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DOLFIN8400 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## opportun pour le Fonds, ou que l’instrument qui en résulte ait une mauvaise performance.
Risque lié aux dérivés : Le Fonds peut investir dans des IFD en vue de se couvrir contre les risques et/ou pour augmenter les rendements. Il n’y a aucune garantie que l’utilisation de dérivés par le Fonds dans un de ces objectifs s’avère efficace. Les dérivés sont exposés à un risque de contrepartie (dont la perte éventuelle des instruments), sont très sensibles aux fluctuations de cours sous- jacentes, aux taux d’intérêt et à la volatilité du marché, et représentent donc un risque plus élevé.
Risque opérationnel (dont la garde d’actifs) : Le Fonds et ses actifs peuvent faire face à des pertes substantielles à la suite de pannes technologiques/des systèmes, de violations de la cybersécurité, d’erreurs humaines, d’infractions à la politique et et/ou d’erreurs d’évaluation de parts.
Risque de liquidité : Le Fonds peut investir dans des titres qui peuvent devenir difficiles à vendre ou qui peuvent devoir être vendus à un prix défavorable en raison de mauvaises conditions de marché. Cela peut influencer la valeur globale du Fonds. | ## hayan convertido, la conversión no pueda producirse en un momento adecuado para el Fondo, o el instrumento subsiguiente no obtenga un rendimiento favorable.
Riesgo de derivados: El Fondo puede invertir en derivados como cobertura frente a los riesgos y/o para aumentar la rentabilidad. No hay garantía de que el uso de derivados por parte del Fondo para estos fines tenga éxito. Los derivados están sujetos al riesgo de la contraparte (incluida la pérdida potencial de instrumentos) y son muy sensibles a los movimientos subyacentes de los precios, los tipos de interés y la volatilidad de los mercados y, por lo tanto, implican un riesgo mayor.
Riesgo operativo (incluida la custodia de activos): El Fondo y sus activos pueden experimentar pérdidas significativas como resultado de errores tecnológicos o del sistema, brechas en la seguridad cibernética, errores humanos, violaciones de la política o valoración incorrecta de participaciones. Riesgo de liquidez: El Fondo puede invertir en valores que, debido a las condiciones adversas de mercado, resultan difíciles de vender o pueden tener que venderse a un precio desfavorable. Esto puede afectar al valor general del Fondo. | ## opportun pour le Fonds, ou que l’instrument qui en résulte ait une mauvaise performance.
Risque lié aux dérivés : Le Fonds peut investir dans des IFD en vue de se couvrir contre les risques et/ou pour augmenter les rendements. Il n’y a aucune garantie que l’utilisation de dérivés par le Fonds dans un de ces objectifs s’avère efficace. Les dérivés sont exposés à un risque de contrepartie (dont la perte éventuelle des instruments), sont très sensibles aux fluctuations de cours sous- jacentes, aux taux d’intérêt et à la volatilité du marché, et représentent donc un risque plus élevé.
Risque opérationnel (dont la garde d’actifs) : Le Fonds et ses actifs peuvent faire face à des pertes substantielles à la suite de pannes technologiques/des systèmes, de violations de la cybersécurité, d’erreurs humaines, d’infractions à la politique et et/ou d’erreurs d’évaluation de parts.
Risque de liquidité : Le Fonds peut investir dans des titres qui peuvent devenir difficiles à vendre ou qui peuvent devoir être vendus à un prix défavorable en raison de mauvaises conditions de marché. Cela peut influencer la valeur globale du Fonds. | fr | es |
DOLFIN8401 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Significant risks not taken into account in this indicator:
Liquidity risk: risk linked to the low level of liquidity on the underlying markets, which makes them sensitive to significant buy/sell trends. | # Perfil de riesgo y de remuneración
Menor riesgo Mayor riesgo
Riesgos importantes que no se tienen en cuenta en este indicador:
Riesgo de liquidez: riesgo ligado a la poca liquidez de los mercados subyacentes, lo cual los hace sensibles a movimientos significativos de compra/venta. | # Risk and reward profile
Lower risk Higher risk
Significant risks not taken into account in this indicator:
Liquidity risk: risk linked to the low level of liquidity on the underlying markets, which makes them sensitive to significant buy/sell trends. | en | es |
DOLFIN8402 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Reports
The Accounting Date of the Fund and of each of its Sub-Funds is December 31 in each year or (in the case of the termination of the Fund or of a Sub-Fund) the date on which monies required for the final distribution shall have been paid to the Unitholders in the relevant Sub-Fund or Sub-Funds with the prior approval of the Central Bank.
In respect of each Accounting Period the Manager shall cause to be audited and certified by the auditors an annual report relating to the management of the Fund and each of its Sub-Funds. Such annual report shall be in a form approved by the Central Bank and shall contain such information required under the UCITS Regulations. There shall be attached to such annual report a statement by the Depositary in relation to the Fund and each of its Sub-Funds and a statement of such additional information as the Central Bank may specify. | ### Rapports
La Date Comptable du Fonds et de chacun de ses Compartiments est fixée au 31 décembre de chaque année ou (en cas de liquidation du Fonds ou d'un Compartiment) à la date à laquelle les fonds nécessaires à la distribution finale auront été payés aux Détenteurs de Parts du ou des Compartiments concernés moyennant l'approbation préalable de la Banque Centrale.
Concernant chaque Période Comptable, le Gestionnaire fera auditer et certifier par les auditeurs un rapport annuel relatif à la gestion du Fonds et de chacun de ses Compartiments. Ce rapport annuel sera présenté sous une forme approuvée par la Banque Centrale et comportera les informations requises par les Réglementations relatives aux OPCVM. Une déclaration du Dépositaire relative au Fonds et à chacun de ses Compartiments ainsi qu'une déclaration comportant toutes les informations complémentaires que la Banque Centrale peut spécifier seront jointes à ce rapport annuel. | ### Reports
The Accounting Date of the Fund and of each of its Sub-Funds is December 31 in each year or (in the case of the termination of the Fund or of a Sub-Fund) the date on which monies required for the final distribution shall have been paid to the Unitholders in the relevant Sub-Fund or Sub-Funds with the prior approval of the Central Bank.
In respect of each Accounting Period the Manager shall cause to be audited and certified by the auditors an annual report relating to the management of the Fund and each of its Sub-Funds. Such annual report shall be in a form approved by the Central Bank and shall contain such information required under the UCITS Regulations. There shall be attached to such annual report a statement by the Depositary in relation to the Fund and each of its Sub-Funds and a statement of such additional information as the Central Bank may specify. | en | fr |
DOLFIN8403 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The percentage shown is the maximum amount that can be paid out of your investment. You may find out the actual entry and exit charges from your financial advisor or distributor.
The entry and exit charges shown are maximum rates. In certain cases, the charges paid may be lower.
The ongoing charges figure is based on charges for the previous 12 months, ending 30 June 2022. This percentage may vary from year to year. It excludes outperformance charges and intermediation charges, with the exception of entry and exit charges paid by the Fund when it buys or sells shares of another Fund.
For more information on the charges taken by the Master Fund and Feeder Fund, please see the section entitled "Charges borne by the company" in the prospectus, available at www.fundsquare.net and www.ca-indosuez-am.com. | El porcentaje mostrado es el importe máximo que puede detraerse de su inversión. Su asesor financiero o distribuidor puede informarle acerca de los gastos de entrada y salida asociados.
Los gastos de entrada y salida indicados representan las tarifas máximas. En ciertos casos, los gastos pagados pueden ser inferiores.
Los gastos corrientes se basan en los gastos de los 12 meses previos, con cierre a 30 de junio de 2022. Este porcentaje puede variar de un ejercicio a otro. Quedan excluidas las comisiones de rentabilidad superior y los gastos de intermediarios, excepto los gastos de entrada y de salida abonados por el Fondo cuando se adquieren o venden acciones de otro Fondo.
Para obtener más información acerca de los gastos de los Fondos Principal y subordinado, consulte la sección titulada «Gastos a cargo de la sociedad» del folleto, que se encuentra disponible en www.fundsquare.net y www.ca-indosuez-am.com. | The percentage shown is the maximum amount that can be paid out of your investment. You may find out the actual entry and exit charges from your financial advisor or distributor.
The entry and exit charges shown are maximum rates. In certain cases, the charges paid may be lower.
The ongoing charges figure is based on charges for the previous 12 months, ending 30 June 2022. This percentage may vary from year to year. It excludes outperformance charges and intermediation charges, with the exception of entry and exit charges paid by the Fund when it buys or sells shares of another Fund.
For more information on the charges taken by the Master Fund and Feeder Fund, please see the section entitled "Charges borne by the company" in the prospectus, available at www.fundsquare.net and www.ca-indosuez-am.com. | en | es |
DOLFIN8404 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
AXA IM money market funds may only invest in ABCP programmes when they are fully collateralised. A programme is fully collateralised when investors are protected from a third party's deterioration in asset returns. This guarantor provides a 100% hedge against credit and liquidity risk.
AXA IM's analysis of a fully guaranteed programme is based on the guarantor's financial soundness and not on the quality of the assets. The guarantor's rating is therefore applied to the ABCP program.
- Description of participants in the procedureThe internal credit analysis process for money market funds within AXA IM is shared between two separate teams:
- Research team: It is composed of analysts and economists based in Europe and the United States. The fund analysts define an assessment methodology and analyse issuers' credit quality. Each analyst is specialised in one or more sectors or geographic areas and has a back up designated as one of the other financial analysts. There is a research officer in Europe and a second research officer in the United States. This team of financial analysts covers:
- Developed sovereign/countries;
- Financial and non financial corporations;
- Local and regional governments;
- Government agencies;
- Supranational financial institutions. | AXA IM-Geldmarktfonds dürfen nur dann in ABCP-Programme investieren, wenn diese vollständig besichert sind. Ein Programm ist vollständig besichert, wenn die Anleger durch einen Dritten vor einer Verschlechterung der Anlagerendite geschützt sind. Dieser Garantiegeber sichert das Kreditrisiko und das Liquiditätsrisiko zu 100% ab.
Die Analyse eines voll besicherten Programms durch AXA IM basiert auf der finanziellen Solidität des Garanten und nicht auf der Qualität der Vermögenswerte. Das Rating des Garanten wird somit auf das ABCP-Programm angewendet.
- Beschreibung der VerfahrensbeteiligtenDer interne Kreditanalyseprozess für Geldmarktfonds innerhalb von AXA IM ist in zwei unterschiedliche Teams unterteilt:
- Das Forschungsteam: Sie besteht aus Analysten und Ökonomen, die in Europa und den USA ansässig sind. Die Finanzanalysten sind für die Festlegung einer Bewertungsmethode und die Analyse der Bonität der Emittenten zuständig. Jeder Analyst ist auf eine oder mehrere Bra nchen oder geografische Regionen spezialisiert und verfügt unter den anderen Finanzanalysten über ein Back-up. Es gibt einen Forschungsbeauftragten in Europa und einen zweiten für die USA. Dieses Finanzanalystenteam umfasst:
- Entwickelte Länder/Staaten;
- Finanzielle und nicht finanzielle Unternehmen (Unternehmensanleihen);
- Lokale und regionale Regierungen;
- Regierungsbehörden;
- Supranationale Finanzinstitute. | AXA IM money market funds may only invest in ABCP programmes when they are fully collateralised. A programme is fully collateralised when investors are protected from a third party's deterioration in asset returns. This guarantor provides a 100% hedge against credit and liquidity risk.
AXA IM's analysis of a fully guaranteed programme is based on the guarantor's financial soundness and not on the quality of the assets. The guarantor's rating is therefore applied to the ABCP program.
- Description of participants in the procedureThe internal credit analysis process for money market funds within AXA IM is shared between two separate teams:
- Research team: It is composed of analysts and economists based in Europe and the United States. The fund analysts define an assessment methodology and analyse issuers' credit quality. Each analyst is specialised in one or more sectors or geographic areas and has a back up designated as one of the other financial analysts. There is a research officer in Europe and a second research officer in the United States. This team of financial analysts covers:
- Developed sovereign/countries;
- Financial and non financial corporations;
- Local and regional governments;
- Government agencies;
- Supranational financial institutions. | en | de |
DOLFIN8405 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Charges
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.77% |
| Charges taken from the fund under certain specific conditions |
| Performance fee Russell 1000 Growth Index |
Past performance
## The share class has not been subscribed or has no historical data exceeding 12 months, which constitute regulatory requirements for the publication of past performance. | # Gastos
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 3,00% |
| Gastos de salida | Ninguno |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión/antes de que se le distribuyan los ingresos de su inversión. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 1,77% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad Russell 1000 Growth |
Rentabilidad histórica
## La clase de acciones no se ha suscrito o no dispone del historial de los 12 meses previos, condiciones reglamentarias y necesarias para la publicación de la rentabilidad histórica. | # Charges
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 3.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.77% |
| Charges taken from the fund under certain specific conditions |
| Performance fee Russell 1000 Growth Index |
Past performance
## The share class has not been subscribed or has no historical data exceeding 12 months, which constitute regulatory requirements for the publication of past performance. | en | es |
DOLFIN8406 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Unit class A
Regardless of the income and performance, a minimum of 1.5% of the net asset value at the financial year-end of unit class A will be distributed, provided the Fund's net assets do not fall below the minimum level of EUR 1,250,000 as a result of the distribution. For the 2016 financial year, the distribution will be made for the first time in 2017. | # Catégorie de parts A
Indépendamment des rendements et de la performance, un pourcentage minimum à hauteur de 1,5% de la valeur nette d’inventaire de la catégorie de parts A à la clôture de l’exercice sera distribué, dans la mesure où la distribution n’engendre pas une chute de l’actif net du Fonds en dessous du seuil minimal de 1 250 000 euros. La distribution est effectuée pour la première fois en 2017 pour l’exercice 2016. | # Unit class A
Regardless of the income and performance, a minimum of 1.5% of the net asset value at the financial year-end of unit class A will be distributed, provided the Fund's net assets do not fall below the minimum level of EUR 1,250,000 as a result of the distribution. For the 2016 financial year, the distribution will be made for the first time in 2017. | en | fr |
DOLFIN8407 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Annual Reports are available in the four months following the close of the financial year.
Semi-annual reports are made public in the two months following the end of the half-year in question.
- Shareholder Information
- Net asset valueThe net asset values of the shares, the share classes or categories of the sub-funds are available every working day from the SICAV's registered office. The SICAV's Board of Directors may decide, at a later date, to publish these net asset values in the press of the countries in which the SICAV's shares are offered or sold. Additionally, they are displayed each working day on Fundsquare or Reuters. | Les Rapports Annuels sont disponibles dans les quatre mois qui suivent la clôture de l'exercice.
Les rapports semestriels sont rendus publics dans les deux mois qui suivent la fin du semestre considéré.
- Informations aux actionnaires
- Valeur nette d'inventaireLes valeurs nettes d'inventaire des actions, des catégories ou classes d'actions des compartiments sont disponibles chaque jour ouvré au siège social de la SICAV. Le Conseil d'Administration de la SICAV peut décider ultérieurement de publier ces valeurs nettes dans des journaux des pays où les actions de la SICAV sont offertes ou vendues. Elles sont en outre affichées chaque jour ouvré sur Fundsquare ou Reuters. | The Annual Reports are available in the four months following the close of the financial year.
Semi-annual reports are made public in the two months following the end of the half-year in question.
- Shareholder Information
- Net asset valueThe net asset values of the shares, the share classes or categories of the sub-funds are available every working day from the SICAV's registered office. The SICAV's Board of Directors may decide, at a later date, to publish these net asset values in the press of the countries in which the SICAV's shares are offered or sold. Additionally, they are displayed each working day on Fundsquare or Reuters. | en | fr |
DOLFIN8408 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# KEY INVESTOR INFORMATION DOCUMENT
This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of this fund. You are advised to read it so you can make an informed decision about whether to invest.
MAINFIRST - GLOBAL DIVIDEND STARS (F)
## MainFirst - Global Dividend Stars is a sub fund of MainFirst SICAV.
## MainFirst Affiliated Fund Managers S.A. is the Management Company of the Fund. ISIN LU1963825770 | # INFORMATIONS CLÉS POUR L'INVESTISSEUR
Ce document fournit des informations essentielles aux investisseurs de ce fonds. 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 fonds et quels risques y sont associés. Il vous est conseillé de le lire pour décider en connaissance de cause d’investir ou non.
MAINFIRST - GLOBAL DIVIDEND STARS (F)
## MainFirst - Global Dividend Stars est un compartiment de MainFirst SICAV. MainFirst Affiliated Fund Managers S.A. est le gestionnaire du Fonds.
## ISIN LU1963825770 | # KEY INVESTOR INFORMATION DOCUMENT
This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of this fund. You are advised to read it so you can make an informed decision about whether to invest.
MAINFIRST - GLOBAL DIVIDEND STARS (F)
## MainFirst - Global Dividend Stars is a sub fund of MainFirst SICAV.
## MainFirst Affiliated Fund Managers S.A. is the Management Company of the Fund. ISIN LU1963825770 | en | fr |
DOLFIN8409 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d'investissement
Objectif Le Compartiment vise à accroître la valeur de votre investissement à long terme.
Titres du portefeuille Le Compartiment investit principalement dans des actions d'entreprises de différentes tailles situées, immatriculées ou exerçant une part importante de leurs activités au Japon. Le Compartiment peut également investir dans des obligations et des devises.
Classification SFDR Le Compartiment est considéré comme un fonds relevant de l'Article 8.
Processus d'investissement Lors du choix des placements, le gestionnaire d'investissement recherche des titres qui sont sous-évalués et dont le cours est susceptible d'augmenter à long terme.
Le Compartiment peut avoir recours à des instruments dérivés à des fins de gestion efficace du portefeuille ou de gestion des risques.
Indice de référence Ce Compartiment vise à surperformer l'indice MSCI Japan (l'« Indice de référence »). Le Compartiment est géré de façon active. L'Indice de référence a été sélectionné, car il est représentatif de l'univers d'investissement du Compartiment et constitue par conséquent un comparateur de performance approprié. La majorité des actions du Compartiment ne feront pas nécessairement partie de l'Indice de référence, ou leur pondération ne découlera pas obligatoirement de celle de l'Indice de référence. Le Gestionnaire de Placements peut, à sa discrétion, surpondérer ou sous-pondérer certaines composantes de l'Indice de référence et peut investir dans des entreprises ou secteurs qui ne figurent pas dans l'Indice de référence afin de saisir des opportunités d'investissement spécifiques. Par conséquent, il est prévu que la performance du Compartiment déviera sensiblement de celle de l'Indice de | # Objetivos y política de inversión
Objetivo El Subfondo procura incrementar el valor de su inversión a lo largo del tiempo.
Valores de la cartera El Subfondo invierte fundamentalmente en acciones de sociedades de diverso tamaño que están ubicadas, constituidas o desarrollan una parte significativa de su actividad comercial en Japón. El Subfondo también puede invertir en bonos y divisas.
Clasificación SFDR El Subfondo cumple los requisitos para ser considerado un fondo del artículo 8.
Proceso de inversión Al seleccionar inversiones, el gestor de inversiones busca acciones infravaloradas y que puedan tener el potencial de incrementar su precio en el largo plazo.
El Subfondo podrá usar instrumentos derivados con fines de gestión eficaz de la cartera o para la gestión de riesgos.
Índice de referencia Este Subfondo tiene como objetivo superar la rentabilidad del índice MSCI Japan (el «Índice de referencia»). El Subfondo se gestiona de forma activa. El Índice de referencia ha sido seleccionado porque es representativo del universo de inversión del Subfondo y, por tanto, constituye un comparador de rentabilidad adecuado. La mayor parte de los títulos de renta variable del Subfondo no serán necesariamente componentes del Índice de referencia ni sus ponderaciones se derivarán de este. El Gestor de inversiones podrá utilizar su discreción para sobreponderar o infraponderar determinados componentes del Índice de referencia y podrá invertir en compañías o sectores no incluidos en el Índice de referencia con el fin de aprovechar oportunidades de inversión específicas. Por lo tanto, se prevé que la rentabilidad del Subfondo se desvíe de forma significativa de la del Índice de referencia. | # Objectifs et politique d'investissement
Objectif Le Compartiment vise à accroître la valeur de votre investissement à long terme.
Titres du portefeuille Le Compartiment investit principalement dans des actions d'entreprises de différentes tailles situées, immatriculées ou exerçant une part importante de leurs activités au Japon. Le Compartiment peut également investir dans des obligations et des devises.
Classification SFDR Le Compartiment est considéré comme un fonds relevant de l'Article 8.
Processus d'investissement Lors du choix des placements, le gestionnaire d'investissement recherche des titres qui sont sous-évalués et dont le cours est susceptible d'augmenter à long terme.
Le Compartiment peut avoir recours à des instruments dérivés à des fins de gestion efficace du portefeuille ou de gestion des risques.
Indice de référence Ce Compartiment vise à surperformer l'indice MSCI Japan (l'« Indice de référence »). Le Compartiment est géré de façon active. L'Indice de référence a été sélectionné, car il est représentatif de l'univers d'investissement du Compartiment et constitue par conséquent un comparateur de performance approprié. La majorité des actions du Compartiment ne feront pas nécessairement partie de l'Indice de référence, ou leur pondération ne découlera pas obligatoirement de celle de l'Indice de référence. Le Gestionnaire de Placements peut, à sa discrétion, surpondérer ou sous-pondérer certaines composantes de l'Indice de référence et peut investir dans des entreprises ou secteurs qui ne figurent pas dans l'Indice de référence afin de saisir des opportunités d'investissement spécifiques. Par conséquent, il est prévu que la performance du Compartiment déviera sensiblement de celle de l'Indice de | fr | es |
DOLFIN8410 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risk warnings
- The market value of debt securities is affected by changes in prevailing interest rates and the Fund may be exposed to credit risk by investing in debt securities.
