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DOLFIN8300 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## INVESTMENT OBJECTIVES AND POLICIES
The assets of each Sub-Fund will be invested separately in accordance with the investment objectives and policies of the relevant Sub-Fund which are set out in the relevant Supplements to this Prospectus.
Unless otherwise stated in the relevant Supplement, where a Sub-Fund maintains in its name a reference to a particular currency, country, region, economic sector or type of security, at least three-quarters of the assets of that Sub-Fund will comprise investments corresponding to the relevant currency, country, region, economic sector or type of security (as appropriate).
The specific investment objectives and policies for each Sub-Fund will be formulated by the Directors at the time such Sub-Fund is established and will be set forth in the relevant Supplement for each Sub-Fund.
The Directors, in consultation with the Investment Adviser, are responsible for the formulation of each Sub- Fund's present investment objectives and investment policies and any subsequent changes to those objectives or policies in the light of political and/or economic conditions.
Any alteration to the investment objectives or any material alteration to the investment policies of a Sub- Fund at any time will be subject to the prior approval in writing of all of the Shareholders of that Sub-Fund, or, if a general meeting of the Shareholders of the Sub-Fund is convened, on the basis of a majority of the votes cast at such meeting. The Directors may implement non-material alterations to the investment policy from time to time, if they shall deem it to be in the interests of the relevant Sub-Fund to do so. In the event of an alteration in the investment objective of a Sub-Fund and/or a material alteration to the investment policies of a Sub-Fund, a reasonable notification period shall be provided by the Directors to the Shareholders in that Sub-Fund to enable them seek redemption of their Shares prior to implementation of such alteration. | ## OBJECTIFS ET POLITIQUES D’INVESTISSEMENT
Les actifs de chaque Compartiment seront investis séparément et conformément aux objectifs et politiques d’investissement dudit Compartiment, qui sont décrits dans les Suppléments concernés du présent Prospectus.
Sauf disposition contraire dans le Supplément pertinent, la dénomination d’un Compartiment faisant référence à une devise, un pays, une zone géographique, un secteur économique ou un type d’instrument financier spécifique, signifiera que les trois quarts au moins des actifs de ce Compartiment seront constitués d’investissements dans cette devise, ce pays, cette zone géographique, ce secteur économique ou ce type d’instrument financier (selon le cas).
Les objectifs et politiques d’investissement spécifiques de chaque Compartiment seront formulés par les Administrateurs au moment de la création de ce Compartiment et présentés dans le Supplément concerné de chaque Compartiment.
Les Administrateurs, après avoir consulté le Conseiller en investissement, sont responsables de la formulation des objectifs et politiques d’investissement actuels de chaque Compartiment et de toute modification consécutive à ces objectifs et politiques au vu de conditions politiques et/ou économiques.
Toute modification des objectifs d’investissement ou toute modification substantielle des politiques d’investissement d’un Compartiment à quelque moment que ce soit sera soumise à l’approbation préalable écrite de tous les Actionnaires de ce Compartiment, ou, si une Assemblée générale des Actionnaires dudit Compartiment est convoquée, sur la base de la majorité des voix exprimées lors de cette assemblée. Les Administrateurs pourront, le cas échéant, apporter des modifications mineures à la politique d’investissement, s’ils estiment que ces modifications servent les intérêts du Compartiment concerné. Dans le cas d’une modification de l’objectif d’investissement d’un Compartiment et/ou d’une modification significative de la politique d’investissement d’un Compartiment, les Actionnaires du Compartiment concerné seront informés suffisamment à l’avance de ce changement par les Administrateurs afin qu’ils puissent faire racheter leurs Actions préalablement à la mise en œuvre de cette modification. | ## INVESTMENT OBJECTIVES AND POLICIES
The assets of each Sub-Fund will be invested separately in accordance with the investment objectives and policies of the relevant Sub-Fund which are set out in the relevant Supplements to this Prospectus.
Unless otherwise stated in the relevant Supplement, where a Sub-Fund maintains in its name a reference to a particular currency, country, region, economic sector or type of security, at least three-quarters of the assets of that Sub-Fund will comprise investments corresponding to the relevant currency, country, region, economic sector or type of security (as appropriate).
The specific investment objectives and policies for each Sub-Fund will be formulated by the Directors at the time such Sub-Fund is established and will be set forth in the relevant Supplement for each Sub-Fund.
The Directors, in consultation with the Investment Adviser, are responsible for the formulation of each Sub- Fund's present investment objectives and investment policies and any subsequent changes to those objectives or policies in the light of political and/or economic conditions.
Any alteration to the investment objectives or any material alteration to the investment policies of a Sub- Fund at any time will be subject to the prior approval in writing of all of the Shareholders of that Sub-Fund, or, if a general meeting of the Shareholders of the Sub-Fund is convened, on the basis of a majority of the votes cast at such meeting. The Directors may implement non-material alterations to the investment policy from time to time, if they shall deem it to be in the interests of the relevant Sub-Fund to do so. In the event of an alteration in the investment objective of a Sub-Fund and/or a material alteration to the investment policies of a Sub-Fund, a reasonable notification period shall be provided by the Directors to the Shareholders in that Sub-Fund to enable them seek redemption of their Shares prior to implementation of such alteration. | en | fr |
DOLFIN8301 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Non-Climate-Based Exclusions5 | Fund |
| --- | --- |
| Controversial Weapons | Yes |
| Tobacco | Yes |
| UN Global Compact Status C Non- t omplian |
| Nuclear weapons outside the Non-Proliferation Treaty | Yes |
| Recreational Cannabis | Yes |
| Military Contracting | Yes |
| Civilian Firearms | Yes |
| Adult Entertainment | Yes |
| Gambling | Yes |
| Alcohol | Yes | | | Esclusioni non basate sul clima5 | Fondo |
| --- | --- |
| Armi controverse | Sì |
| Tabacco | Sì |
| Status Global Compact ONU | Non conforme |
| Armi nucleari al di fuori del trattato di non proliferazione | Sì |
| Cannabis per uso ricreativo | Sì |
| Appalti militari | Sì |
| Armi da fuoco per uso civile | Sì |
| Intrattenimento per adulti | Sì |
| Gioco d’azzardo | Sì |
| Alcool | Sì | | | Non-Climate-Based Exclusions5 | Fund |
| --- | --- |
| Controversial Weapons | Yes |
| Tobacco | Yes |
| UN Global Compact Status C Non- t omplian |
| Nuclear weapons outside the Non-Proliferation Treaty | Yes |
| Recreational Cannabis | Yes |
| Military Contracting | Yes |
| Civilian Firearms | Yes |
| Adult Entertainment | Yes |
| Gambling | Yes |
| Alcohol | Yes | | en | it |
DOLFIN8302 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Important legal information
Sources: Bloomberg, Rimes, GAM. Please note the important legal information at the end of this document. Before subscribing, read the prospectus and the KIID which are available at www.funds.gam.com or from your distributor.
The mentioned financial instruments are provided for illustrative purposes only and shall not be considered as a direct offering, investment recommendation or investment advice. Allocations and holdings are subject to change.
ams AG CHF 2.49
| Romanian Gov Int Bond | 2.000% | EUR | 4.17 |
| --- | --- | --- | --- |
| Raiffeisen Bank Int AG | | EUR | 3.91 |
| DO & CO AG | | EUR | 3.63 |
| Hungarian Telecom | | HUF | 2.67 |
FREQUENTIS AG EUR 2.38
Fondul Proprietatea SA RON 2.20 Total35.09 | # Disposizioni importanti di carattere legale
Fonti: Bloomberg, Rimes, GAM. Vi preghiamo di tenere conto delle disposizioni importanti di carattere legale riportate alla fine di questo documento. Prima dell'adesione leggere il Prospetto e il KIID, disponibili al sito: www.funds.gam.com e presso i soggetti collocatori.
Gli strumenti finanziari menzionati sono proposti solo a titolo illustrativo e non devono essere considerati come un’offerta diretta così come una raccomandazione o consulenza di investimento. Le allocazioni e i titoli sono soggetti a cambiamenti.
ams AG CHF 2.49
| Romanian Gov Int Bond | 2.000% | EUR | 4.17 |
| --- | --- | --- | --- |
| Raiffeisen Bank Int AG | | EUR | 3.91 |
| DO & CO AG | | EUR | 3.63 |
| Hungarian Telecom | | HUF | 2.67 |
FREQUENTIS AG EUR 2.38
Fondul Proprietatea SA RON 2.20 Totale35.09 | # Important legal information
Sources: Bloomberg, Rimes, GAM. Please note the important legal information at the end of this document. Before subscribing, read the prospectus and the KIID which are available at www.funds.gam.com or from your distributor.
The mentioned financial instruments are provided for illustrative purposes only and shall not be considered as a direct offering, investment recommendation or investment advice. Allocations and holdings are subject to change.
ams AG CHF 2.49
| Romanian Gov Int Bond | 2.000% | EUR | 4.17 |
| --- | --- | --- | --- |
| Raiffeisen Bank Int AG | | EUR | 3.91 |
| DO & CO AG | | EUR | 3.63 |
| Hungarian Telecom | | HUF | 2.67 |
FREQUENTIS AG EUR 2.38
Fondul Proprietatea SA RON 2.20 Total35.09 | en | it |
DOLFIN8303 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
According to the requirements of the Securities Financing Transaction Regulation the expected proportion as set out below is not a limit and the actual percentage may vary over time depending on factors including, but not limited to, market conditions. The maximum figure as set out below is a limit.
The Fund shall only enter into TRS/CFDs and Securities Financing Transactions with counterparties that satisfy the criteria (including those relating to legal status, country of origin and minimum credit rating) as set out in this section.
The underlying securities of TRS/CFDs are assets that may be acquired for the Fund or are financial indices within the meaning of Article 9
(1) of Directive 2007/16/EC, interest rates, exchange rates or currencies in which the Fund may invest in accordance with its investment objectives.
The categories of collateral which may be received by the Fund are set out in the chapter “Collateral strategy” and include cash and non- cash assets such as equities, debt securities and money market instruments. Collateral received by the Funds will be valued in accordance with the valuation methodology set out under the section entitled “Special rules for the valuation of individual assets”.
In the event that the Fund enters into securities lending transactions as a borrower, it will only borrow assets that may be acquired for the Fund in line with the investment policy.
Where the Fund receives collateral as a result of entering into TRS/CFDs or Securities Financing Transactions, there is a risk that the collateral held by the Fund may decline in value or become illiquid. It is also not possible to ensure that the liquidation of any collateral provided to a Fund to secure a counterparty’s obligations under a total return swap or Securities Financing Transaction would satisfy the counterparty’s obligations in the event of a default by the counterparty. Where a Fund provides collateral as a result of entering into TRS Total Return Swaps/CFDs or Securities Financing Transactions, it is exposed to the risk that the counterparty will be unable or unwilling to honour its obligations to return the collateral provided.
For a summary of certain other risks applicable to TRS/CFDs and Securities Financing Transactions, see the section above.
The Fund may provide certain of its assets as collateral to counterparties in connection with TRS/CFDs and Securities Financing Transactions. If the Fund has over-collateralised (i.e. provided excess collateral to the counterparty) in respect of such transactions, it may be an unsecured creditor in respect of such excess collateral in the event of the counterparty’s insolvency. If the Depositary or its sub- depositary or a third party holds collateral on behalf of the Fund, the Fund’s Management Company may be an unsecured creditor in the event of the insolvency of such entity.
There are legal risks involved in entering into TRS/CFDs or Securities Financing Transactions which may result in loss due to the unexpected application of a law or regulation or because contracts are not legally enforceable or documented correctly.
Subject to the restrictions laid down in the section entitled “Collateral strategy”, the Fund may re-invest cash collateral that it receives. If cash collateral received by the Fund is re-invested, the Fund is exposed to the risk of loss on that investment. Should such a loss occur, the value of the collateral will be reduced and the Fund will have less protection if the counterparty defaults. The risks associated with the re- investment of cash collateral are substantially the same as the risks which apply to the other investments of the Fund. | Gemäß den Anforderungen der Wertpapierfinanzierungsverordnung stellt der angegebene erwartete Anteil keinen Grenzwert dar, und der tatsächliche prozentuale Anteil kann in Abhängigkeit unterschiedlicher Faktoren, zu denen unter anderem auch die Marktbedingungen gehören, im Laufe der Zeit schwanken. Der angegebene Maximalwert ist ein Grenzwert.
Der Fonds darf TRS/CFDs und Wertpapierfinanzierungsgeschäfte nur mit Gegenparteien eingehen, die die in diesem Abschnitt vorgegebenen Kriterien (unter anderem im Hinblick auf Rechtsstatus, Ursprungsland und Mindest-Bonitätsrating) erfüllen.
Bei den Basiswerten von TRS/CFDs handelt es sich um Vermögensgegenstände, die für den Fonds erworben werden dürfen oder um Finanzindices im Sinne des Artikels 9 Abs. 1 der Richtlinie 2007/16 EG, Zinssätze, Wechselkurse oder Währungen, in die der Fonds gemäß seinen Anlagezielen investieren darf.
Die Kategorien von Sicherheiten, die der Fonds entgegennehmen darf, sind im Kapitel „Sicherheitenstrategie“ aufgeführt und umfassen Barmittel sowie Vermögenswerte wie Aktien, verzinsliche Wertpapiere und Geldmarktinstrumente. Für den Fonds erhaltene Sicherheiten werden gemäß der im Abschnitt „Besondere Regeln für die Bewertung einzelner Vermögensgegenstände“ dargelegten Bewertungsmethode bewertet.
Für den Fall, dass der Fonds Wertpapierleihgeschäfte als Entleiher eingeht, werden lediglich Vermögenswerte entliehen, welche im Rahmen der Anlagepolitik für den Fonds erworben werden dürfen.
Wenn der Fonds aufgrund des Abschlusses von TRS/CFDs oder Wertpapierfinanzierungsgeschäften Sicherheiten erhält, besteht ein Risiko, dass die vom Fonds gehaltenen Sicherheiten eine Wertminderung erleiden oder illiquide werden. Darüber hinaus kann nicht gewährleistet werden, dass die Verwertung von Sicherheiten, die dem Fonds zur Besicherung der sich aus einem Total Return Swap oder einem Wertpapierfinanzierungsgeschäft ergebenden Verpflichtungen einer Gegenpartei gestellt wurden, die Verpflichtungen der Gegenpartei im Fall ihres Ausfalls erfüllen würden. Wenn der Fonds aufgrund des Abschlusses von TRS/CFDs oder Wertpapierfinanzierungsgeschäften Sicherheiten stellt, ist er dem Risiko ausgesetzt, dass die Gegenpartei nicht in der Lage bzw. nicht bereit ist, ihrer Verpflichtung zur Rückgabe der gestellten Sicherheiten nachzukommen.
Eine Zusammenfassung bestimmter sonstiger Risiken, die mit Total Return Swaps/CFDs und Wertpapierfinanzierungsgeschäften verbunden sind, ist im obigen Abschnitt zu finden.
In Verbindung mit TRS/CFDs und Wertpapierfinanzierungsgeschäften kann der Fonds Gegenparteien bestimmte Vermögenswerte als Sicherheiten stellen. Wenn der Fonds in Bezug auf derartige Geschäfte eine Übersicherung vorgenommen hat (d. h., wenn er der Gegenpartei überschüssige Sicherheiten gestellt hat), ist er im Fall einer Insolvenz der Gegenpartei in Bezug auf diese überschüssigen Sicherheiten eventuell ein ungesicherter Gläubiger. Wenn die Verwahrstelle oder sein Unterverwahrer oder ein Dritter Sicherheiten im Namen des Fonds hält, kann die Verwaltungsgesellschaft des Fonds im Fall der Insolvenz einer solchen Stelle ein ungesicherter Gläubiger sein.
Mit dem Abschluss von TRS/CFDs und Wertpapierfinanzierungsgeschäften sind bestimmte rechtliche Risiken verbunden, die aufgrund einer unerwarteten Anwendung eines Gesetzes oder einer Vorschrift bzw. aufgrund der Tatsache, dass Verträge nicht rechtlich durchsetzbar sind oder falsch dokumentiert wurden, einen Verlust verursachen können.
Vorbehaltlich der im Abschnitt „Sicherheitenstrategie“ dargelegten Beschränkungen darf der Fonds erhaltene Barsicherheiten reinvestieren. Wenn von dem Fonds erhaltene Barsicherheiten reinvestiert werden, ist der Fonds dem Risiko eines Verlusts aus dieser Anlage ausgesetzt. Sollte ein solcher Verlust eintreten, verringert sich der Wert der Sicherheit, wodurch der Schutz des Fonds gegenüber einem Ausfall der Gegenpartei sinkt. Die mit der Reinvestition von Barsicherheiten verbundenen Risiken sind im Wesentlichen mit den für die übrigen Anlagen des Fonds geltenden Risiken identisch. | According to the requirements of the Securities Financing Transaction Regulation the expected proportion as set out below is not a limit and the actual percentage may vary over time depending on factors including, but not limited to, market conditions. The maximum figure as set out below is a limit.
The Fund shall only enter into TRS/CFDs and Securities Financing Transactions with counterparties that satisfy the criteria (including those relating to legal status, country of origin and minimum credit rating) as set out in this section.
The underlying securities of TRS/CFDs are assets that may be acquired for the Fund or are financial indices within the meaning of Article 9
(1) of Directive 2007/16/EC, interest rates, exchange rates or currencies in which the Fund may invest in accordance with its investment objectives.
The categories of collateral which may be received by the Fund are set out in the chapter “Collateral strategy” and include cash and non- cash assets such as equities, debt securities and money market instruments. Collateral received by the Funds will be valued in accordance with the valuation methodology set out under the section entitled “Special rules for the valuation of individual assets”.
In the event that the Fund enters into securities lending transactions as a borrower, it will only borrow assets that may be acquired for the Fund in line with the investment policy.
Where the Fund receives collateral as a result of entering into TRS/CFDs or Securities Financing Transactions, there is a risk that the collateral held by the Fund may decline in value or become illiquid. It is also not possible to ensure that the liquidation of any collateral provided to a Fund to secure a counterparty’s obligations under a total return swap or Securities Financing Transaction would satisfy the counterparty’s obligations in the event of a default by the counterparty. Where a Fund provides collateral as a result of entering into TRS Total Return Swaps/CFDs or Securities Financing Transactions, it is exposed to the risk that the counterparty will be unable or unwilling to honour its obligations to return the collateral provided.
For a summary of certain other risks applicable to TRS/CFDs and Securities Financing Transactions, see the section above.
The Fund may provide certain of its assets as collateral to counterparties in connection with TRS/CFDs and Securities Financing Transactions. If the Fund has over-collateralised (i.e. provided excess collateral to the counterparty) in respect of such transactions, it may be an unsecured creditor in respect of such excess collateral in the event of the counterparty’s insolvency. If the Depositary or its sub- depositary or a third party holds collateral on behalf of the Fund, the Fund’s Management Company may be an unsecured creditor in the event of the insolvency of such entity.
There are legal risks involved in entering into TRS/CFDs or Securities Financing Transactions which may result in loss due to the unexpected application of a law or regulation or because contracts are not legally enforceable or documented correctly.
Subject to the restrictions laid down in the section entitled “Collateral strategy”, the Fund may re-invest cash collateral that it receives. If cash collateral received by the Fund is re-invested, the Fund is exposed to the risk of loss on that investment. Should such a loss occur, the value of the collateral will be reduced and the Fund will have less protection if the counterparty defaults. The risks associated with the re- investment of cash collateral are substantially the same as the risks which apply to the other investments of the Fund. | en | de |
DOLFIN8304 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund’s objective is to produce both income and capital growth by investing at least 80% of its assets in a portfolio of preferred and debt securities issued by companies worldwide, including traditional preferred securities; hybrid preferred securities that have investment and economic characteristics of both preferred stock and debt securities; floating rate preferred securities; corporate debt securities; convertible securities; contingent preferred securities (“CoCos”); and securities of other open-end, closed-end or exchange-traded funds that invest primarily in preferred and debt securities as described herein. The Fund invests primarily in companies located in developed countries. The Fund may also invest up to 15% of its net assets in shares of companies located in emerging market countries. The Sub- Fund may invest in debt securities of any maturity or credit rating, including investment grade securities, below investment grade securities and unrated securities. The Fund may not invest more than 10% of its assets in other funds. The Fund may invest in financial instruments whose value is based on the value or characteristics of one or more underlying assets (derivatives) for hedging purposes.
The Fund is actively managed. The investment manager currently uses a blended benchmark consisting of 60% BofA Merrill Lynch US Capital Securities Index, 25% BofA Merrill Lynch Hybrid Preferred Securities 8% Constrained Index, and 15% Bloomberg Barclays Developed Market USD Contingent Capital for its internal analysis
and for comparison with the investment performance, holdings, and other characteristics of the Fund in materials provided to shareholders and potential investors, but the composition of the portfolio holdings of the Fund is not constrained by the composition of its benchmark as a result. Active management of the Fund may result in the minority or majority of the portfolio being components of the benchmark while also including securities that are not components of this benchmark. Because the Fund’s investment objective and policy focus on the same sector as this benchmark, the investment performance, holdings, and other characteristics of the Fund may resemble those of the benchmark. Such characteristics are the result of the exercise of full discretion over the Fund based on current market conditions.
Investment in the Fund is suitable for a long-term investor who is able to tolerate market and interest rate volatility and potential loss of capital.
Income arising from the Fund will be distributed to shareholders of Class F Shares quarterly, while all such income will be reinvested in Class FX Shares. Class F and FX Shares are each available in USD. You may buy or sell shares of the Fund on demand on any Luxembourg business day. Class F and FX Shares are only available at the Fund’s discretion. | # Objetivos y política de inversión
El objetivo del Fondo es producir tanto ingresos como crecimiento del capital invirtiendo al menos el 80 % de sus activos en una cartera de títulos de deuda y valores preferentes emitidos por empresas de todo el mundo, incluidos valores preferentes tradicionales; valores preferentes híbridos que tienen características económicas y de inversión de acciones preferentes y títulos de deuda; valores preferentes de tipo flotante; títulos de deuda corporativa; valores convertibles; valores preferentes convertibles (“CoCos”); y valores de otros fondos abiertos, cerrados o cotizados que invierten principalmente en valores preferentes y títulos de deuda como se describe en el presente documento. El Fondo invierte principalmente en empresas ubicadas en países desarrollados. El Fondo también puede invertir hasta el 15 % de sus activos netos en acciones de empresas ubicadas en países de mercados emergentes. El Subfondo podrá invertir en títulos de deuda de cualquier vencimiento o calificación crediticia, incluidos valores con calificación de grado de inversión, valores con calificación inferior a la categoría de inversión y valores sin calificación. El Fondo no podrá invertir más del 10 % de sus activos en otros fondos. El Fondo podrá invertir en instrumentos financieros cuyo valor se basa en el valor o características de uno o más activos subyacentes (derivados) con fines de cobertura.
El Fondo se gestiona activamente. El gestor de inversiones utiliza actualmente un índice de referencia combinado, compuesto en 60% BofA Merrill Lynch US Capital Securities Index, 25% BofA Merrill Lynch Hybrid Preferred Securities 8% Constrained Index, and 15% Bloomberg Barclays Developed
Market USD Contingent Capital para su análisis interno y para la comparación con el rendimiento de la inversión, las tenencias y otras características del Fondo en los materiales proporcionados a los accionistas e inversores potenciales, pero, como resultado, la composición de las tenencias de la cartera del Fondo no está limitada por la composición de su índice de referencia. La gestión activa del Fondo puede provocar que la minoría o la mayoría de los valores de la cartera sean componentes del índice de referencia, además de incluir valores que no sean componentes de este índice de referencia. Dado que el objetivo de inversión y la política del Fondo se centran en el mismo sector que este índice de referencia, el rendimiento de inversión, las tenencias y otras características del Fondo pueden parecerse a las del índice de referencia. Dichas características son el resultado del ejercicio de plena discreción sobre el Fondo según las condiciones actuales del mercado.
La inversión en el Fondo es adecuada para un inversor a largo plazo que pueda tolerar la volatilidad del mercado y de los tipos de interés y la pérdida potencial de capital.
Los ingresos procedentes del Fondo se distribuirán a los accionistas de las Acciones de Clase F trimestralmente, mientras que todos los ingresos se reinvertirán en Acciones de Clase FX. Las Acciones de Clase F y FX están disponibles en USD. Puede comprar o vender acciones del Fondo a petición cualquier día hábil en Luxemburgo. Las Clases de Acciones F y FX solo están disponibles según el criterio del Fondo. | # Objectives and Investment Policy
The Fund’s objective is to produce both income and capital growth by investing at least 80% of its assets in a portfolio of preferred and debt securities issued by companies worldwide, including traditional preferred securities; hybrid preferred securities that have investment and economic characteristics of both preferred stock and debt securities; floating rate preferred securities; corporate debt securities; convertible securities; contingent preferred securities (“CoCos”); and securities of other open-end, closed-end or exchange-traded funds that invest primarily in preferred and debt securities as described herein. The Fund invests primarily in companies located in developed countries. The Fund may also invest up to 15% of its net assets in shares of companies located in emerging market countries. The Sub- Fund may invest in debt securities of any maturity or credit rating, including investment grade securities, below investment grade securities and unrated securities. The Fund may not invest more than 10% of its assets in other funds. The Fund may invest in financial instruments whose value is based on the value or characteristics of one or more underlying assets (derivatives) for hedging purposes.
The Fund is actively managed. The investment manager currently uses a blended benchmark consisting of 60% BofA Merrill Lynch US Capital Securities Index, 25% BofA Merrill Lynch Hybrid Preferred Securities 8% Constrained Index, and 15% Bloomberg Barclays Developed Market USD Contingent Capital for its internal analysis
and for comparison with the investment performance, holdings, and other characteristics of the Fund in materials provided to shareholders and potential investors, but the composition of the portfolio holdings of the Fund is not constrained by the composition of its benchmark as a result. Active management of the Fund may result in the minority or majority of the portfolio being components of the benchmark while also including securities that are not components of this benchmark. Because the Fund’s investment objective and policy focus on the same sector as this benchmark, the investment performance, holdings, and other characteristics of the Fund may resemble those of the benchmark. Such characteristics are the result of the exercise of full discretion over the Fund based on current market conditions.
Investment in the Fund is suitable for a long-term investor who is able to tolerate market and interest rate volatility and potential loss of capital.
Income arising from the Fund will be distributed to shareholders of Class F Shares quarterly, while all such income will be reinvested in Class FX Shares. Class F and FX Shares are each available in USD. You may buy or sell shares of the Fund on demand on any Luxembourg business day. Class F and FX Shares are only available at the Fund’s discretion. | en | es |
DOLFIN8305 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Sub-Fund may also invest in Emerging Market currencies including CNH and CNY. Up to 25% of the Sub-Fund's portfolio may be invested in bonds of CIBM, notably through the Bond Connect.
The Investment Manager will use its discretion with regard to the selection of issuers, instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets), maturity and currencies (including Emerging Market currencies).
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes Yes
- for EPM Yes
- as part of the investment strategy NoThe attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund. | Der Teilfonds darf ausserdem in Emerging-Market-Währungen, einschliesslich CNH und CNY, investieren. Bis zu 25% des Portefeuilles des Teilfonds dürfen in Anleihen des CIBM investiert werden, insbesondere über Bond Connect.
Die Wahl der Emittenten, Instrumente, Märkte (insbesondere darf der Teilfonds vollständig in den Emerging Markets investiert sein), Laufzeiten und Währungen (einschliesslich Emerging-Market-Währungen) erfolgt nach freiem Ermessen des Fondsmanagers.
Vorbehaltlich der in den Anlagerestriktionen (siehe Kapitel 4 des Prospekts) erlaubten Grenzen ist der Fondsmanager berechtigt, Finanzderivate einzusetzen (darunter namentlich Kreditderivate einschliesslich CDS, sowie Zins- und Währungsderivate):
- zur Absicherung Ja
- zu EPM-Zwecken Ja
- als Teil der Anlagestrategie NeinDie Anleger werden auf den Anhang zu den Risikofaktoren hingewiesen, in dem die Risikofaktoren des Teilfonds aufgeführt sind. | The Sub-Fund may also invest in Emerging Market currencies including CNH and CNY. Up to 25% of the Sub-Fund's portfolio may be invested in bonds of CIBM, notably through the Bond Connect.
The Investment Manager will use its discretion with regard to the selection of issuers, instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets), maturity and currencies (including Emerging Market currencies).
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes Yes
- for EPM Yes
- as part of the investment strategy NoThe attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund. | en | de |
DOLFIN8306 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Risk arising from investments in units of UCIs
The SICAV’s investments in units of UCIs (including investments by some of the SICAV’s sub-funds in units of the SICAV’s other sub-funds) expose the SICAV to risks associated with the financial instruments that these UCIs hold in the portfolio and are described above. However, certain risks relate specifically to the SICAV’s holding of units of UCIs. Some UCIs may use leverage, either through derivatives or by borrowing. The use of leverage increases the volatility of these UCIs and therefore the risk of capital loss. Most UCIs also provide for the possibility of suspending redemptions temporarily in exceptional circumstances. Investments in units of UCIs may therefore incur greater liquidity risk than a direct investment in a portfolio of transferable securities. On the other hand, investing in units of UCIs gives the SICAV flexible and efficient access to a range of professional investment styles and a means of diversifying its investments. A sub-fund that invests mainly through UCIs will ensure that its portfolio of UCIs is sufficiently liquid for it to meet its own redemption obligations.
Investing in units of UCIs may involve a doubling up of certain charges as, in addition to the charges deducted in respect of the sub-fund in which an investor has invested, the investor in question bears a portion of the charges deducted in respect of the UCI in which the sub-fund is invested. The SICAV offers investors a choice of portfolios that may present different levels of risk and therefore, in theory, a long-term overall return that corresponds to the level of risk accepted. | #### Risque lié aux investissements dans des parts d’OPC
Les investissements réalisés par la SICAV dans des parts d’OPC (en ce compris les investissements par certains compartiments de la SICAV en parts d’autres compartiments de la SICAV) exposent la SICAV aux risques liés aux instruments financiers que ces OPC détiennent en portefeuille et qui sont décrits ci-avant. Certains risques sont cependant propres à la détention par la SICAV de parts d’OPC. Certains OPC peuvent avoir recours à des effets de levier soit par l’utilisation d’instruments dérivés soit par recours à l’emprunt. L’utilisation d’effets de levier augmente la volatilité du cours de ces OPC et donc le risque de perte en capital. La plupart des OPC prévoient aussi la possibilité de suspendre temporairement les rachats dans des circonstances particulières de nature exceptionnelle. Les investissements réalisés dans des parts d’OPC peuvent dès lors présenter un risque de liquidité plus important qu’un investissement direct dans un portefeuille de valeurs mobilières. Par contre l’investissement en parts d’OPC permet à la SICAV d’accéder de manière souple et efficace à différents styles de gestion professionnelle et à une diversification des investissements. Un compartiment qui investit principalement au travers d’OPC, s’assurera que son portefeuille d’OPC présente des caractéristiques de liquidité appropriées afin de lui permettre de faire face à ses propres obligations de rachat.
L’investissement dans des parts d’OPC peut impliquer un doublement de certains frais dans le sens que, en plus des frais prélevés au niveau du compartiment dans lequel un investisseur est investi, l’investisseur en question subit une portion des frais prélevés au niveau de l’OPC dans lequel le compartiment est investi. La SICAV offre aux investisseurs un choix de portefeuilles qui peut présenter un degré de risque différent et donc, en principe, une perspective de rendement global à long terme en relation avec le degré de risque accepté. | ##### Risk arising from investments in units of UCIs
The SICAV’s investments in units of UCIs (including investments by some of the SICAV’s sub-funds in units of the SICAV’s other sub-funds) expose the SICAV to risks associated with the financial instruments that these UCIs hold in the portfolio and are described above. However, certain risks relate specifically to the SICAV’s holding of units of UCIs. Some UCIs may use leverage, either through derivatives or by borrowing. The use of leverage increases the volatility of these UCIs and therefore the risk of capital loss. Most UCIs also provide for the possibility of suspending redemptions temporarily in exceptional circumstances. Investments in units of UCIs may therefore incur greater liquidity risk than a direct investment in a portfolio of transferable securities. On the other hand, investing in units of UCIs gives the SICAV flexible and efficient access to a range of professional investment styles and a means of diversifying its investments. A sub-fund that invests mainly through UCIs will ensure that its portfolio of UCIs is sufficiently liquid for it to meet its own redemption obligations.
Investing in units of UCIs may involve a doubling up of certain charges as, in addition to the charges deducted in respect of the sub-fund in which an investor has invested, the investor in question bears a portion of the charges deducted in respect of the UCI in which the sub-fund is invested. The SICAV offers investors a choice of portfolios that may present different levels of risk and therefore, in theory, a long-term overall return that corresponds to the level of risk accepted. | en | fr |
DOLFIN8307 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets.
For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Compartment will mainly target public or private issuers.
At least 75% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://am.jpmorgan.com/gb/en/asset-management/adv/investment-themes/sustainable-investing/) or a rating provided by an external non-financial rating agency. At the end of this process, the Fund will have a higher ESG rating than that of its investment universe.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation. | ## Con el fin de proteger sus activos y/o de lograr su objetivo de gestión, el Subfondo puede recurrir a instrumentos financieros derivados negociados en Mercados regulados o extrabursátiles.
A efectos de gestión de la tesorería, el Subfondo podrá invertir hasta el 25% del patrimonio neto en títulos de deuda transferibles e Instrumentos del mercado monetario. El Subfondo se centrará principalmente en emisiones de emisores públicos o privados.
Al menos el 75% de las empresas de la cartera tendrán una calificación ESG. Se tratará de una calificación interna en materia de ESG, tal y como se define en la política de integración e inversión responsable en materia de ESG del gestor (disponible en su sitio web en el siguiente enlace: https://am.jpmorgan.com/gb/en/asset-management/adv/investment-themes/sustainable-investing), o de una calificación otorgada por una agencia de calificación extrafinanciera externa. Al final de este proceso, el Fondo tendrá una calificación ESG superior a la de su universo de inversión.
Además, el proceso de selección de valores incluye un cribado negativo para excluir aquellas empresas que contribuyen a la producción de armas controvertidas, con arreglo a los convenios internacionales en la materia, así como las empresas expuestas a actividades relacionadas con el carbón térmico o el tabaco, de acuerdo con la política de exclusión del Grupo Edmond de Rothschild, que está disponible en su sitio web https://www.edmond-de-rothschild.com/fr/asset-management/investissement-responsable.
El Subfondo tiene la clasificación de “artículo 8(1) del Reglamento de sostenibilidad” porque promueve un conjunto de características ESG, aunque no se ha designado ningún índice de referencia a efectos de lograr dichas características medioambientales o sociales.
El Subfondo, en virtud de su estrategia ESG, promueve las características medioambientales, pero no invierte en actividades económicas medioambientalmente sostenibles, tal y como se definen en el Reglamento de taxonomía. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea para las actividades económicas medioambientalmente sostenibles, en el marco del Reglamento de taxonomía. | ## In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets.
For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Compartment will mainly target public or private issuers.
At least 75% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://am.jpmorgan.com/gb/en/asset-management/adv/investment-themes/sustainable-investing/) or a rating provided by an external non-financial rating agency. At the end of this process, the Fund will have a higher ESG rating than that of its investment universe.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation. | en | es |
DOLFIN8308 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## ADRs and GDRs are designed to offer exposure to their underlying securities.
In certain situations, the Investment Manager may use ADRs and GDRs to provide exposure to underlying securities within the Benchmark Index, for example where the underlying securities cannot be, or are unsuitable to be, held directly, where direct access to the underlying securities is restricted or limited or where depository receipts provide a more cost or tax efficient exposure. However, in such cases the Investment Manager is unable to guarantee that a similar outcome will be achieved to that if it were possible to hold the securities directly, due to the fact ADRs and GDRs do not always perform in line with the underlying security.
In the event of the suspension or closure of a market(s) on which the underlying securities are traded, there is a risk that the value of the ADR or GDR will not closely reflect the value of the relevant underlying securities. Additionally, there may be some circumstances where the Investment Manager cannot, or it is not appropriate to, invest in an ADR or GDR, or the characteristics of the ADR or GDR do not exactly reflect the underlying security.
In the event that a Fund invests in ADRs or GDRs in the circumstances set out above, the Fund's tracking of the Benchmark Index may be impacted, i.e. there is a risk that the Fund's return varies from the return of the Benchmark Index. | ## ADRs und GDRs sollen ein Engagement in ihren jeweiligen Basiswerten bieten.
Der Anlageverwalter kann in bestimmten Situationen ADRs und GDRs einsetzen, um ein Engagement in zugrunde liegenden Wertpapieren des Referenzindex aufzubauen, beispielsweise wenn die zugrunde liegenden Wertpapiere nicht direkt gehalten werden können oder nicht zu einer Direktanlage geeignet sind, wenn der direkte Zugang zu den zugrunde liegenden Wertpapieren beschränkt oder begrenzt ist oder wenn Hinterlegungsscheine ein kosten- oder steuergünstigeres Engagement bieten. In diesen Fällen kann der Anlageverwalter jedoch nicht garantieren, dass ein ähnliches Ergebnis erzielt wird wie im Fall einer Direktanlage in den Wertpapieren, weil ADRs und GDRs sich nicht immer parallel zu dem zugrunde liegenden Wertpapier entwickeln.
Im Falle der Aussetzung oder Schließung eines oder mehrerer Märkte, an dem bzw. denen die zugrunde liegenden Wertpapiere gehandelt werden, besteht das Risiko, dass der Wert der ADRs oder GDRs den Wert der jeweils zugrunde liegenden Wertpapiere nicht genau abbildet. Darüber hinaus können Umstände vorliegen, unter denen der Anlageverwalter nicht in ein ADR oder GDR investieren kann oder dies nicht angemessen ist oder unter denen die Merkmale der ADRs oder GDRs das zugrunde liegende Wertpapier nicht genau widerspiegeln.
Wenn ein Fonds unter den oben beschriebenen Umständen in ADRs und GDRs investiert, kann die Nachbildung des Referenzindex durch den Fonds beeinträchtigt werden, d. h., es besteht das Risiko, dass die Rendite des Fonds von der Rendite des Referenzindex abweicht. | ## ADRs and GDRs are designed to offer exposure to their underlying securities.
In certain situations, the Investment Manager may use ADRs and GDRs to provide exposure to underlying securities within the Benchmark Index, for example where the underlying securities cannot be, or are unsuitable to be, held directly, where direct access to the underlying securities is restricted or limited or where depository receipts provide a more cost or tax efficient exposure. However, in such cases the Investment Manager is unable to guarantee that a similar outcome will be achieved to that if it were possible to hold the securities directly, due to the fact ADRs and GDRs do not always perform in line with the underlying security.
In the event of the suspension or closure of a market(s) on which the underlying securities are traded, there is a risk that the value of the ADR or GDR will not closely reflect the value of the relevant underlying securities. Additionally, there may be some circumstances where the Investment Manager cannot, or it is not appropriate to, invest in an ADR or GDR, or the characteristics of the ADR or GDR do not exactly reflect the underlying security.
In the event that a Fund invests in ADRs or GDRs in the circumstances set out above, the Fund's tracking of the Benchmark Index may be impacted, i.e. there is a risk that the Fund's return varies from the return of the Benchmark Index. | en | de |
DOLFIN8309 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### The Investment Managers, Sub-Investment Managers and Investment Advisors
Unless otherwise disclosed in the relevant Supplement, the Manager shall pay out of the fee received by it, the fees of the Investment Managers at an annual rate agreed between the parties.
Unless otherwise disclosed in the relevant Supplement, the Investment Manager shall pay out of the fee received by it, the fees of any Sub-Investment Manager or Investment Advisor appointed by it at an annual rate agreed between the parties.
In addition, the Manager shall reimburse the Investment Managers, the Sub-Investment Managers and Investment Advisors out of the assets of the relevant Sub-Fund all reasonable out of pocket expenses incurred by them pursuant to the Investment Management Agreement. | #### Die Anlagemanagementgesellschaften, Unteranla- geverwalter und Anlageberater
Sofern im betreffenden Nachtrag nichts anderes angegeben wurde, zahlt die Managementgesellschaft aus der von ihr vereinnahmten Gebühr die Gebühren der Anlagemanagementgesellschaften zu einem zwischen den Parteien vereinbarten jährlichen Satz aus.
Sofern im betreffenden Nachtrag nichts anderes angegeben wurde, zahlt die Anlagemanagementgesellschaft aus der von ihr vereinnahmten Gebühr die Gebühren jeglicher Unteranlageverwalter oder Anlageberater zu einem zwischen den Parteien vereinbarten jährlichen Satz aus.
Ferner erstattet die Managementgesellschaft den Anlagemanagementgesellschaften, den Unteranlage- verwaltern und Anlageberatern aus dem Vermögen des betreffenden Teilfonds alle angemessenen Barauslagen, die ihnen gemäß den Bestimmungen des Anlagemanagementvertrages entstehen. | #### The Investment Managers, Sub-Investment Managers and Investment Advisors
Unless otherwise disclosed in the relevant Supplement, the Manager shall pay out of the fee received by it, the fees of the Investment Managers at an annual rate agreed between the parties.
Unless otherwise disclosed in the relevant Supplement, the Investment Manager shall pay out of the fee received by it, the fees of any Sub-Investment Manager or Investment Advisor appointed by it at an annual rate agreed between the parties.
In addition, the Manager shall reimburse the Investment Managers, the Sub-Investment Managers and Investment Advisors out of the assets of the relevant Sub-Fund all reasonable out of pocket expenses incurred by them pursuant to the Investment Management Agreement. | en | de |
DOLFIN8310 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Manager may temporarily suspend the determination of the Net Asset Value of any Sub-Fund and subscription and redemption of Units of any Sub- Fund:
- when any of the principal markets or stock exchanges on which any significant portion of the Investments of the relevant Sub-Fund from time to time are quoted, listed, traded or dealt in is closed (otherwise than for customary weekend or ordinary holidays) or during which dealings therein are restricted or suspended or trading on any relevant futures exchange or market is restricted or suspended;
- when, as a result of political, economic, military or monetary events or any other circumstances outside the control, responsibility and power of the Manager, any disposal or valuation of Investments of the relevant Sub-Fund is not, in the opinion of the Manager, reasonablypracticable without this being seriously detrimental to the interests of owners of Units in general or the owners of Units of the relevant Sub-Fund or if, in the opinion of the Manager, the Redemption Price cannot fairly be calculated or such disposal would be materially prejudicial to the owners of Units in general or the owners of Units of the relevant Sub-Fund;
- during any period when any breakdown occurs in the means of communication normally employed in determining the value of any of the Investments of the Sub-Fund or when for any other reason the value of any of the Investments or other assets of the Sub-Fund cannot reasonably or fairly be ascertained; or
- during any period when the Sub-Fund is unable to repatriate funds required for the purpose of making redemption payments or when such payments cannot, in the opinion of the Manager, be effected at normal prices or normal rates of exchange or during which any transfer of funds involved in the realisation or acquisition of Investments or when payments due on redemption cannot, in the opinion of the Manager, be effected at normal prices or normal rates of exchange;
- where necessary in the opinion of the Manager. | La Sociedad Gestora puede suspender temporalmente el cálculo del Valor Liquidativo de cualquier Subfondo, así como la suscripción y el reembolso de Participaciones de cualquier Subfondo:
- cuando cualquiera de los mercados o bolsas de valores principales en los que cotice, esté admitida a cotización o se negocie oportunamente cualquier parte significativa de las inversiones del Subfondo correspondiente esté cerrado (por motivos distintos a fines de semana o periodos vacacionales ordinarios) o cuando las operaciones en los mismos estén limitadas o suspendidas o las operaciones bursátiles en cualquier bolsa de futuros relevante o mercado estén limitadas o suspendidas;
- si, como consecuencia de acontecimientos políticos, económicos, militares y monetarios o cualquier otra circunstancia que escape del control y la responsabilidad de la Sociedad Gestora, en opinión de esta no resulta factible realizar la venta o la valoración de las inversiones del Subfondo en cuestión sin que esto perjudique considerablemente los intereses de los Partícipes en general o los Partícipes del Subfondo pertinente o si, a juicio de la Sociedad Gestora, el Precio de reembolso no puede calcularse de modo justo o si dicha venta perjudicaría considerablemente a los Partícipes en general o los Partícipes del Subfondo pertinente;
- durante cualquier periodo en el que se produzca una avería en los medios de comunicación utilizados habitualmente para calcular el valor de cualquiera de las inversiones del Subfondo o si, por cualquier otro motivo, el valor de las inversiones y otros activos del Subfondo no puede determinarse de modo razonable o justo; o
- durante cualquier periodo en que el Subfondo no pueda repatriar los fondos necesarios con el objeto de realizar pagos de reembolsos o cuando dichos pagos no puedan, en opinión de la Sociedad Gestora, efectuarse a precios normales o tipos de cambio normales o durante los cuales cualquier transferencia de fondos implicada en la materialización o adquisición de inversiones o cuando los pagos debidos al reembolso no puedan, en opinión de la Sociedad Gestora, efectuarse a precios normales o tipos de cambio normales;
- cuando sea necesario a juicio de la Sociedad Gestora. | The Manager may temporarily suspend the determination of the Net Asset Value of any Sub-Fund and subscription and redemption of Units of any Sub- Fund:
- when any of the principal markets or stock exchanges on which any significant portion of the Investments of the relevant Sub-Fund from time to time are quoted, listed, traded or dealt in is closed (otherwise than for customary weekend or ordinary holidays) or during which dealings therein are restricted or suspended or trading on any relevant futures exchange or market is restricted or suspended;
- when, as a result of political, economic, military or monetary events or any other circumstances outside the control, responsibility and power of the Manager, any disposal or valuation of Investments of the relevant Sub-Fund is not, in the opinion of the Manager, reasonablypracticable without this being seriously detrimental to the interests of owners of Units in general or the owners of Units of the relevant Sub-Fund or if, in the opinion of the Manager, the Redemption Price cannot fairly be calculated or such disposal would be materially prejudicial to the owners of Units in general or the owners of Units of the relevant Sub-Fund;
- during any period when any breakdown occurs in the means of communication normally employed in determining the value of any of the Investments of the Sub-Fund or when for any other reason the value of any of the Investments or other assets of the Sub-Fund cannot reasonably or fairly be ascertained; or
- during any period when the Sub-Fund is unable to repatriate funds required for the purpose of making redemption payments or when such payments cannot, in the opinion of the Manager, be effected at normal prices or normal rates of exchange or during which any transfer of funds involved in the realisation or acquisition of Investments or when payments due on redemption cannot, in the opinion of the Manager, be effected at normal prices or normal rates of exchange;
- where necessary in the opinion of the Manager. | en | es |
DOLFIN8311 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Investment Objective, Investment Policy and Other Information Investment Objective
The Sub-Fund aims to achieve long term capital growth through investment primarily (meaning at least two-thirds of the Sub-Fund’s assets) in a portfolio of equity and up to one-third of the Sub-Fund’s assets in a portfolio of equity-related securities of companies located in Asia (excluding Japan) or deriving a preponderant part of their income therefrom.
Investment Policy
The Sub-Fund will invest primarily meaning at least two-thirds of its Net Asset Value, in a portfolio of equity and up to one-third of the Sub-Fund’s Net Asset Value in a portfolio of equity-related securities including convertible bonds (usually unrated), convertible preference shares and warrants (subject to a 10% limit of the Net Asset Value of the Sub-Fund in the case of warrants) of companies located in Asia (excluding Japan) or deriving a preponderant part of their income from Asia (excluding Japan).
Investment may be made in both developed and emerging Asian regions (excluding Japan). Up to 25% of the Sub-Fund’s Net Asset Value may also be invested in equity and equity-related securities of companies neither located in Asia (excluding Japan) nor deriving a preponderant part of their income from Asia (excluding Japan). | Anlageziel, Anlagepolitik und sonstige Informationen Anlageziel
Der Teilfonds strebt langfristiges Kapitalwachstum durch die überwiegende Anlage (d. h. mindestens zwei Drittel seines Vermögens) in einem Portfolio von Aktien und Anlage von bis zu einem Drittel seines Vermögens in einem Portfolio von aktienbezogenen Wertpapieren von Unternehmen an, die in Asien (ohne Japan) ihren Sitz haben oder den überwiegenden Teil ihrer Gewinne dort erzielen.
Anlagepolitik
Der Teilfonds wird hauptsächlich, nämlich mindestens zwei Drittel seines Nettoinventarwerts, in einem Portfolio von Aktien und bis zu einem Drittel seines Nettoinventarwerts in einem Portfolio von aktienbezogenen Wertpapieren anlegen, wozu unter anderem Wandelanleihen (normalerweise ohne Bonitätseinstufung), wandelbare Vorzugsaktien und Optionsscheine (vorbehaltlich einer Grenze von 10 % des Nettoinventarwerts des Teilfonds im Fall der Optionsscheine) von Unternehmen zählen, die ihren Sitz in Asien (ohne Japan) haben oder den überwiegenden Teil ihrer Gewinne aus Asien (ohne Japan) beziehen. Anlagen dürfen sowohl in entwickelten als auch aufstrebenden asiatischen Regionen (ohne Japan) getätigt werden. Bis zu 25 % des Nettoinventarwerts des Teilfonds können auch in Aktien und aktienbezogenen Wertpapieren von Unternehmen angelegt werden, die weder ihren Sitz in Asien (ohne Japan) haben noch den überwiegenden Teil ihrer Gewinne in Asien (ohne Japan) erzielen. | Investment Objective, Investment Policy and Other Information Investment Objective
The Sub-Fund aims to achieve long term capital growth through investment primarily (meaning at least two-thirds of the Sub-Fund’s assets) in a portfolio of equity and up to one-third of the Sub-Fund’s assets in a portfolio of equity-related securities of companies located in Asia (excluding Japan) or deriving a preponderant part of their income therefrom.
Investment Policy
The Sub-Fund will invest primarily meaning at least two-thirds of its Net Asset Value, in a portfolio of equity and up to one-third of the Sub-Fund’s Net Asset Value in a portfolio of equity-related securities including convertible bonds (usually unrated), convertible preference shares and warrants (subject to a 10% limit of the Net Asset Value of the Sub-Fund in the case of warrants) of companies located in Asia (excluding Japan) or deriving a preponderant part of their income from Asia (excluding Japan).
Investment may be made in both developed and emerging Asian regions (excluding Japan). Up to 25% of the Sub-Fund’s Net Asset Value may also be invested in equity and equity-related securities of companies neither located in Asia (excluding Japan) nor deriving a preponderant part of their income from Asia (excluding Japan). | en | de |
DOLFIN8312 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
## Type
Threadneedle (Lux) est un OPCVM au titre de la directive européenne 2009/65/CE. Il est constitué en tant que société d’investissement à capital variable (« SICAV ») de droit luxembourgeois.
Dépositaire : Citibank Europe plc, succursale de Luxembourg. Vous pouvez obtenir de plus amples informations sur le Fonds et la SICAV, son prospectus, les derniers rapports annuels et les éventuels rapports semestriels ultérieurs gratuitement auprès de l’Initiateur. Ces documents sont disponibles en allemand, anglais, espagnol, français, italien et portugais. Vous pouvez obtenir d’autres informations pratiques, y compris les cours des actions en vigueur, sur www.columbiathreadneedle.com.
## Durée
Il n’y a pas d’échéance fixe. Un investisseur peut conserver son investissement le temps qu’il le souhaite, mais une durée de 5 ans est recommandée. L’Initiateur peut clôturer le Fonds avec un préavis.
## Objectif et politique d’investissement
Le Fonds vise à générer un taux de rendement réel positif, c’est-à-dire supérieur au taux d’inflation (comme mesuré par l’indice US CPI Seasonally Adjusted) à moyen et long termes, malgré les conditions de marché changeantes. Rien ne garantit que les rendements seront positifs et aucune forme de protection du capital ne s’applique. Le Fonds est activement géré et investit au moins deux tiers de ses actifs dans des actions de sociétés et des obligations de premier ordre ou dont la notation est inférieure à la qualité de premier ordre (qui sont semblables à des prêts et versent un taux d’intérêt fixe ou variable) émises par des sociétés et des États du monde entier. Les obligations dont la notation est inférieure à la qualité de premier ordre ont reçu des notations moins élevées de la part des agences internationales qui les fournissent et sont considérées comme plus risquées que les obligations mieux notées mais rapportent traditionnellement un plus haut niveau de revenus. Le Fonds peut également investir dans des matières premières par le biais d’autres fonds ou de dérivés. Les matières premières sont des matériaux physiques tels que le pétrole, les produits agricoles et les métaux. Le Fonds peut investir directement dans ces actifs, indirectement en ayant recours à d’autres fonds ou par le biais de produits dérivés (instruments complexes). Le Fonds peut également avoir recours à des dérivés à des fins de couverture ou pour gérer plus efficacement le Fonds. Les dérivés peuvent créer un levier (exposition au marché supérieure à la valeur nette des actifs du Fonds). Le Fonds n’investira pas directement dans des matières premières physiques ni dans l’immobilier. Le Fonds peut également investir dans des catégories d’actifs et des instruments différents de ceux mentionnés ci-dessus. Le Fonds a également la flexibilité requise pour faire varier son exposition à certaines des catégories d’actifs énumérées ou, parfois, choisir de ne pas investir dans ces catégories afin d’atteindre l’objectif d’investissement.
Les revenus générés par le Fonds vous seront versés, sauf si vous avez choisi de le réinvestir.
Vous pouvez acheter et vendre des parts du Fonds n’importe quel jour ouvrable au Luxembourg à moins que les Administrateurs n’aient décidé qu’il y ait un nombre insuffisant de marchés ouverts. Vous pouvez obtenir de plus amples informations sur l’objectif et la politique d’investissement du Fonds dans le prospectus. Pour plus d’informations sur les termes liés aux investissements utilisés dans ce document, veuillez consulter le Glossaire disponible à l’adresse www.columbiathreadneedle.com.
## Investisseurs de détail visés
Ce Fonds s’adresse aux Clients de détail, aux Professionnels et aux Contreparties éligibles ayant un niveau minimum de connaissances et d’expérience en matière d’investissement dans des fonds. Il est destiné aux investisseurs à la recherche de rendements potentiels supérieurs à ceux des liquidités et pouvant placer leur argent pendant au moins 5 ans. Le capital des investisseurs n’est pas garanti : ils sont susceptibles de perdre jusqu’à 100 % du montant investi. Le fonds investit dans un éventail de catégories d’actifs. Cette diversification tend à réduire le profil de risque par rapport à un investissement sur les seuls marchés boursiers.
