. This key investor information is accurate as at 01 June 2022. | en | es |
DOLFIN8168 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Date de lancement et monnaie du Fonds
Le Fonds a été lancé le 25 novembre 2019.
La catégorie d’actions a été lancée le 16 janvier 2020. La monnaie de référence du Fonds est le USD.
La monnaie de la catégorie d’actions est le GBP. La performance passée a été calculée en GBP.
15%
10%
5%
0%
Fonds
2017* 2018* 2019* 2020* 2021
* Aucune donnée relative à la catégorie d’actions n’est disponible pour cette période de référence. La catégorie d’actions a été lancée le 16 janvier 2020. | ## Fecha de lanzamiento y divisa del fondo
El fondo se lanzó el 25 de noviembre de 2019.
La clase de acciones se lanzó el 16 de enero de 2020. La divisa de base del fondo es el USD.
La divisa de la clase de acciones es el GBP.
La rentabilidad histórica se ha calculado en GBP.
15%
10%
5%
0%
Fondo
2017* 2018* 2019* 2020* 2021
* No se dispone de datos sobre la clase de acciones para el periodo de referencia en cuestión. La clase de acciones se lanzó el 16 de enero de 2020. | ## Date de lancement et monnaie du Fonds
Le Fonds a été lancé le 25 novembre 2019.
La catégorie d’actions a été lancée le 16 janvier 2020. La monnaie de référence du Fonds est le USD.
La monnaie de la catégorie d’actions est le GBP. La performance passée a été calculée en GBP.
15%
10%
5%
0%
Fonds
2017* 2018* 2019* 2020* 2021
* Aucune donnée relative à la catégorie d’actions n’est disponible pour cette période de référence. La catégorie d’actions a été lancée le 16 janvier 2020. | fr | es |
DOLFIN8169 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Risque plus faible Risque plus élevé
au crédit et/ou aux devises, et ce, afin de chercher à produire un rendement plus élevé, d'obtenir un effet de levier sur le Portefeuille et de se couvrir contre certains risques. Une part importante de l'exposition du Portefeuille peut être obtenue par le recours aux instruments dérivés. Un instrument dérivé est un contrat entre deux ou plusieurs parties dont la valeur dépend de la hausse et de la baisse de l'actif sous-jacent.
1 | ## Menor riesgo Mayor riesgo
y cubrirse frente a determinados riesgos. Un porcentaje significativo de la exposición de la Cartera podrá generarse mediante el uso de derivados. Un instrumento derivado es un contrato suscrito entre dos o más partes cuyo valor depende de la apreciación o depreciación del activo subyacente.
1 | ## Risque plus faible Risque plus élevé
au crédit et/ou aux devises, et ce, afin de chercher à produire un rendement plus élevé, d'obtenir un effet de levier sur le Portefeuille et de se couvrir contre certains risques. Une part importante de l'exposition du Portefeuille peut être obtenue par le recours aux instruments dérivés. Un instrument dérivé est un contrat entre deux ou plusieurs parties dont la valeur dépend de la hausse et de la baisse de l'actif sous-jacent.
1 | fr | es |
DOLFIN8170 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Passive Investment RiskFor funds that are passively managed, the Investment Manager will not have the discretion to adapt to market changes due to the inherent investment nature of such funds. Falls in the index are expected to result in corresponding falls in the value of such funds.
- Asset Allocation - Target Date RiskSome funds allocate capital to asset classes where the weights change according to a pre-determined schedule up to a specific target date. As a fund moves closer to its target date, it generally allocates more capital to assets with a lower expected risk and return profile. The performance of the fund is dependent on the success of the asset allocation strategy employed by the fund and there is a risk that losses will be realised as the asset allocation changes. This target date asset allocation strategy may not achieve the desired results under all circumstances and market conditions. While investors will be provided with investment options at the target date, there is no guarantee that the fund will closely align with their investment horizon and so investors may suffer loss after the target date. It is important to note that a target date fund should not be selected based solely on age or retirement date. If investors had not accurately selected a fund that most closely aligns with their investment horizon, there will be a risk of potential mismatch between their investment horizon and the fund’s investment horizon. There is no guarantee that investors will receive the principal invested on the target date.
- Asset Allocation – Dynamic RiskCertain funds may periodically change their allocation across asset classes and therefore may incur greater transaction costs than a fund with static allocation strategy.
- Cash FundsAn investment in Cash funds is neither insured nor guaranteed by any government, government agencies or government- sponsored agencies or any bank guarantee fund. Shares in Cash funds are not deposits or obligations of, or guaranteed or endorsed by, any bank and the amount invested in Shares may fluctuate up and/or down. Although the Fund seeks to maintain capital value and liquidity whilst producing a return in line with money market rates to the investor, Cash funds do not guarantee a stable Net Asset Value. All investments are subject to credit and counterparty risk and provide limited potential for capital appreciation and generally lower income than investments in medium- or long-term instruments would. Furthermore, the performance of Cash funds may be affected by changes in money market rates, economic and market conditions and in legal, regulatory and tax requirements. In a low interest rate environment or during adverse market conditions, Cash funds may invest in negative yield instruments which may adversely impact the Net Asset Value of the fund. | - Riesgo de inversión pasivaPara aquellos Subfondos de gestión pasiva, el Gestor de Inversiones no podrá adaptarse a su discreción a las circunstancias del mercado con motivo de la naturaleza de inversión inherente a los mismos. Se espera que las caídas del índice den como resultado las correspondientes caídas en el valor de estos Subfondos.
- Riesgo de asignación de activos en la fecha objetivoAlgunos Subfondos asignan capital a clases de activos modificando la ponderación según un esquema predeterminado hasta una fecha objetivo concreta. Conforme se acerca la fecha objetivo de un Subfondo, este suele asignar más capital a aquellos activos que se estima que tendrán un perfil de riesgo y rentabilidad más bajo. El rendimiento del Subfondo depende del éxito de la estrategia de asignación de activos que haya utilizado y existe el riesgo de que se sufran pérdidas conforme se modifica la asignación de activos. Es posible que la estrategia de asignación de activos en la fecha objetivo no logre los resultados deseados en todos los escenarios y condiciones del mercado. Aunque en la fecha objetivo se ofrecerán opciones de inversión a los inversores, no se puede garantizar que el Subfondo coincida en lo fundamental con su horizonte de inversión, por lo que es posible que sufran pérdidas con posterioridad a esta fecha. Hay que tener en cuenta que un Subfondo con fecha objetivo no se debe elegir pensando solamente en la edad o fecha de jubilación. Si los inversores no seleccionan de manera precisa un Subfondo que se ajuste adecuadamente a su horizonte, puede darse un posible riesgo de divergencia entre el horizonte de inversión de los inversores y el del Subfondo. No se puede garantizar que los inversores vayan a recibir el principal que invirtieron en la fecha objetivo.
- Riesgo de asignación de activos dinámicaAlgunos Subfondos pueden cambiar periódicamente su asignación a las distintas clases de activos, por lo que es posible que incurran en mayores costes de operación que aquellos que siguen una estrategia de asignación estática.
- Subfondos de efectivoLas inversiones en los Subfondos de efectivo no están aseguradas ni garantizadas por ninguna Administración Pública ni organismo dependiente o patrocinado por esta ni por ningún fondo de garantía bancaria. Las Acciones de los Subfondos de efectivo no son depósitos ni obligaciones de ningún banco ni están garantizadas o avaladas por ninguna entidad bancaria, y el importe invertido en ellas puede fluctuar al alza o a la baja. Si bien el Fondo trata de mantener el valor del capital y la liquidez al tiempo que genera para el inversor un rendimiento acorde con los tipos del mercado monetario, los Subfondos de efectivo no garantizan un Valor liquidativo estable. Todas las inversiones están sujetas al riesgo crediticio y de la contraparte, cuentan con un potencial limitado de revalorización del capital y, por lo general, proporcionan menos ingresos que las inversiones en instrumentos a medio o largo plazo. Asimismo, el rendimiento de los Subfondos de efectivo puede verse afectado por cambios en los tipos del mercado monetario, en las condiciones económicas y de comercialización, así como en los requisitos fiscales, normativos y jurídicos. En un entorno de bajos tipos de interés o de condiciones de mercado adversas, los Subfondos de efectivo podrán invertir en instrumentos de rendimiento negativo susceptibles de repercutir negativamente en el Valor liquidativo del Subfondo. | - Passive Investment RiskFor funds that are passively managed, the Investment Manager will not have the discretion to adapt to market changes due to the inherent investment nature of such funds. Falls in the index are expected to result in corresponding falls in the value of such funds.
- Asset Allocation - Target Date RiskSome funds allocate capital to asset classes where the weights change according to a pre-determined schedule up to a specific target date. As a fund moves closer to its target date, it generally allocates more capital to assets with a lower expected risk and return profile. The performance of the fund is dependent on the success of the asset allocation strategy employed by the fund and there is a risk that losses will be realised as the asset allocation changes. This target date asset allocation strategy may not achieve the desired results under all circumstances and market conditions. While investors will be provided with investment options at the target date, there is no guarantee that the fund will closely align with their investment horizon and so investors may suffer loss after the target date. It is important to note that a target date fund should not be selected based solely on age or retirement date. If investors had not accurately selected a fund that most closely aligns with their investment horizon, there will be a risk of potential mismatch between their investment horizon and the fund’s investment horizon. There is no guarantee that investors will receive the principal invested on the target date.
- Asset Allocation – Dynamic RiskCertain funds may periodically change their allocation across asset classes and therefore may incur greater transaction costs than a fund with static allocation strategy.
- Cash FundsAn investment in Cash funds is neither insured nor guaranteed by any government, government agencies or government- sponsored agencies or any bank guarantee fund. Shares in Cash funds are not deposits or obligations of, or guaranteed or endorsed by, any bank and the amount invested in Shares may fluctuate up and/or down. Although the Fund seeks to maintain capital value and liquidity whilst producing a return in line with money market rates to the investor, Cash funds do not guarantee a stable Net Asset Value. All investments are subject to credit and counterparty risk and provide limited potential for capital appreciation and generally lower income than investments in medium- or long-term instruments would. Furthermore, the performance of Cash funds may be affected by changes in money market rates, economic and market conditions and in legal, regulatory and tax requirements. In a low interest rate environment or during adverse market conditions, Cash funds may invest in negative yield instruments which may adversely impact the Net Asset Value of the fund. | en | es |
DOLFIN8171 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Titres ESG à revenu fixe
Certains Fonds peuvent investir dans divers types de Titres ESG à revenu fixe, lesquels permettent notamment aux émetteurs de lever des capitaux afin de financer des projets porteurs d’un intérêt environnemental et/ou social, comme stipulé dans le Supplément correspondant. Les Titres ESG à revenu fixe comprendront, notamment, des obligations dites « vertes » et d’autres titres de créance axés sur le développement durable. Les obligations assorties d’une mention sont souvent vérifiées par un tiers (comme un cabinet d’audit), qui certifie que l’obligation financera des projets (par exemple, les obligations dites « vertes » désignent les titres dont le produit est spécifiquement destiné à être utilisé pour des projets environnementaux).
Obligations vertes : type d’obligation dont le produit sert à financer ou refinancer des projets ou activités, nouveaux ou existants, ayant un impact positif sur l’environnement. Les projets éligibles peuvent relever des catégories suivantes : les énergies renouvelables, l’efficience énergétique, les transports propres, les bâtiments écologiques, la gestion des eaux usées et l’adaptation au changement climatique.
Obligations sociales : type d’obligation dont le produit est utilisé pour financer ou refinancer des projets ou activités sociaux visant à résoudre ou atténuer les effets d’un problème social spécifique ou à essayer d’obtenir des résultats sociaux positifs. Les Projets sociaux peuvent relever des catégories suivantes (promotion et/ou fourniture) : infrastructures de base abordables, accès à des services essentiels, logement abordable, génération d’emploi, sécurité alimentaire, ou promotion et émancipation socioéconomiques.
Obligations de développement durable : type d’obligation dont le produit est utilisé pour financer ou refinancer une combinaison de projets ou d’activités écologiques et sociales. Les obligations de développement durable dont la destination du produit fait l’objet d’un contrôle strict et s’inscrit dans le cadre d’activités qui font progresser les Objectifs de développement durable des Nations Unies, ou « ODD », peuvent être assorties de la mention « ODD ».
Obligations liées au développement durable : obligations structurellement liées à la réalisation par l’émetteur de certains objectifs de développement durable, par exemple par le biais d’un accord liant le coupon d’une obligation à des objectifs environnementaux et/ou sociaux spécifiques. La progression ou l’absence de progression par rapport aux objectifs susmentionnés ou à certains indicateurs clés de performance entraîne une baisse ou une augmentation du coupon de l’instrument.
Contrairement aux obligations vertes, sociales et de développement durable décrites ci-dessus, les obligations liées au développement durable ne financent pas de projets particuliers, mais financent plutôt le fonctionnement général d’un émetteur qui a fixé des objectifs de développement durable explicites concernant les conditions de financement de l’obligation. | ###### Valores de Renta Fija ESG
Algunos Fondos pueden invertir en varios tipos de Valores de Renta Fija ESG que, en particular, permiten a los emisores captar capital para financiar proyectos que generen beneficios ambientales o sociales positivos, según lo dispuesto en el Suplemento correspondiente. Los Valores de Renta Fija ESG incluirán, entre otros, los bonos con etiqueta verde y otros instrumentos de deuda orientados a la sostenibilidad. Los bonos con etiqueta a menudo son verificados por una entidad externa (como una auditora), la cual que certifica que el bono financiará proyectos (por ejemplo, los bonos con etiqueta verde son aquellas emisiones cuyos ingresos se destinan específicamente a proyectos ambientales).
Bonos verdes: Son un tipo de bono cuyos ingresos se utilizan para financiar o refinanciar proyectos o actividades nuevos o existentes que contribuyan a lograr un impacto positivo para el medioambiente. Las categorías de proyectos elegibles incluyen: energías renovables, eficiencia energética, transporte limpio, edificios ecológicos, gestión de aguas residuales y adaptación al cambio climático.
Bonos sociales: Son un tipo de bono cuyos ingresos se utilizan para financiar o refinanciar proyectos o actividades sociales que tienen como objetivo abordar o mitigar un problema social específico o que buscan lograr resultados sociales positivos. Las categorías de proyectos sociales incluyen el suministro o el desarrollo de: infraestructuras básicas asequibles, acceso a servicios esenciales, viviendas asequibles, generación de empleo, seguridad alimentaria o progreso y desarrollo socioeconómicos.
Bonos de sostenibilidad: Son un tipo de bono cuyos ingresos se utilizan para financiar o refinanciar un conjunto de proyectos o actividades sociales y ecológicos. Los bonos de sostenibilidad que están sometidos a un estricto escrutinio del uso de sus fondos y los deparan a actividades que promueven los Objetivos de Desarrollo Sostenible de la ONU u ODS pueden recibir la etiqueta de bonos ODS.
Bonos vinculados a la sostenibilidad: Son bonos que están estructuralmente vinculados a la consecución de ciertos objetivos de sostenibilidad por parte del emisor, por ejemplo, mediante un acuerdo que vincula el cupón de un bono a objetivos ambientales o sociales específicos. Si se progresa hacia los objetivos mencionados o los indicadores clave de rendimiento seleccionados, el cupón del instrumento reduce, y, si no se cumplen, aumenta.
A diferencia de los bonos verdes, sociales y de sostenibilidad descritos anteriormente, los bonos vinculados a la sostenibilidad no financian proyectos concretos, sino que financian la actividad general de un emisor que tiene objetivos de sostenibilidad explícitos que, a su vez, están ligados a las condiciones de financiación del bono. | ##### Titres ESG à revenu fixe
Certains Fonds peuvent investir dans divers types de Titres ESG à revenu fixe, lesquels permettent notamment aux émetteurs de lever des capitaux afin de financer des projets porteurs d’un intérêt environnemental et/ou social, comme stipulé dans le Supplément correspondant. Les Titres ESG à revenu fixe comprendront, notamment, des obligations dites « vertes » et d’autres titres de créance axés sur le développement durable. Les obligations assorties d’une mention sont souvent vérifiées par un tiers (comme un cabinet d’audit), qui certifie que l’obligation financera des projets (par exemple, les obligations dites « vertes » désignent les titres dont le produit est spécifiquement destiné à être utilisé pour des projets environnementaux).
Obligations vertes : type d’obligation dont le produit sert à financer ou refinancer des projets ou activités, nouveaux ou existants, ayant un impact positif sur l’environnement. Les projets éligibles peuvent relever des catégories suivantes : les énergies renouvelables, l’efficience énergétique, les transports propres, les bâtiments écologiques, la gestion des eaux usées et l’adaptation au changement climatique.
Obligations sociales : type d’obligation dont le produit est utilisé pour financer ou refinancer des projets ou activités sociaux visant à résoudre ou atténuer les effets d’un problème social spécifique ou à essayer d’obtenir des résultats sociaux positifs. Les Projets sociaux peuvent relever des catégories suivantes (promotion et/ou fourniture) : infrastructures de base abordables, accès à des services essentiels, logement abordable, génération d’emploi, sécurité alimentaire, ou promotion et émancipation socioéconomiques.
Obligations de développement durable : type d’obligation dont le produit est utilisé pour financer ou refinancer une combinaison de projets ou d’activités écologiques et sociales. Les obligations de développement durable dont la destination du produit fait l’objet d’un contrôle strict et s’inscrit dans le cadre d’activités qui font progresser les Objectifs de développement durable des Nations Unies, ou « ODD », peuvent être assorties de la mention « ODD ».
Obligations liées au développement durable : obligations structurellement liées à la réalisation par l’émetteur de certains objectifs de développement durable, par exemple par le biais d’un accord liant le coupon d’une obligation à des objectifs environnementaux et/ou sociaux spécifiques. La progression ou l’absence de progression par rapport aux objectifs susmentionnés ou à certains indicateurs clés de performance entraîne une baisse ou une augmentation du coupon de l’instrument.
Contrairement aux obligations vertes, sociales et de développement durable décrites ci-dessus, les obligations liées au développement durable ne financent pas de projets particuliers, mais financent plutôt le fonctionnement général d’un émetteur qui a fixé des objectifs de développement durable explicites concernant les conditions de financement de l’obligation. | fr | es |
DOLFIN8172 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Les Actionnaires peuvent obtenir le rachat de leurs Actions sur demande, lors de tout jour ouvrable au Luxembourg coïncidant avec les ouvertures de la Bourse de New York et du NASDAQ, avant 13 h 30.
## Veuillez lire la section du Prospectus intitulée « Souscription, transfert, conversion et rachat d’Actions » pour de plus amples renseignements.