- There are default and liquidity risks associated with investment in high yield securities and in below investment grade securities.
- The ability to trade REITS in the secondary market can be more limited than other stocks.
- Default risk and liquidity risk associated with investment in below investment grade securities.
- Currency hedging may reduce but will not remove risk. Hedging will incur more transaction costs and fees, which will affect overall return. | # Avvertenze sui rischi
- Il valore di mercato dei titoli di debito è influenzato dalle variazioni dei tassi di interesse prevalenti e investendo in titoli di debito il Fondo può essere esposto al rischio di credito.
- Esistono rischi di insolvenza e di liquidità associati all'investimento in titoli ad alto rendimento e in titoli di qualità inferiore a investment grade.
- La capacità di negoziare REITS nel mercato secondario può essere più limitata rispetto ad altre azioni.
- Rischio di insolvenza e rischio di liquidità associati all'investimento in titoli di qualità inferiore a investment grade.
- La copertura valutaria può ridurre, ma non eliminare il rischio. L’operazione di copertura comporta maggiori spese e costi di transazione, che incideranno sul rendimento complessivo. | # Risk warnings
- The market value of debt securities is affected by changes in prevailing interest rates and the Fund may be exposed to credit risk by investing in debt securities.
- There are default and liquidity risks associated with investment in high yield securities and in below investment grade securities.
- The ability to trade REITS in the secondary market can be more limited than other stocks.
- Default risk and liquidity risk associated with investment in below investment grade securities.
- Currency hedging may reduce but will not remove risk. Hedging will incur more transaction costs and fees, which will affect overall return. | en | it |
DOLFIN8411 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The permitted types of financial collateral are as follows:
- cash denominated in a currency of one of the OECD's member states,
- highly rated debt securities (rated at least BBB-/Baa3 or equivalent by one of the ratings agencies) issued by public sector issuers from an OECD country (governments, supranational bodies, etc.) and of a minimum issue size of EUR 250 million, and a maximum residual maturity of 30 years,
- highly rated debt securities (rated at least BBB-/Baa3 or equivalent by one of the ratings agencies) issued by private sector issuers from an OECD country and of a minimum issue size of EUR 250 million, and a maximum residual maturity of 15 years,
- equities listed or traded on a regulated market of a member state of the European Union or on a stock exchange of a state which is a member of the OECD provided the equities are included in a significant index,
- shares or units in undertakings for collective investment offering adequate liquidity and investing in money market instruments, highly rated bonds or shares that meet the conditions stated above. | ### Los tipos de garantías financieras autorizados son los siguientes:
- efectivo denominado en una divisa de uno de los Estados miembros de la OCDE;
- títulos de crédito de buena calidad (con una calificación mínima de BBB-/Baa3 o equivalente concedida por una de las agencias de calificación) emitidos por un emisor del sector público de un país de la OCDE (Estados, entidades supranacionales, etc.), cuyo volumen de emisión sea, como mínimo, de 250 millones de euros y con un vencimiento residual máximo de 30 años;
- títulos de crédito de buena calidad (con una calificación mínima de BBB-/Baa3 o equivalente concedida por una de las agencias de calificación) emitidos por un emisor del sector privado de un país de la OCDE, cuyo volumen de emisión sea, como mínimo, de 250 millones de euros y con un vencimiento residual máximo de 15 años;
- acciones cotizadas o negociadas en un mercado regulado de un Estado miembro de la Unión Europea o en una bolsa de valores de un Estado que forme parte de la OCDE, con la condición de que dichas acciones estén incluidas en un índice importante;
- acciones o participaciones de organismos de inversión colectiva que ofrezcan una liquidez adecuada e inviertan en instrumentos del mercado monetario, en obligaciones de buena calidad o en acciones que satisfagan las condiciones indicadas anteriormente. | ### The permitted types of financial collateral are as follows:
- cash denominated in a currency of one of the OECD's member states,
- highly rated debt securities (rated at least BBB-/Baa3 or equivalent by one of the ratings agencies) issued by public sector issuers from an OECD country (governments, supranational bodies, etc.) and of a minimum issue size of EUR 250 million, and a maximum residual maturity of 30 years,
- highly rated debt securities (rated at least BBB-/Baa3 or equivalent by one of the ratings agencies) issued by private sector issuers from an OECD country and of a minimum issue size of EUR 250 million, and a maximum residual maturity of 15 years,
- equities listed or traded on a regulated market of a member state of the European Union or on a stock exchange of a state which is a member of the OECD provided the equities are included in a significant index,
- shares or units in undertakings for collective investment offering adequate liquidity and investing in money market instruments, highly rated bonds or shares that meet the conditions stated above. | en | es |
DOLFIN8412 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information www.cpr-am.com
Name of the depositary : CACEIS Bank, Luxembourg Branch.
Where and how to obtain information about the Compartment (prospectus, annual report, half-yearly document) and/or the other categories of shares : this information is available in English, free of charge and upon written request to the postal address of CPR Asset Management – 90, boulevard Pasteur – CS 61595 – 75730 Paris Cedex 15 - France or at www.cpr-am.com.
The UCITS contains a large number of other Compartments and other share classes which are described in the prospectus. Conversion into shares of another Compartment of the UCITS may be made, subject to the conditions of the prospectus.
Each Compartment corresponds to a distinct part of the assets and liabilities of the UCITS. As a consequence, the assets of each Compartment are exclusively available to satisfy the rights of investors in relation to that Compartment and the right of creditors whose claims have arisen in connection with the creation, the operation or the liquidation of that Compartment.
This document describes a Compartment of the UCITS. The prospectus and periodical reports are prepared for the entire UCITS named at the beginning of this document.
Depending upon your personal tax position, capital gains and any income associated with holding securities in the Compartment may be subject to taxation. We advise you to seek information about this from the UCITS' distributor.
The Compartment’s net asset value is available at each calculation from the Management Company.
The Compartment is not open to residents of the United States of America/to « U.S. Persons » as defined in the legal notice of the Management Company website: www.cpr-am.com and/or in the UCITS’ prospectus.
The details of the up-to-date remuneration policy of the Management Company, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits are available by means of the following website: http://www.cpr-am.lu/retail/Common-Content/Juridique-Compliance/conformite/Compliance2, and a paper copy will be made available free of charge upon request.
CPR Asset Management may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the UCITS’ prospectus.
This Compartment is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier (CSSF). CPR Asset Management is authorised in France and regulated by the Autorité des Marchés Financiers (AMF).
This key investor information is accurate as at August the 6th, 2018. | # Información práctica www.cpr-am.com
Nombre del depositario: CACEIS Bank - Sucursal de Luxembourg.
Dónde y cómo obtener información sobre el Compartimento (folleto, informe anual, documento semestral) y/o las otras categorías de acciones: esta información se encuentra disponible en inglés de forma gratuita previa solicitud escrita a la dirección de correo ordinario CPR Asset Management – 90, boulevard Pasteur – CS 61595 – 75730 París Cedex 15 – Francia o en www.cpr-am.com.
El OICVM contiene un gran cantidad de otros Compartimentos y otras clases de acciones que se describen en el folleto. Se puede convertir a acciones de otro Compartimento del OICVM, con sujeción a las condiciones del folleto.
Cada compartimento se corresponde con una parte distinta del patrimonio, activo y pasivo, del OICVM. Como consecuencia, los activos de cada Compartimento se encuentran disponibles únicamente para satisfacer los derechos de los inversores con respecto a dicho Compartimento y el derecho de los acreedores cuyas reclamaciones tengan su origen en la creación, funcionamiento o liquidación de dicho Compartimento.
El presente documento describe un Compartimento del OICVM. El folleto y los informes periódicos se refieren en el conjunto del OICVM mencionada al principio del presente documento.
En función de su situación fiscal personal, las ganancias de capital y los ingresos asociados con la tenencia de valores del Compartimento pueden estar sujetos a impuestos. Le recomendamos que busque información al respecto consultando al distribuidor del OICVM.
El valor liquidativo del Compartimento se encuentra disponible en la Sociedad Gestora cada vez que se calcule.
El Compartimento no está abierto a residentes de los Estados Unidos de América/“Personas estadounidenses”, tal como viene establecido en el aviso legal del sitio web de la Sociedad Gestora: www.cpr-am.comy/o en el folleto del OICVM.
Los detalles de la política de remuneración actualizada de la Sociedad Gestora, incluidas, entre otros, una descripción del método de cálculo de la remuneración y las prestaciones y la identidad de las personas responsables de conceder la remuneración y las prestaciones, se encuentran disponibles en la siguiente página web: http://www.cpr-am.lu/retail/Common-Content/Juridique-Compliance/conformite/Compliance2, y se dispondrá de una copia impresa gratuita, previa solicitud.
CPR Asset Management 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 informativo del OICVM.
El Compartimento está autorizado en Luxemburgo y regulado por la Commission de Surveillance du Secteur Financier (CSSF). CPR Asset Management está autorizada en Francia y regulada por la Autorité des Marchés Financiers (AMF).
La presente información clave para el inversor es exacta y vigente a 06 de agosto de 2018. | # Practical Information www.cpr-am.com
Name of the depositary : CACEIS Bank, Luxembourg Branch.
Where and how to obtain information about the Compartment (prospectus, annual report, half-yearly document) and/or the other categories of shares : this information is available in English, free of charge and upon written request to the postal address of CPR Asset Management – 90, boulevard Pasteur – CS 61595 – 75730 Paris Cedex 15 - France or at www.cpr-am.com.
The UCITS contains a large number of other Compartments and other share classes which are described in the prospectus. Conversion into shares of another Compartment of the UCITS may be made, subject to the conditions of the prospectus.
Each Compartment corresponds to a distinct part of the assets and liabilities of the UCITS. As a consequence, the assets of each Compartment are exclusively available to satisfy the rights of investors in relation to that Compartment and the right of creditors whose claims have arisen in connection with the creation, the operation or the liquidation of that Compartment.
This document describes a Compartment of the UCITS. The prospectus and periodical reports are prepared for the entire UCITS named at the beginning of this document.
Depending upon your personal tax position, capital gains and any income associated with holding securities in the Compartment may be subject to taxation. We advise you to seek information about this from the UCITS' distributor.
The Compartment’s net asset value is available at each calculation from the Management Company.
The Compartment is not open to residents of the United States of America/to « U.S. Persons » as defined in the legal notice of the Management Company website: www.cpr-am.com and/or in the UCITS’ prospectus.
The details of the up-to-date remuneration policy of the Management Company, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits are available by means of the following website: http://www.cpr-am.lu/retail/Common-Content/Juridique-Compliance/conformite/Compliance2, and a paper copy will be made available free of charge upon request.
CPR Asset Management may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the UCITS’ prospectus.
This Compartment is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier (CSSF). CPR Asset Management is authorised in France and regulated by the Autorité des Marchés Financiers (AMF).
This key investor information is accurate as at August the 6th, 2018. | en | es |
DOLFIN8413 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Our base scenario is optimistic/positive, as we believe that these risks will move in the right direction over the course of 2022, and that value (and commodities) still have a few years of tailwind, until the next recession (or may be, another black swan) materializes.
It is true that the risks we mention above might unlock and we are aware that risk is neither predictable nor measurable. At SIA, we have learned over the years that all this is not really important: whatever happens we keep investing in solid companies with solid management teams and solid balance sheets; we are also concentrated, but well diversified, and our industrial risk is very limited.
As we have succeeded in doing over the last 20 years, we think we can continue to return close to 10% per year and buy frenetically when there are corrections or recessions. But then, when do we sell our investments? Our thinking follows Warren Buffett's investment philosophy: "Our preferred holding pe- riod is forever". Should prices move down, we buy, should they move up, we do compound. | Unser Basisszenario ist optimistisch/positiv, da wir glauben, dass sich diese Risiken im Laufe des Jahres 2022 in die richtige Richtung bewegen werden und dass Value (und Rohstoffe) noch einige Jahre Rückenwind haben, bis die nächste Rezession (oder vielleicht ein weiterer schwarzer Schwan) eintritt.
Es stimmt, dass die oben genannten Risiken eintreten können, und wir sind uns bewusst, dass Risiken weder vorhersehbar noch messbar sind. Bei SIA haben wir im Laufe der Jahre gelernt, dass all dies nicht wirklich wichtig ist: Was auch immer passiert, wir investieren weiterhin in solide Unternehmen mit soliden Managementteams und soliden Bilanzen; wir sind konzentriert positioniert, aber gut diversifiziert, und unser industrielles Risiko ist sehr begrenzt.
Wir glauben, dass wir, so wie es uns in den letzten 20 Jahren gelungen ist, weiterhin eine Rendite von ca. 10 % pro Jahr erzielen können, und dass wir bei Korrekturen oder Rezessionen frenetisch kaufen können. Aber wann verkaufen wir dann unsere Anlagen? Unser Denken folgt der Anlagephilosophie von Warren Buffett: "Unsere bevorzugte Haltedauer ist ewig." Wenn die Kurse fallen, kaufen wir, wenn sie steigen, verkaufen wir. | Our base scenario is optimistic/positive, as we believe that these risks will move in the right direction over the course of 2022, and that value (and commodities) still have a few years of tailwind, until the next recession (or may be, another black swan) materializes.
It is true that the risks we mention above might unlock and we are aware that risk is neither predictable nor measurable. At SIA, we have learned over the years that all this is not really important: whatever happens we keep investing in solid companies with solid management teams and solid balance sheets; we are also concentrated, but well diversified, and our industrial risk is very limited.
As we have succeeded in doing over the last 20 years, we think we can continue to return close to 10% per year and buy frenetically when there are corrections or recessions. But then, when do we sell our investments? Our thinking follows Warren Buffett's investment philosophy: "Our preferred holding pe- riod is forever". Should prices move down, we buy, should they move up, we do compound. | en | de |
DOLFIN8414 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
The Fund’s Depositary is SEI Investments – Depositary and Custodial Services (Ireland) Limited.
Further information about the Fund and its share classes, the other sub-funds and available share classes of the other sub-funds can be found in the prospectus and the supplement for the relevant sub-fund, as well as in the latest annual and semi-annual reports. These documents are available free of charge. They may be obtained in English along with other information, including share prices, by emailing [email protected] or from www.dragoncapital.com, or by calling +84 28 3823 9355. The prospectus and financial reports are prepared for each of the sub-funds of DC Developing Markets Strategies p.l.c.
You should inform yourself as to the tax consequences within your country of residence of buying, holding and selling shares in the Fund. The Fund is subject to the tax laws and regulations of Ireland, which might have an impact on your investment in the Fund.
The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate, or inconsistent with the relevant parts of the prospectus for the Fund.
Details of the remuneration policy of the Manager are available at https://kbassociates.ie. A paper copy of the remuneration policy will be made available free of charge upon request. DC Developing Markets Strategies p.l.c. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus.
This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland.
This key investor information is accurate as at 11 February 2022. | # Información práctica
El Depositario del Fondo es SEI Investments – Depositary and Custodial Services (Ireland) Limited.
Puede encontrarse más información sobre el Fondo y sus clases de acciones, los demás subfondos y las clases de acciones disponibles de los demás subfondos en el folleto y el suplemento del correspondiente subfondo, así como en los últimos informes anual y semestral. Estos documentos pueden obtenerse gratuitamente. Se pueden obtener en inglés junto con otra información, incluyendo el precio de las acciones, escribiendo a [email protected] o en www.dragoncapital.com o llamando al teléfono +84 28 3823 9355. El folleto y los informes financieros se han preparado para cada uno de los subfondos de DC Developing Markets Strategies p.l.c.
Deberá informarse sobre las consecuencias tributarias en su país de residencia de comprar, mantener y vender acciones en el Fondo. El
Fondo está sujeto a las leyes y normativas fiscales de Irlanda, que pueden incidir en su inversión en el Fondo.
El Gestor 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.
Pueden consultarse detalles de la política de retribuciones actualizada del Gestor en www.kbassociates.ie y se facilitará una copia en papel gratuitamente si se solicita. DC Developing Markets Strategies p.l.c. 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.
Este Fondo está autorizado en Irlanda y está regulado por el Banco Central de Irlanda. El Gestor ha sido autorizado en Irlanda y está regulado por el Banco Central de Irlanda.
Los presentes datos fundamentales para el inversor son exactos a 11 de febrero de 2022. | # Practical Information
The Fund’s Depositary is SEI Investments – Depositary and Custodial Services (Ireland) Limited.
Further information about the Fund and its share classes, the other sub-funds and available share classes of the other sub-funds can be found in the prospectus and the supplement for the relevant sub-fund, as well as in the latest annual and semi-annual reports. These documents are available free of charge. They may be obtained in English along with other information, including share prices, by emailing [email protected] or from www.dragoncapital.com, or by calling +84 28 3823 9355. The prospectus and financial reports are prepared for each of the sub-funds of DC Developing Markets Strategies p.l.c.
You should inform yourself as to the tax consequences within your country of residence of buying, holding and selling shares in the Fund. The Fund is subject to the tax laws and regulations of Ireland, which might have an impact on your investment in the Fund.
The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate, or inconsistent with the relevant parts of the prospectus for the Fund.
Details of the remuneration policy of the Manager are available at https://kbassociates.ie. A paper copy of the remuneration policy will be made available free of charge upon request. DC Developing Markets Strategies p.l.c. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus.
This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland.
This key investor information is accurate as at 11 February 2022. | en | es |
DOLFIN8415 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Company reviews these principles regularly and updates them accordingly.
The Company conducts stress tests on a regular basis, at least once each year, with which it can evaluate the liquidity risks of the feeder fund. The Company conducts the stress tests on the basis of reliable and current quantitative or, where that is not appropriate, qualitative information. This information includes investment strategy, redemption periods, payment obligations and periods within which the assets can be sold, as well as information relating to general investor behavior and market developments. The stress tests simulate any potential lack of liquidity of the assets in the feeder fund, as well as requests for redemptions that are unusual in terms of number and scope. They cover market risks and their effects, including margin calls, collateral requirements or lines of credit. They take into account valuation sensitivities under stress conditions. They are performed at frequencies appropriate for the type of feeder fund, taking into account the investment strategy, the liquid- ity profile, the type of investor and the redemp- tion principles of the feeder fund.
The redemption rights under normal and exceptional circumstances, as well as the sus- pension of the redemption of units, are pre- sented in the sections “Units – Issue of units,” “Units – Redemption of units” and “Units – Sus- pension of the redemption of units.” The associ- ated risks are explained under “Risk warnings – Risks of investing in the fund – Suspension of the redemption of units” and “Risk warnings – Risks of restricted or elevated liquidity of the feeder fund and risks associated with increased redemptions (liquidity risk).” | Die Gesellschaft überprüft diese Grundsätze regelmäßig und aktualisiert sie entsprechend.
Die Gesellschaft führt regelmäßig, mindestens jedoch jährlich, Stresstests durch, mit denen sie die Liquiditätsrisiken des Feederfonds bewerten kann. Die Gesellschaft führt die Stresstests auf der Grundlage zuverlässiger und aktueller quan titativer oder, falls dies nicht angemessen ist, qualitativer Informationen durch. Hierbei wer den Anlagestrategie, Rücknahmefristen, Zah lungsverpflichtungen und Fristen, innerhalb derer die Vermögensgegenstände veräußert werden können, sowie Informationen in Bezug auf allgemeines Anlegerverhalten und Markt entwicklungen einbezogen. Die Stresstests simulieren gegebenenfalls mangelnde Liquidität der Vermögenswerte im Feederfonds sowie in Anzahl und Umfang atypische Verlangen auf Anteilrücknahmen. Sie decken Marktrisiken und deren Auswirkungen ab, einschließlich Nach schussforderungen, Anforderungen der Besi cherung oder Kreditlinien.
Sie tragen Bewertungssensitivitäten unter Stressbedingungen Rechnung. Sie werden unter Berücksichtigung der Anlagestrategie, des Liquiditätsprofils, der Anlegerart und der Rück nahmegrundsätze des Feederfonds in einer der Art des Feederfonds angemessenen Häufigkeit durchgeführt.
Die Rückgaberechte unter normalen und außerge wöhnlichen Umständen sowie die Aussetzung der Rücknahme sind in den Abschnitten „Anteile – Ausgabe von Anteilen“, „Anteile –Rücknahme von Anteilen“ sowie „Anteile – Aussetzung der Anteil rücknahme“ dargestellt. Die hiermit verbundenen Risiken sind unter „Risikohinweise – Risiken einer Fondsanlage – Aussetzung der Anteilrücknahme“ sowie „Risikohinweise – Risiken der eingeschränk ten oder erhöhten Liquidität des Feederfonds und Risiken im Zusammenhang mit vermehrten Rück nahmen (Liquiditätsrisiko)“ erläutert. | The Company reviews these principles regularly and updates them accordingly.
The Company conducts stress tests on a regular basis, at least once each year, with which it can evaluate the liquidity risks of the feeder fund. The Company conducts the stress tests on the basis of reliable and current quantitative or, where that is not appropriate, qualitative information. This information includes investment strategy, redemption periods, payment obligations and periods within which the assets can be sold, as well as information relating to general investor behavior and market developments. The stress tests simulate any potential lack of liquidity of the assets in the feeder fund, as well as requests for redemptions that are unusual in terms of number and scope. They cover market risks and their effects, including margin calls, collateral requirements or lines of credit. They take into account valuation sensitivities under stress conditions. They are performed at frequencies appropriate for the type of feeder fund, taking into account the investment strategy, the liquid- ity profile, the type of investor and the redemp- tion principles of the feeder fund.