PAGE 1 SUR 3 | # ¿Qué es este producto?
## Tipo
Threadneedle (Lux) es un OICVM con arreglo a la Directiva 2009/65/CE del Parlamento Europeo y del Consejo. Está constituida como sociedad de inversión con capital variable («société d'investissement à capital variable» o SICAV) con arreglo a la legislación luxemburguesa.
Depositario: Citibank Europe plc, sucursal de Luxemburgo. Puede obtener información adicional sobre el Fondo y la SICAV, su folleto, los últimos informes anuales y cualquier informe semestral posterior de manera gratuita a través del Productor. Estos documentos están disponibles en inglés, francés, alemán, portugués, italiano y español. Puede obtener otra información práctica, incluidos los precios actuales de las acciones, en www.columbiathreadneedle.com.
## Plazo
No existe una fecha de vencimiento fija. Los inversores pueden mantener su inversión el tiempo que quieran, pero se recomiendan 5 años. El Productor podrá cerrar el fondo con previo aviso.
## Objetivo y política de inversión
El objetivo del Fondo es proporcionar una tasa de rendimiento real positiva, es decir, superior a la tasa de inflación (según el índice ajustado por las variaciones estacionales del IPC de EE. UU.) a medio y largo plazo, independientemente de las condiciones cambiantes del mercado. No se garantiza un rendimiento positivo y no existe ninguna forma de protección del capital. El Fondo se gestiona activamente e invierte al menos dos tercios de sus activos en acciones de empresas y bonos con una calificación de grado de inversión o inferior (los cuales son similares a un préstamo y pagan un tipo de interés fijo o variable) emitidos por empresas y gobiernos de todo el mundo. Los bonos con calificación inferior al grado de inversión son bonos que han recibido calificaciones inferiores de las agencias internacionales que proporcionan dichas calificaciones. Se considera que estos bonos presentan un mayor riesgo que los bonos de mayor calificación, pero generalmente pagan ingresos más elevados. Asimismo, el Fondo podrá invertir en materias primas a través de otros fondos o derivados. Las materias primas son materias físicas como el petróleo, los productos agrícolas y los metales. El Fondo invertirá en estos activos directa o indirectamente a través de otros fondos o mediante el uso de derivados (instrumentos complejos). Asimismo, el Fondo podrá usar derivados con fines de cobertura o para gestionar el Fondo de forma más eficiente. Los derivados pueden generar apalancamiento (exposición al mercado superior al valor liquidativo del Fondo). El Fondo no invertirá directamente en materias primas o bienes. Asimismo, el Fondo podrá invertir en clases de activos e instrumentos distintos a los mencionados anteriormente y tendrá flexibilidad para variar su exposición a algunas de las clases de activos enumeradas o, en ocasiones, optar por no invertir en ellas para lograr el objetivo de inversión.
Usted recibirá los ingresos que genere el Fondo, salvo que haya optado por su reinversión.
Usted podrá comprar o vender acciones del Fondo cualquier día que sea hábil en Luxemburgo a menos que los consejeros hayan decidido que no hay suficientes mercados abiertos. Puede encontrar más detalles sobre el objetivo y la política de inversión del Fondo en el folleto. Para obtener más información sobre los términos de inversión empleados en el presente documento, consulte el Glosario disponible en columbiathreadneedle.com.
## Inversor minorista al que va dirigido
Este fondo está dirigido a clientes Minoristas y Profesionales, y a Contrapartes aptas que tengan al menos un nivel básico de conocimientos y experiencia en la inversión en fondos. Está diseñado para inversores que buscan unos rendimientos potenciales por encima del efectivo y que pueden invertir su dinero durante al menos 5 años. Su capital no está garantizado, lo que significa que los inversores podrían perder hasta el 100 % de la cantidad invertida. El fondo invierte en distintas clases de activos diferentes y esta diversificación suele tener como resultado un perfil de riesgo más bajo que la inversión meramente en mercados de renta variable.
PÁGINA 1 DE 3 | # En quoi consiste ce produit?
## Type
Threadneedle (Lux) est un OPCVM au titre de la directive européenne 2009/65/CE. Il est constitué en tant que société d’investissement à capital variable (« SICAV ») de droit luxembourgeois.
Dépositaire : Citibank Europe plc, succursale de Luxembourg. Vous pouvez obtenir de plus amples informations sur le Fonds et la SICAV, son prospectus, les derniers rapports annuels et les éventuels rapports semestriels ultérieurs gratuitement auprès de l’Initiateur. Ces documents sont disponibles en allemand, anglais, espagnol, français, italien et portugais. Vous pouvez obtenir d’autres informations pratiques, y compris les cours des actions en vigueur, sur www.columbiathreadneedle.com.
## Durée
Il n’y a pas d’échéance fixe. Un investisseur peut conserver son investissement le temps qu’il le souhaite, mais une durée de 5 ans est recommandée. L’Initiateur peut clôturer le Fonds avec un préavis.
## Objectif et politique d’investissement
Le Fonds vise à générer un taux de rendement réel positif, c’est-à-dire supérieur au taux d’inflation (comme mesuré par l’indice US CPI Seasonally Adjusted) à moyen et long termes, malgré les conditions de marché changeantes. Rien ne garantit que les rendements seront positifs et aucune forme de protection du capital ne s’applique. Le Fonds est activement géré et investit au moins deux tiers de ses actifs dans des actions de sociétés et des obligations de premier ordre ou dont la notation est inférieure à la qualité de premier ordre (qui sont semblables à des prêts et versent un taux d’intérêt fixe ou variable) émises par des sociétés et des États du monde entier. Les obligations dont la notation est inférieure à la qualité de premier ordre ont reçu des notations moins élevées de la part des agences internationales qui les fournissent et sont considérées comme plus risquées que les obligations mieux notées mais rapportent traditionnellement un plus haut niveau de revenus. Le Fonds peut également investir dans des matières premières par le biais d’autres fonds ou de dérivés. Les matières premières sont des matériaux physiques tels que le pétrole, les produits agricoles et les métaux. Le Fonds peut investir directement dans ces actifs, indirectement en ayant recours à d’autres fonds ou par le biais de produits dérivés (instruments complexes). Le Fonds peut également avoir recours à des dérivés à des fins de couverture ou pour gérer plus efficacement le Fonds. Les dérivés peuvent créer un levier (exposition au marché supérieure à la valeur nette des actifs du Fonds). Le Fonds n’investira pas directement dans des matières premières physiques ni dans l’immobilier. Le Fonds peut également investir dans des catégories d’actifs et des instruments différents de ceux mentionnés ci-dessus. Le Fonds a également la flexibilité requise pour faire varier son exposition à certaines des catégories d’actifs énumérées ou, parfois, choisir de ne pas investir dans ces catégories afin d’atteindre l’objectif d’investissement.
Les revenus générés par le Fonds vous seront versés, sauf si vous avez choisi de le réinvestir.
Vous pouvez acheter et vendre des parts du Fonds n’importe quel jour ouvrable au Luxembourg à moins que les Administrateurs n’aient décidé qu’il y ait un nombre insuffisant de marchés ouverts. Vous pouvez obtenir de plus amples informations sur l’objectif et la politique d’investissement du Fonds dans le prospectus. Pour plus d’informations sur les termes liés aux investissements utilisés dans ce document, veuillez consulter le Glossaire disponible à l’adresse www.columbiathreadneedle.com.
## Investisseurs de détail visés
Ce Fonds s’adresse aux Clients de détail, aux Professionnels et aux Contreparties éligibles ayant un niveau minimum de connaissances et d’expérience en matière d’investissement dans des fonds. Il est destiné aux investisseurs à la recherche de rendements potentiels supérieurs à ceux des liquidités et pouvant placer leur argent pendant au moins 5 ans. Le capital des investisseurs n’est pas garanti : ils sont susceptibles de perdre jusqu’à 100 % du montant investi. Le fonds investit dans un éventail de catégories d’actifs. Cette diversification tend à réduire le profil de risque par rapport à un investissement sur les seuls marchés boursiers.
PAGE 1 SUR 3 | fr | es |
DOLFIN8313 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on the Publication of Information on Sustainability in the Financial Services Sector (hereinafter the "SFDR Regulation")
The Management Company identifies, analyses and includes sustainability risks into its investment decisions. Unless otherwise indicated in the fact sheet of a relevant Sub-Fund, the Management Company takes account of the sustainability risks borne by a substantial part of the asset categories (apart from cash) of the Sub-funds. The fact sheet for each Sub-Fund indicates the percentage of hedging of these sustainability risks.
Definition:Sustainability risks relate to an environmental (E), social (S) or governance (G) (together, ESG) event or situation which, if it occurs, could have a major adverse effect, actual or potential, on the value of the investment.
Consequences related to sustainability risks:Sustainability risks are important elements for consideration in order to strengthen long-term risk-adjusted returns for investors and to determine the risks and opportunities specific to the strategy of a Sub-Fund. The impacts resulting from the emergence of a sustainability risk can be numerous and may vary according to the specific risk, region, sector and/or asset class. In general, when a risk identified as a sustainability risk occurs for an asset, there will be a negative impact and, possibly, a partial or total loss of its value and therefore an impact on the net asset value of the relevant Sub-Fund. | #### Règlement (UE) 2019/2088 du Parlement Européen et du Conseil du 27 novembre 2019 sur la Publication d’Informations en Matière de Durabilité dans le Secteur des Services Financiers (ci-après désigné le « Règlement SFDR »)
La Société de Gestion identifie, analyse et intègre les risques en matière de durabilité dans ses décisions d’investissement. Sauf indication contraire dans la fiche signalétique d’un Compartiment concerné, la Société de Gestion tient compte des Risques de durabilité supportés par une part substantielle des catégories d’actifs (hormis les liquidités) des Compartiments. La fiche signalétique de chaque de Compartiment indique le pourcentage de couverture de ces risques de durabilité.
Définition : Les risques de durabilité se rapportent à un événement ou une situation dans le domaine environnemental (E), social (S) ou de la gouvernance (G) (collectivement « ESG ») qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement.
Les conséquences liées aux risques de durabilité : Les risques de durabilité sont des éléments importants à prendre en considération afin de renforcer les rendements à long terme ajustés selon le risque pour les investisseurs et déterminer les risques et opportunités spécifiques à la stratégie d’un Compartiment. Les impacts consécutifs à l'apparition d'un risque de durabilité peuvent être nombreux et varier en fonction du risque spécifique, de la région, du secteur et/ou de la classe d'actifs. En général, lorsqu'un risque identifié comme un risque de durabilité se produit pour un actif, il y aura un impact négatif et éventuellement une perte partielle ou totale de sa valeur et donc un impact sur la valeur nette d’inventaire du Compartiment concerné. | ##### Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on the Publication of Information on Sustainability in the Financial Services Sector (hereinafter the "SFDR Regulation")
The Management Company identifies, analyses and includes sustainability risks into its investment decisions. Unless otherwise indicated in the fact sheet of a relevant Sub-Fund, the Management Company takes account of the sustainability risks borne by a substantial part of the asset categories (apart from cash) of the Sub-funds. The fact sheet for each Sub-Fund indicates the percentage of hedging of these sustainability risks.
Definition:Sustainability risks relate to an environmental (E), social (S) or governance (G) (together, ESG) event or situation which, if it occurs, could have a major adverse effect, actual or potential, on the value of the investment.
Consequences related to sustainability risks:Sustainability risks are important elements for consideration in order to strengthen long-term risk-adjusted returns for investors and to determine the risks and opportunities specific to the strategy of a Sub-Fund. The impacts resulting from the emergence of a sustainability risk can be numerous and may vary according to the specific risk, region, sector and/or asset class. In general, when a risk identified as a sustainability risk occurs for an asset, there will be a negative impact and, possibly, a partial or total loss of its value and therefore an impact on the net asset value of the relevant Sub-Fund. | en | fr |
DOLFIN8314 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of the Fund is to provide investors with access to markets of the Asia Pacific region, through diversification of investments. Each Sub-Fund will have a specific investment objective as detailed in the relevant Appendix.
Investments of each Sub-Fund must comply with the provisions of the 2010 Law. The investment restrictions and policies set out in this section apply to all Sub-Funds, without prejudice of any specific rules adopted for a Sub-Fund, as described in its Appendix. The Board of Directors may impose additional investment guidelines for each Sub-Fund from time to time, for instance where it is necessary to comply with local laws and regulations in countries where Shares are distributed. Each Sub-Fund should be regarded as a separate UCITS for the purposes of the present section.
- (1) The Fund, for each Sub-Fund, may invest in:
- 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 an official listing on a stock exchange in an Eligible State or dealt in on an Other Regulated Market in a Eligible 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 stock exchange in an Eligible State or dealing on a Regulated Market or an Other Regulated Market referred to under a) to c) above and such admission is secured within one year of the issue;
- Shares or units of UCITS and/or other UCIs, whether situated in a Member State or not, provided that:
- such other UCIs are authorized under laws which provide that they are subject to supervision considered by the CSSF to be equivalent to that laid down in EU law and that cooperation between authorities is sufficiently ensured;
- the level of protection for shareholders or unitholders in such other UCIs is equivalent to that provided for shareholders or 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 such 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. | El objetivo del Fondo es ofrecer a los inversores acceso a los mercados de la región de Asia Pacífico, mediante la diversificación de las inversiones. Cada uno de los Subfondos tiene un objetivo de inversión propio que se detalla en el Anexo correspondiente.
Las inversiones de cada Subfondo han de cumplir las disposiciones de la Ley de 2010. Las políticas y restricciones de inversión que se recogen en esta sección se aplican a todos los Subfondos , sin perjuicio de cualesquiera normas específicas adoptadas respecto a un Subfondo, conforme a lo descrito en su Anexo correspondiente. El Consejo de administración podrá imponer oportunamente directrices de inversión adicionales a cada Subfondo, por ejemplo, en aquellos casos en que sea necesario para adaptarse a las leyes y normativas locales de los países en los que se comercializan las Acciones. A los efectos de la presente sección, cada Subfondo debe considerarse un OICVM independiente.
- (1) El Fondo podrá invertir, para cada Subfondo, en:
- Valores mobiliarios e Instrumentos del mercado monetario que coticen o se negocien en un Mercado regulado;
- Valores mobiliarios e Instrumentos del mercado monetario que se negocien en Otro mercado regulado de un Estado miembro;
- Valores mobiliarios e Instrumentos del mercado monetario admitidos a cotización oficial en una bolsa de un Estado aceptado o que se negocien en Otro mercado regulado de un Estado aceptado;
- Valores mobiliarios e Instrumentos del mercado monetario de reciente emisión, siempre que las condiciones de emisión incluyan un compromiso de solicitud de admisión a cotización oficial en bolsa en un Estado aceptado o negociación en un Mercado regulado u Otro mercado regulado conforme a lo descrito en las anteriores letras a) a c), y que dicha admisión se obtenga en un plazo de un año desde la emisión;
- Acciones o participaciones de OICVM u otros OIC, con independencia de que estén situados en un Estado miembro o no, siempre que:
- los otros OIC mencionados estén autorizados conforme a leyes que dispongan que están supeditados a una supervisión que la CSSF considere equivalente a la establecida por el Derecho de la UE, y esté suficientemente garantizada la cooperación entre las autoridades;
- el nivel de protección para los accionistas o partícipes de esos otros OIC sea equivalente al establecido para los accionistas o partícipes de un OICVM y, en particular, que las normas sobre segregación de activos, endeudamiento, préstamo y venta al descubierto de Valores mobiliarios e Instrumentos del mercado monetario sean equivalentes a los requisitos de la Directiva sobre OICVM;
- la actividad mercantil de esos otros OIC se refleje en informes semestrales y anuales que permitan una valoración de los activos y pasivos, ingresos y operaciones del período analizado;
- un máximo del 10% de los activos de los OICVM o de los otros OIC cuya adquisición se contemple pueda invertirse, en virtud de sus documentos constitutivos, en participaciones de otros OICVM u otros OIC; | The objective of the Fund is to provide investors with access to markets of the Asia Pacific region, through diversification of investments. Each Sub-Fund will have a specific investment objective as detailed in the relevant Appendix.
Investments of each Sub-Fund must comply with the provisions of the 2010 Law. The investment restrictions and policies set out in this section apply to all Sub-Funds, without prejudice of any specific rules adopted for a Sub-Fund, as described in its Appendix. The Board of Directors may impose additional investment guidelines for each Sub-Fund from time to time, for instance where it is necessary to comply with local laws and regulations in countries where Shares are distributed. Each Sub-Fund should be regarded as a separate UCITS for the purposes of the present section.
- (1) The Fund, for each Sub-Fund, may invest in:
- 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 an official listing on a stock exchange in an Eligible State or dealt in on an Other Regulated Market in a Eligible 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 stock exchange in an Eligible State or dealing on a Regulated Market or an Other Regulated Market referred to under a) to c) above and such admission is secured within one year of the issue;
- Shares or units of UCITS and/or other UCIs, whether situated in a Member State or not, provided that:
- such other UCIs are authorized under laws which provide that they are subject to supervision considered by the CSSF to be equivalent to that laid down in EU law and that cooperation between authorities is sufficiently ensured;
- the level of protection for shareholders or unitholders in such other UCIs is equivalent to that provided for shareholders or 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 such 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. | en | es |
DOLFIN8315 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The chairman of the board of Directors or, in his absence, the deputy chairman (if any) or, in his absence, some other Director nominated by the Directors shall preside as chairman at every general meeting of the Company. If at any general meeting none of such persons shall be present within fifteen minutes after the time appointed for the holding of the meeting and willing to act, the Directors present shall elect one of their number to be chairman of the meeting and, if there is only one Director present and willing to act, he shall be chairman. If at any meeting no Director is willing to act as chairman or if no Director is present within fifteen minutes after the time appointed for holding the meeting, the Holders present (in person or by proxy or by representative) and entitled to vote shall choose one of the Holders (including his proxy or its duly authorised representative) personally present to be chairman of the meeting.
-
## Directors' and Auditors' right to attend general meetings | Le président du Conseil d’administration ou, en son absence, le président adjoint (le cas échéant) ou, en son absence, un Administrateur désigné par ses pairs, siègera comme président lors de chaque assemblée générale de la Société. Si lors d’une assemblée générale, ces personnes manquaient de se présenter dans la demi-heure suivant l’heure de réunion prévue et n’étaient pas disposées à agir, les Administrateurs présents choisiront un de leurs pairs pour siéger en qualité de président de l’assemblée ; en cas de présence d’un seul Administrateur disposé à agir, ledit Administrateur prendra alors la présidence de l’assemblée. Si lors d’une assemblée aucun Administrateur présent n’est disposé à agir en qualité de président ou aucun Administrateur n’est présent dans un délai de quinze minutes au plus tard après l’heure de réunion prévue, les Détenteurs présents (en personne ou par mandataire ou représentant) et habilités à voter pourront choisir un de leurs pairs (incluant son mandataire ou représentant dûment autorisé) présent pour assurer la fonction de président de l’assemblée.
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## Droit de présence des Administrateurs et des Commissaires aux comptes aux assemblées générales | The chairman of the board of Directors or, in his absence, the deputy chairman (if any) or, in his absence, some other Director nominated by the Directors shall preside as chairman at every general meeting of the Company. If at any general meeting none of such persons shall be present within fifteen minutes after the time appointed for the holding of the meeting and willing to act, the Directors present shall elect one of their number to be chairman of the meeting and, if there is only one Director present and willing to act, he shall be chairman. If at any meeting no Director is willing to act as chairman or if no Director is present within fifteen minutes after the time appointed for holding the meeting, the Holders present (in person or by proxy or by representative) and entitled to vote shall choose one of the Holders (including his proxy or its duly authorised representative) personally present to be chairman of the meeting.
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## Directors' and Auditors' right to attend general meetings | en | fr |
DOLFIN8316 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 2 ans Exemple d'investissement: 10 000 CHF |
| --- |
| Scénarios Minimum: Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. | 1 an | 2 ans Période de détention recommandée |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 7 258 CHF | 8 043 CHF |
| | Rendement annuel moyen | -27,42 % | -10,32 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 657 CHF | 8 605 CHF |
| | Rendement annuel moyen | -13,43 % | -7,24 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 799 CHF | 9 719 CHF |
| | Rendement annuel moyen | -2,01 % | -1,42 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 10 472 CHF | 10 617 CHF |
| | Rendement annuel moyen | 4,72 % | 3,04 % | | | Período de mantenimiento recomendado: 2 años Ejemplo de inversión: 10 000 CHF |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | 1 año | 2 años Período de mantenimiento recomendado |
| Tensión | Lo que podría recibir tras deducir los costes | 7 258 CHF | 8 043 CHF |
| | Rendimiento medio cada año | -27,42 % | -10,32 % |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8 657 CHF | 8 605 CHF |
| | Rendimiento medio cada año | -13,43 % | -7,24 % |
| Moderado | Lo que podría recibir tras deducir los costes | 9 799 CHF | 9 719 CHF |
| | Rendimiento medio cada año | -2,01 % | -1,42 % |
| Favorable | Lo que podría recibir tras deducir los costes | 10 472 CHF | 10 617 CHF |
| | Rendimiento medio cada año | 4,72 % | 3,04 % | | | Période de détention recommandée: 2 ans Exemple d'investissement: 10 000 CHF |
| --- |
| Scénarios Minimum: Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. | 1 an | 2 ans Période de détention recommandée |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 7 258 CHF | 8 043 CHF |
| | Rendement annuel moyen | -27,42 % | -10,32 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 657 CHF | 8 605 CHF |
| | Rendement annuel moyen | -13,43 % | -7,24 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 799 CHF | 9 719 CHF |
| | Rendement annuel moyen | -2,01 % | -1,42 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 10 472 CHF | 10 617 CHF |
| | Rendement annuel moyen | 4,72 % | 3,04 % | | fr | es |
DOLFIN8317 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les termes en majuscules utilisés dans cette section ont la signification qui leur est donnée dans la Loi NCD, à moins que le présent Prospectus n’en dispose autrement.
Le Fonds peut être soumis à la NCD tel que stipulé dans la Loi NCD.
Aux termes de la Loi NCD, le Fonds risque d’être considéré comme une Institution financière déclarante luxembourgeoise. En tant que telle, le Fonds est tenu de déclarer chaque année à l’autorité fiscale luxembourgeoise les informations personnelles et financières liées, entre autres, à l’identification de, aux détentions par et aux paiements effectués à (i) certains actionnaires considérés comme des « Personnes déclarables » et (ii) Personnes détenant le contrôle de certaines entités non financières (« ENF ») qui sont elles-mêmes des Personnes déclarables. Ces informations, énoncées de manière exhaustive à l’Annexe I de la Loi NCD (les « Informations »), incluront les données personnelles relatives aux Personnes déclarables.
La capacité du Fonds à satisfaire à ses obligations de déclaration en vertu de la Loi NCD sera subordonnée à la fourniture des Informations au Fonds par chaque actionnaire, le tout accompagné des justificatifs requis. Dans ce contexte, les actionnaires sont informés que, en tant que contrôleur des données, le Fonds traitera les Informations aux fins prévues dans la Loi NCD. Les actionnaires possédant le statut d’ENF passives s’engagent à informer les Personnes qui les contrôlent, le cas échéant, du traitement de leurs Informations par le Fonds.
En outre, le Fonds est responsable du traitement des données personnelles et chaque actionnaire dispose d’un droit d’accès et de rectification (le cas échéant) des données communiquées aux autorités fiscales luxembourgeoises. Toutes données obtenues par le Fonds doivent être traitées conformément à la Loi sur la protection des données.
Les actionnaires sont en outre informés que les Informations relatives aux Personnes déclarables seront divulguées chaque année aux autorités fiscales luxembourgeoises aux fins énoncées dans la Loi NCD. Les autorités fiscales luxembourgeoises échangeront sous leur propre responsabilité les informations déclarées avec l’autorité compétente de la Juridiction déclarable.
Les Personnes déclarables sont notamment informées que certaines opérations qu’elles effectuent donneront lieu à la délivrance de relevés et qu’une partie de ces informations serviront de base pour la déclaration annuelle aux autorités fiscales luxembourgeoises.
Les Actionnaires s’engagent également à informer le Fonds de toute erreur figurant dans les données à caractère personnel fournies dans les trente (30) jours suivant la réception de ces déclarations. Les actionnaires s’engagent en outre à informer immédiatement le Fonds en cas de modification des Informations et à lui fournir au plus tôt tous les justificatifs correspondants.
Même si le Fonds s’efforcera de satisfaire toute obligation qui lui sera imposée pour éviter les amendes ou les pénalités imposées par la Loi NCD, aucune garantie ne peut être donnée que le Fonds sera en mesure de satisfaire ces obligations. Si le Fonds se voit infliger une amende ou une pénalité du fait de la Loi NCD, la valeur des Actions détenues par les actionnaires pourrait être significativement obérée.
Les actionnaires qui ne répondent pas aux demandes de documents ou d’Informations du Fonds peuvent être tenus responsables des pénalités imposées au Fonds en cas de manquement de ces derniers à l’obligation de fournir les Informations ou leurs Informations peuvent être communiquées par le Fonds aux autorités fiscales luxembourgeoises, et le Fonds peut librement procéder au rachat des Actions de ces actionnaires.
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## FATCA | Los términos en mayúscula utilizados en esta sección deben tener el significado que se establece en la Ley de CRS, a menos que se indique lo contrario en este documento.
El Fondo puede estar sujeto a la CRS según lo establecido en la Ley de CRS.
Bajo los términos de la Ley de CRS, es probable que el Fondo sea tratado como una Institución financiera de información luxemburguesa. Como tal, el Fondo está obligado a comunicar anualmente a la autoridad fiscal luxemburguesa la información personal y financiera relacionada, entre otras cosas, con la identificación de (i) determinados accionistas que cumplen los requisitos para ser considerados «Personas declarables»; y (ii) las Personas controladoras de determinadas entidades no financieras («NFE») que son a su vez Personas declarables, así como de sus tenencias y los pagos efectuados a dichos accionistas y Personas declarantes. Esta información, tal como se establece exhaustivamente en el Anexo I de la Ley de CRS (la «Información»), incluirá datos personales relacionados con las Personas declarables.
La capacidad del Fondo para cumplir con sus obligaciones de comunicación de información en virtud de la Ley de CRS dependerá de que cada accionista le proporcione la información, junto con las pruebas documentales de respaldo necesarias. En este contexto, se informa a los accionistas que, como controlador de datos, el Fondo procesará la Información para los fines establecidos en la Ley de CRS. Los accionistas que califican como NFE pasivas se comprometen a informar a sus Personas controladoras, si corresponde, del procesamiento de su Información por parte del Fondo.
Por otra parte, el Fondo es responsable de procesar los datos personales y todos los accionistas tienen derecho a acceder a los datos proporcionados a las autoridades fiscales luxemburguesas y a corregir tales datos (si resulta necesario). Todos los datos obtenidos por el Fondo se procesarán de conformidad con la Ley de protección de datos.
Además, se informa a los accionistas de que la información relacionada con las Personas declarables se desvelará anualmente a las autoridades fiscales luxemburguesas para los fines establecidos en la Ley de CRS. Las autoridades fiscales luxemburguesas, bajo su propia responsabilidad, finalmente intercambiarán la información presentada a la autoridad competente de la Jurisdicción declarable.
En particular, se informa a las Personas declarantes de que ciertas operaciones que realizan se les comunicarán mediante la emisión de declaraciones, y de que parte de esta información servirá de base para la declaración anual a las autoridades fiscales luxemburguesas.
Del mismo modo, los accionistas se comprometen a informar al Fondo en un plazo de treinta (30) días posteriores a la recepción de estas declaraciones, en caso de que los datos personales incluidos no sean exactos. Los accionistas además se comprometen a informar inmediatamente al Fondo y proporcionarle todas las pruebas documentales que respalden cualquier cambio relacionado con la Información después de la ocurrencia de dichos cambios.
A pesar de que el Fondo intentará satisfacer cualquier obligación que le sea impuesta para evitar cualquier multa o sanción impuesta por la Ley de CRS, no resulta posible garantizar que vaya a ser capaz de satisfacer estas obligaciones. Si el Fondo resulta sujeto a una multa o sanción como resultado de la Ley de CRS, el valor de las Acciones que mantienen los accionistas podría sufrir importantes pérdidas.
Cualquier accionista que no cumpla con las solicitudes de Información o documentación del Fondo podrá ser considerado responsable de las sanciones impuestas al Fondo como consecuencia de que dicho accionista no haya facilitado la información, o siempre que el Fondo revele la información a las autoridades fiscales luxemburguesas, y el Fondo podrá, a su entera discreción, reembolsar las Acciones de dichos accionistas.
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## FATCA | Les termes en majuscules utilisés dans cette section ont la signification qui leur est donnée dans la Loi NCD, à moins que le présent Prospectus n’en dispose autrement.
Le Fonds peut être soumis à la NCD tel que stipulé dans la Loi NCD.
Aux termes de la Loi NCD, le Fonds risque d’être considéré comme une Institution financière déclarante luxembourgeoise. En tant que telle, le Fonds est tenu de déclarer chaque année à l’autorité fiscale luxembourgeoise les informations personnelles et financières liées, entre autres, à l’identification de, aux détentions par et aux paiements effectués à (i) certains actionnaires considérés comme des « Personnes déclarables » et (ii) Personnes détenant le contrôle de certaines entités non financières (« ENF ») qui sont elles-mêmes des Personnes déclarables. Ces informations, énoncées de manière exhaustive à l’Annexe I de la Loi NCD (les « Informations »), incluront les données personnelles relatives aux Personnes déclarables.
La capacité du Fonds à satisfaire à ses obligations de déclaration en vertu de la Loi NCD sera subordonnée à la fourniture des Informations au Fonds par chaque actionnaire, le tout accompagné des justificatifs requis. Dans ce contexte, les actionnaires sont informés que, en tant que contrôleur des données, le Fonds traitera les Informations aux fins prévues dans la Loi NCD. Les actionnaires possédant le statut d’ENF passives s’engagent à informer les Personnes qui les contrôlent, le cas échéant, du traitement de leurs Informations par le Fonds.
En outre, le Fonds est responsable du traitement des données personnelles et chaque actionnaire dispose d’un droit d’accès et de rectification (le cas échéant) des données communiquées aux autorités fiscales luxembourgeoises. Toutes données obtenues par le Fonds doivent être traitées conformément à la Loi sur la protection des données.
Les actionnaires sont en outre informés que les Informations relatives aux Personnes déclarables seront divulguées chaque année aux autorités fiscales luxembourgeoises aux fins énoncées dans la Loi NCD. Les autorités fiscales luxembourgeoises échangeront sous leur propre responsabilité les informations déclarées avec l’autorité compétente de la Juridiction déclarable.
Les Personnes déclarables sont notamment informées que certaines opérations qu’elles effectuent donneront lieu à la délivrance de relevés et qu’une partie de ces informations serviront de base pour la déclaration annuelle aux autorités fiscales luxembourgeoises.
Les Actionnaires s’engagent également à informer le Fonds de toute erreur figurant dans les données à caractère personnel fournies dans les trente (30) jours suivant la réception de ces déclarations. Les actionnaires s’engagent en outre à informer immédiatement le Fonds en cas de modification des Informations et à lui fournir au plus tôt tous les justificatifs correspondants.
Même si le Fonds s’efforcera de satisfaire toute obligation qui lui sera imposée pour éviter les amendes ou les pénalités imposées par la Loi NCD, aucune garantie ne peut être donnée que le Fonds sera en mesure de satisfaire ces obligations. Si le Fonds se voit infliger une amende ou une pénalité du fait de la Loi NCD, la valeur des Actions détenues par les actionnaires pourrait être significativement obérée.
Les actionnaires qui ne répondent pas aux demandes de documents ou d’Informations du Fonds peuvent être tenus responsables des pénalités imposées au Fonds en cas de manquement de ces derniers à l’obligation de fournir les Informations ou leurs Informations peuvent être communiquées par le Fonds aux autorités fiscales luxembourgeoises, et le Fonds peut librement procéder au rachat des Actions de ces actionnaires.
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## FATCA | fr | es |
DOLFIN8318 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $7500 | $7670 |
| Rendement annuel moyen | -25.00% | -5.17% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $9260 | $9630 |
| Rendement annuel moyen | -7.40% | -0.75% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10030 | $11500 |
| Rendement annuel moyen | 0.30% | 2.83% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $11110 | $12280 |
| Rendement annuel moyen | 11.10% | 4.19% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | $10000 |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No se garantiza que obtenga una rentabilidad mínima. Usted podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | $7500 | $7670 |
| Rendimiento medio cada año | -25.00% | -5.17% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $9260 | $9630 |
| Rendimiento medio cada año | -7.40% | -0.75% |
| Moderado | Lo que podría recibir tras deducir los costes | $10030 | $11500 |
| Rendimiento medio cada año | 0.30% | 2.83% |
| Favorable | Lo que podría recibir tras deducir los costes | $11110 | $12280 |
| Rendimiento medio cada año | 11.10% | 4.19% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $7500 | $7670 |
| Rendement annuel moyen | -25.00% | -5.17% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $9260 | $9630 |
| Rendement annuel moyen | -7.40% | -0.75% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10030 | $11500 |
| Rendement annuel moyen | 0.30% | 2.83% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $11110 | $12280 |
| Rendement annuel moyen | 11.10% | 4.19% | | fr | es |
DOLFIN8319 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Management Company's governing body or its Chairman may decide to split the units into the following fractions of units: tenths, hundredths, thousandths or ten-thousandths.
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 proportional to that of the units they represent. All other provisions of the regulations relating to units apply to unit fractions without the need to specify, except as otherwise provided.
The Management Company's governing body or its Chairman may unilaterally decide to divide the units by creating new units, which will be allocated to unitholders in exchange for their old units. Units may also be consolidated. | Les parts pourront être fractionnées, sur décision de l’organe de gouvernance de la Société de Gestion ou de son Président, en dixièmes, ou centièmes, ou millièmes, ou dix-millièmes dénommées fractions de parts.
Les dispositions du règlement réglant l’émission et le rachat de parts sont applicables aux fractions de parts dont la valeur sera toujours proportionnelle à celle de la part qu’elles représentent. Toutes les autres dispositions du règlement relatives aux parts s’appliquent aux fractions de parts sans qu’il soit nécessaire de le spécifier, sauf lorsqu’il en est disposé autrement.
L’organe de gouvernance de la Société de Gestion ou son Président peut, sur ses seules décisions, procéder à la division des parts par la création de parts nouvelles qui sont attribuées aux porteurs en échange des parts anciennes. Les parts pourront également être regroupées. | The Management Company's governing body or its Chairman may decide to split the units into the following fractions of units: tenths, hundredths, thousandths or ten-thousandths.
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 proportional to that of the units they represent. All other provisions of the regulations relating to units apply to unit fractions without the need to specify, except as otherwise provided.
The Management Company's governing body or its Chairman may unilaterally decide to divide the units by creating new units, which will be allocated to unitholders in exchange for their old units. Units may also be consolidated. | en | fr |
DOLFIN8320 | 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 5 year(s) |
| --- | --- | --- |
| Entry costs | This is the charge that may be taken from your investment before the deal is placed in your chosen product. We do not charge an entry fee for this product, but the person selling you the product may choose to do so. | 0.00 USD |
| Exit costs | This is the charge that may be taken from your investment when you choose to sell. We do not charge an exit fee for this product, but the person selling you the product may choose to do so. | 0.00 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.09% of the value of your investment per year. This is the ongoing charges incurred and includes the annual management charge and operating costs. | 109.21 USD |
| Transaction costs | 0.03% 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. | 3.12 USD |
| Incidental costs taken under specific conditions |
| Performance fees and carried interest | No performance fee charged | | | | Costi una tantum di ingresso o di uscita | | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi di ingresso | Si tratta dell'importo delle spese che possono essere prelevate dal capitale prima che esso sia investito nel prodotto selezionato. Non addebitiamo una commissione d'ingresso per questo prodotto ma la persona che vende il prodotto può scegliere di farlo. | 0.00 USD |
| Costi di uscita | Questa è la commissione che può essere prelevata dall'investimento nel caso in cui l'investitore decida di vendere. Non addebitiamo una commissione di uscita per questo prodotto ma la persona che vende il prodotto può farlo. | 0.00 USD |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1,09% del valore dell'investimento all'anno. Si tratta delle spese correnti sostenute e include le spese di gestione e i costi di esercizio annuali. | 109.21 USD |
| Costi di transazione | 0,03% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 3.12 USD |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance e carried interest | Non viene addebitata alcuna commissione di performance | | | | One-off costs upon entry or exit | | If you exit after 5 year(s) |
| --- | --- | --- |
| Entry costs | This is the charge that may be taken from your investment before the deal is placed in your chosen product. We do not charge an entry fee for this product, but the person selling you the product may choose to do so. | 0.00 USD |
| Exit costs | This is the charge that may be taken from your investment when you choose to sell. We do not charge an exit fee for this product, but the person selling you the product may choose to do so. | 0.00 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.09% of the value of your investment per year. This is the ongoing charges incurred and includes the annual management charge and operating costs. | 109.21 USD |
| Transaction costs | 0.03% 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. | 3.12 USD |
| Incidental costs taken under specific conditions |
| Performance fees and carried interest | No performance fee charged | | | en | it |
DOLFIN8321 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Management Fee
The Manager, in respect of each Fund and as detailed below, provides or procures investment advisory, administration, depositary and other services in return for which each Fund pays a single Management Fee to the Manager. The Management Fee for each Fund is accrued on each Dealing Day and is payable monthly in arrears.
The Manager may pay the Management Fee in full or in part to the Investment Advisors in order to pay for the investment advisory and other services provided by the Investment Advisors and in order for the Investment Advisors to pay for administration, depositary and other services procured for the Funds by the Manager.
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## Investment Advisory Services | ## Commission de gestion
Le Gestionnaire, pour ce qui concerne chacun des Fonds énumérés ci-dessous, fournit ou s’arrange pour faire fournir les services de conseil, d’administration, de garde et autres services pour lesquels chaque Fonds verse une Commission de gestion unique au Gestionnaire. La Commission de gestion pour chacun des Fonds s’accumule à chaque Jour de transaction et est exigible chaque mois en arriérés.
Le Gestionnaire peut verser la Commission de gestion en totalité ou en partie aux Conseillers en investissement en tant que rémunération des services de conseil et autres services fournis par les Conseillers en investissement et afin que ces derniers s’acquittent des services d’administration, de garde et autres services fournis aux Fonds par le Gestionnaire.
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## Services de conseil en investissement | ## Management Fee
The Manager, in respect of each Fund and as detailed below, provides or procures investment advisory, administration, depositary and other services in return for which each Fund pays a single Management Fee to the Manager. The Management Fee for each Fund is accrued on each Dealing Day and is payable monthly in arrears.
The Manager may pay the Management Fee in full or in part to the Investment Advisors in order to pay for the investment advisory and other services provided by the Investment Advisors and in order for the Investment Advisors to pay for administration, depositary and other services procured for the Funds by the Manager.
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## Investment Advisory Services | en | fr |
DOLFIN8322 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Thailand
Shares in the Company are not permitted by the Securities and Exchange Commission (“SEC”) of Thailand to be offered directly to any type or any number of
residents of Thailand. No Shares in the Company may be advertised or offered for sale in Thailand or marketed through any means of communication to any resident of Thailand.
This document shall be distributed on a confidential basis to (and by the unsolicited request of) the person to whom it is addressed. This document has not been reviewed or approved by the SEC of Thailand. It may not be reproduced in any form, or shown to the public generally, or transmitted to any person other than the person to whom it is addressed.
Transmission of this document to the person to whom it is addressed shall not constitute solicitation by the Company, the Manager, the Distributor or any of its or their representatives or agents, to invest in the Company.
However, locally licensed intermediaries in Thailand may, by their own representation and legal capacity, offer the Company to their interested clients and provide them with fund-specific information and documentation. | #### Thailandia
La Securities and Exchange Commission (“SEC”) della Thailandia non consente l’offerta diretta delle azioni della Società a qualsiasi tipologia o numero di residenti in
Thailandia. Nessuna azione della Società può essere pubblicizzata o offerta in vendita in Thailandia o commercializzata attraverso qualsiasi mezzo di comunicazione a residenti in Thailandia.
Il presente documento sarà distribuito in via riservata alla (e su richiesta non sollecitata della) persona a cui è indirizzato. Il presente documento non è stato esaminato o approvato dalla SEC della Thailandia. Non può essere riprodotto in alcuna forma, né mostrato al pubblico in generale o trasmesso a persone diverse da quelle a cui è destinato.
La trasmissione del presente documento alla persona a cui è indirizzato non costituisce una sollecitazione da parte della Società, del Gestore, del Distributore o di qualsiasi suo o loro rappresentante o agente, a investire nella Società.
Tuttavia, gli intermediari autorizzati a livello locale in Thailandia possono, in base alla propria rappresentanza e capacità giuridica, offrire la Società ai loro clienti interessati e fornire loro informazioni e documentazione specifiche sul fondo. | #### Thailand
Shares in the Company are not permitted by the Securities and Exchange Commission (“SEC”) of Thailand to be offered directly to any type or any number of
residents of Thailand. No Shares in the Company may be advertised or offered for sale in Thailand or marketed through any means of communication to any resident of Thailand.
This document shall be distributed on a confidential basis to (and by the unsolicited request of) the person to whom it is addressed. This document has not been reviewed or approved by the SEC of Thailand. It may not be reproduced in any form, or shown to the public generally, or transmitted to any person other than the person to whom it is addressed.
Transmission of this document to the person to whom it is addressed shall not constitute solicitation by the Company, the Manager, the Distributor or any of its or their representatives or agents, to invest in the Company.
However, locally licensed intermediaries in Thailand may, by their own representation and legal capacity, offer the Company to their interested clients and provide them with fund-specific information and documentation. | en | it |
DOLFIN8323 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Amounts of other income in the Statement of Operations and Changes in Net Assets mainly include revenues from withholding tax reclaim and class action, rebate fees and redemptions fees.
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### OTHER CHARGES | Die im „Bericht über Geschäftstätigkeiten und Änderungen des Nettovermögens“ aufgeführten sonstigen Erträge umfassen Einnahmen aus der Rückforderung von Quellensteuern, Sammelklagen, Rückvergütungen und Rücknahmegebühren.
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### SONSTIGE AUFWENDUNGEN | Amounts of other income in the Statement of Operations and Changes in Net Assets mainly include revenues from withholding tax reclaim and class action, rebate fees and redemptions fees.
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### OTHER CHARGES | en | de |
DOLFIN8324 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Expressions in these Articles referring to writing shall be construed, unless the contrary intention appears, as including references to printing, lithography, photography and any other modes of representing or reproducing words in a visible form. Expressions in these Articles referring to execution of any document shall include any mode of execution, whether under seal or under hand.
- Unless specifically defined herein or in Appendix I or unless the context otherwise requires, words or expressions contained in these Articles shall bear the same meaning as in the Companies Act but excluding any statutory modification thereof not in force when these Articles become binding on the Company.
- The table of contents, headings and captions included in these Articles are inserted for convenience of reference only and shall not be considered a part of or affect the construction or interpretation of these Articles.
- References in these Articles to any enactment or any section or provision thereof shall mean such enactment, section or provision as the same may be amended and may be from time to time and for the time being in force.
- In these Articles, the masculine gender shall include the feminine and neuter, and vice versa, and the singular number shall include the plural, and vice versa, and words importing persons shall include firms or companies.
- References in these Articles to “EUR” are to the currency for the time being of the European Monetary Union Member States. References to the foregoing currency shall include any successor currency. | - Les expressions en référence aux écrits dans les présents Statuts seront réputées, sauf intention contraire apparente, inclure les références aux impressions, lithographies, photographies et autres modes de représentation ou de reproduction de textes sous forme matérielle. Les expressions utilisées dans les présents Statuts en référence à la signature de documents incluront tout mode de signature, scellé ou manuscrit.
- Sauf spécifiquement défini aux présentes ou à l’Annexe I ou lorsque le contexte l’exige autrement, les mots et les expressions utilisés dans les présents Statuts seront réputés avoir le même sens que dans le Companies Act sous réserve des modifications ultérieures à l’entrée en vigueur des Statuts de la Société.
- La table des matières, les titres et sous-titres inclus dans les présents Statuts sont insérés à titre d’information seulement et ne sauraient faire partie des Statuts ou affecter la structure ou l’interprétation desdits Statuts.
- Les références aux présentes relatives à des textes législatifs ou sections ou dispositions rattachées seront interprétées comme telles, quels que soient les amendements susceptibles d’être adoptés durant la durée exécutoire.
- Aux présentes, le genre masculin sera réputé inclure les genres féminin et neutre, et inversement, le nombre singulier inclure le pluriel et inversement, et les mots désignant des personnes seront réputés inclure les entreprises ou sociétés.
- Les références aux présentes relatives à l’« EUR » concernent la devise en vigueur des États membres de l’Union monétaire européenne. Les références à la devise qui précède incluent de fait toute devise de remplacement. | - Expressions in these Articles referring to writing shall be construed, unless the contrary intention appears, as including references to printing, lithography, photography and any other modes of representing or reproducing words in a visible form. Expressions in these Articles referring to execution of any document shall include any mode of execution, whether under seal or under hand.
- Unless specifically defined herein or in Appendix I or unless the context otherwise requires, words or expressions contained in these Articles shall bear the same meaning as in the Companies Act but excluding any statutory modification thereof not in force when these Articles become binding on the Company.
- The table of contents, headings and captions included in these Articles are inserted for convenience of reference only and shall not be considered a part of or affect the construction or interpretation of these Articles.
- References in these Articles to any enactment or any section or provision thereof shall mean such enactment, section or provision as the same may be amended and may be from time to time and for the time being in force.
- In these Articles, the masculine gender shall include the feminine and neuter, and vice versa, and the singular number shall include the plural, and vice versa, and words importing persons shall include firms or companies.
- References in these Articles to “EUR” are to the currency for the time being of the European Monetary Union Member States. References to the foregoing currency shall include any successor currency. | en | fr |
DOLFIN8325 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Factsheet
Bellevue Funds (Lux) | Share class I CHF
Investment Company with Variable Capital (SICAV) according to Luxembourg Laws – UCITS Marketing document - For professional investors: AT, CH, DE, DK, ES, IT, LU, PT, HK, SG (res) | Factsheet
Bellevue Funds (Lux) | Anteilsklasse I CHF
Investmentgesellschaft mit variablem Kapital (SICAV) nach luxemburgischem Recht – UCITS Marketingdokument - Für professionelle Anleger: AT, CH, DE, DK, ES, IT, LU, PT, HK, SG (res) | Factsheet
Bellevue Funds (Lux) | Share class I CHF
Investment Company with Variable Capital (SICAV) according to Luxembourg Laws – UCITS Marketing document - For professional investors: AT, CH, DE, DK, ES, IT, LU, PT, HK, SG (res) | en | de |
DOLFIN8326 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Scenarios | If you exit after 1 year | If you exit after 3 years (the recommended holding period) |
| --- | --- | --- |
| Stress scenarios | What you might get back after costs | EUR 8,530 | EUR 6,340 |
| Average return each year | -14.7% | -14.1% |
| Unfavourable scenario | What you might get back after costs | EUR 8,530 | EUR 6,340 |
| Average return each year | -14.7% | -14.1% |
| Moderate scenario | What you might get back after costs | EUR 10,060 | EUR 10,660 |
| Average return each year | 0.6% | 2.2% |
| Favourable scenario | What you might get back after costs | EUR 11,370 | EUR 11,740 |
| Average return each year | 13.7% | 5.5% | | | Scénarios | Si vous sortez après 1 an | Si vous sortez après 3 ans (la période de détention recommandée) |
| --- | --- | --- |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | USD 8 530 | USD 6 340 |
| Rendement annuel moyen | -14,7% | -14,1% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | USD 8 530 | USD 6 340 |
| Rendement annuel moyen | -14,7% | -14,1% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | USD 10 060 | USD 10 660 |
| Rendement annuel moyen | 0,6% | 2,2% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | USD 11 370 | USD 11 740 |
| Rendement annuel moyen | 13,7% | 5,5% | | | Scenarios | If you exit after 1 year | If you exit after 3 years (the recommended holding period) |
| --- | --- | --- |
| Stress scenarios | What you might get back after costs | EUR 8,530 | EUR 6,340 |
| Average return each year | -14.7% | -14.1% |
| Unfavourable scenario | What you might get back after costs | EUR 8,530 | EUR 6,340 |
| Average return each year | -14.7% | -14.1% |
| Moderate scenario | What you might get back after costs | EUR 10,060 | EUR 10,660 |
| Average return each year | 0.6% | 2.2% |
| Favourable scenario | What you might get back after costs | EUR 11,370 | EUR 11,740 |
| Average return each year | 13.7% | 5.5% | | en | fr |
DOLFIN8327 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Luxembourg resident individuals
Capital gains realised on the sale of the Shares by Luxembourg resident individuals investors who hold the Shares in their personal portfolios (and not as business assets) are generally not subject to Luxembourg income tax except if:
- the Shares are sold before or within 6 months from their subscription or purchase; or
- if the Shares held in the private portfolio constitute a substantial shareholding. A shareholding is considered as substantial when the seller holds or has held, alone or with his/her spouse and underage children, has participated either directly or indirectly at any time during the five years preceding the date of the disposal, more than 10% of the share capital of the company. | ##### Particuliers résidents luxembourgeois
Les particuliers résidents luxembourgeois détenant les Actions dans leur portefeuille personnel (et non en tant qu'actifs d'entreprise) ne sont en général pas soumis à l'impôt luxembourgeois sur le revenu au titre des plus-values réalisées sur la vente d’Actions, sauf :
- si les Actions sont cédées dans les 6 mois suivant leur souscription ou leur acquisition ; ou
- si les Actions détenues au sein du portefeuille privé constituent une participation substantielle. Une participation est considérée comme substantielle lorsque le vendeur, seul ou avec son conjoint et/ou ses enfants mineurs, a détenu, directement ou indirectement, plus de 10 % du capital de la Société à n'importe quel moment au cours de la période de cinq ans précédant la date de la cession. | ##### Luxembourg resident individuals
Capital gains realised on the sale of the Shares by Luxembourg resident individuals investors who hold the Shares in their personal portfolios (and not as business assets) are generally not subject to Luxembourg income tax except if:
- the Shares are sold before or within 6 months from their subscription or purchase; or
- if the Shares held in the private portfolio constitute a substantial shareholding. A shareholding is considered as substantial when the seller holds or has held, alone or with his/her spouse and underage children, has participated either directly or indirectly at any time during the five years preceding the date of the disposal, more than 10% of the share capital of the company. | en | fr |
DOLFIN8328 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Shareholders may redeem all or part of their shareholding, provided that if the request would reduce a shareholding below the minimum initial investment, as set out in Schedule VII of the Prospectus, such request may be treated as a request to redeem the entire shareholding unless the Company or the Administrator otherwise determines. Redemption orders received by the Administrator prior to the valuation point on a dealing day will, if accepted, be dealt with at the redemption price calculated on that dealing day.
The Company, at its discretion and with the consent of the redeeming shareholder, may transfer assets of the Company to a shareholder in satisfaction of the redemption monies payable on the redemption of shares, provided that, in the case of any redemption request in respect of shares representing 5% or more of the share capital of the Company or a Fund, assets may be transferred solely at the discretion of the Company without the consent of the shareholder. The allocation of such assets shall be subject to the approval of the Depositary. At the request of the shareholder making such redemption request, such assets may be sold by the Company and the proceeds of sale shall be transmitted to the shareholder.
If redemption requests on any dealing day exceed 10% of the shares in issue in respect of any Fund, the Company may defer the excess redemption requests to subsequent dealing days and shall redeem such shares rateably and the redemption requests shall be treated as if they were received on each subsequent dealing day until all the shares to which the original redemption requests related have been redeemed. | Les Actionnaires peuvent demander le rachat de tout ou partie de leur participation, étant entendu que si la demande ferait passer une participation en dessous de l’investissement initial minimum, tel que précisé dans l’Annexe VII au Prospectus, cette demande pourrait être traitée comme une demande de rachat de la totalité de la participation, sauf si la Société ou l’Agent administratif en décide autrement. Les ordres de rachat reçus par l’Agent administratif avant l’heure d’évaluation un jour de négociation seront, s’ils sont acceptés, traités au prix de rachat calculé ce jour de négociation.
La Société, à sa discrétion et avec le consentement de l’actionnaire demandant le rachat, peut transférer les actifs de la Société à un actionnaire en règlement du montant dû pour le rachat des actions, étant entendu que, dans le cas d’une demande de rachat concernant des actions représentant 5 % ou plus du capital-actions de la Société ou d’un Compartiment, les actifs peuvent être transférés à l’entière discrétion de la Société et sans le consentement de l’actionnaire. L’attribution de ces actifs est soumise à l’approbation du Dépositaire. À la demande de l’actionnaire effectuant cette demande de rachat, ces actifs peuvent être vendus par la Société et le produit de la vente remis à l’actionnaire.
Si les demandes de rachat lors d’un jour de négociation dépassent 10 % des actions en circulation d’un Compartiment, la Société peut reporter les demandes de rachat excédentaires à des jours de négociation ultérieurs et racheter ces actions au prorata, et les demandes de rachat seront traitées comme si elles avaient été reçues chaque jour de négociation ultérieur jusqu’à ce que toutes les actions faisant l’objet des demandes de rachat initiales soient rachetées. | Shareholders may redeem all or part of their shareholding, provided that if the request would reduce a shareholding below the minimum initial investment, as set out in Schedule VII of the Prospectus, such request may be treated as a request to redeem the entire shareholding unless the Company or the Administrator otherwise determines. Redemption orders received by the Administrator prior to the valuation point on a dealing day will, if accepted, be dealt with at the redemption price calculated on that dealing day.
The Company, at its discretion and with the consent of the redeeming shareholder, may transfer assets of the Company to a shareholder in satisfaction of the redemption monies payable on the redemption of shares, provided that, in the case of any redemption request in respect of shares representing 5% or more of the share capital of the Company or a Fund, assets may be transferred solely at the discretion of the Company without the consent of the shareholder. The allocation of such assets shall be subject to the approval of the Depositary. At the request of the shareholder making such redemption request, such assets may be sold by the Company and the proceeds of sale shall be transmitted to the shareholder.