Investisseurs de détail visés Le Produit convient aux investisseurs institutionnels et de détail qui recherchent une exposition aux marchés d’actions à l’échelle mondiale, recherchent un portefeuille relativement concentré, peuvent se permettre de réserver du capital pendant 3 à 5 ans (horizon à moyen-long terme), accepter des pertes de capital temporaires substantielles et tolérer la volatilité.
## Informations pratiques
## Dépositaire du Produit : Brown Brothers Harriman (Luxembourg) S.C.A
Des informations complémentaires concernant le Produit (dont la version anglaise du prospectus complet, des rapports et des comptes de la SICAV dans son ensemble), ainsi que la procédure d’échange d’Actions d’un Compartiment à un autre, sont disponibles gratuitement sur demande auprès du siège social de la Société de gestion ou de l’Agent administratif. Le prix par action du Compartiment peut être obtenu au siège social de la Société de gestion ou de l’Agent administratif.
## De plus amples informations relatives à la politique de rémunération sont disponibles sur www.im.natixis.com et des copies papier sont disponibles sans frais et sur demande.
Échange d’actions : Chaque Compartiment de la SICAV est séparé, conformément à la loi. Vous n’avez pas la possibilité d’échanger vos actions contre des actions d’un autre Compartiment du Fonds. Toutefois, vous pourriez avoir la possibilité de demander le rachat de vos actions de ce Compartiment, puis de souscrire des actions d’un autre Compartiment. Pour plus d’informations, veuillez consulter le prospectus du Produit.
Fiscalité : Ce Produit peut être assujetti à des régimes fiscaux spécifiques au Luxembourg. Selon votre pays de résidence, cela peut avoir un impact sur votre investissement. Pour de plus amples renseignements, veuillez contacter votre conseiller.
## Indicateur de risque
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| --- | --- | --- | --- | --- | --- | --- |
## Risque plus faible Risque plus élevé
## L’indicateur de risque suppose que vous conservez le Produit pendant 5 ans.
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 5 sur 7, qui est une classe de risque entre moyenne et élevée. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre moyen et élevé et, si la situation venait à se détériorer sur les marchés, il est probable que notre capacité à vous payer en soit affectée.
## Soyez conscient du risque de change. La devise de ce Produit peut être différente de celle de votre pays. Dans la mesure où vous pourriez recevoir des paiements dans la devise de ce Produit et non dans celle de votre pays, le rendement final obtenu dépendra du taux de change entre ces deux devises. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
## Autres risques importants pour le Produit non inclus dans l’indicateur synthétique de risque : Risque de liquidité, risque lié au programme Stock Connect.
## Ce Produit n’inclut aucune protection contre les performances futures du marché, vous pourriez donc perdre tout ou partie de votre investissement.
## Scénarios de performance
Les chiffres indiqués comprennent tous les coûts du Produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez. | # Los accionistas pueden reembolsar sus acciones previa solicitud en cualquier día hábil en Luxemburgo en el que la Bolsa de Nueva York y el NASDAQ se encuentren abiertos antes de las 13:30 h.
## Consúltese la sección «Suscripción, transferencia, canje y reembolso de acciones» del folleto para obtener más información.
Inversor minorista al que va dirigido El Producto es adecuado para inversores institucionales y minoristas que buscan una exposición a los mercados de renta variable a nivel mundial, que buscan una cartera relativamente concentrada, que pueden prescindir del capital invertido durante un período de 3 a 5 años (horizonte temporal de medio a largo), que pueden aceptar pérdidas temporales significativas y que pueden tolerar la volatilidad.
## Información práctica
## Depositario del Producto: Brown Brothers Harriman (Luxembourg) S.C.A
Puede obtenerse información adicional gratuita sobre el Producto (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la Sociedad de Gestión o del Agente de Administración. El precio por acción del Subfondo puede obtenerse en el domicilio social de la Sociedad de Gestión o del Agente de Administración.
## Puede encontrar más información acerca de la política de remuneración en www.im.natixis.com y existen copias impresas disponibles de forma gratuita previa solicitud.
Canje de acciones: Todos los Subfondos de la SICAV están segregados por ley. Usted no tiene la oportunidad de canjear sus acciones por acciones de otro Subfondo del Fondo. Sin embargo, es posible que tenga la opción de reembolsar sus acciones de este Subfondo y, a continuación, suscribir acciones de otro Subfondo. Para obtener más información, puede consultar el folleto del Producto.
Fiscalidad: El Producto puede estar sujeto a regímenes de tributación específicos en Luxemburgo. Dependiendo de cuál sea su país de residencia, esto podría incidir sobre su inversión. Si desea obtener más información, contacte con un asesor.
## Indicador de riesgo
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| --- | --- | --- | --- | --- | --- | --- |
## Riesgo más bajo Riesgo más alto
## En relación con el indicador de riesgo, se parte del supuesto que usted conservará el Producto durante 5 años.
El indicador resumido de riesgo es una guía del nivel de riesgo de este Producto en comparación con otros Productos. Muestra las probabilidades de que el Producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este Producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta, y la probabilidad de que una mala coyuntura de mercado influya en nuestra capacidad de pagarle como probable.
## Debe tener en cuenta el riesgo de cambio. La moneda de este Producto puede ser diferente a la de su país. Como puede recibir pagos en la moneda de este Producto y no en la de su país, la rentabilidad final que obtendrá dependerá del tipo de cambio entre estas dos monedas. Este riesgo no se contempla en el indicador anterior.
## Otros riesgos de importancia significativa para el Producto no incluidos en el indicador resumido de riesgo son los siguientes: Riesgo de liquidez, riesgo de Stock Connect.
## Este Producto no incluye ninguna protección frente al rendimiento futuro del mercado, por lo que podría perder la totalidad o una parte de su inversión.
## Escenarios de rentabilidad
Las cifras presentadas incluyen todos los costes del Producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba. | # Les Actionnaires peuvent obtenir le rachat de leurs Actions sur demande, lors de tout jour ouvrable au Luxembourg coïncidant avec les ouvertures de la Bourse de New York et du NASDAQ, avant 13 h 30.
## Veuillez lire la section du Prospectus intitulée « Souscription, transfert, conversion et rachat d’Actions » pour de plus amples renseignements.
Investisseurs de détail visés Le Produit convient aux investisseurs institutionnels et de détail qui recherchent une exposition aux marchés d’actions à l’échelle mondiale, recherchent un portefeuille relativement concentré, peuvent se permettre de réserver du capital pendant 3 à 5 ans (horizon à moyen-long terme), accepter des pertes de capital temporaires substantielles et tolérer la volatilité.
## Informations pratiques
## Dépositaire du Produit : Brown Brothers Harriman (Luxembourg) S.C.A
Des informations complémentaires concernant le Produit (dont la version anglaise du prospectus complet, des rapports et des comptes de la SICAV dans son ensemble), ainsi que la procédure d’échange d’Actions d’un Compartiment à un autre, sont disponibles gratuitement sur demande auprès du siège social de la Société de gestion ou de l’Agent administratif. Le prix par action du Compartiment peut être obtenu au siège social de la Société de gestion ou de l’Agent administratif.
## De plus amples informations relatives à la politique de rémunération sont disponibles sur www.im.natixis.com et des copies papier sont disponibles sans frais et sur demande.
Échange d’actions : Chaque Compartiment de la SICAV est séparé, conformément à la loi. Vous n’avez pas la possibilité d’échanger vos actions contre des actions d’un autre Compartiment du Fonds. Toutefois, vous pourriez avoir la possibilité de demander le rachat de vos actions de ce Compartiment, puis de souscrire des actions d’un autre Compartiment. Pour plus d’informations, veuillez consulter le prospectus du Produit.
Fiscalité : Ce Produit peut être assujetti à des régimes fiscaux spécifiques au Luxembourg. Selon votre pays de résidence, cela peut avoir un impact sur votre investissement. Pour de plus amples renseignements, veuillez contacter votre conseiller.
## Indicateur de risque
| | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
## Risque plus faible Risque plus élevé
## L’indicateur de risque suppose que vous conservez le Produit pendant 5 ans.
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 5 sur 7, qui est une classe de risque entre moyenne et élevée. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre moyen et élevé et, si la situation venait à se détériorer sur les marchés, il est probable que notre capacité à vous payer en soit affectée.
## Soyez conscient du risque de change. La devise de ce Produit peut être différente de celle de votre pays. Dans la mesure où vous pourriez recevoir des paiements dans la devise de ce Produit et non dans celle de votre pays, le rendement final obtenu dépendra du taux de change entre ces deux devises. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
## Autres risques importants pour le Produit non inclus dans l’indicateur synthétique de risque : Risque de liquidité, risque lié au programme Stock Connect.
## Ce Produit n’inclut aucune protection contre les performances futures du marché, vous pourriez donc perdre tout ou partie de votre investissement.
## Scénarios de performance
Les chiffres indiqués comprennent tous les coûts du Produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez. | fr | es |
DOLFIN8173 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
However, transferable debt securities with a residual maturity of less than or equal to three months will be valued on the basis of the straight-line method.
- Financial contracts (futures, options or swap transactions concluded on over-the-counter markets) are valued at their market value or at a value estimated according to the terms and conditions determined by the Management Company. The method for valuing off-balance sheet commitments consists in valuing futures contracts at their market price and in converting options into the equivalent value of the underlying.
- Financial guarantees: in order to limit counterparty risk as much as possible while also factoring in operational constraints, the Management Company applies a daily margin call system, per fund and per counterparty, with an activation threshold set at a maximum of EUR 100,000 based on an evaluation of the mark-to-market price. | I titres de créances négociables con vita residua inferiore o uguale a tre mesi saranno invece valutati con il metodo lineare.
- I contratti finanziari (operazioni a termine fisso o condizionato, contratti a termine stipulati over-the-counter) sono valutati al loro valore di mercato o a un valore stimato in base a modalità stabilite dalla Società di gestione. Il metodo di valutazione delle esposizioni fuori bilancio consiste in una valutazione ai prezzi correnti di mercato dei contratti a termine fisso e in una traduzione nel controvalore del sottostante per le operazioni a termine condizionato.
- Garanzie finanziarie: al fine di contenere in maniera ottimale il rischio di controparte tenendo conto al contempo dei vincoli operativi, la Società di gestione applica un sistema di richieste di reintegro dei margini per giorno, per fondo e per controparte, con una soglia di attivazione fissata a un massimo di 100.000 euro e basato su una valutazione al prezzo di mercato (mark-to-market). | However, transferable debt securities with a residual maturity of less than or equal to three months will be valued on the basis of the straight-line method.
- Financial contracts (futures, options or swap transactions concluded on over-the-counter markets) are valued at their market value or at a value estimated according to the terms and conditions determined by the Management Company. The method for valuing off-balance sheet commitments consists in valuing futures contracts at their market price and in converting options into the equivalent value of the underlying.
- Financial guarantees: in order to limit counterparty risk as much as possible while also factoring in operational constraints, the Management Company applies a daily margin call system, per fund and per counterparty, with an activation threshold set at a maximum of EUR 100,000 based on an evaluation of the mark-to-market price. | en | it |
DOLFIN8174 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The integration of RI (Responsible Investment) considerations into our fundamental company analysis plays a key role in how we manage the Portfolio and view the investable universe of stocks, giving us a fuller picture of risks, opportunities and the future prospects of companies we invest in.
We actively use our proxy voting opportunities as a key way of engaging with portfolio companies. In 2021 for instance, we voted in over 70 meetings on more than 500 actions. We voted on 100% of votable actions, not missing a single vote. This theme has carried on in 2022; in Q1 we have again voted on 100% of the motions put to shareholders. Also, we do not automatically vote with management. We have been prepared to vote against management or advisory recommendations where we feel that better long-term outcomes can potentially be achieved by dissenting. For example, in 29% of shareholder meetings in 2021, we voted on at least one motion against management.
This analysis is supported by a set of RI analytics, helping us to identify those companies which are integrating RI considerations in their business model and demonstrating improvement in RI metrics. Where we feel companies are not doing enough, we engage with management to understand any issues and encourage positive change. We increasingly view our role as guiding management teams toward a better standard on RI issues and RI-related disclosures.
The result of this approach is that we have delivered a Portfolio which demonstrates a positive ESG tilt, has avoided all companies marked as controversial and has delivered a lower carbon intensity and carbon footprint than the benchmark.
- Threadneedle (Lux) – Asia EquitiesRI considerations are integrated into our research, giving us a fuller picture of risks, opportunities and the future prospects of a company. Our analysis is supported by a set of RI analytics, while targeted engagements and strategic voting further enhance research insights, and allow us to drive positive change. | La integración de las consideraciones de IR (inversión responsable) en nuestro análisis fundamental de empresas desempeña un papel clave en la forma en que gestionamos la Cartera y vemos el universo de inversión de acciones, lo que nos proporciona una visión más completa de los riesgos, las oportunidades y las perspectivas futuras de las empresas en las que invertimos.
Utilizamos activamente nuestras oportunidades de voto delegado como una forma clave de interactuar con las sociedades de la cartera. En 2021, por ejemplo, votamos en más de 70 juntas sobre más de 500 acciones. Hemos votado el 100% de las acciones que se han sometido a voto, sin dejar de emitir uno solo. Este asunto se ha mantenido en 2022: en el primer trimestre hemos votado de nuevo el 100% de las propuestas presentadas a los accionistas. Además, no votamos automáticamente con la dirección. Hemos estado dispuestos a votar en contra de las recomendaciones de la dirección o de los asesores si creíamos que se podían lograr mejores resultados a largo plazo al disentir. Por ejemplo, en el 29% de las juntas de accionistas de 2021, votamos al menos una moción en contra de la dirección.
Este análisis está respaldado por un conjunto de análisis de IR, lo que nos ayuda a identificar aquellas empresas que integran las consideraciones de IR en su modelo de negocio y demuestran una mejora en las métricas de IR. Cuando creemos que las empresas no están haciendo lo suficiente, nos implicamos con la dirección para entender los problemas y fomentar un cambio positivo. Cada vez más, vemos que nuestro papel consiste en guiar a los equipos de gestión hacia un mejor estándar en cuestiones de IR y divulgaciones relacionadas con la IR.
El resultado de este enfoque es que hemos ofrecido una Cartera que demuestra una inclinación positiva ESG, que ha evitado todas las empresas marcadas como controvertidas y que ha ofrecido tanto intensidad de carbono como huella de carbono menores que el índice de referencia.
- Threadneedle (Lux) – Asia EquitiesLas consideraciones de IR se integran en nuestra investigación, lo que nos proporciona una visión más completa de los riesgos, las oportunidades y las perspectivas futuras de una empresa. Nuestro análisis está respaldado por un conjunto de análisis de IR, mientras que los compromisos dirigidos y la votación estratégica mejoran aún más la información de investigación y nos permiten impulsar un cambio positivo. | The integration of RI (Responsible Investment) considerations into our fundamental company analysis plays a key role in how we manage the Portfolio and view the investable universe of stocks, giving us a fuller picture of risks, opportunities and the future prospects of companies we invest in.
We actively use our proxy voting opportunities as a key way of engaging with portfolio companies. In 2021 for instance, we voted in over 70 meetings on more than 500 actions. We voted on 100% of votable actions, not missing a single vote. This theme has carried on in 2022; in Q1 we have again voted on 100% of the motions put to shareholders. Also, we do not automatically vote with management. We have been prepared to vote against management or advisory recommendations where we feel that better long-term outcomes can potentially be achieved by dissenting. For example, in 29% of shareholder meetings in 2021, we voted on at least one motion against management.
This analysis is supported by a set of RI analytics, helping us to identify those companies which are integrating RI considerations in their business model and demonstrating improvement in RI metrics. Where we feel companies are not doing enough, we engage with management to understand any issues and encourage positive change. We increasingly view our role as guiding management teams toward a better standard on RI issues and RI-related disclosures.
The result of this approach is that we have delivered a Portfolio which demonstrates a positive ESG tilt, has avoided all companies marked as controversial and has delivered a lower carbon intensity and carbon footprint than the benchmark.
- Threadneedle (Lux) – Asia EquitiesRI considerations are integrated into our research, giving us a fuller picture of risks, opportunities and the future prospects of a company. Our analysis is supported by a set of RI analytics, while targeted engagements and strategic voting further enhance research insights, and allow us to drive positive change. | en | es |
DOLFIN8175 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
Sustainability is incorporated in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds as well as a carbon footprint target for both the government bond component and the credits component. For government bonds, the fund complies with Robeco’s exclusion policy for countries. For credits, the fund does not invest in companies that are in breach of international norms and applies the activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks through exclusions as per Robeco’s exclusion policy. ESG factors, including climate change, are integrated in the bottom-up security analysis to assess the decarbonization potential and the impact of financially material ESG risks on the issuer's fundamental quality. Furthermore, the fund invests at least 2.5% in green, social, sustainable, and/or sustainability-linked bonds. In the portfolio construction the fund targets carbon footprints at least equal to or better than the government bond component and the credit component of the Solactive Paris Aware Global Aggregate Index, respectively. This is to ensure the fund is aligned with the desired decarbonization trajectory of an average 7% year on year. | # Sustentabilidad
La sostenibilidad se incorporan al proceso de inversión con exclusiones y mediante la integración de criterios ASG, así como con una asignación mínima a bonos con calificación ASG y un objetivo de huella de carbono tanto para el componente de deuda pública como para el componente de créditos. Para la deuda pública, el fondo cumple la política de exclusión de países de Robeco. En cuanto a los créditos, el fondo no invierte en empresas que incumplen normas internacionales y aplica las exclusiones basadas en las actividades conforme al artículo 12 del reglamento de la UE en lo relativo a los índices de referencia de transición climática de la UE, los índices de referencia de la UE armonizados con el Acuerdo de París y la divulgación de información relativa a la sostenibilidad de los índices de referencia, mediante exclusiones según la política de exclusión de Robeco. Se integran factores ASG, incluyendo el cambio climático, en el análisis de valores bottom-up para evaluar el potencial de descarbonización y el impacto de los riesgos ASG financieramente relevantes en la calidad del análisis fundamental del emisor. Además, el fondo invierte al menos un 2,5% en bonos verdes, sociales, sostenibles o vinculados a la sostenibilidad. En la elaboración de la cartera, el fondo tiene como objetivo unas huellas de carbono iguales, sino mejores, que las del componente de la deuda pública y al componente del crédito del Solactive Paris Aware Global Aggregate Index, respectivamente. El propósito de esto es garantizar que el fondo sea coherente con la trayectoria de descarbonización deseada de una media del 7% interanual. | # Sustainability
Sustainability is incorporated in the investment process via exclusions, ESG integration, a minimum allocation to ESG-labeled bonds as well as a carbon footprint target for both the government bond component and the credits component. For government bonds, the fund complies with Robeco’s exclusion policy for countries. For credits, the fund does not invest in companies that are in breach of international norms and applies the activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks through exclusions as per Robeco’s exclusion policy. ESG factors, including climate change, are integrated in the bottom-up security analysis to assess the decarbonization potential and the impact of financially material ESG risks on the issuer's fundamental quality. Furthermore, the fund invests at least 2.5% in green, social, sustainable, and/or sustainability-linked bonds. In the portfolio construction the fund targets carbon footprints at least equal to or better than the government bond component and the credit component of the Solactive Paris Aware Global Aggregate Index, respectively. This is to ensure the fund is aligned with the desired decarbonization trajectory of an average 7% year on year. | en | es |
DOLFIN8176 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The figures do not take into account your personal tax situation, which may also affect how much you get back.