The redemption rights under normal and exceptional circumstances, as well as the sus- pension of the redemption of units, are pre- sented in the sections “Units – Issue of units,” “Units – Redemption of units” and “Units – Sus- pension of the redemption of units.” The associ- ated risks are explained under “Risk warnings – Risks of investing in the fund – Suspension of the redemption of units” and “Risk warnings – Risks of restricted or elevated liquidity of the feeder fund and risks associated with increased redemptions (liquidity risk).” | en | de |
DOLFIN8416 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Outlook and strategy
Central-bank policy is a key driver of the gold price, which is typically amplified by inflation. As a result of the magnitude and persistence of the inflation overshoot, the market is now factoring a more severe central- bank rate-hiking cycle than we have seen to date. That has weighed on gold.
Much of the debate in the market continues to centre on the trajectory of inflation. What we do know is that the path from here is uncertain, and that inflation risks have been compounded by Russia’s invasion of Ukraine. With governments trying to normalise financial conditions and growth prospects diverging internationally, against a backdrop of heightened geopolitical risk, it remains challenging to forecast precisely what issues may arise next. But it seems easier to forecast that there are likely to be issues. In such an environment, and with inflation pressures persisting, gold’s appeal could increase once again.
At current levels, gold-mining stocks look attractive on both valuation and fundamental grounds. Even if headwinds for gold persist, gold equities are enjoying their best margins in real terms for nearly 40 years, and recent results showed that with record cashflows for a number of companies. This was enhanced by many companies increasing or initiating dividends as well as buybacks. Dividend yields for the sector have almost doubled versus levels a year ago, despite the share-price rises. We expect gold companies’ cash-generation to remain strong. The longer-term trend for gold companies to pay dividends and return cash to shareholders remains intact, in our view. We continue to maintain close to 100% exposure to gold and silver companies in the portfolio and remain comforted by the strength of balance sheets.
We retain conviction in our view that, the future being inherently uncertain, gold and gold equities remain a valuable hedge over the long-term, with the latter paying an increasingly attractive income. | # Ausblick und Strategie
Die Geldpolitik ist ein wesentlicher Faktor für den Goldpreis, der in der Regel von einer höheren Inflation profitiert. Aufgrund der überschießenden und anhaltend hohen Inflation erwartet der Markt für die Zukunft noch stärkere Zinserhöhungen. Das hat den Goldpreis belastet.
Die weitere Inflationsentwicklung ist derzeit ein wichtiges Thema am Markt. Fest steht, dass wir vor einer unsicheren Phase stehen und die Inflationsrisiken durch die russische Invasion der Ukraine noch größer geworden sind. Da die Regierungen versuchen, die Finanzbedingungen zu normalisieren, und die Wachstumsaussichten vor dem Hintergrund erhöhter politischer Risiken unterschiedlich sind, ist es nach wie vor schwierig, genau vorherzusagen, welche Probleme als Nächstes auftreten werden. Einfach ist dagegen die Prognose, dass es Probleme geben wird. In einem solchen Umfeld und wegen der anhaltend hohen Inflation könnte das Interesse an Gold wieder steigen.
Auf ihren derzeitigen Niveaus scheinen Goldminenaktien angesichts ihrer guten Fundamentaldaten attraktiv bewertet. Selbst wenn der Goldpreis weiter unter Druck stehen sollte, erzielen die Emittenten von Goldaktien so hohe reale Margen wie zuletzt vor fast 40 Jahren, und nach den jüngsten Berichten sind die Cashflows vieler Unternehmen so hoch wie nie. Verstärkt wurde dieser Trend dadurch, dass zahlreiche Gesellschaften höhere oder erstmals überhaupt Dividenden ausgeschüttet und eigene Aktien zurückgekauft haben. Die Dividendenrendite hat sich im Goldsektor gegenüber dem Vorjahr fast verdoppelt – trotz steigender Aktienkurse. Wir gehen davon aus, dass Goldunternehmen auch weiterhin hohe Cashflows erzielen werden. Auch der langfristige Trend der Dividendenzahlungen und Aktienrückkäufe bleibt aus unserer Sicht intakt. Das Portfolio besteht nach wie vor fast vollständig aus Gold- und Silberaktien, deren Bilanzen uns überzeugen.
Wir halten an unserer Überzeugung fest, dass angesichts der unsicheren Zukunft Gold und Goldaktien langfristig eine wertvolle Absicherung sind, zumal immer mehr Goldunternehmen Dividenden zahlen. | # Outlook and strategy
Central-bank policy is a key driver of the gold price, which is typically amplified by inflation. As a result of the magnitude and persistence of the inflation overshoot, the market is now factoring a more severe central- bank rate-hiking cycle than we have seen to date. That has weighed on gold.
Much of the debate in the market continues to centre on the trajectory of inflation. What we do know is that the path from here is uncertain, and that inflation risks have been compounded by Russia’s invasion of Ukraine. With governments trying to normalise financial conditions and growth prospects diverging internationally, against a backdrop of heightened geopolitical risk, it remains challenging to forecast precisely what issues may arise next. But it seems easier to forecast that there are likely to be issues. In such an environment, and with inflation pressures persisting, gold’s appeal could increase once again.
At current levels, gold-mining stocks look attractive on both valuation and fundamental grounds. Even if headwinds for gold persist, gold equities are enjoying their best margins in real terms for nearly 40 years, and recent results showed that with record cashflows for a number of companies. This was enhanced by many companies increasing or initiating dividends as well as buybacks. Dividend yields for the sector have almost doubled versus levels a year ago, despite the share-price rises. We expect gold companies’ cash-generation to remain strong. The longer-term trend for gold companies to pay dividends and return cash to shareholders remains intact, in our view. We continue to maintain close to 100% exposure to gold and silver companies in the portfolio and remain comforted by the strength of balance sheets.
We retain conviction in our view that, the future being inherently uncertain, gold and gold equities remain a valuable hedge over the long-term, with the latter paying an increasingly attractive income. | en | de |
DOLFIN8417 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Product: Smart Global Defence 2029 Fineco AM Fund III (the "Sub-Fund"), a sub-fund of FAM Series UCITS ICAV (the "ICAV").
PRIIP Manufacturer: Fineco Asset Management DAC (the "Manager") which is part of FinecoBank Group. ISIN: IE0009064803 A1 Dist - EUR Distributing
Website: www.finecoassetmanagement.com
Telephone Number: Call +353 1 574 7459 or +353 1 574 7455 for more information.
The Central Bank of Ireland is responsible for supervising the Manager in relation to this Key Information Document (KID). This Sub-Fund is authorized in Ireland. The Manager is authorized in Ireland and regulated by the Central Bank of Ireland.
KID production date: 20/03/2023 | # Scopo
Il presente documento contiene informazioni chiave relative a questo prodotto d'investimento. Non si tratta di un documento promozionale. Le informazioni, prescritte per legge, hanno lo scopo di aiutarvi a capire le caratteristiche, i rischi, i costi, i guadagni e le perdite potenziali di questo prodotto e di aiutarvi a fare un raffronto con altri prodotti d'investimento.
Prodotto: Smart Global Defence 2029 Fineco AM Fund III (il "Comparto"), un comparto di FAM Series UCITS ICAV (l'"ICAV").
Ideatore del PRIIP: Fineco Asset Management DAC (il "Gestore") che è parte del gruppo FinecoBank. ISIN: IE0009064803 A1 Dist - EUR a Distribuzione
Sito web: www.finecoassetmanagement.com
Per maggiori informazioni chiamare il numero: +353 1 574 7459 o +353 1 574 7455
La Central Bank of Ireland è responsabile della supervisione del Gestore in relazione al presente Key Information Document (KID). Questo Comparto è autorizzato in Irlanda. Il Gestore è autorizzato in Irlanda ed è disciplinato dalla Central Bank of Ireland.
Data di realizzazione del documento: 20/03/2023 | # Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Product: Smart Global Defence 2029 Fineco AM Fund III (the "Sub-Fund"), a sub-fund of FAM Series UCITS ICAV (the "ICAV").
PRIIP Manufacturer: Fineco Asset Management DAC (the "Manager") which is part of FinecoBank Group. ISIN: IE0009064803 A1 Dist - EUR Distributing
Website: www.finecoassetmanagement.com
Telephone Number: Call +353 1 574 7459 or +353 1 574 7455 for more information.
The Central Bank of Ireland is responsible for supervising the Manager in relation to this Key Information Document (KID). This Sub-Fund is authorized in Ireland. The Manager is authorized in Ireland and regulated by the Central Bank of Ireland.
KID production date: 20/03/2023 | en | it |
DOLFIN8418 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# PERFORMANCES (CUMULÉES SUR UNE PÉRIODE DE 5 ANS EN EUR)
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20182019202020212022
Performances cumulées au 30.11.2022 (en %)
| YTD | 1 mois | 3 mois | 6 mois | 1 an | 2 ans | 3 ans | 4 ans | 5 ans |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | -12,56 | 3,44 | 3,33 | 3,45 | -8,33 | 24,05 | 32,21 | 60,57 | 57,62 |
| INDICE DE RÉFÉRENCE | -5,58 | 2,66 | 1,54 | 2,19 | -2,55 | 26,11 | 33,12 | 56,57 | 65,11 |
Performances calendaires au 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | 36,99 | 7,72 | 35,18 | -9,33 | 11,38 | 11,80 | 11,60 | 14,30 | 21,20 | 20,60 |
| INDICE DE RÉFÉRENCE | 31,07 | 6,33 | 30,02 | -4,11 | 7,51 | 10,70 | 10,40 | 19,50 | 21,20 | 14,00 |
(1) Tous les chiffres sont nets de frais (en EUR). Les performances ou réalisations du passé ne sont pas indicatives des performances futures. Source : BNP Paribas Asset Management
Page 1 sur 5 | # RENDIMIENTO (ACUMULADO A 5 AÑOS) (EUR)
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Rendimiento Acumulado a 30.11.2022 (en %)
| Año en curso | 1 Mes | 3 Meses | 6 Meses | 1 Año | 2 Años | 3 Años | 4 Años | 5 Años |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDO | -12,56 | 3,44 | 3,33 | 3,45 | -8,33 | 24,05 | 32,21 | 60,57 | 57,62 |
| INDICE DE REFERENCIA | -5,58 | 2,66 | 1,54 | 2,19 | -2,55 | 26,11 | 33,12 | 56,57 | 65,11 |
Rendimiento Anual a 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDO | 36,99 | 7,72 | 35,18 | -9,33 | 11,38 | 11,80 | 11,60 | 14,30 | 21,20 | 20,60 |
| INDICE DE REFERENCIA | 31,07 | 6,33 | 30,02 | -4,11 | 7,51 | 10,70 | 10,40 | 19,50 | 21,20 | 14,00 |
(1) Todos los datos son netos de comisiones (en EUR en Classic, Capitalización).La rentabilidad histórica o el logro no es indicativo de los resultados actuales o futuros. Fuente: BNP Paribas Asset Management
Página 1 de 5 | # PERFORMANCES (CUMULÉES SUR UNE PÉRIODE DE 5 ANS EN EUR)
200
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(%)
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20182019202020212022
Performances cumulées au 30.11.2022 (en %)
| YTD | 1 mois | 3 mois | 6 mois | 1 an | 2 ans | 3 ans | 4 ans | 5 ans |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | -12,56 | 3,44 | 3,33 | 3,45 | -8,33 | 24,05 | 32,21 | 60,57 | 57,62 |
| INDICE DE RÉFÉRENCE | -5,58 | 2,66 | 1,54 | 2,19 | -2,55 | 26,11 | 33,12 | 56,57 | 65,11 |
Performances calendaires au 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | 36,99 | 7,72 | 35,18 | -9,33 | 11,38 | 11,80 | 11,60 | 14,30 | 21,20 | 20,60 |
| INDICE DE RÉFÉRENCE | 31,07 | 6,33 | 30,02 | -4,11 | 7,51 | 10,70 | 10,40 | 19,50 | 21,20 | 14,00 |
(1) Tous les chiffres sont nets de frais (en EUR). Les performances ou réalisations du passé ne sont pas indicatives des performances futures. Source : BNP Paribas Asset Management
Page 1 sur 5 | fr | es |
DOLFIN8419 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Product
Baillie Gifford Worldwide Pan-European Fund - Class A EUR Accumulation Shares
Accumulation Shares- ISIN IE00BK5TWC73. Baillie Gifford Worldwide Pan-European Fund ("the Fund") is a sub-fund of Baillie Gifford Worldwide Funds PLC (“the Company” or “the PRIIP”). The Fund is managed by Baillie Gifford Investment Management (Europe) Limited (“the Manager”), which is a subsidiary of Baillie Gifford Overseas Limited [and forms part of the Baillie Gifford Group]. The Manager is the manufacturer of the PRIIP, and is authorised in Ireland and regulated by the Central Bank of Ireland. For more information on this PRIIP, please visit www.bailliegifford.com or call at 00-353-1-241-7156. Central Bank of Ireland is responsible for supervising Baillie Gifford Investment Management (Europe) Limited in relation to this Key Information Document. This PRIIP is authorised in Ireland.
Date of Production 01/01/2023 | # Finalidad
Este documento le proporciona información fundamental que debe conocer sobre este producto de inversión. No se trata de material comercial. Es una información exigida por ley para ayudarle a comprender la naturaleza, los riesgos, los costes y los beneficios y pérdidas potenciales de este producto y para ayudarle a compararlo con otros productos.
Producto
Baillie Gifford Worldwide Pan-European Fund - Acciones de Clase A EUR Accumulation
Acumulación Acciones- ISIN IE00BK5TWC73. Baillie Gifford Worldwide Pan-European Fund (el «Fondo») es un subfondo de Baillie Gifford Worldwide Funds PLC (la «Sociedad» o el «PRIIP»). El Fondo está gestionado por Baillie Gifford Investment Management (Europe) Limited (el «Gestor»), que es una filial de Baillie Gifford Overseas Limited [y forma parte del Grupo Baillie Gifford]. El Gestor es el productor del PRIIP y está autorizado en Irlanda y regulado por el Banco Central de Irlanda. Para más información sobre este PRIIP, visite www.bailliegifford.com o llame al 00-353-1-241-7156. El Banco Central de Irlanda es responsable de la supervisión de Baillie Gifford Investment Management (Europe) Limited en relación con este Documento de Datos Fundamentales. Este PRIIP está autorizado en Irlanda.
Fecha de producción 01/01/2023 | # Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Product
Baillie Gifford Worldwide Pan-European Fund - Class A EUR Accumulation Shares
Accumulation Shares- ISIN IE00BK5TWC73. Baillie Gifford Worldwide Pan-European Fund ("the Fund") is a sub-fund of Baillie Gifford Worldwide Funds PLC (“the Company” or “the PRIIP”). The Fund is managed by Baillie Gifford Investment Management (Europe) Limited (“the Manager”), which is a subsidiary of Baillie Gifford Overseas Limited [and forms part of the Baillie Gifford Group]. The Manager is the manufacturer of the PRIIP, and is authorised in Ireland and regulated by the Central Bank of Ireland. For more information on this PRIIP, please visit www.bailliegifford.com or call at 00-353-1-241-7156. Central Bank of Ireland is responsible for supervising Baillie Gifford Investment Management (Europe) Limited in relation to this Key Information Document. This PRIIP is authorised in Ireland.
Date of Production 01/01/2023 | en | es |
DOLFIN8420 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### General Information
The following elements are intended to inform investors of the uncertainties and risks associated with investments and transactions in transferable securities and other financial instruments. Although the greatest care has been taken in the understanding and management of these risks, Sub-Funds and their respective Shareholders shall ultimately bear the risks associated with investments in the relevant Sub-Funds.
The list of risk factors as detailed below is not intended to provide a full and exhaustive explanation of the risks linked to investment in Sub-Fund Shares. Similarly, and on a case-by-case basis, each Sub-Fund may be exposed to one or more risks simultaneously or successively. | #### Généralités
Les éléments qui suivent sont destinés à informer les investisseurs sur les incertitudes et les risques liés aux investissements et transactions en valeurs mobilières et autres instruments financiers. Bien que le plus grand soin soit apporté à la compréhension et la gestion de ces risques, les Compartiments et leurs Actionnaires respectifs supporteront en dernier lieu les risques associés aux investissements dans les Compartiments concernés.
La liste des facteurs de risques telle que figurant ci-dessous ne prétend pas être une explication complète et exhaustive des risques liés à l’investissement dans les Actions des Compartiments. De même et selon les cas chaque Compartiment peut être exposé à un ou à plusieurs risques de façon simultanée ou successive. | #### General Information
The following elements are intended to inform investors of the uncertainties and risks associated with investments and transactions in transferable securities and other financial instruments. Although the greatest care has been taken in the understanding and management of these risks, Sub-Funds and their respective Shareholders shall ultimately bear the risks associated with investments in the relevant Sub-Funds.