If redemption requests on any dealing day exceed 10% of the shares in issue in respect of any Fund, the Company may defer the excess redemption requests to subsequent dealing days and shall redeem such shares rateably and the redemption requests shall be treated as if they were received on each subsequent dealing day until all the shares to which the original redemption requests related have been redeemed. | en | fr |
DOLFIN8329 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What is this Product ?
## Type
The Product is a sub-fund of EDMOND DE ROTHSCHILD FUND, a public limited liability company (société anonyme), incorporated as a "société d’investissement à capital variable" under Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment and qualifying as an undertaking for collective investment in transferable securities (UCITS).
## Term
The lifespan of this Product is not limited.
## Objectives
Objective: The Product’s investment objective over a recommended investment period of more than 5 years is to grow net asset value by investing in companies registered predominantly in Emerging Countries.
Benchmark index: The benchmark index of the Poduct is the MSCI Emerging Markets Index, calculated with net dividends reinvested. The benchmark index serves only for comparison purposes. The Product is actively managed.
Investment policy: The Investment Manager will systematically include environmental, social and governance (ESG) factors in their financial analysis in order to select the highest-rated companies.
At least 75% of portfolio companies receive ESG rating. The selection process includes a positive screening by selecting through a best in universe approach and a negative screening, whereby the Investment Manager has established a formal exclusion policy that integrates the exclusion of controversial companies related to weapon, coal and tobacco. Further details on the responsible investing approach applied on the Product can be found on the Investment Manager website: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Product Classifies as Article 8(1) SFDR as it promotes a combination of ESG characteristics, although no reference benchmark has been designated for the purpose of attaining.
In view of its ESG strategy, the Product promotes environmental characteristics but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities, in the context of the Taxonomy Regulation.
Between 75% and 110% of the Product's net assets will be exposed (directly or indirectly), to the international equity markets, and more specifically the Emerging Markets.
The Product may also expose (directly or indirectly) up to 110% of its net assets to the international equity markets of OECD member states as well as of countries outside the OECD and outside the Emerging Countries, where these markets are linked to the Emerging Markets.
The Product may invest in China A Shares via the Shanghai-Hong Kong Stock Connect program.
For cash management purposes, the Product may invest up to 25% of its net assets in transferable debt securities, Money Market Instruments, term deposits and Money Market Funds. The Product may use financial derivative instruments to achieve its investment objective.
Income allocation: Accumulation
## Intended retail investor
The Product is intended for Institutional Investors, businesses and individuals likely to understand the specific risks related to an investment in the Product and who wish to increase the value of their savings through a vehicle that more particularly targets companies registered predominantly in emerging countries. This share is intended for retail and corporate investors.
## Practical information
Custodian: Edmond de Rothschild (Europe)
More detailed information on Edmond de Rothschild Fund, the available sub-funds and share classes, such as the prospectus and the annual and semi-annual reports, may be obtained free of charge, in English, from the registered office of Edmond de Rothschild Asset Management (Luxembourg) at: 4 Rue Robert Stumper, L-2557 Luxembourg. | # En quoi consiste ce Produit ?
## Type
Le Produit est un compartiment de l’EDMOND DE ROTHSCHILD FUND, une société anonyme, constituée en société d’investissement à capital variable en vertu de la partie I de la loi luxembourgeoise du 17 décembre 2010 relative aux organismes de placement collectif et qualifiant d’organisme de placement collectif en valeurs mobilières (OPCVM).
## Durée
La durée de vie de ce Produit n’est pas limitée.
## Objectifs
Objectif : L’objectif d’investissement du Produit sur une durée de placement recommandée supérieure à 5 ans est d’augmenter la valeur nette des actifs en investissant dans des sociétés immatriculées pour la majorité dans des pays émergents.
Indice de référence : L’indice de référence du Produit est le MSCI Emerging Markets, calculé avec les dividendes nets réinvestis. L’indice de référence sert uniquement à des fins de comparaison. Le Produit est géré activement.
Politique d’investissement : Le Gestionnaire d’investissement inclura systématiquement des facteurs environnementaux, sociaux et de gouvernance (ESG) dans son analyse financière afin de sélectionner les sociétés les mieux notées.
Au moins 75 % des sociétés composant le portefeuille reçoivent une notation ESG. Le processus de sélection comprend un filtrage positif, qui sélectionne les sociétés les mieux adaptées à l’univers, ainsi qu’un filtrage négatif, au moyen duquel le Gestionnaire d’investissement a établi une politique d’exclusion formelle qui intègre l’exclusion des sociétés controversées liées aux armes, au charbon et au tabac. Des informations complémentaires sur l’approche d’investissement responsable du Produit sont disponibles sur le site Internet du Gestionnaire d’investissement : https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
Le Produit est classé dans la catégorie de l’Article 8, paragraphe 1, du SFDR car il favorise une combinaison de caractéristiques ESG, bien qu’aucun indice de référence n’ait été désigné pour les atteindre.
Compte tenu de sa stratégie ESG, le Produit fait la promotion des caractéristiques environnementales, mais n’investit pas dans des activités économiques durables sur le plan environnemental. Les investissements sous-jacents à ce produit financier ne tiennent pas compte des critères de l’UE relatifs aux activités économiques durables sur le plan environnemental, dans le cadre du Règlement sur la taxonomie.
Entre 75 % et 110 % des actifs nets du Produit seront exposés (directement ou indirectement) aux marchés d’actions internationaux et plus particulièrement aux marchés émergents. Le Produit pourra également exposer (directement ou indirectement) jusqu’à 110 % de ses actifs nets à des marchés d’actions internationaux de pays membres de l’OCDE ou hors OCDE et hors pays émergents présentant un lien avec les marchés émergents.
Le Produit peut investir dans des Actions A chinoises par le biais du programme Shanghai-Hong Kong Stock Connect.
À des fins de gestion de trésorerie, le Produit peut investir jusqu’à 25 % de ses actifs nets dans des titres de créance transférables, des Instruments du marché monétaire, des dépôts à terme et des Fonds monétaires.
Le Produit peut utiliser des instruments financiers dérivés pour atteindre son objectif d’investissement.
Répartition des revenus : Accumulation
## Investisseurs de détail visés
Le Produit est destiné aux Investisseurs institutionnels, aux sociétés et aux individus susceptibles de comprendre les risques spécifiques inhérents à un investissement dans le Produit et qui souhaitent augmenter la valeur de leurs économies par le biais d’un véhicule qui cible plus particulièrement les sociétés immatriculées principalement dans les pays émergents. Cette action est destinée aux investisseurs de détail et d’entreprise.
## Informations pratiques
Conservateur des actifs : Edmond de Rothschild (Europe)
Des informations plus détaillées sur l’Edmond de Rothschild Fund, les compartiments disponibles et les catégories d’actions, telles que le prospectus et les rapports annuels et semestriels, peuvent être obtenues gratuitement, en anglais, auprès du siège social d’Edmond de Rothschild Asset Management (Luxembourg) à l’adresse : 4 Rue Robert Stumper, L-2557 Luxembourg. | # What is this Product ?
## Type
The Product is a sub-fund of EDMOND DE ROTHSCHILD FUND, a public limited liability company (société anonyme), incorporated as a "société d’investissement à capital variable" under Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment and qualifying as an undertaking for collective investment in transferable securities (UCITS).
## Term
The lifespan of this Product is not limited.
## Objectives
Objective: The Product’s investment objective over a recommended investment period of more than 5 years is to grow net asset value by investing in companies registered predominantly in Emerging Countries.
Benchmark index: The benchmark index of the Poduct is the MSCI Emerging Markets Index, calculated with net dividends reinvested. The benchmark index serves only for comparison purposes. The Product is actively managed.
Investment policy: The Investment Manager will systematically include environmental, social and governance (ESG) factors in their financial analysis in order to select the highest-rated companies.
At least 75% of portfolio companies receive ESG rating. The selection process includes a positive screening by selecting through a best in universe approach and a negative screening, whereby the Investment Manager has established a formal exclusion policy that integrates the exclusion of controversial companies related to weapon, coal and tobacco. Further details on the responsible investing approach applied on the Product can be found on the Investment Manager website: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Product Classifies as Article 8(1) SFDR as it promotes a combination of ESG characteristics, although no reference benchmark has been designated for the purpose of attaining.
In view of its ESG strategy, the Product promotes environmental characteristics but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities, in the context of the Taxonomy Regulation.
Between 75% and 110% of the Product's net assets will be exposed (directly or indirectly), to the international equity markets, and more specifically the Emerging Markets.
The Product may also expose (directly or indirectly) up to 110% of its net assets to the international equity markets of OECD member states as well as of countries outside the OECD and outside the Emerging Countries, where these markets are linked to the Emerging Markets.
The Product may invest in China A Shares via the Shanghai-Hong Kong Stock Connect program.
For cash management purposes, the Product may invest up to 25% of its net assets in transferable debt securities, Money Market Instruments, term deposits and Money Market Funds. The Product may use financial derivative instruments to achieve its investment objective.
Income allocation: Accumulation
## Intended retail investor
The Product is intended for Institutional Investors, businesses and individuals likely to understand the specific risks related to an investment in the Product and who wish to increase the value of their savings through a vehicle that more particularly targets companies registered predominantly in emerging countries. This share is intended for retail and corporate investors.
## Practical information
Custodian: Edmond de Rothschild (Europe)
More detailed information on Edmond de Rothschild Fund, the available sub-funds and share classes, such as the prospectus and the annual and semi-annual reports, may be obtained free of charge, in English, from the registered office of Edmond de Rothschild Asset Management (Luxembourg) at: 4 Rue Robert Stumper, L-2557 Luxembourg. | en | fr |
DOLFIN8330 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVE AND INVESTMENT POLICY
## Objective
## The fund’s objective is capital appreciation, measured in Euros.
## Investment Policy
The fund invests primarily (at least 70%) in European equity securities. Some of the countries in Europe, primarily those in Eastern Europe, are currently considered emerging market economies. The fund generally focuses its investments in larger companies. The fund may use derivatives for hedging and/or investment purposes but will not primarily use derivatives to achieve the fund's investment objective.
The Investment Manager uses a bottom-up approach to buying and selling individual investments for the fund. Investments are selected primarily based on blending fundamental and quantitative research to create a blended rating for an issuer. The Investment Manager may consider environmental, social and governance (ESG) factors in its fundamental investment analysis alongside other factors. The fund falls within Article 6 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector ("SFDR") and does not promote an environmental or social characteristic, or have sustainable investment as its objective. The Investment Manager then constructs the portfolio using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, market capitalization, measures of expected volatility of the fund's returns and other factors, with a goal of constructing a portfolio with a target predicted tracking error of approximately 2% compared to the MSCI Europe Index (net div). Tracking error measures how the | # OBJETIVO Y POLÍTICA DE INVERSIÓN
## Objetivo
## El objetivo del fondo es lograr una revalorización del capital, expresada en euros.
## Política de inversión
El fondo invierte principalmente (como mínimo el 70% de sus activos) en títulos de renta variable europea. Algunos países ubicados en Europa, principalmente en Europa del Este, están considerados actualmente como economías de mercados emergentes. El fondo por lo general concentra sus inversiones en grandes empresas. El fondo puede emplear derivados con fines de cobertura y/o inversión, aunque no recurrirá a ellos como estrategia principal para alcanzar su objetivo de inversión.
El Gestor de inversiones emplea un enfoque “de abajo arriba” (bottom-up) para comprar y vender inversiones específicas para el fondo. Las inversiones se seleccionan principalmente a partir del análisis fundamental combinado con el cuantitativo con el fin de crear una calificación mixta para un emisor. La Gestora de inversiones puede tener en cuenta criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) en su análisis fundamental de inversión, además de otros factores. El fondo se enmarca dentro del artículo 6 del Reglamento (UE) 2019/2088 de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector financiero (el «SFDR») y no promueve características ambientales o sociales, ni tiene como objetivo una inversión sostenible. A continuación, la Gestora de inversiones construye la cartera mediante un proceso de optimización de dicha cartera que tiene en cuenta la calificación mixta, así como las ponderaciones asignadas al emisor, la industria y el sector; la capitalización bursátil; las medidas de volatilidad esperada de los rendimientos del fondo y otros factores, todo ello con el objetivo de construir una cartera que tenga un error de seguimiento estimado de aproximadamente el 2% comparado con el MSCI Europe Index | # OBJECTIVE AND INVESTMENT POLICY
## Objective
## The fund’s objective is capital appreciation, measured in Euros.
## Investment Policy
The fund invests primarily (at least 70%) in European equity securities. Some of the countries in Europe, primarily those in Eastern Europe, are currently considered emerging market economies. The fund generally focuses its investments in larger companies. The fund may use derivatives for hedging and/or investment purposes but will not primarily use derivatives to achieve the fund's investment objective.
The Investment Manager uses a bottom-up approach to buying and selling individual investments for the fund. Investments are selected primarily based on blending fundamental and quantitative research to create a blended rating for an issuer. The Investment Manager may consider environmental, social and governance (ESG) factors in its fundamental investment analysis alongside other factors. The fund falls within Article 6 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector ("SFDR") and does not promote an environmental or social characteristic, or have sustainable investment as its objective. The Investment Manager then constructs the portfolio using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, market capitalization, measures of expected volatility of the fund's returns and other factors, with a goal of constructing a portfolio with a target predicted tracking error of approximately 2% compared to the MSCI Europe Index (net div). Tracking error measures how the | en | es |
DOLFIN8331 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Past performance is not indicative of future results.
-
## Risk Management
- Determination of the global exposureAccording to the Circular 11/512, the Management Company must calculate the Fund’s global exposure at least once a day. The limits on global exposure must be complied with on an ongoing basis.
It is the responsibility of the Management Company to select an appropriate methodology to calculate the global exposure. More specifically, the selection should be based on the self-assessment by the Management Company of the Fund’s risk profile resulting from its investment policy (including its use of financial derivative instruments).
- Risk measurement methodology according to the Fund’s risk profileThe funds are classified after a self-assessment of their risk profile resulting from their investment policy including their inherent derivative investment strategy that determines two risk measurement methodologies:
- The advanced risk measurement methodology, such as the Value-at-Risk (VaR) approach to calculate global exposure, where:
- The fund engages in complex investment strategies that represent more than a negligible part of the Funds’ investment policy,
- The fund has more than a negligible exposure to exotic derivatives, or
- The commitment approach doesn’t adequately capture the market risk of the portfolio.
- The commitment approach methodology to calculate the global exposure should be used in every other case. | # Les performances passées ne donnent aucune indication sur les résultats futurs.
-
## Gestion des risques
- Définition de l’exposition globaleConformément à la Circulaire 11/512, la Société de gestion doit calculer l’exposition globale du Fonds au moins une fois par jour. Les limites en matière d’exposition globale doivent être respectées sur une base continue.
Il appartient à la Société de gestion de sélectionner une méthode adéquate de calcul de l’exposition globale. De manière plus précise, la sélection doit s’opérer sur la base de l’autoévaluation par la Société de gestion des risques encourus par le Fonds du fait de sa politique d’investissement (y compris de l’utilisation d’instruments financiers dérivés).
- Méthode de mesure des risques en fonction du profil de risque du FondsLes fonds sont classés sur la base d’une autoévaluation de leur profil de risque au regard de leur politique d’investissement, y compris de leur stratégie d’investissement en instruments dérivés, qui détermine deux méthodes de mesure des risques :
- la méthode élaborée de mesure des risques (méthode VaR) est utilisée pour calculer l’exposition globale lorsque :
- le fonds recourt à des stratégies d’investissement complexes qui représentent une part non négligeable de la politique d’investissement du Fonds,
- le fonds présente une exposition non négligeable à des produits dérivés exotiques ; ou
- l’approche par les engagements (Commitment) ne reflète pas correctement le risque de marché du portefeuille.
- L’approche par les engagements sera utilisée dans tous les autres cas pour calculer l’exposition globale. | # Past performance is not indicative of future results.
-
## Risk Management
- Determination of the global exposureAccording to the Circular 11/512, the Management Company must calculate the Fund’s global exposure at least once a day. The limits on global exposure must be complied with on an ongoing basis.
It is the responsibility of the Management Company to select an appropriate methodology to calculate the global exposure. More specifically, the selection should be based on the self-assessment by the Management Company of the Fund’s risk profile resulting from its investment policy (including its use of financial derivative instruments).
- Risk measurement methodology according to the Fund’s risk profileThe funds are classified after a self-assessment of their risk profile resulting from their investment policy including their inherent derivative investment strategy that determines two risk measurement methodologies:
- The advanced risk measurement methodology, such as the Value-at-Risk (VaR) approach to calculate global exposure, where:
- The fund engages in complex investment strategies that represent more than a negligible part of the Funds’ investment policy,
- The fund has more than a negligible exposure to exotic derivatives, or
- The commitment approach doesn’t adequately capture the market risk of the portfolio.
- The commitment approach methodology to calculate the global exposure should be used in every other case. | en | fr |
DOLFIN8332 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# DOCUMENT D’INFORMATION CLE POUR L’INVESTISSEUR
Ce document fournit des informations essentielles aux investisseurs de ce Fonds Commun de Placement (FCP). Il ne s’agit pas d’un document promotionnel. Les informations qu’il contient vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste un investissement dans ce FCP et quels risques y sont associés. Il vous est conseillé de le lire pour décider en connaissance de cause d’investir ou non.
FCP BDL CONVICTIONS Part C (Code ISIN FR0010651224)
Société de Gestion : BDL Capital Management
Objectifs et Politique d’Investissement
Le FCP cherche à réaliser une performance supérieure à celle de l’indice « Dow Jones Stoxx 600 Price » dividendes réinvestis. La gestion, discrétionnaire, est faite en pure sélection de valeurs sans référence à un indice ou un secteur d’activité. En revanche, l’indice Stoxx 600 (600 plus importantes capitalisations boursières sur les marchés européens) libellé en euros et dividendes réinvestis peut être utilisé comme élément d’appréciation à long terme. Les décisions d’investissements s’appuient sur la recherche fondamentale, selon la vision du gérant des modèles économiques des sociétés sélectionnées. | # DOCUMENTO DE DATOS FUNDAMENTALES PARA EL INVERSOR
El presente documento recoge los datos fundamentales sobre este Fondo de inversión colectiva (Fondo) que el inversor debe conocer. No se trata de material de promoción comercial. La ley exige que se facilite esta información para ayudarle a comprender la naturaleza del Fondo y los riesgos que comporta invertir en él. Es aconsejable que lea el documento para poder tomar una decisión fundada sobre la conveniencia o no de invertir en él.
FONDO DE INVERSIÓN COLECTIVA BDL CONVICTIONS
Participación C (Código ISIN: FR0010651224) Sociedad gestora: BDL Capital Management
Objetivos y política de inversión
El Fondo trata de obtener una rentabilidad superior a la del índice Dow Jones Stoxx 600 Price, con los dividendos reinvertidos. La gestión, discrecional, se lleva a cabo con un enfoque total en la selección de valores, sin referencia a un índice o sector de actividad. No obstante, puede utilizarse el índice Stoxx 600 (que incluye los 600 valores con mayor capitalización bursátil de los mercados europeos), denominado en euros y con los dividendos reinvertidos, a efectos de medición a largo plazo. Las decisiones de inversión se basan en el análisis fundamental, según la perspectiva del gestor sobre los mercados económicos de las empresas seleccionadas. | # DOCUMENT D’INFORMATION CLE POUR L’INVESTISSEUR
Ce document fournit des informations essentielles aux investisseurs de ce Fonds Commun de Placement (FCP). Il ne s’agit pas d’un document promotionnel. Les informations qu’il contient vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste un investissement dans ce FCP et quels risques y sont associés. Il vous est conseillé de le lire pour décider en connaissance de cause d’investir ou non.
FCP BDL CONVICTIONS Part C (Code ISIN FR0010651224)
Société de Gestion : BDL Capital Management
Objectifs et Politique d’Investissement
Le FCP cherche à réaliser une performance supérieure à celle de l’indice « Dow Jones Stoxx 600 Price » dividendes réinvestis. La gestion, discrétionnaire, est faite en pure sélection de valeurs sans référence à un indice ou un secteur d’activité. En revanche, l’indice Stoxx 600 (600 plus importantes capitalisations boursières sur les marchés européens) libellé en euros et dividendes réinvestis peut être utilisé comme élément d’appréciation à long terme. Les décisions d’investissements s’appuient sur la recherche fondamentale, selon la vision du gérant des modèles économiques des sociétés sélectionnées. | fr | es |
DOLFIN8333 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charges | 1.00 % | The percentage shown is the maximum that may be deducted from your capital before it is invested, or before you are paid the returns on your investment. In certain cases, the charges paid may be lower than those published. Investors may request the exact amount of entry and exit charges from their financial adviser or distributor. |
| Exit charges | None |
| Charges taken from the Fund over a year |
| Ongoing charges | 0.70 % | The percentage shown is based on the charges for the previous financial year (fixed management fees and turnover commissions) ending 31 December 2020. These charges may vary from one financial year to another. They do not include: performance fees and portfolio intermediary fees, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. |
| Charges taken from the Fund under specific conditions |
| Performance fee | 15% of the outperformance of the 3M Euribor + 230 basis points, subject to this performance being above zero in the reference period concerned. Amount of the performance fee charged in the last financial year: 0.16 % | | | Spese una tantum prelevate prima o dopo l’investimento |
| --- |
| Spesa di sottoscrizione | 1,00% | Percentuale massima che può essere prelevata dal vostro capitale prima che venga investito o prima che il rendimento dell’investimento venga distribuito. In taluni casi, le spese effettivamente corrisposte possono essere inferiori. L’investitore può richiedere al proprio consulente finanziario o distributore l’importo esatto delle spese di sottoscrizione e di rimborso. |
| Spesa di rimborso | Non prevista |
| Spese prelevate dal Fondo in un anno |
| Spese correnti | 0,70% | La percentuale indicata si basa sulle spese dell’esercizio precedente (spese di gestione fisse e commissione di movimentazione), chiuso al giovedì 31 dicembre 2020. Tali spese possono variare da un esercizio all’altro. Non comprendono le commissioni legate al rendimento e le spese d’intermediazione, eccetto il caso di spese di sottoscrizione e/o di rimborso pagate dal Fondo quando acquista o vende quote di un altro veicolo di gestione collettiva. |
| Spese prelevate dal Fondo a determinate condizioni specifiche |
| Commissioni legate al rendimento | 15% del rendimento superiore all’Euribor a 3 mesi + 230 punti base, a condizione che tale rendimento sia superiore a 0 nel corso del periodo di riferimento considerato. Importo delle commissioni legate al rendimento applicate nel corso dell’ultimo esercizio: 0,16% | | | One-off charges taken before or after you invest |
| --- |
| Entry charges | 1.00 % | The percentage shown is the maximum that may be deducted from your capital before it is invested, or before you are paid the returns on your investment. In certain cases, the charges paid may be lower than those published. Investors may request the exact amount of entry and exit charges from their financial adviser or distributor. |
| Exit charges | None |
| Charges taken from the Fund over a year |
| Ongoing charges | 0.70 % | The percentage shown is based on the charges for the previous financial year (fixed management fees and turnover commissions) ending 31 December 2020. These charges may vary from one financial year to another. They do not include: performance fees and portfolio intermediary fees, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. |
| Charges taken from the Fund under specific conditions |
| Performance fee | 15% of the outperformance of the 3M Euribor + 230 basis points, subject to this performance being above zero in the reference period concerned. Amount of the performance fee charged in the last financial year: 0.16 % | | en | it |
DOLFIN8334 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# INVESTMENT STRATEGY AND RESTRICTIONS
Each Sub-Fund has a specific investment objective and policy described in its Supplement. The investments of each Sub-Fund must comply with the provisions of the 2010 Law. The investment restrictions and policies set out in this section apply to all Sub-Funds, without prejudice to any specific rules adopted for a Sub-Fund, as described in its Supplement where applicable. The Board of Directors may impose additional investment guidelines for each Sub- Fund from time to time, for instance where it is necessary to comply with local laws and regulations in countries where Shares are distributed. Each Sub-Fund should be regarded as a separate UCITS for the purposes of this section.
-
## Authorised investments | # STRATÉGIE ET RESTRICTIONS D'INVESTISSEMENT
Chaque Compartiment a un objectif et une politique d'investissement spécifiques décrits dans son Supplément. Les investissements de chaque Compartiment doivent être conformes aux dispositions de la Loi de 2010. Les restrictions et politiques d'investissement énoncées dans la présente section s'appliquent à tous les Compartiments, sans préjudice de toute règle spécifique adoptée pour un Compartiment, telle que décrite dans son Supplément le cas échéant. Le Conseil d'administration peut imposer des directives d'investissement supplémentaires pour chaque Compartiment en tant que de besoin, par exemple lorsqu'il est nécessaire de se conformer aux lois et réglementations locales dans les pays où les Actions sont distribuées. Chaque Compartiment doit être considéré comme un OPCVM distinct aux fins de la présente section.
-
## Investissements autorisés | # INVESTMENT STRATEGY AND RESTRICTIONS
Each Sub-Fund has a specific investment objective and policy described in its Supplement. The investments of each Sub-Fund must comply with the provisions of the 2010 Law. The investment restrictions and policies set out in this section apply to all Sub-Funds, without prejudice to any specific rules adopted for a Sub-Fund, as described in its Supplement where applicable. The Board of Directors may impose additional investment guidelines for each Sub- Fund from time to time, for instance where it is necessary to comply with local laws and regulations in countries where Shares are distributed. Each Sub-Fund should be regarded as a separate UCITS for the purposes of this section.
-
## Authorised investments | en | fr |
DOLFIN8335 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Composition des coûts |
| --- |
| Coûts ponctuels à l’entrée ou à la sortie | En cas de vente de vos placements après 1 an |
| Coûts d'entrée | 5,00 % du montant que vous versez lors de la saisie de cet investissement. C'est le maximum qui vous sera facturé. La personne qui vous vend le produit vous informera des frais réels. | 500 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit. | 0 EUR |
| Coûts récurrents | |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,85 % de la valeur de votre investissement par an. | 226 EUR |
| Coûts de transaction de portefeuille | 0,05 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 5 EUR |
| Coûts accessoires prélevés sous certaines conditions | |
| Commissions liées aux résultats | Nous ne facturons pas de commission liée aux résultats pour ce produit. | 0 EUR | | | Composición de los costes |
| --- |
| Costes únicos de entrada o salida | Si vende su inversión después de 1 año |
| Costes de entrada | 5,00 % de la cantidad que ingresa al ingresar esta inversión. Esto es lo máximo que se le cobrará. La persona que le vende el producto le informará del cargo real. | 500 EUR |
| Costes de salida | No cobramos una comisión de salida por este producto. | 0 EUR |
| Costes corrientes | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,85 % del valor de su inversión al año. | 226 EUR |
| Costes de operación de la cartera | 0,05 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 5 EUR |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento | No cobramos una comisión de rendimiento por este producto. | 0 EUR | | | Composition des coûts |
| --- |
| Coûts ponctuels à l’entrée ou à la sortie | En cas de vente de vos placements après 1 an |
| Coûts d'entrée | 5,00 % du montant que vous versez lors de la saisie de cet investissement. C'est le maximum qui vous sera facturé. La personne qui vous vend le produit vous informera des frais réels. | 500 EUR |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit. | 0 EUR |
| Coûts récurrents | |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,85 % de la valeur de votre investissement par an. | 226 EUR |
| Coûts de transaction de portefeuille | 0,05 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 5 EUR |
| Coûts accessoires prélevés sous certaines conditions | |
| Commissions liées aux résultats | Nous ne facturons pas de commission liée aux résultats pour ce produit. | 0 EUR | | fr | es |
DOLFIN8336 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in USD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2008. The share class was launched in 2017.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
† Benchmark:BBG World Government Inflation-Linked Bond Index (USD)
Historic performance to 31 December 2021
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fund | | 0.1 | 8.3 | 9.7 | 5.5 |
| Benchmark † | | 0.1 | 8.4 | 9.8 | 6.4 |
During this period performance was achieved under circumstances that no longer apply.
*On 6/12/2021, the Fund changed its name and investment objective and policy. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en USD para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 2008. La clase de acciones se lanzó en 2017.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
† Índice de referencia:BBG World Government Inflation-Linked Bond Index (USD)
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fondo | | 0,1 | 8,3 | 9,7 | 5,5 |
| Índice † | | 0,1 | 8,4 | 9,8 | 6,4 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
*El 6/12/2021, el Fondo cambió su nombre, así como su objetivo y política de inversión. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in USD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2008. The share class was launched in 2017.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
† Benchmark:BBG World Government Inflation-Linked Bond Index (USD)
Historic performance to 31 December 2021
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fund | | 0.1 | 8.3 | 9.7 | 5.5 |
| Benchmark † | | 0.1 | 8.4 | 9.8 | 6.4 |
During this period performance was achieved under circumstances that no longer apply.
*On 6/12/2021, the Fund changed its name and investment objective and policy. | en | es |
DOLFIN8337 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | 148 EUR | 719 EUR |
| Annual cost impact (*) | 1.5% | 1.5% each year | | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- |
| Coûts totaux | 148 EUR | 719 EUR |
| Incidence des coûts annuels (*) | 1.5% | 1.5% chaque année | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | 148 EUR | 719 EUR |
| Annual cost impact (*) | 1.5% | 1.5% each year | | en | fr |
DOLFIN8338 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
As a result of the aforementioned ESG methodology and exclusions, the weighted average base ESG score of the Fund’s portfolio is higher than the average base ESG score of the Fund’s Investment Universe. ESG scores for each portfolio company will be reviewed and updated at least annually.
The Fund has met the ESG characteristics which it promotes through the implementation of the processes set out above.
3 A buffer of 5% is allowed for investments in companies that would not fulfil these criteria. | Come conseguenza della metodologia ESG e delle esclusioni summenzionate, la media ponderata del punteggio ESG di base del portafoglio del Comparto è maggiore del punteggio medio ESG di base dell’universo d’investimento del Comparto. I punteggi ESG di ciascuna società del portafoglio verranno riesaminati e aggiornati almeno una volta all’anno.
Il Fondo ha soddisfatto le caratteristiche ESG che promuove attraverso l’attuazione dei processi definiti sopra.
3 È previsto un margine di tolleranza del 5% per gli investimenti in società che non soddisfino tali criteri | As a result of the aforementioned ESG methodology and exclusions, the weighted average base ESG score of the Fund’s portfolio is higher than the average base ESG score of the Fund’s Investment Universe. ESG scores for each portfolio company will be reviewed and updated at least annually.
The Fund has met the ESG characteristics which it promotes through the implementation of the processes set out above.
3 A buffer of 5% is allowed for investments in companies that would not fulfil these criteria. | en | it |
DOLFIN8339 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# La réalisation de ces risques entraînera la baisse de la valeur liquidative.
- – Risques liés à la gestion des garanties financières :Ces garanties sont susceptibles de créer des risques pour la SICAV tels que :
- le risque de contrepartie (tel que décrit ci-dessus),
- le risque juridique,
- le risque de conservation,
- le risque de liquidité (c’est-à-dire le risque résultant de la difficulté d’acheter, vendre, résilier ou valoriser un titre ou une transaction du fait d’un manque d’acheteurs, de vendeurs, ou de contreparties), et, le cas échéant,
- les risques liés à la réutilisation des garanties (c’est-à-dire principalement le risque que les garanties financières remises par la SICAV ne lui soient pas restituées, par exemple à la suite de la défaillance de la contrepartie). | # La materialización de estos riesgos puede implicar una bajada del valor liquidativo.
- - Riesgos vinculados a la gestión de garantías financieras:Estas garantías pueden generar riesgos para la SICAV, como:
- Riesgo de contraparte (según lo descrito anteriormente),
- Riesgo legal;
- El riesgo de custodia;
- El riesgo de liquidez (es decir, el riesgo resultante de la dificultad para comprar, vender, rescindir o valorar un valor o una transacción debido a la falta de compradores, vendedores o contrapartes) y, cuando proceda,
- Riesgos vinculados a la reutilización de las garantías (es decir, principalmente el riesgo de que las garantías financieras entregadas por la SICAV no se le devuelvan, por ejemplo, tras el impago de la contraparte). | # La réalisation de ces risques entraînera la baisse de la valeur liquidative.
- – Risques liés à la gestion des garanties financières :Ces garanties sont susceptibles de créer des risques pour la SICAV tels que :
- le risque de contrepartie (tel que décrit ci-dessus),
- le risque juridique,
- le risque de conservation,
- le risque de liquidité (c’est-à-dire le risque résultant de la difficulté d’acheter, vendre, résilier ou valoriser un titre ou une transaction du fait d’un manque d’acheteurs, de vendeurs, ou de contreparties), et, le cas échéant,
- les risques liés à la réutilisation des garanties (c’est-à-dire principalement le risque que les garanties financières remises par la SICAV ne lui soient pas restituées, par exemple à la suite de la défaillance de la contrepartie). | fr | es |
DOLFIN8340 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
This limit is raised to 10% in the case of credit institutions authorised in the EEA or credit institutions authorised within a signatory state (other than an EEA Member State) to the Basle Capital Convergence Agreement of July 1988; or a credit institution authorised in Jersey, Guernsey, the Isle of Man, Australia or New Zealand.
- Notwithstanding paragraphs 11.3, 11.7 and 11.8 above, a combination of two or more of the following issued by, or made or undertaken with, the same body may not exceed 20% of net assets:
- investments in transferable securities or money market instruments;
- deposits, and/or
- counter party risk exposures arising from OTC derivative transactions. | Diese Grenze wird im Falle von Kreditinstituten, die in einem Mitgliedstaat des EWR, in einem Unterzeichnerstaat der Baseler Eigenkapitalvereinbarung von Juli 1988 (der kein Mitgliedstaat des EWR ist) oder in Jersey, Guernsey, der Insel Man, Australien oder Neuseeland zugelassen sind, auf 10% angehoben.
- Unbeschadet der vorstehenden Absätze 11.3, 11.7 und 11.8 darf eine Kombination aus zwei oder mehreren der folgenden Anlagen bzw. Anlageformen, die über oder bei ein und derselben Institution getätigt bzw. von ein und derselben Institution begeben werden, 20% des Nettovermögens nicht überschreiten:
- Anlagen in übertragbaren Wertpapieren oder Geldmarktinstrumenten;
- Einlagen; und/oder
- Kontrahentenrisiken aus OTC-Derivate-Transaktionen. | This limit is raised to 10% in the case of credit institutions authorised in the EEA or credit institutions authorised within a signatory state (other than an EEA Member State) to the Basle Capital Convergence Agreement of July 1988; or a credit institution authorised in Jersey, Guernsey, the Isle of Man, Australia or New Zealand.
- Notwithstanding paragraphs 11.3, 11.7 and 11.8 above, a combination of two or more of the following issued by, or made or undertaken with, the same body may not exceed 20% of net assets:
- investments in transferable securities or money market instruments;
- deposits, and/or
- counter party risk exposures arising from OTC derivative transactions. | en | de |
DOLFIN8341 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais | Frais ponctuels avant et après investissement: Frais d'entrée et de sortie: 5,00% / 0,00% Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi / avant que le revenu de votre investissement ne vous soit distribué. Frais prélevés par le fonds sur une année: Frais courants: 1,63% Frais pris en charge par le fonds dans certaines circonstances: Frais liés à la performance du fonds : jusqu'à 20 % des rendements générés par le fonds au-delà de l'indice de référence (MSCI Europe Micro Cap) au cours de la période comptable. Il s’élevait pour l’exercice écoulé à 2,70%. |
| --- | --- |
| |
| Les commissions et autres frais servent à financer les frais de gestion courante et de garde de l’actif du fonds ainsi que les frais de commercialisation des parts du fonds. Ces frais réduisent les opportunités de rendement qui se présentent à l’investisseur. Le droit d’entrée / de sortie indiqué ici est un montant maximum. Il peut être le cas échéant moins élevé. Vous pouvez interroger votre distributeur pour lui demander le taux effectif qui vous serait appliqué. La conversion de parts d’une catégorie de parts du fonds en parts d’une autre catégorie de parts du même fonds ne fait pas l’objet de frais supplémentaires. Les frais courants mentionnés ici ont été supportés au cours du dernier exercice du fonds, qui a été clôturé en décembre 2021. Les frais courants peuvent varier d’une année à l’autre. Les frais courants ne comprennent pas de rémunération liée à la réussite ni les frais occasionnés pour l’acquisition ou l’aliénation d’éléments d’actifs (frais de transaction). Le rapport annuel pour chaque exercice contient des précisions concernant les frais réellement comptés. Davantage d’informations sur les frais peuvent être consultées sous la rubrique « Commission de gestion et frais divers » du prospectus de vente. |
| Performances passées | Les performances du passé ne constituent en aucun cas une garantie concernant les performances futures. L’ensemble des frais et des commissions, à l’exception du droit d’entrée, ont été déduits lors du calcul. Le fonds a été lancé le 02.10.2017. Cette catégorie de parts a été lancée le 02.10.2017. La performance historique a été calculée en Euro. |
| |
| Informations pratiques | State Street Bank International GmbH, Luxembourg Branch est la banque dépositaire du fonds. Le prospectus et les rapports actuels, ainsi que les cours actuels des parts et d’autres informations sur le fonds sont disponibles gratuitement en anglais sur notre site Internet, à l’adresse https://fondsfinder.universal-investment.com. Le fonds est soumis à la loi luxembourgeoise et à la réglementation fiscale en vigeur au Grand Duché du Luxembourg. Cela peut avoir un impact sur la façon dont vous serez imposé en rapport avec vos revenus provenant du fonds. La responsabilité de la sociéte d'investissement Universal-Investment-Luxembourg S.A. ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus de l’OPCVM. Ce fonds est agréé au Grand Duché du Luxembourg et réglémenté par la Commission de Surveillance du Secteur Financier („CSSF“). MSCI® est une marque déposée de MSCI Limited. Les informations concernant la politique de rémunération actuelle de la Société de gestion sont disponibles sur Internet à l'adresse www.universal-investment.com/en/Remuneration-system-Luxemburg. Celles-ci comprennent une description des méthodes de calcul des rémunérations et des avantages perçus par les groupes de collaborateurs, ainsi que les données des personnes compétentes pour la répartition, y compris la composition de la commission de rémunération. Les informations sur la Société de gestion peuvent vous être fournies gratuitement en format papier sur demande. Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 18.02.2022. |
| | | | Gastos | Gastos excepcionales aplicados antes y después de invertir: Comisión de suscripción / Comisión de reembolso: 5,00% / 0,00% Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. Gastos detraídos del fondo a lo largo de un año: Gastos corrientes: 1,63% Gastos detraídos del fondo en determinadas condiciones específicas: Comisión de rentabilidad: Hasta un 20% de los ingresos generados por el Fondo durante el periodo de liquidación por encima del valor de referencia (MSCI Europe Micro Cap Index). En el último ejercicio financiero, la rentabilidad superior asciende al 2,70%. |
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| |
| Con cargo a las comisiones y a otros gastos se financian la gestión corriente y la custodia del patrimonio del fondo, así como la distribución de las participaciones del fondo. Estos gastos reducen el potencial de remuneración del inversor. La comisión de suscripción descrita en este documento constituye un importe máximo. En casos individuales, podría ser inferior. Podrán solicitar información sobre el porcentaje aplicable en cada caso al distribuidor de las participaciones. No se cobran comisiones adicionales para transformar las participaciones de una clase de participaciones en otra clase del mismo fondo. Los gastos corrientes que figuran en el presente corresponden al último ejercicio financiero del Fondo, finalizado en diciembre de 2021. Los gastos corrientes pueden variar de un año a otro. Los gastos corrientes no incluyen la comisión de rentabilidad y los gastos derivados de la compra y venta de activos (gastos de transacción). El informe anual correspondiente a cada ejercicio financiero figuran detalladamente los gastos exactos cobrados. Para más información sobre los gastos, consulte la sección “Gastos de administración y otros” del Folleto. |
| Rentabilidad histórica | Rentabilidades pasadas no garantizan rentabilidades futuras. En este cálculo, se han deducido todos los costes y comisiones, a excepción de la comisión de suscripción. El fondo fue lanzado el 02.10.2017. La fecha de lanzamiento de esta clase de participaciones fue el 02.10.2017. Las rentabilidades pasadas se han calculado en Euro. |
| |
| Información práctica | El depositario del fondo es State Street Bank International GmbH, Luxembourg Branch. El folleto y los informes periódicos, los precios actuales de las participaciones y demás información sobre el fondo o sobre el resto de clases de participaciones del fondo podrán consultarse de forma gratuita en lengua inglesa en nuestra página web: https://fondsfinder.universal-investment.com. El subfondo estará sujeto a la legislación y demás regulaciones vigentes en el Gran Ducado de Luxemburgo. Tal circunstancia podría afectar al régimen tributario de cada inversor con respecto a las rentas derivadas del fondo. Universal-Investment-Luxembourg S.A. 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. El fondo está autorizado y supervisado en Luxemburgo por la Commission de Surveillance du Secteur Financier ("CSSF"). MSCI® es una marca registrada de MSCI Limited. La información sobre la política de remuneración actual de la sociedad gestora está publicada en Internet en www.universal- investment.com/en/Remuneration-system-Luxemburg. Incluye una descripción de los métodos de cálculo de las remuneraciones y asignaciones a grupos de trabajadores determinados, así como los datos de las personas responsables de la distribución, incluyendo la composición del comité de remuneraciones. A petición, se le proporcionará la información de la sociedad en papel y sin coste alguno. Los presentes Datos Fundamentales para el Inversor son exactos a 18.02.2022. |
| | | | Frais | Frais ponctuels avant et après investissement: Frais d'entrée et de sortie: 5,00% / 0,00% Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi / avant que le revenu de votre investissement ne vous soit distribué. Frais prélevés par le fonds sur une année: Frais courants: 1,63% Frais pris en charge par le fonds dans certaines circonstances: Frais liés à la performance du fonds : jusqu'à 20 % des rendements générés par le fonds au-delà de l'indice de référence (MSCI Europe Micro Cap) au cours de la période comptable. Il s’élevait pour l’exercice écoulé à 2,70%. |
| --- | --- |
| |
| Les commissions et autres frais servent à financer les frais de gestion courante et de garde de l’actif du fonds ainsi que les frais de commercialisation des parts du fonds. Ces frais réduisent les opportunités de rendement qui se présentent à l’investisseur. Le droit d’entrée / de sortie indiqué ici est un montant maximum. Il peut être le cas échéant moins élevé. Vous pouvez interroger votre distributeur pour lui demander le taux effectif qui vous serait appliqué. La conversion de parts d’une catégorie de parts du fonds en parts d’une autre catégorie de parts du même fonds ne fait pas l’objet de frais supplémentaires. Les frais courants mentionnés ici ont été supportés au cours du dernier exercice du fonds, qui a été clôturé en décembre 2021. Les frais courants peuvent varier d’une année à l’autre. Les frais courants ne comprennent pas de rémunération liée à la réussite ni les frais occasionnés pour l’acquisition ou l’aliénation d’éléments d’actifs (frais de transaction). Le rapport annuel pour chaque exercice contient des précisions concernant les frais réellement comptés. Davantage d’informations sur les frais peuvent être consultées sous la rubrique « Commission de gestion et frais divers » du prospectus de vente. |
| Performances passées | Les performances du passé ne constituent en aucun cas une garantie concernant les performances futures. L’ensemble des frais et des commissions, à l’exception du droit d’entrée, ont été déduits lors du calcul. Le fonds a été lancé le 02.10.2017. Cette catégorie de parts a été lancée le 02.10.2017. La performance historique a été calculée en Euro. |
| |
| Informations pratiques | State Street Bank International GmbH, Luxembourg Branch est la banque dépositaire du fonds. Le prospectus et les rapports actuels, ainsi que les cours actuels des parts et d’autres informations sur le fonds sont disponibles gratuitement en anglais sur notre site Internet, à l’adresse https://fondsfinder.universal-investment.com. Le fonds est soumis à la loi luxembourgeoise et à la réglementation fiscale en vigeur au Grand Duché du Luxembourg. Cela peut avoir un impact sur la façon dont vous serez imposé en rapport avec vos revenus provenant du fonds. La responsabilité de la sociéte d'investissement Universal-Investment-Luxembourg S.A. ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus de l’OPCVM. Ce fonds est agréé au Grand Duché du Luxembourg et réglémenté par la Commission de Surveillance du Secteur Financier („CSSF“). MSCI® est une marque déposée de MSCI Limited. Les informations concernant la politique de rémunération actuelle de la Société de gestion sont disponibles sur Internet à l'adresse www.universal-investment.com/en/Remuneration-system-Luxemburg. Celles-ci comprennent une description des méthodes de calcul des rémunérations et des avantages perçus par les groupes de collaborateurs, ainsi que les données des personnes compétentes pour la répartition, y compris la composition de la commission de rémunération. Les informations sur la Société de gestion peuvent vous être fournies gratuitement en format papier sur demande. Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 18.02.2022. |
| | | fr | es |
DOLFIN8342 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Investment 10 000 USD | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 684 USD | 1 087 USD |
| Annual Cost Impact* | 6.84 % | 2.44 % | | | Investissement 10 000 USD | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 684 USD | 1 087 USD |
| Incidence des coûts annuels* | 6,84 % | 2,44 % | | | Investment 10 000 USD | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 684 USD | 1 087 USD |
| Annual Cost Impact* | 6.84 % | 2.44 % | | en | fr |
DOLFIN8343 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment 10 000 USD | If you exit after 1 Year | If you exit after 3 Years |
| --- | --- | --- |
| Total costs | 99 USD | 330 USD |
| Annual Cost Impact* | 0.99 % | 1.02 % | | | Investimento: 10 000 USD | In caso di uscita dopo 1 Anno | In caso di uscita dopo 3 Anni |
| --- | --- | --- |
| Costi totali | 99 USD | 330 USD |
| Incidenza annuale dei costi* | 0,99 % | 1,02 % | | | Investment 10 000 USD | If you exit after 1 Year | If you exit after 3 Years |
| --- | --- | --- |
| Total costs | 99 USD | 330 USD |
| Annual Cost Impact* | 0.99 % | 1.02 % | | en | it |
DOLFIN8344 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
This Product is actively managed. The composite benchmark 20% MSCI Japan (NR) index + 80% MSCI AC Asia Pacific ex-Japan (NR) index is used for performance comparison only. The Product is not benchmark constrained and its performance may deviate significantly from that of the composite benchmark.
The Product seeks to increase the value of its assets over the medium term by investing in shares issued by companies that operate in environmental markets in Asia and/or Pacific region.
Environmental markets include, but are not limited to, Renewable & Alternative Energy, Energy Efficiency, Water Infrastructure & Technologies, Pollution Control, Waste Management & Technologies, Environmental Support Services, and Sustainable Food.
It may be invested in Mainland China shares restricted to foreign investors such as China A shares which can be listed on a Stock Connect or through a use of a specific license granted by the Chinese authorities.
The investment team applies also BNP PARIBAS ASSET MANAGEMENT’s sustainable Investment Policy, which takes into account Environmental, Social and Governance (ESG) criteria such as but not limited to reduction of emissions of greenhouse gas, respect of human rights, respect of minority shareholders rights, at each step of the investment process of the Product.
The Product follows the Sustainable Thematic approach which means that the Product invests in companies that provide products and services providing concrete solutions to specific environmental and/or social challenges, seeking to benefit from future growth anticipated in these areas while contributing capital towards the transition towards a low-carbon, inclusive economy.
The approach is implemented in order to consistently eliminate at least 20% of the investment universe being companies conducting significant part of their business in environmental markets prior to applying ESG filters.
An extra-financial strategy may comprise methodological limitations such as the ESG Investment Risk as defined by the asset manager. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 5 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # UM WELCHE ART VON PRODUKT HANDELT ES SICH?
## Art
Dieses Produkt ist ein Organismus für gemeinsame Anlagen in Wertpapieren (OGAW). Es ist ein Teilfonds von BNP Paribas Funds, einer offenen Investmentgesellschaft (Société d'Investissement à Capital variable, „SICAV“), die den Bestimmungen von Teil I des Gesetzes von 17. Dezember 2010 über Organismen für gemeinsame Anlagen sowie der OGAW-Richtlinie 2009/65 unterliegt.
## Laufzeit
Dieses Produkt hat kein Fälligkeitsdatum.
BNP PARIBAS ASSET MANAGEMENT Luxembourg ist nicht zu einer einseitigen Kündigung des Produkts berechtigt. Der Verwaltungsrat ist befugt, über die Zusammenlegung, Aufteilung, Liquidation oder Schließung des Teilfonds zu entscheiden. Darüber hinaus kann die SICAV durch Beschluss einer außerordentlichen Hauptversammlung der Anteilinhaber aufgelöst werden.
## Ziele
Das Produkt wird aktiv verwaltet. Der gemischte Index aus 20 % MSCI Japan (NR) Index + 80 % MSCI AC Asia Pacific ex-Japan (NR) Index wird nur zum Vergleich der Wertentwicklung verwendet. Das Produkt ist benchmarkunabhängig und seine Wertentwicklung kann erheblich von jener des zusammengesetzten Referenzindex abweichen.
Ziel des Produkts ist die mittelfristige Wertsteigerung seiner Vermögenswerte durch Anlagen in Aktien von Unternehmen, die in Umweltmärkten in Asien und/oder im Pazifikraum tätig sind.
Zu den Umweltmärkten gehören unter anderem erneuerbare und alternative Energien, Energieeffizienz, Wasserinfrastruktur und -technologien, Umweltschutz, Abfallentsorgung und -technologien, umweltunterstützende Dienstleistungen und nachhaltige Lebensmittel.
Es kann in Aktien aus Festlandchina investieren, auf die ausländische Anleger begrenzten Zugriff haben, wie beispielsweise China A-Shares, die über Stock Connect notiert sein können oder durch die Nutzung einer speziellen, von den chinesischen Behörden gewährten Lizenz zugänglich sind.
Das Anlageteam wendet zudem die nachhaltige Anlagepolitik von BNP PARIBAS ASSET MANAGEMENT an, die ESG-Kriterien (Umwelt, Soziales und Unternehmensführung) - unter anderem Reduzierung der Treibhausgasemissionen, Achtung der Menschenrechte, Achtung der Rechte der Minderheitsaktionäre - bei jedem Schritt des Anlageprozesses des Produkts berücksichtigt.
Das Produkt verfolgt den nachhaltigen thematischen Ansatz, d. h. das Produkt investiert in Unternehmen, die Produkte und Dienstleistungen anbieten, die konkrete Lösungen für bestimmte ökologische und/oder soziale Herausforderungen bieten, mit dem Bestreben, vom erwarteten zukünftigen Wachstum in diesen Bereichen zu profitieren und dabei Kapital für den Wandel zu einer CO2-armen, integrativen Wirtschaft bereitzustellen.
Der Ansatz wird umgesetzt, um vor der Anwendung der ESG-Filter konsequent mindestens 20 % des Anlageuniversums - Unternehmen, die einen wesentlichen Teil ihrer Geschäftstätigkeit auf Umweltmärkten ausüben - auszuschließen.
Eine nicht finanzbezogene Strategie kann methodische Einschränkungen beinhalten, wie das vom Anlageverwalter definierte ESG-Anlagerisiko. Die Erträge werden grundsätzlich reinvestiert.
Anleger können ihre Anteile täglich (an Bankarbeitstagen in Luxemburg) zurückgeben, wie im Verkaufsprospekt beschrieben.
## Kleinanleger-Zielgruppe
Dieses Produkt ist für Kleinanleger konzipiert, die weder über Finanzexpertise noch über spezifische Kenntnisse verfügen, um das Produkt zu verstehen, aber dennoch einen vollständigen Kapitalverlust verkraften können. Es ist für Kunden geeignet, die Kapitalwachstum anstreben. Potenzielle Anleger sollten einen Anlagehorizont von mindestens 5 Jahren haben.
## Praktische Informationen
Verwahrstelle: BNP PARIBAS, Luxembourg Branch
Dieses Basisinformationsblatt wurde für die oben genannte Anteilsklasse erstellt und beschreibt einen Teilfonds des BNP Paribas Funds Fonds. Weitere Informationen über das Produkt sind im Prospekt und in den regelmäßigen Berichten enthalten, die auf der Ebene der SICAV herausgegeben werden. Nach luxemburgischem Recht haften die Teilfonds getrennt voneinander, d. h. die Vermögenswerte eines Teilfonds können nicht dazu verwendet werden, die Ansprüche eines Gläubigers oder einer dritten Partei gegenüber einem anderen Teilfonds zu erfüllen.
Anleger können Anteile zwischen den Teilfonds der SICAVs umschichten. Einzelheiten hierzu erfahren Sie im Verkaufsprospekt oder von Ihrem Finanzberater. Weitere Informationen zum Produkt, einschließlich des aktuellen Prospekts, des Basisinformationsblatts, der Nettoinventarwerte, der zuletzt veröffentlichten Anteilspreise, des Jahresberichts und der Anlagebeschreibung sind kostenfrei in englischer Sprache bei BNP PARIBAS ASSET MANAGEMENT Luxembourg oder online unter www.bnpparibas-am.com erhältlich. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
This Product is actively managed. The composite benchmark 20% MSCI Japan (NR) index + 80% MSCI AC Asia Pacific ex-Japan (NR) index is used for performance comparison only. The Product is not benchmark constrained and its performance may deviate significantly from that of the composite benchmark.
The Product seeks to increase the value of its assets over the medium term by investing in shares issued by companies that operate in environmental markets in Asia and/or Pacific region.
Environmental markets include, but are not limited to, Renewable & Alternative Energy, Energy Efficiency, Water Infrastructure & Technologies, Pollution Control, Waste Management & Technologies, Environmental Support Services, and Sustainable Food.
It may be invested in Mainland China shares restricted to foreign investors such as China A shares which can be listed on a Stock Connect or through a use of a specific license granted by the Chinese authorities.
The investment team applies also BNP PARIBAS ASSET MANAGEMENT’s sustainable Investment Policy, which takes into account Environmental, Social and Governance (ESG) criteria such as but not limited to reduction of emissions of greenhouse gas, respect of human rights, respect of minority shareholders rights, at each step of the investment process of the Product.
The Product follows the Sustainable Thematic approach which means that the Product invests in companies that provide products and services providing concrete solutions to specific environmental and/or social challenges, seeking to benefit from future growth anticipated in these areas while contributing capital towards the transition towards a low-carbon, inclusive economy.
The approach is implemented in order to consistently eliminate at least 20% of the investment universe being companies conducting significant part of their business in environmental markets prior to applying ESG filters.