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 420 EUR | 1,301 EUR |
| Annual cost impact (*) | 4.2% | 2.6% each year |
This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 1,4 % before costs and -1,2 % after costs. | # Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 420 EUR | 1,301 EUR |
| Incidence des coûts annuels (*) | 4.2% | 2.6% Chaque année |
Ceci illustre comment les coûts réduisent votre rendement chaque année tout au long de la période de détention. Cela montre par exemple que si vous sortez au terme de la période de détention recommandée, votre rendement moyen par an devrait être de 1,4% avant imputation des coûts et de -1,2% après imputation des coûts. | # The figures do not take into account your personal tax situation, which may also affect how much you get back.
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 420 EUR | 1,301 EUR |
| Annual cost impact (*) | 4.2% | 2.6% each year |
This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 1,4 % before costs and -1,2 % after costs. | en | fr |
DOLFIN8177 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 5,00 % |
| Frais de sortie | Aucun |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur le capital de l’investisseur avant que celui-ci ne soit investi. |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 1,34 % |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance | Les commissions de surperformance sont calculées sur la base de la méthode décrite dans le prospectus en appliquant un taux 25.00% de tout rendement réalisé par le Fonds qui dépasse la VL précédente la plus élevée. Lors du dernier exercice du fonds, la commission de performance s’élevait à 0.00 % du fonds. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5.00% |
| Gastos de salida | No aplicable |
| Este es el máximo que puede detraerse del capital del inversor antes de proceder a la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1.34% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | La comisión de rentabilidad se calcula de acuerdo con la metodología descrita en el folleto utilizando una tasa del 25.00% de cualquier rendimiento que consiga el Fondo que sea superior al valor liquidativo anterior más alto. En el último ejercicio del fondo la comisión de rentabilidad fue del 0.00% del fondo. | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 5,00 % |
| Frais de sortie | Aucun |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur le capital de l’investisseur avant que celui-ci ne soit investi. |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 1,34 % |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance | Les commissions de surperformance sont calculées sur la base de la méthode décrite dans le prospectus en appliquant un taux 25.00% de tout rendement réalisé par le Fonds qui dépasse la VL précédente la plus élevée. Lors du dernier exercice du fonds, la commission de performance s’élevait à 0.00 % du fonds. | | fr | es |
DOLFIN8178 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The SRI does not take into account risks related to:
- Future fluctuations in supply and demand on the markets that may affect the assets’ liquidity and valuation,
- The concentration of the assets exposing the company to counterparty risk in the event of default. | ## El IRR no tiene en cuenta los riesgos relacionados con:
- las fluctuaciones futuras de la oferta y la demanda del mercado, que pueden incidir en la liquidez y la valoración de los activos;
- la concentración de activos que expone a la empresa al riesgo de contraparte en caso de impago. | ## The SRI does not take into account risks related to:
- Future fluctuations in supply and demand on the markets that may affect the assets’ liquidity and valuation,
- The concentration of the assets exposing the company to counterparty risk in the event of default. | en | es |
DOLFIN8179 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Product
DPAM B Equities US Index - Class A - ISIN: BE6289146548
A sub-fund of DPAM B, a public SICAV under Belgian law
Name of the originator of the product: Degroof Petercam Asset Management SA, abbreviated DPAM.
Rue Guimard 18, 1040 Brussels - [email protected] - https:\\www.dpamfunds.com - Call +32 2 287.91.11 for more information. DPAM is part of the Degroof Petercam Group.
DPAM B is managed by the management company DPAM which acts in that capacity within the meaning of Directive 2009/65/EC.
Competent authority: The Financial Services and Markets Authority (FSMA) is responsible for the supervision of DPAM in relation to this Key Information Document.
This product is authorised in Belgium.
DPAM is authorised in Belgium and regulated by the FSMA. Publication date of the Key Information Document: 02/01/2023 | ## Producto
DPAM B Equities US Index - Clase A - ISIN: BE6289146548
Un subfondo de DPAM B, SICAV pública de derecho belga
Nombre del productor del producto: Degroof Petercam Asset Management SA, abreviado DPAM.
Rue Guimard 18, 1040 Bruselas - [email protected] - https:\\www.dpamfunds.com - Para más información, llame al +32 2 287.91.11. DPAM forma parte del grupo Degroof Petercam.
DPAM B está gestionado por la sociedad de gestión DPAM, la cual actúa como tal en sentido de la Directiva 2009/65/CE.
autoridad competente: La Autoridad de los servicios y mercados financieros belga (FSMA) es responsable de la supervisión de DPAM en relación con este documento de datos fundamentales.
Este producto está autorizado en Bélgica.
DPAM está autorizada en Bélgica y está regulada por la FSMA.
Fecha de elaboración del documento de datos fundamentales: 02/01/2023 | ## Product
DPAM B Equities US Index - Class A - ISIN: BE6289146548
A sub-fund of DPAM B, a public SICAV under Belgian law
Name of the originator of the product: Degroof Petercam Asset Management SA, abbreviated DPAM.
Rue Guimard 18, 1040 Brussels - [email protected] - https:\\www.dpamfunds.com - Call +32 2 287.91.11 for more information. DPAM is part of the Degroof Petercam Group.
DPAM B is managed by the management company DPAM which acts in that capacity within the meaning of Directive 2009/65/EC.
Competent authority: The Financial Services and Markets Authority (FSMA) is responsible for the supervision of DPAM in relation to this Key Information Document.
This product is authorised in Belgium.
DPAM is authorised in Belgium and regulated by the FSMA. Publication date of the Key Information Document: 02/01/2023 | en | es |
DOLFIN8180 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
All bonds held in the Fund must be deemed eligible for investment according to Calvert’s proprietary green bond assessment framework and the Calvert Principles for Responsible Investment.
The Investment Adviser employs a proprietary assessment framework for Green Bonds (which has regard to, where appropriate, recognised green bond guidelines such as the Green Bonds Principles of the International Capital Market Association), through which the robustness, expected impact and transparency of all such instruments in the Fund are evaluated. The Investment Adviser uses in-house and third-party data and ESG research as part of its analysis.
The proprietary assessment framework for Green Bonds assesses issuances based on a number of factors including:
- issuer trajectory (e.g, issuer’s overall management of material environmental or social issues and the ambition, quality and scope of relevant targets in the issuer’s offering documents);
- whether the use of proceeds contributes to environmental or social objectives & project impact;
- alignment with external standards;
- project selection process by the issuer;
- governance (management of proceeds);
- the second party opinion given pre-issuance on the sustainability of the issuance;
- third-party assurance/verification of the environmental or social contribution of the project; and
- periodic reporting quality of the environmental or social contribution of the project. | Alle im Fonds gehaltenen Anleihen müssen gemäß dem Bewertungsrahmen für eigene grüne Anleihen von Calvert sowie den Calvert Principles for Responsible Investment für eine Anlage in Frage kommen.
Der Anlageberater setzt einen eigenen Bewertungsrahmen für Grüne Anleihen ein (der gegebenenfalls anerkannte Richtlinien für Grüne Anleihen wie die Green Bonds Principles der International Capital Market Association berücksichtigt), mit dem die Robustheit, die erwarteten Auswirkungen und die Transparenz aller derartigen Instrumente im Fonds bewertet werden. Der Anlageberater nutzt firmeneigene Daten sowie Daten von Dritten und ESG-Research als Teil seiner Analyse.
Der firmeneigene Bewertungsrahmen für grüne Anleihen bewertet Emissionen anhand einer Reihe von Faktoren, darunter:
- die Entwicklung des Emittenten (z. B. das Gesamtmanagement des Emittenten in Bezug auf wesentliche ökologische oder soziale Fragen sowie die Ambition, die Qualität und den Umfang der einschlägigen Ziele in den Angebotsunterlagen des Emittenten);
- ob die Verwendung der Erlöse zu den ökologischen oder sozialen Zielen und Auswirkungen des Projekts beiträgt;
- Anpassung an externe Standards;
- Projektauswahlverfahren durch den Emittenten;
- Governance (Verwaltung der Erlöse);
- die vor der Emission abgegebene Stellungnahme einer zweiten Partei über die Nachhaltigkeit der Emission;
- Gewährleistung/Verifizierung des ökologischen oder sozialen Beitrags des Projekts durch Dritte; und
- die Qualität der regelmäßigen Berichterstattung über den ökologischen oder sozialen Beitrag des Projekts. | All bonds held in the Fund must be deemed eligible for investment according to Calvert’s proprietary green bond assessment framework and the Calvert Principles for Responsible Investment.
The Investment Adviser employs a proprietary assessment framework for Green Bonds (which has regard to, where appropriate, recognised green bond guidelines such as the Green Bonds Principles of the International Capital Market Association), through which the robustness, expected impact and transparency of all such instruments in the Fund are evaluated. The Investment Adviser uses in-house and third-party data and ESG research as part of its analysis.
The proprietary assessment framework for Green Bonds assesses issuances based on a number of factors including:
- issuer trajectory (e.g, issuer’s overall management of material environmental or social issues and the ambition, quality and scope of relevant targets in the issuer’s offering documents);
- whether the use of proceeds contributes to environmental or social objectives & project impact;
- alignment with external standards;
- project selection process by the issuer;
- governance (management of proceeds);
- the second party opinion given pre-issuance on the sustainability of the issuance;
- third-party assurance/verification of the environmental or social contribution of the project; and
- periodic reporting quality of the environmental or social contribution of the project. | en | de |
DOLFIN8181 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Other relevant information
The information contained in this Key Information Document is supplemented by the offering documentation of the Fund which will be provided to retail investors before subscription. Further information documentation, such as the annual report as well as the information on the historical performance of the Fund may be obtained free of charge, in English, from the Manufacturer. For any queries relating to this document, please reach out to [email protected]. | # Altre informazioni rilevanti
Le informazioni presentate in questo Documento contenente le informazioni chiave sono integrate dalla documentazione di offerta del Fondo, che verrà fornita agli investitori al dettaglio prima della sottoscrizione. Altri documenti informativi, come la relazione annuale e i dati delle performance storiche del Fondo, in lingua inglese, possono essere ottenuti a titolo gratuito dall'Ideatore. Per qualsiasi domanda relativa a questo documento, contattare [email protected]. | # Other relevant information
The information contained in this Key Information Document is supplemented by the offering documentation of the Fund which will be provided to retail investors before subscription. Further information documentation, such as the annual report as well as the information on the historical performance of the Fund may be obtained free of charge, in English, from the Manufacturer. For any queries relating to this document, please reach out to [email protected]. | en | it |
DOLFIN8182 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les données historiques utilisées pour le calcul de cet indicateur pourraient ne pas constituer une indication fiable du comportement futur du FCP.
Cet indicateur représente la Volatilité Historique du FCP annualisée sur une période de 5 ans.
La catégorie 1 ne signifie pas un investissement sans risque, le risque de pertes sur votre investissement étant faible mais les chances de gains également limitées. La catégorie 7 reflète un risque élevé de pertes sur l’investissement mais aussi la possibilité d’atteindre des performances plus élevées.
La catégorie de risque associée à ce FCP n’est pas garantie et pourra évoluer dans le temps.
Le FCP est classé dans la catégorie 6 compte tenu de son exposition jusqu’à 100% de son actif au risque actions et aux marchés internationaux dans nombre de classes d'actifs au sein d'une stratégie flexible.
Présentation de principaux risques auxquels le FCP peut être exposé, non mesurés par l’indicateur et qui peuvent entraîner une baisse de la valeur liquidative :
Risque de crédit : Il s’agit du risque de baisse de la qualité de crédit d’un émetteur privé ou de défaut de ce dernier. En fonction du sens des opérations de l’OPC, la baisse (en cas d’achat) ou la hausse (en cas de vente) de la valeur des titres
de créance sur lesquels est exposé l’OPC peut entraîner une baisse de la valeur liquidative.
Risque de liquidité, le FCP peut investir dans des titres de mid- caps. Les mid-caps ont un volume de titres cotés en bourse réduit. De ce fait les baisses peuvent être plus importantes plus rapidement que sur les grandes capitalisations. La valeur liquidative peut donc baisser rapidement et fortement.
Risque de contrepartie, le FCP peut encourir des pertes au titre de ses engagements vis-à-vis d’une contrepartie sur ses opérations de swaps, de CFD, de contrats à terme en cas de défaillance de celle-ci ou de son incapacité à faire face à ses obligations contractuelles.
L’impact des techniques telles que des produits dérivés, l’utilisation d’instruments financiers dérivés peut entrainer le FCP à amplifier les mouvements de marché et ainsi des variations de la valeur liquidative plus importantes à la hausse comme à la baisse.
Ces autres risques sont décrits dans le prospectus du FCP. | Los datos históricos utilizados para calcular este indicador podrían no constituir una indicación fiable del futuro comportamiento del Fondo.
Este indicador representa la Volatilidad histórica del Fondo en un periodo de cinco años.
La categoría 1 no significa que la inversión esté libre de riesgo: el riesgo de pérdidas de su inversión es bajo, pero las posibilidades de ganancias son también limitadas. La categoría 7 indica un riesgo elevado de pérdidas de la inversión, pero también la posibilidad de obtener rentabilidades más elevadas. La categoría de riesgo que se atribuye a este Fondo no está garantizada y puede variar a lo largo del tiempo.
El Fondo se clasifica en la categoría 6, debido a su exposición de hasta el 100% de su activo al riesgo de renta variable y a los mercados internacionales en varias clases de activos dentro de una estrategia flexible.
Presentación de los principales riesgos a los que puede estar expuesto el Fondo no reflejados por el indicador y que podrían provocar una disminución del valor liquidativo:
Riesgo de crédito: se trata del riesgo de deterioro de la calidad de crédito de un emisor privado o de incumplimiento del
mismo. Dependiendo del sentido de las operaciones del OIC, el descenso (en caso de compra) o el aumento (en caso de venta) del valor de los títulos de deuda a los que esté expuesto el OIC puede conllevar una disminución del valor liquidativo. Riesgo de liquidez: el Fondo puede invertir en empresas de mediana capitalización. Las empresas de mediana capitalización tienen un número reducido de valores cotizados en bolsa. Por ello, las caídas pueden ser mayores y más rápidas que en el caso de los valores de gran capitalización. Por tanto, el valor liquidativo podría disminuir de forma rápida y significativa.
Riesgo de contraparte: el Fondo puede incurrir pérdidas en relación con sus compromisos con una contraparte en sus operaciones de swaps, CFD y contratos a plazo en caso de que la contraparte incumpla o sea incapaz de atender sus obligaciones contractuales.
Impacto de técnicas como derivados: el uso de instrumentos financieros derivados, puede intensificar los movimientos del mercado para el Fondo, provocando unas mayores variaciones del valor liquidativo tanto al alza como a la baja.
En el folleto del Fondo se describen estos otros riesgos. | Les données historiques utilisées pour le calcul de cet indicateur pourraient ne pas constituer une indication fiable du comportement futur du FCP.
Cet indicateur représente la Volatilité Historique du FCP annualisée sur une période de 5 ans.
La catégorie 1 ne signifie pas un investissement sans risque, le risque de pertes sur votre investissement étant faible mais les chances de gains également limitées. La catégorie 7 reflète un risque élevé de pertes sur l’investissement mais aussi la possibilité d’atteindre des performances plus élevées.
La catégorie de risque associée à ce FCP n’est pas garantie et pourra évoluer dans le temps.
Le FCP est classé dans la catégorie 6 compte tenu de son exposition jusqu’à 100% de son actif au risque actions et aux marchés internationaux dans nombre de classes d'actifs au sein d'une stratégie flexible.
Présentation de principaux risques auxquels le FCP peut être exposé, non mesurés par l’indicateur et qui peuvent entraîner une baisse de la valeur liquidative :
Risque de crédit : Il s’agit du risque de baisse de la qualité de crédit d’un émetteur privé ou de défaut de ce dernier. En fonction du sens des opérations de l’OPC, la baisse (en cas d’achat) ou la hausse (en cas de vente) de la valeur des titres
de créance sur lesquels est exposé l’OPC peut entraîner une baisse de la valeur liquidative.
Risque de liquidité, le FCP peut investir dans des titres de mid- caps. Les mid-caps ont un volume de titres cotés en bourse réduit. De ce fait les baisses peuvent être plus importantes plus rapidement que sur les grandes capitalisations. La valeur liquidative peut donc baisser rapidement et fortement.
Risque de contrepartie, le FCP peut encourir des pertes au titre de ses engagements vis-à-vis d’une contrepartie sur ses opérations de swaps, de CFD, de contrats à terme en cas de défaillance de celle-ci ou de son incapacité à faire face à ses obligations contractuelles.
L’impact des techniques telles que des produits dérivés, l’utilisation d’instruments financiers dérivés peut entrainer le FCP à amplifier les mouvements de marché et ainsi des variations de la valeur liquidative plus importantes à la hausse comme à la baisse.
Ces autres risques sont décrits dans le prospectus du FCP. | fr | es |
DOLFIN8183 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The ESG analysis developed in-house by ODDO BHF AM SAS is based on the principles of the United Nations Global Compact. This is structured around 10 principles covering human rights, labour rights, the environment, and the fight against corruption, based on major international standards (the Universal Declaration of Human Rights, ILO Conventions, the Rio Declaration on Environment and Development, and the United Nations Convention against Corruption).
To ensure that our ESG analysis is more vigorous and forward-looking, in 2017 we adopted the United Nations Sustainable Development Goals (SDGs), signed in September 2015 by 193 States, as an ideological framework looking towards 2030. Specifically, this analysis matrix illustrates the degree of exposure of each economic sector to the 12 sustainable development goals that we identify (clean energy, energy efficiency, biodiversity, circular economy, sustainable mobility, fundamental rights, employment, health, education, inclusion, technological innovation and business ethics), from the perspective of both opportunities and long-term risks.