The list of risk factors as detailed below is not intended to provide a full and exhaustive explanation of the risks linked to investment in Sub-Fund Shares. Similarly, and on a case-by-case basis, each Sub-Fund may be exposed to one or more risks simultaneously or successively. | en | fr |
DOLFIN8421 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 3 years Example Investment: 10 000 EUR If you exit after 1 year If you exit after 3 years Scenarios |
| --- |
| Minimum | |
| Stress | What you might get back after costs | 5 450 EUR | 6 410 EUR |
| Average return each year | -45.50% | -13.78% |
| Unfavourable | What you might get back after costs | 8 670 EUR | 8 510 EUR |
| Average return each year | -13.30% | -5.24% |
| Moderate | What you might get back after costs | 10 130 EUR | 10 280 EUR |
| Average return each year | 1.30% | 0.92% |
| Favourable | What you might get back after costs | 11 500 EUR | 11 420 EUR |
| Average return each year | 15.00% | 4.53% | | | Période de détention recommandée: 3 ans Exemple d'investissement: 10 000 EUR Si vous sortez après 1 Si vous sortez après 3 an ans Scénarios |
| --- |
| Minimum | |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 5 450 EUR | 6 410 EUR |
| Rendement annuel moyen | -45.50% | -13.78% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 670 EUR | 8 510 EUR |
| Rendement annuel moyen | -13.30% | -5.24% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 130 EUR | 10 280 EUR |
| Rendement annuel moyen | 1.30% | 0.92% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11 500 EUR | 11 420 EUR |
| Rendement annuel moyen | 15.00% | 4.53% | | | Recommended holding period: 3 years Example Investment: 10 000 EUR If you exit after 1 year If you exit after 3 years Scenarios |
| --- |
| Minimum | |
| Stress | What you might get back after costs | 5 450 EUR | 6 410 EUR |
| Average return each year | -45.50% | -13.78% |
| Unfavourable | What you might get back after costs | 8 670 EUR | 8 510 EUR |
| Average return each year | -13.30% | -5.24% |
| Moderate | What you might get back after costs | 10 130 EUR | 10 280 EUR |
| Average return each year | 1.30% | 0.92% |
| Favourable | What you might get back after costs | 11 500 EUR | 11 420 EUR |
| Average return each year | 15.00% | 4.53% | | en | fr |
DOLFIN8422 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 years. Example Investment: EUR 10,000 Scenarios | If you exit after 1 | year | If you exit after 5 years |
| --- | --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs Average return each year | EUR 8,470 -15.26 % | EUR 6,800 -7.41 % |
| Unfavourable | What you might get back after costs Average return each year | EUR 8,980 -10.17 % | EUR 6,800 -7.41 % |
| Moderate | What you might get back after costs Average return each year | EUR 9,970 -0.27 % | EUR 9,940 -0.11 % |
| Favourable | What you might get back after costs Average return each year | EUR 10,300 3.01 % | EUR 10,360 0.71 % | | | Empfohlene Haltedauer: 5 Jahre. Beispiel für eine Investition: EUR 10.000 Szenarien | Wenn Sie nach 1 aussteigen | Jahr | Wenn Sie nach 5 Jahren aussteigen |
| --- | --- | --- | --- |
| Mindestrendite | Es gibt keine garantierte Mindestrendite. Sie könnten Ihre Anlage ganz oder teilweise verlieren. | |
| Stress | Was Sie nach Abzug der Kosten möglicherweise zurückbekommen Durchschnittlicher Ertrag pro Jahr | EUR 8.470 -15,26 % | EUR 6.800 -7,41 % |
| Pessimistisch | Was Sie nach Abzug der Kosten möglicherweise zurückbekommen Durchschnittlicher Ertrag pro Jahr | EUR 8.980 -10,17 % | EUR 6.800 -7,41 % |
| Mittel | Was Sie nach Abzug der Kosten möglicherweise zurückbekommen Durchschnittlicher Ertrag pro Jahr | EUR 9.970 -0,27 % | EUR 9.940 -0,11 % |
| Optimistisch | Was Sie nach Abzug der Kosten möglicherweise zurückbekommen Durchschnittlicher Ertrag pro Jahr | EUR 10.300 3,01 % | EUR 10.360 0,71 % | | | Recommended holding period: 5 years. Example Investment: EUR 10,000 Scenarios | If you exit after 1 | year | If you exit after 5 years |
| --- | --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs Average return each year | EUR 8,470 -15.26 % | EUR 6,800 -7.41 % |
| Unfavourable | What you might get back after costs Average return each year | EUR 8,980 -10.17 % | EUR 6,800 -7.41 % |
| Moderate | What you might get back after costs Average return each year | EUR 9,970 -0.27 % | EUR 9,940 -0.11 % |
| Favourable | What you might get back after costs Average return each year | EUR 10,300 3.01 % | EUR 10,360 0.71 % | | en | de |
DOLFIN8423 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Statement of Operations and Changes in Net Assets (continued)
## For the period ended 30 September 2021
| | | China Dividend Fund (USD) | | Pacific Tiger Fund (USD) | | Asia Innovative Growth Fund (USD) | | China Fund (USD) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NET ASSETS AT THE BEGINNING OF THE PERIOD | | 19,150,586 | | 526,354,276 | | 9,792,057 | | 153,845,923 |
| INCOME | | | | | | | | |
| Dividend income, net of foreign withholding tax (note 2I) | | 633,652 | | 4,260,230 | | 61,223 | | 1,670,495 |
| Interest income, net of foreign withholding tax (note 2I) | | 95 | | 1,762 | | 218 | | 522 |
| Other income | | – | | 22,854 | | – | | 35,367 |
| TOTAL INCOME | | 633,747 | | 4,284,846 | | 61,441 | | 1,706,384 |
| EXPENSES | | | | | | | | |
| Overdraft interest on bank accounts | | – | | – | | 173 | | 353 |
| Management fees and administration fees (note 4) | | 110,667 | | 2,548,549 | | 102,677 | | 722,830 |
| Domiciliation, Administrative Agent and Transfer agency fees (note 5 and note 6) | | 40,871 | | 149,343 | | 46,438 | | 62,065 |
| Professional fees (note 7) | | 9,323 | | 108,622 | | 187,644 | | 25,564 |
| Directors fee (note 8) | | 14,969 | | 25,541 | | 2,373 | | 4,500 |
| Depositary fees (note 5) | | 8,777 | | 95,228 | | 17,151 | | 27,453 |
| Taxe d'abonnement (note 9A) | | 5,143 | | 131,985 | | 5,388 | | 21,080 |
| Transaction costs (note 10) | | 33,611 | | 606,366 | | 137,943 | | 158,298 |
| Other expenses (note 7 and note 8) | | 32,685 | | 187,522 | | 48,162 | | 75,492 |
| TOTAL EXPENSES | | 256,046 | | 3,853,156 | | 547,949 | | 1,097,635 |
| Advisory Fees Waived and Expenses Reimbursed (note 2J) | | 108,924 | | 646,778 | | 333,810 | | 242,467 |
| NET INVESTMENT INCOME/(LOSS) | | 486,625 | | 1,078,468 | | (152,698) | | 851,216 |
| Net realized gain/(loss) on sales of investments (note 2D) | | 743,295 | | 23,261,315 | | (1,827,842) | | 3,571,854 |
| Net realized gain/(loss) on forward currency exchange contracts (note 2E) | | – | | – | | – | | – |
| Net realized gain/(loss) on interest rate swap agreements (note 2F) | | – | | – | | – | | – |
| Net realized gain/(loss) on foreign exchanges (note 2G) | | 901 | | 22,120 | | (14,710) | | 2,692 |
| Net realized gain/(loss) for the period | | 744,196 | | 23,283,435 | | (1,842,552) | | 3,574,546 |
| Net change in unrealized gain/(loss) on sales of investments (note 2D) | | (932,256) | | (37,449,546) | | (41,677) | | (18,085,458) |
| Net change in unrealized gain/(loss) on foreign tax provision (note 9B) | | – | | – | | (114,961) | | – |
| Net change in unrealized gain/(loss) on forward currency exchange contracts (note 2E) | | (13) | | – | | – | | – |
| Net change in unrealized gain/(loss) on interest rate swap agreements (note 2F) | | – | | – | | – | | – |
| Net change in unrealized gain/(loss) on foreign exchanges (note 2G) | | 477 | | 39,254 | | 332 | | 5,734 |
| Net change in unrealized gain/(loss) for the period | | (931,792) | | (37,410,292) | | (156,306) | | (18,079,724) |
| Increase/(decrease) in net assets as a result of operations | | 299,029 | | (13,048,389) | | (2,151,556) | | (13,653,962) |
| Subscriptions | | 1,826,959 | | 51,283,792 | | 33,755,225 | | 23,806,415 |
| Redemptions | | (1,628,368) | | (60,448,404) | | (1,420) | | (21,520,256) |
| Dividend distributions (note 13) | | (69,725) | | – | | – | | – |
| NET ASSETS AT THE END OF THE PERIOD | | 19,578,481 | | 504,141,275 | | 41,394,306 | | 142,478,120 |
The accompanying notes form an integral part of these financial statements. | # Aufwands- und Ertragsrechnung und Veränderung des Nettovermögens (Fortsetzung)
## Für den Berichtszeitraum, der zum 30. September 2021 endete
| | | China Dividend Fund (USD) | | Pacific Tiger Fund (USD) | | Asia Innovative Growth Fund (USD) | | China Fund (USD) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NETTOVERMÖGEN ZU BEGINN DES BERICHTSZEITRAUMS | | 19.150.586 | | 526.354.276 | | 9.792.057 | | 153.845.923 |
| EINNAHMEN | | | | | | | | |
| Dividendenertrag, abzüglich ausländischer Quellensteuer (Erläuterung 2I) | | 633.652 | | 4.260.230 | | 61.223 | | 1.670.495 |
| Zinsertrag, abzüglich ausländischer Quellensteuer (Erläuterung 2I) | | 95 | | 1.762 | | 218 | | 522 |
| Sonstige Erträge | | – | | 22.854 | | – | | 35.367 |
| SUMME DER ERTRÄGE | | 633.747 | | 4.284.846 | | 61.441 | | 1.706.384 |
| AUFWENDUNGEN | | | | | | | | |
| Überziehungszinsen des Bankkontos | | – | | – | | 173 | | 353 |
| Management- und Verwaltungsgebühren (Erläuterung 4) | | 110.667 | | 2.548.549 | | 102.677 | | 722.830 |
| Domizilierungs-, Verwaltungs- und Transfergebühren (Erläuterung 5 und Erläuterung 6) | | 40.871 | | 149.343 | | 46.438 | | 62.065 |
| Honorare (Erläuterung 7) | | 9.323 | | 108.622 | | 187.644 | | 25.564 |
| Gebühren für Verwaltungsratsmitglieder (Erläuterung 8) | | 14.969 | | 25.541 | | 2.373 | | 4.500 |
| Depotbank-Gebühren (Erläuterung 5) | | 8.777 | | 95.228 | | 17.151 | | 27.453 |
| Taxe d'abonnement (Erläuterung 9A) | | 5.143 | | 131.985 | | 5.388 | | 21.080 |
| Transaktionskosten (Erläuterung 10) | | 33.611 | | 606.366 | | 137.943 | | 158.298 |
| Sonstige Aufwendungen (Erläuterung 7 und Erläuterung 8) | | 32.685 | | 187.522 | | 48.162 | | 75.492 |
| SUMME DER AUFWENDUNGEN | | 256.046 | | 3.853.156 | | 547.949 | | 1.097.635 |
| Erlassene Beratungsgebühren und erstattete Aufwendungen (Erläuterung 2J) | | 108.924 | | 646.778 | | 333.810 | | 242.467 |
| NETTOANLAGEGEWINNE/(-VERLUSTE) | | 486.625 | | 1.078.468 | | (152.698) | | 851.216 |
| Realisierter Nettogewinn/(-verlust) aus dem Verkauf von Anlagen (Erläuterung 2D) | | 743.295 | | 23.261.315 | | (1.827.842) | | 3.571.854 |
| Realisierter Nettogewinn/(-verlust) aus Devisenterminkontrakten (Erläuterung 2E) | | – | | – | | – | | – |
| Realisierter Nettogewinn/(Verlust) aus Zinsswap-Verträgen (Erläuterung 2F) | | – | | – | | – | | – |
| Realisierter Nettogewinn/(-verlust) aus Wechselkursen (Erläuterung 2G) | | 901 | | 22.120 | | (14.710) | | 2.692 |
| Realisierter Nettogewinn/(-verlust) im Berichtszeitraum | | 744.196 | | 23.283.435 | | (1.842.552) | | 3.574.546 |
| Nettoveränderung des nicht realisierten Nettogewinns/(-verlusts) aus dem Verkauf von Anlagen (Erläuterung 2D) | | (932.256) | | (37.449.546) | | (41.677) | | (18.085.458) |
| Nettoveränderung des nicht realisierten Gewinns/(Verlusts) aus der Rückstellung für ausländische Steuern (Erläuterung 9B) | | – | | – | | (114.961) | | – |
| Nettoveränderung der nicht realisierten Gewinne/(Verluste) aus Devisenterminkontrakten (Erläuterung 2E) | | (13) | | – | | – | | – |
| Nettoveränderung des nicht realisierten Gewinns/(Verlusts) aus Zinsswap- Verträgen (Erläuterung 2F) | | – | | – | | – | | – |
| Nettoveränderung des nicht realisierten Nettogewinns/(-verlusts) aus Wechselkursen (Erläuterung 2G) | | 477 | | 39.254 | | 332 | | 5.734 |
| Nettoveränderung des nicht realisierten Gewinns/(Verlusts) im Berichtszeitraum | | (931.792) | | (37.410.292) | | (156.306) | | (18.079.724) |
| Zunahme/(Abnahme) des Nettovermögens infolge Geschäftstätigkeit | | 299.029 | | (13.048.389) | | (2.151.556) | | (13.653.962) |
| Zeichnungen | | 1.826.959 | | 51.283.792 | | 33.755.225 | | 23.806.415 |
| Rücknahmen | | (1.628.368) | | (60.448.404) | | (1.420) | | (21.520.256) |
| Dividendenausschüttungen (Erläuterung 13) | | (69.725) | | – | | – | | – |
| NETTOVERMÖGEN AM ENDE DES BERICHTSZEITRAUMS | | 19.578.481 | | 504.141.275 | | 41.394.306 | | 142.478.120 |
Die beigefügten Erläuterungen sind integraler Bestandteil dieses Jahresabschlusses. | # Statement of Operations and Changes in Net Assets (continued)
## For the period ended 30 September 2021
| | | China Dividend Fund (USD) | | Pacific Tiger Fund (USD) | | Asia Innovative Growth Fund (USD) | | China Fund (USD) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NET ASSETS AT THE BEGINNING OF THE PERIOD | | 19,150,586 | | 526,354,276 | | 9,792,057 | | 153,845,923 |
| INCOME | | | | | | | | |
| Dividend income, net of foreign withholding tax (note 2I) | | 633,652 | | 4,260,230 | | 61,223 | | 1,670,495 |
| Interest income, net of foreign withholding tax (note 2I) | | 95 | | 1,762 | | 218 | | 522 |
| Other income | | – | | 22,854 | | – | | 35,367 |
| TOTAL INCOME | | 633,747 | | 4,284,846 | | 61,441 | | 1,706,384 |
| EXPENSES | | | | | | | | |
| Overdraft interest on bank accounts | | – | | – | | 173 | | 353 |
| Management fees and administration fees (note 4) | | 110,667 | | 2,548,549 | | 102,677 | | 722,830 |
| Domiciliation, Administrative Agent and Transfer agency fees (note 5 and note 6) | | 40,871 | | 149,343 | | 46,438 | | 62,065 |
| Professional fees (note 7) | | 9,323 | | 108,622 | | 187,644 | | 25,564 |
| Directors fee (note 8) | | 14,969 | | 25,541 | | 2,373 | | 4,500 |
| Depositary fees (note 5) | | 8,777 | | 95,228 | | 17,151 | | 27,453 |
| Taxe d'abonnement (note 9A) | | 5,143 | | 131,985 | | 5,388 | | 21,080 |
| Transaction costs (note 10) | | 33,611 | | 606,366 | | 137,943 | | 158,298 |
| Other expenses (note 7 and note 8) | | 32,685 | | 187,522 | | 48,162 | | 75,492 |
| TOTAL EXPENSES | | 256,046 | | 3,853,156 | | 547,949 | | 1,097,635 |
| Advisory Fees Waived and Expenses Reimbursed (note 2J) | | 108,924 | | 646,778 | | 333,810 | | 242,467 |
| NET INVESTMENT INCOME/(LOSS) | | 486,625 | | 1,078,468 | | (152,698) | | 851,216 |
| Net realized gain/(loss) on sales of investments (note 2D) | | 743,295 | | 23,261,315 | | (1,827,842) | | 3,571,854 |
| Net realized gain/(loss) on forward currency exchange contracts (note 2E) | | – | | – | | – | | – |
| Net realized gain/(loss) on interest rate swap agreements (note 2F) | | – | | – | | – | | – |
| Net realized gain/(loss) on foreign exchanges (note 2G) | | 901 | | 22,120 | | (14,710) | | 2,692 |
| Net realized gain/(loss) for the period | | 744,196 | | 23,283,435 | | (1,842,552) | | 3,574,546 |
| Net change in unrealized gain/(loss) on sales of investments (note 2D) | | (932,256) | | (37,449,546) | | (41,677) | | (18,085,458) |
| Net change in unrealized gain/(loss) on foreign tax provision (note 9B) | | – | | – | | (114,961) | | – |
| Net change in unrealized gain/(loss) on forward currency exchange contracts (note 2E) | | (13) | | – | | – | | – |
| Net change in unrealized gain/(loss) on interest rate swap agreements (note 2F) | | – | | – | | – | | – |
| Net change in unrealized gain/(loss) on foreign exchanges (note 2G) | | 477 | | 39,254 | | 332 | | 5,734 |
| Net change in unrealized gain/(loss) for the period | | (931,792) | | (37,410,292) | | (156,306) | | (18,079,724) |
| Increase/(decrease) in net assets as a result of operations | | 299,029 | | (13,048,389) | | (2,151,556) | | (13,653,962) |
| Subscriptions | | 1,826,959 | | 51,283,792 | | 33,755,225 | | 23,806,415 |
| Redemptions | | (1,628,368) | | (60,448,404) | | (1,420) | | (21,520,256) |
| Dividend distributions (note 13) | | (69,725) | | – | | – | | – |
| NET ASSETS AT THE END OF THE PERIOD | | 19,578,481 | | 504,141,275 | | 41,394,306 | | 142,478,120 |
The accompanying notes form an integral part of these financial statements. | en | de |
DOLFIN8424 | 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:
This product is a UCITS sub-fund of an open-ended umbrella investment company with variable capital and segregated liability between sub- funds. The Fund's assets are held through its Depository, which is State Street Fund Services (Ireland) Limited. Further information in relation to the Fund should be obtained from your financial advisor or distributor or is available at https://www.brandes.com/ucits in English.
Objective
- The investment objective of the Sub-Fund is to seek long-term capital appreciation.
- The Sub-Fund is considered to be actively managed in reference to the MSCI Europe Index (the “Index”). Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Manager may use its discretion to invest in countries or industries not included in the Index. In addition, the Sub-Fund is considered to be actively managed in reference to the MSCI Europe Value Index by virtue of the fact that it uses the MSCI Europe Value Index for performance comparison purposes. However, the MSCI Europe Value Index is not used to define the portfolio composition of the Sub-Fund or as a performance target and the Sub-Fund may be wholly invested in securities which are not constituents of the MSCI Europe Value Index.
- The Sub-Fund expects to be invested in approximately 35-85 issues. Typically, no more than 5% of the value of the Sub-Fund's total assets will be invested in any one security, at the time of purchase. With respect to the Sub-Fund’s investments in any particular country or industry, the Sub-Fund may typically invest up to the greater of either (a) 20% of total assets in any particular country or industry at the time of purchase, or (b)150% of the weighting of such country or industry as represented in the Index, at the time of purchase.
- The Sub-Fund primarily invests in equity and equity related securities of issuers carrying out their activities predominantly in Europe.
- At least two thirds of the investments of the European Value Fund (in terms of total assets) will be in equity securities of issuers located or active mainly in Europe (“European Equities”).
- The Manager's approach to selecting investments for the Sub-Fund is oriented to individual stock selection rather than on a top-down basis or macro-economic outlook. Securities are selected based on the Manager's assessment of long-term business worth compared to current value. Exposures to countries, sectors, and industries are a residual of this bottom up stock selection process.
- This Sub-Fund promotes environmental and/or social characteristics and is classified as an Article 8 fund under the EU’s Sustainable Finance Disclosure Regulation (“SFDR”).
- The Sub-Fund seeks to promote environmental and social characteristics through its exclusion screening process and consideration of principal adverse impacts on its investment decisions. In addition, the Sub-Fund monitors the Weighted Average Carbon Intensity (“WACI”) at the portfolio level, relative to its Index. The Sub- Fund aims to maintain a WACI that is lower than the WACI of the Index on annual basis.
- The Manager can make investments for the Sub-Fund at its own discretion within the predefined investment limits.
- The Sub-Fund may invest no more than 10% of its net assets in other investment funds.
- This Sub-Fund can use derivatives, including forward foreign exchange contracts, futures, options and swaps, for investment purpose and to manage the portfolio efficiently.
- This is an accumulating share class – no dividend will be paid.
- Portfolio transaction costs are paid out of the assets of the Sub Fund the Sub-Fund.
- The Sub-Fund employs a long-term investment approach and a holding period of at least 5 years is suggested.
Dealing Frequency:
Investors can buy and sell or switch shares in the Sub-Fund on any business day. The only exceptions are days when Euronext Dublin is closed or days when the New York Stock Exchange is closed.
Term:
This Fund is an open-ended UCITS and has an indefinite duration. The Fund may be terminated at any time in line with the constitutional documents of the Company. For full investment objectives and policy details, please refer to the Investment Objectives and Investment Policy in the Fund’s Supplement to the Prospectus, which are available at https://www.brandes.com/ucits.
Intended investor:
The Brandes European Value Fund is suitable for investors seeking to achieve long-term capital appreciation by investing primarily in equity securities issued by issuers established or carrying out their activities predominantly in Europe.
The NAV per share of the Fund will be published daily and made available on the internet at www.euronext.com and will be updated following each calculation of NAV. | # En quoi consiste ce produit ?
Type :
Ce produit est un compartiment OPCVM d'une société d'investissement à compartiments multiples à capital variable et à responsabilité séparée entre les compartiments. Les actifs du Fonds sont détenus par l'intermédiaire de son dépositaire, qui est State Street Fund Services (Ireland) Limited. Vous pouvez obtenir de plus amples informations sur le Fonds auprès de votre conseiller financier ou de votre distributeur ou sur le site https://www.brandes.com/ucits en anglais.
Objectif :
- L'objectif d'investissement du Compartiment est de chercher une croissance du capital à long terme.
- Le Compartiment est considéré comme faisant l’objet d’une gestion active par référence à l’indice MSCI Europe Index (l’« Indice »). Certains des titres du Compartiment peuvent être des composantes de l’Indice et avoir des pondérations similaires à celui-ci. Toutefois, le Compartiment peut s’écarter sensiblement de l’Indice et le Gestionnaire peut utiliser son pouvoir discrétionnaire pour investir dans des pays ou des secteurs non inclus dans l’Indice. En outre, le Compartiment est considéré comme faisant l'objet d'une gestion active par référence à l’indice MSCI Europe Value du fait qu’il utilise cet indice à des fins de comparaison des performances. Le MSCI Europe Value Index n’est toutefois pas utilisé pour définir la composition du portefeuille du Compartiment ou comme objectif de performance, et le Compartiment peut être entièrement investi dans des titres qui ne sont pas des composants du MSCI Europe Value Index.
- Il est prévu que le Compartiment investisse dans environ 35-85 émissions. Le Compartiment n’investira généralement pas plus de 5 % de son actif total dans un même titre au moment de l’achat. En ce qui concerne les investissements du Compartiment dans un pays ou un secteur donné, le Compartiment peut typiquement investir jusqu’à la valeur la plus élevée entre (a) 20 % de son actif total dans un pays ou un secteur donné au moment de l’achat, ou (b) 150 % de la pondération de ce pays ou secteur tel au sein de l’Indice au moment de l’achat.
- Le Compartiment investit principalement dans des actions et des titres apparentés à des actions d'émetteurs exerçant leurs activités principalement en Europe.
- Au moins deux tiers des investissements du European Value Fund (en termes de total des actifs) porteront sur des actions d’émetteurs situés ou actifs principalement en Europe (les « actions européennes »).
- L'approche du Gestionnaire en matière de sélection d'investissements pour le Compartiment est orientée vers la sélection de titres individuels plutôt que sur une base descendante ou des perspectives macro- économiques. Les titres sont sélectionnés en fonction de l'évaluation par le Gestionnaire de la valeur commerciale à long terme par rapport à la valeur actuelle. Les expositions aux pays, aux secteurs et aux industries sont un résidu de ce processus ascendant de sélection des actions.
- Ce Compartiment promeut des caractéristiques environnementales et/ ou sociales et est classé comme relevant de l’article 8 du règlement européen sur la publication d’informations en matière de finance durable (« SFDR »).
- Le Compartiment vise à promouvoir des caractéristiques environnementales et sociales par son processus de filtrage d’exclusion et la prise en considération des principales incidences négatives de ses décisions d’investissement. En outre, le Compartiment assure un suivi de l’intensité de carbone moyenne pondérée (Weighted Average Carbon Intensity, « WACI ») au niveau du portefeuille par rapport à son Indice. Le Compartiment vise à maintenir une WACI inférieure à celle de l’Indice sur base annuelle.
- Le Gestionnaire peut effectuer des investissements pour le Compartiment à sa propre discrétion dans les limites d'investissement prédéfinies.
- Ce Compartiment peut utiliser des produits dérivés, y compris des contrats de change, des contrats à terme, des options et des swaps, à des fins d'investissement et pour gérer efficacement le portefeuille.
- Le Compartiment peut investir au maximum 10 % de ses actifs nets dans d'autres fonds de placement.
- Il s'agit d'une catégorie d'actions de capitalisation ; aucun dividende ne sera versé.
- Les frais de transaction du portefeuille sont payés à partir des actifs du Compartiment.
- Le Compartiment emploie une approche d'investissement à long terme et une période de détention d'au moins 5 ans est suggérée.
Fréquence des transactions :
Les investisseurs peuvent acheter et vendre ou échanger des actions du Compartiment chaque jour ouvrable. Les seules exceptions sont les jours de fermeture d’Euronext Dublin ou de la Bourse de New York.
Durée :
Ce Fonds est un OPCVM à capital variable et possède une durée indéterminée. Le Fonds peut être résilié à tout moment, conformément aux documents constitutifs de la Société. Pour connaître tous les détails concernant les objectifs et la politique d'investissement, veuillez vous reporter aux Objectifs d’investissement et à la Politique d'investissement du Supplément au Prospectus du Fonds, qui sont disponibles sur https:// www.brandes.com/ucits.