An extra-financial strategy may comprise methodological limitations such as the ESG Investment Risk as defined by the asset manager. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 5 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | de |
DOLFIN8345 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et que puis-je espérer en retour ? (suite) Scénarios de performance
Le montant que vous allez récupérer sur ce produit dépend de la performance de marché future. Les évolutions de marché sont incertaines et ne peuvent pas être prévues de manière précise.
Période de conservation recommandée 5
Exemple d’investissement EUR 10.000
1 an 5 ans
| Scénario de crise Le scénario de crise montre ce que vous récupérerez dans des circonstances de marché extrêmes. |
| --- |
| Ce que vous récupérerez après imputation des frais | €1210,00 | €1060,39 |
| Performance moyenne chaque année en % | -87,90 | -36,16 |
| Scénario défavorable Ce type de scénario est survenu RobecoSAM Smart Energy Equities F EUR entre 2021-11-30 et 2022-11-30. |
| Ce que vous récupérerez après imputation des frais | €8590,00 | €9347,72 |
| Performance moyenne chaque année en % | -14,10 | -1,34 |
| Scénario modéré Ce type de scénario est survenu RobecoSAM Smart Energy Equities F EUR entre 2015-07-31 et 2020-07-31. |
| Ce que vous récupérerez après imputation des frais | €11260,00 | €17412,01 |
| Performance moyenne chaque année en % | 13,00 | 11,73 |
| Scénario favorable Ce type de scénario est survenu RobecoSAM Smart Energy Equities F EUR entre 2016-11-30 et 2021-11-30. |
| Ce que vous récupérerez après imputation des frais | €19610,00 | €29151,13 |
| Performance moyenne chaque année en % | 96,00 | 23,86 |
Les chiffres présentés incluent tous les frais du produit, mais n’incluent pas nécessairement tous les frais que vous réglez à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut influer sur le montant que vous allez récupérer.
Les scénarios défavorables, modérés et favorables présentés sont des illustrations utilisant la performance la moins bonne, moyenne et meilleure du produit et un indicateur adapté des 10 dernières années.
Vous pouvez perdre une partie, voire l’intégralité de vos investissements. | # ¿Cuáles son los riesgos y qué puedo obtener a cambio? (continuación) Escenarios de
Lo que obtenga con este producto dependerá de la evolución futura del mercado. La evolución futura del mercado es incierta y no puede predecirse con exactitud.
Período de tenencia recomendado 5
Ejemplo de inversión EUR 10.000
1 año 5 años
| Supuesto de estrés El escenario de estrés muestra el importe que podría obtener en circunstancias extremas del mercado. |
| --- |
| Importe que podría obtener descontados los costes | €1210,00 | €1060,39 |
| Rendimiento medio anual % | -87,90 | -36,16 |
| Supuesto desfavorable Este tipo de escenario ocurrió por RobecoSAM Smart Energy Equities F EUR entre 2021-11-30 y 2022-11-30. |
| Importe que podría obtener descontados los costes | €8590,00 | €9347,72 |
| Rendimiento medio anual % | -14,10 | -1,34 |
| Supuesto alternativo Este tipo de escenario ocurrió por RobecoSAM Smart Energy Equities F EUR entre 2015-07-31 y 2020-07-31. |
| Importe que podría obtener descontados los costes | €11260,00 | €17412,01 |
| Rendimiento medio anual % | 13,00 | 11,73 |
| Supuesto favorable Este tipo de escenario ocurrió por RobecoSAM Smart Energy Equities F EUR entre 2016-11-30 y 2021-11-30. |
| Importe que podría obtener descontados los costes | €19610,00 | €29151,13 |
| Rendimiento medio anual % | 96,00 | 23,86 |
Las cifras incluyen todos los costes del producto propiamente dicho, pero podrían no incluir los costes que usted pague a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también podría afectar al importe que obtenga.
Los escenarios desfavorable, moderado y favorable que se muestran son ejemplos de la rentabilidad peor, media y mejor del producto y de un índice de referencia apropiado durante los 10 últimos años.
Podría perder la totalidad o parte de su inversión. | # Quels sont les risques et que puis-je espérer en retour ? (suite) Scénarios de performance
Le montant que vous allez récupérer sur ce produit dépend de la performance de marché future. Les évolutions de marché sont incertaines et ne peuvent pas être prévues de manière précise.
Période de conservation recommandée 5
Exemple d’investissement EUR 10.000
1 an 5 ans
| Scénario de crise Le scénario de crise montre ce que vous récupérerez dans des circonstances de marché extrêmes. |
| --- |
| Ce que vous récupérerez après imputation des frais | €1210,00 | €1060,39 |
| Performance moyenne chaque année en % | -87,90 | -36,16 |
| Scénario défavorable Ce type de scénario est survenu RobecoSAM Smart Energy Equities F EUR entre 2021-11-30 et 2022-11-30. |
| Ce que vous récupérerez après imputation des frais | €8590,00 | €9347,72 |
| Performance moyenne chaque année en % | -14,10 | -1,34 |
| Scénario modéré Ce type de scénario est survenu RobecoSAM Smart Energy Equities F EUR entre 2015-07-31 et 2020-07-31. |
| Ce que vous récupérerez après imputation des frais | €11260,00 | €17412,01 |
| Performance moyenne chaque année en % | 13,00 | 11,73 |
| Scénario favorable Ce type de scénario est survenu RobecoSAM Smart Energy Equities F EUR entre 2016-11-30 et 2021-11-30. |
| Ce que vous récupérerez après imputation des frais | €19610,00 | €29151,13 |
| Performance moyenne chaque année en % | 96,00 | 23,86 |
Les chiffres présentés incluent tous les frais du produit, mais n’incluent pas nécessairement tous les frais que vous réglez à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut influer sur le montant que vous allez récupérer.
Les scénarios défavorables, modérés et favorables présentés sont des illustrations utilisant la performance la moins bonne, moyenne et meilleure du produit et un indicateur adapté des 10 dernières années.
Vous pouvez perdre une partie, voire l’intégralité de vos investissements. | fr | es |
DOLFIN8346 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Capital Group Capital Income Builder (LUX)
| Launch Date | 21 September 2018 | |
| --- | --- | --- |
| Investment Objective | To provide a level of current income that exceeds the average yield on U.S. stocks generally and to provide a growing stream of income over the years, expressed in USD, as the Fund’s primary objectives. The Fund’s secondary objective is to provide growth of capital. The Fund invests primarily in a broad range of income-producing securities, including common stocks and bonds. The Fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States. |
| Profile of the typical investor | The Fund is particularly suitable for investors seeking long-term capital growth and income through investments in Equities and Bonds. |
| Eligible Investment Countries | Any country. | |
| Specific Investment Guidelines and Restrictions | - The Fund will generally invest at least 90% of its assets in income-producing securities.
- The Fund will invest primarily in Equity securities.
- In addition, the Fund may invest in Bonds and other debt securities of any maturity or duration, including securities issued and guaranteed by the U.S. government, securities issued by federal agencies and instrumentalities and securities backed by mortgages or other assets.
- The Fund may invest up to 5% of its assets in straight debt securities (i.e., debt securities that do not have equity conversion or purchase rights) rated Ba1 or below and BB+ or below by NRSROs designated by the Investment Adviser, or unrated but determined by the Investment Adviser to be of equivalent quality. If rating agencies differ, securities will be considered to have received the highest of these ratings.
- The Fund may invest up to 50% of its assets in securities of issuers domiciled outside the United States. In determining the domicile of an issuer, the Investment adviser will consider the domicile determination of a leading provider of global indexes, such as Morgan Stanley Capital International, and may also take into account such factors as where the issuer’s securities are listed and where the issuer is legally organized, maintains principal corporate offices, conducts its principal operations and/or generates revenues.
- The Fund may invest in ABS/MBS which will not exceed 20% 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.
- The Fund may invest up to 5% in distressed securities.
- The Fund may invest via the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect into A-shares up to 5% of the net assets of the Fund.
|
| Specific Risks | Equity, Bonds, Emerging Markets, derivatives instruments, OTC Markets, ABS/MBS, contingent convertible bonds, distressed securities, Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect |
| Investment Adviser | CRMC. CRMC may manage other funds and accounts with similar names, investment objectives and strategies (collectively, “portfolios”). The investment results of such portfolios may vary depending on a number of factors, including, but not limited to, fees and expenses, portfolio size, transaction costs, cash flows, currencies, securities pricing time, taxes, and portfolio holdings and any applicable investment limitations. Policies and procedures have been designed to ensure that portfolios with similar names, objectives and strategies are each treated fairly, including the allocation of securities transactions. |
| Base Currency | USD | |
| 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 100% (with a reasonable margin of tolerance) of its total net assets from USD (regardless of the underlying current exposure of the portfolio to USD) into the currency referred to in the relevant Class’s designation. 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 charges1 | Fund Administration Fee2 | 0.15% |
| | Depositary and Custody Fees3 | 0.05% |
- 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 Capital Income Builder (LUX)
| Auflagedatum | 21. September 2018 | |
| --- | --- | --- |
| Anlageziel | Die wesentlichen Ziele des Fonds bestehen darin, laufende Erträge zu erzielen, welche die durchschnittliche Rendite aus US-Aktien im Allgemeinen übersteigen, und ein über die Jahre wachsendes Einkommen zu generieren. Das sekundäre Anlageziel des Fonds besteht darin, für Kapitalwachstum zu sorgen. Der Fonds investiert vorwiegend in ein breites Spektrum an Wertpapieren – einschließlich Stammaktien und Anleihen –, die ein Einkommen generieren. Der Fonds kann außerdem in erheblichem Umfang in Stammaktien, Anleihen und andere Wertpapiere von Emittenten anlegen, deren Sitz außerhalb der Vereinigten Staaten liegt. |
| Profil des typischen Anlegers | Der Fonds eignet sich besonders für Anleger, die langfristiges Kapitalwachstum und Einkommen durch Anlagen in Aktien und Anleihen anstreben. |
| Qualifizierte Anlageländer | Alle Länder. | |
| Spezifische Anlageleitlinien und Beschränkungen | - Der Fonds legt im Allgemeinen mindestens 90 % seiner Vermögenswerte in Wertpapiere an, die ein Einkommen generieren.
- Der Fonds legt vorwiegend in Eigenkapitalinstrumente an.
- Darüber hinaus kann der Fonds in Anleihen und andere Schuldtitel jeder Laufzeit oder Duration anlegen, einschließlich Wertpapieren, die von der US-Regierung ausgegeben oder garantiert werden, Wertpapieren, die von Einrichtungen auf Bundesebene ausgegeben werden sowie Instrumenten und Wertpapieren, die durch Hypotheken oder andere Wertpapiere besichert sind.
- Der Fonds kann bis zu 5 % seiner Vermögenswerte in direkte Schuldtitel („straight debt securities“, d. h. Schuldtitel, die nicht in Eigenkapital umgewandelt werden können und keine Bezugsrechte umfassen) investieren, die von durch den Anlageberater bestimmten NRSROs mit einer Bonität von Ba1 oder niedriger und BB+ oder niedriger bewertet wurden oder kein Rating erhielten, aber durch den Anlageberater ähnlich eingeschätzt wurden. Bei abweichenden Einschätzungen durch die Ratingagenturen wird davon ausgegangen, dass die Wertpapiere das jeweils höchste dieser Ratings erhalten haben.
- Der Fonds kann bis zu 50 % seiner Vermögenswerte in Wertpapiere von Emittenten anlegen, deren Sitz außerhalb der Vereinigten Staaten liegt. Bei der Ermittlung des Sitzes eines Emittenten berücksichtigt der Anlageberater die Sitzbestimmung eines führenden Anbieters von globalen Indizes, etwa Morgan Stanley Capital International, und kann außerdem weitere Faktoren berücksichtigen, etwa den Ort, an dem die Wertpapiere des Emittenten notiert sind und wo der Emittent rechtlich organisiert ist, wo er seine Hauptniederlassung hat, sein Hauptgeschäft betreibt und/oder Einnahmen generiert.
- Der Fonds kann bis zu 20 % 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.
- Der Fonds kann bis zu 5 % in im Wert gefallene Wertpapiere anlegen.
- Der Fonds kann über den Shanghai-Hong Kong Stock Connect und den Shenzhen-Hong Kong Stock Connect bis zu 5 % seines Nettovermögens in A-Shares anlegen.
|
| Besondere Risiken | Aktien, Anleihen, Schwellenmärkte, derivative Instrumente, OTC-Märkte, ABS/MBS, bedingte Pflichtwandelanleihen, im Wert gefallene Wertpapiere, Shanghai-Hong Kong Stock Connect und Shenzhen-Hong Kong Stock Connect |
| Anlageberater | CRMC. CRMC kann andere Fonds und Konten mit ähnlichen Namen, Anlagezielen und Strategien verwalten (zusammen die „Portfolios“). Die Anlageergebnisse dieser Portfolios können jedoch in Abhängigkeit von verschiedenen Faktoren variieren, einschließlich, aber nicht beschränkt auf Gebühren und Aufwendungen, Portfoliogröße, Transaktionskosten, Cashflows, Währungen, Pricing-Zeitpunkt der Wertpapiere, Steuern, Portfoliobeteiligungen sowie geltender Anlagebeschränkungen. Es wurden Leitlinien und Verfahren konzipiert, um sicherzustellen, dass Portfolios mit ähnlichen Namen, Zielen und Strategien jeweils fair behandelt werden, einschließlich der Zuordnung von Wertpapiertransaktionen. |
| Basiswährung | USD | |
| Bewertungstag | Jeder Geschäftstag, mit Ausnahme von Tagen (festgelegt durch den Verwaltungsrat oder die Kapitalverwaltungsgesellschaft 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 ist bestrebt, sein gesamtes Nettovermögen (mit angemessener Toleranzbreite) in USD (unabhängig vom zugrunde liegenden gegenwärtigen Risiko des Portfolios gegenüber USD) in der Währung abzusichern, die in der Bezeichnung der jeweiligen Anteilsklasse angegeben ist. 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 Aufwendungen1 | Fondsverwaltungsgebühr2 | 0,15 % |
| | Verwahrungs- und Depotgebühren3 | 0,05 % |
- 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 Capital Income Builder (LUX)
| Launch Date | 21 September 2018 | |
| --- | --- | --- |
| Investment Objective | To provide a level of current income that exceeds the average yield on U.S. stocks generally and to provide a growing stream of income over the years, expressed in USD, as the Fund’s primary objectives. The Fund’s secondary objective is to provide growth of capital. The Fund invests primarily in a broad range of income-producing securities, including common stocks and bonds. The Fund may also invest significantly in common stocks, bonds and other securities of issuers domiciled outside the United States. |
| Profile of the typical investor | The Fund is particularly suitable for investors seeking long-term capital growth and income through investments in Equities and Bonds. |
| Eligible Investment Countries | Any country. | |
| Specific Investment Guidelines and Restrictions | - The Fund will generally invest at least 90% of its assets in income-producing securities.
- The Fund will invest primarily in Equity securities.
- In addition, the Fund may invest in Bonds and other debt securities of any maturity or duration, including securities issued and guaranteed by the U.S. government, securities issued by federal agencies and instrumentalities and securities backed by mortgages or other assets.
- The Fund may invest up to 5% of its assets in straight debt securities (i.e., debt securities that do not have equity conversion or purchase rights) rated Ba1 or below and BB+ or below by NRSROs designated by the Investment Adviser, or unrated but determined by the Investment Adviser to be of equivalent quality. If rating agencies differ, securities will be considered to have received the highest of these ratings.
- The Fund may invest up to 50% of its assets in securities of issuers domiciled outside the United States. In determining the domicile of an issuer, the Investment adviser will consider the domicile determination of a leading provider of global indexes, such as Morgan Stanley Capital International, and may also take into account such factors as where the issuer’s securities are listed and where the issuer is legally organized, maintains principal corporate offices, conducts its principal operations and/or generates revenues.
- The Fund may invest in ABS/MBS which will not exceed 20% 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.
- The Fund may invest up to 5% in distressed securities.
- The Fund may invest via the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect into A-shares up to 5% of the net assets of the Fund.
|
| Specific Risks | Equity, Bonds, Emerging Markets, derivatives instruments, OTC Markets, ABS/MBS, contingent convertible bonds, distressed securities, Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect |
| Investment Adviser | CRMC. CRMC may manage other funds and accounts with similar names, investment objectives and strategies (collectively, “portfolios”). The investment results of such portfolios may vary depending on a number of factors, including, but not limited to, fees and expenses, portfolio size, transaction costs, cash flows, currencies, securities pricing time, taxes, and portfolio holdings and any applicable investment limitations. Policies and procedures have been designed to ensure that portfolios with similar names, objectives and strategies are each treated fairly, including the allocation of securities transactions. |
| Base Currency | USD | |
| 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 100% (with a reasonable margin of tolerance) of its total net assets from USD (regardless of the underlying current exposure of the portfolio to USD) into the currency referred to in the relevant Class’s designation. 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 charges1 | Fund Administration Fee2 | 0.15% |
| | Depositary and Custody Fees3 | 0.05% |
- 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 |
DOLFIN8347 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What are the risks and could I get in return?
## Risk indicator
Lower risk Higher risk
Typically lower rewards Typically higher rewards
Risk and Reward Profile: The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 3 out of 7, which is a medium-low risk class.
The risk category is because of investments in government and corporate bonds of any credit quality, and particularly in emerging markets. We bring your attention to the fact that:
- Historical data used in calculating the SRRI may not be a reliable indication of the future risk profile of the Fund.
- The risk indicator shown above is not guaranteed and it may shift over time. The lowest category does not mean a risk free investment.
Risks materially relevant to the Fund which are not adequately captured in the indicator:
Counterparty risk: the Fund enters into contracts with various counterparties. If a counterparty does not fulfil its obligations to the Fund (e.g. not paying an agreed amount or not delivering securities as agreed) the Fund can suffer a loss.
Interest rate risk: an increase in interest rates may cause the value of fixed income securities held by the Fund to decline. Bonds prices and yield have an inverse relationship, when the price of a bond falls the yield rises.
Derivative risk: the Fund uses derivatives. These are financial instruments whose values depend on the value of the underlying asset. Small price fluctuations in the underlying asset can result in large price changes in the derivative.
Liquidity risk: liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.
Capital loss risk:
The investor is warned that his capital is not guaranteed and may therefore not be returned to him.
Recommended investment period: This Fund may not be appropriate for investors who plan to withdraw their money within 31/12/2025
## Performance scenario
| Recommended investment period: 31/12/2025 Investment: 10,000 € | If you exit after 1 year | If you exit after 31/12/2025 |
| --- | --- | --- |
| Scenarios | |
| Stress | What you might get back after costs | 6,620 € | 3,860 € |
| Average return each year | -33.78 % | -25.99 % |
| Unfavourable | What you might get back after costs | 7,460 € | 3,860 € |
| Average return each year | -25.43 % | -25.99 % |
| Moderate | What you might get back after costs | 9,920 € | 10,570 € |
| Average return each year | -0.81 % | 1.78 % |
| Favourable | What you might get back after costs | 11,170 € | 12,030 € |
| Average return each year | 11.70 % | 5.99 % |
This table shows the amount of money you could get on 31/12/2025, according to different scenarios, assuming you invest 10,000 €.
The different scenarios show how your investment might perform. You can compare them with the scenarios of other products. The scenarios presented are an estimate of future performance based on past data regarding changes in the value of this investment. They are not an exact indicator.
What you get will depend on how the market performs and how long you hold the investment or product. The stress scenario shows what you might get in extreme market situations, and does not take into account if we cannot pay you.
The numbers shown include all costs of the product itself, but not necessarily all fees due to your advisor or distributor. These numbers do not take into account your personal tax situation, which may also affect the amounts you receive. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
## Indicateur de risque
À risque faible À risque élevé
Rendements généralement plus faibles Rendements généralement plus élevés
Profil de risque et de rendement : L'indicateur synthétique de risque donne une indication du niveau de risque de ce produit par rapport à d'autres produits. Il indique la probabilité que le produit enregistre des pertes en raison des mouvements des marchés ou de notre incapacité à vous payer.
Nous avons catégorisé ce produit au niveau 3 sur 7, ce qui correspond à une catégorie de risque moyen-faible.
La catégorie de risque s’élève à 3 en raison des investissements effectués dans des emprunts d’État et des obligations d’entreprises de toute qualité de crédit, et en particulier dans des marchés émergents.
Nous attirons votre attention sur le fait que :
- Les données historiques utilisées pour calculer le SRRI ne constituent pas nécessairement un indicateur fiable du profil de risque futur du Fonds.
- L’indicateur de risque présenté ci-dessus ne fait l’objet d’aucune garantie et peut changer au fil du temps. La catégorie la plus faible ne correspond pas à un investissement dénué de tout risque.
Risques importants relatifs au Fonds qui ne sont pas adéquatement reflétés par l'indicateur :
Risque de contrepartie : le Fonds conclut des contrats avec diverses contreparties. Or, si une contrepartie n’honore pas ses obligations à l’égard du Fonds (par exemple en ne versant pas le montant convenu ou en ne livrant pas les titres), ce dernier peut subir une perte.
Risque de taux d'intérêt : une hausse des taux d'intérêt peut entraîner une baisse de la valeur des titres à revenu fixe détenus par le Fonds. Les cours et les rendements obligataires ont une relation de cause à effet inverse : lorsque le cours d’une obligation chute, le rendement s’accroît.
Risque lié aux instruments dérivés : le Fonds utilise des instruments dérivés. Ce sont des instruments financiers dont la valeur dépend de celle d'un actif sous- jacent. Des fluctuations de prix limitées de l'actif sous-jacent peuvent entraîner d'importantes variations de prix de l'instrument dérivé.
Risque de liquidité : il y a risque de liquidité lorsque des investissements particuliers sont difficiles à acheter ou à vendre. Cela peut réduire le rendement du Fonds si celui-ci ne parvient pas à négocier à des moments ou à des prix avantageux.
Risque de perte en capital :
L'investisseur est informé du fait que le capital n'est pas garanti et qu'il peut donc ne pas lui être restitué.
Durée de placement recommandée : ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant le 31/12/2025.
## Scénarios de performances
| Durée de placement recommandée : 31/12/2025 Investissement : 10 000 € | Si vous sortez après 1 an | Si vous sortez après le 31/12/2025 |
| --- | --- | --- |
| Scénarios | |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 6 620 € | 3 860 € |
| Rendement annuel moyen | -33,78 % | -25,99 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 460 € | 3 860 € |
| Rendement annuel moyen | -25,43 % | -25,99 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 920 € | 10 570 € |
| Rendement annuel moyen | -0,81 % | 1,78 % |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 11 170 € | 12 030 € |
| Rendement annuel moyen | 11,70 % | 5,99 % |
Ce tableau montre la somme d'argent que vous pourriez obtenir le 31/12/2025, selon différents scénarios, en supposant que vous investissiez 10 000 €.
Les différents scénarios montrent comment votre investissement pourrait se comporter. Vous pouvez les comparer avec les scénarios d'autres produits. Les scénarios présentés sont une estimation des performances futures basée sur les fluctuations passées de la valeur de cet investissement. Ils ne constituent pas un indicateur exact.
Ce que vous obtiendrez dépendra des performances du marché et de la durée de détention de l'investissement ou du produit. Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes. Il ne tient pas compte du cas où nous ne pourrions pas vous payer.
Les chiffres indiqués tiennent compte de tous les coûts du produit lui-même, mais pas nécessairement de tous les frais dus à votre conseiller ou distributeur. Ils ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez. | # What are the risks and could I get in return?
## Risk indicator
Lower risk Higher risk
Typically lower rewards Typically higher rewards
Risk and Reward Profile: The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 3 out of 7, which is a medium-low risk class.
The risk category is because of investments in government and corporate bonds of any credit quality, and particularly in emerging markets. We bring your attention to the fact that:
- Historical data used in calculating the SRRI may not be a reliable indication of the future risk profile of the Fund.
- The risk indicator shown above is not guaranteed and it may shift over time. The lowest category does not mean a risk free investment.
Risks materially relevant to the Fund which are not adequately captured in the indicator:
Counterparty risk: the Fund enters into contracts with various counterparties. If a counterparty does not fulfil its obligations to the Fund (e.g. not paying an agreed amount or not delivering securities as agreed) the Fund can suffer a loss.
Interest rate risk: an increase in interest rates may cause the value of fixed income securities held by the Fund to decline. Bonds prices and yield have an inverse relationship, when the price of a bond falls the yield rises.
Derivative risk: the Fund uses derivatives. These are financial instruments whose values depend on the value of the underlying asset. Small price fluctuations in the underlying asset can result in large price changes in the derivative.
Liquidity risk: liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.
Capital loss risk:
The investor is warned that his capital is not guaranteed and may therefore not be returned to him.
Recommended investment period: This Fund may not be appropriate for investors who plan to withdraw their money within 31/12/2025
## Performance scenario
| Recommended investment period: 31/12/2025 Investment: 10,000 € | If you exit after 1 year | If you exit after 31/12/2025 |
| --- | --- | --- |
| Scenarios | |
| Stress | What you might get back after costs | 6,620 € | 3,860 € |
| Average return each year | -33.78 % | -25.99 % |
| Unfavourable | What you might get back after costs | 7,460 € | 3,860 € |
| Average return each year | -25.43 % | -25.99 % |
| Moderate | What you might get back after costs | 9,920 € | 10,570 € |
| Average return each year | -0.81 % | 1.78 % |
| Favourable | What you might get back after costs | 11,170 € | 12,030 € |
| Average return each year | 11.70 % | 5.99 % |
This table shows the amount of money you could get on 31/12/2025, according to different scenarios, assuming you invest 10,000 €.
The different scenarios show how your investment might perform. You can compare them with the scenarios of other products. The scenarios presented are an estimate of future performance based on past data regarding changes in the value of this investment. They are not an exact indicator.
What you get will depend on how the market performs and how long you hold the investment or product. The stress scenario shows what you might get in extreme market situations, and does not take into account if we cannot pay you.
The numbers shown include all costs of the product itself, but not necessarily all fees due to your advisor or distributor. These numbers do not take into account your personal tax situation, which may also affect the amounts you receive. | en | fr |
DOLFIN8348 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Money Market Instruments (including bonds) used will be issued principally by good- quality issuers or guaranteed by good-quality guarantors (minimum rating A2/P2 or equivalent by one of rating agencies). The issuer of the money market instrument and the quality of the money market instrument have received a favourable assessment following application of the Management Company's Internal Credit Quality Assessment Procedure and will meet sustainable investment criteria.
Money Market Funds are allowed to invest in money market instruments with a residual maturity until the legal redemption date of 2 years or less, provided that the time remaining until the next interest rate reset date is 397 days or less. For that purpose, floating-rate Money Market Instruments and fixed-rate Money Market Instruments hedged by a swap arrangement are reset to a money market rate or index.
The investments will be denominated in EUR and in currencies of the member states of the OECD.
The Sub-Fund may invest a maximum of 10% of its assets in MMFs.
The duration (WAM), i.e. the sensitivity of funds to changes in interest rates, will not exceed 6 months and the weighted average life of funds (WAL) will not exceed 12 months. Determination of optimal interest rate and credit exposures ( WAM / WAL) are based on internal committee with careful management of interest rate risk and a rigorous credit selection
Exposures to currencies other than the EUR will be hedged against foreign exchange risk.
Securities/issuers are selected on the basis of an economic/financial analysis process as well as on ESG considerations, both indicative of risks and long-term opportunities.
The ESG aspects are analysed through a methodology developed by the Management Company and detailed under the section Investment Objectives in the Core part of this Prospectus.
The results of the ESG analysis are integrated into the financial management of the portfolio. This analysis aims to better enable managers to identify the risks, but also the opportunities, arising from the major challenges of sustainable development.
The ESG analysis covers the entire portfolio of the Sub-Fund, excluding deposits, cash and index derivatives. | Los Instrumentos del Mercado Monetario (incluidos los bonos) utilizados estarán emitidos principalmente por emisores de buena calidad o garantizados por avalistas de buena calidad (calificación mínima de A2/P2 o equivalente otorgada por una de las agencias de calificación). El emisor del instrumentos del mercado monetario y la calidad del instrumentos del mercado monetario; han recibido una valoración favorable tras aplicarse el Procedimiento de Evaluación Interna de la Calidad Crediticia de la Sociedad Gestora y cumplirán los criterios de inversión sostenible.
Los Fondos del Mercado Monetario pueden invertir en Instrumentos del Mercado Monetario con vencimiento residual hasta la fecha de reembolso legal igual o inferior a dos años, siempre que el tiempo restante hasta la siguiente fecha de revisión del tipo de interés sea igual o inferior a 397 días. A tal efecto, en el caso de los Instrumentos del Mercado Monetario de tipo variable y de tipo fijo cubiertos por un acuerdo de permuta financiera («swap»), la revisión se efectuará en función de un tipo o índice del mercado monetario.
Las inversiones estarán denominadas en EUR y en las divisas de los Estados miembros de la OCDE.
El Subfondo podrá invertir un máximo de un 10% de sus activos en FMM.
La duración (WAM), es decir, la sensibilidad de los fondos a las variaciones de los tipos de interés, no superará los 6 meses y la vida media ponderada (WAL) de los fondos no superará los 12 meses. La determinación de las exposiciones óptimas a tipos de interés y crédito (WAM/WAL) se basan en un comité interno, con una cuidadosa gestión del riesgo de tipos de interés y una rigurosa selección de crédito.
Las exposiciones a divisas distintas del EUR estarán cubiertas contra el riesgo cambiario.
Los valores/emisores se seleccionarán mediante un proceso de análisis económico y financiero, así como por consideraciones de ESG, que en ambos casos son indicativos del riesgo y de oportunidades a largo plazo.
Los aspectos ESG se analizan conforme a una metodología desarrollada por la Sociedad Gestora y se detallan en la sección Objetivos de inversión de la parte principal del Folleto.
Los resultados del análisis ESG se incluyen en la gestión financiera de la cartera. Este análisis pretende que los gestores puedan identificar mejor los riesgos, pero también las oportunidades, resultantes de los importantes desafíos del desarrollo sostenible.
El análisis ESG abarca toda la cartera del Subfondo, excluidos los depósitos, el efectivo y los derivados de índices. | The Money Market Instruments (including bonds) used will be issued principally by good- quality issuers or guaranteed by good-quality guarantors (minimum rating A2/P2 or equivalent by one of rating agencies). The issuer of the money market instrument and the quality of the money market instrument have received a favourable assessment following application of the Management Company's Internal Credit Quality Assessment Procedure and will meet sustainable investment criteria.
Money Market Funds are allowed to invest in money market instruments with a residual maturity until the legal redemption date of 2 years or less, provided that the time remaining until the next interest rate reset date is 397 days or less. For that purpose, floating-rate Money Market Instruments and fixed-rate Money Market Instruments hedged by a swap arrangement are reset to a money market rate or index.
The investments will be denominated in EUR and in currencies of the member states of the OECD.
The Sub-Fund may invest a maximum of 10% of its assets in MMFs.
The duration (WAM), i.e. the sensitivity of funds to changes in interest rates, will not exceed 6 months and the weighted average life of funds (WAL) will not exceed 12 months. Determination of optimal interest rate and credit exposures ( WAM / WAL) are based on internal committee with careful management of interest rate risk and a rigorous credit selection
Exposures to currencies other than the EUR will be hedged against foreign exchange risk.
Securities/issuers are selected on the basis of an economic/financial analysis process as well as on ESG considerations, both indicative of risks and long-term opportunities.
The ESG aspects are analysed through a methodology developed by the Management Company and detailed under the section Investment Objectives in the Core part of this Prospectus.
The results of the ESG analysis are integrated into the financial management of the portfolio. This analysis aims to better enable managers to identify the risks, but also the opportunities, arising from the major challenges of sustainable development.
The ESG analysis covers the entire portfolio of the Sub-Fund, excluding deposits, cash and index derivatives. | en | es |
DOLFIN8349 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# MARKET REVIEW
Global equities continued to fall in September. Risk-off sentiment was driven by high inflation, rising interest rates, and growing signs of a global economic slowdown. Inflation remained elevated globally, particularly in the eurozone, where inflation increased 10% year over year on the back of soaring energy prices. European energy ministers responded to the continent’s energy crisis with a €140 billion plan to aid consumers and businesses, including revenue caps and claw backs on energy profits. European gas prices have skyrocketed this year as a result of the war in Ukraine, with tensions with Russia further exacerbated by damage to the Nord Stream pipeline which NATO attributed to an act of sabotage. The European Central Bank and US Federal Reserve both delivered 75 basis point rate hikes in September. The UK government’s plans to drastically cut taxes and increase spending, despite soaring inflation, led to a sharp sell-off in stocks and the British pound and caused a spike in bond-market volatility. China continued to struggle with the economic ramifications of its COVID policies and real estate crisis. The World Bank cut its 2022 GDP growth forecast for China to 2.8%, a sharp contrast to the bank's 5.3% estimate for the rest of the developing East Asia and Pacific region. The Bank of Japan maintained its highly accommodative yield curve control policy, leading to further declines in the yen and prompting the BOJ to intervene to support the currency for the first time in 24 years. | # ANALYSE DU MARCHÉ
Les actions mondiales ont poursuivi leur baisse en septembre. L’inflation élevée, la hausse des taux d’intérêt et les signes croissants d’un ralentissement de l’économie mondiale ont alimenté le sentiment de perte de risque. L’inflation est restée élevée à l’échelle mondiale, en particulier dans la zone euro, où elle a augmenté de 10 % en glissement annuel en raison de la flambée des prix de l’énergie. Face à la crise énergétique qui frappe le continent, les ministres de l’énergie européens ont proposé un plan de 140 milliards d’euros pour aider les consommateurs et les entreprises, notamment en plafonnant les revenus et en récupérant une partie des bénéfices des producteurs d’énergie. Les prix du gaz en Europe ont grimpé en flèche cette année du fait de la guerre en Ukraine, les tensions avec la Russie étant exacerbées par les dommages causés au pipeline de Nord Stream, que l’OTAN a attribués à un acte de sabotage. La Banque centrale européenne et la Réserve fédérale américaine ont augmenté leurs taux de 75 points de base en septembre. Les plans du gouvernement britannique visant à réduire les impôts et augmenter les dépenses, malgré la flambée de l’inflation, ont entraîné des ventes massives d’actions et de la livre sterling et ont provoqué un pic de volatilité sur les marchés obligataires. La Chine était encore confrontée aux retombées économiques de ses politiques en matière de COVID et de la crise immobilière. La Banque mondiale a revu à la baisse ses prévisions de croissance du PIB pour la Chine à 2,8 % en 2022, contrairement à ses estimations de 5,3 % pour le reste de la région Asie de l’Est et Pacifique en développement. La Banque du Japon a maintenu sa politique très accommodante de contrôle de la courbe des rendements, ce qui a conduit à de nouvelles baisses du yen et poussé la banque à intervenir pour soutenir la devise pour la première fois en 24 ans. | # MARKET REVIEW
Global equities continued to fall in September. Risk-off sentiment was driven by high inflation, rising interest rates, and growing signs of a global economic slowdown. Inflation remained elevated globally, particularly in the eurozone, where inflation increased 10% year over year on the back of soaring energy prices. European energy ministers responded to the continent’s energy crisis with a €140 billion plan to aid consumers and businesses, including revenue caps and claw backs on energy profits. European gas prices have skyrocketed this year as a result of the war in Ukraine, with tensions with Russia further exacerbated by damage to the Nord Stream pipeline which NATO attributed to an act of sabotage. The European Central Bank and US Federal Reserve both delivered 75 basis point rate hikes in September. The UK government’s plans to drastically cut taxes and increase spending, despite soaring inflation, led to a sharp sell-off in stocks and the British pound and caused a spike in bond-market volatility. China continued to struggle with the economic ramifications of its COVID policies and real estate crisis. The World Bank cut its 2022 GDP growth forecast for China to 2.8%, a sharp contrast to the bank's 5.3% estimate for the rest of the developing East Asia and Pacific region. The Bank of Japan maintained its highly accommodative yield curve control policy, leading to further declines in the yen and prompting the BOJ to intervene to support the currency for the first time in 24 years. | en | fr |
DOLFIN8350 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| --- | --- |
| |
| ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the sub-fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The sub-fund has been placed in category 3 because its share value fluctuates relatively little and therefore the chance of profit but also the risk of loss can be relatively low. It may be that due to the calculation model not all risks are accounted for when placing the sub-fund in a risk category. An extensive description of the risks is included in the section »Information on risks« in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the sub-fund: − Credit risks: The sub-fund may invest a part of its assets in debt securities issued by governments and/or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Currency risks: If the sub-fund holds assets in a currency other than its reference currency, investors are exposed to a currency risk. This can be reduced by means of hedging transactions. − Risks from the use of derivatives: The sub-fund may use derivatives. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the sub-fund. − Custody risks: Assets held in custody for safekeeping – particularly in other countries – may be subject to a risk of loss in connection with insolvency, violations of due diligence requirements or market abuse on the part of the custodian or a sub- custodian. − Operational risks: The sub-fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
| | | | --- | --- |
| |
| Perfil de riesgo y remuneración | ◄ Remuneración potencialmente más baja Remuneración potencialmente más elevada ► Menor riesgo Mayor riesgo 1 2 3 4 5 6 7 El indicador se basa en datos históricos y no debe interpretarse como una predicción de acontecimientos futuros. La clasificación del subfondo podría variar en el futuro y no constituye una garantía. Ni siquiera un fondo incluido en la categoría 1 constituye una inversión totalmente libre de riesgo. El subfondo se clasifica en la categoría 3 porque el precio de sus participaciones fluctúa relativamente poco y, por lo tanto, la posibilidad de obtener ganancias, pero también el riesgo de pérdida, tienden a ser relativamente bajos. Podría ocurrir que, debido al modelo de cálculo, no se tengan en cuenta todos los riesgos cuando se clasifique el subfondo en una categoría. En la sección »riesgos de las inversiones« se incluye una extensa descripción de los riesgos. Los siguientes riesgos no tienen un repercusión directa en la clasificación pero sin embargo pueden tener cierta relevancia para el subfondo: − Riesgos de crédito: el subfondo puede invertir una proporción de sus activos en títulos de deuda emitidos por estados o por compañías. Los emisores de estos títulos de deuda podrían resultar insolventes lo cual podría determinar la pérdida total o parcial del valor de sus títulos de deuda. − Riesgo de tipo de cambio: En caso de que el fondo mantenga activos en otra moneda distinta a la de referencia, el inversor está expuesto a un riesgo de tipo de cambio. Este riesgo puede reducirse mediante operaciones de cobertura. − Riesgos por el uso de derivados: el subfondo puede utilizar derivados. Tales instrumentos determinan tanto un incremento de oportunidades como un incremento del riesgo de pérdida. El uso de derivados con fines de cobertura frente a pérdidas también podría reducir las oportunidades de beneficio del subfondo. − Riesgos de custodia: La custodia de activos patrimoniales, sobre todo en el extranjero, puede acarrear un riesgo de pérdida como resultado de insolvencia, negligencia o comportamiento fraudulento por parte del depositario o subdepositario. − Riesgos operativos: el subfondo podría ser víctima de fraude o de cualquier otra conducta delictiva. También podría sufrir pérdidas causadas por malentendidos o errores de los empleados de la sociedad gestora de inversiones o de terceras partes o podría sufrir daños y perjuicios causados por la ocurrencia de acontecimientos externos tales como desastres naturales. |
| | | | --- | --- |
| |
| ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the sub-fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The sub-fund has been placed in category 3 because its share value fluctuates relatively little and therefore the chance of profit but also the risk of loss can be relatively low. It may be that due to the calculation model not all risks are accounted for when placing the sub-fund in a risk category. An extensive description of the risks is included in the section »Information on risks« in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the sub-fund: − Credit risks: The sub-fund may invest a part of its assets in debt securities issued by governments and/or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Currency risks: If the sub-fund holds assets in a currency other than its reference currency, investors are exposed to a currency risk. This can be reduced by means of hedging transactions. − Risks from the use of derivatives: The sub-fund may use derivatives. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the sub-fund. − Custody risks: Assets held in custody for safekeeping – particularly in other countries – may be subject to a risk of loss in connection with insolvency, violations of due diligence requirements or market abuse on the part of the custodian or a sub- custodian. − Operational risks: The sub-fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
| | | en | es |
DOLFIN8351 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- Upon request, the shareholders in the Company and the shareholders of the re- ceiving UCITS, as well as the responsible supervisory authorities, shall be provided with a copy of the auditor’s report free of charge.
- If the Company is the receiving UCITS, the following special rules must be adhered to:
- Whilst adhering to the principle of risk diversification, the Company may for a period of six (6) months after the date on which the merger takes effect deviate from the provisions of Articles 43, 44, 45 and 46 of the Law of 2010.
- The Company shall confirm to the Custodian Bank in writing that the transfer of the assets and, where applicable, liabilities of the merging UCITS has been concluded.
- The Company shall take the requisite measures to ensure that details of the merger are published as required and that the CSSF and all other authorities concerned are duly informed.
-
##### AVAILABLE DOCUMENTS
- Copies of, inter alia, the documents specified below can be consulted on the Company’s website , www.mainfirst.com, and/or may be inspected at the Company’s registered office at 4, rue Thomas Edison, L-1445 Strassen, or at the registered office of the Central Administra- tion Agent at the same address or at the Management Company’s registered office at 16, rue Gabriel Lippmann, L-5365 Munsbach on any banking day during office hours:the Articles of Association (available as a copy); | - Una copia della relazione dei revisori dei conti verrà messa a disposizione, su richiesta e gratuitamente, degli azionisti della Società e dei detentori delle quote dell'OICVM incorporante, nonché delle autorità di vigilanza competenti.
- La Società dell'OICVM incorporante deve rispettare le seguenti regole speciali:
- Nel rispetto dei principi della diversificazione del rischio, la Società è autorizzata per un periodo di sei (6) mesi a partire dalla data in cui la fusione entra in vigore a derogare alle disposizioni contenute negli articoli 43, 44, 45 e 46 della Legge del 2010.
- La Società confermerà per iscritto alla Banca depositaria l'avvenuto trasferimento delle attività e delle eventuali passività dell'OICVM incorporato.
- La Società adotterà le misure necessarie per divulgare la notizia della fusione servendosi degli strumenti disponibili e per comunicare tale notizia alla CSSF e a tutte le altre autorità interessate.
-
##### DOCUMENTAZIONE DISPONIBILE
- Copie dei documenti descritti di seguito sono disponibili sul sito Internet della Società, www.mainfirst.com e/o possono essere visionate durante l'orario di apertura di qualsiasi giorno lavorativo bancario presso la sede legale della Società, 4, rue Thomas Edison, L - 1445 Strassen, o presso la sede legale dell'Agente amministrativo centrale allo stesso indirizzo, o presso la sede legale della Società di gestione, 16, rue Gabriel Lippmann, L - 5365 Munsbach:lo Statuto della Società (copia); | - Upon request, the shareholders in the Company and the shareholders of the re- ceiving UCITS, as well as the responsible supervisory authorities, shall be provided with a copy of the auditor’s report free of charge.
- If the Company is the receiving UCITS, the following special rules must be adhered to:
- Whilst adhering to the principle of risk diversification, the Company may for a period of six (6) months after the date on which the merger takes effect deviate from the provisions of Articles 43, 44, 45 and 46 of the Law of 2010.
- The Company shall confirm to the Custodian Bank in writing that the transfer of the assets and, where applicable, liabilities of the merging UCITS has been concluded.
- The Company shall take the requisite measures to ensure that details of the merger are published as required and that the CSSF and all other authorities concerned are duly informed.
-
##### AVAILABLE DOCUMENTS
- Copies of, inter alia, the documents specified below can be consulted on the Company’s website , www.mainfirst.com, and/or may be inspected at the Company’s registered office at 4, rue Thomas Edison, L-1445 Strassen, or at the registered office of the Central Administra- tion Agent at the same address or at the Management Company’s registered office at 16, rue Gabriel Lippmann, L-5365 Munsbach on any banking day during office hours:the Articles of Association (available as a copy); | en | it |
DOLFIN8352 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Any damage resulting to the sub-fund from an active infringement of an investment limit must be reim- bursed to the sub-fund.
- Tracking an equity or bond index recognised by the responsible authoritiesUCITSA-55-1----UCITSO-4-2----For specific information, see Annex I of the Investment Conditions.
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#### Provisions governing valuation
- Valuation deadlines (trading days)UCITSO-10-3----For specific information, see Annex I of the Investment Conditions. | #### Si le compartiment subit une perte à la suite d'un dé- passement actif d'une restriction de placement, il doit être indemnisé pour cette perte.
- Reproduction d’un indice d’actions ou de titres de créance reconnu par les autorités compétentesUCITSG-55-1----UCITSV-4-2----Pour des indications spécifiques, veuillez vous reporter à l’annexe I des conditions d'investissement.
-
#### Dispositions relatives à l’évaluation
- Dates d’évaluation (jours de négociation)UCITSV-10-3----Pour des indications spécifiques, veuillez vous reporter à l’annexe I des conditions d'investissement. | #### Any damage resulting to the sub-fund from an active infringement of an investment limit must be reim- bursed to the sub-fund.
- Tracking an equity or bond index recognised by the responsible authoritiesUCITSA-55-1----UCITSO-4-2----For specific information, see Annex I of the Investment Conditions.
-
#### Provisions governing valuation
- Valuation deadlines (trading days)UCITSO-10-3----For specific information, see Annex I of the Investment Conditions. | en | fr |
DOLFIN8353 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Fonds a désigné PricewaterhouseCoopers, One Spencer Dock, North Wall Quay, Dublin 1, Irlande, en tant que Réviseur d’entreprises.
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## Bureaux au Royaume-Uni | El Fondo ha designado a PricewaterhouseCoopers, con domicilio en One Spencer Dock, North Wall Quay, Dublín 1 (Irlanda) como sus Auditores.
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## Oficinas en el Reino Unido | Le Fonds a désigné PricewaterhouseCoopers, One Spencer Dock, North Wall Quay, Dublin 1, Irlande, en tant que Réviseur d’entreprises.
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## Bureaux au Royaume-Uni | fr | es |
DOLFIN8354 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Single year performance (10 years)
Performance over 10 years
160.0
Indexed to 100
140.0
120.0
100.0
80.0
60.0
Oct 17 Dec 18 Dec 19 Dec 20 Dec 21 Oct 22
Euro A Accumulation (115,9) Benchmark (118,8)
Past performance is not a guide to future performance.
The benchmark is a comparator against which the fund’s performance can be measured. It is a net return index which includes dividends after the deduction of withholding taxes. The index has been chosen as the fund’s benchmark as it best reflects the scope of the fund’s investment policy. The benchmark is used solely to measure the fund’s performance and does not constrain the fund's portfolio construction.
The fund is actively managed. The investment manager has complete freedom in choosing which investments to buy, hold and sell in the fund. The fund’s holdings may deviate significantly from the benchmark’s constituents.
Fund performance prior to 20 September 2018 is that of the EUR Class A Accumulation of the M&G European Strategic Value Fund (a UK-authorised OEIC), which merged into this fund on 7 December 2018. Tax rates and charges may differ. From 1 January 2012 to 19 September 2018 the benchmark is the MSCI Europe Index stated as Gross Return. From 20 September 2018, the benchmark is the MSCI Europe Net Return Index.
Source: Morningstar, Inc and M&G, as at 31 October 2022. Returns are calculated on a price to price basis with income reinvested. Benchmark returns stated in EUR terms.
Performance charts © 2022 Morningstar Inc., All Rights Reserved. The information contained within: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. | # Rendimento annuale (10 anni)
Performance su 10 anni
160.0
Indicizzato a 100
140.0
120.0
100.0
80.0
60.0
ott 17 dic 18 dic 19 dic 20 dic 21 ott 22
Euro A accumulazione (115,9) Indice di riferimento (118,8)
Le performance registrate in passato non costituiscono necessariamente un'indicazione di analoghe performance future.
Il benchmark è un comparatore rispetto al quale è possibile misurare la performance del fondo. Si tratta di un indice a rendimento netto, che comprende dividendi al netto delle ritenute d’acconto. L’indice è stato scelto come benchmark del fondo in quanto riflette al meglio l’ambito della sua politica d’investimento. Il benchmark viene utilizzato esclusivamente per misurare le performance del fondo e non vincola la costruzione del portafoglio.
Il fondo viene gestito attivamente. Il gestore degli investimenti ha la completa libertà di scegliere quali investimenti acquistare, detenere e vendere nel fondo. Le partecipazioni del fondo possono discostarsi in misura significativa dagli elementi costitutivi del benchmark. I risultati ottenuti prima del 20 septembre 2018 sono quelli della Classe A in EUR di M&G European Strategic Value Fund (OEIC autorizzato nel Regno Unito), confluito in questo fondo in data 7 dicembre 2018. Le spese e le aliquote fiscali potrebbero essere diverse.
Dal 1° gennaio 2012 al 19 settembre 2018 il benchmark è l’indice MSCI Europe a rendimento lordo. Dal 20 settembre 2018, il benchmark è l’indice MSCI Europe Net Return.
Fonte: Morningstar, Inc e M&G, al 31 ottobre 2022. I rendimenti sono calcolati su base price-to-price con reddito reinvestito. I rendimenti dell’indice di riferimento sono riportati in EUR.
Grafici di rendimento © 2022 Morningstar Inc., Tutti i diritti sono riservati. Le informazioni contenute nel presente documento: (1) sono di proprietà di Morningstar e/o dei suoi fornitori di contenuti; (2) non possono essere copiate o distribuite e (3) non può essere fornita alcuna garanzia che siano accurate, complete o tempestive. Morningstar o i suoi fornitori di contenuti non sono responsabili di eventuali danni o perdite derivanti dall'utilizzo di queste informazioni. | # Single year performance (10 years)
Performance over 10 years
160.0
Indexed to 100
140.0
120.0
100.0
80.0
60.0
Oct 17 Dec 18 Dec 19 Dec 20 Dec 21 Oct 22
Euro A Accumulation (115,9) Benchmark (118,8)
Past performance is not a guide to future performance.
The benchmark is a comparator against which the fund’s performance can be measured. It is a net return index which includes dividends after the deduction of withholding taxes. The index has been chosen as the fund’s benchmark as it best reflects the scope of the fund’s investment policy. The benchmark is used solely to measure the fund’s performance and does not constrain the fund's portfolio construction.
The fund is actively managed. The investment manager has complete freedom in choosing which investments to buy, hold and sell in the fund. The fund’s holdings may deviate significantly from the benchmark’s constituents.
Fund performance prior to 20 September 2018 is that of the EUR Class A Accumulation of the M&G European Strategic Value Fund (a UK-authorised OEIC), which merged into this fund on 7 December 2018. Tax rates and charges may differ. From 1 January 2012 to 19 September 2018 the benchmark is the MSCI Europe Index stated as Gross Return. From 20 September 2018, the benchmark is the MSCI Europe Net Return Index.
Source: Morningstar, Inc and M&G, as at 31 October 2022. Returns are calculated on a price to price basis with income reinvested. Benchmark returns stated in EUR terms.
Performance charts © 2022 Morningstar Inc., All Rights Reserved. The information contained within: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. | en | it |
DOLFIN8355 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### The reference indicator is the MSCI global international equities index, the MSCI AC WORLD NR (USD).
The MSCI AC WORLD NR (USD) index represents the largest international companies in developed and emerging countries. It is calculated by MSCI in dollars, with net dividends reinvested, then converted into euro (Bloomberg code: NDUEACWF).
This indicator does not strictly define the fund's investment universe and may not always be representative of the risks incurred by the fund. However, it is an indicator with which investors can compare the fund’s performance and risk profile over its recommended investment horizon. | ###### Der Referenzindikator ist der weltweite Aktienindex MSCI AC WORLD NR (USD).
Der MSCI AC WORLD NR (USD) ist ein Index, der die internationalen Blue Chips aus den Industrie- und den Schwellenländern repräsentiert. Er wird von MSCI in US-Dollar mit Wiederanlage der Nettodividenden berechnet und anschließend in Euro umgerechnet (Bloomberg-Code: NDUEACWF).
Dieser Indikator legt das Anlageuniversum des Fonds nicht einschränkend fest und kann die Risiken, denen der Fonds ausgesetzt ist, nicht kontinuierlich widerspiegeln. Er stellt jedoch einen Indikator dar, anhand dessen der Anleger die Wertentwicklung und das Risikoprofil des Fonds über seinen empfohlenen Anlagehorizont vergleichen kann. | ###### The reference indicator is the MSCI global international equities index, the MSCI AC WORLD NR (USD).
The MSCI AC WORLD NR (USD) index represents the largest international companies in developed and emerging countries. It is calculated by MSCI in dollars, with net dividends reinvested, then converted into euro (Bloomberg code: NDUEACWF).
This indicator does not strictly define the fund's investment universe and may not always be representative of the risks incurred by the fund. However, it is an indicator with which investors can compare the fund’s performance and risk profile over its recommended investment horizon. | en | de |
DOLFIN8356 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Repurchase and reverse repurchase transactions
Each Sub-Fund may enter into repurchase agreements that consist of forward transactions at the maturity of which the relevant Sub- Fund (seller) has the obligation to repurchase the assets sold and the counterparty (buyer) the obligation to return the assets purchased under the transactions. Each Sub-Fund may further enter into reverse repurchase agreements that consist of forward transactions at the maturity of which the counterparty (seller) has the obligation to repurchase the asset sold and the relevant Sub- Fund (buyer) the obligation to return the assets purchased under the transactions. Such instruments will be safe-kept with the Depositary.
Repurchase agreements are generally entered opportunistically and on a temporary basis to meet extraordinary short-term cash funding requirements or to lend bonds trading at exceptional demand in the repo and cash markets, offering higher returns compared to similar securities for yield enhancement purposes. When entering into repurchase agreement transactions, Sub-Funds will generally seek to reinvest the cash collateral received in eligible financial instruments that provide greater return than the financial costs incurred when entering into the repurchase agreement transaction.
The proportion of a Sub-Fund’s net assets subject to these instruments is generally expected to represent approximately 0% over the long term. When entering opportunistically into such transactions, a Sub-Fund’s exposure to repurchase agreement transactions is expected to represent approximately 10% of its net assets. Exposure to such transactions may be higher depending on the opportunity set, but will not exceed 50% of the Sub-Fund’s net assets.