For its internal analysis model, the ESG team draws on input data from:
- Corporate publications (reports, presentations)
- External ESG analysis providers (Sustainalytics, ISS, CDP)
- External providers of raw financial and non-financial data (Bloomberg, Factset)
- Specialist broker publications (thematic research)
- Description of the methodology used for the analysis based on ESG criteria, and its resultsDesigned to include 42 criteria balanced between quantitative and qualitative data, our internal ESG analysis model measures the risks and opportunities for all stakeholders (shareholders, employees, customers, suppliers and civil society) in order to assess the risk of executing companies’ long-term strategies. | L'analisi ESG sviluppata internamente da ODDO BHF AM SAS si basa sui principi del Patto Mondiale delle Nazioni Unite. Quest'ultimo ruota intorno ai 10 principi relativi ai diritti umani, ai diritti sul lavoro, all'ambiente e alla lotta contro la corruzione scaturiti da importanti accordi internazionali (Dichiarazione universale dei diritti dell'uomo, Convenzioni dell'Organizzazione internazionale del lavoro (ILO), Dichiarazione di Rio sull'ambiente e lo sviluppo e Convenzione delle Nazioni Unite contro la corruzione).
Allo scopo di inserire la nostra analisi ESG in una procedura dinamica e orientata al futuro, nel 2017 abbiamo adottato come quadro di riflessione per il 2030 gli Obiettivi di sviluppo sostenibile (OSS) delle Nazioni Unite, sottoscritti da 193 Stati nel settembre 2015. In concreto, questa chiave di lettura ci consente di valutare il livello di esposizione di ciascun settore economico alle 12 sfide legate allo sviluppo sostenibile che abbiamo individuato (energia pulita, efficienza energetica, biodiversità, economia circolare, mobilità sostenibile, diritti fondamentali, occupazione, salute, istruzione, inclusione, innovazione tecnologica ed etica negli affari) in termini sia di opportunità che di rischi a lungo termine.
Per alimentare il suo modello interno di analisi, il team ESG si basa:
- sulle pubblicazioni dalle società (relazioni, presentazioni)
- su fornitori esterni di analisi ESG (Sustainalytics, ISS, CDP)
- su fornitori esterni di dati finanziari e non finanziari grezzi (Bloomberg, Factset)
- sulle pubblicazioni specializzate degli intermediari (ricerca tematica)
- Descrizione della metodologia dell'analisi condotta sui criteri ESG e dei suoi risultatiIl nostro modello interno di analisi ESG, incentrato su 42 criteri bilanciati tra dati quantitativi e qualitativi, misura i rischi e le opportunità per tutte le parti interessate (azionisti, dipendenti, clienti, fornitori e società civile) per valutare il "rischio di esecuzione" della strategia a lungo termine delle imprese. | The ESG analysis developed in-house by ODDO BHF AM SAS is based on the principles of the United Nations Global Compact. This is structured around 10 principles covering human rights, labour rights, the environment, and the fight against corruption, based on major international standards (the Universal Declaration of Human Rights, ILO Conventions, the Rio Declaration on Environment and Development, and the United Nations Convention against Corruption).
To ensure that our ESG analysis is more vigorous and forward-looking, in 2017 we adopted the United Nations Sustainable Development Goals (SDGs), signed in September 2015 by 193 States, as an ideological framework looking towards 2030. Specifically, this analysis matrix illustrates the degree of exposure of each economic sector to the 12 sustainable development goals that we identify (clean energy, energy efficiency, biodiversity, circular economy, sustainable mobility, fundamental rights, employment, health, education, inclusion, technological innovation and business ethics), from the perspective of both opportunities and long-term risks.
For its internal analysis model, the ESG team draws on input data from:
- Corporate publications (reports, presentations)
- External ESG analysis providers (Sustainalytics, ISS, CDP)
- External providers of raw financial and non-financial data (Bloomberg, Factset)
- Specialist broker publications (thematic research)
- Description of the methodology used for the analysis based on ESG criteria, and its resultsDesigned to include 42 criteria balanced between quantitative and qualitative data, our internal ESG analysis model measures the risks and opportunities for all stakeholders (shareholders, employees, customers, suppliers and civil society) in order to assess the risk of executing companies’ long-term strategies. | en | it |
DOLFIN8184 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Any crisis management decisions on the Fund and Management Company side are always taken with a view to protecting investors and their rights under current laws, regulations and the provisions of the prospectus.
In the event of the spread of COVID19 and the associated absences due to illness, all contractual partners of the Fund shall continue to have sufficient personnel to be able to continue with the contractual obligations, including through such a loss of personnel. Every employee within a team is sufficiently trained and able to take over the work of potentially ill colleagues.
- The Fund Management Company is responsible for the risk management of the sub-funds. In this context, MainFirst Affiliated Fund Managers S.A. is monitoring share transactions more closely, in particular with regard to significant redemptions, and is responding accordingly if necessary. Although the sub-funds typically consist of assets that can be liquidated in the short term, there is a certain risk that under the extreme market conditions faced during the crisis it will not be possible to handle significant redemptions. Should such a case be foreseeable in connection with redemptions, the Management Company or the Board of Directors of the SICAV may suspend share transactions. The Management Company also has a Swing Pricing Policy in place to compensate remaining investors in the Fund for any significant redemptions and any associated increase in expenses arising from securities transactions. | Sämtliche Entscheidungen des Krisenmanagements auf Seiten des Fonds und der Verwaltungsgesellschaft werden stets unter dem Aspekt des Schutzes der Anleger und ihrer Rechte gemäß aktueller Gesetze, Regel- werke und den Bestimmungen des Verkaufsprospektes getroffen.
Alle Vertragspartner des Fonds verfügen weiterhin im Fall einer Ausbreitung des COVID19 und damit verbun- denen Krankheitsausfällen über ausreichend Personal, um die vertraglichen Pflichten auch über einen solchen Personalausfall hindurch fortführen zu können. Jeder Mitarbeiter innerhalb eines Teams ist ausreichend geschult und in der Lage, die Tätigkeit von potenziell krankheitsbedingt ausgefallenen Kollegen zu übernehmen.
- Die Fondsverwaltungsgesellschaft ist für das Risikomanagement der Teilfonds verantwortlich. In diesem Zusammenhang beobachtet die MainFirst Affiliated Fund Managers S.A. unter anderem verstärkt das Anteilscheingeschäft, insbesondere im Hinblick auf signifikante Rücknahmen und reagiert bei Bedarf ent- sprechend. Wenngleich die Teilfonds aus in der Regel kurzfristig liquidierbaren Assets bestehen, besteht unter den extremen Marktbedingungen in der Krise ein gewisses Risiko, dass signifikante Rücknahmen nicht bedient werden könnten. Sollte ein solcher Fall im Zusammenhang mit Rücknahmen absehbar sein, kann die Verwaltungsgesellschaft bzw. der Verwaltungsrat der SICAV das Anteilscheingeschäft aussetzen. Die Verwaltungsgesellschaft verfügt weiterhin über eine Swing Pricing Policy, die es ermöglicht im Fall von größeren Rücknahmen und damit eventuell verbundenen erhöhten Aufwendungen durch Wertpapiertransaktionen einen Ausgleich für verbleibende Anleger im Fonds zu schaffen. | Any crisis management decisions on the Fund and Management Company side are always taken with a view to protecting investors and their rights under current laws, regulations and the provisions of the prospectus.
In the event of the spread of COVID19 and the associated absences due to illness, all contractual partners of the Fund shall continue to have sufficient personnel to be able to continue with the contractual obligations, including through such a loss of personnel. Every employee within a team is sufficiently trained and able to take over the work of potentially ill colleagues.
- The Fund Management Company is responsible for the risk management of the sub-funds. In this context, MainFirst Affiliated Fund Managers S.A. is monitoring share transactions more closely, in particular with regard to significant redemptions, and is responding accordingly if necessary. Although the sub-funds typically consist of assets that can be liquidated in the short term, there is a certain risk that under the extreme market conditions faced during the crisis it will not be possible to handle significant redemptions. Should such a case be foreseeable in connection with redemptions, the Management Company or the Board of Directors of the SICAV may suspend share transactions. The Management Company also has a Swing Pricing Policy in place to compensate remaining investors in the Fund for any significant redemptions and any associated increase in expenses arising from securities transactions. | en | de |
DOLFIN8185 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
If the Management Company Services Agreement is terminated before the end of any Calculation Period, the Performance Fee in respect of the then current Calculation Period will be calculated and paid as though the date of termination were the end of the relevant period.
-
## Equalised Performance Fees | Wenn der Verwaltungsdienstleistungsvertrag vor dem Ablauf eines Abrechnungszeitraums gekündigt wird, wird die Performancegebühr in Bezug auf den dann aktuellen Abrechnungszeitraum so berechnet und entrichtet, als ob das Kündigungsdatum dem Ablaufdatum des betreffenden Zeitraums entspricht.
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## Ausgleich von Performancegebühren | If the Management Company Services Agreement is terminated before the end of any Calculation Period, the Performance Fee in respect of the then current Calculation Period will be calculated and paid as though the date of termination were the end of the relevant period.
-
## Equalised Performance Fees | en | de |
DOLFIN8186 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Currency Risk
Assets of a Sub-Fund may be denominated in a currency other than the Base Currency of the Sub- Fund. Changes in the exchange rate between the Base Currency and the currency of the asset may lead to a depreciation of the value of the Sub-Fund’s assets as expressed in the Base Currency. It may not be possible or practical to hedge against such exchange rate risk. The Investment Manager may, but is not obliged to, mitigate this risk by using financial instruments.
Funds may from time to time utilise techniques and instruments to seek to protect (hedge) currency exchange transactions either on a spot basis or by buying currency exchange forward contracts. Neither spot transactions nor forward currency exchange contracts eliminate fluctuations in the prices of a Sub-Fund’s securities or in foreign exchange rates, or prevent loss if the prices of these securities should decline.
A Sub-Fund may enter into currency exchange transactions and/or use techniques and instruments to seek to protect against fluctuation in the relative value of its portfolio positions as a result of changes in currency exchange rates or interest rates between the trade and settlement dates of specific securities transactions or anticipated securities transactions. Although these transactions are intended to minimise the risk of loss due to a decline in the value of hedged currency, they also limit any potential gain that might be realised should the value of the hedged currency increase. The precise matching of the relevant contract amounts and the value of the securities involved will not generally be possible because the future value of such securities will change as a consequence of market movements in the value of such securities between the date when the relevant contract is entered into and the date when it matures. The successful execution of a hedging strategy which matches exactly the profile of the investments of any Sub-Fund cannot be assured. It may not be possible to hedge against generally anticipated exchange or interest rate fluctuations at a price sufficient to protect the assets from the anticipated decline in value of the portfolio positions as a result of such fluctuations. Sub-Fund performance may be strongly influenced by movements in FX rates because currency positions held by the Sub-Fund may not always correspond with the securities positions held. | # Währungsrisiko
Die Vermögenswerte eines Teilfonds können auf eine andere Währung lauten als die Basiswährung des Teilfonds. Schwankungen des Wechselkurses zwischen der Basiswährung und der Währung der Vermögenswerte können zu einem Wertverlust der Vermögenswerte des Teilfonds in der Basiswährung führen. Es ist eventuell nicht möglich oder praktikabel, dieses Wechselkursrisiko abzusichern. Der Anlagemanager kann dieses Risiko durch den Einsatz von Finanzinstrumenten mindern, ist hierzu jedoch nicht verpflichtet.
Die Fonds können jeweils Techniken und Instrumente zur Absicherung (zum Schutz) von Devisengeschäften einsetzen, entweder über eine sofortige Regulierung oder über den Kauf von Devisenterminkontrakten. Weder Kassageschäfte noch Devisentermingeschäfte eliminieren Schwankungen der Wertpapierkurse eines Fonds oder der Wechselkurse oder verhindern Verluste, falls die Kurse dieser Wertpapiere sinken sollten.
Ein Teilfonds kann Devisengeschäfte tätigen und/oder Techniken und Instrumente einsetzen, um sich gegen Schwankungen des relativen Werts der in seinem Portfolio befindlichen Positionen infolge von Schwankungen der Wechselkurse oder Zinssätze zwischen dem Handels- und dem Abrechnungstag bestimmter Wertpapiergeschäfte oder erwarteter Wertpapiergeschäfte abzusichern. Obwohl diese Transaktionen das Verlustrisiko infolge eines Wertverlusts der abgesicherten Währung minimieren sollen, beschränken sie auch potenzielle Gewinne, die sich im Falle einer Zunahme des Werts der abgesicherten Währung realisieren ließen. Die genaue Abstimmung zwischen den jeweiligen Beträgen dieser Geschäfte und dem Wert der betreffenden Wertpapiere ist im Allgemeinen nicht möglich, weil der künftige Wert dieser Wertpapiere infolge von Markbewegungen zwischen dem Datum, an dem das jeweilige Geschäft abgeschlossen wird, und dem Fälligkeitsdatum schwanken wird. Die erfolgreiche Ausführung einer Absicherungsstrategie, die exakt auf das Profil der Anlagen eines Teilfonds abgestimmt ist, kann nicht zugesichert werden. Es ist möglicherweise nicht möglich, die allgemein erwarteten Schwankungen der Wechselkurse oder Zinssätze zu einem Preis abzusichern, der zur Absicherung der Vermögenswerte gegen den infolge dieser Schwankungen erwarteten Wertverlust der im Portfolio gehaltenen Positionen ausreicht. Die Wertentwicklung eines Teilfonds kann von Schwankungen der Devisenkurse stark beeinflusst werden, weil die von einem Teilfonds gehaltenen Währungspositionen möglicherweise nicht mit den gehaltenen Wertpapierpositionen korrespondieren. | # Currency Risk
Assets of a Sub-Fund may be denominated in a currency other than the Base Currency of the Sub- Fund. Changes in the exchange rate between the Base Currency and the currency of the asset may lead to a depreciation of the value of the Sub-Fund’s assets as expressed in the Base Currency. It may not be possible or practical to hedge against such exchange rate risk. The Investment Manager may, but is not obliged to, mitigate this risk by using financial instruments.
Funds may from time to time utilise techniques and instruments to seek to protect (hedge) currency exchange transactions either on a spot basis or by buying currency exchange forward contracts. Neither spot transactions nor forward currency exchange contracts eliminate fluctuations in the prices of a Sub-Fund’s securities or in foreign exchange rates, or prevent loss if the prices of these securities should decline.
A Sub-Fund may enter into currency exchange transactions and/or use techniques and instruments to seek to protect against fluctuation in the relative value of its portfolio positions as a result of changes in currency exchange rates or interest rates between the trade and settlement dates of specific securities transactions or anticipated securities transactions. Although these transactions are intended to minimise the risk of loss due to a decline in the value of hedged currency, they also limit any potential gain that might be realised should the value of the hedged currency increase. The precise matching of the relevant contract amounts and the value of the securities involved will not generally be possible because the future value of such securities will change as a consequence of market movements in the value of such securities between the date when the relevant contract is entered into and the date when it matures. The successful execution of a hedging strategy which matches exactly the profile of the investments of any Sub-Fund cannot be assured. It may not be possible to hedge against generally anticipated exchange or interest rate fluctuations at a price sufficient to protect the assets from the anticipated decline in value of the portfolio positions as a result of such fluctuations. Sub-Fund performance may be strongly influenced by movements in FX rates because currency positions held by the Sub-Fund may not always correspond with the securities positions held. | en | de |
DOLFIN8187 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Rental incomes for properties listed in color are not disclosed in order to protect the interests of the individual tenant.
- Includes countries with euro-based leases.
- Areas of the property protected by preservation order.
- Corresponds to German heritable building rights.
- Corresponds to German heritable right of usufruct.
- The value of the Company is determined in accordance with the provisions of the KAGB and the Capital Investment Accounting and Valuation Regulation (KARBV).
- FP = Rented residential properties, commercial real estate and mixed-use real estate with finished propertiesUC = Site under construction U = Undeveloped siteHBR = Heritable building right
- O = OfficeL = LeisureH = HotelS = ShopsW = Warehousing/logisticsR = Residential Share in % based on rental income.
- Information based on the last expert appraisal prepared. For properties held via investments, the information is based on the entire property, regardless of the share of portfolio.
- AC = Air conditioning SL = Service liftPL = Passenger lift E = Escalator
- Values in foreign currency converted at exchange rate of March 31, 2020. For properties held viainvestments, the value is presented pro rata based on the share of portfolio.
- For properties held via investments, incidental acquisition costs may be incurred at both fund level and company level, depending, among other things, on whether a new company is being established or an existing company is being acquired.
- Historical incidental acquisition costs in countries with another currency are recorded at the exchange rate at the time of the transfer of ownership.
- When calculating the residual terms of leases, it is assumed that contractually agreed special termination rights are exercised.
- Rental income in foreign currencies is converted using historical exchange rates.
- Excluding an existing loan for the “Roosevelt Commons” property sold during the reporting period. | Bei den farblich gekennzeichneten Immobilien wird zum Schutz der Interessen des Einzelmieters auf die Veröffentlichung der Mieteinnahmen verzichtet.
- Enthält Länder mit Mietverträgen auf Eurobasis.
- Teilbereiche des Grundstücks unter Denkmalschutz.
- Entspricht deutschem Erbbaurecht.
- Entspricht deutschem Erbnießbrauchrecht.
- Wert der Gesellschaft ermittelt gemäß Bestimmungen des KAGB und der KARBV (Kapitalanlage-Rechnungslegungs- und Bewertungsverordnung).
- FG = Mietwohn-, Geschäfts- oder gemischt genutztes Grundstück mit fertigem Objekt UB = Grundstück im Zustand der BebauungU = unbebautes Grundstück ER = Erbbaurecht
- B = BüroF = FreizeitH = HotelL = LädenLG = Lager/Logistik W = WohnenAnteil in % jeweils bezogen auf den Mietertrag.
- Angaben gemäß zuletzt erstelltem Gutachten. Bei über Beteiligungen gehaltenen Objekten beziehen sich die Angaben auf das Gesamtobjekt, unabhängig von der Beteiligungsquote.
- K = Klimaanlage LA = LastenaufzugPA = Personenaufzug R = Rolltreppe
- Werte in Fremdwährung umgerechnet zum Devisenkurs vom 31. März 2020. Bei über Beteiligungen gehaltenen Objekten erfolgt der Ausweis anteilig gemäß Beteiligungsquote.
- Bei über Beteiligungen gehaltenen Objekten können Anschaffungsnebenkosten sowohl auf Fonds- als auch auf Gesellschaftsebene anfallen, unter anderem abhängig davon, ob es sich um die Neugründung oder den Erwerb einer bereits bestehenden Gesellschaft handelt.
- Historische Anschaffungsnebenkosten in Ländern mit anderer Währung werden mit Wechselkurs des Besitzübergangs ausgewiesen.
- Bei der Berechnung der Restlaufzeiten wird davon ausgegangen, dass vertraglich vereinbarte Sonderkündigungsrechte ausgeübt werden.
- Mieteinnahmen in Fremdwährung umgerechnet mit historischen Wechselkursen.