Investisseur visé :
Le Brandes European Value Fund convient aux investisseurs qui cherchent à obtenir une appréciation du capital à long terme en investissant principalement dans des titres de participation émis par des émetteurs établis ou exerçant leurs activités principalement en Europe. La valeur liquidative par action du Fonds sera publiée quotidiennement et mise à disposition sur Internet à l'adresse www.euronext.com et sera mise à jour après chaque calcul de la valeur liquidative. | # What is this product?
Type:
This product is a UCITS sub-fund of an open-ended umbrella investment company with variable capital and segregated liability between sub- funds. The Fund's assets are held through its Depository, which is State Street Fund Services (Ireland) Limited. Further information in relation to the Fund should be obtained from your financial advisor or distributor or is available at https://www.brandes.com/ucits in English.
Objective
- The investment objective of the Sub-Fund is to seek long-term capital appreciation.
- The Sub-Fund is considered to be actively managed in reference to the MSCI Europe Index (the “Index”). Certain of the Sub-Fund’s securities may be components of and may have similar weightings to the Index. However, the Sub-Fund may deviate significantly from the Index and the Manager may use its discretion to invest in countries or industries not included in the Index. In addition, the Sub-Fund is considered to be actively managed in reference to the MSCI Europe Value Index by virtue of the fact that it uses the MSCI Europe Value Index for performance comparison purposes. However, the MSCI Europe Value Index is not used to define the portfolio composition of the Sub-Fund or as a performance target and the Sub-Fund may be wholly invested in securities which are not constituents of the MSCI Europe Value Index.
- The Sub-Fund expects to be invested in approximately 35-85 issues. Typically, no more than 5% of the value of the Sub-Fund's total assets will be invested in any one security, at the time of purchase. With respect to the Sub-Fund’s investments in any particular country or industry, the Sub-Fund may typically invest up to the greater of either (a) 20% of total assets in any particular country or industry at the time of purchase, or (b)150% of the weighting of such country or industry as represented in the Index, at the time of purchase.
- The Sub-Fund primarily invests in equity and equity related securities of issuers carrying out their activities predominantly in Europe.
- At least two thirds of the investments of the European Value Fund (in terms of total assets) will be in equity securities of issuers located or active mainly in Europe (“European Equities”).
- The Manager's approach to selecting investments for the Sub-Fund is oriented to individual stock selection rather than on a top-down basis or macro-economic outlook. Securities are selected based on the Manager's assessment of long-term business worth compared to current value. Exposures to countries, sectors, and industries are a residual of this bottom up stock selection process.
- This Sub-Fund promotes environmental and/or social characteristics and is classified as an Article 8 fund under the EU’s Sustainable Finance Disclosure Regulation (“SFDR”).
- The Sub-Fund seeks to promote environmental and social characteristics through its exclusion screening process and consideration of principal adverse impacts on its investment decisions. In addition, the Sub-Fund monitors the Weighted Average Carbon Intensity (“WACI”) at the portfolio level, relative to its Index. The Sub- Fund aims to maintain a WACI that is lower than the WACI of the Index on annual basis.
- The Manager can make investments for the Sub-Fund at its own discretion within the predefined investment limits.
- The Sub-Fund may invest no more than 10% of its net assets in other investment funds.
- This Sub-Fund can use derivatives, including forward foreign exchange contracts, futures, options and swaps, for investment purpose and to manage the portfolio efficiently.
- This is an accumulating share class – no dividend will be paid.
- Portfolio transaction costs are paid out of the assets of the Sub Fund the Sub-Fund.
- The Sub-Fund employs a long-term investment approach and a holding period of at least 5 years is suggested.
Dealing Frequency:
Investors can buy and sell or switch shares in the Sub-Fund on any business day. The only exceptions are days when Euronext Dublin is closed or days when the New York Stock Exchange is closed.
Term:
This Fund is an open-ended UCITS and has an indefinite duration. The Fund may be terminated at any time in line with the constitutional documents of the Company. For full investment objectives and policy details, please refer to the Investment Objectives and Investment Policy in the Fund’s Supplement to the Prospectus, which are available at https://www.brandes.com/ucits.
Intended investor:
The Brandes European Value Fund is suitable for investors seeking to achieve long-term capital appreciation by investing primarily in equity securities issued by issuers established or carrying out their activities predominantly in Europe.
The NAV per share of the Fund will be published daily and made available on the internet at www.euronext.com and will be updated following each calculation of NAV. | en | fr |
DOLFIN8425 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Why global real estate?
Global real estate securities provide investors with exposure to commercial real estate assets – such as offices, retail, health- care facilities, storage space, data centers – via publicly traded securities. Created in the United States more than 50 years ago, listed real estate came of age in the 1990s and have prolifer- ated around the developed world since then, as higher qua- lity assets and management teams migrated from private- to publicly listed real estate with more real estate owner/opera- tors seeking public listings.
Global real estate securities have a history of providing diver- sification to traditional balanced stock- and bond portfo- lios, with low correlations and beta relative to broad equity markets. In general, bond investors search for income within a depressed yield environment, while equity investors look for shelter to cope with rising macro uncertainties. Global real estate securities are at the sweet spot offering both shelter and high income:
- Shelter: A key part of the value proposition of global real estate securities is their defensive characteristics. By investing in high-quality owner/operators of commercial real estate, investors can enjoy the benefits of predictable and stable cash flows backed by long-term leases and stable income generationRegardless of one’s view on the staying power of the current business cycle, there are secular trends which positively impact the global real estate securities market over the long-term. The growth of e-commerce and the online economy has fue- led rapid growth in demand for industrial properties focused on warehousing and logistics. A related theme is the growth of cloud computing and the “internet of things” which must be accommodated via specialised data centers. These growth themes reflect the change in the infrastructure which supports our daily lives, and will continue to support rapid growth in demand for specialised real estate for decades to come.
Any investment decision in the sub-funds should be made on the basis of the current prospectus and the Key Investor Information Document (KIID). | # Warum globale Immobilien?
Globale Immobilienwertpapiere bieten Anlegern über öffent- lich gehandelte Wertpapiere ein Engagement in gewerblichen Immobilienanlagen – wie Büros, Einzelhandel, Gesundheits- einrichtungen, Lagerflächen, Rechenzentren. Vor mehr als 50 Jahren in den Vereinigten Staaten gegründet, kamen börsen- notierte Immobilien in den 1990er Jahren auf den Markt und haben sich seitdem global stark verbreitet, als Management- teams von privaten zu börsennotierten Immobilien mig- rierten und Eigentümer/Betreiber von Immobilien öffentliche Listings suchten.
Globale Immobilientitel boten in der Vergangenheit eine Diver- sifizierung zu traditionellen ausgewogenen Aktien- und Anleihenportfolios, wobei die Korrelationen und das Beta im Vergleich zu den breiten Aktienmärkten gering sind. Im All- gemeinen suchen Anleihenanleger nach Erträgen in einem Umfeld mit niedrigen Renditen, während Aktienanleger nach Zufluchtsmöglichkeiten suchen, um mit den steigenden makro- ökonomischen Unsicherheiten fertig zu werden. Globale Immo- bilientitel bieten die richtige Kombination; sowohl Schutz als auch hohe Erträge:
- Schutz: Ein wichtiger Teil des Wertversprechens globa- ler Immobilientitel sind ihre defensiven Eigenschaften. Durch Investitionen in hochwertige Eigentümer/Betrei- ber von Gewerbeimmobilien können Anleger von den Vorteilen von vorhersehbaren und stabilen Einkünften profitieren, die durch langfristige Mietverträge und stabile Einkommen generiert werdenUnabhängig von der Einschätzung der Durchhaltekraft des aktuellen Konjunkturzyklus gibt es Trends, die sich langfris- tig positiv auf den globalen Immobilienmarkt auswirken. Das Wachstum des E-Commerce und der Online-Wirtschaft hat die Nachfrage nach Industrieimmobilien, die sich auf Lagerhaltung und Logistik konzentrieren, rasant angekurbelt. Ein verwand- tes Thema ist das Wachstum von Cloud Computing und dem„Internet der Dinge“, das über spezialisierte Rechenzentren aufgenommen werden muss. Diese Wachstumsthemen spie- geln den Wandel in der Infrastruktur wider, der unser tägliches Leben unterstützt, und diese werden auch in den kommenden Jahrzehnten das schnelle Wachstum der Nachfrage nach spezialisierten Immobilien unterstützen.
Jede Entscheidung, in den Teilfonds anzulegen, sollte auf der Grundlage des aktuellen Verkaufsprospekts und der Wesentlichen Anlegerinformationen (KIID) getroffen werden. | # Why global real estate?
Global real estate securities provide investors with exposure to commercial real estate assets – such as offices, retail, health- care facilities, storage space, data centers – via publicly traded securities. Created in the United States more than 50 years ago, listed real estate came of age in the 1990s and have prolifer- ated around the developed world since then, as higher qua- lity assets and management teams migrated from private- to publicly listed real estate with more real estate owner/opera- tors seeking public listings.
Global real estate securities have a history of providing diver- sification to traditional balanced stock- and bond portfo- lios, with low correlations and beta relative to broad equity markets. In general, bond investors search for income within a depressed yield environment, while equity investors look for shelter to cope with rising macro uncertainties. Global real estate securities are at the sweet spot offering both shelter and high income:
- Shelter: A key part of the value proposition of global real estate securities is their defensive characteristics. By investing in high-quality owner/operators of commercial real estate, investors can enjoy the benefits of predictable and stable cash flows backed by long-term leases and stable income generationRegardless of one’s view on the staying power of the current business cycle, there are secular trends which positively impact the global real estate securities market over the long-term. The growth of e-commerce and the online economy has fue- led rapid growth in demand for industrial properties focused on warehousing and logistics. A related theme is the growth of cloud computing and the “internet of things” which must be accommodated via specialised data centers. These growth themes reflect the change in the infrastructure which supports our daily lives, and will continue to support rapid growth in demand for specialised real estate for decades to come.
Any investment decision in the sub-funds should be made on the basis of the current prospectus and the Key Investor Information Document (KIID). | en | de |
DOLFIN8426 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Liquidity risk in a stock market:
The Fund's stock market price may deviate from its indicative net asset value. The liquidity of the Fund's units in a stock market may be affected by any suspension that could, in particular, but not only, be due to:
- the suspension or halt of the calculation of the Markit iBoxx Euro Inflation Linked Index by the Index provider,
- the suspension of the market(s) on which are listed the underlyings of the Markit iBoxx Euro InflationLinked Index,
- a relevant listing market not being able to obtain or to calculate the Fund’s indicative net asset value,
- a violation by a market maker of the rules applicable in the relevant listing market,
- failure of the systems, in particular of IT or electronic systems in a relevant listing market,
- any other event that prevents the calculation of the Fund's indicative net asset value or the trading in Fund units. | ## Liquiditätsrisiko an einem Handelsplatz:
Der Börsenkurs des Fonds kann sich von seinem indikativen Nettoinventarwert entfernen. Die Liquidität der Anteile des Fonds an einem Handelsplatz kann durch eine Aussetzung beeinträchtigt werden, die unter anderem insbesondere auf folgende Faktoren zurückzuführen sein können:
- eine Aussetzung oder Einstellung der Berechnung des Markit iBoxx Euro Inflation Linked-Index durch den Indexanbieter;
- eine Aussetzung des bzw. der dem Markit iBoxx Euro Inflation Linked-Index zugrundeliegenden Marktes bzw. Märkte;
- das Unvermögen eines bestimmten Handelsplatzes, den indikativen Nettoinventarwert des Fonds zu beziehen oder zu berechnen;
- einen Verstoß eines Market Makers gegen die an einem bestimmten Handelsplatz geltenden Regeln;
- einen Ausfall insbesondere der Informationssysteme oder der elektronischen Systeme eines bestimmten Handelsplatzes;
- alle sonstigen Ereignisse, die die Berechnung des indikativen Nettoinventarwerts des Fonds oder den Handel mit den Fondsanteilen verhindern. | ## Liquidity risk in a stock market:
The Fund's stock market price may deviate from its indicative net asset value. The liquidity of the Fund's units in a stock market may be affected by any suspension that could, in particular, but not only, be due to:
- the suspension or halt of the calculation of the Markit iBoxx Euro Inflation Linked Index by the Index provider,
- the suspension of the market(s) on which are listed the underlyings of the Markit iBoxx Euro InflationLinked Index,
- a relevant listing market not being able to obtain or to calculate the Fund’s indicative net asset value,
- a violation by a market maker of the rules applicable in the relevant listing market,
- failure of the systems, in particular of IT or electronic systems in a relevant listing market,
- any other event that prevents the calculation of the Fund's indicative net asset value or the trading in Fund units. | en | de |
DOLFIN8427 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| DOCUMENT D'INFORMATIONS CLÉS Objectif Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d’un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits. | |
| --- | --- |
| Flossbach von Storch - Bond Opportunities - HT |
| PRODUIT | | |
| Produit : | Flossbach von Storch - Bond Opportunities - HT | |
| Initiateur: | Flossbach von Storch Invest S.A. | |
| ISIN | LU1748855837 | |
| Site internet : | https://www.fvsinvest.lu | |
| Numéro de téléphone: | 00352 275 607 30 | |
| Autorité compétente : | La Commission de Surveillance du Secteur Financier (CSSF) est chargée du contrôle de Flossbach von Storch Invest S.A. en ce qui concerne ce document d’informations clés. Ce PRIIP est autorisé au Luxembourg. |
| Le présent Document d'informations clés est valable à partir du 03 janvier 2023. |
| EN QUOI CONSISTE CE PRODUIT? |
| Type : FCP (fonds commun de placement) |
| Durée : de durée illimitée | | |
| Objectifs : | | |
| Le Flossbach von Storch – Bond Opportunities (le « compartiment ») promeut des caractéristiques environnementales ou sociales au sens de l’article 8 du règlement (UE) 2019/2088. L’objectif de la politique d’investissement du compartiment consiste à réaliser une plus-value intéressante en tenant compte du risque d’investissement. L’actif du compartiment sera investi dans des instruments du marché monétaire et des valeurs mobilières à revenu fixe dans le monde entier, selon le principe de la diversification des risques. Le compartiment fait l’objet d’une gestion active. La composition du portefeuille est élaborée, régulièrement vérifiée et, éventuellement, ajustée par le gestionnaire du fonds exclusivement conformément aux critères définis dans la politique d’investissement. La performance n’est pas comparée à celle d’un indice. Dans le cadre de ses décisions d’investissement relatives au compartiment, le gestionnaire du fonds respecte les exigences de la politique de durabilité de la société de gestion et les éléments qui y sont mentionnés tels que définis plus en détail à la section « Politique de durabilité » du prospectus. Flossbach de Storch suit une approche globale de la durabilité dans l’ensemble du groupe : En tant qu’investisseur orienté à long terme, Flossbach von Storch attache de l’importance à ce que les entreprises gèrent de manière responsable leur empreinte environnementale et sociale et à ce qu’elles luttent activement contre les incidences négatives de leurs activités. Les entreprises en portefeuille sont notamment contrôlées par rapport aux objectifs climatiques fixés et les progrès sont suivis à l’aide de certains indicateurs de durabilité. Flossbach von Storch met en œuvre des critères d’exclusion à l’échelle du groupe avec des caractéristiques sociales et environnementales. Celles-ci incluent l’exclusion des investissements dans des entreprises ayant des modèles économiques spécifiques. Les armes controversées sont notamment concernées par ces critères. Une politique de participation obligatoire est également mise en œuvre afin d’encourager une évolution positive en cas d’incidences négatives particulièrement graves sur certains facteurs de durabilité des investissements. Afin d’atteindre les objectifs d’investissement, l’actif du compartiment sera investi dans des valeurs mobilières à revenu fixe (y compris des obligations d’entreprise), des instruments du marché monétaire, des obligations de toutes sortes, y compris des obligations à coupon zéro, des obligations indexées sur l’inflation, des titres à rémunération variable, des parts de fonds d’investissement (fonds cibles), des dépôts à terme, des produits dérivés, des certificats et autres produits structurés (p.ex. emprunts en actions, obligations à option, bons de jouissance à option, obligations convertibles, bons de jouissance convertibles), ainsi que des liquidités, selon le principe de la diversification des risques. L’exposition à la devise étrangère est limitée à 15 % maximum de l’actif net du compartiment. Les parts dans des OPCVM ou autres OPC (« fonds cibles ») peuvent être acquises jusqu’à une limite maximale de 10 %. Dans le but d’atteindre les objectifs d’investissement précités, le fonds peut également recourir à des instruments financiers dérivés (« produits dérivés ») à des fins d’investissement et de couverture. Les investisseurs peuvent en principe racheter leurs parts chaque jour ouvrable bancaire au Luxembourg, à l’exception des 24 et 31 décembre. Le rachat des parts peut être suspendu si, compte tenu des intérêts des investisseurs, des circonstances exceptionnelles l’imposent. Ce compartiment peut ne pas convenir aux investisseurs qui souhaitent retirer leur argent du compartiment dans un délai de 3 ans. Cette catégorie de parts ne verse pas de revenus à l’investisseur, mais les investit à son tour. Le dépositaire du fonds est DZ PRIVATBANK S.A., dont le siège est situé à 1455-Strassen, Luxembourg, 4, rue Thomas Edison. |
| Investisseurs de détail visés : |
| Compte tenu de la composition du portefeuille, le compartiment convient aux investisseurs qui privilégient la prudence. | | | DOCUMENTO DE DATOS FUNDAMENTALES Finalidad Este documento le proporciona información fundamental que debe conocer sobre este producto de inversión. No se trata de material comercial. Es una información exigida por ley para ayudarle a comprender la naturaleza, los riesgos, los costes y los beneficios y pérdidas potenciales de este producto y para ayudarle a compararlo con otros productos. | |
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| Flossbach von Storch - Bond Opportunities - HT |
| PRODUCTO | | |
| Producto: | Flossbach von Storch - Bond Opportunities - HT | |
| Del productor del PRIIP: | Flossbach von Storch Invest S.A. | |
| ISIN | LU1748855837 | |
| Sitio web: | https://www.fvsinvest.lu | |
| Número de teléfono | 00352 275 607 30 | |
| Autoridad competente: | En Commission de Surveillance du Secteur Financier (CSSF) es responsable de la supervisión de Flossbach von Storch Invest S.A. en relación con este documento de datos fundamentales. Este PRIIP está autorizado en Luxemburgo. |
| Este Documento de datos fundamentales es válido desde 03 enero 2023. |
| ¿QUÉ ES ESTE PRODUCTO? |
| Tipo: FCP (fonds commun de placement) |
| Plazo: de duración ilimitada | | |
| Objetivos: | | |
| El Flossbach von Storch – Bond Opportunities (el “subfondo”) promueve características medioambientales o sociales en el sentido del artículo 8 del Reglamento (UE) 2019/2088. El objetivo de la política de inversión del subfondo consiste en obtener una revalorización adecuada en consideración al riesgo de inversión. El patrimonio del subfondo pretende invertirse en valores de renta fija e instrumentos del mercado monetario del ámbito internacional con arreglo al principio de diversificación del riesgo. El subfondo se gestiona de manera activa. El gestor del fondo se encarga de la composición de la cartera, de acuerdo exclusivamente con los criterios definidos en la política de inversión, revisada periódicamente y ajustada en caso necesario. No se realiza ninguna comparación con ningún índice. A la hora de tomar las decisiones de inversión del subfondo, el gestor del fondo respetará la política de sostenibilidad de la Sociedad Gestora y los aspectos incluidos en ella, tal como se define más detalladamente en el apartado “Política de sostenibilidad” del folleto. Flossbach von Storch sigue un enfoque holístico centrado en la sostenibilidad en todo el grupo: Como inversor a largo plazo, Flossbach von Storch concede gran importancia a que las empresas gestionen su huella medioambiental y social de forma responsable y contrarresten los efectos negativos de sus actividades de forma activa. Por ejemplo, las empresas de cartera son supervisadas para determinar los objetivos climáticos y el progreso se supervisa sobre la base de indicadores específicos de sostenibilidad. Flossbach von Storch aplica criterios de exclusión en todo el grupo con características sociales y medioambientales. Esto incluye la exclusión de inversiones en empresas con modelos de negocio específicos. Entre ellas se incluyen las armas controvertidas. También se aplica una política de cooperación vinculante para poder influir en la evolución positiva en caso de efectos negativos especialmente graves sobre determinados factores de sostenibilidad de las inversiones. Para alcanzar los objetivos de inversión, el patrimonio del subfondo se invertirá, conforme al principio de diversificación del riesgo, en valores de renta fija (incluyendo bonos corporativos), instrumentos del mercado monetario, títulos de deuda de todo tipo, incluyendo bonos cupón cero, bonos protegidos contra la inflación, valores a tipo de interés variable, participaciones de fondos de inversión (“fondos subyacentes”), depósitos a plazo fijo, derivados, certificados y otros productos estructurados (p. ej. bonos canjeables, bonos con warrant, bonos de participación en beneficios condicionados, bonos convertibles y bonos de participación en beneficios convertibles) y recursos líquidos. La exposición a divisas está limitada como máximo al 15 % del patrimonio neto del subfondo. Únicamente se adquirirán participaciones de OICVM u otros OIC (“fondos subyacentes”) hasta un límite máximo del 10 % del patrimonio del subfondo. Se prevé la utilización de instrumentos financieros derivados (“derivados”) para alcanzar los objetivos de inversión mencionados, así como para fines de inversión y de cobertura. En principio, los inversores podrán reembolsar sus participaciones en cualquier día bancario de Luxemburgo, excepto los días 24 y 31 de diciembre. En caso de que circunstancias excepcionales así lo requieran, el reembolso de las participaciones podrá suspenderse, atendiendo a los intereses de los inversores. Este subfondo puede no ser adecuado para aquellos inversores que deseen retirar su dinero del subfondo en un plazo de 3 años. Esta clase de participaciones no abona los ingresos al inversor, sino que los invierte. El Depositario del fondo es DZ PRIVATBANK S.A., con domicilio social en 1445-Strassen, Luxemburgo, 4, rue Thomas Edison. |
| Inversor minorista al que va dirigido: |
| Teniendo en cuenta la composición de la cartera, el subfondo es adecuado para aquellos inversores de perfil conservador. | | | DOCUMENT D'INFORMATIONS CLÉS Objectif Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d’un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits. | |
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| Flossbach von Storch - Bond Opportunities - HT |
| PRODUIT | | |
| Produit : | Flossbach von Storch - Bond Opportunities - HT | |
| Initiateur: | Flossbach von Storch Invest S.A. | |
| ISIN | LU1748855837 | |
| Site internet : | https://www.fvsinvest.lu | |
| Numéro de téléphone: | 00352 275 607 30 | |
| Autorité compétente : | La Commission de Surveillance du Secteur Financier (CSSF) est chargée du contrôle de Flossbach von Storch Invest S.A. en ce qui concerne ce document d’informations clés. Ce PRIIP est autorisé au Luxembourg. |
| Le présent Document d'informations clés est valable à partir du 03 janvier 2023. |
| EN QUOI CONSISTE CE PRODUIT? |
| Type : FCP (fonds commun de placement) |
| Durée : de durée illimitée | | |
| Objectifs : | | |
| Le Flossbach von Storch – Bond Opportunities (le « compartiment ») promeut des caractéristiques environnementales ou sociales au sens de l’article 8 du règlement (UE) 2019/2088. L’objectif de la politique d’investissement du compartiment consiste à réaliser une plus-value intéressante en tenant compte du risque d’investissement. L’actif du compartiment sera investi dans des instruments du marché monétaire et des valeurs mobilières à revenu fixe dans le monde entier, selon le principe de la diversification des risques. Le compartiment fait l’objet d’une gestion active. La composition du portefeuille est élaborée, régulièrement vérifiée et, éventuellement, ajustée par le gestionnaire du fonds exclusivement conformément aux critères définis dans la politique d’investissement. La performance n’est pas comparée à celle d’un indice. Dans le cadre de ses décisions d’investissement relatives au compartiment, le gestionnaire du fonds respecte les exigences de la politique de durabilité de la société de gestion et les éléments qui y sont mentionnés tels que définis plus en détail à la section « Politique de durabilité » du prospectus. Flossbach de Storch suit une approche globale de la durabilité dans l’ensemble du groupe : En tant qu’investisseur orienté à long terme, Flossbach von Storch attache de l’importance à ce que les entreprises gèrent de manière responsable leur empreinte environnementale et sociale et à ce qu’elles luttent activement contre les incidences négatives de leurs activités. Les entreprises en portefeuille sont notamment contrôlées par rapport aux objectifs climatiques fixés et les progrès sont suivis à l’aide de certains indicateurs de durabilité. Flossbach von Storch met en œuvre des critères d’exclusion à l’échelle du groupe avec des caractéristiques sociales et environnementales. Celles-ci incluent l’exclusion des investissements dans des entreprises ayant des modèles économiques spécifiques. Les armes controversées sont notamment concernées par ces critères. Une politique de participation obligatoire est également mise en œuvre afin d’encourager une évolution positive en cas d’incidences négatives particulièrement graves sur certains facteurs de durabilité des investissements. Afin d’atteindre les objectifs d’investissement, l’actif du compartiment sera investi dans des valeurs mobilières à revenu fixe (y compris des obligations d’entreprise), des instruments du marché monétaire, des obligations de toutes sortes, y compris des obligations à coupon zéro, des obligations indexées sur l’inflation, des titres à rémunération variable, des parts de fonds d’investissement (fonds cibles), des dépôts à terme, des produits dérivés, des certificats et autres produits structurés (p.ex. emprunts en actions, obligations à option, bons de jouissance à option, obligations convertibles, bons de jouissance convertibles), ainsi que des liquidités, selon le principe de la diversification des risques. L’exposition à la devise étrangère est limitée à 15 % maximum de l’actif net du compartiment. Les parts dans des OPCVM ou autres OPC (« fonds cibles ») peuvent être acquises jusqu’à une limite maximale de 10 %. Dans le but d’atteindre les objectifs d’investissement précités, le fonds peut également recourir à des instruments financiers dérivés (« produits dérivés ») à des fins d’investissement et de couverture. Les investisseurs peuvent en principe racheter leurs parts chaque jour ouvrable bancaire au Luxembourg, à l’exception des 24 et 31 décembre. Le rachat des parts peut être suspendu si, compte tenu des intérêts des investisseurs, des circonstances exceptionnelles l’imposent. Ce compartiment peut ne pas convenir aux investisseurs qui souhaitent retirer leur argent du compartiment dans un délai de 3 ans. Cette catégorie de parts ne verse pas de revenus à l’investisseur, mais les investit à son tour. Le dépositaire du fonds est DZ PRIVATBANK S.A., dont le siège est situé à 1455-Strassen, Luxembourg, 4, rue Thomas Edison. |
| Investisseurs de détail visés : |
| Compte tenu de la composition du portefeuille, le compartiment convient aux investisseurs qui privilégient la prudence. | | fr | es |
DOLFIN8428 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
VaR is the risk measurement methodology used to assess the Funds’ leverage and market risk volatility. When the VaR is calculated as a percentage of the net asset value of the Funds (absolute or relative VaR), it may not be greater than the Regulatory limits, as detailed in the prospectus. VaR is calculated on a daily basis using a one-tailed 99% confidence level and pre-determined holding period on either an absolute (where the figure is compared to the net asset value of the Fund) or relative basis (where VaR is compared to the benchmark or reference portfolio). The historical observation period will not be less than one year unless a shorter period is justified.