Reverse Repurchase agreements are generally considered for purposes of managing temporary excess cash balances as per the Investment Manager’s treasury policy. Each Sub-Fund may receive revenues and incur costs in connection with repurchase and reverse repurchase agreements. However, no operational fees are paid to service providers involved in such transactions by any Sub- Fund. Furthermore, all revenues arising from repurchase and reverse repurchase at a rate agreed upfront between the Sub-Fund and the counterparty to these transactions (i.e. financial credit institutions) will be returned to the relevant Sub-Fund. Information on the gains and costs incurred by each Sub-Fund in this respect, as well as the identity of the counterparties to these transactions and any affiliation they may have with the Depositary, the Investment Manager or the Management Company, if applicable, will be available in the annual report of the Fund.
The Sub-Fund’s involvement in such transactions is, however, subject to the additional following rules:
- Authorised counterparties to these transactions are reputable financial institutions that specialise in these types of transactions and are subject to prudential supervision and belonging to categories approved by the CSSF. Counterparties will typically have a public credit rating which is investment grade, meaning rated BBB- or above by Standard & Poor’s or Fitch or Baa3 or above by Moody’s. While there are no predetermined legal status or geographic criteria applied in the selection of the counterparties, these elements are typically taken into account in the selection process. The counterparties will have no discretion over the composition or management of the relevant Sub-Fund’s portfolio or over the underlying of the financial derivative instruments. The identity of the counterparties will be disclosed in the annual report.
- Each Sub-Fund may only enter into reverse repurchase agreement and/or repurchase agreement transactions provided that it is able at any time (a) to recall the full amount of cash in a reverse repurchase agreement or any securities subject to a repurchase agreement or (b) to terminate the agreement in accordance with applicable regulations. However, fixed-term transactions that do not exceed seven days should be considered as arrangements on terms that allow the assets to be recalled at any time by the relevant Sub-Fund. | Repo- und umgekehrte Repogeschäfte
Jeder Teilfonds kann Repogeschäfte abschließen, die aus Termingeschäften bestehen, bei deren Fälligkeit der jeweilige Teilfonds (Verkäufer) die Verpflichtung hat, die verkauften Vermögenswerte zurückzukaufen, und der Kontrahent (Käufer) die Verpflichtung, die im Rahmen der Transaktion gekauften Vermögenswerte zurückzugeben. Jeder Teilfonds kann außerdem umgekehrte Repogeschäfte abschließen, die aus Termingeschäften bestehen, bei deren Fälligkeit der Kontrahent (Verkäufer) die Verpflichtung hat, die verkauften Vermögenswerte zurückzukaufen, und der jeweilige Teilfonds (Käufer) die Verpflichtung, die im Rahmen der Transaktion gekauften Vermögenswerte zurückzugeben. Solche Instrumente werden bei der Verwahrstelle verwahrt.
Repogeschäfte werden in der Regel opportunistisch und vorübergehend abgeschlossen, um einen außerordentlichen, kurzfristigen Barmittelbedarf zu decken oder um Anleihen zu verleihen, die auf den Repo- und Kassenmärkten mit außergewöhnlicher Nachfrage gehandelt werden und im Vergleich zu ähnlichen Wertpapieren höhere Renditen zur Renditesteigerung bieten. Beim Abschluss von Repogeschäften werden die Teilfonds in der Regel versuchen, die erhaltenen Barsicherheiten in zulässige Finanzinstrumente zu reinvestieren, die eine höhere Rendite bieten als die finanziellen Kosten, die beim Abschluss des Repogeschäfts, anfallen.
Im Allgemeinen wird erwartet, dass der Anteil des Nettovermögens eines Teilfonds, der diesen Instrumenten unterliegt, langfristig etwa 0 % betragen. Wenn solche Transaktionen opportunistisch eingegangen wurden, wird erwartet, dass das Engagement eines Teilfonds in Repogeschäfte etwa 10 % seines Nettovermögens ausmachen. Das Engagement in Bezug auf solche Transaktionen kann abhängig vom Angebot der Möglichkeiten höher sein, wird aber nicht 50 % des Nettovermögens des Teilfonds übersteigen.
Umgekehrte Repogeschäfte werden im Allgemeinen für die Verwaltung vorübergehender Bargeldüberschüsse gemäß der Treasury- Politik des Anlageverwalters in Betracht gezogen. Jeder Teilfonds kann Gewinne erwirtschaften und ihm können Kosten in Verbindung mit Pensionsgeschäften und umgekehrten Pensionsgeschäften entstehen. Jedoch werden vom Teilfonds keine Betriebsgebühren an Dienstleister, die an solchen Transaktionen beteiligt sind, gezahlt. Außerdem fließen alle Erträge aus Pensionsgeschäften und umgekehrten Pensionsgeschäften zu einem vorab zwischen dem Teilfonds und dem Kontrahenten dieser Transaktionen (d. h. Kreditinstituten) vereinbarten Satz an den entsprechenden Teilfonds zurück. Informationen zu den Gewinnen und Kosten, die in dieser Hinsicht für die einzelnen Teilfonds anfallen können, zur Identität der Kontrahenten dieser Transaktionen und zu deren möglichen Beziehungen zur Verwahrstelle, zum Anlageverwalter oder zur Verwaltungsgesellschaft sind gegebenenfalls im Jahresbericht des Fonds enthalten.
Die Beteiligung des Teilfonds an derartigen Transaktionen unterliegt jedoch den folgenden, zusätzlichen Bestimmungen:
- Zugelassene Kontrahenten dieser Transaktionen sind namhafte Finanzinstitute, die auf diese Art von Transaktionen spezialisiert sind, der behördlichen Aufsicht unterliegen und den von der CSSF genehmigten Kategorien angehören. Kontrahenten haben üblicherweise ein öffentliches Kreditrating von „Investment Grade“, d. h. ein Rating von BBB- oder höher durch Standard & Poor's oder Fitch oder von Baa3 oder höher durch Moody's. Zwar werden bei der Auswahl von Kontrahenten keine vorab festgelegten Kriterien hinsichtlich der Rechtsform oder der geografischen Region angewendet, doch werden diese Aspekte gewöhnlich im Rahmen des Auswahlprozesses berücksichtigt. Die Kontrahenten haben keine Entscheidungsbefugnis bezüglich der Zusammensetzung und Verwaltung des Portfolios des betreffenden Teilfonds oder der Basiswerte der derivativen Finanzinstrumente. Die Identität der Kontrahenten wird im Jahresbericht offengelegt.
- jeder Teilfonds kann umgekehrte Repogeschäfte und/oder Repogeschäfte nur unter der Voraussetzung abschließen, dass er jederzeit (a) den vollen Betrag der Barmittel aus einem umgekehrten Repogeschäft oder Wertpapiere im Rahmen eines Repogeschäftes abrufen kann oder (b) den Vertrag im Einklang mit den anwendbaren Vorschriften kündigen kann. Geschäfte mit einer festen Laufzeit, die sieben Tage nicht überschreitet, gelten als Vereinbarungen mit Bedingungen, die es dem jeweiligen Teilfonds erlauben, die Vermögenswerte jederzeit abzurufen. | Repurchase and reverse repurchase transactions
Each Sub-Fund may enter into repurchase agreements that consist of forward transactions at the maturity of which the relevant Sub- Fund (seller) has the obligation to repurchase the assets sold and the counterparty (buyer) the obligation to return the assets purchased under the transactions. Each Sub-Fund may further enter into reverse repurchase agreements that consist of forward transactions at the maturity of which the counterparty (seller) has the obligation to repurchase the asset sold and the relevant Sub- Fund (buyer) the obligation to return the assets purchased under the transactions. Such instruments will be safe-kept with the Depositary.
Repurchase agreements are generally entered opportunistically and on a temporary basis to meet extraordinary short-term cash funding requirements or to lend bonds trading at exceptional demand in the repo and cash markets, offering higher returns compared to similar securities for yield enhancement purposes. When entering into repurchase agreement transactions, Sub-Funds will generally seek to reinvest the cash collateral received in eligible financial instruments that provide greater return than the financial costs incurred when entering into the repurchase agreement transaction.
The proportion of a Sub-Fund’s net assets subject to these instruments is generally expected to represent approximately 0% over the long term. When entering opportunistically into such transactions, a Sub-Fund’s exposure to repurchase agreement transactions is expected to represent approximately 10% of its net assets. Exposure to such transactions may be higher depending on the opportunity set, but will not exceed 50% of the Sub-Fund’s net assets.
Reverse Repurchase agreements are generally considered for purposes of managing temporary excess cash balances as per the Investment Manager’s treasury policy. Each Sub-Fund may receive revenues and incur costs in connection with repurchase and reverse repurchase agreements. However, no operational fees are paid to service providers involved in such transactions by any Sub- Fund. Furthermore, all revenues arising from repurchase and reverse repurchase at a rate agreed upfront between the Sub-Fund and the counterparty to these transactions (i.e. financial credit institutions) will be returned to the relevant Sub-Fund. Information on the gains and costs incurred by each Sub-Fund in this respect, as well as the identity of the counterparties to these transactions and any affiliation they may have with the Depositary, the Investment Manager or the Management Company, if applicable, will be available in the annual report of the Fund.
The Sub-Fund’s involvement in such transactions is, however, subject to the additional following rules:
- Authorised counterparties to these transactions are reputable financial institutions that specialise in these types of transactions and are subject to prudential supervision and belonging to categories approved by the CSSF. Counterparties will typically have a public credit rating which is investment grade, meaning rated BBB- or above by Standard & Poor’s or Fitch or Baa3 or above by Moody’s. While there are no predetermined legal status or geographic criteria applied in the selection of the counterparties, these elements are typically taken into account in the selection process. The counterparties will have no discretion over the composition or management of the relevant Sub-Fund’s portfolio or over the underlying of the financial derivative instruments. The identity of the counterparties will be disclosed in the annual report.
- Each Sub-Fund may only enter into reverse repurchase agreement and/or repurchase agreement transactions provided that it is able at any time (a) to recall the full amount of cash in a reverse repurchase agreement or any securities subject to a repurchase agreement or (b) to terminate the agreement in accordance with applicable regulations. However, fixed-term transactions that do not exceed seven days should be considered as arrangements on terms that allow the assets to be recalled at any time by the relevant Sub-Fund. | en | de |
DOLFIN8357 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The terms and conditions of the nominee services, if any, will be provided in the relevant distribution or nominee agreement.
The distributor and its agents, if any, will at all times comply with any obligations imposed by any applicable laws, rules and regulations with respect to anti-money laundering and will furthermore adopt procedures designed to ensure, to the extent applicable, that they shall comply with the foregoing undertaking. To the extent the distributor or its agents are not submitted to anti-money laundering regulations, the necessary control will be carried out by the administrative agency of the Company.
## Settlement by Electronic Funds Transfer
Investors are advised to pay by electronic funds transfer (in the appropriate Reference Currency) in order to avoid any delay in the allotment of Shares. The electronic funds transfer form accompanying this Prospectus should be completed and forwarded by investors to their banks, and the relevant section of the Application Form should also be completed. Shares will be allotted upon receipt (if prior to the relevant cut-off time on any Business Day) of notification from the Depositary that an authenticated electronic funds transfer advice or SWIFT message has been received provided that the transfer of money has been made in strict accordance with the instructions given in the electronic funds transfer form.
## Foreign Exchange
In the event that the application has been made in a currency other than the Reference Currency of the Classes of Shares within the relevant Sub-Fund(s), the Registrar Agent will perform the necessary foreign exchange transactions. Investors should be aware that the amount of currency involved and the time of day at which such foreign exchange is transacted will affect the rate of exchange. No liability shall be accepted by the Depositary, Registrar Agent or the Company for any losses arising from adverse currency fluctuations. | # Les modalités relatives au service de nominee, le cas échéant, seront stipulées dans le contrat de distribution ou de nominee concerné.
Le distributeur et ses agents le cas échéant, devront se conformer à tout moment aux lois, règles et réglementations en vigueur concernant le blanchiment de capitaux et devront, en outre, adopter des procédures visant à garantir, dans la mesure du possible, qu’ils se conformeront à l’engagement susvisé. Si le distributeur ou ses agents ne sont pas soumis aux réglementations en matière de blanchiment de capitaux, le contrôle nécessaire sera réalisé par l’Agent Administratif de la Société.
## Règlement par virement électronique de fonds
Il est recommandé aux investisseurs de payer par virement électronique (dans la devise de référence appropriée) afin d’éviter tout retard dans l’attribution d’Actions. Les investisseurs devront compléter le formulaire de virement électronique joint au présent Prospectus et le transmettre à leur banque, de même que la section y relative du Bulletin de souscription. Les Actions seront attribuées dès réception (si elle a lieu avant l’heure limite correspondante un Jour Ouvrable donné) d’une notification en provenance du Dépositaire confirmant qu’un avis de virement électronique authentifié ou message SWIFT a été reçu, sous réserve que le virement des fonds ait été effectué dans le strict respect des instructions indiquées sur le formulaire de virement électronique de fonds.
## Change
Si la demande de souscription a été faite dans une devise autre que la devise de référence des Classes d’Actions d’un Compartiment concerné, l’Agent de Registre procédera aux opérations de change nécessaires. Il est rappelé aux investisseurs que le taux de change appliqué variera en fonction du montant et de l’heure de la conversion. Le Dépositaire, l’Agent de Registre ou la Société n’acceptent aucune responsabilité en cas de perte découlant de fluctuations de change défavorables. | # The terms and conditions of the nominee services, if any, will be provided in the relevant distribution or nominee agreement.
The distributor and its agents, if any, will at all times comply with any obligations imposed by any applicable laws, rules and regulations with respect to anti-money laundering and will furthermore adopt procedures designed to ensure, to the extent applicable, that they shall comply with the foregoing undertaking. To the extent the distributor or its agents are not submitted to anti-money laundering regulations, the necessary control will be carried out by the administrative agency of the Company.
## Settlement by Electronic Funds Transfer
Investors are advised to pay by electronic funds transfer (in the appropriate Reference Currency) in order to avoid any delay in the allotment of Shares. The electronic funds transfer form accompanying this Prospectus should be completed and forwarded by investors to their banks, and the relevant section of the Application Form should also be completed. Shares will be allotted upon receipt (if prior to the relevant cut-off time on any Business Day) of notification from the Depositary that an authenticated electronic funds transfer advice or SWIFT message has been received provided that the transfer of money has been made in strict accordance with the instructions given in the electronic funds transfer form.
## Foreign Exchange
In the event that the application has been made in a currency other than the Reference Currency of the Classes of Shares within the relevant Sub-Fund(s), the Registrar Agent will perform the necessary foreign exchange transactions. Investors should be aware that the amount of currency involved and the time of day at which such foreign exchange is transacted will affect the rate of exchange. No liability shall be accepted by the Depositary, Registrar Agent or the Company for any losses arising from adverse currency fluctuations. | en | fr |
DOLFIN8358 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The amount that is reasonable to invest in this mutual investment fund depends on your personal situation. In order to determine this amount, holders are advised to obtain advice from a professional in order to diversify their investments and determine the proportion of the financial portfolio or their assets to be invested in this mutual investment fund, particularly with regard to the recommended investment term and exposure to the above-mentioned risks, their personal assets, requirements and objectives.
The minimum recommended investment term is 3 years.
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# Calculation and allocation of distributable amounts: | Le montant qu’il est raisonnable d’investir dans ce FCP dépend de votre situation personnelle. Pour le déterminer, il est recommandé au porteur de s’enquérir des conseils d’un professionnel afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce FCP au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précités, de son patrimoine personnel, de ses besoins et de ses objectifs propres.
La durée minimale de placement recommandée est de 3 ans.
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# Modalités de détermination et d'affectation des sommes distribuables : | The amount that is reasonable to invest in this mutual investment fund depends on your personal situation. In order to determine this amount, holders are advised to obtain advice from a professional in order to diversify their investments and determine the proportion of the financial portfolio or their assets to be invested in this mutual investment fund, particularly with regard to the recommended investment term and exposure to the above-mentioned risks, their personal assets, requirements and objectives.
The minimum recommended investment term is 3 years.
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# Calculation and allocation of distributable amounts: | en | fr |
DOLFIN8359 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# CONVERSION OF SHARES
Unless otherwise specified in the relevant Supplement, Shareholders are entitled to convert all or part of their Shares of any Class of a given Sub-Fund into Shares of the same Class in another Sub-Fund or into Shares of another existing Class of that or another Sub-Fund. However, the right to convert Shares is subject to compliance with any specific conditions applicable to the Class into which conversion is to be effected.
A conversion of Shares will be treated as a redemption of Shares and a simultaneous subscription of Shares of the acquired Sub-Fund or Class.
The rate at which Shares of any Class in any Sub-Fund shall be converted will be determined by reference to the respective Net Asset Values of the relevant Shares, calculated as of the same Valuation Day following receipt of the documents referred to below.
The conversion charge is indicated for each Class of Shares or Sub-Fund in the relevant Supplement.
If Shares are converted for Shares of another Sub-Fund or Class of Shares having a higher subscription fees, the Company retains the right to charge, in addition to the conversion fee which is described for each Sub-Fund or Class of Shares in the Supplements, a fee equal to the difference in percentage of the subscription fees of the relevant Shares.
A conversion of Shares of one Sub-Fund for Shares of another Sub-Fund, including conversions between Classes of Shares, will be treated as a redemption of Shares and a simultaneous purchase of Shares. A converting Shareholder may, therefore, realise a taxable gain or loss in connection with the conversion under the laws of the country of the Shareholder's citizenship, residence or domicile.
Shares may be tendered for conversion on any Valuation Day. The conversion of Shares between Sub-Funds and/or Classes of Shares having different calculation frequencies of the Net Asset Value may only be effected on a common Valuation Day.
All terms and notices regarding the redemption of Shares shall equally apply to the conversion of Shares.
No conversion of Shares will be effected until the following documents have been received at the Registered Office of the Company:
- a duly completed conversion request form or other written notification acceptable to the Registrar and Transfer Agent;
- the transfer form duly completed together with any other documentation that may be requested by the Company from time to time (including the same identification documentation and information required of new Shareholders as noted above).
In converting Shares of a Sub-Fund for Shares of another Sub-Fund or Class of Shares, a Shareholder must meet the applicable minimum initial investment requirements indicated for certain Sub-Funds or Classes of Shares in the relevant Supplement.
If, as a result of any request for conversion, the aggregate Net Asset Value of the Shares held by the converting Shareholder in a Class of Shares of a Sub-Fund falls below the minimum holding requirement indicated in the relevant Supplement, the Company may treat such request as a request to convert the entire shareholding of such Shareholder in such Class.
If on any Valuation Day, the conversion requests exceed 10% of the total number of Shares in issuance of any Sub-Fund, the Board of Directors may decide that part or all of such requests for conversion will be deferred pro rata, so that 10% limit is not exceed. On the next Valuation Day following that period, these conversion requests will be satisfied in priority to later requests, subject always to the 10% limit.
Shares of any Class in any Sub-Fund will not be converted in circumstances where the calculation of the Net Asset Value per share of such Sub-Fund is suspended by the Company pursuant to the Articles.
Conversion will be carried out using the following formula:
A (B C D) E
F
- being the number of Shares to be allotted in the new Sub-Fund or Class of Shares;
- being the number of Shares to be converted in the initial Sub-Fund or Class of Shares;
- being the Net Asset Value, on the applicable Valuation Day, of the Shares to be converted in the initial Sub-Fund or Class of Shares;
- being the exchange rate applicable on the Valuation Day for the currencies of the two Sub-Funds or Classes of Shares;
- being the conversion fees applicable (as indicated for each Sub-Fund or Class of Shares in the relevant Supplement);
- being the Net Asset Value, on the applicable Valuation Day, of the Shares to be allotted in the new Sub-Fund or Class of Shares. | # CONVERSION D’ACTIONS
Sauf indication contraire dans le Supplément concerné, les Actionnaires sont habilités à convertir tout ou partie de leurs actions de toute Catégorie d’un Compartiment donné en actions de la même Catégorie d’un autre Compartiment ou en actions d’une autre Catégorie existante de ce Compartiment ou d’un autre Compartiment. Toutefois, le droit de convertir des Actions est soumis au respect de toute condition spécifique applicable à la Catégorie vers laquelle la conversion doit être effectuée.
Une conversion d’actions sera traitée comme un rachat d’actions et une souscription simultanée d’actions de la Catégorie ou du Compartiment acquis.
Le taux de conversion des actions de toute Catégorie de n’importe quel Compartiment sera déterminé en référence aux Valeurs nettes d’inventaire des actions concernées, calculées le même Jour d’évaluation après réception des documents visés ci-dessous.
Les frais de conversion sont indiqués pour chaque Catégorie d’Actions ou chaque Compartiment dans le Supplément concerné.
Dans le cas où des actions sont converties en actions d’un autre Compartiment ou d’une autre Catégorie d’Actions dont les frais de souscription sont plus élevés, la Société se réserve le droit de facturer, outre les frais de conversion décrits dans les Suppléments pour chaque Compartiment ou chaque Catégorie d’Actions, des frais égaux à la différence de pourcentage des frais de souscription des actions concernées.
La conversion d’actions d’un Compartiment en actions d’un autre Compartiment, y compris une conversion entre Catégories d’Actions, sera traitée comme un rachat d’actions accompagné d’un achat simultané d’actions. Selon la législation du pays de nationalité, de résidence ou de domicile de l’Actionnaire concerné, il est donc possible qu’un Actionnaire procédant à une conversion réalise une plus-value imposable.
Les demandes de conversion d’actions peuvent être introduites n’importe quel Jour d’évaluation. La conversion d’actions entre Compartiments et/ou Catégories ayant des fréquences différentes de calcul de la Valeur nette d’inventaire peut être effectuée uniquement à une date constituant un Jour d’évaluation commun.
Toutes les conditions applicables au rachat d’actions s’appliquent également à la conversion d’actions.
Aucune conversion d’actions ne sera effectuée avant réception des documents suivants au Siège social de la Société :
- un formulaire de demande de conversion dûment complété ou une autre notification écrite acceptable aux yeux de l’Agent de registre et de transfert ;
- le formulaire de transfert dûment complété accompagné de tout autre document que la Société pourrait demander ponctuellement (y compris les mêmes documents d’identification que ceux requis pour les nouveaux Actionnaires, voir ci-dessus).
Lors de la conversion d’actions d’un Compartiment en actions d’un autre Compartiment ou d’une autre Catégorie d’Actions, l’Actionnaire concerné doit respecter les exigences en matière d’investissement initial minimal définies pour certains Compartiments ou certaines Catégories d’Actions dans le Supplément concerné.
Dans les cas où une demande de conversion aurait pour conséquence de faire chuter la Valeur nette d’inventaire totale des Actions détenues par l’Actionnaire concerné dans une Catégorie d’Actions sous le montant minimal indiqué dans le Supplément de certains Compartiments, la Société peut traiter cette demande comme une demande de conversion de toutes les Actions détenues par cet Actionnaire dans la Catégorie concernée.
Si, un Jour d’évaluation quel qu’il soit, les demandes de conversion dépassent 10 % du nombre total d’actions émises par un Compartiment, le Conseil d’administration peut décider de reporter tout ou partie de ces demandes de conversion de manière proportionnelle afin de ne pas dépasser la limite de 10 %. Le Jour d’évaluation suivant cette période, ces demandes de conversion seront satisfaites en priorité par rapport aux demandes ultérieures, toujours dans le respect de la limite de 10 %.
Aucune action de quelque Catégorie de quelque Compartiment que ce soit ne sera convertie dans des circonstances où le calcul de la Valeur nette d’inventaire par action de ce Compartiment est suspendu par la Société conformément aux Statuts.
La conversion sera réalisée selon la formule suivante :
A (B C D) E
F
- le nombre d’actions à attribuer dans le nouveau Compartiment ou la nouvelle Catégorie d’Actions ;
- le nombre d’actions à convertir dans le Compartiment ou la Catégorie d’Actions d’origine ;
- la Valeur nette d’inventaire, le Jour d’évaluation concerné, des actions à convertir dans le Compartiment ou la Catégorie d’Actions d’origine ;
- le taux de change applicable, le Jour d’évaluation, aux devises des deux Compartiments ou Catégories d’Actions ;
- les frais de conversion applicables (tels que définis pour les Catégories ou Compartiments concernés dans le Supplément correspondant) ;
- la Valeur nette d’inventaire, le Jour d’évaluation concerné, des actions à attribuer dans le nouveau Compartiment ou la nouvelle Catégorie d’Actions. | # CONVERSION OF SHARES
Unless otherwise specified in the relevant Supplement, Shareholders are entitled to convert all or part of their Shares of any Class of a given Sub-Fund into Shares of the same Class in another Sub-Fund or into Shares of another existing Class of that or another Sub-Fund. However, the right to convert Shares is subject to compliance with any specific conditions applicable to the Class into which conversion is to be effected.
A conversion of Shares will be treated as a redemption of Shares and a simultaneous subscription of Shares of the acquired Sub-Fund or Class.
The rate at which Shares of any Class in any Sub-Fund shall be converted will be determined by reference to the respective Net Asset Values of the relevant Shares, calculated as of the same Valuation Day following receipt of the documents referred to below.
The conversion charge is indicated for each Class of Shares or Sub-Fund in the relevant Supplement.
If Shares are converted for Shares of another Sub-Fund or Class of Shares having a higher subscription fees, the Company retains the right to charge, in addition to the conversion fee which is described for each Sub-Fund or Class of Shares in the Supplements, a fee equal to the difference in percentage of the subscription fees of the relevant Shares.
A conversion of Shares of one Sub-Fund for Shares of another Sub-Fund, including conversions between Classes of Shares, will be treated as a redemption of Shares and a simultaneous purchase of Shares. A converting Shareholder may, therefore, realise a taxable gain or loss in connection with the conversion under the laws of the country of the Shareholder's citizenship, residence or domicile.
Shares may be tendered for conversion on any Valuation Day. The conversion of Shares between Sub-Funds and/or Classes of Shares having different calculation frequencies of the Net Asset Value may only be effected on a common Valuation Day.
All terms and notices regarding the redemption of Shares shall equally apply to the conversion of Shares.
No conversion of Shares will be effected until the following documents have been received at the Registered Office of the Company:
- a duly completed conversion request form or other written notification acceptable to the Registrar and Transfer Agent;
- the transfer form duly completed together with any other documentation that may be requested by the Company from time to time (including the same identification documentation and information required of new Shareholders as noted above).
In converting Shares of a Sub-Fund for Shares of another Sub-Fund or Class of Shares, a Shareholder must meet the applicable minimum initial investment requirements indicated for certain Sub-Funds or Classes of Shares in the relevant Supplement.
If, as a result of any request for conversion, the aggregate Net Asset Value of the Shares held by the converting Shareholder in a Class of Shares of a Sub-Fund falls below the minimum holding requirement indicated in the relevant Supplement, the Company may treat such request as a request to convert the entire shareholding of such Shareholder in such Class.
If on any Valuation Day, the conversion requests exceed 10% of the total number of Shares in issuance of any Sub-Fund, the Board of Directors may decide that part or all of such requests for conversion will be deferred pro rata, so that 10% limit is not exceed. On the next Valuation Day following that period, these conversion requests will be satisfied in priority to later requests, subject always to the 10% limit.
Shares of any Class in any Sub-Fund will not be converted in circumstances where the calculation of the Net Asset Value per share of such Sub-Fund is suspended by the Company pursuant to the Articles.
Conversion will be carried out using the following formula:
A (B C D) E
F
- being the number of Shares to be allotted in the new Sub-Fund or Class of Shares;
- being the number of Shares to be converted in the initial Sub-Fund or Class of Shares;
- being the Net Asset Value, on the applicable Valuation Day, of the Shares to be converted in the initial Sub-Fund or Class of Shares;
- being the exchange rate applicable on the Valuation Day for the currencies of the two Sub-Funds or Classes of Shares;
- being the conversion fees applicable (as indicated for each Sub-Fund or Class of Shares in the relevant Supplement);
- being the Net Asset Value, on the applicable Valuation Day, of the Shares to be allotted in the new Sub-Fund or Class of Shares. | en | fr |
DOLFIN8360 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
As per the Prospectus, each of the Swap Counterparties may enter into hedging transactions in respect of the OTC Swap Transaction(s). According to the OTC Swap Transaction(s) entered into between the Sub-Funds and the Swap Counterparty, the Sub-Funds shall receive the performance of the Reference Index adjusted to reflect certain index replication costs, taxes and any other transaction costs or charges incurred by the Swap Counterparty in relation to the OTC Swap Transaction. These costs may include, amongst other things, costs, taxes or other duties associated with the buying, selling, custody, holding or any other transactions relating to investments in transferable securities and/or OTC Swap Transactions and/or collateral. The nature of these costs may differ depending on the Reference Index whose performance the Sub-Funds aim to reflect.
•Situation 1: the Reference Index is "long" (i.e. its objective is to reflect the performance of its constituents). Then the index replication costs will be associated with (i) the buying and selling by the Swap Counterparty of the constituents of the Reference Index in order to reflect the Reference Index performance; or (ii) custody or other related costs incurred by the Swap Counterparty in relation to holding the constituents of the Reference Index; or (iii) taxes or other duties imposed on the buying or selling of the constituents of the Reference Index; or (iv) taxes imposed on any income derived from the constituents of the Reference Index; or (v) any other transactions performed by the Swap Counterparty in relation to the constituents of the Reference Index.
•Situation 2: the Reference Index is "leveraged" (i.e. its objective is to reflect the daily leveraged performance of the long version of the Reference Index). Then the index replication costs will be associated with (i) the buying and selling and any borrowing and/or financing of the constituents of the Reference Index in order to reflect the Reference Index performance, (ii) custody or other related costs incurred by the Swap Counterparty in relation to holding the constituents of the Reference Index, (iii) financing charges incurred to safeguard against severe market movements of the constituents of the Reference Index, (iv) unexpected financing costs in the event of severe market movements, (v) taxes imposed on any income derived from the constituents of the Reference Index, or (vi) any other transactions performed by the Swap Counterparty in relation to the constituents of the Reference Index.
•Situation 3: the Reference Index is "short" (i.e. its objective is to reflect the daily inverse performance of the long version of the Reference Index) or "short and leveraged" (i.e. its objective is to reflect the leveraged daily inverse performance of the long version of the Reference Index). Then the index replication costs will be associated with (i) the borrowing and/or financing of the constituents of the Reference Index in order to reflect the Reference Index performance, (ii) financing charges incurred to safeguard against severe market movements of the constituents of the Reference Index, (iii) unexpected financing costs in the event of severe market movements or
(iv) any other transactions performed by the Swap Counterparty in relation to the constituents of the Reference Index.
In addition, from time to time each Swap Counterparty may achieve certain benefits or enhancements as a result of its hedging activities. In certain circumstances, the Swap Counterparty may, in its absolute and sole discretion, decide to pay some or all of such benefits or enhancements to the Sub-Fund under the OTC Swap Transaction(s) in addition to any payments contractually due under the OTC Swap Transaction(s). The OTC Swap Transactions of the following Sub-Funds were adjusted by the below figures in the valuation of the swaps prevailing as at 30 June 2020. A positive figure in the table means that the OTC Swap Transactions of the relevant Sub-Fund were subject to a negative adjustment. These figures are netted against the benefits or enhancements as a result of a Swap Counterparty’s hedging activities that were received under the OTC Swap Transaction(s), if any. These costs may vary over time in accordance with market conditions and market practice.
During the period ending 30 June 2020, there were no adjustments to the OTC Swap Transactions of the Sub-Funds.
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## Determination of the Global Exposure | En vertu du Prospectus, chaque Contrepartie de Swap peut effectuer des opérations de couverture liées à l' (aux) Opération(s) de Swap négociée(s) de gré à gré. Selon la (les) Convention(s) de Swap négociée(s) de gré à gré conclue(s) entre les Compartiments et la Contrepartie de Swap, les Compartiments recevront les performances de l’Indice de Référence ajustés afin de refléter certains coûts de réplication de l’indice associés, taxes et tout autre coût ou frais de transaction encourus par la Contrepartie de Swap relativement à l'Opération de Swap négociée de gré à gré. Ces coûts peuvent inclure, entre autres, les coûts, taxes ou autres droits en relation avec l’achat, la vente, la garde, la détention ou toute autre transaction en lien avec des Investissements dans des valeurs mobilières et/ou des Opérations de Swap négociées de gré à gré et/ou des garanties. La nature de ces coûts peut être différente en fonction de l’Indice de Référence dont le Compartiment vise à répliquer la performance.
•Situation 1 : l’Indice de Référence est « long » (à savoir que son objectif est de refléter la performance de ses composants). Dans ce cas, les coûts de réplication de l’indice seront associés (i) à l’achat et la vente par la Contrepartie de Swap des composants de l’Indice de Référence afin de répliquer leur performance ; ou (ii) aux frais de garde ou autres frais liés encourus par la Contrepartie de Swap en lien avec la détention des composants de l’Indice de Référence ; ou (iii) aux taxes ou autres obligations imposées sur l’achat ou la vente des composants de l’Indice de Référence ; ou (iv) aux taxes imposées sur tout revenu issu des composants des Indices de Référence ; ou (v) à toute autre transaction effectuée par la Contrepartie de Swap en lien avec les composants de l’Indice de Référence.
•Situation 2 : l’Indice de Référence est soumis à un « effet de levier » (à savoir que son objectif est de refléter la performance journalière avec effet de levier de la version longue de l’Indice de Référence). Dans ce cas, les coûts de réplication de l’indice seront associés (i) à l’achat, la vente et l’emprunt et/ou le financement par la Contrepartie de Swap des composants de l’Indice de Référence afin de répliquer leur performance ; ou (ii) aux frais de garde ou autres frais liés encourus par la Contrepartie de Swap en lien avec la détention des composants de l’Indice de Référence ; ou (iii) aux frais financiers encourus pour se protéger des mouvements du marché très importants des composants de l’Indice de Référence ; ou (iv) aux frais financiers inattendus liés aux mouvements de marché très importants ; ou (v) aux taxes imposées sur tout revenu issu des composants de l’Indice de Référence ; ou (vi) à toute autre transaction effectuée par la Contrepartie de Swap en lien avec les composants de l’Indice de Référence.
•Situation 3 : l’Indice de Référence est « court » (à savoir que son objectif consiste à refléter la performance inverse journalière de la version longue de l’Indice de Référence) ou « court et à effet de levier » (à savoir que son objectif consiste à refléter la performance inverse journalière de la version longue de l’Indice de Référence). Dans ce cas, les coûts de réplication de l’indice seront associés (i) à l’emprunt et/ou au financement par la Contrepartie de Swap des composants de l’Indice de Référence afin de répliquer sa performance, (ii) aux frais financiers encourus pour se protéger des mouvements du marché très importants des composants de l’Indice de Référence, (iii) aux frais financiers inattendus liés aux mouvements de marché très importants ou (iv) à toute autre transaction effectuée par la Contrepartie de Swap en lien avec les composants de l’Indice de Référence.
En outre, de temps à autre, chaque Contrepartie de Swap peut obtenir certains bénéfices ou bonifications du fait de ses activités de couverture. Dans certaines circonstances, la Contrepartie de Swap peut, à son gré, décider de verser tous ou certains de ces bénéfices ou bonifications au Compartiment dans le cadre de l'(des) Opération(s) de Swap négociée(s) de gré à gré en plus de tout paiement contractuel exigible en vertu de l'(des) Opération(s). Les Opérations de Swap négociées de gré à gré des Compartiments suivants ont été ajustées des valeurs ci-après dans le cadre de la valorisation de Swap prévalant au 30 juin 2020. Une valeur positive dans le tableau signifie que les Opérations de Swap négociées de gré à gré du Compartiment ont été soumises à un ajustement négatif. Ces valeurs sont déduites des bénéfices ou bonifications résultant des activités de couverture d’une Contrepartie de Swap, reçus dans le cadre de l'(des) Opération(s) de Swap négociée(s) de gré à gré, le cas échéant. Ces coûts peuvent varier de temps à autre en fonction de la conjoncture et des pratiques du marché.
Pendant la période clôturée le 30 juin 2020, les Opérations de Swap négociées de gré à gré des Compartiments n’ont fait l’objet d’aucune modification.
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## Détermination du Risque global | As per the Prospectus, each of the Swap Counterparties may enter into hedging transactions in respect of the OTC Swap Transaction(s). According to the OTC Swap Transaction(s) entered into between the Sub-Funds and the Swap Counterparty, the Sub-Funds shall receive the performance of the Reference Index adjusted to reflect certain index replication costs, taxes and any other transaction costs or charges incurred by the Swap Counterparty in relation to the OTC Swap Transaction. These costs may include, amongst other things, costs, taxes or other duties associated with the buying, selling, custody, holding or any other transactions relating to investments in transferable securities and/or OTC Swap Transactions and/or collateral. The nature of these costs may differ depending on the Reference Index whose performance the Sub-Funds aim to reflect.
•Situation 1: the Reference Index is "long" (i.e. its objective is to reflect the performance of its constituents). Then the index replication costs will be associated with (i) the buying and selling by the Swap Counterparty of the constituents of the Reference Index in order to reflect the Reference Index performance; or (ii) custody or other related costs incurred by the Swap Counterparty in relation to holding the constituents of the Reference Index; or (iii) taxes or other duties imposed on the buying or selling of the constituents of the Reference Index; or (iv) taxes imposed on any income derived from the constituents of the Reference Index; or (v) any other transactions performed by the Swap Counterparty in relation to the constituents of the Reference Index.
•Situation 2: the Reference Index is "leveraged" (i.e. its objective is to reflect the daily leveraged performance of the long version of the Reference Index). Then the index replication costs will be associated with (i) the buying and selling and any borrowing and/or financing of the constituents of the Reference Index in order to reflect the Reference Index performance, (ii) custody or other related costs incurred by the Swap Counterparty in relation to holding the constituents of the Reference Index, (iii) financing charges incurred to safeguard against severe market movements of the constituents of the Reference Index, (iv) unexpected financing costs in the event of severe market movements, (v) taxes imposed on any income derived from the constituents of the Reference Index, or (vi) any other transactions performed by the Swap Counterparty in relation to the constituents of the Reference Index.
•Situation 3: the Reference Index is "short" (i.e. its objective is to reflect the daily inverse performance of the long version of the Reference Index) or "short and leveraged" (i.e. its objective is to reflect the leveraged daily inverse performance of the long version of the Reference Index). Then the index replication costs will be associated with (i) the borrowing and/or financing of the constituents of the Reference Index in order to reflect the Reference Index performance, (ii) financing charges incurred to safeguard against severe market movements of the constituents of the Reference Index, (iii) unexpected financing costs in the event of severe market movements or
(iv) any other transactions performed by the Swap Counterparty in relation to the constituents of the Reference Index.
In addition, from time to time each Swap Counterparty may achieve certain benefits or enhancements as a result of its hedging activities. In certain circumstances, the Swap Counterparty may, in its absolute and sole discretion, decide to pay some or all of such benefits or enhancements to the Sub-Fund under the OTC Swap Transaction(s) in addition to any payments contractually due under the OTC Swap Transaction(s). The OTC Swap Transactions of the following Sub-Funds were adjusted by the below figures in the valuation of the swaps prevailing as at 30 June 2020. A positive figure in the table means that the OTC Swap Transactions of the relevant Sub-Fund were subject to a negative adjustment. These figures are netted against the benefits or enhancements as a result of a Swap Counterparty’s hedging activities that were received under the OTC Swap Transaction(s), if any. These costs may vary over time in accordance with market conditions and market practice.
During the period ending 30 June 2020, there were no adjustments to the OTC Swap Transactions of the Sub-Funds.
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## Determination of the Global Exposure | en | fr |
DOLFIN8361 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Market development
The euro non-financial corporate index spread widened 17 bps to 194 bps at the end of the month. As a result, corporates underperformed versus government bonds. The total return was mainly driven by a big move in underlying government bond yields. German 10-year treasury yields widened almost 60 bps to 2.10%. In September, credit markets delivered negative total returns, as treasury yields moved up sharply and credit spreads widened. This was driven by hawkish central bank statements on inflation and fears of energy disruptions in Europe. The Nord Stream gas pipeline was severely damaged after explosions were detected in the Baltic Sea. In the United Kingdom, the fiscal plans of the new government caused a lot of market volatility, with a large increase in Gilt yields and sterling weakening. The Bank of England had to step in to control the rise in 30-year Gilt yields, as pension funds became forced sellers. In Europe, inflation levels reached double digits, while in the US the CPI remained above 8%. Subsequent comments made by Fed Chair Powell remained hawkish. | # Évolution des marchés
Le spread de l'indice des entreprises non-financières européennes s'est élargi de 17 pb pour atteindre 194 pb à la fin du mois. Par conséquent, les obligations d'entreprise ont sous-performé les obligations d'État. Le rendement total est principalement dû à une forte variation des rendements des obligations d'État sous-jacentes. Le taux des obligations du Trésor allemand à 10 ans a augmenté de 60 pb à 2,10 %. Les marchés du crédit ont signé des performances totales négatives sur fond de forte hausse des taux des bons du Trésor et d’élargissement des spreads de crédit. Cela a été dû à un ton offensif des banques centrales sur l’inflation et aux craintes de perturbations du secteur de l’énergie en Europe. Le gazoduc Nord Stream a été fortement endommagé après des explosions dans la mer Baltique. Au Royaume-Uni, le programme budgétaire du nouveau gouvernement a entraîné beaucoup de volatilité, une forte hausse des taux des Gilts et une dépréciation de la livre sterling. La Banque d'Angleterre est intervenue pour contrôler la hausse des taux des Gilts à 30 ans, les fonds de pension ayant procédé à des ventes
forcées. En Europe, l’inflation est ressortie à 2 chiffres et aux USA, l’IPC est resté supérieur à 8 %. Les commentaires ultérieurs du Président de la Fed sont demeurés offensifs. | # Market development
The euro non-financial corporate index spread widened 17 bps to 194 bps at the end of the month. As a result, corporates underperformed versus government bonds. The total return was mainly driven by a big move in underlying government bond yields. German 10-year treasury yields widened almost 60 bps to 2.10%. In September, credit markets delivered negative total returns, as treasury yields moved up sharply and credit spreads widened. This was driven by hawkish central bank statements on inflation and fears of energy disruptions in Europe. The Nord Stream gas pipeline was severely damaged after explosions were detected in the Baltic Sea. In the United Kingdom, the fiscal plans of the new government caused a lot of market volatility, with a large increase in Gilt yields and sterling weakening. The Bank of England had to step in to control the rise in 30-year Gilt yields, as pension funds became forced sellers. In Europe, inflation levels reached double digits, while in the US the CPI remained above 8%. Subsequent comments made by Fed Chair Powell remained hawkish. | en | fr |
DOLFIN8362 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les Risques en matière de durabilité désignent un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante sur la valeur des investissements réalisés par les Compartiments.
Rien ne garantit que les mesures mises en œuvre par le Gestionnaire d’investissement pour évaluer et gérer les Risques en matière de durabilité empêcheront les Compartiments de subir des pertes résultant des Risques en matière de durabilité.
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## Mise en œuvre des considérations ESG | Los Riesgos de sostenibilidad son eventos o condiciones ambientales, sociales o de gobernanza que, en caso de producirse, podrían tener repercusiones negativas considerables (tanto reales como potenciales) en el valor de las inversiones realizadas por los Subfondos.
No existe garantía alguna de que las medidas implementadas por el Gestor de Inversiones para evaluar y gestionar los Riesgos de sostenibilidad eviten que los Subfondos incurran en pérdidas como resultado de dichos riesgos.
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## Implementación de las consideraciones ESG | Les Risques en matière de durabilité désignent un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante sur la valeur des investissements réalisés par les Compartiments.
Rien ne garantit que les mesures mises en œuvre par le Gestionnaire d’investissement pour évaluer et gérer les Risques en matière de durabilité empêcheront les Compartiments de subir des pertes résultant des Risques en matière de durabilité.
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## Mise en œuvre des considérations ESG | fr | es |
DOLFIN8363 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The New Reference Index also excludes companies which have missing ESG data.
The New Reference Index promotes ESG characteristics, therefore the Sub-Fund will qualify as a product subject to Article 8 of SFDR as of the Effective Date.
- Calculation: The Current Reference index is a price return index, which means that it calculates the performance of the index constituents on the basis that any dividends or distributions are not included in the level of the Reference Index. The New Reference Index is a total return net index, which means that it calculates the performance of the index constituents on the basis that any dividends or distributions are reinvested after the deduction of any taxes that may apply. | Der Neue Referenzindex schließt auch Unternehmen aus, für die keine ESG-Daten vorliegen.
Der Neue Referenzindex fördert ESG-Merkmale, und daher erfüllt der Teilfonds zum Stichtag die Voraussetzungen für ein Finanzprodukt, das Artikel 8 Verordnung (EU) 2019/2088 vom 27. November 2019 über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienstleistungssektor in der jeweils geltenden Fassung (SFDR) unterliegt.
- Berechnung: Der Aktuelle Referenzindex ist ein Price Return Index, d. h. er berechnet die Wertentwicklung der Indexbestandteile unter der Annahme, dass etwaige Dividenden oder Ausschüttungen nicht in die Höhe des Referenzindex einfließen. Der Neue Referenzindex ist ein Total Return Net Index, d. h. er berechnet die Wertentwicklung der Indexbestandteile unter der Annahme, dass alle Dividenden und Ausschüttungen nach Abzug gegebenenfalls anfallender Steuern reinvestiert werden. | The New Reference Index also excludes companies which have missing ESG data.
The New Reference Index promotes ESG characteristics, therefore the Sub-Fund will qualify as a product subject to Article 8 of SFDR as of the Effective Date.
- Calculation: The Current Reference index is a price return index, which means that it calculates the performance of the index constituents on the basis that any dividends or distributions are not included in the level of the Reference Index. The New Reference Index is a total return net index, which means that it calculates the performance of the index constituents on the basis that any dividends or distributions are reinvested after the deduction of any taxes that may apply. | en | de |
DOLFIN8364 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Foreign taxpayer
If a foreign taxpayer keeps the fund shares in a deposi- tary account with a domestic depositary, the tax deduc- tion on distributions, advance flat fees and profits from the sale of the shares is omitted if he proves his status as foreign taxpayer. If the status as a foreign taxpayer is not known to the depositary or not proven to it on time, the foreign taxpayer will be compelled to apply for the refund of the tax deduction in accordance with the Fiscal Code. The depositary’s competent tax office is responsi- ble for this. | # Steuerausländer
Verwahrt ein Steuerausländer die Fondsanteile im Depot bei einer inländischen depotführenden Stelle, wird vom Steuerabzug auf Ausschüttungen, Vorabpauschalen und Gewinne aus der Veräußerung der Anteile Abstand ge- nommen, sofern er seine steuerliche Ausländereigenschaft nachweist. Sofern die Ausländereigenschaft der depotfüh- renden Stelle nicht bekannt bzw. nicht rechtzeitig nachge- wiesen wird, ist der ausländische Anleger gezwungen, die Erstattung des Steuerabzugs entsprechend der Abgaben- ordnung zu beantragen. Zuständig ist das für die depot- führende Stelle zuständige Finanzamt. | # Foreign taxpayer
If a foreign taxpayer keeps the fund shares in a deposi- tary account with a domestic depositary, the tax deduc- tion on distributions, advance flat fees and profits from the sale of the shares is omitted if he proves his status as foreign taxpayer. If the status as a foreign taxpayer is not known to the depositary or not proven to it on time, the foreign taxpayer will be compelled to apply for the refund of the tax deduction in accordance with the Fiscal Code. The depositary’s competent tax office is responsi- ble for this. | en | de |
DOLFIN8365 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Every Business Day shall be a Valuation Day.
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## Performance of the Sub-Fund
The performance of the Sub-Fund is expected to be broadly in line with that of the Master sub-fund subject to its level of investment in the Master sub-fund and safe for additional fund expenses at the level of the Feeder sub-fund which will affect its performance.
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## Documents available for inspection
In addition to the documents available for inspection as referred to under the main part of the prospectus, the following documents shall be available for inspection free of charge during usual business hours on any Business Day at the registered office of the Company:
- The prospectus of AXA World Funds and the KIID of the Master sub-fund;
- The latest annual and semi-annual reports of AXA World Funds;
- The internal conduct of business rules that has been adopted by the Management Company so as to ensure that AXA World Funds shall provide the Company with all documents and information necessary for the Company to meet the requirements laid down in the Law of 2010. | # Chaque Jour Ouvrable sera un Jour d’évaluation.
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## – Performance du Compartiment
La performance du Compartiment devrait être dans l’ensemble en ligne avec celle du Compartiment Maître selon son niveau d’investissement dans le Compartiment Maître et sans risque quant aux dépenses supplémentaires du fonds au niveau du Compartiment Nourricier qui influencera sa performance.
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## – Documents disponibles pour consultation
Outre les documents disponibles pour consultation tels que répertoriés dans la partie principale du Prospectus, les documents suivants seront disponibles gratuitement pour consultation pendant les heures ouvrables de tout Jour Ouvrable au siège de la Société :
- le Prospectus d’AXA World Funds et le KIID du Compartiment Maître ;
- les derniers rapports annuel et semestriel d’AXA World Funds ;
- les règles internes de conduite commerciale qui ont été adoptées par la Société de gestion pour garantir qu’AXA World Funds fournit à la Société tous les documents et informations qui lui sont nécessaires pour respecter les exigences de la Loi de 2010. | # Every Business Day shall be a Valuation Day.
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## Performance of the Sub-Fund
The performance of the Sub-Fund is expected to be broadly in line with that of the Master sub-fund subject to its level of investment in the Master sub-fund and safe for additional fund expenses at the level of the Feeder sub-fund which will affect its performance.
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## Documents available for inspection
In addition to the documents available for inspection as referred to under the main part of the prospectus, the following documents shall be available for inspection free of charge during usual business hours on any Business Day at the registered office of the Company:
- The prospectus of AXA World Funds and the KIID of the Master sub-fund;
- The latest annual and semi-annual reports of AXA World Funds;
- The internal conduct of business rules that has been adopted by the Management Company so as to ensure that AXA World Funds shall provide the Company with all documents and information necessary for the Company to meet the requirements laid down in the Law of 2010. | en | fr |
DOLFIN8366 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Automatic exchange of information on tax matters
The importance of the automatic exchange of information in relation to combating cross-border tax fraud and cross-border tax evasion has increased significantly at international level over the last few years. Accordingly, the OECD has, among other things, published a global standard for the automatic exchange of information relating to financial accounts with regard to tax matters (Common Reporting Standard, hereinafter: “CRS”). At the end of 2014 the CRS was incorporated, together with Council Directive 2014/107/EU of 9 December 2014, into Directive 2011/16/EU as regards mandatory auto- matic exchange of information in the field of taxation. The participating countries (all EU Member States and a number of third countries) now utilise the CRS. Germany transposed the CRS into German law by means of the Finanzkonten-Informationsaustauschgesetz (Financial Accounts Information Ex- change Act) of 21 December 2015.
The CRS obliges reporting financial institutions (essentially banks) to obtain specific information con- cerning their customers. If the customers (natural persons or legal entities) are reportable persons res- ident in other participating countries (this does not include, e.g., listed stock corporations or financial institutions), their accounts and securities accounts will be classified as reportable accounts. The re- porting financial institutions will then send specific information for each reportable account to their home tax authority. This authority then sends the information to the customer’s home tax authority.
The information to be conveyed is essentially the personal details of the reportable customer (name; address; tax identification number; date of birth and place of birth (for natural persons); country of residence) and information on the accounts and securities accounts (e.g. account number, account balance or account value; total gross amount of income such as interest, dividends or distributions from investment funds); total gross proceeds from the sale or redemption of financial assets (including fund units)).
Reportable investors who hold an account and/or securities account with a credit institution that is resident in a participating country are specifically affected as a result. German credit institutions will therefore report information on investors who are resident in other participating countries to the Fed- eral Central Tax Office who forward the information to the relevant tax authorities of the investors’ countries of residence. Credit institutions in other participating countries will report information on investors to their home tax authority who forward the information to the Federal Central Tax Office. It is ultimately conceivable that credit institutions resident in other participating countries will report in- formation on investors that are in turn resident in other participating countries to their home tax au- thority who forward the information to the tax authorities of the investors’ countries of residence. | ## Automatischer Informationsaustausch in Steuersachen
Die Bedeutung des automatischen Austauschs von Informationen zur Bekämpfung von grenzüber- schreitendem Steuerbetrug und grenzüberschreitender Steuerhinterziehung hat auf internationaler Ebene in den letzten Jahren stark zugenommen. Die OECD hat hierfür unter anderem einen globalen Standard für den automatischen Informationsaustausch über Finanzkonten in Steuersachen veröffent- licht (Common Reporting Standard, im Folgenden „CRS“). Der CRS wurde Ende 2014 mit der Richtlinie 2014/107/EU des Rates vom 9. Dezember 2014 in die Richtlinie 2011/16/EU bezüglich der Verpflich- tung zum automatischen Austausch von Informationen im Bereich der Besteuerung integriert. Die teil- nehmenden Staaten (alle Mitgliedstaaten der EU sowie etliche Drittstaaten) wenden den CRS mittler- weile an. Deutschland hat den CRS mit dem Finanzkonten-Informationsaustauschgesetz vom 21. De- zember 2015 in deutsches Recht umgesetzt.
Mit dem CRS werden meldende Finanzinstitute (im Wesentlichen Kreditinstitute) dazu verpflichtet, be- stimmte Informationen über ihre Kunden einzuholen. Handelt es sich bei den Kunden (natürliche Per- sonen oder Rechtsträger) um in anderen teilnehmenden Staaten ansässige meldepflichtige Personen (dazu zählen nicht z.B. börsennotierte Kapitalgesellschaften oder Finanzinstitute), werden deren Kon- ten und Depots als meldepflichtige Konten eingestuft. Die meldenden Finanzinstitute werden dann für jedes meldepflichtige Konto bestimmte Informationen an ihre Heimatsteuerbehörde übermitteln. Diese übermittelt die Informationen dann an die Heimatsteuerbehörde des Kunden.
Bei den zu übermittelnden Informationen handelt es sich im Wesentlichen um die persönlichen Daten des meldepflichtigen Kunden (Name; Anschrift; Steueridentifikationsnummer; Geburtsdatum und Ge- burtsort (bei natürlichen Personen); Ansässigkeitsstaat) sowie um Informationen zu den Konten und Depots (z.B. Kontonummer; Kontosaldo oder Kontowert; Gesamtbruttobetrag der Erträge wie Zinsen, Dividenden oder Ausschüttungen von Investmentfonds); Gesamtbruttoerlöse aus der Veräußerung o- der Rückgabe von Finanzvermögen (einschließlich Fondsanteilen)).