- Ohne Berücksichtigung eines noch bestehenden Darlehens für das im Berichtzeitraum verkaufte Objekt „Roosevelt Commons“. | Rental incomes for properties listed in color are not disclosed in order to protect the interests of the individual tenant.
- Includes countries with euro-based leases.
- Areas of the property protected by preservation order.
- Corresponds to German heritable building rights.
- Corresponds to German heritable right of usufruct.
- The value of the Company is determined in accordance with the provisions of the KAGB and the Capital Investment Accounting and Valuation Regulation (KARBV).
- FP = Rented residential properties, commercial real estate and mixed-use real estate with finished propertiesUC = Site under construction U = Undeveloped siteHBR = Heritable building right
- O = OfficeL = LeisureH = HotelS = ShopsW = Warehousing/logisticsR = Residential Share in % based on rental income.
- Information based on the last expert appraisal prepared. For properties held via investments, the information is based on the entire property, regardless of the share of portfolio.
- AC = Air conditioning SL = Service liftPL = Passenger lift E = Escalator
- Values in foreign currency converted at exchange rate of March 31, 2020. For properties held viainvestments, the value is presented pro rata based on the share of portfolio.
- For properties held via investments, incidental acquisition costs may be incurred at both fund level and company level, depending, among other things, on whether a new company is being established or an existing company is being acquired.
- Historical incidental acquisition costs in countries with another currency are recorded at the exchange rate at the time of the transfer of ownership.
- When calculating the residual terms of leases, it is assumed that contractually agreed special termination rights are exercised.
- Rental income in foreign currencies is converted using historical exchange rates.
- Excluding an existing loan for the “Roosevelt Commons” property sold during the reporting period. | en | de |
DOLFIN8188 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### NAV and fees
Current NAV
EUR 7.07
12 month price high
EUR 9.71 (02/11/2021)
12 month price low
EUR 7.07 (26/10/2022)
Minimum investment | ### NAV e spese
NAV
EUR 7,07
Prezzo max negli ultimi 12 mesi
EUR 9,71 (02.11.21)
Prezzo min. negli ultimi 12 mesi
EUR 7,07 (26.10.22)
Investimento minimo | ### NAV and fees
Current NAV
EUR 7.07
12 month price high
EUR 9.71 (02/11/2021)
12 month price low
EUR 7.07 (26/10/2022)
Minimum investment | en | it |
DOLFIN8189 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Investor C
Investor C invested at valuation point 3 and held their Shares until valuation point 4.
The Shares acquired by Investor C at a NAV of €0.9700 at valuation point 3 have increased in value by €0.0800 to a Current Day NAV of €1.0500 at valuation point 4. However, they will only incur a Performance Fee on the cumulative outperformance over the Crystallisation Period of €0.0440 rather than their actual outperformance received at that valuation point of €0.0780. The Performance Fee paid will be €0.0088 (20% of €0.0440). | ### Anleger C
Anleger C investierte zum Bewertungszeitpunkt 3 und hielt seine Anteile bis zum Bewertungszeitpunkt 4.
Die Anteile, die Anleger C zu einem NIW von 0,9700 € zum Bewertungszeitpunkt 3 erworben hat, sind bis zum Bewertungszeitpunkt 4 um 0,0800 € auf einen Tages-NIW von 1,0500 € gestiegen. Allerdings fällt für sie nur eine Performancegebühr auf die kumulierte Outperformance über den Festschreibungszeitraum von 0,0440 € an und nicht auf die zu diesem Bewertungszeitpunkt tatsächlich erzielte Outperformance von 0,0780 €. Die gezahlte Performancegebühr beträgt 0,0088 € (20% von 0,0440 €). | ### Investor C
Investor C invested at valuation point 3 and held their Shares until valuation point 4.
The Shares acquired by Investor C at a NAV of €0.9700 at valuation point 3 have increased in value by €0.0800 to a Current Day NAV of €1.0500 at valuation point 4. However, they will only incur a Performance Fee on the cumulative outperformance over the Crystallisation Period of €0.0440 rather than their actual outperformance received at that valuation point of €0.0780. The Performance Fee paid will be €0.0088 (20% of €0.0440). | en | de |
DOLFIN8190 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Article 1 – Co-ownership units
Co-owners’ rights are represented by units, with each unit corresponding to the same fraction of the Fund’s assets (or the Sub-fund, if applicable). Each unitholder has co-ownership rights to the Fund’s assets in proportion to the number of units it holds.
The term of the Fund is 99 years starting from its creation date, except in the event of early dissolution or extension as set out in these regulations.
The characteristics of the different classes of units and their eligibility requirements are specified in the Fund’s prospectus.
Possibility of consolidation or division of units.
The Fund has two unit classes: “A” and “CR” accumulation units.
The Management Company’s governing body may decide to split the “A” and “CR” units into thousandths, referred to as fractions of units.
The provisions of the regulations governing the issue and redemption of units shall apply to fractions of units, the value of which shall always be proportionate to that of the unit they represent. Unless otherwise stipulated, all other provisions of the regulations relating to units shall apply to fractions of units without any need for a specific provision to that end. Finally, the governing body of the Management Company may also decide, at its sole discretion, to divide the units by issuing new units, which shall be allocated to unitholders in exchange for their existing units. | ## Artículo 1 – Participaciones de copropiedad
Los derechos de los copropietarios se expresan en participaciones, correspondiendo cada una de ellas a una misma fracción del patrimonio del fondo (o, en su caso, el subfondo). Cada partícipe tiene derecho de copropiedad sobre los activos del fondo en proporción al número de participaciones que posee.
La duración del fondo es de 99 años a partir de su creación, salvo en caso de disolución anticipada o de la prórroga prevista en el presente reglamento.
Las características de las distintas categorías de participaciones y sus condiciones de acceso se especifican en el folleto del FI.
Posibilidad de agrupación o de división de las participaciones.
El FI cuenta con dos categorías de participaciones: las participaciones «A» y «CR» de capitalización.
Las participaciones «A» y «CR» podrán fraccionarse en milésimas, por decisión del órgano de gobierno de la Sociedad gestora, siendo estas denominadas fracciones de participación.
Las disposiciones del reglamento que regulan la emisión y el reembolso de participaciones serán de aplicación a las fracciones de participación cuyo valor será siempre proporcional al de la participación que representen. El resto de las disposiciones del reglamento relativas a las participaciones serán de aplicación a las fracciones de participación sin que resulte necesario especificarlo, salvo disposición en contrario.
Por último, el organismo de gestión de la Sociedad gestora puede, a su entera discreción, dividir las participaciones mediante la creación de nuevas participaciones que se asignan a los partícipes a cambio de participaciones antiguas. | ## Article 1 – Co-ownership units
Co-owners’ rights are represented by units, with each unit corresponding to the same fraction of the Fund’s assets (or the Sub-fund, if applicable). Each unitholder has co-ownership rights to the Fund’s assets in proportion to the number of units it holds.
The term of the Fund is 99 years starting from its creation date, except in the event of early dissolution or extension as set out in these regulations.
The characteristics of the different classes of units and their eligibility requirements are specified in the Fund’s prospectus.
Possibility of consolidation or division of units.
The Fund has two unit classes: “A” and “CR” accumulation units.
The Management Company’s governing body may decide to split the “A” and “CR” units into thousandths, referred to as fractions of units.
The provisions of the regulations governing the issue and redemption of units shall apply to fractions of units, the value of which shall always be proportionate to that of the unit they represent. Unless otherwise stipulated, all other provisions of the regulations relating to units shall apply to fractions of units without any need for a specific provision to that end. Finally, the governing body of the Management Company may also decide, at its sole discretion, to divide the units by issuing new units, which shall be allocated to unitholders in exchange for their existing units. | en | es |
DOLFIN8191 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 3 ans Exemple d'investissement : 10 000 € |
| --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tension | Ce que vous pourriez obtenir après déduction des coûts | 5 090 € | 8 290 € |
| Rendement annuel moyen | -49,1% | -6,1% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 100 € | 8 290 € |
| Rendement annuel moyen | -19,0% | -6,1% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 620 € | 10 710 € |
| Rendement annuel moyen | -3,8% | 2,3% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11 170 € | 11 660 € |
| Rendement annuel moyen | 11,7% | 5,3% | | | Período de mantenimiento recomendado: 3 años Ejemplo de inversión: 10.000 € |
| --- |
| Escenarios | Si sale después de 1 año | Si sale después de 3 años |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 5.090 € | 8.290 € |
| Rendimiento medio cada año | -49,1% | -6,1% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8.100 € | 8.290 € |
| Rendimiento medio cada año | -19,0% | -6,1% |
| Moderado | Lo que podría recibir tras deducir los costes | 9.620 € | 10.710 € |
| Rendimiento medio cada año | -3,8% | 2,3% |
| Favorable | Lo que podría recibir tras deducir los costes | 11.170 € | 11.660 € |
| Rendimiento medio cada año | 11,7% | 5,3% | | | Période de détention recommandée : 3 ans Exemple d'investissement : 10 000 € |
| --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tension | Ce que vous pourriez obtenir après déduction des coûts | 5 090 € | 8 290 € |
| Rendement annuel moyen | -49,1% | -6,1% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 100 € | 8 290 € |
| Rendement annuel moyen | -19,0% | -6,1% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 620 € | 10 710 € |
| Rendement annuel moyen | -3,8% | 2,3% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11 170 € | 11 660 € |
| Rendement annuel moyen | 11,7% | 5,3% | | fr | es |
DOLFIN8192 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# The general meeting of the shareholders of a Sub-Fund may also decide to proceed with a merger of the relevant Sub-fund, either as receiving or absorbed Sub-Fund, with:
- any New UCITS; or
- a New Sub-Fund,by a resolution adopted with (a) a presence quorum requirement of at least one half of the shares of the Sub-Fund; and (b) a majority requirement of at least two-thirds of the votes validly cast. | # Inoltre, l’assemblea generale degli azionisti di un Comparto può decidere di procedere alla fusione del relativo Comparto, in veste di Comparto incorporante o incorporato, con:
- un Nuovo OICVM, o
- un Nuovo Comparto,mediante deliberazione approvata con (a) un quorum costitutivo di almeno la metà delle Azioni del Comparto e(b) una maggioranza di almeno i due terzi dei voti validamente espressi. | # The general meeting of the shareholders of a Sub-Fund may also decide to proceed with a merger of the relevant Sub-fund, either as receiving or absorbed Sub-Fund, with:
- any New UCITS; or
- a New Sub-Fund,by a resolution adopted with (a) a presence quorum requirement of at least one half of the shares of the Sub-Fund; and (b) a majority requirement of at least two-thirds of the votes validly cast. | en | it |
DOLFIN8193 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Segregated Liability
The Company is an umbrella investment company with segregated liability between Funds. As a result, as a matter of Irish law, any liability attributable to a particular Fund may only be discharged out of the assets of that Fund and the assets of other Funds may not be used to satisfy the liability of that Fund. In addition, any contract entered into by the Company will by operation of law include an implied term to the effect that the counterparty to the contract may not have any recourse to assets of any of the Funds other than the Fund in respect of which the contract was entered into. These provisions are binding both on creditors and in any insolvency but do not prevent the application of any enactment or rule of law which would require the application of the assets of one Fund to discharge some, or all liabilities of another Fund on the grounds of fraud or misrepresentation. In addition, whilst these provisions are
binding in an Irish court which would be the primary venue for an action to enforce a debt against the Company, these provisions have not been tested in other jurisdictions, and there remains a possibility that a creditor might seek to attach or seize assets of one Fund in satisfaction of an obligation owed in relation to another Fund in a jurisdiction which would not recognise the principle of segregation of liability between Funds.
Due to the lack of asset segregation between Share Classes, the derivatives used in the currency hedging of a given Share Class become part of the common pool of assets which introduces potential counterparty and operational risk for all investors in the Fund. This could lead to a risk of contagion (also known as spill-over) to other Share Classes,
some of which might not have any currency hedging in place. Whilst all measures will be taken to mitigate this contagion risk, it cannot be fully eliminated i.e. through the default of a derivative counterparty or through the losses relating to Share Class specific assets exceeding the value of the respective Share Class. | ##### Séparation des engagements
La Société est une société d’investissement à compartiments multiples avec séparation de ses engagements entre ses différents Compartiments. En conséquence, en vertu du droit irlandais, tout engagement imputable à un Fonds particulier ne peut être réglé que sur les actifs dudit Fonds et aucun actif des autres Fonds ne peut être utilisé pour satisfaire l’engagement de ce Fonds. Par ailleurs, un contrat conclu par la Société comporte en vertu du droit une condition implicite, de sorte que la contrepartie au contrat ne peut avoir de recours contre les actifs des Fonds autres que ceux du Fonds au titre duquel le contrat a été conclu. Ces dispositions s’appliquent à tous les créanciers et en cas d’insolvabilité, mais elles n’empêchent nullement l’application d’une règle de loi qui stipulerait l’application des actifs d’un Fonds pour le règlement de tout ou partie des engagements d’un autre Fonds sur le fondement de fraude ou de fausse déclaration. Par ailleurs, si ces dispositions sont exécutoires devant un tribunal irlandais, qui serait la première instance pour une action en paiement de la dette contre la Société, elles n’ont pas été testées dans d’autres juridictions. Il est donc possible qu’un créancier cherche à saisir les actifs d’un Fonds pour obtenir satisfaction d’une obligation due par un autre Fonds, dans une juridiction qui ne reconnaîtrait pas le principe de séparation des engagements entre les Fonds.
En raison du manque de séparation des actifs entre les Catégories d’Actions, les instruments dérivés utilisés dans la couverture de devises d’une Catégorie d’Actions donnée deviennent un élément du groupe commun d’actifs, ce qui engendre des risques opérationnels et de contrepartie potentiels pour tous les investisseurs du Fonds. Cela pourrait entrainer un risque de contagion (également connu comme un débordement) vers d’autres Catégories d’Actions, certaines d’entre elles pouvant ne pas avoir une couverture de devises en place. Bien que toutes les mesures possibles seront prises pour atténuer ce risque de contagion, il ne peut être entièrement éliminé, c’est-à-dire par le biais de la défaillance d’une contrepartie à des dérivés ou par le biais de pertes relatives à des actifs spécifiques à une Catégorie d’Actions excédant la valeur de la Catégorie d’Actions respective. | #### Segregated Liability
The Company is an umbrella investment company with segregated liability between Funds. As a result, as a matter of Irish law, any liability attributable to a particular Fund may only be discharged out of the assets of that Fund and the assets of other Funds may not be used to satisfy the liability of that Fund. In addition, any contract entered into by the Company will by operation of law include an implied term to the effect that the counterparty to the contract may not have any recourse to assets of any of the Funds other than the Fund in respect of which the contract was entered into. These provisions are binding both on creditors and in any insolvency but do not prevent the application of any enactment or rule of law which would require the application of the assets of one Fund to discharge some, or all liabilities of another Fund on the grounds of fraud or misrepresentation. In addition, whilst these provisions are
binding in an Irish court which would be the primary venue for an action to enforce a debt against the Company, these provisions have not been tested in other jurisdictions, and there remains a possibility that a creditor might seek to attach or seize assets of one Fund in satisfaction of an obligation owed in relation to another Fund in a jurisdiction which would not recognise the principle of segregation of liability between Funds.
Due to the lack of asset segregation between Share Classes, the derivatives used in the currency hedging of a given Share Class become part of the common pool of assets which introduces potential counterparty and operational risk for all investors in the Fund. This could lead to a risk of contagion (also known as spill-over) to other Share Classes,
some of which might not have any currency hedging in place. Whilst all measures will be taken to mitigate this contagion risk, it cannot be fully eliminated i.e. through the default of a derivative counterparty or through the losses relating to Share Class specific assets exceeding the value of the respective Share Class. | en | fr |
DOLFIN8194 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The SICAV may, up to a limit of 100% of its net assets and in accordance with the French Monetary and Financial Code, lend/borrow securities and enter into repurchase/reverse repurchase agreements.
These transactions will be entered into with counterparties selected by the delegated financial manager from among those institutions whose registered office is located in an OECD or European Union member country referred to in R.214-19 of the French Monetary and Financial Code. They may be conducted with companies affiliated to the BNP Paribas Group. The counterparties must have a good credit rating (equivalent to Investment Grade).
Further information about temporary purchases and sales of securities is given in the “Charges and fees” section.
-
##### Financial guarantees of the UCI: | La SICAV peut recourir, dans la limite de 100% de son actif net, aux prêts/emprunts de titres et aux mises/prises en pension par référence au code monétaire et financier.
Ces opérations seront conclues avec des contreparties sélectionnées par le gestionnaire financier par délégation parmi les établissements ayant leur siège social dans un pays membre de l’OCDE ou de l’Union européenne mentionnés au R.214-19 du Code monétaire et financier. Elles pourront être effectuées avec des sociétés liées au Groupe BNP Paribas. Les contreparties devront être de bonne qualité de crédit (équivalent à Investment Grade).
Des informations complémentaires concernant les opérations d’acquisition et cession temporaire de titres figurent à la rubrique Frais et Commissions.
-
##### Informations sur les garanties financières de l’OPC : | The SICAV may, up to a limit of 100% of its net assets and in accordance with the French Monetary and Financial Code, lend/borrow securities and enter into repurchase/reverse repurchase agreements.
These transactions will be entered into with counterparties selected by the delegated financial manager from among those institutions whose registered office is located in an OECD or European Union member country referred to in R.214-19 of the French Monetary and Financial Code. They may be conducted with companies affiliated to the BNP Paribas Group. The counterparties must have a good credit rating (equivalent to Investment Grade).
Further information about temporary purchases and sales of securities is given in the “Charges and fees” section.
-
##### Financial guarantees of the UCI: | en | fr |
DOLFIN8195 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### The costs, charges and expenses that can be assigned to a given Class and/or a given Sub-fund shall be assigned to it directly.
Other costs, charges and expenses which cannot be directly assigned to a given Class and/or a given Sub-fund will be assigned equally to the different Classes within the different Sub-funds and/or to the different Sub-funds; if the amount of the costs, charges and expenses so requires, they will be assigned to the Classes and/or to the Sub-funds in proportion to their respective net assets.
- Expenses resulting from investment by the Fund in other UCIs or UCITSTo the extent that the Fund may invest in any other UCI or UCITS, additional sales commissions or redemption fees may be charged to it. The Fund may, in addition, be required to indirectly pay management fees of a maximum of 2.5% on account of its investment in other UCIs or UCITS. | ##### Les coûts, charges et frais imputables à une Classe donnée et/ou à un Compartiment donné leur seront affectés directement.
Les autres coûts, charges et frais qui ne peuvent être affectés directement à une Classe donnée et/ou à un Compartiment donné seront imputés à parts égales aux différentes Classes des différents Compartiments et/ou aux différents Compartiments ; si le montant des coûts, charges et frais l’exige, ils seront imputés aux Classes et/ou aux Compartiments au prorata de leur actif net respectif.