Some limitations of VaR analysis are:
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##### RISK MANAGEMENT OBJECTIVES AND POLICIES cont’d. | Der VaR ist die Risikobewertungsmethode, die verwendet wird, um Leverage und Marktrisikovolatilität der Fonds zu beurteilen. Wird der VaR als Prozentsatz des Nettoinventarwerts der Fonds berechnet (absoluter oder relativer VaR), darf er die im Prospekt angegebenen regulatorischen Höchstgrenzen nicht übersteigen. Der VaR wird täglich auf der Grundlage eines einseitigen Konfidenzniveaus von 99 % und einer im Voraus festgelegten Haltefrist entweder auf einer absoluten Basis (bei der der Wert mit dem Nettoinventarwert des Fonds verglichen wird) oder auf einer relativen Basis (bei der der VaR mit dem Referenzwert oder dem Referenzportfolio verglichen wird) berechnet. Der historische Beobachtungszeitraum darf nicht weniger als ein Jahr betragen, sofern kein kürzerer Zeitraum gerechtfertigt ist.
Nachfolgend eine Auflistung der Nachteile der VaR-Analyse:
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#### ZIELE UND GRUNDSÄTZE DES RISIKOMANAGEMENTS Forts. | VaR is the risk measurement methodology used to assess the Funds’ leverage and market risk volatility. When the VaR is calculated as a percentage of the net asset value of the Funds (absolute or relative VaR), it may not be greater than the Regulatory limits, as detailed in the prospectus. VaR is calculated on a daily basis using a one-tailed 99% confidence level and pre-determined holding period on either an absolute (where the figure is compared to the net asset value of the Fund) or relative basis (where VaR is compared to the benchmark or reference portfolio). The historical observation period will not be less than one year unless a shorter period is justified.
Some limitations of VaR analysis are:
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##### RISK MANAGEMENT OBJECTIVES AND POLICIES cont’d. | en | de |
DOLFIN8429 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Global Aggregate Bond Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed, and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements, combined with foreign currency contracts for currency hedging. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of global investment-grade debt (i.e. bond) markets and currently is made up of four regional indices (i.e. the Bloomberg Barclays US Aggregate Index, the Bloomberg Barclays Pan-European Aggregate Index, the Bloomberg Barclays Asian-Pacific Aggregate Index and the Bloomberg Barclays Canadian Aggregate Index) as well as other Bloomberg Barclays index-eligible securities not already included in these four indices. The FI securities that make up the Index may be issued or guaranteed by governments, public international bodies or companies and will pay income according to a fixed and/or floating rate of interest. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness).
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Bloomberg Barclays Global Aggregate Bond Index, el índice de referencia del Fondo (el Índice). La Clase de acciones también trata de reducir el impacto sobre sus rendimientos de las fluctuaciones de los tipos de cambio entre las divisas de la cartera subyacente del Fondo y el euro.
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y realizable, en los valores de renta fija (RF) (como bonos) que integran el Índice y cumplen sus requisitos de calificación de solvencia, en combinación con contratos de divisas a plazo con fines de cobertura del tipo de cambio. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible venderlos.
El Índice mide la rentabilidad de los mercados mundiales de deuda (es decir, bonos) con categoría de inversión y actualmente está compuesto por cuatro índices de ámbito regional (el Bloomberg Barclays US Aggregate Index, el Bloomberg Barclays Pan-European Aggregate Index, el Bloomberg Barclays Asian-Pacific Aggregate Index y el Bloomberg Barclays Canadian Aggregate Index), además de otros valores que cumplen los criterios de los índices de Bloomberg Barclays y que no están incluidos en estos cuatro índices. Los valores que RF que componen el Índice pueden ser emitidos o garantizados por gobiernos, organismos públicos internacionales o empresas, y pagarán rendimientos con arreglo a un tipo de interés fijo o variable. En el momento de su inclusión en el Índice, los valores de RF tendrán un nivel de grado de inversión (es decir, cumplirán un nivel específico de solvencia).
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD (incluidos los contratos de divisas a plazo) pueden utilizarse con fines de inversión directa.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta Clase de Acciones están denominadas en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Global Aggregate Bond Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed, and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements, combined with foreign currency contracts for currency hedging. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of global investment-grade debt (i.e. bond) markets and currently is made up of four regional indices (i.e. the Bloomberg Barclays US Aggregate Index, the Bloomberg Barclays Pan-European Aggregate Index, the Bloomberg Barclays Asian-Pacific Aggregate Index and the Bloomberg Barclays Canadian Aggregate Index) as well as other Bloomberg Barclays index-eligible securities not already included in these four indices. The FI securities that make up the Index may be issued or guaranteed by governments, public international bodies or companies and will pay income according to a fixed and/or floating rate of interest. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness).
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN8430 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Footnotes
A copy of the Fund Factsheet report disclosing the Sector/Industry Exposure, Country Exposure and Top Net Long Positions including derivatives exposures may be obtained upon request from either the offices of the companies registered as distributors or from the Registered Office of the Company. The market value disclosed in the largest holdings consists of the market value as per local GAAP and does not include derivatives exposures. This is also the basis by which the geographical/sector split was calculated. Alternatively, please go to https://www.fidelity.lu/funds/pricing-and-performance. | # Fußnoten
Ein Exemplar des Factsheets des Fonds mit Angaben zu den Engagements auf Sektor-/Branchen- und Länderebene sowie zu den größten Netto-Long- Positionen einschließlich der Engagements in Derivaten kann entweder über die Geschäftsstellen der als unsere Vertriebspartner eingetragenen Unternehmen oder über den Sitz der Gesellschaft bezogen werden. Der für die größten Bestände ausgewiesene Marktwert ist der Marktwert gemäß den lokalen allgemein anerkannten Rechnungslegungsgrundsätzen und umfasst keine Engagements in Derivaten. Die regionale/sektorielle Aufteilung wurde auf der gleichen Grundlage berechnet. Diese Dokumente stehen auch unter https://www.fidelity.lu/funds/pricing-and-performance zur Verfügung. | # Footnotes
A copy of the Fund Factsheet report disclosing the Sector/Industry Exposure, Country Exposure and Top Net Long Positions including derivatives exposures may be obtained upon request from either the offices of the companies registered as distributors or from the Registered Office of the Company. The market value disclosed in the largest holdings consists of the market value as per local GAAP and does not include derivatives exposures. This is also the basis by which the geographical/sector split was calculated. Alternatively, please go to https://www.fidelity.lu/funds/pricing-and-performance. | en | de |
DOLFIN8431 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit ?
Type Le Fonds est un compartiment de BlackRock Strategic Funds, une société à compartiments constituée au Luxembourg, agréée par la Commission de Surveillance du Secteur Financier en tant qu’Organisme de Placement Collectif en Valeurs Mobilières (« OPCVM »).
Durée de vie : La durée d’existence et la période d’échéance du Fonds ne sont pas fixes mais, dans certaines circonstances, telles que décrites dans le prospectus du Fonds, le Fonds peut être clos de manière unilatérale après en avoir informé par écrit les porteurs de parts dans des délais raisonnables, à condition de respecter les modalités détaillées dans le prospectus du Fonds et la réglementation en vigueur.
## Objectifs
Le Fonds vise une croissance du capital et un revenu à long terme sur votre investissement avec une faible tolérance à la perte de capital.
Le Fonds investit à l’échelle mondiale, soit indirectement (via d’autres fonds), soit directement dans la gamme complète d’actifs dans lesquels un fonds OPCVM peut investir.
Il s’agit entre autres de : titres de participation (par ex. des actions), titres à revenu fixe (RF) (tels que des obligations), instruments du marché monétaire (IMM) (c’est-à-dire des titres de créance à échéance courte), instruments financiers dérivés (IFD), defonds, dépôts et liquidités. Les IFD sont des investissements dont le prix repose sur un ou plusieurs actifs sous-jacents.
Les titres à revenu fixe peuvent être émis par des États, des organismes d’État, des sociétés et des entités supranationales (par ex. la Banque internationale pour la reconstruction et le développement).
Le Fonds peut investir dans la gamme complète de titres à revenu fixe qui peut comprendre des investissements qui ont une qualité de crédit relativement faible ou qui ne sont pas notés.
Les actifs détenus par le Fonds peuvent être libellés dans une grande variété de devises.
Aux fins de la gestion du risque de change, le gestionnaire financier par délégation (GFD) peut utiliser des techniques d’investissement (qui peuvent comprendre l’utilisation d’IFD) pour protéger la valeur du Fonds, en tout ou en partie, ou permettre au Fonds de bénéficier des variations des taux de change par rapport à la devise de référence du Fonds.
Le GFD utilisera des IFD pour atteindre l’objectif d’investissement du Fonds. Ils peuvent être utilisés pour acquérir une exposition indirecte aux matières premières. Une part significative des actifs du Fonds peut être investie dans des swaps sur rendement total et des contrats de différence dont le but est d’atteindre un rendement défini basé sur des actifs sous-jacents, tels que des actions et des titres RF.
Le Fonds est activement géré et le GFD a le pouvoir discrétionnaire de sélectionner les investissements du Fonds et n’est contraint par aucun de référence dans ce processus. Les actionnaires doivent utiliser le Overnight Euro Short Term Rate (ESTR) pour comparer la performance du Fonds.
Le Fonds investit dans des titres à revenu fixe, de titres de participation et des organismes de placement collectif. Par conséquent, la valeur de votre investissement peut être affectée par les facteurs qui ont un impact sur la valeur de ces catégories d’actifs.
Le rendement de votre investissement dans le Fonds est directement lié à la valeur des actifs sous-jacents du Fonds, déduction faite des coûts (voir « Que va me coûter cet investissement ? » ci-dessous).
La relation entre le rendement, ses facteurs d’influence et la période de détention de votre investissement sont détaillés dans la rubrique ci- dessous (voir « Combien de temps dois-je le conserver, et puis-je retirer de l’argent de façon anticipée ? »).
Le dépositaire du Fonds est State Street Bank International GmbH, succursale de Luxembourg.
Pour de plus amples informations sur le Fonds, veuillez consulter le dernier rapport annuel et les rapports semestriels de BlackRock Strategic Funds. Ces documents sont disponibles gratuitement en anglais et dans certaines autres langues. Vous les trouverez, ainsi que d’autres informations (pratiques), notamment le prix des parts, sur le site Internet de BlackRock à l’adresse : www.blackrock.com, ou en appelant l’équipe internationale de Services aux Investisseurs au +44 (0) 20 7743 3300.
Vos actions ne seront pas des actions de distribution (c'est-à-dire que les dividendes seront inclus dans leur valeur). Vos actions seront libellées en euro, la devise de référence du Fonds.
Vous pouvez acheter et vendre vos actions chaque jour. L’investissement initial minimal pour cette catégorie d'actions est de 100 000 USD ou sa contre-valeur en devise.
Investisseur de détail visé : Le Fonds est destiné aux investisseurs de détail capables de supporter des pertes pouvant aller jusqu’au montant investi dans le Fonds (voir « Combien de temps dois-je le conserver, et puis-je retirer de l’argent de façon anticipée ? »).
Prestations d’assurance : Le Fonds n’offre pas de prestations d’assurance. | # ¿Qué es este producto?
Tipo: El Fondo es un subfondo de BlackRock Strategic Funds, una sociedad paraguas constituida en Luxemburgo y autorizada por la Commission de Surveillance du Secteur Financier como Organismo de Inversión Colectiva en Valores Mobiliarios («OICVM»).
Plazo: El Fondo no tiene establecido ningún periodo fijo de existencia o vencimiento, aunque, en determinadas circunstancias, tal como se describe en el folleto del Fondo, el Fondo podrá ser resuelto unilateralmente tras el envío de una notificación escrita a los partícipes, con sujeción a lo establecido en el folleto del Fondo y en la normativa aplicable.
## Objetivos
El Fondo tiene por objetivo obtener una revalorización del capital a largo plazo y rendimientos de su inversión con una tolerancia baja a la pérdida de capital.
El Fondo invierte a escala mundial de forma indirecta (a través de otros fondos) o directa en toda la gama de activos en los que puede invertir un fondo de OICVM.
Estos incluyen, entre otros: valores de renta variable (como acciones), valores de renta fija (RF) (como bonos), instrumentos del mercado monetario (IMM) (es decir, títulos de deuda con vencimientos a corto plazo), instrumentos financieros derivados (IFD), fondos, depósitos y efectivo. Los IFD son inversiones cuyos precios se basan en uno o más activos subyacentes.
Los valores de renta fija podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Desarrollo).
El Fondo puede invertir en la gama completa de valores de renta fija, que pueden incluir inversiones con una calificación de solvencia relativamente baja o que carezcan de calificación.
Los activos mantenidos por el Fondo pueden estar denominados en una amplia variedad de divisas.
Con el fin de gestionar la exposición a divisas, el asesor de inversiones (AI) podrá utilizar técnicas de inversión (que podrán incluir el uso de IFD) para proteger, total o parcialmente, el valor del Fondo, o para permitir que el Fondo pueda beneficiarse de las oscilaciones de los tipos de cambio frente a la divisa base del Fondo.
El AI utilizará IFD para ayudar a alcanzar el objetivo de inversión del Fondo. Estos pueden utilizarse para obtener una exposición indirecta a materias primas. Una parte sustancial de los activos del Fondo podrá invertirse en swaps de rentabilidad total y contratos por diferencia que tratan de conseguir una rentabilidad específica determinada basada en activos subyacentes, como valores de renta variable y de RF.
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo y no está limitado por ningún índice de referencia para llevar a cabo este proceso. Los accionistas deberán utilizar el Overnight Euro Short Term Rate (ESTR) para comparar el rendimiento del Fondo.
El Fondo invierte en valores de renta fija, valores de renta variable y planes de inversión colectiva, por lo que el valor de su inversión puede verse afectado por los factores que influyen en el valor de esas clases de activos.
La rentabilidad de su inversión en el Fondo estará directamente relacionada con el valor de los activos subyacentes del Fondo, menos los costes (véase el apartado «¿Cuáles son los costes?»).
La relación entre la rentabilidad de la inversión, cómo se ve afectada y el periodo durante el cual usted deberá mantener la inversión son aspectos que se consideran más abajo (véase el apartado «¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?»).
El depositario del Fondo es State Street Bank International GmbH, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Strategic Funds. Estos documentos están disponibles de forma gratuita en inglés y en otros idiomas. Podrán obtenerse, junto con otra información (práctica), incluidos los precios de las participaciones, en el sitio web de BlackRock: www.blackrock.com, o llamando al equipo de Servicios para Inversores Internacionales al +44 (0) 20 7743 3300.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 100 000 USD o su equivalente en otra moneda.
Inversor minorista al que va dirigido: El Fondo está destinado a inversores minoristas con capacidad para soportar pérdidas que pueden llegar al importe invertido en el Fondo (véase el apartado «¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?»).
Prestaciones de seguros: El Fondo no ofrece ninguna prestación de seguros. | # En quoi consiste ce produit ?
Type Le Fonds est un compartiment de BlackRock Strategic Funds, une société à compartiments constituée au Luxembourg, agréée par la Commission de Surveillance du Secteur Financier en tant qu’Organisme de Placement Collectif en Valeurs Mobilières (« OPCVM »).
Durée de vie : La durée d’existence et la période d’échéance du Fonds ne sont pas fixes mais, dans certaines circonstances, telles que décrites dans le prospectus du Fonds, le Fonds peut être clos de manière unilatérale après en avoir informé par écrit les porteurs de parts dans des délais raisonnables, à condition de respecter les modalités détaillées dans le prospectus du Fonds et la réglementation en vigueur.
## Objectifs
Le Fonds vise une croissance du capital et un revenu à long terme sur votre investissement avec une faible tolérance à la perte de capital.
Le Fonds investit à l’échelle mondiale, soit indirectement (via d’autres fonds), soit directement dans la gamme complète d’actifs dans lesquels un fonds OPCVM peut investir.
Il s’agit entre autres de : titres de participation (par ex. des actions), titres à revenu fixe (RF) (tels que des obligations), instruments du marché monétaire (IMM) (c’est-à-dire des titres de créance à échéance courte), instruments financiers dérivés (IFD), defonds, dépôts et liquidités. Les IFD sont des investissements dont le prix repose sur un ou plusieurs actifs sous-jacents.