Konkret betroffen sind folglich meldepflichtige Anleger, die ein Konto und/oder Depot bei einem Kre- ditinstitut unterhalten, das in einem teilnehmenden Staat ansässig ist. Daher werden deutsche Kredit- institute Informationen über Anleger, die in anderen teilnehmenden Staaten ansässig sind, an das Bun- deszentralamt für Steuern melden, das die Informationen an die jeweiligen Steuerbehörden der Ansäs- sigkeitsstaaten der Anleger weiterleiten. Entsprechend werden Kreditinstitute in anderen teilnehmen- den Staaten Informationen über Anleger, die in Deutschland ansässig sind, an ihre jeweilige Heimat- steuerbehörde melden, die die Informationen an das Bundeszentralamt für Steuern weiterleiten. Zuletzt ist es denkbar, dass in anderen teilnehmenden Staaten ansässige Kreditinstitute Informationen über Anleger, die in wiederum anderen teilnehmenden Staaten ansässig sind, an ihre jeweilige Heimatsteu- erbehörde melden, die die Informationen an die jeweiligen Steuerbehörden der Ansässigkeitsstaaten der Anleger weiterleiten. | ## Automatic exchange of information on tax matters
The importance of the automatic exchange of information in relation to combating cross-border tax fraud and cross-border tax evasion has increased significantly at international level over the last few years. Accordingly, the OECD has, among other things, published a global standard for the automatic exchange of information relating to financial accounts with regard to tax matters (Common Reporting Standard, hereinafter: “CRS”). At the end of 2014 the CRS was incorporated, together with Council Directive 2014/107/EU of 9 December 2014, into Directive 2011/16/EU as regards mandatory auto- matic exchange of information in the field of taxation. The participating countries (all EU Member States and a number of third countries) now utilise the CRS. Germany transposed the CRS into German law by means of the Finanzkonten-Informationsaustauschgesetz (Financial Accounts Information Ex- change Act) of 21 December 2015.
The CRS obliges reporting financial institutions (essentially banks) to obtain specific information con- cerning their customers. If the customers (natural persons or legal entities) are reportable persons res- ident in other participating countries (this does not include, e.g., listed stock corporations or financial institutions), their accounts and securities accounts will be classified as reportable accounts. The re- porting financial institutions will then send specific information for each reportable account to their home tax authority. This authority then sends the information to the customer’s home tax authority.
The information to be conveyed is essentially the personal details of the reportable customer (name; address; tax identification number; date of birth and place of birth (for natural persons); country of residence) and information on the accounts and securities accounts (e.g. account number, account balance or account value; total gross amount of income such as interest, dividends or distributions from investment funds); total gross proceeds from the sale or redemption of financial assets (including fund units)).
Reportable investors who hold an account and/or securities account with a credit institution that is resident in a participating country are specifically affected as a result. German credit institutions will therefore report information on investors who are resident in other participating countries to the Fed- eral Central Tax Office who forward the information to the relevant tax authorities of the investors’ countries of residence. Credit institutions in other participating countries will report information on investors to their home tax authority who forward the information to the Federal Central Tax Office. It is ultimately conceivable that credit institutions resident in other participating countries will report in- formation on investors that are in turn resident in other participating countries to their home tax au- thority who forward the information to the tax authorities of the investors’ countries of residence. | en | de |
DOLFIN8367 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Charges |
| --- |
| The charges you pay are used to pay the Fund's running costs, including the costs of marketing and distribution. These charges reduce the potential growth of your investment. |
| | One-off charges taken before or after you invest | (*) The figure is based on past expenses determined as of 31 October 2021. This figure may vary from year to year. It excludes: - Portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. | | Frais |
| --- |
| Les frais que vous acquittez servent à couvrir les coûts d’exploitation du Fonds, y compris les frais de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de votre investissement. |
| | Frais ponctuels prélevés avant ou après investissement | (*) Le pourcentage des se fonde sur les dépenses passées déterminées au 31 octobre 2021. Ce chiffre peut varier d’un exercice à l’autre. Il ne comprend pas : - Les frais de transaction du portefeuille, à l’exception des frais d’entrée/de sortie payés par le Fonds à l’achat ou à la vente de parts d’un autre organisme de placement collectif. | | Charges |
| --- |
| The charges you pay are used to pay the Fund's running costs, including the costs of marketing and distribution. These charges reduce the potential growth of your investment. |
| | One-off charges taken before or after you invest | (*) The figure is based on past expenses determined as of 31 October 2021. This figure may vary from year to year. It excludes: - Portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. | en | fr |
DOLFIN8368 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Mori Eastern European Fund
The Sub-Fund seeks long-term capital appreciation through investment primarily in a portfolio of Eastern European Securities.
The Investment Manager specialises in investment in Eastern Europe and uses a bottom-up approach that incorporates both stock and sector views. The stock-picking style uses proprietary valuation models, target prices, stock market capitalisation, liquidity and view on management’s quality.
The Sub-Fund is actively managed. The Investment Manager has discretion in its choices of investments within the objectives and policies of the Sub-Fund and is not constrained by reference to any benchmark index.
In seeking to achieve the Sub-Fund’s investment objective, the Investment Manager shall invest the net assets (excluding cash and cash equivalents) of Mori Eastern European Fund primarily in equity or equity-related securities issued by companies located in, or exercising the predominant part of their economic activities in, or which, as holding companies, hold the predominant portion of their participations in companies whose principal operations are conducted in Eastern Europe. Such investments may from time to time include but shall not be limited to securities quoted on a Recognised Exchange as listed in Appendix II of the Prospectus, as well as unlisted ADRs and GDRs. The Sub-Fund can also invest in debt and debt-related securities, such as bonds issued by governments, local authorities and corporations in Eastern Europe.
Equity and equity related securities include but are not limited to equities, listed depository receipts, convertible securities, reverse convertibles, freely transferable structured notes, preferred shares, warrants and bonds convertible into common or preferred shares as well as shares in real estate investment trusts (REITs) as described in "Instruments and Securities" section of the Prospectus. The secondary market for REITs may be less active than the market for other stocks and therefore REITs may be less liquid investments than a typical stock quoted on a stock exchange. Debt and debt- related securities include but are not limited to corporate debt securities, fixed and floating rate bonds, zero-coupon and discount bonds, debentures and commercial paper. Up to 100% of the Sub-Fund’s Net Asset Value may be held in debt and debt-related securities which are below Investment Grade or not rated and if not rated are deemed to be the equivalent of below Investment Grade.
The Sub-Fund will not invest in open ended collective investment schemes other than ETFs as detailed below. The Sub-Fund will not invest more than 10% in ETFs.
The Sub-Fund may seek indirect exposure to commodities through investment in exchange traded
commodities (ETCs) or exchange traded funds (ETFs) that are listed or traded on the Regulated Markets. ETCs and ETFs enable investors to gain exposure to commodities without trading futures or taking physical delivery. The Sub-Fund may invest in ETCs and ETFs providing indirect exposure to commodities and commodity indices in the energy, agriculture, livestock, industrial metals and precious metals sectors. The ETCs will not embed any derivatives. The Sub-Fund’s investment in ETCs and ETFs will be limited to ETCs and ETFs which are eligible under the UCITS Regulations (i.e., amongst other things, ETCs will be transferable, sufficiently liquid and negotiable, can be reliably valued and have risks which can be assessed on an on-going basis by the Sub-Fund).
ETCs are transferable securities issued by any issuer globally (including, for example, corporations and trusts) which reflect the performance of an underlying commodity or commodity index.
The Sub-Fund may seek exposure to commodities by investing in FDI (as more specifically described under the section entitled Types and Description of FDI above) on UCITS compliant indices. Investment in commodities may be made to gain exposure to non-correlated assets and improve portfolio diversification.
This Sub-Fund may engage in transactions in FDIs both for efficient portfolio management and investment purposes (for the purposes of and using the products described under the heading “Permitted Financial Derivative Instruments”).
The Investment Manager has been given full discretion in the investment and reinvestment of the assets of Mori Eastern European Fund, provided that it complies with the Sub-Fund’s investment objective, policies and restrictions in exercising that discretion. Mori Eastern European Fund’s asset allocation shall be determined solely by the Investment Manager. Accordingly, the exposure of the Sub-Fund to individual issuers, instruments or markets shall be determined from time to time solely by the Investment Manager.
The Sub-Fund continuously invests at least 51% of the sub-fund’s net asset value in equity securities, which are listed on a stock exchange or traded on an organised market and which for this purpose are not investments in shares in investment funds. Investments in Real Estate Investment Trusts (REITs) are not eligible equity securities for this purpose.
The Sub-Fund’s performance is measured against the MSCI EM Europe 10/40 Net Total Return EUR. | # Mori Eastern European Fund
Der Teilfonds strebt langfristigen Kapitalzuwachs durch Anlagen vornehmlich in einem Portfolio aus osteuropäischen Wertpapieren an.
Der Anlagemanager ist auf Anlagen in Osteuropa spezialisiert und verfolgt einen Bottom-up-Ansatz, der sowohl Aktien- als auch Branchenperspektiven berücksichtigt. Bei der Aktienauswahl kommen eigene Bewertungsmodelle, angestrebte Preise, die Börsenkapitalisierung, die Liquidität und Analysen der Qualität des Managements zum Einsatz.
Der Teilfonds wird aktiv verwaltet. Der Anlageverwalter verfügt über einen Ermessensspielraum bei der Wahl der Anlagen innerhalb der Anlageziele und -politik des Teilfonds und ist nicht durch die Bezugnahme auf einen Referenzindex eingeschränkt.
Zur Erreichung des Anlageziels des Teilfonds legt der Anlagemanager das Nettovermögen (ohne Zahlungsmittel und Zahlungsmitteläquivalente) des Mori Eastern European Fund vornehmlich in Aktien oder aktienähnlichen Wertpapieren von Unternehmen an, die ihren Geschäftssitz in Osteuropa haben oder dort den überwiegenden Teil ihrer Geschäftstätigkeit ausüben oder, falls es sich um Holding-Gesellschaften handelt, den überwiegenden Teil ihrer Beteiligungen an Unternehmen halten, deren Geschäftstätigkeit sich hauptsächlich in Osteuropa abspielt. Zu diesen Anlagen können zeitweise unter anderem Anlagen in Wertpapieren gehören, die an einer anerkannten Börse (siehe Anhang II des Prospektes) notiert werden, sowie nicht notierte ADR (American Depositary Receipts) und GDR (Global Depositary Receipts). Ferner kann der Teilfonds in Schuldtitel und schuldtitelähnliche Wertpapiere investieren, wie etwa in Anleihen von Regierungen, Gebietskörperschaften und Unternehmen in Osteuropa.
Aktien und aktienähnliche Wertpapiere umfassen unter anderem Aktien, börsennotierte Depository Receipts, Wandelschuldverschreibungen, Aktienanleihen, frei übertragbare strukturierte Schuld- verschreibungen, Vorzugsaktien, Optionsscheine und Anleihen, die in Stamm- oder Vorzugsaktien wandelbar sind, sowie Anteile börsennotierter Immobilienfonds (REITs) gemäß der Beschreibung im Abschnitt „Instrumente und Wertpapiere“ im Prospekt. Der Sekundärmarkt für REITs kann weniger lebhaft sein als der Markt für andere Aktien, und daher besteht die Möglichkeit, dass REITs weniger liquide Investments sind als die typischen an einer Börse gehandelten Aktien. Schuldtitel und schuldtitelähnliche Wertpapiere umfassen unter anderem Unternehmensschuldverschreibungen, fest-verzinsliche und variabel verzinsliche Anleihen, Nullkuponanleihen und abgezinste Anleihen, ungesicherte langfristige Schuldverschreibungen (Debentures) und kurzfristige Anleihen (commercial paper). Bis zu 100 % des Nettoinventarwerts des Teilfonds können in Schuldtiteln und schuldtitel-ähnlichen Wertpapieren gehalten werden, die mit einer Bewertung unterhalb von „Investment Grade“ eingestuft sind oder gar keine Bewertung haben; im letzteren Fall gelten sie als Wertpapiere mit einer Einstufung unterhalb von
„Investment Grade“.
Der Teilfonds wird nicht in andere offene kollektive Kapitalanlagen als ETFs investieren, wie im Folgenden beschrieben. Der Teilfonds wird nicht mehr als 10 % in ETFs investieren.
Der Teilfonds kann ein indirektes Engagement in Rohstoffen durch Investitionen in börsengehandelte Rohstoffe (ETCs) oder börsengehandelte Fonds (ETFs) anstreben, die an den geregelten Märkten notiert oder gehandelt werden. ETCs und ETFs ermöglichen es Anlegern, ein Engagement in Rohstoffen einzugehen, ohne Futures zu handeln oder physische Lieferungen zu übernehmen. Der Teilfonds kann in ETCs und ETFs investieren, die indirektes Engagement in Rohstoffen und Rohstoffindizes in den Sektoren Energie, Landwirtschaft, Viehzucht, Industriemetalle und Edelmetalle bieten. Die ETCs werden keine Derivate einbetten. Die Investition des Teilfonds in ETCs und ETFs beschränkt sich auf ETCs und ETFs, die nach den OGAW-Verordnungen zulässig sind (d. h. unter anderem sind ETCs übertragbar, ausreichend liquide und verhandelbar, können zuverlässig bewertet werden und haben Risiken, die der Teilfonds laufend bewerten kann).
ETCs sind übertragbare Wertpapiere, die von einem beliebigen Emittenten weltweit ausgegeben werden (einschließlich z. B. Unternehmen und Trusts) und die die Performance eines zugrunde liegenden Rohstoffs oder Rohstoffindex widerspiegeln.
Der Teilfonds kann sich um ein Engagement in Rohstoffen bemühen, indem er in FDI (wie im Abschnitt Arten und Beschreibung von Derivaten oben näher beschrieben) auf OGAW-konforme Indizes investiert. Investitionen in Rohstoffe können getätigt werden, um ein Engagement in nicht korrelierten Vermögenswerten zu erlangen und die Portfoliodiversifikation zu verbessern.
Dieser Teilfonds kann Transaktionen mit Finanzderivaten sowohl zwecks eines effizienten Portfoliomanagements als auch zu Anlagezwecken (für Zwecke und unter Verwendung der unter der Überschrift „Zulässige derivative Finanzinstrumente“ angeführten Produkte) durchführen.
Dem Anlagemanager wurde für die Anlage und Wiederanlage der Vermögenswerte des Mori Eastern European Fund volle Entscheidungsbefugnis erteilt, sofern er bei der Ausübung dieser Befugnis das Anlageziel und die Anlagepolitik des Teilfonds sowie dessen Anlagebeschränkungen einhält. Die Aufteilung der Vermögenswerte des Mori Eastern European Fund bestimmt ausschließlich der Anlagemanager. Insofern entscheidet jeweils ausschließlich der Anlagemanager über das Engagement des Teilfonds in einzelnen Emittenten, Instrumenten oder Märkten.
Der Teilfonds investiert kontinuierlich mindestens 51 % des Nettoinventarwerts des Teilfonds in Aktienwerte, die an einer Börse notiert sind oder an einem organisierten Markt gehandelt werden und bei denen es sich zu diesem Zweck nicht um Anlagen in Aktien in Investmentfonds handelt. Anlagen in Real- Estate-Investment-Trusts (REIT) sind keine geeigneten Aktienwerte für diesen Zweck.
Die Wertentwicklung des Teilfonds wird am MSCI EM Europe 10/40 Net Total Return EUR gemessen. | # Mori Eastern European Fund
The Sub-Fund seeks long-term capital appreciation through investment primarily in a portfolio of Eastern European Securities.
The Investment Manager specialises in investment in Eastern Europe and uses a bottom-up approach that incorporates both stock and sector views. The stock-picking style uses proprietary valuation models, target prices, stock market capitalisation, liquidity and view on management’s quality.
The Sub-Fund is actively managed. The Investment Manager has discretion in its choices of investments within the objectives and policies of the Sub-Fund and is not constrained by reference to any benchmark index.
In seeking to achieve the Sub-Fund’s investment objective, the Investment Manager shall invest the net assets (excluding cash and cash equivalents) of Mori Eastern European Fund primarily in equity or equity-related securities issued by companies located in, or exercising the predominant part of their economic activities in, or which, as holding companies, hold the predominant portion of their participations in companies whose principal operations are conducted in Eastern Europe. Such investments may from time to time include but shall not be limited to securities quoted on a Recognised Exchange as listed in Appendix II of the Prospectus, as well as unlisted ADRs and GDRs. The Sub-Fund can also invest in debt and debt-related securities, such as bonds issued by governments, local authorities and corporations in Eastern Europe.
Equity and equity related securities include but are not limited to equities, listed depository receipts, convertible securities, reverse convertibles, freely transferable structured notes, preferred shares, warrants and bonds convertible into common or preferred shares as well as shares in real estate investment trusts (REITs) as described in "Instruments and Securities" section of the Prospectus. The secondary market for REITs may be less active than the market for other stocks and therefore REITs may be less liquid investments than a typical stock quoted on a stock exchange. Debt and debt- related securities include but are not limited to corporate debt securities, fixed and floating rate bonds, zero-coupon and discount bonds, debentures and commercial paper. Up to 100% of the Sub-Fund’s Net Asset Value may be held in debt and debt-related securities which are below Investment Grade or not rated and if not rated are deemed to be the equivalent of below Investment Grade.
The Sub-Fund will not invest in open ended collective investment schemes other than ETFs as detailed below. The Sub-Fund will not invest more than 10% in ETFs.
The Sub-Fund may seek indirect exposure to commodities through investment in exchange traded
commodities (ETCs) or exchange traded funds (ETFs) that are listed or traded on the Regulated Markets. ETCs and ETFs enable investors to gain exposure to commodities without trading futures or taking physical delivery. The Sub-Fund may invest in ETCs and ETFs providing indirect exposure to commodities and commodity indices in the energy, agriculture, livestock, industrial metals and precious metals sectors. The ETCs will not embed any derivatives. The Sub-Fund’s investment in ETCs and ETFs will be limited to ETCs and ETFs which are eligible under the UCITS Regulations (i.e., amongst other things, ETCs will be transferable, sufficiently liquid and negotiable, can be reliably valued and have risks which can be assessed on an on-going basis by the Sub-Fund).
ETCs are transferable securities issued by any issuer globally (including, for example, corporations and trusts) which reflect the performance of an underlying commodity or commodity index.
The Sub-Fund may seek exposure to commodities by investing in FDI (as more specifically described under the section entitled Types and Description of FDI above) on UCITS compliant indices. Investment in commodities may be made to gain exposure to non-correlated assets and improve portfolio diversification.
This Sub-Fund may engage in transactions in FDIs both for efficient portfolio management and investment purposes (for the purposes of and using the products described under the heading “Permitted Financial Derivative Instruments”).
The Investment Manager has been given full discretion in the investment and reinvestment of the assets of Mori Eastern European Fund, provided that it complies with the Sub-Fund’s investment objective, policies and restrictions in exercising that discretion. Mori Eastern European Fund’s asset allocation shall be determined solely by the Investment Manager. Accordingly, the exposure of the Sub-Fund to individual issuers, instruments or markets shall be determined from time to time solely by the Investment Manager.
The Sub-Fund continuously invests at least 51% of the sub-fund’s net asset value in equity securities, which are listed on a stock exchange or traded on an organised market and which for this purpose are not investments in shares in investment funds. Investments in Real Estate Investment Trusts (REITs) are not eligible equity securities for this purpose.
The Sub-Fund’s performance is measured against the MSCI EM Europe 10/40 Net Total Return EUR. | en | de |
DOLFIN8369 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Secondly, in the payment to the holders of the Management Shares of sums up to the nominal amount paid thereon out of the assets of the Fund not comprised within any Sub-Funds remaining after any recourse thereto under sub-paragraph (i) (A) above. In the event that there are insufficient assets as aforesaid to enable such payment in full to be made, no recourse shall be had to the assets comprised within any of the Sub-Funds.
- Thirdly, in the payment to the holders of each Sub-Fund of any balance then remaining in the relevant Sub-Fund, such payment being made in proportion to the number of Shares held.
- Fourthly, in the payment to the holders of Shares of any balance then remaining and not comprised within any of the Sub-Funds, such payment being made in proportion to the number of Shares held. | - Zweitens zur Zahlung von Beträgen an die Inhaber von Managementanteilen bis zu dem darauf eingezahlten Nennwert aus den Vermögenswerten des Fonds, die nicht Bestandteil irgendeines Teilfonds sind und die nach einem Rückgriff gemäß vorstehender Ziffer (i) (A) verblieben sind. Wenn nicht genügend Vermögenswerte (wie vorstehend angegeben) für eine solche Zahlung in voller Höhe zur Verfügung stehen, darf auf die Vermögenswerte, die Bestandteil eines der Teilfonds sind, nicht zurückgegriffen werden.
- Drittens zur Zahlung aller in dem betreffenden Teilfonds dann noch verbliebenen Restbeträge an die Inhaber von Anteilen jedes Teilfonds im Verhältnis zur Anzahl der von ihnen gehaltenen Anteile.
- Viertens zur Zahlung aller dann noch verbliebenen und nicht in einem der Teilfonds enthaltenen Restbeträge an die Anteilsinhaber im Verhältnis zur Anzahl der von ihnen gehaltenen Anteile. | - Secondly, in the payment to the holders of the Management Shares of sums up to the nominal amount paid thereon out of the assets of the Fund not comprised within any Sub-Funds remaining after any recourse thereto under sub-paragraph (i) (A) above. In the event that there are insufficient assets as aforesaid to enable such payment in full to be made, no recourse shall be had to the assets comprised within any of the Sub-Funds.
- Thirdly, in the payment to the holders of each Sub-Fund of any balance then remaining in the relevant Sub-Fund, such payment being made in proportion to the number of Shares held.
- Fourthly, in the payment to the holders of Shares of any balance then remaining and not comprised within any of the Sub-Funds, such payment being made in proportion to the number of Shares held. | en | de |
DOLFIN8370 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Calendar year returns in % Fund 5 |
| --- |
| 2020 | –0.49 |
| 2019 | 9.01 |
| 2018 | –3.43 | | | Rendimenti dell’anno solare in % Fondo 5 |
| --- |
| 2020 | –0,49 |
| 2019 | 9,01 |
| 2018 | –3,43 | | | Calendar year returns in % Fund 5 |
| --- |
| 2020 | –0.49 |
| 2019 | 9.01 |
| 2018 | –3.43 | | en | it |
DOLFIN8371 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# MARKET REVIEW
- Most fixed income spread sectors outperformed government debt as sovereign yields moved higher amid decidedly hawkish rhetoric from major central banks. Inflation concerns intensified, particularly in the euro area.
- US economic data remained resilient though economic prospects dimmed, and inflationary pressures persisted. Consumer sentiment readings lagged expectations, and consumer credit gained at a slower pace though non-revolving debt of credit cards, auto, and student loans continued to climb. Producer prices year-over-year rose by the most since 2010.
- FOMC signaled the taper will commence ‘soon’ and the first hike moved forward to late 2022 according to their updated projections. The ECB scaled back PEPP buying. The Norges Bank hiked rates to 0.25% and revised expected policy path rate slightly higher.
- Most global sovereign yields rose, driven by surging commodity prices, higher inflation expectations, and hawkish central bank rhetoric. In the US, Fed Chair Powell stated the criteria for tapering asset purchases had been “all but met.” In Europe, sovereign yields moved higher across core and peripheral markets.
- Global credit bonds modestly tightened with all major corporate sectors generating positive excess returns. Within the securitized sectors, agency mortgage-backed securities slightly underperformed duration-equivalent Treasuries, while commercial mortgage-backed securities and asset- backed securities outperformed. Within emerging markets, external debt had negative total returns as spreads widened and US rates increased. Local debt had negative total returns on account of EM currencies while EM rates also detracted. | # ANALISI DEL MERCATO
- La maggior parte dei settori obbligazionari a spread ha sovraperformato il debito governativo; i rendimenti sovrani si sono infatti mossi al rialzo in un contesto di toni decisamente aggressivi da parte delle principali banche centrali. Si sono intensificate le preoccupazioni per l'inflazione, in particolare nell'area euro.
- I dati economici statunitensi sono rimasti resilienti, nonostante l’affievolirsi delle prospettive economiche e il persistere di pressioni inflazionistiche. I dati sul livello di fiducia dei consumatori hanno disatteso le aspettative e il credito al consumo è cresciuto a un ritmo più lento, nonostante la persistente ascesa del debito non-revolving relativo a carte di credito, automobili e prestiti a studenti. I prezzi alla produzione su base annua hanno segnato il maggior rialzo dal 2010.
- Il FOMC ha dichiarato che il tapering inizierà “presto” e il primo rialzo è stato anticipato alla fine del 2022, stando alle proiezioni aggiornate. La BCE ha ridotto gli acquisti nell’ambito del PEPP. La Norges Bank ha aumentato i tassi portandoli allo 0,25% e rivisto leggermente al rialzo il tasso di riferimento.
- In aumento la maggior parte dei rendimenti sovrani globali, trainati dall’impennata dei prezzi delle materie prime, dalle aspettative di aumento dell’inflazione e dai toni aggressivi delle banche centrali. Negli Stati Uniti, il Presidente della Fed Powell ha dichiarato che le condizioni per l’avvio del tapering degli acquisti di attivi sono state “tutte soddisfatte”. In Europa i rendimenti sovrani si sono mossi al rialzo sia nei mercati centrali che in quelli periferici.
- Le obbligazioni di credito globali si sono leggermente contratte, con tutti i principali settori del debito societario che hanno generato extra rendimenti positivi. Nell’ambito dei settori delle cartolarizzazioni, i titoli garantiti da ipoteche di agenzia hanno sottoperformato i Treasury di duration equivalente, mentre i titoli garantiti da ipoteche commerciali e i titoli garantiti da attività li hanno sovraperformati. Nei mercati emergenti, il debito esterno ha registrato rendimenti totali negativi, in un quadro di ampliamento degli spread e di aumento dei tassi statunitensi. Il debito in valuta locale ha evidenziato rendimenti totali negativi per le valute dei ME, ma anche i tassi ME hanno generato un impatto negativo sui risultati. | # MARKET REVIEW
- Most fixed income spread sectors outperformed government debt as sovereign yields moved higher amid decidedly hawkish rhetoric from major central banks. Inflation concerns intensified, particularly in the euro area.
- US economic data remained resilient though economic prospects dimmed, and inflationary pressures persisted. Consumer sentiment readings lagged expectations, and consumer credit gained at a slower pace though non-revolving debt of credit cards, auto, and student loans continued to climb. Producer prices year-over-year rose by the most since 2010.
- FOMC signaled the taper will commence ‘soon’ and the first hike moved forward to late 2022 according to their updated projections. The ECB scaled back PEPP buying. The Norges Bank hiked rates to 0.25% and revised expected policy path rate slightly higher.
- Most global sovereign yields rose, driven by surging commodity prices, higher inflation expectations, and hawkish central bank rhetoric. In the US, Fed Chair Powell stated the criteria for tapering asset purchases had been “all but met.” In Europe, sovereign yields moved higher across core and peripheral markets.
- Global credit bonds modestly tightened with all major corporate sectors generating positive excess returns. Within the securitized sectors, agency mortgage-backed securities slightly underperformed duration-equivalent Treasuries, while commercial mortgage-backed securities and asset- backed securities outperformed. Within emerging markets, external debt had negative total returns as spreads widened and US rates increased. Local debt had negative total returns on account of EM currencies while EM rates also detracted. | en | it |
DOLFIN8372 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 5 ans Exemple d'investissement: 10,000 USD Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Il n'existe pas de performance minimum garantie. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 7,160 USD | 7,370 USD |
| Rendement annuel moyen | -28.40% | -5.92% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8,070 USD | 7,690 USD |
| Rendement annuel moyen | -19.30% | -5.12% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,090 USD | 10,940 USD |
| Rendement annuel moyen | 0.90% | 1.81% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11,390 USD | 13,000 USD |
| Rendement annuel moyen | 13.90% | 5.39% | | | Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: 10,000 USD En caso de salida después de 1 año Escenarios | En caso de salida después de 5 años |
| --- | --- |
| Mínimo | No hay rentabilidad mínima garantizada. Podría perder una parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 7,160 USD | 7,370 USD |
| Rendimiento medio cada año | -28.40% | -5.92% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8,070 USD | 7,690 USD |
| Rendimiento medio cada año | -19.30% | -5.12% |
| Moderado | Lo que podría recibir tras deducir los costes | 10,090 USD | 10,940 USD |
| Rendimiento medio cada año | 0.90% | 1.81% |
| Favorable | Lo que podría recibir tras deducir los costes | 11,390 USD | 13,000 USD |
| Rendimiento medio cada año | 13.90% | 5.39% | | | Période de détention recommandée: 5 ans Exemple d'investissement: 10,000 USD Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Il n'existe pas de performance minimum garantie. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 7,160 USD | 7,370 USD |
| Rendement annuel moyen | -28.40% | -5.92% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8,070 USD | 7,690 USD |
| Rendement annuel moyen | -19.30% | -5.12% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,090 USD | 10,940 USD |
| Rendement annuel moyen | 0.90% | 1.81% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11,390 USD | 13,000 USD |
| Rendement annuel moyen | 13.90% | 5.39% | | fr | es |
DOLFIN8373 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit ?
## Type
document d’informations clés.
Ce PRIIP est autorisé au Luxembourg.
Eleva Capital S.A.S est agréée en France et réglementée par l'Autorité des Marchés Financiers (AMF).
30 septembre 2022
Eleva Absolute Return Europe Fund est un compartiment de la SICAV « Eleva UCITS Fund »
## Durée
Ce Fonds est ouvert.
## Objectifs
Le Fonds ELEVA Absolute Return Europe Fund (le « Fonds ») cherche à obtenir un rendement absolu positif à moyen terme par le biais de la croissance du capital en investissant principalement dans des actions européennes cotées et des titres liés à des actions, à la fois avec des positions longues et courtes, en suivant une stratégie active d’investissement. Le Fonds cherchera à atteindre l’objectif d’investissement par le biais d’une stratégie d’investissement directionnelle avec des positions longues/courtes. En suivant cette stratégie, le Fonds investira ou prendra des positions longues et courtes (par le biais d’IFD, Instruments financiers dérivés) principalement sur des titres cotés et liés à des actions (qui peuvent inclure, sans s’y limiter, des titres convertibles) et des warrants d’émetteurs de toute capitalisation boursière. Le Fonds n’investira pas plus de 10 % de ses actifs en actions russes ou turques ou en titres liés à des actions. Le Fonds est géré activement sans se fonder sur un indice de référence. Le Fonds est un Fonds ISR (Investissement socialement responsable) en ce sens qu’il intègre systématiquement et simultanément des critères Environnementaux, sociaux et de gouvernance (ESG) contraignants dans le processus de gestion des investissements. Il promeut une combinaison de caractéristiques ESG, et il s’agit d’un produit relevant de l’article 8 du SFDR. Ce Fonds ne détient pas de Label ISR en France. L’attention de l’investisseur est attirée sur le fait que son investissement dans le Fonds ne génère pas d’impact direct sur l’environnement et la société, mais que le Fonds cherche à sélectionner et à investir dans des sociétés qui répondent aux critères précis définis dans la politique d’investissement. Le Fonds peut utiliser des Instruments financiers dérivés (instruments dont les cours dépendent d’un ou plusieurs actifs sous-jacents « IFD ») afin de réduire la possibilité de pertes financières ou d’obtenir de meilleures plus-values. Dépositaire : Les actifs du Fonds sont détenus auprès de HSBC Continental Europe, au Luxembourg, et sont séparés des actifs des autres compartiments de la Société. Informations supplémentaires et disponibilité des cours : De plus amples informations sur la Société (notamment le Prospectus actuel et le Rapport annuel le plus récent) sont disponibles en anglais, et des informations sur le Fonds et d’autres Catégories de Parts (notamment les derniers cours des parts et les versions traduites du présent document) sont disponibles gratuitement sur www.elevacapital.com ou en faisant une demande écrite à la Société de gestion, 32 rue de Monceau, 75008 Paris, France ou en envoyant un e-mail à [email protected].
## Investisseur de détail visé
Le Fonds convient aux investisseurs visant un rendement absolu, à la recherche d’une croissance du capital sur une période d’investissement d’au moins 5 ans et qui souhaitent s’exposer à des investissements du type décrit dans la politique d’investissement susmentionnée. Le Fonds peut ne pas convenir aux investisseurs en dehors du marché ciblé. Les investisseurs doivent être prêts à assumer un niveau relativement élevé de risque de perte de leur capital initial afin d’obtenir un rendement potentiel plus élevé. | # ¿Qué es este producto?
## Tipo
este documento de datos fundamentales. Este PRIIP está autorizado en Luxemburgo.
Eleva Capital S.A.S está autorizada en Francia y está regulada por Autorité des Marchés Financiers (AMF).
30 septiembre 2022
Eleva Absolute Return Europe Fund es un subfondo de la SICAV «Eleva UCITS Fund»
## Plazo
Este Fondo es abierto.
## Objetivos
ELEVA Absolute Return Europe (el “Fondo”) pretende lograr una rentabilidad absoluta positiva a medio plazo por crecimiento del capital a través de la inversión principalmente en acciones europeas cotizadas y valores relacionados con la renta variable, con posiciones tanto largas como cortas, siguiendo una estrategia de inversión activa. El Fondo tratará de alcanzar el objetivo de inversión a través de una estrategia de inversión direccional larga/corta. Al aplicar esta estrategia, el Fondo invertirá o tomará exposiciones largas y cortas (a través de instrumentos financieros derivados [IFD]) principalmente a valores cotizados y relacionados con la renta variable (que pueden incluir, entre otros, valores convertibles) y warrants de emisores de cualquier capitalización de mercado. El Fondo no invertirá más del 10 % de sus activos en acciones o valores relacionados con la renta variable de Rusia o Turquía. El Fondo se gestiona activamente sin referencia a ningún índice. El Fondo es un fondo de inversión socialmente responsable (ISR) que integra de forma sistemática y simultánea criterios ambientales, sociales y de gobernanza (ASG) vinculantes en el proceso de gestión de inversiones. Promueve una combinación de características ASG y es un producto incluido en el artículo 8 del SFDR. Este Fondo no posee sello ISR en Francia. Se llama la atención del inversor sobre el hecho de que su inversión en el Fondo no genera un efecto directo en el medioambiente y la sociedad, sino que el Fondo pretende seleccionar e invertir en empresas que cumplan los criterios precisos definidos en la política de inversión. El Fondo podrá utilizar instrumentos financieros derivados (instrumentos cuyos precios dependen de uno o más activos subyacentes “IFD”) con el fin de reducir la posibilidad de pérdidas financieras o lograr mayores ganancias. Custodio: Los activos de los Fondos se mantienen en HSBC Continental Europe, Luxemburgo y están segregados de los activos de otros subfondos de la Sociedad. Más información y disponibilidad de precios: Puede consultar más información sobre la Sociedad (incluido el folleto actual y el último informe anual) en inglés, así como información sobre el Fondo y otras clases de acciones (incluida la última cotización de las acciones y las versiones traducidas de este documento), de forma gratuita en www.elevacapital.com o previa solicitud por escrito a la Sociedad Gestora, 32 rue de Monceau, 75008, París, Francia, o por correo electrónico a [email protected].
## Inversor minorista al que va dirigido
El Fondo es adecuado para inversores con un enfoque de rentabilidad absoluta que buscan un crecimiento del capital durante un período de inversión de al menos 5 años y que deseen obtener exposición a inversiones del tipo descrito en la política de inversión indicada anteriormente. Es posible que el Fondo no sea adecuado para inversores fuera del mercado objetivo. Los inversores deben estar preparados para asumir un nivel relativamente alto de riesgo de pérdida de su capital original con el fin de obtener un mayor rendimiento potencial. | # En quoi consiste ce produit ?
## Type
document d’informations clés.
Ce PRIIP est autorisé au Luxembourg.
Eleva Capital S.A.S est agréée en France et réglementée par l'Autorité des Marchés Financiers (AMF).
30 septembre 2022
Eleva Absolute Return Europe Fund est un compartiment de la SICAV « Eleva UCITS Fund »
## Durée
Ce Fonds est ouvert.
## Objectifs
Le Fonds ELEVA Absolute Return Europe Fund (le « Fonds ») cherche à obtenir un rendement absolu positif à moyen terme par le biais de la croissance du capital en investissant principalement dans des actions européennes cotées et des titres liés à des actions, à la fois avec des positions longues et courtes, en suivant une stratégie active d’investissement. Le Fonds cherchera à atteindre l’objectif d’investissement par le biais d’une stratégie d’investissement directionnelle avec des positions longues/courtes. En suivant cette stratégie, le Fonds investira ou prendra des positions longues et courtes (par le biais d’IFD, Instruments financiers dérivés) principalement sur des titres cotés et liés à des actions (qui peuvent inclure, sans s’y limiter, des titres convertibles) et des warrants d’émetteurs de toute capitalisation boursière. Le Fonds n’investira pas plus de 10 % de ses actifs en actions russes ou turques ou en titres liés à des actions. Le Fonds est géré activement sans se fonder sur un indice de référence. Le Fonds est un Fonds ISR (Investissement socialement responsable) en ce sens qu’il intègre systématiquement et simultanément des critères Environnementaux, sociaux et de gouvernance (ESG) contraignants dans le processus de gestion des investissements. Il promeut une combinaison de caractéristiques ESG, et il s’agit d’un produit relevant de l’article 8 du SFDR. Ce Fonds ne détient pas de Label ISR en France. L’attention de l’investisseur est attirée sur le fait que son investissement dans le Fonds ne génère pas d’impact direct sur l’environnement et la société, mais que le Fonds cherche à sélectionner et à investir dans des sociétés qui répondent aux critères précis définis dans la politique d’investissement. Le Fonds peut utiliser des Instruments financiers dérivés (instruments dont les cours dépendent d’un ou plusieurs actifs sous-jacents « IFD ») afin de réduire la possibilité de pertes financières ou d’obtenir de meilleures plus-values. Dépositaire : Les actifs du Fonds sont détenus auprès de HSBC Continental Europe, au Luxembourg, et sont séparés des actifs des autres compartiments de la Société. Informations supplémentaires et disponibilité des cours : De plus amples informations sur la Société (notamment le Prospectus actuel et le Rapport annuel le plus récent) sont disponibles en anglais, et des informations sur le Fonds et d’autres Catégories de Parts (notamment les derniers cours des parts et les versions traduites du présent document) sont disponibles gratuitement sur www.elevacapital.com ou en faisant une demande écrite à la Société de gestion, 32 rue de Monceau, 75008 Paris, France ou en envoyant un e-mail à [email protected].
## Investisseur de détail visé
Le Fonds convient aux investisseurs visant un rendement absolu, à la recherche d’une croissance du capital sur une période d’investissement d’au moins 5 ans et qui souhaitent s’exposer à des investissements du type décrit dans la politique d’investissement susmentionnée. Le Fonds peut ne pas convenir aux investisseurs en dehors du marché ciblé. Les investisseurs doivent être prêts à assumer un niveau relativement élevé de risque de perte de leur capital initial afin d’obtenir un rendement potentiel plus élevé. | fr | es |
DOLFIN8374 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Rate swaps:
- for swaps maturing in less than three months, interest is calculated using a linear method
- swaps maturing after three months are revalued at market valueSynthetic products (combining a security and a swap) are accounted for overall. Interest received on swaps that form part of these products is valued using the linear method. | # Swaps de taux :
- pour les swaps d'échéance inférieure à trois mois, les intérêts sont linéarisés
- les swaps d'échéance supérieure à trois mois sont revalorisés à la valeur du marchéLes produits synthétiques (association d’un titre et d’un swap) sont comptabilisés globalement. Les intérêts des swaps à recevoir dans le cadre de ces produits sont valorisés linéairement. | # Rate swaps:
- for swaps maturing in less than three months, interest is calculated using a linear method
- swaps maturing after three months are revalued at market valueSynthetic products (combining a security and a swap) are accounted for overall. Interest received on swaps that form part of these products is valued using the linear method. | en | fr |
DOLFIN8375 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | -0.5 | -1.4 | 5.6 | 4.8 | -2.6 | 10.4 | 0.7 | 1.3 |
| Benchmark † | | | -0.3 | -1.4 | 5.9 | 5.1 | -2.4 | 10.8 | 0.8 | 1.6 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 26 January 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | | -0,5 | -1,4 | 5,6 | 4,8 | -2,6 | 10,4 | 0,7 | 1,3 |
| Índice † | | | -0,3 | -1,4 | 5,9 | 5,1 | -2,4 | 10,8 | 0,8 | 1,6 |
El depositario del Fondo es State Street Custodial Services (Ireland) Limited.
Puede obtenerse información adicional acerca del Fondo y de la Clase de acciones en el último informe anual y los últimos informes semestrales de iShares plc. Dichos documentos están disponibles de forma gratuita en inglés y otros idiomas. Podrán obtenerse, junto con otra información como detalles de las principales inversiones subyacentes de la Clase de acciones y los precios de las acciones, en el sitio web de iShares cuya dirección es www.ishares.com o llamando al +44 (0) 845 357 7000, o de su intermediario bursátil o asesor financiero.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo y a la Clase de acciones puede repercutir en la posición fiscal personal de su inversión.
El Fondo es un compartimento de iShares plc, una estructura paraguas compuesta de diferentes compartimentos. El Fondo tiene una o más clases de acciones. Este documento es específico del Fondo y de la Clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
iShares plc 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.
El valor de inventario neto intradía indicativo de la Clase de acciones está disponible en http://deutsche-boerse.com y/o http://www.reuters.com.
Con arreglo a la legislación irlandesa, iShares plc mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de iShares plc). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos. Los activos y pasivos específicos a una clase de acciones serían atribuibles solamente a esa clase de acciones, aunque con arreglo a la legislación irlandesa no hay segregación de los pasivos entre las clases de acciones.
El canje de acciones entre el Fondo y otros compartimentos de iShares plc no está disponible para los inversores. Solamente los Participantes Autorizados que operan directamente con el Fondo podrán canjear acciones entre clases de acciones del Fondo, siempre y cuando se cumplan determinadas condiciones establecidas en el folleto del Fondo.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la
Sociedad de gestión.
El Fondo y su sociedad gestora, BlackRock Asset Management Ireland Limited, están autorizados en Irlanda y su autoridad reguladora es el Banco Central de Irlanda.
Estos Datos Fundamentales para el Inversor son exactos a 26 enero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | -0.5 | -1.4 | 5.6 | 4.8 | -2.6 | 10.4 | 0.7 | 1.3 |
| Benchmark † | | | -0.3 | -1.4 | 5.9 | 5.1 | -2.4 | 10.8 | 0.8 | 1.6 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 26 January 2022 | en | es |
DOLFIN8376 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Product
For more information on this product, please call +1 212 644 1800, visit https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ or email [email protected].
Cullen Capital Management LLC is regulated by the US Securities and Exchange Commission.
The PRIIP is authorised in Ireland and regulated by Central Bank of Ireland and has been registered for sale in other EEA Member States. Carne Global Fund Managers (Ireland) Ltd is authorised in Ireland and regulated by the Central Bank of Ireland.
This document was produced on 1 January 2023.
What is this product?
Type:
This product is a UCITS fund.
Term:
Open Ended Fund.
Objectives:
This product aims for long term growth in, as well as returning income on, the value of your investment.
Primarily, the product will purchase dividend paying shares of companies (located mainly in developed countries but also in some emerging markets) diversified across 15-25 industries and listed on stock exchanges around the world ("Companies" and each a "Company") including but not limited to the United States, United Kingdom, Switzerland, Singapore, Netherlands, South Africa and China.
In selecting which of such Companies' shares to purchase, the product will generally use the following criteria:
- the total value of the Company's listed shares exceeds US$3 billion;
- relative to share price, dividend yield on the Company's shares is greater than the average dividend yield on shares comprising the MSCI ACWI Index (which is an index of shares from around the world intended to be a representative sample of companies in leading industries in both developed and emerging markets);
- the Company's price/earnings ratio is below the average price/earnings ratio on shares comprising the MSCI ACWI Index (a price/earnings ratio is a valuation ratio of a company's current share price compared to its per-share earnings and essentially shows how much one needs to pay per dollar of earnings - if a company were trading at a price/earnings ratio of 20, the interpretation is that an investor is willing to pay $20 for $1 of current earnings); and
- based on the Company's historical dividend growth and overall well-being, there | # Producto
Para más información sobre este producto, llame al +1 212 644 1800, visite https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ o envíe un mensaje de correo electrónico a [email protected].
Cullen Capital Management LLC está regulada por la US Securities and Exchange Commission.
El PRIIP está autorizado en Irlanda y regulado por el Banco Central de Irlanda, habiéndose procedido a su registro para la venta en otros Estados miembros del EEE. Carne Global Fund Managers (Ireland) Ltd está autorizada en Irlanda y regulada por el Banco Central de Irlanda.
Este documento se elaboró el 1 de enero de 2023.
¿Qué es este producto?
Tipo:
Este producto es un fondo OICVM.
Plazo:
Fondo abierto.
Objetivos:
Este producto tiene por objetivo el crecimiento a largo plazo del valor de su inversión, así como la obtención de rendimientos.
El producto adquirirá principalmente acciones que distribuyen dividendos de empresas (ubicadas sobre todo en países desarrollados pero también en algunos mercados emergentes) diversificadas en 15-25 sectores que cotizan en bolsas de todo el mundo, en particular, pero no exclusivamente, en los Estados Unidos, el Reino Unido, Suiza, Singapur, los Países Bajos, Sudáfrica y China.
A la hora de seleccionar las acciones de dichas Empresas que se van a adquirir, el producto generalmente aplicará los siguientes criterios:
- el valor total de las acciones cotizadas de la Empresa supera los 3.000 millones de USD;
- en lo que respecta al precio de las acciones, la rentabilidad por dividendo de las acciones de la Empresa es superior a la rentabilidad media por dividendo de las acciones que componen el MSCI ACWI Index (un índice de acciones de todo el mundo que pretende ser una muestra representativa de empresas de los principales sectores, tanto en mercados desarrollados como en mercados emergentes);
- la ratio precio/beneficios de la Empresa es inferior a la ratio media precio/beneficios de las acciones que componen el MSCI ACWI Index (la ratio precio/beneficios es un coeficiente de valoración del precio actual de las acciones de una empresa en comparación con sus beneficios por acción, y básicamente muestra la cantidad que se debe pagar por cada dólar de beneficios. Por ejemplo, si una empresa cotiza a una ratio precio/beneficios de 20, se infiere que un inversor está dispuesto a pagar 20 dólares por cada dólar de beneficios corrientes); y
- tomando como base el crecimiento histórico de los dividendos de la Empresa y su situación financiera en general, existen muchas posibilidades de que distribuya | # Product
For more information on this product, please call +1 212 644 1800, visit https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ or email [email protected].
Cullen Capital Management LLC is regulated by the US Securities and Exchange Commission.
The PRIIP is authorised in Ireland and regulated by Central Bank of Ireland and has been registered for sale in other EEA Member States. Carne Global Fund Managers (Ireland) Ltd is authorised in Ireland and regulated by the Central Bank of Ireland.
This document was produced on 1 January 2023.
What is this product?
Type:
This product is a UCITS fund.
Term:
Open Ended Fund.
Objectives:
This product aims for long term growth in, as well as returning income on, the value of your investment.
Primarily, the product will purchase dividend paying shares of companies (located mainly in developed countries but also in some emerging markets) diversified across 15-25 industries and listed on stock exchanges around the world ("Companies" and each a "Company") including but not limited to the United States, United Kingdom, Switzerland, Singapore, Netherlands, South Africa and China.
In selecting which of such Companies' shares to purchase, the product will generally use the following criteria:
- the total value of the Company's listed shares exceeds US$3 billion;
- relative to share price, dividend yield on the Company's shares is greater than the average dividend yield on shares comprising the MSCI ACWI Index (which is an index of shares from around the world intended to be a representative sample of companies in leading industries in both developed and emerging markets);
- the Company's price/earnings ratio is below the average price/earnings ratio on shares comprising the MSCI ACWI Index (a price/earnings ratio is a valuation ratio of a company's current share price compared to its per-share earnings and essentially shows how much one needs to pay per dollar of earnings - if a company were trading at a price/earnings ratio of 20, the interpretation is that an investor is willing to pay $20 for $1 of current earnings); and
- based on the Company's historical dividend growth and overall well-being, there | en | es |
DOLFIN8377 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Company, in conjunction with the Manager and the Investment Managers, has determined that its material risks are market risk, credit risk and liquidity risk. Further details of these and other risks are set out below and in the Company’s Prospectus under “Risk Factors”.
Market risk includes market price risk, foreign currency risk, interest rate risk and other price risk.
Market price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The maximum price risk resulting from the ownership of financial instruments, excluding derivatives, is determined by the fair value of financial instruments. The Investment Managers or Sub- Investment Managers may consider the asset allocation of the portfolio in order to minimise the risk associated with particular countries, industry sectors or securities while continuing to follow the Funds’ investment objectives as outlined in Note 3 to these financial statements. Risk is managed by the relevant Investment Managers or Sub- Investment Managers through careful selection of securities and other financial instruments within specified limits as outlined in the Prospectus and investment mandates. Details of the Funds’ investment policies are outlined in Note 3 to these financial statements. Details of the Funds’ financial assets and financial liabilities are presented on the Statement of Financial Position.
Foreign currency risk is the risk that the value of a financial instrument will fluctuate because of changes in the rate of exchange between the currency in which the financial asset or financial liability is denominated and the functional currency of the Funds. The value of the investments of the Funds denominated in a currency other than the functional currency may rise and fall due to exchange rate fluctuations by the relevant currencies. There is a risk that large exchange rate fluctuations may have a significant impact on the performance of the Funds.
Interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. The Funds managed by QS Investors, LLC (“QS Investors”) generally do not invest in any interest bearing securities other than cash balances held with the Depositary. Cash assets and overdraft positions held via the Depositary may yield interest income or incur interest expense, the level of which will fluctuate according to the prevailing level of market interest rates. The Funds managed by Western Asset Management Company, LLC (“Western Asset”) and Brandywine Global Investment Management LLC (“Brandywine”) and which hold fixed interest rate debt securities are exposed to interest rate risk where the value of these securities may fluctuate as a result of a change in interest rates. Holdings in floating and variable rate securities may also be subject to interest rate risk although to a lesser degree.
The Funds managed by QS Investors do not directly invest in interest bearing financial assets and financial liabilities, however these Funds may be exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on their financial positions and cash flows via investing into collective investment schemes which hold interest bearing financial assets and financial liabilities. The Funds managed by Western Asset and Brandywine generally invest in interest bearing financial assets and financial liabilities which expose them to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on their financial positions and cash flows. The value of investments in fixed rate interest bearing securities may be subject to price volatility due to changes in interest rates. Fluctuations in market interest rates will impact upon the level of interest received by a Fund. An increase in interest rates will generally reduce the value of debt securities that are issued and outstanding, while a decline in interest rates will generally increase the value of debt securities that are issued and outstanding. The magnitude of these price fluctuations will be greater when the maturity of the outstanding securities is longer. Changes in the value of securities held by a Fund when interest rates change mean that a Fund’s net asset value per share can go up or down because of the effect on the value of the Fund’s portfolio of debt securities.
The risks involved with investing in securities include changing economic conditions, industry and company conditions and security selection in addition to interest rate risk, credit risk and market risk. In addition, international securities, including those held by the underlying funds, may be subject to changing exchange rates, and in some cases, less liquid markets and political and economic instability depending on the country. Developing markets are subject to these same risks however it may be to a greater degree.
Investing in securities issued by other investment companies or ETFs involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. In addition, a Fund would bear, along with other shareholders, its pro rata portion of the expenses of collective investment schemes, including management and/or other fees. These fees would be in addition to the management fees and other expenses which a Fund bears directly in connection with its own operations.
The European Investment Committee (the ‘‘Committee’’) has been established within Legg Mason to oversee the delegation of investment management responsibilities for all Funds. The Committee is comprised of members who, as a group, have experience and specialised knowledge in such areas as investment management; investment analysis and reporting; risk management; and compliance. The Committee, on behalf of the Manager, is responsible for overseeing that the Funds are managed within the terms of the Funds’ investment guidelines and limits set out in the Prospectus and the UCITS Regulations as well as the Investment Managers’ or Sub-Investment Managers’ own internal investment guidelines and limits. The Committee generally meets once a month to oversee that the Funds are being managed in accordance with these limits and regulatory requirements.
Each Fund using financial derivative instruments will seek to limit the market risk and leverage created through the use of derivatives by using the commitment approach, which calculates leverage by measuring the market value of the underlying exposures of derivatives relative to the relevant Fund’s net asset value. The relevant Investment Managers or Sub-Investment Managers of each Fund using FDI have employed a risk management process to enable them to accurately measure, monitor and manage the risks attached to FDI positions. The Funds shall not be leveraged in excess of 100% of their net asset value. Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund 2022 and Legg Mason Diversified Global Credit Fixed Maturity Bond Fund 2023 may have long positions (including derivatives) of up to 200% of their net asset value, and these Funds may have short derivative positions of up to 100% of their net asset value, as calculated using the commitment approach. Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund Series 3 may have long positions (including derivatives) of up to 150% of its net asset value, and the Fund may have short derivative positions of up to 50% of its net asset value, as calculated using the commitment approach. Subject to these limits, these Funds are expected to be net long.
- Risk Exposure and Risk Management – (continued)
- Market Risk(a) Market Price RiskThe following Funds’ market price risk is monitored, but not managed, relative to an index. The table below sets out an index for each Fund and quantify the probable impact to the net asset value of each Fund based on positive and negative movement in the index. | La Società, in collaborazione con il Gestore e i Gestori degli investimenti, ha stabilito che i suoi rischi rilevanti sono il rischio di mercato, il rischio di credito e il rischio di liquidità. Ulteriori dettagli su questi e altri rischi sono riportati di seguito e nel Prospetto informativo della Società alla voce “Fattori di rischio”.
Il rischio di mercato comprende il rischio legato al prezzo di mercato, il rischio di cambio, il rischio di tasso d’ interesse e altri rischi di prezzo.