- Frais résultant de l’investissement par le Fonds dans d’autres OPC ou OPCVMDans la mesure où le Fonds peut investir dans d’autres OPC ou OPCVM, des commissions de vente ou de rachat supplémentaires pourront être mises à sa charge. En outre, le Fonds pourra être tenu de payer indirectement des frais de gestion d’un maximum de 2,5% en raison de son investissement dans d’autres OPC ou OPCVM. | ###### The costs, charges and expenses that can be assigned to a given Class and/or a given Sub-fund shall be assigned to it directly.
Other costs, charges and expenses which cannot be directly assigned to a given Class and/or a given Sub-fund will be assigned equally to the different Classes within the different Sub-funds and/or to the different Sub-funds; if the amount of the costs, charges and expenses so requires, they will be assigned to the Classes and/or to the Sub-funds in proportion to their respective net assets.
- Expenses resulting from investment by the Fund in other UCIs or UCITSTo the extent that the Fund may invest in any other UCI or UCITS, additional sales commissions or redemption fees may be charged to it. The Fund may, in addition, be required to indirectly pay management fees of a maximum of 2.5% on account of its investment in other UCIs or UCITS. | en | fr |
DOLFIN8196 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# 21f97c20-05ea-4f65-8d1d-e9b4233dcc3c
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | EUR 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | EUR 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.1% of the value of your investment per year. | EUR 107 |
| Transaction costs | 0.1% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | EUR 11 |
Performance fees There is no performance fee for this product. n/a
How long should I hold it and can I take money out early? | # bcbfaa57-f9f4-4e87-b9a0-cd02f6a671c0
| Composizione dei costi | |
| --- | --- |
| Costi una tantum di ingresso o di uscita | | In caso di uscita dopo 1 anno |
| Costi di ingresso | 0,0% del valore dell’investimento al momento della sottoscrizione. | EUR 0 |
| Costi di uscita | 0,0% del valore del vostro investimento prima che vi venga pagato. | EUR 0 |
| Costi correnti sostenuti ogni anno | | |
| Commissioni di gestione e altri costi amministrativi o operativi | 1,1% del valore del vostro investimento all’anno. | EUR 107 |
| Costi di transazione | 0,1% del valore del vostro 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 di quanto viene acquistato e venduto. | EUR 11 |
Commissioni di performance Non vi è nessuna commissione di performance per questo prodotto. n/a
Per quanto tempo devo detenerlo? Posso ritirare il capitale anticipatamente? | # 21f97c20-05ea-4f65-8d1d-e9b4233dcc3c
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | EUR 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | EUR 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.1% of the value of your investment per year. | EUR 107 |
| Transaction costs | 0.1% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | EUR 11 |
Performance fees There is no performance fee for this product. n/a
How long should I hold it and can I take money out early? | en | it |
DOLFIN8197 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund.
The unit class presented in this Key Investor Information Document serves as a representative for Class E Units, Class E2 Units, Class I2 Units, Class S Units and Class S2 Units. Investors can obtain information about the represented unit class in the Prospectus.
Information For Investors in Switzerland
The representative and paying agent in Switzerland is BNP PARIBAS SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. The prospectus, the key investor information documents (KIIDs), the trust agreement and the annual and semi-annual reports can be obtained free of charge from the representative in Switzerland.
This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland. This key investor information is accurate as at 7 February 2022. | La Sociedad gestora únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del Folleto del Fondo.
La clase de participaciones que se incluye en los presentes Datos Fundamentales para el Inversor puede utilizarse como representativa de las Participaciones de Clase E, E2, I2, S y S2. Para obtener información sobre la clase de participaciones representadas, los inversores pueden consultar el Folleto.
Información para inversores en Suiza
El representante y agente de pagos en Suiza es BNP PARIBAS SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Suiza. El folleto, los documentos de datos fundamentales para el inversor (DFI), el contrato del Trust y los informes anuales y semestrales pueden obtenerse de forma gratuita solicitándolos al representante en Suiza.
Este Fondo está autorizado en Irlanda y está regulado por el Banco Central de Irlanda.
La Sociedad gestora está autorizada en Irlanda y está regulada por el Banco Central de Irlanda. Los presentes Datos Fundamentales para el Inversor son exactos a 7 de febrero de 2022. | The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund.
The unit class presented in this Key Investor Information Document serves as a representative for Class E Units, Class E2 Units, Class I2 Units, Class S Units and Class S2 Units. Investors can obtain information about the represented unit class in the Prospectus.
Information For Investors in Switzerland
The representative and paying agent in Switzerland is BNP PARIBAS SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. The prospectus, the key investor information documents (KIIDs), the trust agreement and the annual and semi-annual reports can be obtained free of charge from the representative in Switzerland.
This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland. This key investor information is accurate as at 7 February 2022. | en | es |
DOLFIN8198 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Investment restrictions
The assets of each Sub-Fund are managed in accordance with the following investment restrictions. However, a Sub-Fund may be subject to different or additional investment restrictions that will be set forth in the relevant Supplement.
- Investments in the Sub-Funds shall comprise only one or more of the following
- Transferable Securities and Money Market Instruments admitted to or dealt in on a Regulated Market.
- Transferable Securities and Money Market Instruments dealt in on an Other Regulated Market in a Member State.
- Transferable Securities and Money Market Instruments admitted to official listing on a stock exchange in an Other State or dealt in on an Other Regulated Market in an Other State.
- Recently issued Transferable Securities and Money Market Instruments, provided that
- the terms of issue include an undertaking that application will be made for admission to official listing on a Regulated Market, a stock exchange in an Other State or on an Other Regulated Market as described under (1)-(3) above
- such admission is secured within one year of issue.
- Units of UCITS and/or other UCIs within the meaning of the first and second indent of Article 1 paragraph 2 points a) and b) of the UCITS Directive, whether situated in a Member State or in an Other State, provided that
- such other UCIs are authorised under laws which provide that they are subject to supervision considered by the Regulatory Authority to be equivalent to that laid down in EU law, and that cooperation between authorities is sufficiently ensured;
- the level of protection for unitholders in such other UCIs is equivalent to that provided for unitholders in a UCITS, and in particular that the rules on assets segregation, borrowing, lending, and uncovered sales of Transferable Securities and Money Market Instruments are equivalent to the requirements of the UCITS Directive;
- the business of the other UCIs is reported in half-yearly and annual reports to enable an assessment of the assets and liabilities, income and operations over the reporting period;
- no more than 10% of the assets of the UCITS or of the other UCIs, whose acquisition is contemplated, can, according to their constitutional documents, in aggregate be invested in units of other UCITS or other UCIs.
- Deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and maturing in no more than 12 months, provided that the credit institution has its registered office in a Member State or, if the registered office of the credit institution is situated in an Other State, provided that it is subject to prudential rules considered by the Regulatory Authority as equivalent to those laid down in EU law.
- Financial derivative instruments, i.e. in particular options, futures, including equivalent cash-settled instruments, dealt in on a Regulated Market or on an Other Regulated Market referred to in (1), (2) and(3) above, and/or financial derivative instruments dealt in over-the-counter (‘OTC derivatives’), provided thati
- the underlying consists of instruments covered by this section I, financial indices, interest rates, foreign exchange rates or currencies, in which the Sub-Fund may invest according to its investment objective and policy
- the counterparties to OTC derivative transactions (including TRS) are institutions subject to prudential supervision, and belonging to the categories approved by the Regulatory Authority and
- the OTC derivatives (including TRS) are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the Company’s initiativeii
- under no circumstance shall these operations lead the Company to diverge from its investment objectives.
- Money Market Instruments other than those dealt in on a Regulated Market or on an Other Regulated Market, to the extent that the issue or the issuer of such instruments is itself regulated for the purpose of protecting investors and savings, and provided that such instruments are
- issued or guaranteed by a central, regional or local authority or by a central bank of a Member State, the European Central Bank, the EU or the European Investment Bank, an Other State or, in the case of a Federal State, by one of the members making up the federation, or by a public international body to which one or more Member States belong; or
- issued by an undertaking any securities of which are dealt in on Regulated Markets or on Other Regulated Markets referred to in (1), (2) or (3) above; or
- issued or guaranteed by an establishment subject to prudential supervision, in accordance with criteria defined by Community law, or by an establishment which is subject to and complies with prudential rules considered by the Regulatory Authority to be at least as stringent as those laid down by EU law; or
- issued by other bodies belonging to the categories approved by the Regulatory Authority provided that investments in such instruments are subject to investor protection equivalent to that laid down in the first, the second or the third indent and provided that the issuer is a company whose capital and reserves amount to at least ten million Euro (€ 10,000,000) (or such equivalent in any other currency) and which presents and publishes its annual accounts in accordance with directive 78/660/EEC, is an entity which, within a Group of Companies which includes one or several listed companies, is dedicated to the financing of the group or is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line.
- Each Sub-Fund may however
- Invest up to 10% of its net assets in Transferable Securities and Money Market Instruments other than those referred to above under I (1) to (4) and (8).
- Hold cash and cash equivalents on an ancillary basis; such restriction may exceptionally and temporarily be exceeded if the Board of Directors considers this to be in the best interest of the Shareholders.
- Borrow up to 10% of its net assets, provided that such borrowings are made only on a temporary basis. Collateral arrangements with respect to the writing of options or the purchase or sale of forward or futures contracts are not deemed to constitute ‘borrowings’ for the purpose of this restriction.
- Acquire foreign currency by means of a back-to-back loan.
- In addition, the Company shall comply in respect of the net assets of each Sub-Fund with the following investment restrictions per issuer
- Risk Diversification rulesFor the purpose of calculating the restrictions described in (2) to (5) and (8) hereunder, companies which are included in the same Group of Companies are regarded as a single issuer.
To the extent an issuer is a legal entity with multiple sub-funds where the assets of a sub-fund are exclusively reserved to the investors in such sub-fund and to those creditors whose claim has arisen in connection with the creation, operation and liquidation of that sub-fund, each sub-fund is to be considered as a separate issuer for the purpose of the application of the risk spreading rules described under items (1) to (5), (7) to (9) and (12) to (14) hereunder.
- Transferable Securities and Money Market Instruments
- No Sub-Fund may purchase additional Transferable Securities and Money Market Instruments of any single issuer if
- upon such purchase more than 10% of its net assets would consist of Transferable Securities and Money Market Instruments of one single issuer or
- the total value of all Transferable Securities and Money Market Instruments of issuers in which it invests more than 5% of its net assets would exceed 40% of the value of its net assets. This limitation does not apply to deposits and OTC derivative transactions (including TRS) made with financial institutions subject to prudential supervision.
- A Sub-Fund may invest on a cumulative basis up to 20% of its net assets in Transferable Securities and Money Market Instruments issued by the same Group of Companies.
- The limit of 10% set forth above under (1) (i) is increased to 35% in respect of Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, by any Other State or by a public international body of which one or more Member State(s) are member(s).
- The limit of 10% set forth above under (1) (i) is increased up to 25% in respect of qualifying debt securities, which fall under the definition of covered bonds set out in point (1) of Article 3 of Directive (EU) 2019/2162 of the European Parliament and of the Council and for bonds issued by a credit institution which has its registered office in a Member State and which, under applicable law, is submitted to specific public control in order to protect the holders of such qualifying debt securities that were issued before 8 July 2022. For the purposes hereof, ‘qualifying debt securities’ are securities the proceeds of which are invested in accordance with applicable law in assets providing a return which will cover the debt service through to the maturity date of the securities and which will be applied on a priority basis to the payment of principal and interest in the event of a default by the issuer. To the extent that a relevant Sub-Fund invests more than 5% of its net assets in debt securities issued by such an issuer, the total value of such investments may not exceed 80% of the net assets of such Sub-Fund.
- The securities specified above under (3) and (4) are not to be included for purposes of computing the ceiling of 40% set forth above under (1) (ii).
- Notwithstanding the ceilings set forth above, each Sub-Fund is authorised to invest, in accordance with the principle of risk spreading, up to 100% of its net assets in Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, by any member state of the Organisation for Economic Cooperation and Development (‘OECD’) or the Group of twenty (G20), by the Republic of Singapore, by the Hong Kong Special Administrative Region of the People’s Republic of China or by a public international body of which one or more Member State(s) are member(s), provided that (i) such securities are part of at least six different issues and (ii) the securities from any such issue do not account for more than 30% of the net assets of such Sub-Fund.
- Without prejudice to the limits set forth hereunder under III.2., the limits set forth in (1) are raised to a maximum of 20% for investments in shares and/or bonds issued by the same body when the aim of the Sub-Fund’s investment policy is to replicate the composition of a certain stock or bond index which is recognised by the Regulatory Authority, on the following basis
- the composition of the index is sufficiently diversified
- the index represents an adequate benchmark for the market to which it refers
- it is published in an appropriate manner.
The limit of 20% is raised to 35% where that proves to be justified by exceptional market conditions in particular in Regulated Markets where certain Transferable Securities or Money Market Instruments are highly dominant. The investment up to this limit is only permitted for a single issuer.
- Bank Deposits
- A Sub-Fund may not invest more than 20% of its net assets in deposits made with the same body. C Derivative Instruments
- The risk exposure to a counterparty in an OTC derivative transaction (including TRS) may not exceed 10% of the Sub-Fund’s net assets when the counterparty is a credit institution referred to in I (6) above or 5% of its net assets in other cases.
- Investment in financial derivative instruments shall only be made provided that the exposure to the underlying assets does not exceed in aggregate the investment limits set forth in (1) to (5), (8), (9), (13) and (14). When the Sub-Fund invests in index-based financial derivative instruments, these investments do not have to be combined to the limits set forth in (1) to (5), (8), (9), (13) and (14).
- When a Transferable Security or Money Market Instrument embeds a derivative, the latter must be taken into account when complying with the requirements of I (7) (ii) and III (1) above as well as with the risk exposure and information requirements laid down in the Prospectus.
- Units of Open-Ended Funds
- No Sub-Fund may invest more than 20% of its net assets in the units of a single UCITS or other UCI. For the purpose of the application of this investment limit, each Sub-Fund of target UCITS or other UCIs with multiple compartments (within the meaning of Article 181 of the Law of 2010) is to be considered as a separate issuer, provided however that in each target UCITs or other UCIs the principle of segregation of the obligations of the various compartments vis-à-vis third parties is ensured. When a Sub-Fund has acquired units of UCITS and/or other UCIs, the underlying assets of the respective UCITS or other UCIs do not have to be combined for the purposes of the limits laid down in points (13) and (14) below.
A Sub-Fund may subscribe, acquire and/or hold units to be issued or issued by one or more Sub-Funds of the Company under the condition that
- the target Sub-Fund does not, in turn, invest in the Sub-Fund invested in this target Sub-Fund; and
- no more than 10% of the assets of the target Sub-Funds whose acquisition is contemplated, may be invested in aggregate in units of other target Sub-Funds of the Company; and
- voting rights, if any, attaching to the relevant securities are suspended for as long as they are held by the Sub-Fund concerned and without prejudice to the appropriate processing in the accounts and the periodic reports; and
- in any event, for as long as these securities are held by the Company, their value will not be taken into consideration for the calculation of the net assets of the Company for the purposes of verifying the minimum threshold of the net assets imposed by the Law of 2010.
- Combined limits
- Notwithstanding the individual limits laid down in (1), (8) and (9) above, a Sub-Fund may not combine
- investments in Transferable Securities or Money Market Instruments issued by
- deposits made with and/or
- exposures arising from OTC derivative transactions (including TRS) undertaken with
- a single body in excess of 20% of its net assets.
- The limits set out in (1), (3), (4), (8), (9) and (13) above may not be combined, and thus investments in Transferable Securities or Money Market Instruments issued by the same body, in deposits or derivative instruments made with this body carried out in accordance with (1), (3), (4), (8), (9) and (13) above may not exceed a total of 35 % of the net assets of the Sub-Fund.
- Limitations on Control
- No Sub-Fund may acquire such amount of shares carrying voting rights which would enable the Company to exercise a significant influence over the management of the issuer.
- Neither any Sub-Fund nor the Company as a whole may acquire (i) more than 10% of the outstanding non-voting shares of any one issuer; (ii) more than 10% of the outstanding debt securities of any one issuer; (iii) more than 10% of the Money Market Instruments of any one issuer; or (iv) more than 25% of the outstanding shares or units of any one UCI.
The limits set forth in (ii) to (iv) may be disregarded at the time of acquisition if at that time the gross amount of bonds or of the Money Market Instruments or the net amount of the instruments in issue cannot be calculated.
- The ceilings set forth above under (15) and (16) do not apply in respect of
- Transferable Securities and Money Market Instruments issued or guaranteed by a Member State or by its local authorities
- Transferable Securities and Money Market Instruments issued or guaranteed by any Other State
- Transferable Securities and Money Market Instruments issued by a public international body of which one or more Member State(s) are member(s)
- shares in the capital of a company which is incorporated under or organised pursuant to the laws of an Other State provided that (i) such company invests its assets principally in securities issued by issuers of that State, (ii) pursuant to the laws of that State a participation by the relevant Sub-Fund in the equity of such company constitutes the only possible way to purchase securities of issuers of that State, and (iii) such company observes in its investments policy the restrictions set forth under III, items (1) to (5), (8), (9) and (12) to (16) and
- shares in the capital of subsidiary companies which, exclusively on its or their behalf carry on only the business of management, advice or marketing in the country where the subsidiary is located, in regard to the redemption of shares at the request of Shareholders.
- In addition, the Company shall comply in respect of its net assets with the following investment restrictions per instrument
- Each Sub-Fund shall ensure that its global exposure relating to derivative instruments does not exceed the total net value of its portfolio. This paragraph is without prejudice to the rules laid out in the section ‘Risk Management Process’ below.
The exposure is calculated taking into account the current value of the underlying assets, the counterparty risk, foreseeable market movements and the time available to liquidate the positions.
- Investments made in units of UCIs other than UCITS may not in aggregate exceed 30% of the net assets of a Sub-Fund.
- Finally, the Company shall comply in respect of the assets of each Sub-Fund with the following investment restrictions
- No Sub-Fund may acquire physical commodities or precious metals or certificates representative thereof.
- No Sub-Fund may invest in real estate provided that investments may be made in securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein.
- No Sub-Fund may issue warrants or other rights to subscribe for Shares in such Sub-Fund.
- A Sub-Fund may not grant loans or guarantees in favour of a third party, provided that such restriction shall not prevent each Sub-Fund from investing in non-fully paid-up Transferable Securities, Money Market Instruments or other financial instruments, as mentioned under I, (5), (7) and (8).
- The Company may not enter into uncovered sales of Transferable Securities, Money Market Instruments or other financial instruments as listed under I, (5), (7) and (8).