Les titres à revenu fixe peuvent être émis par des États, des organismes d’État, des sociétés et des entités supranationales (par ex. la Banque internationale pour la reconstruction et le développement).
Le Fonds peut investir dans la gamme complète de titres à revenu fixe qui peut comprendre des investissements qui ont une qualité de crédit relativement faible ou qui ne sont pas notés.
Les actifs détenus par le Fonds peuvent être libellés dans une grande variété de devises.
Aux fins de la gestion du risque de change, le gestionnaire financier par délégation (GFD) peut utiliser des techniques d’investissement (qui peuvent comprendre l’utilisation d’IFD) pour protéger la valeur du Fonds, en tout ou en partie, ou permettre au Fonds de bénéficier des variations des taux de change par rapport à la devise de référence du Fonds.
Le GFD utilisera des IFD pour atteindre l’objectif d’investissement du Fonds. Ils peuvent être utilisés pour acquérir une exposition indirecte aux matières premières. Une part significative des actifs du Fonds peut être investie dans des swaps sur rendement total et des contrats de différence dont le but est d’atteindre un rendement défini basé sur des actifs sous-jacents, tels que des actions et des titres RF.
Le Fonds est activement géré et le GFD a le pouvoir discrétionnaire de sélectionner les investissements du Fonds et n’est contraint par aucun de référence dans ce processus. Les actionnaires doivent utiliser le Overnight Euro Short Term Rate (ESTR) pour comparer la performance du Fonds.
Le Fonds investit dans des titres à revenu fixe, de titres de participation et des organismes de placement collectif. Par conséquent, la valeur de votre investissement peut être affectée par les facteurs qui ont un impact sur la valeur de ces catégories d’actifs.
Le rendement de votre investissement dans le Fonds est directement lié à la valeur des actifs sous-jacents du Fonds, déduction faite des coûts (voir « Que va me coûter cet investissement ? » ci-dessous).
La relation entre le rendement, ses facteurs d’influence et la période de détention de votre investissement sont détaillés dans la rubrique ci- dessous (voir « Combien de temps dois-je le conserver, et puis-je retirer de l’argent de façon anticipée ? »).
Le dépositaire du Fonds est State Street Bank International GmbH, succursale de Luxembourg.
Pour de plus amples informations sur le Fonds, veuillez consulter le dernier rapport annuel et les rapports semestriels de BlackRock Strategic Funds. Ces documents sont disponibles gratuitement en anglais et dans certaines autres langues. Vous les trouverez, ainsi que d’autres informations (pratiques), notamment le prix des parts, sur le site Internet de BlackRock à l’adresse : www.blackrock.com, ou en appelant l’équipe internationale de Services aux Investisseurs au +44 (0) 20 7743 3300.
Vos actions ne seront pas des actions de distribution (c'est-à-dire que les dividendes seront inclus dans leur valeur). Vos actions seront libellées en euro, la devise de référence du Fonds.
Vous pouvez acheter et vendre vos actions chaque jour. L’investissement initial minimal pour cette catégorie d'actions est de 100 000 USD ou sa contre-valeur en devise.
Investisseur de détail visé : Le Fonds est destiné aux investisseurs de détail capables de supporter des pertes pouvant aller jusqu’au montant investi dans le Fonds (voir « Combien de temps dois-je le conserver, et puis-je retirer de l’argent de façon anticipée ? »).
Prestations d’assurance : Le Fonds n’offre pas de prestations d’assurance. | fr | es |
DOLFIN8432 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 3 ans |
| --- | --- |
| Exemple d'investissement: | 10,000 EUR |
| | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimum garanti. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 4,900 EUR | 6,070 EUR |
| Rendement annuel moyen | -51.00% | -15.33% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7,160 EUR | 6,950 EUR |
| Rendement annuel moyen | -28.40% | -11.42% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,210 EUR | 10,930 EUR |
| Rendement annuel moyen | 2.10% | 3.01% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11,660 EUR | 12,660 EUR |
| Rendement annuel moyen | 16.60% | 8.18% | | | Periodo de mantenimiento recomendado: | 3 años |
| --- | --- |
| Ejemplo de inversión: | 10,000 EUR |
| | En caso de salida después de 1 año | En caso de salida después de 3 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría usted perder una parte o la totalidad de tu inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 4,900 EUR | 6,070 EUR |
| Rendimiento medio cada año | -51.00% | -15.33% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7,160 EUR | 6,950 EUR |
| Rendimiento medio cada año | -28.40% | -11.42% |
| Moderado | Lo que podría recibir tras deducir los costes | 10,210 EUR | 10,930 EUR |
| Rendimiento medio cada año | 2.10% | 3.01% |
| Favorable | Lo que podría recibir tras deducir los costes | 11,660 EUR | 12,660 EUR |
| Rendimiento medio cada año | 16.60% | 8.18% | | | Période de détention recommandée: | 3 ans |
| --- | --- |
| Exemple d'investissement: | 10,000 EUR |
| | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimum garanti. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 4,900 EUR | 6,070 EUR |
| Rendement annuel moyen | -51.00% | -15.33% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7,160 EUR | 6,950 EUR |
| Rendement annuel moyen | -28.40% | -11.42% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,210 EUR | 10,930 EUR |
| Rendement annuel moyen | 2.10% | 3.01% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11,660 EUR | 12,660 EUR |
| Rendement annuel moyen | 16.60% | 8.18% | | fr | es |
DOLFIN8433 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Company will declare a dividend consisting of the net income and realised and unrealised gains net of realised and unrealised losses, if any, of the Sub-Fund attributable to Class ID and Class AD Shares on or about the last Valuation Day of the first Fee Period of each Accounting Period in respect of the previous Accounting Period. Any such dividend will be paid to the Shareholders of record of the Sub-Fund within ten (10) Business Days.
Each dividend declared by the Company on the outstanding Class ID and Class AD Shares of the Sub- Fund will be paid in cash.
Upon the declaration of any dividends to the Shareholders of the Sub-Fund, the Net Asset Value per Share of the relevant Class of the Sub-Fund will be reduced by the amount of such dividends. Payment of the dividends will be made to the address or account indicated on the register of Shareholders, as may be amended from time to time.
Any dividend paid on a Share of the Sub-Fund that has not been claimed within six years of its declaration will be forfeited and will be paid for the benefit of the Fund. No interest will be paid on any dividend.
-
## Capitalizing Share Classes | La Société déclarera des dividendes constitués du revenu net et des plus-values réalisées et latentes, déduction faite des moins-values réalisées et latentes, le cas échéant, du Compartiment attribuable aux Actions des Classes ID et AD, le dernier Jour d'évaluation de janvier de la première Période de calcul des Commissions de chaque Exercice concernant l'Exercice précédent. Ces dividendes seront payés aux Actionnaires inscrits du Compartiment dans un délai de dix (10) Jours ouvrés.
Chaque dividende déclaré par la Société sur les Classes d'Actions ID et AD en circulation du Compartiment sera payé en numéraire.
À la déclaration des dividendes aux Actionnaires du Compartiment, la Valeur liquidative par Action de la Classe concernée du Compartiment sera diminuée du montant de ces dividendes. Le versement des dividendes sera effectué à l'adresse ou sur le compte indiqué dans le registre des Actionnaires, ce qui pourra être amendé de temps à autre.
Tout dividende versé sur une Action du Compartiment n'ayant pas été réclamé dans un délai de six ans après sa déclaration sera annulé et sera versé au bénéfice du Compartiment. Aucun intérêt ne sera payé sur les dividendes.
-
## Classes d’Actions de capitalisation | The Company will declare a dividend consisting of the net income and realised and unrealised gains net of realised and unrealised losses, if any, of the Sub-Fund attributable to Class ID and Class AD Shares on or about the last Valuation Day of the first Fee Period of each Accounting Period in respect of the previous Accounting Period. Any such dividend will be paid to the Shareholders of record of the Sub-Fund within ten (10) Business Days.
Each dividend declared by the Company on the outstanding Class ID and Class AD Shares of the Sub- Fund will be paid in cash.
Upon the declaration of any dividends to the Shareholders of the Sub-Fund, the Net Asset Value per Share of the relevant Class of the Sub-Fund will be reduced by the amount of such dividends. Payment of the dividends will be made to the address or account indicated on the register of Shareholders, as may be amended from time to time.
Any dividend paid on a Share of the Sub-Fund that has not been claimed within six years of its declaration will be forfeited and will be paid for the benefit of the Fund. No interest will be paid on any dividend.
-
## Capitalizing Share Classes | en | fr |
DOLFIN8434 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Comgest Growth EAFE
SIGNIFICANT PORTFOLIO CHANGES for the financial period to 30 June 2021
| Purchases | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (USD) | Purchases |
| Sony Group Corp | 4,700 | 484,804 | 10.17 |
| Shimano Inc | 2,000 | 471,502 | 9.89 |
| Daifuku Co Ltd | 4,800 | 411,368 | 8.63 |
| Alibaba Group Holding Ltd | 13,100 | 400,806 | 8.41 |
| Dassault Systèmes SE | 1,039 | 244,380 | 5.13 |
| Recruit Holdings Co Ltd | 4,800 | 241,091 | 5.06 |
| ASML Holding NV | 348 | 238,219 | 5.00 |
| Adyen NV | 93 | 211,591 | 4.44 |
| Experian PLC | 4,524 | 165,724 | 3.48 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 24,800 | 161,010 | 3.38 |
| Novo Nordisk A/S - B Shares | 2,180 | 158,938 | 3.34 |
| Autohome Inc | 1,374 | 148,196 | 3.11 |
| Pernod Ricard SA | 625 | 121,968 | 2.56 |
| NetEase Inc | 4,100 | 96,948 | 2.03 |
| Housing Development Finance Corp Ltd | 2,693 | 94,672 | 1.99 |
| Shin-Etsu Chemical Co Ltd | 500 | 86,481 | 1.81 |
| Tencent Holdings Ltd | 1,000 | 86,193 | 1.81 |
| Hoya Corp | 700 | 83,085 | 1.74 |
| AIA Group Ltd | 6,200 | 80,583 | 1.69 |
| Pan Pacific International Holdings Corp | 3,600 | 78,743 | 1.65 |
| L’Oréal SA | 184 | 72,035 | 1.51 |
| Roche Holding AG | 210 | 71,010 | 1.49 |
| EssilorLuxottica SA | 393 | 63,135 | 1.32 |
| Daikin Industries Ltd | 300 | 62,404 | 1.31 |
| Straumann Holding AG | 43 | 57,006 | 1.20 |
| Taiwan Semiconductor Manufacturing Co Ltd | 422 | 54,390 | 1.14 |
| Amadeus IT Group SA - A Shares | 762 | 51,989 | 1.09 |
| Keyence Corp | 100 | 48,186 | 1.01 | | # Comgest Growth EAFE
WESENTLICHE BESTANDSVERÄNDERUNGEN für den Berichtszeitraum zum 30. Juni 2021
| Käufe | | | |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (USD) | Käufe |
| Sony Group Corp | 4.700 | 484.804 | 10,17 |
| Shimano Inc | 2.000 | 471.502 | 9,89 |
| Daifuku Co Ltd | 4.800 | 411.368 | 8,63 |
| Alibaba Group Holding Ltd | 13.100 | 400.806 | 8,41 |
| Dassault Systèmes SE | 1.039 | 244.380 | 5,13 |
| Recruit Holdings Co Ltd | 4.800 | 241.091 | 5,06 |
| ASML Holding NV | 348 | 238.219 | 5,00 |
| Adyen NV | 93 | 211.591 | 4,44 |
| Experian PLC | 4.524 | 165.724 | 3,48 |
| Inner Mongolia Yili Industrial Group Co Ltd – A-Aktien | 24.800 | 161.010 | 3,38 |
| Novo Nordisk A/S – B-Aktien | 2.180 | 158.938 | 3,34 |
| Autohome Inc | 1.374 | 148.196 | 3,11 |
| Pernod Ricard SA | 625 | 121.968 | 2,56 |
| NetEase Inc | 4.100 | 96.948 | 2,03 |
| Housing Development Finance Corp Ltd | 2.693 | 94.672 | 1,99 |
| Shin-Etsu Chemical Co Ltd | 500 | 86.481 | 1,81 |
| Tencent Holdings Ltd | 1.000 | 86.193 | 1,81 |
| Hoya Corp | 700 | 83.085 | 1,74 |
| AIA Group Ltd | 6.200 | 80.583 | 1,69 |
| Pan Pacific International Holdings Corp | 3.600 | 78.743 | 1,65 |
| L’Oréal SA | 184 | 72.035 | 1,51 |
| Roche Holding AG | 210 | 71.010 | 1,49 |
| EssilorLuxottica SA | 393 | 63.135 | 1,32 |
| Daikin Industries Ltd | 300 | 62.404 | 1,31 |
| Straumann Holding AG | 43 | 57.006 | 1,20 |
| Taiwan Semiconductor Manufacturing Co Ltd | 422 | 54.390 | 1,14 |
| Amadeus IT Group SA – A-Aktien | 762 | 51.989 | 1,09 |
| Keyence Corp | 100 | 48.186 | 1,01 | | # Comgest Growth EAFE
SIGNIFICANT PORTFOLIO CHANGES for the financial period to 30 June 2021
| Purchases | | | |
| --- | --- | --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (USD) | Purchases |
| Sony Group Corp | 4,700 | 484,804 | 10.17 |
| Shimano Inc | 2,000 | 471,502 | 9.89 |
| Daifuku Co Ltd | 4,800 | 411,368 | 8.63 |
| Alibaba Group Holding Ltd | 13,100 | 400,806 | 8.41 |
| Dassault Systèmes SE | 1,039 | 244,380 | 5.13 |
| Recruit Holdings Co Ltd | 4,800 | 241,091 | 5.06 |
| ASML Holding NV | 348 | 238,219 | 5.00 |
| Adyen NV | 93 | 211,591 | 4.44 |
| Experian PLC | 4,524 | 165,724 | 3.48 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 24,800 | 161,010 | 3.38 |
| Novo Nordisk A/S - B Shares | 2,180 | 158,938 | 3.34 |
| Autohome Inc | 1,374 | 148,196 | 3.11 |
| Pernod Ricard SA | 625 | 121,968 | 2.56 |
| NetEase Inc | 4,100 | 96,948 | 2.03 |
| Housing Development Finance Corp Ltd | 2,693 | 94,672 | 1.99 |
| Shin-Etsu Chemical Co Ltd | 500 | 86,481 | 1.81 |
| Tencent Holdings Ltd | 1,000 | 86,193 | 1.81 |
| Hoya Corp | 700 | 83,085 | 1.74 |
| AIA Group Ltd | 6,200 | 80,583 | 1.69 |
| Pan Pacific International Holdings Corp | 3,600 | 78,743 | 1.65 |
| L’Oréal SA | 184 | 72,035 | 1.51 |
| Roche Holding AG | 210 | 71,010 | 1.49 |
| EssilorLuxottica SA | 393 | 63,135 | 1.32 |
| Daikin Industries Ltd | 300 | 62,404 | 1.31 |
| Straumann Holding AG | 43 | 57,006 | 1.20 |
| Taiwan Semiconductor Manufacturing Co Ltd | 422 | 54,390 | 1.14 |
| Amadeus IT Group SA - A Shares | 762 | 51,989 | 1.09 |
| Keyence Corp | 100 | 48,186 | 1.01 | | en | de |
DOLFIN8435 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The sensitivity analysis for the Fund assumes a change in the market price of the investments while holding all other variables constant. In practice this is unlikely to occur and changes in some of the variables may be correlated.
In addition, as the sensitivity analysis uses historical data as a basis for determining future events, it does not encompass all possible scenarios, particularly those that are of an extreme nature. The reasonably possible decrease in the benchmark index is based on the movement over the period ended 30 June 2020. These movements may be different from the long term volatility of the index.
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#### Foreign currency risk/interest rate risk | L’analyse de sensibilité associée au Fonds présume un changement du prix de marché des investissements et un maintien des autres variables à un niveau constant. En pratique, il est peu probable que cela se produise, et les mouvements de certaines variables peuvent être corrélés.
En outre, du fait que l’analyse de sensibilité se base sur des données historiques pour déterminer les événements à venir, elle ne peut intégrer tous les scénarios possibles, en particulier ceux de nature extrême. La baisse raisonnablement envisageable de l’indice de référence est basée sur le mouvement enregistré sur la période clôturée le 30 juin 2020. Ces variations peuvent s’avérer différentes de la volatilité de long terme de l’indice.
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#### Risque de change/risque de taux d’intérêt | The sensitivity analysis for the Fund assumes a change in the market price of the investments while holding all other variables constant. In practice this is unlikely to occur and changes in some of the variables may be correlated.
In addition, as the sensitivity analysis uses historical data as a basis for determining future events, it does not encompass all possible scenarios, particularly those that are of an extreme nature. The reasonably possible decrease in the benchmark index is based on the movement over the period ended 30 June 2020. These movements may be different from the long term volatility of the index.
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#### Foreign currency risk/interest rate risk | en | fr |
DOLFIN8436 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Swap agreements risk
The Company may enter into Swap agreements. Swap agreements can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structure, Swap agreements may increase or decrease the Company’s exposure to long-term or short-term interest rates, currency values, corporate borrowing rates, or other factors such as security prices, baskets of equity securities or inflation rates. Swap agreements can take many different forms and are known by a variety of names. The Company is not limited to any particular form of Swap agreement if consistent with the terms of the Prospectus and the investment objective and policy of a Fund.
Swap agreements tend to shift the Company’s investment exposure from one type of investment to another. For example, if the Company agrees to exchange payments in one currency for payments another currency, the Swap agreement would tend to decrease the Company’s exposure to interest rates in the country and/or region of the first currency and increase its exposure to the other currency and interest rates in the relevant country and/or region.
Depending on how they are used, Swap agreements may increase or decrease the overall volatility of the Company’s portfolio. The most significant factor in the performance of Swap agreements is the change in the specific interest rate, currency, individual equity values or other factors that determine the amounts of payments due to and from the Company. If a Swap agreement calls for payments by the Company, the Company must be prepared to make such payments when due. In addition, if a counterparty’s creditworthiness declines, the value of Swap agreements with such counterparty can be expected to decline, potentially resulting in losses by the Company.
Use of Swaps agreements may also incur counterparty risk as defined above. | ###### Risque lié aux accords de swap
La Société peut conclure des accords de swap. Les accords de swap peuvent être négociés individuellement et être structurés de manière à inclure une exposition à une variété de différents types d’investissements ou de facteurs de marché. Selon leur structure, les accords de swap peuvent augmenter ou diminuer l’exposition de la Société aux taux d’intérêt à long terme ou à court terme, à la valeur de devises, à des taux d’emprunt des sociétés, ou à d’autres facteurs tels que les prix de titres, de paniers d’actions ou des taux d’inflation. Les accords de swap peuvent prendre de nombreuses formes différentes et sont connus sous des noms différents. La Société n’est pas limitée à l’utilisation d’une forme particulière d’accord de swap si celui-ci respecte les dispositions du Prospectus et l’objectif et la politique d’investissement d’un Fonds.
Les accords de swap tendent à déplacer l’exposition d’investissement de la Société d’un type de placement à un autre. Par exemple, si la Société accepte d’échanger des paiements dans une devise contre des paiements dans une autre devise, l’accord de swap aura tendance à diminuer l’exposition de la Société aux taux d’intérêt dans le pays ou la région de la première devise et à augmenter son exposition à l’autre devise et aux taux d’intérêt dans le pays ou la région concernés.
Selon la manière dont ils sont utilisés, les accords de swap peuvent augmenter ou diminuer la volatilité globale du portefeuille de la Société. Le facteur le plus important expliquant la performance des accords de swap est la variation du taux d’intérêt, du taux de change, de la valeur de l’action ou des autres facteurs qui déterminent les montants dus à la Société ou payables par elle. Si un accord de swap nécessite des paiements par la Société, celle-ci doit être prête à effectuer ces paiements lorsqu’ils sont dus. En outre, si la solvabilité d’une contrepartie diminue, la valeur des accords de swap avec cette contrepartie devrait diminuer, ce qui pourrait entraîner des pertes pour la Société.
L’utilisation d’accords de swaps peut aussi entraîner un risque de contrepartie tel que défini ci-dessus. | ##### Swap agreements risk
The Company may enter into Swap agreements. Swap agreements can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structure, Swap agreements may increase or decrease the Company’s exposure to long-term or short-term interest rates, currency values, corporate borrowing rates, or other factors such as security prices, baskets of equity securities or inflation rates. Swap agreements can take many different forms and are known by a variety of names. The Company is not limited to any particular form of Swap agreement if consistent with the terms of the Prospectus and the investment objective and policy of a Fund.
Swap agreements tend to shift the Company’s investment exposure from one type of investment to another. For example, if the Company agrees to exchange payments in one currency for payments another currency, the Swap agreement would tend to decrease the Company’s exposure to interest rates in the country and/or region of the first currency and increase its exposure to the other currency and interest rates in the relevant country and/or region.
Depending on how they are used, Swap agreements may increase or decrease the overall volatility of the Company’s portfolio. The most significant factor in the performance of Swap agreements is the change in the specific interest rate, currency, individual equity values or other factors that determine the amounts of payments due to and from the Company. If a Swap agreement calls for payments by the Company, the Company must be prepared to make such payments when due. In addition, if a counterparty’s creditworthiness declines, the value of Swap agreements with such counterparty can be expected to decline, potentially resulting in losses by the Company.
Use of Swaps agreements may also incur counterparty risk as defined above. | en | fr |
DOLFIN8437 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Management Company shall be entitled on occasion to use other appropriate valuation methods in the event that those stated above appear inappropriate or unworkable in the light of extraordinary events.