Il rischio di prezzo di mercato è il rischio che il fair value dei flussi di cassa futuri di uno strumento finanziario oscilla a causa delle variazioni dei prezzi di mercato. Il rischio massimo di prezzo derivante dalla proprietà di strumenti finanziari, esclusi i derivati, è determinato dal fair value degli strumenti finanziari. I Gestori degli investimenti o i Sub-gestori degli investimenti possono prendere in considerazione l’allocazione delle attività del portafoglio al fine di minimizzare il rischio associato a particolari paesi, settori industriali o titoli, continuando a seguire gli obiettivi di investimento dei Comparti come indicato nella Nota 3 del presente bilancio. Il rischio è gestito dai Gestori degli investimenti o dai Sub-gestori degli investimenti pertinenti attraverso un’attenta selezione di titoli e altri strumenti finanziari entro i limiti specificati, come indicato nel Prospetto informativo e nei mandati di investimento. I dettagli delle politiche d’investimento dei Comparti sono riportati nella Nota 3 del presente bilancio. I dettagli delle attività e passività finanziarie dei Comparti sono presentati nello Stato patrimoniale.
Il rischio di cambio è il rischio che il valore di uno strumento finanziario subisca delle fluttuazioni causate dalle variazioni del tasso di cambio tra la valuta di denominazione delle attività o passività finanziarie e la valuta funzionale dei Comparti. Il valore degli investimenti dei Comparti denominati in una valuta diversa dalla valuta funzionale può aumentare e diminuire a causa delle fluttuazioni dei tassi di cambio da parte delle valute pertinenti. Sussiste il rischio che una forte fluttuazione del tasso di cambio possa avere un impatto significativo sulle performance dei Comparti.
Il rischio di tasso d’interesse è il rischio che il valore di uno strumento finanziario oscilla a causa delle variazioni dei tassi d’interesse di mercato. I Comparti gestiti da QS Investors, LLC (“QS Investors”) generalmente non investono in titoli fruttiferi diversi dai saldi di cassa detenuti presso la Banca depositaria. Le attività liquide e le posizioni di scoperto detenute tramite la Banca depositaria possono generare interessi attivi o incorrere in interessi passivi, il cui livello varierà in base al livello prevalente dei tassi di interesse di mercato. I Fondi gestiti da Western Asset Management Company, LLC (“Western Asset”) e Brandywine Global Investment Management LLC (“Brandywine”) e che detengono titoli di debito a tasso d’interesse fisso sono esposti al rischio di tasso d’interesse dove il valore di tali titoli può oscillare a seguito di una variazione dei tassi d’interesse. Anche i titoli a tasso variabile possono essere soggetti al rischio legato al tasso di interesse, sebbene in misura inferiore.
I Comparti gestiti da QS Investors non investono direttamente in attività e passività finanziarie fruttifere, tuttavia tali Comparti possono essere esposti a rischi associati agli effetti delle fluttuazioni dei livelli prevalenti dei tassi di interesse di mercato sulle loro posizioni finanziarie e sui flussi di cassa tramite investimenti in organismi di investimento collettivo che detengono attività e passività finanziarie fruttifere. I Fondi gestiti da Western Asset e Brandywine generalmente investono in attività e passività finanziarie fruttifere che li espongono a rischi associati agli effetti delle fluttuazioni dei livelli prevalenti dei tassi di interesse di mercato sulle loro posizioni finanziarie e sui flussi di cassa. Il valore degli investimenti in titoli con interessi a tasso fisso può essere soggetto alla volatilità dei prezzi a causa di cambiamenti nei tassi di interesse. Le fluttuazioni dei tassi di interesse di mercato influiscono sul livello di interesse ricevuto da un Comparto. Un aumento dei tassi di interesse in genere comporta una riduzione del valore dei titoli obbligazionari emessi e in circolazione, mentre una riduzione dei tassi di interesse in genere comporta un aumento del loro valore. L’entità di tali fluttuazioni è maggiore quando le obbligazioni in circolazione hanno una scadenza più lunga. Le variazioni di valore dei titoli detenuti da un Comparto quando cambiano i tassi di interesse comportano l’aumento o la diminuzione del valore patrimoniale netto per azione delle attività di un Comparto a causa dell’effetto sul valore del portafoglio di titoli obbligazionari del Comparto stesso.
I rischi connessi all’investimento in titoli comprendono le mutevoli condizioni economiche, le condizioni settoriali e societ arie e la selezione dei titoli, oltre al rischio di tasso d’interesse, al rischio di credito e al rischio di mercato. Inoltre, i titoli internazionali, compresi quelli detenuti dai fondi sottostanti, possono essere soggetti a variazioni dei tassi di cambio e, in alcuni casi, a mercati meno liquidi e a instabilità politica ed economica a seconda del Paese. I mercati in via di sviluppo sono soggetti agli stessi rischi di cui sopra, i quali potrebbero tuttavia avere una dimensione maggiore.
L’investimento in titoli emessi da altre società di investimento o ETF comporta rischi simili a quelli dell’investimento diretto in titoli e altre attività detenute dalla società di investimento o dall’ETF. Inoltre, un Comparto sosterrebbe, insieme ad altri azionisti, la sua quota proporzionale delle spese degli organismi di investimento collettivo, comprese le commissioni di gestione e/o di altro tipo. Tali commissioni sarebbero in aggiunta alle commissioni di gestione e ad altre spese che un Comparto sostiene direttamente in relazione alle proprie operazioni.
Legg Mason ha istituito il Comitato Europeo per gli Investimenti (il “Comitato”) con il compito di supervisione della delega delle responsabilità di gestione degli investimenti per tutti i Comparti. Il Comitato è composto da membri che, come gruppo, hanno esperienza e conoscenze specializzate in settori quali la gestione degli investimenti, l’analisi e la rendicontazione degli investimenti, la gestione del rischio e la conformità. Il Comitato, per conto del Gestore, è responsabile della supervisione che i Comparti siano gestiti secondo i termini delle linee guida e dei limi ti di investimento dei Comparti stabiliti nel Prospetto informativo e nei Regolamenti OICVM, nonché delle linee guida e dei limiti di investimento interni dei Gestori degli investimenti o dei Sub-gestori degli investimenti. Il Comitato si riunisce in genere una volta al mese per verificare che i Comparti siano gestiti nel rispetto di tali limiti e requisiti normativi.
Ciascun Comparto che utilizza strumenti finanziari derivati cercherà di limitare il rischio di mercato e la leva finanziaria creata attraver so l’uso di derivati utilizzando l’approccio basato sugli impegni, che calcola la leva finanziaria misurando il valore di mercato delle esposizioni sottostanti di derivati rispetto al valore patrimoniale netto del Comparto pertinente. I Gestori degli investimenti o Sub- gestori degli investimenti pertinenti di ciascun Comparto che utilizzano gli FDI hanno adottato un processo di gestione del rischio per consentire loro di misurare, monitorare e gestire accuratamente i rischi connessi alle posizioni degli FDI. I Comparti non saranno sottoposti a leva finanziaria superiore al 100% del loro valore patrimoniale netto. Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund 2022 e Legg Mason Diversified Global Credit Fixed Maturity Bond Fund 2023 possono avere posizioni lunghe (inclusi i derivati) fino al 200% del loro valore patrimoniale netto e tali Comparti possono avere posizioni corte in derivati fino al 100% del loro valore patrimoniale netto, calcolato utilizzando l’approccio basato sugli impegni. Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund Serie 3 può avere posizioni lunghe (compresi i derivati) fino al 150% del suo valore patrimoniale netto, e il Comparto può avere posizioni corte su derivati fino al 50% del suo valore patrimoniale netto, come calcolato utilizzando l’approccio basato sugli impegni. Fatti salvi questi limiti, si prevede che tali Comparti siano lunghi netti.
- Esposizione al rischio e gestione del rischio– (continua)
- Rischio di mercato(a) Rischio legato al prezzo di mercatoIl rischio di prezzo di mercato dei seguenti Comparti è monitorato, ma non gestito, rispetto a un indice. La tabella seguente riporta un indice per ciascun Comparto e quantifica il probabile impatto sul valore patrimoniale netto di ciascun Comparto sulla base di movimenti positivi e negativi nell’indice. | The Company, in conjunction with the Manager and the Investment Managers, has determined that its material risks are market risk, credit risk and liquidity risk. Further details of these and other risks are set out below and in the Company’s Prospectus under “Risk Factors”.
Market risk includes market price risk, foreign currency risk, interest rate risk and other price risk.
Market price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The maximum price risk resulting from the ownership of financial instruments, excluding derivatives, is determined by the fair value of financial instruments. The Investment Managers or Sub- Investment Managers may consider the asset allocation of the portfolio in order to minimise the risk associated with particular countries, industry sectors or securities while continuing to follow the Funds’ investment objectives as outlined in Note 3 to these financial statements. Risk is managed by the relevant Investment Managers or Sub- Investment Managers through careful selection of securities and other financial instruments within specified limits as outlined in the Prospectus and investment mandates. Details of the Funds’ investment policies are outlined in Note 3 to these financial statements. Details of the Funds’ financial assets and financial liabilities are presented on the Statement of Financial Position.
Foreign currency risk is the risk that the value of a financial instrument will fluctuate because of changes in the rate of exchange between the currency in which the financial asset or financial liability is denominated and the functional currency of the Funds. The value of the investments of the Funds denominated in a currency other than the functional currency may rise and fall due to exchange rate fluctuations by the relevant currencies. There is a risk that large exchange rate fluctuations may have a significant impact on the performance of the Funds.
Interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. The Funds managed by QS Investors, LLC (“QS Investors”) generally do not invest in any interest bearing securities other than cash balances held with the Depositary. Cash assets and overdraft positions held via the Depositary may yield interest income or incur interest expense, the level of which will fluctuate according to the prevailing level of market interest rates. The Funds managed by Western Asset Management Company, LLC (“Western Asset”) and Brandywine Global Investment Management LLC (“Brandywine”) and which hold fixed interest rate debt securities are exposed to interest rate risk where the value of these securities may fluctuate as a result of a change in interest rates. Holdings in floating and variable rate securities may also be subject to interest rate risk although to a lesser degree.
The Funds managed by QS Investors do not directly invest in interest bearing financial assets and financial liabilities, however these Funds may be exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on their financial positions and cash flows via investing into collective investment schemes which hold interest bearing financial assets and financial liabilities. The Funds managed by Western Asset and Brandywine generally invest in interest bearing financial assets and financial liabilities which expose them to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on their financial positions and cash flows. The value of investments in fixed rate interest bearing securities may be subject to price volatility due to changes in interest rates. Fluctuations in market interest rates will impact upon the level of interest received by a Fund. An increase in interest rates will generally reduce the value of debt securities that are issued and outstanding, while a decline in interest rates will generally increase the value of debt securities that are issued and outstanding. The magnitude of these price fluctuations will be greater when the maturity of the outstanding securities is longer. Changes in the value of securities held by a Fund when interest rates change mean that a Fund’s net asset value per share can go up or down because of the effect on the value of the Fund’s portfolio of debt securities.
The risks involved with investing in securities include changing economic conditions, industry and company conditions and security selection in addition to interest rate risk, credit risk and market risk. In addition, international securities, including those held by the underlying funds, may be subject to changing exchange rates, and in some cases, less liquid markets and political and economic instability depending on the country. Developing markets are subject to these same risks however it may be to a greater degree.
Investing in securities issued by other investment companies or ETFs involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. In addition, a Fund would bear, along with other shareholders, its pro rata portion of the expenses of collective investment schemes, including management and/or other fees. These fees would be in addition to the management fees and other expenses which a Fund bears directly in connection with its own operations.
The European Investment Committee (the ‘‘Committee’’) has been established within Legg Mason to oversee the delegation of investment management responsibilities for all Funds. The Committee is comprised of members who, as a group, have experience and specialised knowledge in such areas as investment management; investment analysis and reporting; risk management; and compliance. The Committee, on behalf of the Manager, is responsible for overseeing that the Funds are managed within the terms of the Funds’ investment guidelines and limits set out in the Prospectus and the UCITS Regulations as well as the Investment Managers’ or Sub-Investment Managers’ own internal investment guidelines and limits. The Committee generally meets once a month to oversee that the Funds are being managed in accordance with these limits and regulatory requirements.
Each Fund using financial derivative instruments will seek to limit the market risk and leverage created through the use of derivatives by using the commitment approach, which calculates leverage by measuring the market value of the underlying exposures of derivatives relative to the relevant Fund’s net asset value. The relevant Investment Managers or Sub-Investment Managers of each Fund using FDI have employed a risk management process to enable them to accurately measure, monitor and manage the risks attached to FDI positions. The Funds shall not be leveraged in excess of 100% of their net asset value. Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund 2022 and Legg Mason Diversified Global Credit Fixed Maturity Bond Fund 2023 may have long positions (including derivatives) of up to 200% of their net asset value, and these Funds may have short derivative positions of up to 100% of their net asset value, as calculated using the commitment approach. Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund Series 3 may have long positions (including derivatives) of up to 150% of its net asset value, and the Fund may have short derivative positions of up to 50% of its net asset value, as calculated using the commitment approach. Subject to these limits, these Funds are expected to be net long.
- Risk Exposure and Risk Management – (continued)
- Market Risk(a) Market Price RiskThe following Funds’ market price risk is monitored, but not managed, relative to an index. The table below sets out an index for each Fund and quantify the probable impact to the net asset value of each Fund based on positive and negative movement in the index. | en | it |
DOLFIN8378 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
## Type
Threadneedle (Lux) est un OPCVM au titre de la directive européenne 2009/65/CE. Il est constitué en tant que société d’investissement à capital variable (« SICAV ») de droit luxembourgeois.
Dépositaire : Citibank Europe plc, succursale de Luxembourg. Vous pouvez obtenir de plus amples informations sur le Fonds et la SICAV, son prospectus, les derniers rapports annuels et les éventuels rapports semestriels ultérieurs gratuitement auprès de l’Initiateur. Ces documents sont disponibles en allemand, anglais, espagnol, français, italien et portugais. Vous pouvez obtenir d’autres informations pratiques, y compris les cours des actions en vigueur, sur www.columbiathreadneedle.com.
## Durée
Il n’y a pas d’échéance fixe. Un investisseur peut conserver son investissement le temps qu’il le souhaite, mais une durée de 5 ans est recommandée. L’Initiateur peut clôturer le Fonds avec un préavis.
## Objectif et politique d’investissement
Le Fonds vise à accroître la valeur de votre investissement à long terme. Le Fonds investit au moins deux tiers de ses actifs dans des actions de plus petites sociétés du monde entier. Ces sociétés sont généralement d’une taille égale ou inférieure à celle de la plus grande société composant l’indice MSCI World Small Cap. Le Fonds peut avoir recours à des dérivés (instruments complexes) à des fins de couverture et peut également investir dans des catégories d’actifs et des instruments différents de ceux indiqués ci-dessus. Le Fonds est activement géré en fonction de l’indice MSCI World Small Cap. L’indice est représentatif de l’ensemble des sociétés dans lesquelles le Fonds investit et constitue un Indice de Référence approprié en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le Fonds promeut des caractéristiques environnementales et sociales en cherchant à se comparer favorablement à l’indice sur des périodes de 12 mois consécutifs lorsqu’il est évalué selon la Notation de la matérialité des facteurs ESG (environnementaux, sociaux et de gouvernance) de Columbia Threadneedle. L’indice n’est pas conçu pour tenir compte spécifiquement de caractéristiques environnementales ou sociales. Le gestionnaire de fonds a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice. Le Fonds vise également à exclure les sociétés qui ne respectent pas les normes et principes internationaux acceptés (p. ex. le Pacte mondial des Nations Unies), sauf si le gestionnaire de fonds estime qu’il existe des facteurs d’atténuation tangibles pour la société. De plus amples informations sur les directives d’investissement, notamment sur la méthodologie de la Notation de la matérialité des facteurs ESG de Columbia Threadneedle et la politique d’engagement, sont disponibles sur columbiathreadneedle.com. Le Fonds est considéré comme un fonds qui promeut des caractéristiques environnementales ou sociales en vertu de l’Article 8 du Règlement (UE) 2019/2088 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (SFDR).
Les revenus provenant des investissements réalisés par le Fonds seront réintégrés dans la valeur des parts.
Vous pouvez acheter et vendre des parts du Fonds n’importe quel jour ouvrable au Luxembourg à moins que les Administrateurs n’aient décidé qu’il y ait un nombre insuffisant de marchés ouverts. Vous pouvez obtenir de plus amples informations sur l’objectif et la politique d’investissement du Fonds dans le prospectus. Pour plus d’informations sur les termes liés aux investissements utilisés dans ce document, veuillez consulter le Glossaire disponible à l’adresse www.columbiathreadneedle.com.
## Investisseurs de détail visés
Ce Fonds s’adresse aux Clients de détail, aux Professionnels et aux Contreparties éligibles ayant un niveau minimum de connaissances et d’expérience en matière d’investissement dans des fonds. Il est destiné aux investisseurs à la recherche d’une croissance du capital et pouvant placer leur argent pendant au moins 5 ans. Le capital des investisseurs n’est pas garanti : ils sont susceptibles de perdre jusqu’à 100 % du montant investi. Le fonds investit dans des actions de sociétés. Les cours de ces dernières tendent à fluctuer davantage que ceux d’autres catégories d’actifs, les investisseurs participant directement aux sociétés sous-jacentes et, partant, à leurs bénéfices comme à leurs pertes.
PAGE 1 SUR 3 | # ¿Qué es este producto?
## Tipo
Threadneedle (Lux) es un OICVM con arreglo a la Directiva 2009/65/CE del Parlamento Europeo y del Consejo. Está constituida como sociedad de inversión con capital variable («société d'investissement à capital variable» o SICAV) con arreglo a la legislación luxemburguesa.
Depositario: Citibank Europe plc, sucursal de Luxemburgo. Puede obtener información adicional sobre el Fondo y la SICAV, su folleto, los últimos informes anuales y cualquier informe semestral posterior de manera gratuita a través del Productor. Estos documentos están disponibles en inglés, francés, alemán, portugués, italiano y español. Puede obtener otra información práctica, incluidos los precios actuales de las acciones, en www.columbiathreadneedle.com.
## Plazo
No existe una fecha de vencimiento fija. Los inversores pueden mantener su inversión el tiempo que quieran, pero se recomiendan 5 años. El Productor podrá cerrar el fondo con previo aviso.
## Objetivo y política de inversión
El Fondo tiene como objetivo aumentar el valor de su inversión en un horizonte a largo plazo. El Fondo invierte al menos dos tercios de sus activos en acciones de empresas más pequeñas de todo el mundo. Estas empresas no suelen ser más grandes que la empresa más grande incluida en el MSCI World Small Cap Index. El Fondo podrá usar derivados (instrumentos complejos) con fines de cobertura y también podrá invertir en clases de activos e instrumentos distintos a los mencionados anteriormente. El Fondo se gestiona activamente en referencia al MSCI World Small Cap Index. El índice es ampliamente representativo de las empresas en las que invierte el Fondo, y proporciona un índice de referencia objetivo adecuado con el que se medirá y evaluará el rendimiento del Fondo a lo largo del tiempo. El Fondo promueve características ambientales y sociales con el objetivo de obtener resultados mejores que los del índice durante periodos consecutivos de 12 meses, según la calificación de la materialidad ESG (factores ambientales, sociales y de gobernanza) de Columbia Threadneedle. El Índice no está diseñado para considerar específicamente las características ambientales o sociales. El gestor del Fondo está facultado para seleccionar inversiones con ponderaciones diferentes a las del índice y que no estén en el índice, y el Fondo puede mostrar una divergencia significativa con respecto al mismo. El Fondo también pretende excluir a aquellas empresas que incumplan normas y principios internacionales aceptados (por ejemplo, el Pacto Mundial de las Naciones Unidas), salvo que el gestor del fondo considere que existen factores atenuantes concretos para conservar dichas empresas. Para obtener más información sobre las directrices de inversión, incluida la metodología de la calificación de la materialidad ESG de Columbia Threadneedle y la política de participación, visite columbiathreadneedle.com. El Fondo se clasifica como una cartera que promueve características ambientales o sociales en virtud del Artículo 8 del Reglamento 2019/2088 de la UE sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (SFDR, por sus siglas en inglés).
El producto de las inversiones en el Fondo se sumará al valor de sus acciones.
Usted podrá comprar o vender acciones del Fondo cualquier día que sea hábil en Luxemburgo a menos que los consejeros hayan decidido que no hay suficientes mercados abiertos. Puede encontrar más detalles sobre el objetivo y la política de inversión del Fondo en el folleto. Para obtener más información sobre los términos de inversión empleados en el presente documento, consulte el Glosario disponible en columbiathreadneedle.com.
## Inversor minorista al que va dirigido
Este fondo está dirigido a clientes Minoristas y Profesionales, y a Contrapartes aptas que tengan al menos un nivel básico de conocimientos y experiencia en la inversión en fondos. Está diseñado para inversores que buscan un crecimiento del capital y puedan invertir su dinero durante al menos 5 años. Su capital no está garantizado, lo que significa que los inversores podrían perder hasta el 100 % de la cantidad invertida. El fondo invierte en acciones de empresas, cuyos precios tienden a fluctuar más que los de otras clases de activos, ya que los inversores participan directamente en empresas subyacentes y en sus pérdidas y beneficios.
PÁGINA 1 DE 3 | # En quoi consiste ce produit?
## Type
Threadneedle (Lux) est un OPCVM au titre de la directive européenne 2009/65/CE. Il est constitué en tant que société d’investissement à capital variable (« SICAV ») de droit luxembourgeois.
Dépositaire : Citibank Europe plc, succursale de Luxembourg. Vous pouvez obtenir de plus amples informations sur le Fonds et la SICAV, son prospectus, les derniers rapports annuels et les éventuels rapports semestriels ultérieurs gratuitement auprès de l’Initiateur. Ces documents sont disponibles en allemand, anglais, espagnol, français, italien et portugais. Vous pouvez obtenir d’autres informations pratiques, y compris les cours des actions en vigueur, sur www.columbiathreadneedle.com.
## Durée
Il n’y a pas d’échéance fixe. Un investisseur peut conserver son investissement le temps qu’il le souhaite, mais une durée de 5 ans est recommandée. L’Initiateur peut clôturer le Fonds avec un préavis.
## Objectif et politique d’investissement
Le Fonds vise à accroître la valeur de votre investissement à long terme. Le Fonds investit au moins deux tiers de ses actifs dans des actions de plus petites sociétés du monde entier. Ces sociétés sont généralement d’une taille égale ou inférieure à celle de la plus grande société composant l’indice MSCI World Small Cap. Le Fonds peut avoir recours à des dérivés (instruments complexes) à des fins de couverture et peut également investir dans des catégories d’actifs et des instruments différents de ceux indiqués ci-dessus. Le Fonds est activement géré en fonction de l’indice MSCI World Small Cap. L’indice est représentatif de l’ensemble des sociétés dans lesquelles le Fonds investit et constitue un Indice de Référence approprié en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le Fonds promeut des caractéristiques environnementales et sociales en cherchant à se comparer favorablement à l’indice sur des périodes de 12 mois consécutifs lorsqu’il est évalué selon la Notation de la matérialité des facteurs ESG (environnementaux, sociaux et de gouvernance) de Columbia Threadneedle. L’indice n’est pas conçu pour tenir compte spécifiquement de caractéristiques environnementales ou sociales. Le gestionnaire de fonds a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice. Le Fonds vise également à exclure les sociétés qui ne respectent pas les normes et principes internationaux acceptés (p. ex. le Pacte mondial des Nations Unies), sauf si le gestionnaire de fonds estime qu’il existe des facteurs d’atténuation tangibles pour la société. De plus amples informations sur les directives d’investissement, notamment sur la méthodologie de la Notation de la matérialité des facteurs ESG de Columbia Threadneedle et la politique d’engagement, sont disponibles sur columbiathreadneedle.com. Le Fonds est considéré comme un fonds qui promeut des caractéristiques environnementales ou sociales en vertu de l’Article 8 du Règlement (UE) 2019/2088 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (SFDR).
Les revenus provenant des investissements réalisés par le Fonds seront réintégrés dans la valeur des parts.
Vous pouvez acheter et vendre des parts du Fonds n’importe quel jour ouvrable au Luxembourg à moins que les Administrateurs n’aient décidé qu’il y ait un nombre insuffisant de marchés ouverts. Vous pouvez obtenir de plus amples informations sur l’objectif et la politique d’investissement du Fonds dans le prospectus. Pour plus d’informations sur les termes liés aux investissements utilisés dans ce document, veuillez consulter le Glossaire disponible à l’adresse www.columbiathreadneedle.com.
## Investisseurs de détail visés
Ce Fonds s’adresse aux Clients de détail, aux Professionnels et aux Contreparties éligibles ayant un niveau minimum de connaissances et d’expérience en matière d’investissement dans des fonds. Il est destiné aux investisseurs à la recherche d’une croissance du capital et pouvant placer leur argent pendant au moins 5 ans. Le capital des investisseurs n’est pas garanti : ils sont susceptibles de perdre jusqu’à 100 % du montant investi. Le fonds investit dans des actions de sociétés. Les cours de ces dernières tendent à fluctuer davantage que ceux d’autres catégories d’actifs, les investisseurs participant directement aux sociétés sous-jacentes et, partant, à leurs bénéfices comme à leurs pertes.
PAGE 1 SUR 3 | fr | es |
DOLFIN8379 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
Type
This product is a UCITS sub-fund of a variable capital umbrella investment company with segregated liability between sub-funds authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended.
Subject to the conditions set down in the prospectus, shareholders may exchange all or part of their shares of this fund for shares of another fund of the company. Please refer to the section entitled “How To Exchange Shares” in the prospectus for further details.
Term
This product has no fixed term.
Objectives
The fund aims to maximise the total return on your investment through primarily investing in a range of “high yield” fixed income securities and instruments, using prudent investment management principles.
Investment Policy
The fund aims to achieve this objective by investing primarily in a range of “high yield” fixed income securities and instruments (which are similar to loans that pay a fixed or variable rate of interest) issued by companies from around the world. These “high yield” investments will be “non- investment grade”. Non-investment grade securities are considered to be more risky, but typically produce a higher level of income.
The average portfolio duration of this fund will normally vary within two years (plus or minus) of the ICE BofAML US High Yield Constrained Index (the "Index"). Duration measures the sensitivity of the assets to interest rate risk. The longer the duration the higher the sensitivity to changes in | # ¿Qué es este producto?
Tipo
Este producto es un subfondo de un OICVM de una sociedad de inversión de tipo paraguas con capital variable con responsabilidad segregada entre subfondos autorizada por el Banco Central de Irlanda con arreglo a la European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, con sus oportunas reformas.
Con sujeción a las condiciones establecidas en el folleto, los accionistas pueden canjear la totalidad o parte de sus acciones de este fondo por acciones de otro fondo de la sociedad. Para más información, remítase a la sección del folleto titulada «How To Exchange Shares» (Cómo canjear las acciones).
Plazo
Este producto no tiene un plazo fijo.
Objetivos
El objetivo del fondo es incrementar al máximo la rentabilidad total de su inversión fundamentalmente mediante una gama de valores e instrumentos de renta fija de alto rendimiento, aplicando principios de gestión prudente de la inversión.
Política de inversión
El fondo trata de alcanzar este objetivo invirtiendo principalmente en una gama de valores e instrumentos de renta fija de alto rendimiento (que son similares a préstamos que pagan un tipo de interés fijo o variable) emitidos por empresas de todo el mundo. Estas inversiones de alto rendimiento no serán de grado de inversión. Se considera que los valores «sin grado de inversión» son inversiones más arriesgadas, pero habitualmente generan ingresos más elevados.
La duración media de la cartera de este fondo oscilará normalmente entre dos años más y dos años menos que la duración del ICE BofAML US High Yield Constrained Index (el «Índice»). La duración mide la sensibilidad de los activos al riesgo de tipos | # What is this product?
Type
This product is a UCITS sub-fund of a variable capital umbrella investment company with segregated liability between sub-funds authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended.
Subject to the conditions set down in the prospectus, shareholders may exchange all or part of their shares of this fund for shares of another fund of the company. Please refer to the section entitled “How To Exchange Shares” in the prospectus for further details.
Term
This product has no fixed term.
Objectives
The fund aims to maximise the total return on your investment through primarily investing in a range of “high yield” fixed income securities and instruments, using prudent investment management principles.
Investment Policy
The fund aims to achieve this objective by investing primarily in a range of “high yield” fixed income securities and instruments (which are similar to loans that pay a fixed or variable rate of interest) issued by companies from around the world. These “high yield” investments will be “non- investment grade”. Non-investment grade securities are considered to be more risky, but typically produce a higher level of income.
The average portfolio duration of this fund will normally vary within two years (plus or minus) of the ICE BofAML US High Yield Constrained Index (the "Index"). Duration measures the sensitivity of the assets to interest rate risk. The longer the duration the higher the sensitivity to changes in | en | es |
DOLFIN8380 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
This Fund is actively managed. The benchmark Bloomberg Global Treasury Euro Hedged 3-7 years (hedging in CHF) is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark.
The Fund aims at investing in bonds issued by entities supporting projects with positive social and sustainability outcomes.
The Fund invests in Social Bonds and Sustainability Bonds, which are in line with the internal methodology developed by our Sustainability Centre. After hedging, the Fund's exposure to currencies other than EUR may not exceed 5%.
The investment team applies also BNP PARIBAS ASSET MANAGEMENT Sustainable Investment Policy, which takes into account Environmental, Social and Governance (ESG) criteria in the investments of the Fund. The Fund invests at least 90% of its assets (excluding investments in cash and cash equivalents) in securities issued by issuers that have an ESG score assessed using the internal methodology.
Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
This share class aims at hedging its currency exchange risk against the Fund's portfolio exposure currency. However, the currency exchange risk cannot be completely neutralized as the hedging technique is based of the Fund's NAV.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 3 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # UM WELCHE ART VON PRODUKT HANDELT ES SICH?
## Art
Dieses Produkt ist ein Organismus für gemeinsame Anlagen in Wertpapieren (OGAW). Es ist ein Teilfonds von BNP Paribas Funds, einer offenen Investmentgesellschaft (Société d'Investissement à Capital variable, „SICAV“), die den Bestimmungen von Teil I des Gesetzes von 17. Dezember 2010 über Organismen für gemeinsame Anlagen sowie der OGAW-Richtlinie 2009/65 unterliegt.
## Laufzeit
Dieses Produkt hat kein Fälligkeitsdatum.
BNP PARIBAS ASSET MANAGEMENT Luxembourg ist nicht zu einer einseitigen Kündigung des Produkts berechtigt. Der Verwaltungsrat ist befugt, über die Zusammenlegung, Aufteilung, Liquidation oder Schließung des Teilfonds zu entscheiden. Darüber hinaus kann die SICAV durch Beschluss einer außerordentlichen Hauptversammlung der Anteilinhaber aufgelöst werden.
## Ziele
Der Fonds wird aktiv verwaltet. Der Referenzindex Bloomberg Global Treasury Euro Hedged 3-7 Years (Hedged in CHF) wird nur für den Vergleich der Wertentwicklung verwendet. Der Fonds ist benchmarkunabhängig und seine Wertentwicklung kann erheblich von der des Referenzindex abweichen.
Der Fonds zielt darauf ab, in Anleihen von Unternehmen zu investieren, die Projekte mit positiven sozialen und nachhaltigen Ergebnissen unterstützen.
Der Fonds investiert in soziale Anleihen (Social Bonds) und Nachhaltigkeitsanleihen (Sustainability Bonds), die der internen Methodik unseres Sustainability Centre entsprechen.
Nach der Absicherung könnte das Engagement des Fonds in anderen Währungen als dem EUR nicht über 5 % liegen.
Das Anlageteam wendet zudem die nachhaltige Anlagepolitik von BNP PARIBAS ASSET MANAGEMENT an, die Kriterien aus den Bereichen Umwelt, Soziales und Unternehmensführung (ESG) bei den Anlagen des Fonds berücksichtigt. Der Fonds investiert mindestens 90 % seines Vermögens (ohne Anlagen in liquiden Mitteln) in Wertpapiere von Emittenten, die einen ESG-Score aufweisen, der anhand der internen Methodik festgelegt wurde.
Die Erträge werden grundsätzlich reinvestiert.
Anleger können ihre Anteile täglich (an Bankarbeitstagen in Luxemburg) zurückgeben, wie im Verkaufsprospekt beschrieben.
Diese Anteilsklasse zielt auf die Absicherung ihres Wechselkursrisikos gegen die Währung, auf die das Engagement des Portfolios des Fonds lautet, ab. Das Wechselkursrisiko kann jedoch nicht vollständig neutralisiert werden, da die Absicherungstechnik auf dem NIW des Fonds basiert.
## Kleinanleger-Zielgruppe
Dieses Produkt ist für Kleinanleger konzipiert, die weder über Finanzexpertise noch über spezifische Kenntnisse verfügen, um das Produkt zu verstehen, aber dennoch einen vollständigen Kapitalverlust verkraften können. Es ist für Kunden geeignet, die Kapitalwachstum anstreben. Potenzielle Anleger sollten einen Anlagehorizont von mindestens 3 Jahren haben.
## Praktische Informationen
Verwahrstelle: BNP PARIBAS, Luxembourg Branch
Dieses Basisinformationsblatt wurde für die oben genannte Anteilsklasse erstellt und beschreibt einen Teilfonds des BNP Paribas Funds Fonds. Weitere Informationen über das Produkt sind im Prospekt und in den regelmäßigen Berichten enthalten, die auf der Ebene der SICAV herausgegeben werden. Nach luxemburgischem Recht haften die Teilfonds getrennt voneinander, d. h. die Vermögenswerte eines Teilfonds können nicht dazu verwendet werden, die Ansprüche eines Gläubigers oder einer dritten Partei gegenüber einem anderen Teilfonds zu erfüllen.
Anleger können Anteile zwischen den Teilfonds der SICAVs umschichten. Einzelheiten hierzu erfahren Sie im Verkaufsprospekt oder von Ihrem Finanzberater. Weitere Informationen zum Produkt, einschließlich des aktuellen Prospekts, des Basisinformationsblatts, der Nettoinventarwerte, der zuletzt veröffentlichten Anteilspreise, des Jahresberichts und der Anlagebeschreibung sind kostenfrei in englischer Sprache bei BNP PARIBAS ASSET MANAGEMENT Luxembourg oder online unter www.bnpparibas-am.com erhältlich. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
This Fund is actively managed. The benchmark Bloomberg Global Treasury Euro Hedged 3-7 years (hedging in CHF) is used for performance comparison only. The Fund is not benchmark constrained and its performance may deviate significantly from that of the benchmark.
The Fund aims at investing in bonds issued by entities supporting projects with positive social and sustainability outcomes.
The Fund invests in Social Bonds and Sustainability Bonds, which are in line with the internal methodology developed by our Sustainability Centre. After hedging, the Fund's exposure to currencies other than EUR may not exceed 5%.
The investment team applies also BNP PARIBAS ASSET MANAGEMENT Sustainable Investment Policy, which takes into account Environmental, Social and Governance (ESG) criteria in the investments of the Fund. The Fund invests at least 90% of its assets (excluding investments in cash and cash equivalents) in securities issued by issuers that have an ESG score assessed using the internal methodology.
Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
This share class aims at hedging its currency exchange risk against the Fund's portfolio exposure currency. However, the currency exchange risk cannot be completely neutralized as the hedging technique is based of the Fund's NAV.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 3 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | de |
DOLFIN8381 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Where several classes of securities exist within the sub- fund, the exemption only applies to classes fulfilling the conditions as above.
The taxable values shown are based on the most recently available data at the time they were calculated.
The unitholders are not required, under current tax law, to pay any income, gift, inheritance or other tax in Luxembourg unless they are domiciled in Luxembourg, have a residence in Luxembourg or maintain a perma- nent establishment there, or were previously domiciled in Luxembourg and hold more than 10% of the units in the Fund.
The aforementioned represents a summary of the fiscal effects and makes no claim to be exhaustive. It is the responsibility of purchasers of units to seek information on the laws and regulations governing the purchase, pos- session and sale of units in connection with their place of residence and their nationality. | Lorsqu’il existe plusieurs classes de titres au sein du com- partiment, l’exemption ne s’applique qu’aux classes rem- plissant les conditions ci-dessus.
Les valeurs fiscales indiquées émanent des dernières don- nées disponibles à la date de calcul.
Les porteurs de parts ne sont redevables d’aucun impôt sur le revenu, les donations, les successions ou autre au Luxembourg, conformément à la législation fiscale actu- ellement en vigueur, sauf s’ils sont domiciliés ou possè- dent une résidence ou un établissement permanent au Luxembourg, ou s’ils étaient domiciliés auparavant au Luxembourg et détiennent plus de 10% des parts du Fonds.
Les informations ci-dessus ne se veulent pas exhaustives et ne constituent qu’un résumé des implications fiscales. Il incombe aux souscripteurs de parts de s’informer de la législation et des réglementations régissant l’acquisition, la détention et la vente de parts en fonction de leur lieu de résidence ou de leur nationalité. | Where several classes of securities exist within the sub- fund, the exemption only applies to classes fulfilling the conditions as above.
The taxable values shown are based on the most recently available data at the time they were calculated.
The unitholders are not required, under current tax law, to pay any income, gift, inheritance or other tax in Luxembourg unless they are domiciled in Luxembourg, have a residence in Luxembourg or maintain a perma- nent establishment there, or were previously domiciled in Luxembourg and hold more than 10% of the units in the Fund.
The aforementioned represents a summary of the fiscal effects and makes no claim to be exhaustive. It is the responsibility of purchasers of units to seek information on the laws and regulations governing the purchase, pos- session and sale of units in connection with their place of residence and their nationality. | en | fr |
DOLFIN8382 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Reliance on Publicly Available Sources.
Often passive investment strategies are executed in reliance upon information taken from various publicly available sources. Although the strategy sponsor will obtain such information from sources which it considers reliable, neither it nor any given Sub-Fund will generally have independently verified such information, nor will they guarantee the accuracy and/or the completeness of the strategy or any data included therein.
Part D - Risks related to the Investments of the Sub-Fund | ## Vertrauen auf öffentlich zugängliche Quellen.
Passive Anlagestrategien werden häufig auf Grundlage von Informationen aus verschiedenen öffentlich zugänglichen Quellen umgesetzt. Der Strategie-Sponsor bezieht solche Informationen zwar aus von ihm als zuverlässig erachteten Quellen, generell nehmen jedoch weder er noch irgendein Teilfonds eine eigenständige Überprüfung solcher Informationen vor oder übernehmen eine Garantie für die Richtigkeit und/oder Vollständigkeit der Strategie oder darin enthaltener Daten.
Teil D – Risiken in Zusammenhang mit den Anlagen des Teilfonds | ## Reliance on Publicly Available Sources.
Often passive investment strategies are executed in reliance upon information taken from various publicly available sources. Although the strategy sponsor will obtain such information from sources which it considers reliable, neither it nor any given Sub-Fund will generally have independently verified such information, nor will they guarantee the accuracy and/or the completeness of the strategy or any data included therein.
Part D - Risks related to the Investments of the Sub-Fund | en | de |
DOLFIN8383 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | % Net assets | % Total assets |
| --- | --- | --- |
| Eligible financial securities and money market instruments admitted for trading on a regulated market within the meaning of Article L. 422-1 | | |
| Equity securities issued by stock companies | | |
| Debt securities, with the exception of commercial paper and short-term notes | | |
| - Germany | 3.87 | 3.84 |
| - Austria | 0.43 | 0.42 |
| - Belgium | 1.18 | 1.17 |
| - Denmark | 0.46 | 0.46 |
| - Spain | 10.54 | 10.46 |
| - United States | 4.49 | 4.46 |
| - Finland | 0.13 | 0.13 |
| - France | 20.78 | 20.62 |
| - Guernsey | 0.83 | 0.83 |
| - Cayman Islands | 0.64 | 0.64 |
| - Ireland | 3.73 | 3.70 |
| - Italy | 9.12 | 9.05 |
| - Japan | 0.11 | 0.11 |
| - Luxembourg | 2.76 | 2.74 |
| - Mexico | 0.37 | 0.37 |
| - Netherlands | 8.94 | 8.87 |
| - Portugal | 0.13 | 0.13 |
| - United Kingdom | 11.51 | 11.43 |
| - Sweden | 2.60 | 2.58 |
| Eligible financial securities and money market instruments admitted for trading on another recognised regulated market, operating regularly, which is open to the public and whose registered office is located in a European Union member state or in another state that is a party to the agreement on the European Economic Area | | |
| Equity securities issued by stock companies |
| Debt securities, with the exception of commercial paper and short-term notes |
| Eligible financial securities and money market instruments admitted for trading on a stock exchange of a non-member country or traded on another recognised regulated market of a non-member country, operating regularly, which is open to the public, provided that this stock exchange or market is not included on the list drawn up by the AMF, and that the choice of this stock exchange or market is permitted by law or by the regulations or articles of association of the undertaking for collective investment in transferable securities | 0.32 | 0.32 |
| Equity securities issued by stock companies |
| Debt securities, with the exception of commercial paper and short-term notes |
| - Spain |
| Newly issued financial securities referred to in Section I, Paragraph 4 of Article R. 214- 11/Section I, Paragraph 4 of Article R. 214-32-18 of the French Monetary and Financial Code | | |
| Equity securities issued by stock companies | | | | % del patrimonio netto | % del totale del patrimonio |
| --- | --- | --- |
| Titoli finanziari idonei e strumenti del mercato monetario ammessi alla negoziazione su un mercato regolamentato ai sensi dell’articolo L.422-1 | | |
| Titoli di capitale emessi da società per azioni | | |
| Titoli di credito, esclusi gli effetti commerciali e i buoni di cassa | | |
| - Germania | 3,87 | 3,84 |
| - Austria | 0,43 | 0,42 |
| - Belgio | 1,18 | 1,17 |
| - Danimarca | 0,46 | 0,46 |
| - Spagna | 10,54 | 10,46 |
| - Stati Uniti | 4,49 | 4,46 |
| - Finlandia | 0,13 | 0,13 |
| - Francia | 20,78 | 20,62 |
| - Guernsey | 0,83 | 0,83 |
| - Isole Cayman | 0,64 | 0,64 |
| - Irlanda | 3,73 | 3,70 |
| - Italia | 9,12 | 9,05 |
| - Giappone | 0,11 | 0,11 |
| - Lussemburgo | 2,76 | 2,74 |
| - Messico | 0,37 | 0,37 |
| - Paesi Bassi | 8,94 | 8,87 |
| - Portogallo | 0,13 | 0,13 |
| - Regno Unito | 11,51 | 11,43 |
| - Svezia | 2,60 | 2,58 |
| Titoli finanziari idonei e strumenti del mercato monetario ammessi alla negoziazione su un altro mercato regolamentato, regolarmente funzionante, riconosciuto, aperto al pubblico e con sede in uno Stato membro dell'Unione europea o in un altro Stato facente parte dell'accordo sullo Spazio economico europeo | | |
| Titoli di capitale emessi da società per azioni |
| Titoli di credito, esclusi gli effetti commerciali e i buoni di cassa |
| Titoli finanziari idonei e strumenti del mercato monetario ammessi alla quotazione ufficiale sulla borsa valori di un paese terzo o negoziati su un altro mercato di un paese terzo, regolamentato, regolarmente funzionante, riconosciuto e aperto al pubblico, a condizione che tale borsa o mercato non siano inseriti in un elenco redatto dall'Autorité des marchés financiers o che la scelta di tale borsa o mercato sia prevista dalla legge, dal regolamento o dallo statuto dell'organismo d'investimento collettivo in valori mobiliari | 0,32 | 0,32 |
| Titoli di capitale emessi da società per azioni |
| Titoli di credito, esclusi gli effetti commerciali e i buoni di cassa |
| - Spagna |
| Titoli finanziari di nuova emissione di cui al 4° comma del paragrafo I dell'articolo R.214- 11/4° comma del paragrafo I dell'articolo R.214-32-18 del codice monetario e finanziario | | |
| Titoli di capitale emessi da società per azioni | | | | % Net assets | % Total assets |
| --- | --- | --- |
| Eligible financial securities and money market instruments admitted for trading on a regulated market within the meaning of Article L. 422-1 | | |
| Equity securities issued by stock companies | | |
| Debt securities, with the exception of commercial paper and short-term notes | | |
| - Germany | 3.87 | 3.84 |
| - Austria | 0.43 | 0.42 |
| - Belgium | 1.18 | 1.17 |
| - Denmark | 0.46 | 0.46 |
| - Spain | 10.54 | 10.46 |
| - United States | 4.49 | 4.46 |
| - Finland | 0.13 | 0.13 |
| - France | 20.78 | 20.62 |
| - Guernsey | 0.83 | 0.83 |
| - Cayman Islands | 0.64 | 0.64 |
| - Ireland | 3.73 | 3.70 |
| - Italy | 9.12 | 9.05 |
| - Japan | 0.11 | 0.11 |
| - Luxembourg | 2.76 | 2.74 |
| - Mexico | 0.37 | 0.37 |
| - Netherlands | 8.94 | 8.87 |
| - Portugal | 0.13 | 0.13 |
| - United Kingdom | 11.51 | 11.43 |
| - Sweden | 2.60 | 2.58 |
| Eligible financial securities and money market instruments admitted for trading on another recognised regulated market, operating regularly, which is open to the public and whose registered office is located in a European Union member state or in another state that is a party to the agreement on the European Economic Area | | |
| Equity securities issued by stock companies |
| Debt securities, with the exception of commercial paper and short-term notes |
| Eligible financial securities and money market instruments admitted for trading on a stock exchange of a non-member country or traded on another recognised regulated market of a non-member country, operating regularly, which is open to the public, provided that this stock exchange or market is not included on the list drawn up by the AMF, and that the choice of this stock exchange or market is permitted by law or by the regulations or articles of association of the undertaking for collective investment in transferable securities | 0.32 | 0.32 |
| Equity securities issued by stock companies |
| Debt securities, with the exception of commercial paper and short-term notes |
| - Spain |
| Newly issued financial securities referred to in Section I, Paragraph 4 of Article R. 214- 11/Section I, Paragraph 4 of Article R. 214-32-18 of the French Monetary and Financial Code | | |
| Equity securities issued by stock companies | | en | it |
DOLFIN8384 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Objectifs
Tout revenu généré par le Fonds sera accumulé et réinvesti pour le compte des investisseurs.
Le fonds vise à obtenir une croissance du capital à long terme et de créer un impact sociétal positif en investissant dans un portefeuille géré activement de titres de participation de sociétés actives dans le secteur des soins de santé.
Le fonds investira dans des titres de capital et des titres liés à des titres de capital de sociétés dont le gestionnaire estime qu'elles peuvent réaliser des avancées majeures dans l'industrie médicale et qui sont innovantes et à même de développer leur activité durablement. Le gestionnaire d'investissement dispose d'un pouvoir discrétionnaire pour déterminer quels investissements détenir au sein du Fonds et utilisera des outils de sélection et l'analyse fondamentale pour aider à identifier les sociétés appropriées.
Le fonds est géré activement en référence à l'indice (MSCI World Healthcare Index) en vertu du fait qu'il a recours à l'indice à des fins de comparaison des performances. Certains titres du fonds peuvent être des
composants de l'indice et peuvent avoir des pondérations similaires à celui- ci. Cependant, le fonds peut s'écarter jusqu'à concurrence de 30 % de l'indice et le gestionnaire d'investissement peut user de son pouvoir discrétionnaire pour investir dans des sociétés ou des secteurs non inclus dans l'indice.
Le Compartiment est géré de manière active en référence à l'Indice en vertu du fait qu'il a recours à l'Indice à des fins de comparaison des performances. Certains titres du Compartiment peuvent être des composants de l'Indice et peuvent présenter des pondérations similaires à celui-ci. Cependant, le Compartiment peut s'écarter jusqu'à concurrence de 30 % de l'Indice et le Gestionnaire des Investissements peut user de son pouvoir discrétionnaire pour investir dans des sociétés ou des secteurs non inclus dans l'Indice. Tout revenu généré par le Fonds sera accumulé et réinvesti pour le compte des investisseurs. | ## Objetivos
Los ingresos que el Fondo genere se capitalizarán y reinvertirán en nombre de los inversores.
El fondo pretende lograr la revalorización del capital a largo plazo y conseguir un impacto positivo en la sociedad, a través de la inversión en una cartera gestionada activamente de valores de renta variable de empresas involucradas en el sector de la atención sanitaria.
El fondo invertirá en valores de renta variable y asimilados a renta variable de empresas que el gestor considere que pueden lograr un avance fundamental en la industria médica y que son innovadoras y capaces de un desarrollo empresarial sostenible. El gestor de inversiones puede decidir qué inversiones mantener en el fondo, y empleará herramientas de investigación y análisis fundamental para ayudar a identificar las empresas más idóneas.
El fondo se gestiona de manera activa, con referencia al índice (MSCI World Healthcare) porque emplea el índice para comparar las rentabilidades. Algunos de los valores del fondo pueden ser componentes
del índice o tener ponderaciones similares a este. Sin embargo, el fondo podrá desviarse hasta un 30% del índice y el gestor de inversiones podrá emplear su criterio para invertir en empresas y sectores no incluidos en el índice.
El subfondo se gestiona de manera activa con referencia al Índice, porque emplea el Índice con fines de comparación de rentabilidades. Algunos de los valores del Subfondo pueden ser componentes del Índice, y tener ponderaciones similares a este. Sin embargo, el Subfondo podrá desviarse hasta un 30% del Índice, y el Gestor de inversiones podrá emplear su criterio para invertir en empresas y sectores no incluidos en el Índice. Los ingresos que el Fondo genere se capitalizarán y reinvertirán en nombre de los inversores. | ## Objectifs
Tout revenu généré par le Fonds sera accumulé et réinvesti pour le compte des investisseurs.
Le fonds vise à obtenir une croissance du capital à long terme et de créer un impact sociétal positif en investissant dans un portefeuille géré activement de titres de participation de sociétés actives dans le secteur des soins de santé.
Le fonds investira dans des titres de capital et des titres liés à des titres de capital de sociétés dont le gestionnaire estime qu'elles peuvent réaliser des avancées majeures dans l'industrie médicale et qui sont innovantes et à même de développer leur activité durablement. Le gestionnaire d'investissement dispose d'un pouvoir discrétionnaire pour déterminer quels investissements détenir au sein du Fonds et utilisera des outils de sélection et l'analyse fondamentale pour aider à identifier les sociétés appropriées.
Le fonds est géré activement en référence à l'indice (MSCI World Healthcare Index) en vertu du fait qu'il a recours à l'indice à des fins de comparaison des performances. Certains titres du fonds peuvent être des
composants de l'indice et peuvent avoir des pondérations similaires à celui- ci. Cependant, le fonds peut s'écarter jusqu'à concurrence de 30 % de l'indice et le gestionnaire d'investissement peut user de son pouvoir discrétionnaire pour investir dans des sociétés ou des secteurs non inclus dans l'indice.
Le Compartiment est géré de manière active en référence à l'Indice en vertu du fait qu'il a recours à l'Indice à des fins de comparaison des performances. Certains titres du Compartiment peuvent être des composants de l'Indice et peuvent présenter des pondérations similaires à celui-ci. Cependant, le Compartiment peut s'écarter jusqu'à concurrence de 30 % de l'Indice et le Gestionnaire des Investissements peut user de son pouvoir discrétionnaire pour investir dans des sociétés ou des secteurs non inclus dans l'Indice. Tout revenu généré par le Fonds sera accumulé et réinvesti pour le compte des investisseurs. | fr | es |
DOLFIN8385 | 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 | 3,0 % of the amount you pay in when entering this investment. | Up to 300 CHF |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 CHF |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 4,1 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 409 CHF |
| Transaction costs | 0,0 % 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. | 3 CHF |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | There is no performance fee for this product. | 0 CHF | | | Costi una tantum di ingresso o di uscita | In caso di uscita dopo 1 anno |
| --- | --- |
| Costi di ingresso | 3,0% dell'importo pagato al momento della sottoscrizione dell'investimento. | Fino a 300 CHF |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto ma il soggetto che vende il prodotto può farlo. | 0 CHF |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 4,1% del valore dell'investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | 409 CHF |
| Costi di transazione | 0,0% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l'acquisto e la vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varierà a seconda dell'importo che viene acquistato e venduto. | 3 CHF |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance (e carried interest) | Non sono previste commissioni di performance per questo prodotto. | 0 CHF | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 3,0 % of the amount you pay in when entering this investment. | Up to 300 CHF |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 CHF |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 4,1 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 409 CHF |
| Transaction costs | 0,0 % 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. | 3 CHF |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | There is no performance fee for this product. | 0 CHF | | en | it |
DOLFIN8386 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVE AND INVESTMENT POLICY
## Objective
## The fund’s objective is capital appreciation, measured in U.S. dollars.
## Investment Policy
The fund invests primarily (at least 70%) in U.S. equity securities. The fund may also invest in non-U.S. equity securities. The fund generally invests in 50 or fewer companies. The fund generally focuses its investments in larger companies and companies it believes to have above average earnings growth potential compared to other companies (growth companies). The fund will promote an environmental characteristic within the meaning of Article 8 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector ("SFDR"). Please refer to the fund's Prospectus and website for additional information. The Investment Manager may also consider environmental, social and governance (ESG) factors in its fundamental investment analysis alongside other factors. The fund may use derivatives for hedging and/or investment purposes but will not primarily use derivatives to achieve the fund's investment objective.
The fund’s benchmarks, Russell 1000® Growth Net TR Index (USD) and Standard & Poor's 500 Net TR Stock Index (USD), are indicated for performance comparison only. Although the fund’s investments will generally be represented in the benchmark, components are likely to be weighted differently from the benchmark and the fund is likely to invest outside of the benchmark to take advantage of attractive investment opportunities. The | # OBJETIVO Y POLÍTICA DE INVERSIÓN
## Objetivo
## El objetivo del fondo es la revalorización de capital, medida en dólares estadounidenses.
## Política de inversión
El fondo invierte principalmente (como mínimo el 70% de sus activos) en títulos de renta variable de Estados Unidos. También podrá invertir en títulos de renta variable no estadounidenses. Por lo general, el fondo invierte en 50 empresas o en un número menor. El fondo generalmente concentra sus inversiones en grandes empresas y sociedades que, a su juicio, cuentan con un potencial de crecimiento de beneficios superior a la media comparado con otras entidades (empresas de crecimiento). El fondo promoverá características ambientales según lo descrito en artículo 8 del Reglamento (UE) 2019/2088 de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector financiero (el «SFDR»). Consulte el Folleto y el sitio web del fondo para obtener más información. La Gestora de inversiones también puede tener en cuenta criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) en su análisis fundamental de inversión, además de otros factores. El fondo puede emplear derivados con fines de cobertura y/o inversión, aunque no recurrirá a ellos como estrategia principal para alcanzar su objetivo de inversión.