- Notwithstanding anything to the contrary herein contained
- While ensuring observance of the principle of risk-spreading, each Sub-Fund may derogate from paragraph III, items (1) to (9) and (12) to (14) for a period of six months following the date of its authorisation.
- The ceilings set forth above may be disregarded by each Sub-Fund when exercising subscription rights attaching to securities in such Sub-Fund’s portfolio.
- If such ceilings are exceeded for reasons beyond the control of a Sub-Fund or as a result of the exercise of subscription rights, such Sub-Fund must adopt as its priority objective in its sale transactions the remedying of such situation, taking due account of the interests of its Shareholders.
The Board of Directors has the right to determine additional investment restrictions to the extent that those restrictions are necessary to comply with the laws and regulations of countries where Shares of the Company are offered or sold. | # Restrictions d’investissement
Les actifs de chaque Compartiment sont gérés conformément aux restrictions d’investissement suivantes. Cependant, un Compartiment peut être soumis à des restrictions d’investissement différentes ou supplémentaires qui seront énoncées dans le Supplément concerné.
- Les investissements dans les Compartiments ne comprendront qu’un ou plusieurs des éléments suivants :
- Valeurs mobilières et instruments du marché monétaire admis ou négociés sur un Marché Réglementé.
- Valeurs mobilières et instruments du marché monétaire négociés sur un Autre Marché Réglementé dans un État membre.
- Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une bourse de valeurs d’un autre État ou négociés sur un Autre Marché Réglementé d’un autre État.
- Valeurs mobilières et instruments du marché monétaire récemment émis, à condition que :
- les conditions d’émission incluent l’engagement qu’une demande d’admission à la cote officielle sera inscrite sur un Marché Réglementé, une bourse de valeurs située dans un autre État ou un Autre Marché Réglementé, comme décrit aux points (1) à(3) ci-dessus ;
- cette admission est obtenue dans l’année qui suit son émission.
- Parts d’OPCVM et / ou d’autres OPC au sens de l’article 1 er, paragraphe 2, points a) et b) de la directive OPCVM, qu’elles soient situées dans un État membre ou dans un autre État, à condition que :
- ces autres OPC sont autorisés en vertu de lois prévoyant qu’ils sont soumis à une surveillance jugée équivalente par l’autorité de régulation par rapport à celle prévue par la législation de l’Union et que la coopération entre les autorités est suffisamment garantie ;
- le niveau de protection des porteurs de parts de ces autres OPC est équivalent à celui offert aux porteurs de parts d’un OPCVM, et notamment que les règles relatives à la séparation des actifs, aux emprunts, aux prêts et aux ventes non couvertes des valeurs mobilières et des instruments du marché monétaire sont équivalentes aux exigences de la directive OPCVM ;
- les activités des autres OPC font l’objet de rapports semestriels et annuels permettant une évaluation de l’actif et du passif, des revenus et des opérations au cours de la période de référence ;
- 10 % maximum des actifs de l’OPCVM ou des autres OPC dont l’acquisition est envisagée peuvent, au total, selon leurs documents constitutifs, être investis dans des parts d’autres OPCVM ou d’autres OPC.
- Dépôts auprès d’établissements de crédit, remboursables sur demande ou pouvant être retirés et venant à échéance dans un délai maximal de douze mois, à condition que l’établissement de crédit ait son siège statutaire dans un État membre ou si le siège statutaire de l’établissement de crédit est situé dans un autre État membre, à condition qu’il soit soumis aux règles prudentielles considérées par l’autorité de régulation comme équivalentes à celles prévues par le droit de l’Union.
- Les instruments financiers dérivés, notamment les options, les contrats à terme standardisés, y compris les instruments équivalents réglés en espèces, négociés sur un Marché Réglementé ou sur un Autre Marché Réglementé visés aux points (1), (2) et (3) ci-dessus, et / ou des instruments financiers dérivés négociés de gré à gré (« dérivés de gré à gré »), à condition que :i
- le sous-jacent est constitué d’instruments couverts par la présente section I, d’indices financiers, de taux d’intérêt, de taux de change ou de devises dans lesquels le Compartiment peut investir selon son objectif et sa politique d’investissement ;
- les contreparties aux transactions sur dérivés de gré à gré (dont les TRS) sont des établissements soumis à une surveillance prudentielle et appartenant aux catégories approuvées par l’autorité de régulation ; et
- les dérivés de gré à gré (dont les TRS) font l’objet d’une évaluation fiable et vérifiable quotidiennement et peuvent être vendus, liquidés ou clôturés par une opération de compensation à tout moment à leur juste valeur à l’initiative de la Société ;ii
- ces opérations ne doivent en aucun cas amener la Société à s’écarter de ses objectifs d’investissement.
- Instruments du marché monétaire autres que ceux négociés sur un Marché Réglementé ou sur un Autre Marché Réglementé, dans la mesure où l’émission ou l’émetteur de ces instruments est lui-même réglementé dans le but de protéger les investisseurs et l’épargne, et à condition que ces instruments soient :
- émis ou garantis par une autorité centrale, régionale ou locale ou par une banque centrale d’un État membre, la Banque centrale européenne, l’Union européenne ou la Banque européenne d’investissement, un autre État ou, dans le cas d’un État fédéral, par l’un des membres qui composent la fédération, ou par un organisme public international auquel appartiennent un ou plusieurs États membres ; ou
- émis par une entreprise dont des valeurs mobilières sont négociées sur des marchés réglementés ou sur d’autres marchés réglementés visés aux points (1), (2) ou (3) ci- dessus ; ou
- délivré ou garanti par un établissement soumis à une surveillance prudentielle, selon les critères définis par le droit communautaire, ou par un établissement soumis aux règles prudentielles jugées par l’autorité de régulation comme étant au moins aussi strictes que celles édictées par le droit de l’Union européenne et respectant ces règles ; ou
- émis par d’autres organismes appartenant aux catégories approuvées par l’autorité de régulation, à condition que les investissements dans ces instruments soient soumis à une protection des investisseurs équivalente à celle prévue aux premier, deuxième ou troisième tirets et à condition que l’émetteur soit une société dont le capital et les réserves s’élèvent à au moins dix millions d’euros (10 000 000 €) (ou équivalent dans toute autre devise) et qui présente et publie ses comptes annuels conformément à la directive 78/660 / CEE, est une entité qui, au sein d’un groupe de sociétés comprenant une ou plusieurs sociétés cotées, est dédiée au financement du groupe ou est une entité dédiée au financement de véhicules de titrisation bénéficiant d’une ligne de liquidité bancaire.
- Chaque Compartiment peut toutefois :
- Investir jusqu’à 10 % de ses actifs nets dans des valeurs mobilières et des instruments du marché monétaire autres que ceux visés aux paragraphes I (1) à (4) et (8).
- Détenir des liquidités et des quasi-liquidités à titre accessoire ; cette restriction peut être exceptionnellement et temporairement dépassée si le Conseil d’administration considère que cela est dans l’intérêt des actionnaires.
- Emprunter jusqu’à 10 % de son actif net, à condition que ces emprunts ne soient contractés qu’à titre temporaire. Les contrats de garantie relatifs à la vente d’options ou à l’achat ou la vente de contrats à terme (contrats forward ou futures) ne sont pas considérés comme des « emprunts » aux fins de la présente restriction.
- Acquérir des devises étrangères au moyen d’un crédit endossé.
- En outre, la Société se conformera, en ce qui concerne l’actif net de chaque Compartiment, aux restrictions d’investissement suivantes par émetteur :
- Règles de diversification des risquesAux fins du calcul des restrictions décrites aux points (2) à (5) et (8) ci-après, les sociétés comprises dans le même groupe de sociétés sont considérées comme un seul et même émetteur.
Dans la mesure où un émetteur est une personne morale à plusieurs Compartiments dont les actifs sont exclusivement réservés aux investisseurs de ce Compartiment et aux créanciers dont la créance a pris naissance en liaison avec la création, le fonctionnement et la liquidation de ce Compartiment, chaque Compartiment doit être considéré comme un émetteur distinct aux fins de l’application des règles de répartition des risques décrites aux points (1) à (5), (7) à (9) et (12) à (14) ci-dessous.
- Valeurs mobilières et instruments du marché monétaire
- Aucun Compartiment ne peut acheter de valeurs mobilières négociables et d’instruments du marché monétaire supplémentaires auprès d’un même émetteur si :
- lors de cet achat, plus de 10 % de ses actifs nets seraient constitués de valeurs mobilières et d’instruments du marché monétaire d’un seul émetteur ; ou
- la valeur totale de toutes les valeurs mobilières et instruments du marché monétaire des émetteurs dans lesquels il investit plus de 5 % de ses actifs nets dépasserait 40 % de la valeur de ses actifs nets. Cette limitation ne s’applique pas aux dépôts et transactions sur dérivés de gré à gré (dont les TRS) effectués avec des établissements financiers soumis à une surveillance prudentielle.
- Un Compartiment peut investir cumulativement jusqu’à 20 % de ses actifs nets dans des Valeurs mobilières et des Instruments du marché monétaire émis par le même groupe de sociétés.
- La limite de 10 % définie ci-dessus au point (1)(i) est portée à 35 % pour les valeurs mobilières et les instruments du marché monétaire émis ou garantis par un État membre, par ses autorités locales, par tout autre État ou par un organismepublic international dont un ou plusieurs États membres sont membres.
- La limite de 10 % indiquée ci-dessus au point (1)(i) est augmentée jusqu’à 25 % pour les titres de créance qualifiés qui entrent dans la définition des obligations couvertes du point (1) de l’Article 3 de la Directive 2019/2162 UE du Parlement européen et du Conseil et pour les obligations émises par un établissement de crédit ayant son siège statutaire dans un État membre et qui, en vertu de la législation applicable, est soumis à un contrôle public spécifique afin de protéger les détenteurs de tels titres de créance qualifiés qui ont été émis avant le 8 juillet 2022. Aux fins des présentes, les« titres de créance qualifiés » sont des titres dont le produit est investi conformément à la loi en vigueur dans des actifs fournissant un rendement qui couvrira le service de la dette jusqu’à la date d’échéance des titres et qui seront appliqués en priorité au paiement du capital et des intérêts en cas de défaillance de l’émetteur. Dans la mesure où un Compartiment concerné investit plus de 5 % de ses actifs nets dans des titres de créance émis par un tel émetteur, la valeur totale de ces investissements ne peut dépasser 80 % de l’actif net de ce Compartiment.
- Les titres spécifiés ci-dessus aux paragraphes(3) et (4) ne doivent pas être inclus aux fins du calcul du plafond de 40 % fixé ci-dessus au paragraphe (1) (ii).
- Nonobstant les plafonds susmentionnés, chaque Compartiment est autorisé à investir, conformément au principe de répartition des risques, jusqu’à 100 % de ses actifs nets en valeurs mobilières et instruments du marché monétaire émis ou garantis par un État membre, par ses autorités locales, par tout État membre de l’Organisation de coopération et de développement économiques (OCDE) ou le groupe des vingt (G20), de la République de Singapour, de la région administrative spéciale de Hong Kong de la République populaire de Chine ou d’un organisme international public dont un ou plusieurs État (s) membre (s) ), à condition que (i) ces titres fassent partie d’aumoins six émissions différentes et (ii) les valeurs mobilières ainsi émises ne représentent pas plus de 30 % de l’actif net de ce Compartiment.
- Sans préjudice des limites énoncées sous III.2., les limites définies en (1) sont portées à un maximum de 20 % pour les investissements en actions et / ou obligations émises par le même organisme lorsque le but de la politique d’investissement du Compartiment consiste à reproduire la composition d’un certain indice boursier ou obligataire reconnu par l’autorité de réglementation, sur la base suivante :
- la composition de l’indice est suffisamment diversifiée,
- l’indice constitue un étalon représentatif du marché auquel il se réfère,
- il est publié d’une manière appropriée.
La limite de 20 % est portée à 35 % lorsque cela se révèle justifié par des conditions de marché exceptionnelles sur des marchés réglementés spécifiques sur lesquels certaines Valeurs mobilières ou Instruments monétaires sont particulièrement dominants. L’investissement jusqu’à cette limite n’est permis que pour un seul émetteur.
- Dépôts de banque
- Un Compartiment ne peut investir plus de 20% de ses actifs nets dans des dépôts effectués auprès du même organisme.
- Instruments dérivés
- L’exposition au risque de contrepartie dans une transaction sur produit dérivé de gré à gré (dont les TRS) ne peut dépasser 10 % de l’actif net du Compartiment lorsque la contrepartie est un établissement de crédit visé au paragraphe I (6) ci-dessus ou 5 % de ses actifs nets dans les autres cas.
- Un investissement dans des instruments financiers dérivés ne doit être réalisé que si l’exposition aux actifs sous-jacents ne dépasse pas, dans l’ensemble, les limites d’investissement définies aux points (1) à (5), (8), (9), (13) et (14). Lorsque le Compartiment investit dans des instruments financiers dérivésbasés sur un indice, ces investissements ne doivent pas nécessairement être combinés aux limites définies aux points (1) à (5), (8), (9), (13)et (14).
- Lorsqu’un titre ou un instrument du marché monétaire est incorporé dans un instrument dérivé, ce dernier doit être pris en compte lors du respect des exigences du I (7) (ii) et du III (1) ci-dessus, ainsi que des exigences en matière de risque et d’informations définies dans le prospectus.
- Unités de fonds à capital variable
- Aucun Compartiment ne peut investir plus de 20 % de ses actifs nets dans les parts d’un même OPCVM ou autre OPC. Aux fins de l’application de cette limite d’investissement, chaque Compartiment d’OPCVM ou autres OPC cibles à Compartiments multiples (au sens de l’article 181 de la loi de 2010) doit être considéré comme un émetteur distinct, à condition toutefois que le principe de séparation des obligations des différents Compartiments vis-à-vis des tiers soit garanti dans chaque OPCVM ou autres OPC cibles. Lorsqu’un Compartiment a acquis des parts d’OPCVM et / ou d’autres OPC, il n’est pas nécessaire que les actifs sous-jacents de ces OPCVM ou autres OPC soient combinés aux fins des limites définies aux points (13) et (14) ci- dessous.
Un Compartiment peut souscrire, acquérir et / ou détenir des parts à émettre ou à émettre par un ou plusieurs Compartiments de la Société à la condition que :
- le Compartiment cible n’investit pas à son tour dans le Compartiment investi dans ce Compartiment cible ; et
- pas plus de 10 % des actifs des Compartiments cibles dont l’acquisition est envisagée peuvent être investis globalement dans des parts d’autres Compartiments cibles de la Société ; et
- les droits de vote éventuels attachés aux valeurs concernées sont suspendus tant qu’ils sont détenus par le Compartiment concerné et sans préjudice du traitement approprié dans les comptes et les rapports périodiques ; et
- en tout état de cause, tant que ces titres seront détenus par la Société, leur valeur ne sera pas prise en compte pour le calcul de l’actif net de la Société aux fins de la vérification du seuil minimal de l’actif net imposé par la Loi de 2010.
- Limites combinées
- Nonobstant les limites individuelles définies aux points (1), (8) et (9) ci-dessus, un Compartiment ne peut pas combiner :
- des investissements dans des Valeurs mobilières ou des Instruments du marché monétaire émis par,
- des dépôts effectués auprès de, et/ou
- des expositions résultant de transactions sur produits dérivés de gré à gré (dont les TRS) réalisées avec
- une seule et même entité dépassant 20 % de ses actifs nets.
- Les limites énoncées aux points (1), (3), (4), (8),(9) et (13) ci-dessus ne peuvent être combinées et, par conséquent, les investissements dans des valeurs mobilières ou des instruments du marché monétaire émis par le même organisme, dans des dépôts ou des instruments dérivés fabriqués avec cet organisme conformément aux points (1), (3), (4), (8), (9) et(13) ci-dessus ne peuvent pas dépasser 35 % de l’actif net du Compartiment.
- Limites du contrôle
- Aucun Compartiment ne peut acquérir un nombre d’actions comportant des droits de vote permettant à la Société d’exercer une influence notable sur la direction de l’émetteur.
- Ni un Compartiment ni la Société dans son ensemble ne peuvent acquérir (i) plus de 10 % des actions en circulation sans droit de vote d’un émetteur donné ; (ii) plus de 10 % de l’encours des titres de créance d’un même émetteur; (iii) plus de 10 % des instruments du marché monétaire d’un même émetteur; ou (iv) plus de 25 % des actions ou des parts en circulation d’un même OPC.
Les limites énoncées aux points (ii) à (iv) peuvent être ignorées au moment de l’acquisition si, à ce moment, le montant brut des obligations ou des instruments du marché monétaire ou le montant net des instruments en circulation ne peuvent pas être calculés.
- Les plafonds énoncés ci-dessus aux points 15 et 16 ne s’appliquent pas en ce qui concerne :
- les valeurs mobilières et instruments du marché monétaire émis ou garantis par un État membre ou par ses autorités locales ;
- les valeurs mobilières et Instruments du marché monétaire émis ou garantis par un Autre État ;
- les valeurs mobilières et instruments du marché monétaire émis par un organisme public international dont un ou plusieurs États membres sont membres ;
- les actions du capital d’une société constituée en vertu de la législation d’un autre État ou organisée en vertu de cette législation, à condition que (i) cette société investit principalement dans des valeurs mobilières émises par des émetteurs de cet État, (ii) en vertu de la législation de cet État, une participation du Compartiment concerné dans les fonds propres de cette société constitue l’unique moyen possible d’acheter des titres d’émetteurs de cet État, et (iii) cette société respecte dans sa politique de placement les restrictions énoncées sous III, points (1) à (5), (8), (9) et (12) à (16) ; et
- les actions du capital de sociétés filiales qui, exclusivement pour son ou pour leur compte, n’exercent que des activités de gestion, de conseil ou de commercialisation dans le pays où la filiale est située, en ce qui concerne le rachat d’actions à la demande des Actionnaires.
- En outre, la Société se conformera, en ce qui concerne ses actifs nets, aux restrictions d’investissement suivantes par instrument :
- Chaque Compartiment veillera à ce que son exposition globale aux instruments dérivés ne dépasse pas la valeur nette totale de sonportefeuille. Ce paragraphe est sans préjudice des règles énoncées dans la section « Processus de gestion des risques » ci-dessous.
L’exposition est calculée en prenant en compte la valeur en vigueur des actifs sous-jacents, le risque de contrepartie, les fluctuations prévisibles du marché et le délai nécessaire pour liquider les positions.
- Les investissements dans des parts d’OPC autres que les OPCVM ne peuvent dépasser, au total, 30 % de l’actif net d’un Compartiment.
- Enfin, la Société se conformera, en ce qui concerne les actifs de chaque Compartiment, aux restrictions d’investissement suivantes :
- Aucun Compartiment ne peut acquérir des matières premières physiques ou des métaux précieux ni des certificats représentatifs de ceux-ci.
- Aucun Compartiment ne peut investir dans l’immobilier si des investissements peuvent être réalisés dans des titres garantis par des biens immobiliers ou des intérêts dans ceux-ci ou émis par des sociétés qui investissent dans des biens immobiliers ou des intérêts dans ceux-ci.
- Aucun Compartiment ne peut émettre de warrants ou d’autres droits de souscription d’actions d’un tel Compartiment.
- Un Compartiment ne peut octroyer de prêts ou de garanties en faveur d’un tiers, à condition que cette restriction n’empêche pas chaque Compartiment d’investir dans des valeurs mobilières, des instruments du marché monétaire ou d’autres instruments financiers non entièrement libérés, tels que mentionnés aux points I, (5), (7) et (8)
- La Société ne peut pas conclure de ventes non couvertes de valeurs mobilières, d’instruments du marché monétaire ou d’autres instruments financiers énumérés aux points I, (5), (7) et (8).
- Nonobstant toute disposition contraire contenue dans les présentes :
- Tout en veillant au respect du principe de répartition des risques, chaque Compartiment peut déroger au paragraphe III, points (1) à (9)et (12) à (14), pendant une période de six mois à compter de la date de son autorisation.
- Chaque Compartiment peut ne pas tenir compte des plafonds susmentionnés lors de l’exercice des droits de souscription attachés aux titres du portefeuille de ce Compartiment.
- Si ces plafonds sont dépassés pour des raisons indépendantes de la volonté d’un Compartiment ou à la suite de l’exercice de droits de souscription, ce Compartiment doit avoir pour objectif prioritaire, dans ses opérations de vente, de remédier à cette situation, en tenant dûment compte des intérêts de ses actionnaires.
Le Conseil d’administration a le droit de déterminer des restrictions d’investissement supplémentaires dans la mesure où ces restrictions sont nécessaires pour se conformer aux lois et réglementations des pays où des actions de la Société sont offertes ou vendues. | # Investment restrictions
The assets of each Sub-Fund are managed in accordance with the following investment restrictions. However, a Sub-Fund may be subject to different or additional investment restrictions that will be set forth in the relevant Supplement.
- Investments in the Sub-Funds shall comprise only one or more of the following
- Transferable Securities and Money Market Instruments admitted to or dealt in on a Regulated Market.
- Transferable Securities and Money Market Instruments dealt in on an Other Regulated Market in a Member State.
- Transferable Securities and Money Market Instruments admitted to official listing on a stock exchange in an Other State or dealt in on an Other Regulated Market in an Other State.
- Recently issued Transferable Securities and Money Market Instruments, provided that
- the terms of issue include an undertaking that application will be made for admission to official listing on a Regulated Market, a stock exchange in an Other State or on an Other Regulated Market as described under (1)-(3) above
- such admission is secured within one year of issue.
- Units of UCITS and/or other UCIs within the meaning of the first and second indent of Article 1 paragraph 2 points a) and b) of the UCITS Directive, whether situated in a Member State or in an Other State, provided that
- such other UCIs are authorised under laws which provide that they are subject to supervision considered by the Regulatory Authority to be equivalent to that laid down in EU law, and that cooperation between authorities is sufficiently ensured;
- the level of protection for unitholders in such other UCIs is equivalent to that provided for unitholders in a UCITS, and in particular that the rules on assets segregation, borrowing, lending, and uncovered sales of Transferable Securities and Money Market Instruments are equivalent to the requirements of the UCITS Directive;
- the business of the other UCIs is reported in half-yearly and annual reports to enable an assessment of the assets and liabilities, income and operations over the reporting period;
- no more than 10% of the assets of the UCITS or of the other UCIs, whose acquisition is contemplated, can, according to their constitutional documents, in aggregate be invested in units of other UCITS or other UCIs.
- Deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and maturing in no more than 12 months, provided that the credit institution has its registered office in a Member State or, if the registered office of the credit institution is situated in an Other State, provided that it is subject to prudential rules considered by the Regulatory Authority as equivalent to those laid down in EU law.
- Financial derivative instruments, i.e. in particular options, futures, including equivalent cash-settled instruments, dealt in on a Regulated Market or on an Other Regulated Market referred to in (1), (2) and(3) above, and/or financial derivative instruments dealt in over-the-counter (‘OTC derivatives’), provided thati
- the underlying consists of instruments covered by this section I, financial indices, interest rates, foreign exchange rates or currencies, in which the Sub-Fund may invest according to its investment objective and policy
- the counterparties to OTC derivative transactions (including TRS) are institutions subject to prudential supervision, and belonging to the categories approved by the Regulatory Authority and
- the OTC derivatives (including TRS) are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the Company’s initiativeii
- under no circumstance shall these operations lead the Company to diverge from its investment objectives.
- Money Market Instruments other than those dealt in on a Regulated Market or on an Other Regulated Market, to the extent that the issue or the issuer of such instruments is itself regulated for the purpose of protecting investors and savings, and provided that such instruments are
- issued or guaranteed by a central, regional or local authority or by a central bank of a Member State, the European Central Bank, the EU or the European Investment Bank, an Other State or, in the case of a Federal State, by one of the members making up the federation, or by a public international body to which one or more Member States belong; or
- issued by an undertaking any securities of which are dealt in on Regulated Markets or on Other Regulated Markets referred to in (1), (2) or (3) above; or
- issued or guaranteed by an establishment subject to prudential supervision, in accordance with criteria defined by Community law, or by an establishment which is subject to and complies with prudential rules considered by the Regulatory Authority to be at least as stringent as those laid down by EU law; or
- issued by other bodies belonging to the categories approved by the Regulatory Authority provided that investments in such instruments are subject to investor protection equivalent to that laid down in the first, the second or the third indent and provided that the issuer is a company whose capital and reserves amount to at least ten million Euro (€ 10,000,000) (or such equivalent in any other currency) and which presents and publishes its annual accounts in accordance with directive 78/660/EEC, is an entity which, within a Group of Companies which includes one or several listed companies, is dedicated to the financing of the group or is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line.
- Each Sub-Fund may however
- Invest up to 10% of its net assets in Transferable Securities and Money Market Instruments other than those referred to above under I (1) to (4) and (8).
- Hold cash and cash equivalents on an ancillary basis; such restriction may exceptionally and temporarily be exceeded if the Board of Directors considers this to be in the best interest of the Shareholders.
- Borrow up to 10% of its net assets, provided that such borrowings are made only on a temporary basis. Collateral arrangements with respect to the writing of options or the purchase or sale of forward or futures contracts are not deemed to constitute ‘borrowings’ for the purpose of this restriction.
- Acquire foreign currency by means of a back-to-back loan.
- In addition, the Company shall comply in respect of the net assets of each Sub-Fund with the following investment restrictions per issuer
- Risk Diversification rulesFor the purpose of calculating the restrictions described in (2) to (5) and (8) hereunder, companies which are included in the same Group of Companies are regarded as a single issuer.
To the extent an issuer is a legal entity with multiple sub-funds where the assets of a sub-fund are exclusively reserved to the investors in such sub-fund and to those creditors whose claim has arisen in connection with the creation, operation and liquidation of that sub-fund, each sub-fund is to be considered as a separate issuer for the purpose of the application of the risk spreading rules described under items (1) to (5), (7) to (9) and (12) to (14) hereunder.
- Transferable Securities and Money Market Instruments
- No Sub-Fund may purchase additional Transferable Securities and Money Market Instruments of any single issuer if
- upon such purchase more than 10% of its net assets would consist of Transferable Securities and Money Market Instruments of one single issuer or
- the total value of all Transferable Securities and Money Market Instruments of issuers in which it invests more than 5% of its net assets would exceed 40% of the value of its net assets. This limitation does not apply to deposits and OTC derivative transactions (including TRS) made with financial institutions subject to prudential supervision.
- A Sub-Fund may invest on a cumulative basis up to 20% of its net assets in Transferable Securities and Money Market Instruments issued by the same Group of Companies.
- The limit of 10% set forth above under (1) (i) is increased to 35% in respect of Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, by any Other State or by a public international body of which one or more Member State(s) are member(s).
- The limit of 10% set forth above under (1) (i) is increased up to 25% in respect of qualifying debt securities, which fall under the definition of covered bonds set out in point (1) of Article 3 of Directive (EU) 2019/2162 of the European Parliament and of the Council and for bonds issued by a credit institution which has its registered office in a Member State and which, under applicable law, is submitted to specific public control in order to protect the holders of such qualifying debt securities that were issued before 8 July 2022. For the purposes hereof, ‘qualifying debt securities’ are securities the proceeds of which are invested in accordance with applicable law in assets providing a return which will cover the debt service through to the maturity date of the securities and which will be applied on a priority basis to the payment of principal and interest in the event of a default by the issuer. To the extent that a relevant Sub-Fund invests more than 5% of its net assets in debt securities issued by such an issuer, the total value of such investments may not exceed 80% of the net assets of such Sub-Fund.
- The securities specified above under (3) and (4) are not to be included for purposes of computing the ceiling of 40% set forth above under (1) (ii).
- Notwithstanding the ceilings set forth above, each Sub-Fund is authorised to invest, in accordance with the principle of risk spreading, up to 100% of its net assets in Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, by any member state of the Organisation for Economic Cooperation and Development (‘OECD’) or the Group of twenty (G20), by the Republic of Singapore, by the Hong Kong Special Administrative Region of the People’s Republic of China or by a public international body of which one or more Member State(s) are member(s), provided that (i) such securities are part of at least six different issues and (ii) the securities from any such issue do not account for more than 30% of the net assets of such Sub-Fund.
- Without prejudice to the limits set forth hereunder under III.2., the limits set forth in (1) are raised to a maximum of 20% for investments in shares and/or bonds issued by the same body when the aim of the Sub-Fund’s investment policy is to replicate the composition of a certain stock or bond index which is recognised by the Regulatory Authority, on the following basis
- the composition of the index is sufficiently diversified
- the index represents an adequate benchmark for the market to which it refers
- it is published in an appropriate manner.
The limit of 20% is raised to 35% where that proves to be justified by exceptional market conditions in particular in Regulated Markets where certain Transferable Securities or Money Market Instruments are highly dominant. The investment up to this limit is only permitted for a single issuer.
- Bank Deposits
- A Sub-Fund may not invest more than 20% of its net assets in deposits made with the same body. C Derivative Instruments
- The risk exposure to a counterparty in an OTC derivative transaction (including TRS) may not exceed 10% of the Sub-Fund’s net assets when the counterparty is a credit institution referred to in I (6) above or 5% of its net assets in other cases.
- Investment in financial derivative instruments shall only be made provided that the exposure to the underlying assets does not exceed in aggregate the investment limits set forth in (1) to (5), (8), (9), (13) and (14). When the Sub-Fund invests in index-based financial derivative instruments, these investments do not have to be combined to the limits set forth in (1) to (5), (8), (9), (13) and (14).
- When a Transferable Security or Money Market Instrument embeds a derivative, the latter must be taken into account when complying with the requirements of I (7) (ii) and III (1) above as well as with the risk exposure and information requirements laid down in the Prospectus.
- Units of Open-Ended Funds
- No Sub-Fund may invest more than 20% of its net assets in the units of a single UCITS or other UCI. For the purpose of the application of this investment limit, each Sub-Fund of target UCITS or other UCIs with multiple compartments (within the meaning of Article 181 of the Law of 2010) is to be considered as a separate issuer, provided however that in each target UCITs or other UCIs the principle of segregation of the obligations of the various compartments vis-à-vis third parties is ensured. When a Sub-Fund has acquired units of UCITS and/or other UCIs, the underlying assets of the respective UCITS or other UCIs do not have to be combined for the purposes of the limits laid down in points (13) and (14) below.
A Sub-Fund may subscribe, acquire and/or hold units to be issued or issued by one or more Sub-Funds of the Company under the condition that
- the target Sub-Fund does not, in turn, invest in the Sub-Fund invested in this target Sub-Fund; and
- no more than 10% of the assets of the target Sub-Funds whose acquisition is contemplated, may be invested in aggregate in units of other target Sub-Funds of the Company; and
- voting rights, if any, attaching to the relevant securities are suspended for as long as they are held by the Sub-Fund concerned and without prejudice to the appropriate processing in the accounts and the periodic reports; and
- in any event, for as long as these securities are held by the Company, their value will not be taken into consideration for the calculation of the net assets of the Company for the purposes of verifying the minimum threshold of the net assets imposed by the Law of 2010.
- Combined limits
- Notwithstanding the individual limits laid down in (1), (8) and (9) above, a Sub-Fund may not combine
- investments in Transferable Securities or Money Market Instruments issued by
- deposits made with and/or
- exposures arising from OTC derivative transactions (including TRS) undertaken with
- a single body in excess of 20% of its net assets.
- The limits set out in (1), (3), (4), (8), (9) and (13) above may not be combined, and thus investments in Transferable Securities or Money Market Instruments issued by the same body, in deposits or derivative instruments made with this body carried out in accordance with (1), (3), (4), (8), (9) and (13) above may not exceed a total of 35 % of the net assets of the Sub-Fund.
- Limitations on Control
- No Sub-Fund may acquire such amount of shares carrying voting rights which would enable the Company to exercise a significant influence over the management of the issuer.
- Neither any Sub-Fund nor the Company as a whole may acquire (i) more than 10% of the outstanding non-voting shares of any one issuer; (ii) more than 10% of the outstanding debt securities of any one issuer; (iii) more than 10% of the Money Market Instruments of any one issuer; or (iv) more than 25% of the outstanding shares or units of any one UCI.
The limits set forth in (ii) to (iv) may be disregarded at the time of acquisition if at that time the gross amount of bonds or of the Money Market Instruments or the net amount of the instruments in issue cannot be calculated.
- The ceilings set forth above under (15) and (16) do not apply in respect of
- Transferable Securities and Money Market Instruments issued or guaranteed by a Member State or by its local authorities
- Transferable Securities and Money Market Instruments issued or guaranteed by any Other State
- Transferable Securities and Money Market Instruments issued by a public international body of which one or more Member State(s) are member(s)
- shares in the capital of a company which is incorporated under or organised pursuant to the laws of an Other State provided that (i) such company invests its assets principally in securities issued by issuers of that State, (ii) pursuant to the laws of that State a participation by the relevant Sub-Fund in the equity of such company constitutes the only possible way to purchase securities of issuers of that State, and (iii) such company observes in its investments policy the restrictions set forth under III, items (1) to (5), (8), (9) and (12) to (16) and
- shares in the capital of subsidiary companies which, exclusively on its or their behalf carry on only the business of management, advice or marketing in the country where the subsidiary is located, in regard to the redemption of shares at the request of Shareholders.
- In addition, the Company shall comply in respect of its net assets with the following investment restrictions per instrument
- Each Sub-Fund shall ensure that its global exposure relating to derivative instruments does not exceed the total net value of its portfolio. This paragraph is without prejudice to the rules laid out in the section ‘Risk Management Process’ below.
The exposure is calculated taking into account the current value of the underlying assets, the counterparty risk, foreseeable market movements and the time available to liquidate the positions.
- Investments made in units of UCIs other than UCITS may not in aggregate exceed 30% of the net assets of a Sub-Fund.
- Finally, the Company shall comply in respect of the assets of each Sub-Fund with the following investment restrictions
- No Sub-Fund may acquire physical commodities or precious metals or certificates representative thereof.
- No Sub-Fund may invest in real estate provided that investments may be made in securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein.
- No Sub-Fund may issue warrants or other rights to subscribe for Shares in such Sub-Fund.
- A Sub-Fund may not grant loans or guarantees in favour of a third party, provided that such restriction shall not prevent each Sub-Fund from investing in non-fully paid-up Transferable Securities, Money Market Instruments or other financial instruments, as mentioned under I, (5), (7) and (8).
- The Company may not enter into uncovered sales of Transferable Securities, Money Market Instruments or other financial instruments as listed under I, (5), (7) and (8).
- Notwithstanding anything to the contrary herein contained
- While ensuring observance of the principle of risk-spreading, each Sub-Fund may derogate from paragraph III, items (1) to (9) and (12) to (14) for a period of six months following the date of its authorisation.
- The ceilings set forth above may be disregarded by each Sub-Fund when exercising subscription rights attaching to securities in such Sub-Fund’s portfolio.
- If such ceilings are exceeded for reasons beyond the control of a Sub-Fund or as a result of the exercise of subscription rights, such Sub-Fund must adopt as its priority objective in its sale transactions the remedying of such situation, taking due account of the interests of its Shareholders.
The Board of Directors has the right to determine additional investment restrictions to the extent that those restrictions are necessary to comply with the laws and regulations of countries where Shares of the Company are offered or sold. | en | fr |
DOLFIN8199 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## 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. | ## Objectifs
Le fonds vise à vous fournir un rendement grâce à un mélange entre génération de revenus et augmentation du montant que vous avez investi à l’origine. Il investit principalement dans des Titres de crédit structurés, qui sont des instruments de dette généralement à taux d’intérêt variable et qui sont soutenus par des pools spécifiques d’actifs financiers, notamment, mais sans s’y limiter, les prêts à effet de levier, les prêts par carte de crédit, les prêts automobiles, les prêts hypothécaires résidentiels et commerciaux.
Le fonds est activement géré et vise de meilleurs rendements que son indice de référence, l’indice ICE BofA Merrill Lynch Euro Currency 3- Month Deposit Offered Rate Constant Maturity Index. Il n’existe aucune restriction quant à l’ampleur de l’écart entre le portefeuille et la performance du fonds et ceux de l’indice de référence. Dans le cadre du processus d’investissement, le Gestionnaire d’investissement a toute latitude quant à la composition du portefeuille du fonds et peut s’exposer à des sociétés, pays ou secteurs non inclus dans l’indice de référence. Au moins deux tiers des investissements du fonds seront réalisés dans des Titres de crédit structurés émis à l’échelle mondiale. Jusqu’à un tiers des actifs du fonds peuvent être investis dans d’autres types d’instruments à revenu fixe émis par des émetteurs souverains ou de sociétés. Jusqu’à 30 % des actifs du fonds peuvent être investis dans des Titres de crédit structurés ou d’autres types d’instruments à revenu fixe dont la notation est inférieure à investment grade, à condition que ces obligations ne soient pas notées en dessous de B-/B3 ou une notation équivalente par une agence de notation de crédit. Le fonds peut utiliser des dérivés (tels que des contrats à terme, des options et des swaps, qui sont liés à la hausse et à la baisse d’autres actifs) pour obtenir, augmenter ou réduire l’exposition aux actifs sous-jacents et peut donc créer un endettement pouvant entraîner des fluctuations plus importantes de la valeur du fonds. Le gestionnaire du fonds veillera à ce que l’utilisation de dérivés ne modifie pas considérablement le profil de risque global du fonds. | ## 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. | en | fr |
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