Los índices de referencia del fondo, el Russell 1000® Growth Net TR Index (USD) y el Standard & Poor's 500 Net TR Stock Index (USD), se indican únicamente a efectos de comparación de la rentabilidad. Aunque las inversiones del fondo generalmente estarán representadas en el índice de referencia, es probable que los componentes estén ponderados de forma | # OBJECTIVE AND INVESTMENT POLICY
## Objective
## The fund’s objective is capital appreciation, measured in U.S. dollars.
## Investment Policy
The fund invests primarily (at least 70%) in U.S. equity securities. The fund may also invest in non-U.S. equity securities. The fund generally invests in 50 or fewer companies. The fund generally focuses its investments in larger companies and companies it believes to have above average earnings growth potential compared to other companies (growth companies). The fund will promote an environmental characteristic within the meaning of Article 8 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector ("SFDR"). Please refer to the fund's Prospectus and website for additional information. The Investment Manager may also consider environmental, social and governance (ESG) factors in its fundamental investment analysis alongside other factors. The fund may use derivatives for hedging and/or investment purposes but will not primarily use derivatives to achieve the fund's investment objective.
The fund’s benchmarks, Russell 1000® Growth Net TR Index (USD) and Standard & Poor's 500 Net TR Stock Index (USD), are indicated for performance comparison only. Although the fund’s investments will generally be represented in the benchmark, components are likely to be weighted differently from the benchmark and the fund is likely to invest outside of the benchmark to take advantage of attractive investment opportunities. The | en | es |
DOLFIN8387 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Environmental, Social and Governance principles (‘ESG’)
The Management Company identifies and analyses sustainability risk (i.e. an environmental, social, or governance event or condition that, if it occurs, could potentially or actually cause a material negative impact on the value of an investment) as part of its risk management process.
The Management Company integrates financially material sustainability risks and opportunities into its research, analysis and investment decision- making processes. The Management Company believes that the consideration of these risks and opportunities can help to enhance long-term risk adjusted returns for investors.
The Sub-funds, except the Sub-funds BIL Invest Patrimonial High, BIL Invest Patrimonial Medium, BIL Invest Patrimonial Low, BIL Invest Patrimonial Defensive, do not promote environmental or social characteristics, and do not have as objective sustainable investment (as provided by articles 8 or 9 of SFDR). The Sub-funds BIL Invest Patrimonial High, BIL Invest Patrimonial Medium, BIL Invest Patrimonial Low, BIL Invest Patrimonial Defensive fall under article 8 of SFDR. The investments underlying those Sub-funds do not take into account the EU criteria for environmentally sustainable economic activities. There are currently no Sub-funds falling under article 9 of SFDR. | Principes environnementaux, sociaux et de gouvernance (« ESG »)
La Société de gestion identifie et analyse le risque en matière de durabilité (c.-à-d. un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement) dans le cadre de son processus de gestion des risques.
La Société de gestion intègre les risques et les possibilités financièrement importants liés à la durabilité dans ses processus de recherche, d’analyse et de prise de décisions en matière d’investissement. La Société de gestion estime que la prise en compte de ces risques et possibilités peut contribuer à améliorer les rendements ajustés à long terme pour les investisseurs.
Les Compartiments, à l’exception de BIL Invest Patrimonial High, de BIL Invest Patrimonial Medium, de BIL Invest Patrimonial Low et de BIL Invest Patrimonial Defensive, ne promeuvent pas de caractéristiques environnementales ou sociales et ne poursuivent pas d’objectif d’investissement durable (comme prévu par les articles 8 ou 9 du règlement SFDR). Les Compartiments BIL Invest Patrimonial High, BIL Invest Patrimonial Medium, BIL Invest Patrimonial Low et BIL Invest Patrimonial Defensive relèvent de l’article 8 du règlement SFDR. Les investissements qui sous-tendent ces Compartiments ne tiennent pas compte des critères de l’UE concernant les activités économiques durables sur le plan environnemental. Il n’existe actuellement aucun Compartiment relevant de l’article 9 du règlement SFDR. | Environmental, Social and Governance principles (‘ESG’)
The Management Company identifies and analyses sustainability risk (i.e. an environmental, social, or governance event or condition that, if it occurs, could potentially or actually cause a material negative impact on the value of an investment) as part of its risk management process.
The Management Company integrates financially material sustainability risks and opportunities into its research, analysis and investment decision- making processes. The Management Company believes that the consideration of these risks and opportunities can help to enhance long-term risk adjusted returns for investors.
The Sub-funds, except the Sub-funds BIL Invest Patrimonial High, BIL Invest Patrimonial Medium, BIL Invest Patrimonial Low, BIL Invest Patrimonial Defensive, do not promote environmental or social characteristics, and do not have as objective sustainable investment (as provided by articles 8 or 9 of SFDR). The Sub-funds BIL Invest Patrimonial High, BIL Invest Patrimonial Medium, BIL Invest Patrimonial Low, BIL Invest Patrimonial Defensive fall under article 8 of SFDR. The investments underlying those Sub-funds do not take into account the EU criteria for environmentally sustainable economic activities. There are currently no Sub-funds falling under article 9 of SFDR. | en | fr |
DOLFIN8388 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Calculation of Dilution Adjustment:
In applying a Dilution Adjustment, the Investment Manager must use the following basis of valuation:
- When, by reference to any Valuation Point, the aggregate value of the Shares of all Classes of the Fund issued exceeds the aggregate value of Shares of all Classes cancelled, any adjustment must be upwards. The Dilution Adjustment must not exceed the Investment Manager's reasonable estimate of the difference between what the Subscription Price or Redemption Price would have been had the Dilution Adjustment not been taken into account and what the Subscription Price or Redemption Price would have been if the assets of the Fundhad been valued on the best available market offered basis (plus dealing costs); or
- When, by reference to any Valuation Point, the aggregate value of the Shares of all Classes of the Fund redeemed exceeds the aggregate value of Shares of all Classes issued, any adjustment must be downwards. The Dilution Adjustment must not exceed the Investment Manager's reasonable estimate of the difference between what the price would have been had the Dilution Adjustment not been taken into account and what the price would have been if the assets of the Fund had been valued on the best available market bid basis (less dealing costs). | # Berechnung der Verwässerungsanpassung:
Bei einer Verwässerungsanpassung muss der Anlageverwalter folgende Bewertungsgrundlage heranziehen.
- Liegt der Gesamtwert der ausgegebenen Anteile aller Klassen eines Fonds bezogen auf einen Bewertungszeitpunkt über dem Gesamtwert der stornierten Anteile aller Klassen, ist eine Verwässerungsanpassung nach oben hin vorzunehmen. Die Verwässerungsanpassung darf die angemessene Schätzung des Anlageverwalters zur Differenz, wie hoch der Zeichnungs- oder Rücknahmepreis ausgefallen wäre, wäre die Verwässerungsanpassung nicht vorgenommen worden, und zur Höhe des Zeichnungs- oder Rücknahmepreises, wären die Vermögenswerte des Fonds auf Grundlage des besten verfügbaren Marktpreises (zuzüglich Handelskosten) bewertet worden, nicht übertreffen; oder
- Liegt der Gesamtwert der zurückgenommenen Anteile aller Klassen eines Fonds bezogen auf einen Bewertungszeitpunkt über dem Gesamtwert der ausgegebenen Anteile aller Klassen, ist eine Verwässerungsanpassung nach unten hin vorzunehmen. Die Verwässerungsanpassung darf die angemessene Schätzung des Anlageverwalters zur Differenz, wie hoch der Preis ausgefallen wäre, wäre die Verwässerungsanpassung nicht vorgenommen worden, und zur Höhe des Preises, wären die Vermögenswerte des Fonds auf Grundlage des besten verfügbaren Marktpreises (abzüglich Handelskosten) bewertet worden, nicht übertreffen. | # Calculation of Dilution Adjustment:
In applying a Dilution Adjustment, the Investment Manager must use the following basis of valuation:
- When, by reference to any Valuation Point, the aggregate value of the Shares of all Classes of the Fund issued exceeds the aggregate value of Shares of all Classes cancelled, any adjustment must be upwards. The Dilution Adjustment must not exceed the Investment Manager's reasonable estimate of the difference between what the Subscription Price or Redemption Price would have been had the Dilution Adjustment not been taken into account and what the Subscription Price or Redemption Price would have been if the assets of the Fundhad been valued on the best available market offered basis (plus dealing costs); or
- When, by reference to any Valuation Point, the aggregate value of the Shares of all Classes of the Fund redeemed exceeds the aggregate value of Shares of all Classes issued, any adjustment must be downwards. The Dilution Adjustment must not exceed the Investment Manager's reasonable estimate of the difference between what the price would have been had the Dilution Adjustment not been taken into account and what the price would have been if the assets of the Fund had been valued on the best available market bid basis (less dealing costs). | en | de |
DOLFIN8389 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of sustainable and environmental, social and governance (ESG) focused investing.
The Fund is actively managed, and the investment adviser (IA) has discretion to select the Fund's investments, provided that the Fund will invest at least 70% of its total assets in fixed income (FI) securities within the J.P. Morgan ESG Emerging Market Bond Index Global Diversified (the "Index" and the securities comprised within it being "Index Securities") which comprises FI securities issued by governments and government agencies of, and companies domiciled in, or the main business of which is in, emerging markets. The Fund will also refer to the Index for risk management purposes as further described in the prospectus. The IA is not bound by the weighting of the Index when selecting Index Securities however, the geographical scope and the ESG requirements (described below) of the investment objective and policy may limit the extent to which the portfolio holdings will deviate from the Index. The Index should be used by unitholders to compare the performance of the Fund. The Fund will also refer to J.P. Morgan Emerging Market Bond Index Global Diversified (the “ESG Reporting Index”) to assess the impact of ESG screening on the Fund’s investment universe. The ESG Reporting Index is not intended to be used when constructing the Fund’s portfolio, for risk management purposes to monitor active risk, or to compare the performance of the Fund.
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens.
The Fund may obtain indirect exposure (through, including but not limited to, financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) and units in collective investment schemes) to securities which may not satisfy these ESG criteria.
The FI securities in which the Fund invests may include bonds and money market instruments (i.e. debt securities with short term maturities) which may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated. Investments in high yield FI securities are expected to exceed 50% of the Fund’s net asset value.
The IA may use FDIs to help achieve the Fund’s investment objective and to reduce risk within the Fund’s portfolio. The Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The IA will also use instruments for the management of currency exposure and exposure to interest rates. Such instruments may be denominated in non-emerging market currencies.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the
Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, de forma coherente con los principios medioambientales, sociales y de gobierno corporativo (ESG) y de inversión sostenible aplicados a la inversión.
El Fondo se gestiona de forma activa y el asesor de inversiones (AI) tiene potestad para seleccionar las inversiones del Fondo, siempre y cuando el Fondo invierta al menos el 70 % de sus activos totales en valores de renta fija (RF) que formen parte del J.P. Morgan ESG Emerging Market Bond Index Global Diversified (el «Índice» y los «Valores del Índice», respectivamente), lo que incluye valores de RF emitidos por Gobiernos, agencias gubernamentales o empresas que tengan su domicilio o que realicen una parte importante de su actividad económica en mercados emergentes. El Fondo también se referirá al Índice con fines de gestión de riesgos, tal como se describe de un modo más detallado en el folleto. El AI no está sujeto a la ponderación del Índice a la hora de seleccionar los Valores del Índice; no obstante, el ámbito geográfico y los requisitos ESG (descritos posteriormente) del objetivo y la política de inversión pueden limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los partícipes deberían utilizar el Índice para comparar la rentabilidad del Fondo. El Fondo también hará referencia al J.P. Morgan Emerging Market Bond Index Global Diversified (el «ESG Reporting Index») para evaluar el impacto del filtrado ESG en el universo de inversión del Fondo. El ESG Reporting Index no está previsto para ser utilizado a la hora de conformar la cartera del Fondo, con fines de gestión de riesgos para supervisar el riesgo activo o para comparar la rentabilidad del Fondo.
Los activos totales del Fondo se invertirán de acuerdo con lo establecido en su Política ESG, tal como se indica en el folleto. Para obtener más información sobre las características ESG, consulte el folleto y visite el sitio web de BlackRock: https://www.blackrock.com/baselinescreens.
El Fondo puede obtener una exposición indirecta (a través, entre otros, de instrumentos financieros derivados (IFD) es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) y participaciones en organismos de inversión colectiva) a valores que pueden no cumplir estos criterios ESG.
Los valores de RF en los que invierte el Fondo pueden incluir bonos e instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo), que pueden ser de categoría de inversión (es decir, que cumplen un nivel específico de solvencia), sin categoría de inversión o sin calificación. Se prevé que las inversiones en valores de RF de alto rendimiento superen el 50 % del valor liquidativo del Fondo.
El AI podrá utilizar IFD para ayudar a alcanzar el objetivo de inversión del Fondo y para reducir el riesgo en la cartera del Fondo. El Fondo, a través de los IFD, podrá generar apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición al mercado superior al valor de sus activos).
El AI también utilizará instrumentos para la gestión de la exposición a diferentes divisas y tipos de interés. Estos instrumentos podrán estar denominados en divisas que no sean de mercados emergentes.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 10 000 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets in a manner consistent with the principles of sustainable and environmental, social and governance (ESG) focused investing.
The Fund is actively managed, and the investment adviser (IA) has discretion to select the Fund's investments, provided that the Fund will invest at least 70% of its total assets in fixed income (FI) securities within the J.P. Morgan ESG Emerging Market Bond Index Global Diversified (the "Index" and the securities comprised within it being "Index Securities") which comprises FI securities issued by governments and government agencies of, and companies domiciled in, or the main business of which is in, emerging markets. The Fund will also refer to the Index for risk management purposes as further described in the prospectus. The IA is not bound by the weighting of the Index when selecting Index Securities however, the geographical scope and the ESG requirements (described below) of the investment objective and policy may limit the extent to which the portfolio holdings will deviate from the Index. The Index should be used by unitholders to compare the performance of the Fund. The Fund will also refer to J.P. Morgan Emerging Market Bond Index Global Diversified (the “ESG Reporting Index”) to assess the impact of ESG screening on the Fund’s investment universe. The ESG Reporting Index is not intended to be used when constructing the Fund’s portfolio, for risk management purposes to monitor active risk, or to compare the performance of the Fund.
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details regarding the ESG characteristics please refer to the prospectus and the BlackRock website at https://www.blackrock.com/baselinescreens.
The Fund may obtain indirect exposure (through, including but not limited to, financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) and units in collective investment schemes) to securities which may not satisfy these ESG criteria.
The FI securities in which the Fund invests may include bonds and money market instruments (i.e. debt securities with short term maturities) which may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated. Investments in high yield FI securities are expected to exceed 50% of the Fund’s net asset value.
The IA may use FDIs to help achieve the Fund’s investment objective and to reduce risk within the Fund’s portfolio. The Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The IA will also use instruments for the management of currency exposure and exposure to interest rates. Such instruments may be denominated in non-emerging market currencies.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the
Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN8390 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Futures and Options on Futures
The Company may also enter into certain types of futures contracts or options on futures contracts. The sale of a futures contract creates an obligation by the seller to deliver (or settle the difference in cash) the type of financial instrument called for in the contract in a specified delivery month for a stated price. The purchase of a futures contract creates an obligation by the purchaser to pay for and take delivery of the type of financial instrument called for in the contract in a specified delivery month, at a stated price. The purchase or sale of a futures contract differs from the purchase or sale of a security or option in that no price or premium is paid or received. Instead, an amount of cash or other liquid assets generally must be deposited with the broker. This amount is known as initial margin. Subsequent payments to and from the broker, known as variation margin, are made on a daily basis as the price of the underlying futures contract fluctuates making the long and short positions in the futures contract more or less valuable, a process known as “marking to market.” In most cases futures contracts are closed out before the settlement date without the making or taking of delivery. Closing out a futures contract sale is effected by purchasing a futures contract for the same aggregate amount of the specific type of financial instrument or commodity and the same delivery date. If the price of the initial sale of the futures contract exceeds the price of the offsetting purchase, the seller is paid the difference and realises a gain. Conversely, if the price of the offsetting purchase exceeds the price of the initial sale, the seller realises a loss. Similarly, the closing out of a futures contract purchase is effected by the purchaser entering into a futures contract sale. If the offsetting sale price exceeds the purchase price, the purchaser realises a gain, and if the purchase price exceeds the offsetting sale price, a loss will be realised. The Company may also enter into options traded over-the-counter (or OTC options). Unlike exchange traded options, which are standardised with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options generally are established through negotiation with the other party to the option contract. While this type of arrangement allows the Company great flexibility to tailor the option to its needs, OTC options generally involve greater risk than exchange-traded options, which are guaranteed by clearing organisations of the exchanges where they are traded. | # Futures und Optionen auf Futures
Ferner darf die Gesellschaft bestimmte Arten von Terminkontrakten oder Optionen auf Terminkontrakte abschließen. Der Verkauf von Terminkontrakten schafft eine Verpflichtung zur Lieferung der Art des in dem Kontrakt bestimmten Finanzinstruments zu einem festgelegten Preis in einem angegebenen Liefermonat durch den Verkäufer (oder zum Ausgleich der Differenz in bar). Der Verkauf von Terminkontrakten schafft eine Verpflichtung zur Zahlung und Entgegennahme der Art des in dem Kontrakt festgelegten Finanzinstruments zu einem festgelegten Preis in einem angegebenen Liefermonat durch den Käufer. Der Kauf oder Verkauf von Terminkontrakten unterscheidet sich darin von dem Kauf oder Verkauf von Wertpapieren oder Optionen, dass weder ein Preis noch eine Prämie gezahlt oder erhalten wird. Stattdessen muss im Allgemeinen ein Betrag von Bar- oder flüssigen Mitteln bei dem Makler hinterlegt werden. Dieser Betrag wird als Anfangsmarge bezeichnet. Nachfolgende, als variable Nachschussforderungen bezeichnete Zahlungen an und durch den Makler, werden auf einer Tagesbasis durchgeführt, da der Preis des zugrunde liegenden Terminkontrakts schwankt und den Wert der langen und kurzen Positionen in dem Terminkontrakt steigen oder fallen lässt – ein Prozess der als „Marking to Market“ bezeichnet wird. In den meisten Fällen werden Terminkontrakte vor dem Erfüllungstermin ohne die Durchführung oder Entgegennahme der Lieferung glattgestellt. Die Glattstellung eines Terminkontrakt- Verkaufs wird durch den Kauf eines Terminkontrakts zum gleichen Gesamtbetrag und dem gleichen Liefertermin des spezifischen Finanzinstruments oder Produkts beeinflusst. Übersteigt der Preis des anfänglichen Verkaufs des Terminkontrakts den Preis des aufhebenden Kaufs, wird dem Käufer die Differenz gezahlt und er erzielt einen Gewinn. Umgekehrt erzielt der Verkäufer einen Verlust, wenn der Preis des aufhebenden Kaufs den Preis des anfänglichen Verkaufs übersteigt. Ähnlich wird die Glattstellung eines Terminkontrakts durch den Verkauf eines Terminkontrakts seitens des Käufers beeinflusst. Übersteigt der Glattstellungs-Verkaufspreis den Kaufpreis, erzielt der Käufer einen Gewinn, und der Käufer erzielt einen Verlust, wenn der Kaufpreis den Glattstellungs-Kaufpreis übersteigt. Ferner darf die Gesellschaft im Freiverkehr gehandelte Optionen eingehen („over-the-counter“ oder OTC- Optionen). Im Gegensatz zu börsengehandelten Optionen, die bezüglich des zugrunde liegenden Instruments, des Fälligkeitstermins, der Kontraktgröße und des Basispreises standardisiert sind, werden die Bedingungen von OTC-Optionen im Allgemeinen durch Verhandlungen mit der Gegenpartei des Optionskontraktes festgelegt. Diese Art von Vereinbarung gibt der Gesellschaft größere Flexibilität bei der Anpassung der Option an ihre Bedürfnisse, jedoch bergen OTC-Optionen generell größere Risiken als börsengehandelte Optionen, die von Abrechnungsorganisationen der Börsen, an denen sie gehandelt werden, garantiert werden. | # Futures and Options on Futures
The Company may also enter into certain types of futures contracts or options on futures contracts. The sale of a futures contract creates an obligation by the seller to deliver (or settle the difference in cash) the type of financial instrument called for in the contract in a specified delivery month for a stated price. The purchase of a futures contract creates an obligation by the purchaser to pay for and take delivery of the type of financial instrument called for in the contract in a specified delivery month, at a stated price. The purchase or sale of a futures contract differs from the purchase or sale of a security or option in that no price or premium is paid or received. Instead, an amount of cash or other liquid assets generally must be deposited with the broker. This amount is known as initial margin. Subsequent payments to and from the broker, known as variation margin, are made on a daily basis as the price of the underlying futures contract fluctuates making the long and short positions in the futures contract more or less valuable, a process known as “marking to market.” In most cases futures contracts are closed out before the settlement date without the making or taking of delivery. Closing out a futures contract sale is effected by purchasing a futures contract for the same aggregate amount of the specific type of financial instrument or commodity and the same delivery date. If the price of the initial sale of the futures contract exceeds the price of the offsetting purchase, the seller is paid the difference and realises a gain. Conversely, if the price of the offsetting purchase exceeds the price of the initial sale, the seller realises a loss. Similarly, the closing out of a futures contract purchase is effected by the purchaser entering into a futures contract sale. If the offsetting sale price exceeds the purchase price, the purchaser realises a gain, and if the purchase price exceeds the offsetting sale price, a loss will be realised. The Company may also enter into options traded over-the-counter (or OTC options). Unlike exchange traded options, which are standardised with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options generally are established through negotiation with the other party to the option contract. While this type of arrangement allows the Company great flexibility to tailor the option to its needs, OTC options generally involve greater risk than exchange-traded options, which are guaranteed by clearing organisations of the exchanges where they are traded. | en | de |
DOLFIN8391 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## CACEIS Fund Administration is the CREDIT AGRICOLE group entity that specialises in fund administration and accounting for clients within and outside the group.
CACEIS Fund Administration has therefore been appointed by the Management Company as accounting sub-manager, to carry out the Fund’s valuation and accounting administration. CACEIS Fund Administration is responsible for asset valuations, calculating the Fund's Net Asset Value and preparing periodic documents.
- Regarding the IT unit class, orders are forwarded to Borsa Italiana, and an intermediary authorised by the management company sends the daily balance of orders to the centralising agent. | ## CACEIS Fund Administration ist das Unternehmen der CREDIT AGRICOLE-Gruppe, das auf die Fondsverwaltung und -rechnungslegung für Kunden innerhalb und außerhalb der Gruppe spezialisiert ist.
Deshalb wurde CACEIS Fund Administration von der Verwaltungsgesellschaft als Sub-Manager für die Rechnungslegung beauftragt, um die Bewertung und buchhalterische Verwaltung für den Fonds durchzuführen. CACEIS Fund Administration ist zuständig für die Bewertung von Anlagen, die Berechnung des Nettoinventarwerts des Fonds und die Aufstellung periodischer Dokumente.
- In Bezug auf die IT-Anteile werden Aufträge an die Borsa Italiana weitergeleitet, und ein von der Anlageverwaltungsgesellschaft autorisierter Intermediär schickt den täglichen Abgleich von Aufträgen an die Zentralisierungsstelle des Fonds. | ## CACEIS Fund Administration is the CREDIT AGRICOLE group entity that specialises in fund administration and accounting for clients within and outside the group.
CACEIS Fund Administration has therefore been appointed by the Management Company as accounting sub-manager, to carry out the Fund’s valuation and accounting administration. CACEIS Fund Administration is responsible for asset valuations, calculating the Fund's Net Asset Value and preparing periodic documents.
- Regarding the IT unit class, orders are forwarded to Borsa Italiana, and an intermediary authorised by the management company sends the daily balance of orders to the centralising agent. | en | de |
DOLFIN8392 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Company may suspend the calculation of the Net Asset Value and/or the issue, redemption and conversion of Shares of a Subfund where a substantial proportion of the assets of the Subfund:
- cannot be valued, because a stock exchange or market is closed on a day other than usual public holiday, or when trading on such stock exchange or market is restricted or suspended; or
- is not freely disposable because a political, economic, military, monetary or any other event beyond the control of the Company does not permit the disposal of the Subfund’s assets, or such disposal would be detrimental to the interests of Shareholders; or
- cannot be valued because disruption to the communications network or any other reason makes a valuation impossible; or
- is not available for transactions because restrictions on foreign exchange or other types of restrictions make asset transfers impracticable or it can be objectively demonstrated that transactions cannot be effected at normal foreign exchange rates; or
- when the prices of a substantial portion of the constituents of the underlying asset or the price of the underlying asset itself of an OTC transaction and/or when the applicable techniques used to create an exposure to such underlying asset cannot promptly or accurately be ascertained; or
- where the existence of any state of affairs which, in the opinion of the Board of Directors, constitutes an emergency or renders impracticable, a disposal of a substantial portion of the assets attributable to a Subfund and/or a disposal of a substantial portion of the constituents of the underlying asset of an OTC transaction; or
- where the master fund has suspended the repurchase, redemption or subscription of its units. | La società può sospendere il calcolo del valore patrimoniale netto e/o l’emissione, il rimborso e la conversione delle azioni di un comparto, quando una parte rilevante del patrimonio del comparto:
- non può essere valutata a causa della chiusura di una borsa o di un mercato in un giorno diverso dai normali giorni festivi, o quando le negoziazioni in tale borsa o mercato sono sospese o limitate; oppure
- non è liberamente disponibile a causa di un evento politico, economico, militare, monetario o di qualsiasi altro tipo al di fuori del controllo della società che impedisce di disporre del patrimonio del comparto, o tale disposizione può essere pregiudizievole agli interessi degli azionisti oppure
- non può essere valutata a causa dell’interruzione delle reti di comunicazione o per altri motivi che rendono la valutazione impossibile oppure
- non è disponibile per la negoziazione a causa di restrizioni sui cambio di altro tipo che impediscono il trasferimento dei valori patrimoniali,o è possibile dimostrare in modo oggettivo che le transazioni non possono essere effettuate a normali tassi di cambio.
- se i prezzi di un parte significativa delle componenti dell’attività sottostante o il prezzo del valore patrimoniale della stessa attività sottostante di un’operazione OTC e/o le tecniche applicabili utilizzate per creare un’esposizione nei confronti di tale attività sottostante non possono essere identificate prontamente o accuratamente oppure
- nei casi in cui l’esistenza di una qualsiasi circostanza che, a parere del Consiglio d’amministrazione, costituisce un’emergenza o rende impossibile disporre di una parte rilevante delle attività attribuibili a un comparto e/o di una porzione significativa delle componenti dell’attività sottostante a un’operazione OTC oppure
- nei casi in cui il fondo master ha sospeso il riacquisto, il rimborso o la sottoscrizione delle proprie quote. | The Company may suspend the calculation of the Net Asset Value and/or the issue, redemption and conversion of Shares of a Subfund where a substantial proportion of the assets of the Subfund:
- cannot be valued, because a stock exchange or market is closed on a day other than usual public holiday, or when trading on such stock exchange or market is restricted or suspended; or
- is not freely disposable because a political, economic, military, monetary or any other event beyond the control of the Company does not permit the disposal of the Subfund’s assets, or such disposal would be detrimental to the interests of Shareholders; or
- cannot be valued because disruption to the communications network or any other reason makes a valuation impossible; or
- is not available for transactions because restrictions on foreign exchange or other types of restrictions make asset transfers impracticable or it can be objectively demonstrated that transactions cannot be effected at normal foreign exchange rates; or
- when the prices of a substantial portion of the constituents of the underlying asset or the price of the underlying asset itself of an OTC transaction and/or when the applicable techniques used to create an exposure to such underlying asset cannot promptly or accurately be ascertained; or
- where the existence of any state of affairs which, in the opinion of the Board of Directors, constitutes an emergency or renders impracticable, a disposal of a substantial portion of the assets attributable to a Subfund and/or a disposal of a substantial portion of the constituents of the underlying asset of an OTC transaction; or
- where the master fund has suspended the repurchase, redemption or subscription of its units. | en | it |
DOLFIN8393 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Given the lack of historical data, ongoing charges are calculated according to an estimate based on the expected total amount of these charges. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the sub-fund when buying or selling units of another collective investment vehicle). The charges and fees paid are used to cover the costs of running the fund, including the costs of marketing and distributing units. These charges reduce the potential growth of the investments.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fee is based on the relative overperformance of the share class relative to its reference indicator. The performance fee is calculated over a performance period of 1 year, corresponding to the financial year of the sub-fund and accrued on a daily basis. The performance fee becomes payable when the performance of the share class is superior to the performance of the reference indicator during the performance period. However, performance fee is not payable before any underperformance over a period of maximum 5 years (applicable as from 1.1.2022 or since the launch of the share class if later) is clawed back.
Performance fee may be charged also when absolute performance is negative, i.e. when the absolute performance of the fund is negative but still exceeds that of the reference indicator. | Puesto que no se dispone de datos históricos que permitan su cálculo, se procederá a una estimación de los gastos corrientes a partir del importe total previsto de estos gastos. Podrán variar de un año al otro y no incluyen las comisiones de rentabilidad o los gastos operativos (salvo los gastos de entrada/salida pagados por el subfondo cuando se compran o venden las participaciones de otro vehículo de inversión colectiva). Los gastos y las comisiones que se pagan están destinados a sufragar los costes de funcionamiento del fondo, incluidos los costes de comercialización y distribución de las participaciones. Dichos gastos reducen el potencial de crecimiento de la inversión.
Si desea obtener más información acerca de los gastos y las modalidades de cálculo de la comisión de rentabilidad, remítase al apartado «Gastos y comisiones» del Folleto informativo, que está disponible en la siguiente página web: www.carmignac.com
La comisión de rentabilidad se basa en la rentabilidad superior de la clase de acciones con respecto a la de su indicador de referencia. La comisión de rentabilidad se calcula para un periodo de rentabilidad de 1 año, correspondiente al ejercicio financiero del subfondo, y se devenga a diario. La comisión de rentabilidad será pagadera cuando la rentabilidad de la clase de acciones sea superior a la del indicador de referencia durante el periodo de rentabilidad. No obstante, no se abonará ninguna comisión de rentabilidad hasta que no se recupere cualquier rentabilidad inferior registrada en un periodo máximo de 5 años (aplicable desde el 1 de enero de 2022 o desde el lanzamiento de la clase de acciones si se produce posteriormente).
Asimismo, la comisión de rentabilidad podrá cobrarse incluso si la rentabilidad absoluta es negativa, es decir, si la rentabilidad absoluta del fondo es negativa pero sigue siendo superior a la del indicador de referencia. | Given the lack of historical data, ongoing charges are calculated according to an estimate based on the expected total amount of these charges. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the sub-fund when buying or selling units of another collective investment vehicle). The charges and fees paid are used to cover the costs of running the fund, including the costs of marketing and distributing units. These charges reduce the potential growth of the investments.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fee is based on the relative overperformance of the share class relative to its reference indicator. The performance fee is calculated over a performance period of 1 year, corresponding to the financial year of the sub-fund and accrued on a daily basis. The performance fee becomes payable when the performance of the share class is superior to the performance of the reference indicator during the performance period. However, performance fee is not payable before any underperformance over a period of maximum 5 years (applicable as from 1.1.2022 or since the launch of the share class if later) is clawed back.
Performance fee may be charged also when absolute performance is negative, i.e. when the absolute performance of the fund is negative but still exceeds that of the reference indicator. | en | es |
DOLFIN8394 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective: The Sub-Fund aims to achieve a total level of return in EUR in excess of global debt and equity markets by investing primarily in a diversified portfolio of UCITS and other UCIs and using financial derivative instruments where appropriate while seeking to preserve capital over the long term.
Investment Policy: The Sub-Fund will seek to achieve a total level of return in EUR through exposure to a portfolio of debt and equity securities issued globally, primarily through investments in UCITS and UCIs (including those managed or distributed by companies in the JPMorgan Chase & Co. group). The intention is that the portfolio will be weighted toward debt exposure.
The Sub-Fund will seek to achieve capital preservation over the long term through its ability to vary its asset allocation. The Sub-Fund can, where relevant, reduce its exposure to equity securities while at the same time increasing its exposure to debt securities and cash. Furthermore, the Sub-Fund can make use of alternative investment strategies and tactical use of structured products.
The Sub-Fund may also invest in UCITS and UCIs that will have exposure to a range of alternative investment strategies including, but not limited to, opportunistic/global macro, long/short equity, event driven, relative value, credit and portfolio hedge strategies.
The Sub-Fund may also invest in structured products and in securities exposed to the performance of a commodities index.
The Sub-Fund may also invest directly in securities (including equity securities, debt securities, convertible bonds and credit linked instruments), deposits with credit institutions and money market instruments.
The Investment Manager may periodically review and determine the allocations among different asset classes, currencies and markets, and may change these asset allocations based upon market conditions and opportunities. This may result in changes to the Sub Fund's benchmark. | # Objetivos y política de inversión
Objetivo de inversión: El Subfondo pretende conseguir un nivel de rentabilidad total en EUR superior al de los mercados mundiales de renta fija y renta variable, invirtiendo principalmente en una cartera diversificada de OICVM y otros OIC y recurriendo al uso de instrumentos financieros derivados cuando proceda, al tiempo que se pretende lograr la conservación del capital a largo plazo.
Política de inversión: El Subfondo tratará de lograr un nivel de rentabilidad total en EUR a través de la exposición a una cartera de títulos de deuda y valores de renta variable de emisores de todo el mundo, principalmente mediante la inversión en OICVM y OIC (incluidos los gestionados o distribuidos por entidades del grupo JPMorgan Chase & Co.). La intención es orientar la cartera hacia la renta fija.
El Subfondo tratará de lograr la conservación del capital a largo plazo por medio de su capacidad para modificar su asignación de activos. Cuando proceda, el Subfondo podrá reducir su exposición a valores de renta variable y, al mismo tiempo, aumentar su exposición a valores de deuda y efectivo. Asimismo, el Subfondo podrá recurrir a estrategias de inversión alternativas y utilizar productos estructurados con fines tácticos.
Asimismo, el Subfondo podrá invertir en OICVM y OIC que cuenten con exposición a una gama de estrategias de inversión alternativas como, a título meramente enunciativo, oportunista/macro global, renta variable long/short, impulsada por eventos (event-driven), valor relativo, crédito y cobertura de cartera.
El Subfondo también podrá invertir en productos estructurados y en valores que estén expuestos al comportamiento de un índice de materias primas.
Asimismo, el Subfondo podrá invertir directamente en valores (incluidos títulos de renta variable, títulos de deuda, bonos convertibles e instrumentos indexados a un riesgo de crédito), depósitos en entidades de crédito e instrumentos del mercado monetario.
El Gestor de inversiones podrá revisar y determinar periódicamente la asignación a diferentes clases de activos, divisas y mercados, y podrá modificar dichas asignaciones de activos en función de las condiciones y oportunidades de mercado. Esto podrá dar lugar a cambios en el índice de referencia del Subfondo. | # Objectives and Investment Policy
Investment Objective: The Sub-Fund aims to achieve a total level of return in EUR in excess of global debt and equity markets by investing primarily in a diversified portfolio of UCITS and other UCIs and using financial derivative instruments where appropriate while seeking to preserve capital over the long term.
Investment Policy: The Sub-Fund will seek to achieve a total level of return in EUR through exposure to a portfolio of debt and equity securities issued globally, primarily through investments in UCITS and UCIs (including those managed or distributed by companies in the JPMorgan Chase & Co. group). The intention is that the portfolio will be weighted toward debt exposure.
The Sub-Fund will seek to achieve capital preservation over the long term through its ability to vary its asset allocation. The Sub-Fund can, where relevant, reduce its exposure to equity securities while at the same time increasing its exposure to debt securities and cash. Furthermore, the Sub-Fund can make use of alternative investment strategies and tactical use of structured products.
The Sub-Fund may also invest in UCITS and UCIs that will have exposure to a range of alternative investment strategies including, but not limited to, opportunistic/global macro, long/short equity, event driven, relative value, credit and portfolio hedge strategies.
The Sub-Fund may also invest in structured products and in securities exposed to the performance of a commodities index.
The Sub-Fund may also invest directly in securities (including equity securities, debt securities, convertible bonds and credit linked instruments), deposits with credit institutions and money market instruments.
The Investment Manager may periodically review and determine the allocations among different asset classes, currencies and markets, and may change these asset allocations based upon market conditions and opportunities. This may result in changes to the Sub Fund's benchmark. | en | es |
DOLFIN8395 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
### Type
Janus Henderson Pan European Small and Mid-Cap Fund est un compartiment de Janus Henderson Fund, une société d'investissement à capital variable constituée en vertu des lois du Grand-Duché de Luxembourg. Janus Henderson Fund est un organisme de placement collectif en valeurs mobilières (OPCVM).
### Durée
Cet investissement n'a pas de date d'échéance fixe. Le fabricant a le droit de mettre fin au produit dans un nombre limité de circonstances, comme indiqué dans le prospectus.
### Objectifs
Le Fonds vise à fournir un rendement, par une combinaison de croissance du capital et de revenu, et ce sur le long terme (cinq ans ou plus). Le Fonds investit au moins deux tiers de ses actifs dans des actions (titres de participation) et titres assimilés de petites et moyennes sociétés, de tous secteurs, sises en Europe (y compris le Royaume-Uni). Les sociétés auront leur siège social ou exerceront leur activité principale (directement ou par le biais de filiales) dans cette région. Le Fonds investira dans des petites et moyennes sociétés dont la capitalisation boursière se situe généralement dans les 50% inférieurs du marché paneuropéen. Le Fonds peut également investir dans d'autres actifs, y compris des sociétés de toutes tailles et de toutes régions, des liquidités et des instruments du marché monétaire. Le gestionnaire d'investissement peut avoir recours à des dérivés (instruments
financiers complexes) pour réduire le risque ou pour gérer le Fonds plus efficacement. Le Fonds est géré de façon active en se référant à l'indice MSCI Europe Small Cap Index, qui est largement représentatif des sociétés dans lesquelles le Fonds est susceptible d'investir, dans la mesure où ledit indice peut fournir un élément de comparaison utile pour l'évaluation de la performance du Fonds.
Le gestionnaire d'investissement a le pouvoir discrétionnaire de choisir des investissements pour le Fonds ayant des pondérations différentes de celles de l'indice ou n'étant pas présents dans l'indice, mais le Fonds peut occasionnellement détenir des investissements similaires à ceux de l'indice. Cette catégorie d'actions accumule le revenu compris dans le prix de la catégorie d'actions. Vous pouvez acheter, vendre ou échanger des actions du Fonds lors de n'importe quel jour de négociation, tel que défini dans le Prospectus de la Société. Le dépositaire du Fonds est BNP Paribas Securities Services, succursale de Luxembourg.
### Investisseurs de détail visés
Les investisseurs qui comprennent les risques inhérents au Compartiment, qui cherchent une combinaison de revenus et de croissance via un investissement axé sur l'Europe, et qui ont un horizon de placement d’au moins cinq ans. Le présent Fonds est conçu pour être utilisé uniquement comme composante d'un portefeuille d'investissement diversifié et n'est pas conçu pour les investisseurs qui ne sont prêts à accepter qu'une perte minimale de leur investissement. | # ¿Qué es este producto?
### Tipo
Janus Henderson Pan European Small and Mid-Cap Fund es un subfondo de Janus Henderson Fund, una sociedad de inversión de capital variable constituida con arreglo a la legislación del Gran Ducado de Luxemburgo. Janus Henderson Fund tiene la consideración de organismo de inversión colectiva en valores mobiliarios (OICVM).
### Plazo
Esta inversión no tiene fecha de vencimiento. El productor tiene derecho a rescindir el producto en un número limitado de circunstancias, según se estipula en el Folleto.
### Objetivos
El Fondo busca obtener un rendimiento a partir de una combinación de crecimiento de capital e ingresos a largo plazo (cinco años o más). El Fondo invierte al menos dos tercios de sus activos en acciones (valores de renta variable) y valores vinculados a la renta variable de sociedades de pequeña y mediana capitalización, en cualquier sector, de Europa (incluido el Reino Unido). Las sociedades tendrán su domicilio social o realizarán la mayor parte de sus actividades (directamente o a través de filiales) en esta región. El Fondo invertirá en sociedades de pequeña y mediana capitalización, con una capitalización bursátil situada generalmente en el 50% inferior de todo el mercado europeo. El Fondo también podrá invertir en otros activos, incluidas las
sociedades de cualquier tamaño, en cualquier región, el efectivo y los instrumentos del mercado monetario. El gestor de inversiones podrá utilizar derivados (instrumentos financieros complejos) para reducir el riesgo o gestionar el Fondo de forma más eficiente. El Fondo se gestiona de manera activa con referencia al MSCI Europe Small Cap Index, que es ampliamente representativo de las sociedades en las que puede invertir, ya que puede ser un comparador útil para evaluar el rendimiento del Fondo. El gestor de inversiones tiene la discreción de elegir inversiones para el Fondo con ponderaciones diferentes al índice o que no estén en el índice, pero en ocasiones el Fondo puede tener inversiones similares al índice. Esta clase de acciones acumula ingresos que son retenidos en el precio de la clase de acciones. Puede comprar, vender o canjear acciones del Fondo en cualquier día de negociación, tal y como se expone en el folleto de la Sociedad. El Depositario del Fondo es BNP Paribas Securities Services, sucursal de Luxemburgo.
### Inversor minorista al que va dirigido
Inversores que entienden los riesgos del Fondo, desean una combinación de rentas y crecimiento de una inversión centrada en Europa y tienen la intención de invertir su dinero durante al menos cinco años. Este Fondo está diseñado para utilizarse solo como un componente de una cartera de inversión diversificada y no está diseñado para inversores que no pueden aceptar más que una pérdida mínima de su inversión. | # En quoi consiste ce produit?
### Type
Janus Henderson Pan European Small and Mid-Cap Fund est un compartiment de Janus Henderson Fund, une société d'investissement à capital variable constituée en vertu des lois du Grand-Duché de Luxembourg. Janus Henderson Fund est un organisme de placement collectif en valeurs mobilières (OPCVM).
### Durée
Cet investissement n'a pas de date d'échéance fixe. Le fabricant a le droit de mettre fin au produit dans un nombre limité de circonstances, comme indiqué dans le prospectus.
### Objectifs
Le Fonds vise à fournir un rendement, par une combinaison de croissance du capital et de revenu, et ce sur le long terme (cinq ans ou plus). Le Fonds investit au moins deux tiers de ses actifs dans des actions (titres de participation) et titres assimilés de petites et moyennes sociétés, de tous secteurs, sises en Europe (y compris le Royaume-Uni). Les sociétés auront leur siège social ou exerceront leur activité principale (directement ou par le biais de filiales) dans cette région. Le Fonds investira dans des petites et moyennes sociétés dont la capitalisation boursière se situe généralement dans les 50% inférieurs du marché paneuropéen. Le Fonds peut également investir dans d'autres actifs, y compris des sociétés de toutes tailles et de toutes régions, des liquidités et des instruments du marché monétaire. Le gestionnaire d'investissement peut avoir recours à des dérivés (instruments
financiers complexes) pour réduire le risque ou pour gérer le Fonds plus efficacement. Le Fonds est géré de façon active en se référant à l'indice MSCI Europe Small Cap Index, qui est largement représentatif des sociétés dans lesquelles le Fonds est susceptible d'investir, dans la mesure où ledit indice peut fournir un élément de comparaison utile pour l'évaluation de la performance du Fonds.
Le gestionnaire d'investissement a le pouvoir discrétionnaire de choisir des investissements pour le Fonds ayant des pondérations différentes de celles de l'indice ou n'étant pas présents dans l'indice, mais le Fonds peut occasionnellement détenir des investissements similaires à ceux de l'indice. Cette catégorie d'actions accumule le revenu compris dans le prix de la catégorie d'actions. Vous pouvez acheter, vendre ou échanger des actions du Fonds lors de n'importe quel jour de négociation, tel que défini dans le Prospectus de la Société. Le dépositaire du Fonds est BNP Paribas Securities Services, succursale de Luxembourg.
### Investisseurs de détail visés
Les investisseurs qui comprennent les risques inhérents au Compartiment, qui cherchent une combinaison de revenus et de croissance via un investissement axé sur l'Europe, et qui ont un horizon de placement d’au moins cinq ans. Le présent Fonds est conçu pour être utilisé uniquement comme composante d'un portefeuille d'investissement diversifié et n'est pas conçu pour les investisseurs qui ne sont prêts à accepter qu'une perte minimale de leur investissement. | fr | es |
DOLFIN8396 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -2.1 | -8.4 | -0.5 | -1.0 | 2.3 | 4.5 | 0.8 | 6.4 | 7.5 | -5.3 |
| Benchmark † | -2.2 | -8.5 | -0.4 | -1.0 | 2.3 | 4.5 | 0.7 | 6.4 | 7.6 | -5.2 |
The depositary of the Fund is J.P. Morgan SE – Dublin Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Fixed Income Dublin Funds plc (BFIDF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com, on the iShares website at www.ishares.com, or by calling the International Investor Servicing team on +353 1612 3394.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BFIDF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BFIDF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's Prospectus.
Under Irish law, BFIDF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BFIDF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BFIDF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 17 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | -2,1 | -8,4 | -0,5 | -1,0 | 2,3 | 4,5 | 0,8 | 6,4 | 7,5 | -5,3 |
| Índice † | -2,2 | -8,5 | -0,4 | -1,0 | 2,3 | 4,5 | 0,7 | 6,4 | 7,6 | -5,2 |
El depositario del Fondo es J.P. Morgan SE – Dublin Branch.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Fixed Income Dublin Funds plc (BFIDF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com, en el sitio web de iShares cuya dirección es www.ishares.com, o llamando al equipo Internacional de Servicios al Inversor en el +353 1612 3394.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BFIDF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BFIDF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación irlandesa, BFIDF mantiene responsabilidad segregada entre sus compartimentos (es decir, los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BFIDF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BFIDF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
El Fondo y su sociedad gestora, BlackRock Asset Management Ireland Limited, están autorizados en Irlanda y su autoridad reguladora es el Banco Central de Irlanda.
Estos Datos Fundamentales para el Inversor son exactos a 17 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -2.1 | -8.4 | -0.5 | -1.0 | 2.3 | 4.5 | 0.8 | 6.4 | 7.5 | -5.3 |
| Benchmark † | -2.2 | -8.5 | -0.4 | -1.0 | 2.3 | 4.5 | 0.7 | 6.4 | 7.6 | -5.2 |
The depositary of the Fund is J.P. Morgan SE – Dublin Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Fixed Income Dublin Funds plc (BFIDF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com, on the iShares website at www.ishares.com, or by calling the International Investor Servicing team on +353 1612 3394.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BFIDF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BFIDF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's Prospectus.
Under Irish law, BFIDF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BFIDF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BFIDF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 17 February 2022 | en | es |
DOLFIN8397 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Stamp Duty and Stamp Duty Reserve Tax
Liability to UK stamp duty will not arise provided that any instrument in writing, transferring Shares in the Company, or shares acquired by the Company, is executed and retained at all times outside the UK. However, the Fund may be liable to transfer taxes in the UK on acquisitions and disposals of investments. In the UK, stamp duty or Stamp Duty Reserve Tax at a rate of 0.5% will be payable by the Company on the acquisition of shares in companies that are either incorporated in the UK or that maintain a share register there. This liability will arise in the course of the Company’s normal investment activity and on the acquisition of investments from subscribers on subscription for Shares.
In the absence of an exemption applicable to a prospective Shareholder, stamp duty reserve tax (or stamp duty) at the same rate as above will also be payable by prospective Shareholders on the acquisition of shares in companies incorporates in the United Kingdom or which maintain a share register in the United Kingdom for the purpose of subsequent subscription for shares, and may arise on the transfer of investments to Shareholders on redemption.
Because the Company is not incorporated in the UK and the register of Shareholders will be kept outside the UK, no liability to stamp duty reserve tax will arise by the reason of the transfer, subscription for and or redemption of shares except as stated above.
Shareholders should note that other aspects of UK taxation legislation may also be relevant to their investment in the Company. | ## Stempelsteuer und Stamp Duty Reserve Tax
Eine Verbindlichkeit in Verbindung mit der britischen Stempelsteuer entsteht nicht, sofern ein schriftliches Dokument bezüglich der Übertragung von Aktien der Gesellschaft oder bezüglich der von der Gesellschaft erworbenen Aktien ausserhalb Grossbritanniens zu jeder Zeit vollständig ausgeführt und vorhanden ist. Der Fonds kann jedoch verpflichtet sein, in Grossbritannien Steuern auf den Erwerb und die Veräusserung von Investitionen zu erheben. In Grossbritannien fällt beim Erwerb von Anteilen an Unternehmen, die entweder in Grossbritannien eingetragen sind oder dort ein Aktienregister führen, eine Stempelsteuer oder eine Stamp Duty Reserve Tax in Höhe von 0,5 % für die Gesellschaft an. Diese Verpflichtung entsteht im Rahmen der normalen Investitionstätigkeit der Gesellschaft und beim Erwerb von Investitionen von Zeichnern bei der Zeichnung von Aktien.
In Ermangelung einer für einen potenziellen Aktionär geltenden Befreiung ist die Stamp Duty Reserve Tax (oder Stempelsteuer) in gleicher Höhe auch von potenziellen Aktionären beim Erwerb von Anteilen an Unternehmen zu zahlen, die in Grossbritannien gegründet wurden oder die ein Aktienregister im Vereinigten Königreich zum Zwecke der späteren Zeichnung von Aktien führen, und kann bei der Übertragung von Investitionen auf die Aktionäre bei der Rücknahme entstehen.
Da die Gesellschaft nicht in Grossbritannien eingetragen ist und das Aktionärsregister ausserhalb Grossbritanniens geführt wird, entsteht keine Verpflichtung zur Stamp Duty Reserve Tax aufgrund der Übertragung, Zeichnung und/oder Rücknahme von Aktien, ausser wie oben beschrieben.
Die Aktionäre sollten beachten, dass auch andere Aspekte der britischen Steuergesetzgebung für ihre Investition in die Gesellschaft relevant sein können. | ## Stamp Duty and Stamp Duty Reserve Tax
Liability to UK stamp duty will not arise provided that any instrument in writing, transferring Shares in the Company, or shares acquired by the Company, is executed and retained at all times outside the UK. However, the Fund may be liable to transfer taxes in the UK on acquisitions and disposals of investments. In the UK, stamp duty or Stamp Duty Reserve Tax at a rate of 0.5% will be payable by the Company on the acquisition of shares in companies that are either incorporated in the UK or that maintain a share register there. This liability will arise in the course of the Company’s normal investment activity and on the acquisition of investments from subscribers on subscription for Shares.
In the absence of an exemption applicable to a prospective Shareholder, stamp duty reserve tax (or stamp duty) at the same rate as above will also be payable by prospective Shareholders on the acquisition of shares in companies incorporates in the United Kingdom or which maintain a share register in the United Kingdom for the purpose of subsequent subscription for shares, and may arise on the transfer of investments to Shareholders on redemption.
Because the Company is not incorporated in the UK and the register of Shareholders will be kept outside the UK, no liability to stamp duty reserve tax will arise by the reason of the transfer, subscription for and or redemption of shares except as stated above.
Shareholders should note that other aspects of UK taxation legislation may also be relevant to their investment in the Company. | en | de |
DOLFIN8398 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# These investments are determined by:
- the selection of securities, which results from an in-depth financial analysis of the company, regular meetings with management teams, and close monitoring of business developments. The main criteria used are growth prospects, quality of management, yield and asset value.
- allocating equity exposure to different economic sectors
- allocating equity exposure to different regions Foreign exchange strategy:Up to 25% of the fund’s net assets is exposed to currency risk through the purchase of securities denominated in currencies other than those of the European Economic Area. | # Die Transaktionen werden bestimmt durch:
- die Titelauswahl, die sich aus einer eingehenden Finanzanalyse der Gesellschaft, aus regelmäßigen Treffen mit der Geschäftsleitung und einer strengen Überwachung der Entwicklung des Unternehmens ergibt. Die berücksichtigten Kriterien können insbesondere die Wachstumsaussichten, die Kompetenz des Managements, die Rendite und der Vermögenswert sein.
- die Aufteilung des Aktienexposures nach den verschiedenen Wirtschaftszweigen
- die Aufteilung des Aktienexposures nach den verschiedenen geografischen RegionenWährungsstrategie:Der Fonds ist bis zu höchstens 25% des Nettovermögens dem Wechselkursrisiko in anderen Währungen als jenen des Europäischen Wirtschaftsraums ausgesetzt. | # These investments are determined by:
- the selection of securities, which results from an in-depth financial analysis of the company, regular meetings with management teams, and close monitoring of business developments. The main criteria used are growth prospects, quality of management, yield and asset value.
- allocating equity exposure to different economic sectors
- allocating equity exposure to different regions Foreign exchange strategy:Up to 25% of the fund’s net assets is exposed to currency risk through the purchase of securities denominated in currencies other than those of the European Economic Area. | en | de |
DOLFIN8399 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance, before fees and expenses, of the MSCI Total Return Net USA Index (index) which is designed to reflect the performance of the shares of certain companies of the United States of America. The companies making up the index are large and medium sized companies based on the combined value of a company’s readily available shares as compared to other companies. A company’s weighting in the index depends on its relative size. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on a quarterly basis and may also be rebalanced at | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento, antes de comisiones y gastos, del índice MSCI Total Return Net USA (el “índice”), que está diseñado para reflejar la evolución de las acciones de determinadas empresas de los Estados Unidos de América. Las empresas que componen el índice son de tamaño mediano y grande y se seleccionan a partir del valor combinado de las acciones disponibles de una empresa en comparación con otras empresas. La ponderación de cada empresa en el índice depende de su tamaño relativo. El índice se calcula con una base de rentabilidad total neta, es decir, todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar los impuestos. El índice se revisa y reajusta trimestralmente y también | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance, before fees and expenses, of the MSCI Total Return Net USA Index (index) which is designed to reflect the performance of the shares of certain companies of the United States of America. The companies making up the index are large and medium sized companies based on the combined value of a company’s readily available shares as compared to other companies. A company’s weighting in the index depends on its relative size. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on a quarterly basis and may also be rebalanced at | en | es |
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