- Ordinance provisions on asset valuation and calculation of issue and redemption pricesUCITSA-86-2----n/a
- Unit classesUCITSA-6-3-h---The Management Company may create one or more unit classes for each subfund. This shall be without prejudice to the rights of investors in the existing unit classes.
- Type and principal characteristics of the unitsUCITSA-6-3-b--- | Die Verwaltungsgesellschaft ist berechtigt, zeitweise andere adäquate Bewertungsgrundsätze anzuwen- den, falls die oben erwähnten aufgrund ausserge- wöhnlicher Ereignisse unmöglich oder unzweckmäs- sig erscheinen.
- Verordnungsbestimmungen für die Bewertung des Vermögens sowie die Berechnung des Ausgabe- oder Verkaufspreises und des Rücknahme- oder Auszahlungspreises der AnteileUCITSG-86-2----n/a
- AnteilsklassenUCITSG-6-3-h---Die Verwaltungsgesellschaft kann für jeden Teilfonds eine oder mehrere Anteilsklassen bilden. Die Rechte der Anleger in bestehenden Anteilsklassen bleiben davon unberührt.
- Art und Hauptmerkmale der AnteileUCITSG-6-3-b--- | The Management Company shall be entitled on occasion to use other appropriate valuation methods in the event that those stated above appear inappropriate or unworkable in the light of extraordinary events.
- Ordinance provisions on asset valuation and calculation of issue and redemption pricesUCITSA-86-2----n/a
- Unit classesUCITSA-6-3-h---The Management Company may create one or more unit classes for each subfund. This shall be without prejudice to the rights of investors in the existing unit classes.
- Type and principal characteristics of the unitsUCITSA-6-3-b--- | en | de |
DOLFIN8438 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The office of a Director shall be vacated ipso facto if:-
- he ceases to be a Director by virtue of any provision of the Companies Act or he becomes prohibited by law from being a Director;
- he becomes bankrupt or makes any arrangement or composition with his creditors generally;
- in the opinion of a majority of his co-Directors, he becomes incapable by reason of mental disorder of discharging his duties as a Director;
- he resigns his office by notice in writing to the Company signed by him and delivered to the Office;
- he is convicted of an indictable offence, unless the Directors otherwise determine;
- he shall have been absent for more than six consecutive months without permission of the Directors from meetings of the Directors held during that period and his alternate Director (if any) shall not have attended any such meeting in his place during such period, and the Directors pass a resolution that by reason of such absence he has vacated office;
- he is required in writing by all his co-Directors to resign; or
- the Competent Authority requires him to resign.
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## Removal of Directors
The Company, by ordinary resolution of which extended notice has been given in accordance with the provisions of the Companies Act, may remove any Director notwithstanding anything in these Articles or in any agreement between the Company and such Director and may, if thought fit, by ordinary resolution appoint another Director in his stead. Nothing in this Article shall be taken as depriving a person removed hereunder of compensation or damages payable to him in respect of the termination of his appointment as Director or of any appointment terminating with that of the Director. | # Das Amt eines Verwaltungsratsmitglieds soll ipso facto frei werden, wenn:
- es aufgrund einer Bestimmung des Companies Act aufhört, ein Verwaltungsratsmitglied zu sein oder ihm die Tätigkeit als Verwaltungsratsmitglied gesetzlich untersagt wird;
- es insolvent wird oder eine Vereinbarung oder einen Vergleich mit seinen Gläubigern im Allgemeinen schließt;
- es nach Meinung der Mehrheit der Co-Verwaltungsratsmitglieder aufgrund einer Geistesstörung unfähig zur Erfüllung seiner Pflichten als Verwaltungsratsmitglied wird;
- es von seinem Amt durch schriftliche, von ihm unterzeichnete und an dem Sitz eingereichte Mitteilung an die Gesellschaft zurücktritt;
- es wegen einer Straftat verurteilt wird, sofern die Verwaltungsratsmitglieder nicht etwas anderes festlegen;
- es für mehr als sechs aufeinander folgende Monate ohne Genehmigung des Verwaltungsrats auf den in diesem Zeitraum abgehaltenen Sitzungen der Verwaltungsratsmitglieder abwesend war und sein stellvertretendes Verwaltungsratsmitglied (falls vorhanden) an einer solchen Sitzung an seiner Stelle während dieses Zeitraums nicht teilgenommen hat und die Verwaltungsratsmitglieder einen Beschluss fassen, dass es aufgrund einer solchen Abwesenheit sein Amt aufgegeben hat;
- es von allen seinen Co-Verwaltungsratsmitgliedern schriftlich zum Rücktritt aufgefordert wird; oder
- die zuständige Behörde es zum Rücktritt auffordert.
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## Abberufung von Verwaltungsratsmitgliedern
Die Gesellschaft kann durch einfachen Beschluss, für den eine Ladung mit verlängerter Ladungsfrist in Übereinstimmung mit den Bestimmungen dem Companies Act erteilt wurde, ein Verwaltungsratsmitglied, unbeschadet von Bestimmungen in dieser Satzung oder einer Vereinbarung zwischen der Gesellschaft und einem solchen Verwaltungsratsmitglied, abberufen und, sofern als angemessen erachtet, durch einfachen Beschluss ein anderes Verwaltungsratsmitglied an seiner Stelle ernennen. Dieser Artikel ist nicht so zu interpretieren, dass einer hiernach abberufenen Person eine an sie im Zusammenhang mit ihrer Abberufung als Verwaltungsratsmitglied oder der Beendigung einer sonstigen mit dem Amt des Verwaltungsratsmitglieds verbundenen Funktion zahlbare Vergütung oder Entschädigung vorenthalten wird. | # The office of a Director shall be vacated ipso facto if:-
- he ceases to be a Director by virtue of any provision of the Companies Act or he becomes prohibited by law from being a Director;
- he becomes bankrupt or makes any arrangement or composition with his creditors generally;
- in the opinion of a majority of his co-Directors, he becomes incapable by reason of mental disorder of discharging his duties as a Director;
- he resigns his office by notice in writing to the Company signed by him and delivered to the Office;
- he is convicted of an indictable offence, unless the Directors otherwise determine;
- he shall have been absent for more than six consecutive months without permission of the Directors from meetings of the Directors held during that period and his alternate Director (if any) shall not have attended any such meeting in his place during such period, and the Directors pass a resolution that by reason of such absence he has vacated office;
- he is required in writing by all his co-Directors to resign; or
- the Competent Authority requires him to resign.
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## Removal of Directors
The Company, by ordinary resolution of which extended notice has been given in accordance with the provisions of the Companies Act, may remove any Director notwithstanding anything in these Articles or in any agreement between the Company and such Director and may, if thought fit, by ordinary resolution appoint another Director in his stead. Nothing in this Article shall be taken as depriving a person removed hereunder of compensation or damages payable to him in respect of the termination of his appointment as Director or of any appointment terminating with that of the Director. | en | de |
DOLFIN8439 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Trading Link
Participants to Bond Connect register with Tradeweb, the Bond Connect offshore electronic trading platform which links directly into CFETS. This platform will allow trading with designated onshore Bond Connect market makers using the Request for Quotation (RFQ) protocol.
The designated bond connect market makers provide tradable prices through CFETS. The quote will include the full amount with the clean price, yield to maturity and effective period for the response. The market makers can decline to respond to the RFQ and can decline, amend or withdraw the quote as long as it hasn’t been accepted by the potential buyer. Upon acceptance of the quote by the potential buyer, all other quotes automatically become invalid. CFETS will then generate a trade confirmation on which the market maker, buyers, CFETS and depository will use to process the settlement. | ### Handelslink
Teilnehmer am Bond Connect registrieren sich mit Tradeweb, der elektronischen Handelsplattform von Bond Connect, die eine direkte Verbindung zum CFETS herstellt. Diese Plattform ermöglicht den Handel mit designierten Onshore-Market-Makern des Bond Connect über das „Request-for- Quotation“-Protokoll.
Die designierten Market-Maker des Bond Connect bieten über das CFETS handelbare Preise. Die Quotierung umfasst den vollen Betrag inklusive des Clean Price, Rendite bis Fälligkeit und Gültigkeitsdauer bis zu einer Antwort. Die Market-Maker können sich weigern, auf das RFQ zu reagieren und können die Quotierung ablehnen, anpassen oder zurückziehen, solange sie vom potenziellen Käufer noch nicht akzeptiert worden ist. Sobald die Quotierung vom potenziellen Käufer akzeptiert wurde, werden alle anderen Quotierungen automatisch ungültig. Das CFETS erstellt im nächsten Schritt eine Handelsbestätigung, die vom Market-Maker, den Käufern, dem CFETS und der Verwahrstelle für die Bearbeitung der Abwicklung genutzt wird. | ### Trading Link
Participants to Bond Connect register with Tradeweb, the Bond Connect offshore electronic trading platform which links directly into CFETS. This platform will allow trading with designated onshore Bond Connect market makers using the Request for Quotation (RFQ) protocol.
The designated bond connect market makers provide tradable prices through CFETS. The quote will include the full amount with the clean price, yield to maturity and effective period for the response. The market makers can decline to respond to the RFQ and can decline, amend or withdraw the quote as long as it hasn’t been accepted by the potential buyer. Upon acceptance of the quote by the potential buyer, all other quotes automatically become invalid. CFETS will then generate a trade confirmation on which the market maker, buyers, CFETS and depository will use to process the settlement. | en | de |
DOLFIN8440 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Trust Agreement includes a general part as well as Appendix A "Funds at a glance". The Trust Agreement and Appendix A "Funds at a glance" are printed in full. The Trust Agreement and Appendix A "Funds at a glance" can at any time be partially or fully changed or amended by the management company. The Trust Agreement and Appendix A "Funds at a glance" require the prior consent of the FMA.
Any change to the Trust Agreement and Appendix A "Funds at a glance" is published on the official publication of UCITS and is then legally bind- ing for all investors. The UCITS gazette is the website of LAFV Liechten- steinischer Anlagefondsverband (Liechtenstein investment trust) www.lafv.li.
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## General information on the UCITS | Der Treuhandvertrag umfasst einen allgemeinen Teil sowie den Anhang A „Fonds im Überblick“. Der Treuhandvertrag und der Anhang A „Fonds im Überblick“ sind vollständig abgedruckt. Der Treuhandvertrag und der Anhang A „Fonds im Überblick“ können von der Verwaltungsgesellschaft jederzeit ganz oder teilweise geändert oder ergänzt werden. Änderungen des Treuhandvertrages und des Anhangs A „Fonds im Überblick“ bedürfen der vorherigen Genehmigung durch die FMA.
Jede Änderung des Treuhandvertrages sowie des Anhangs A „Fonds im Überblick“ wird im Publikationsorgan des OGAW veröffentlicht und ist danach für alle Anleger rechtsverbindlich. Publikationsorgan des OGAW ist die Internetseite des LAFV Liechtensteinischer Anlagefondsverband www.lafv.li.
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## Allgemeine Informationen zum OGAW | The Trust Agreement includes a general part as well as Appendix A "Funds at a glance". The Trust Agreement and Appendix A "Funds at a glance" are printed in full. The Trust Agreement and Appendix A "Funds at a glance" can at any time be partially or fully changed or amended by the management company. The Trust Agreement and Appendix A "Funds at a glance" require the prior consent of the FMA.
Any change to the Trust Agreement and Appendix A "Funds at a glance" is published on the official publication of UCITS and is then legally bind- ing for all investors. The UCITS gazette is the website of LAFV Liechten- steinischer Anlagefondsverband (Liechtenstein investment trust) www.lafv.li.
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## General information on the UCITS | en | de |
DOLFIN8441 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Liquidity management
The Management Company has established written policies and procedures for the Fund which enable it to monitor the liquidity risk of the Fund and to ensure that the liquidity profile of the Fund's investments is con- sistent with the underlying liabilities of the Fund. Taking into account the investment strategy, the liquidity profile of the Fund is as follows: The overall liquidity profile of a fund is determined by its structure in terms of the assets and liabilities contained in the fund, as well as the investor structure of the fund and the redemption terms and conditions outlined in the Sales Prospectus.
Policies and procedures include:
- The Management Company monitors the liquidity risks that may arise at the level of the Fund or the assets. In so doing, it assesses the liquidity of the assets held in the Fund in relation to the fund assets and defines liquidity classes for this purpose. The assessment of liquidity includes, for example, an analysis of the trading volume, complexity or other typical characteristics and, where appropriate, a qualitative assessment of an asset.
- The Management Company monitors the liquidity risks that may arise as a result of increased investor demand for unit redemption or large-scale calls. For this purpose, it generates expectations about net cash flow, taking into account available information about empirical values from historical net cash flows.
- The Management Company monitors current receivables and liabilities of the Fund and assesses their impact on the Fund’s liquidity situation.
- The Management Company has set adequate limits for the Fund’s liquidity risks. It monitors compli- ance with these limits and has established procedures for scenarios where the limits are or may be ex- ceeded.
- The procedures put in place by the Management Company ensure consistency between the liquidity classes, liquidity risk limits and expected net cash flows.
The Management Company regularly reviews these rules and updates them as appropriate.
The Management Company regularly carries out stress tests which enable it to assess the Fund's liquidity risk. The Management Company conducts these stress tests based on reliable, up-to-date quantitative information or – if required – qualitative information. These include the investment strategy, redemption periods, payment obligations and periods during which assets may be sold, as well as information about past events or hypothet- ical assumptions. The stress tests simulate a situation of lacking liquidity of the assets in the Fund, as well as – to a certain extent – atypical requests for unit redemptions. They cover market risks and their effects, including the effects of margin calls, collateral calls or credit lines. They are performed with a frequency appropriate for the Fund and take account of the investment strategy, liquidity profile, investor profile and redemption princi- ples of the Fund. | # Gestion des liquidités
La Société de gestion a établi pour le Fonds des politiques et procédures écrites qui lui permettent de surveiller le risque de liquidité du Fonds et de s'assurer que le profil de liquidité des investissements du Fonds est cohé- rent avec les engagements sous-jacents du Fonds. Compte tenu de la stratégie d'investissement, le profil de liquidité du Fonds est le suivant : le profil de liquidité du Fonds est, dans son ensemble, déterminé par la struc- ture de son actif et de son passif, ainsi que par la structure des investisseurs et les conditions de rachat définies dans le prospectus.
Les politiques et les procédures prévoient que :
- La Société de gestion surveille les risques de liquidité qui peuvent survenir au niveau du Fonds ou des actifs. Ce faisant, elle évalue la liquidité des actifs détenus dans le Fonds par rapport à l’actif du Fonds et définit des classes de liquidité à cette fin. L'évaluation de la liquidité comprend, par exemple, une analyse du volume des transactions, de leur complexité ou d'autres caractéristiques typiques et, si né- cessaire, une estimation qualitative d'un actif.
- La Société de gestion surveille les risques de liquidité qui peuvent résulter d'un surcroît de demande de rachat de parts émanant d’investisseurs, ou d’appels de fonds particulièrement élevés. Pour ce faire, elle établit des projections concernant l'évolution de l'actif net, en tenant compte des informa- tions disponibles sur les valeurs observées à partir de l’historique des variations de l'actif net.
- La Société de gestion surveille les créances et les engagements courants du Fonds et évalue leur im- pact sur la situation de liquidité du Fonds.
- La Société de gestion a fixé des limites de risque de liquidité adéquates pour le Fonds. Elle contrôle le respect de ces limites et a établi des procédures en cas de dépassement ou de risque de dépassement des limites fixées.
- Les procédures mises en place par la Société de gestion assurent la cohérence entre les classes de li- quidités, les limites du risque de liquidité et les variations nettes attendues des liquidités.
La Société de gestion examine régulièrement ces principes et les met à jour en conséquence.
La Société de gestion effectue régulièrement des tests de résistance (« stress tests ») qui lui permettent d'éva- luer le risque de liquidité du Fonds. La Société de gestion effectue les tests de résistance sur la base d'informa- tions fiables et actualisées quantitatives ou, si cela n'est pas approprié, qualitatives. Cela comprend la stratégie d'investissement, les délais de rachat, les obligations de paiement et les périodes pendant lesquelles les actifs peuvent être vendus, ainsi que des informations relatives à des événements historiques ou à des considéra- tions hypothétiques. Les stress tests simulent, le cas échéant, un manque de liquidité des actifs du Fonds et, dans une certaine mesure, des demandes atypiques de rachat de parts. Ils couvrent les risques de marché et leurs effets, y compris les appels de marge, les exigences de garantie ou les lignes de crédit. Ces tests sont ef- fectués à une fréquence adaptée à la nature du Fonds, en tenant compte de la stratégie d'investissement, du profil de liquidité, du type d'investisseur et de la politique de rachat du Fonds. | # Liquidity management
The Management Company has established written policies and procedures for the Fund which enable it to monitor the liquidity risk of the Fund and to ensure that the liquidity profile of the Fund's investments is con- sistent with the underlying liabilities of the Fund. Taking into account the investment strategy, the liquidity profile of the Fund is as follows: The overall liquidity profile of a fund is determined by its structure in terms of the assets and liabilities contained in the fund, as well as the investor structure of the fund and the redemption terms and conditions outlined in the Sales Prospectus.
Policies and procedures include:
- The Management Company monitors the liquidity risks that may arise at the level of the Fund or the assets. In so doing, it assesses the liquidity of the assets held in the Fund in relation to the fund assets and defines liquidity classes for this purpose. The assessment of liquidity includes, for example, an analysis of the trading volume, complexity or other typical characteristics and, where appropriate, a qualitative assessment of an asset.
- The Management Company monitors the liquidity risks that may arise as a result of increased investor demand for unit redemption or large-scale calls. For this purpose, it generates expectations about net cash flow, taking into account available information about empirical values from historical net cash flows.
- The Management Company monitors current receivables and liabilities of the Fund and assesses their impact on the Fund’s liquidity situation.
- The Management Company has set adequate limits for the Fund’s liquidity risks. It monitors compli- ance with these limits and has established procedures for scenarios where the limits are or may be ex- ceeded.
- The procedures put in place by the Management Company ensure consistency between the liquidity classes, liquidity risk limits and expected net cash flows.
The Management Company regularly reviews these rules and updates them as appropriate.
The Management Company regularly carries out stress tests which enable it to assess the Fund's liquidity risk. The Management Company conducts these stress tests based on reliable, up-to-date quantitative information or – if required – qualitative information. These include the investment strategy, redemption periods, payment obligations and periods during which assets may be sold, as well as information about past events or hypothet- ical assumptions. The stress tests simulate a situation of lacking liquidity of the assets in the Fund, as well as – to a certain extent – atypical requests for unit redemptions. They cover market risks and their effects, including the effects of margin calls, collateral calls or credit lines. They are performed with a frequency appropriate for the Fund and take account of the investment strategy, liquidity profile, investor profile and redemption princi- ples of the Fund. | en | fr |
DOLFIN8442 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
A quorum of Unitholders must be present at such meeting with no business being transacted at a meeting unless the requisite quorum is present at the commencement of business. All business transacted at such duly convened meeting of Unitholders shall be by way of Resolution with every Unitholder who is present in person or by proxy having one vote for every Unit of which he is a Unitholder.
The accidental omission to give notice to or the non-receipt of notice by any of the Unitholders shall not invalidate the proceedings at any meeting.
- Allocation of Assets and LiabilitiesSub-Funds of the Fund are established by the Manager on a segregated liability basis (and on the basis that the Fund as a whole is not liable to third parties) in the manner set out in the Trust Deed. | All'assemblea dovrà essere presente il numero legale di Titolari di Quote e non potrà essere trattato nessun argomento all'ordine del giorno, se prima dell'inizio del lavori non sarà stato raggiunto il numero legale. Ogni decisione adottata da un'assemblea dei Titolari di Quote legittimamente convocata sarà per Risoluzione, e ciascun Titolare di Quote, presente di persona o tramite procura, disporrà di un voto per ciascuna Quota detenuta.
L'omissione accidentale dell'invio dell'avviso di convocazione o il mancato ricevimento di tale avviso da parte di Titolari di Quote non invaliderà gli atti dell'assemblea.
- Attribuzione di Attività e PassivitàI Comparti del Fondo vengono creati dal Gestore sulla base della segregazione patrimoniale (e secondo il principio che il Fondo nel suo insieme non risponde verso terzi), con le modalità descritte nell'Atto Istitutivo. | A quorum of Unitholders must be present at such meeting with no business being transacted at a meeting unless the requisite quorum is present at the commencement of business. All business transacted at such duly convened meeting of Unitholders shall be by way of Resolution with every Unitholder who is present in person or by proxy having one vote for every Unit of which he is a Unitholder.
The accidental omission to give notice to or the non-receipt of notice by any of the Unitholders shall not invalidate the proceedings at any meeting.
- Allocation of Assets and LiabilitiesSub-Funds of the Fund are established by the Manager on a segregated liability basis (and on the basis that the Fund as a whole is not liable to third parties) in the manner set out in the Trust Deed. | en | it |
DOLFIN8443 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## This includes specifically:
- a double validation of the counterparties by the Amundi Intermediation Manager and by Amundi's Asset Management Credit Committee after analysis of their financial and operational profiles (type of activities, governance, reputation, etc.) conducted by a team of credit analysts working independently of the management teams.
- a limited number of financial institutions with which the UCITS trades. | ## Dies schlägt sich insbesondere in folgenden Aspekten nieder:
- einer doppelten Bestätigung der Kontrahenten durch den Leiter von Amundi Intermédiation und durch den Kreditausschuss von Amundi Asset Management nach Prüfung ihrer finanziellen und betrieblichen Profile (Art der Geschäftstätigkeit, Governance, Ruf etc.) durch ein von den Managementteams unabhängiges Kreditanalystenteam.
- einer eingeschränkten Anzahl von Finanzinstituten, mit denen der OGAW Geschäfte tätigt. | ## This includes specifically:
- a double validation of the counterparties by the Amundi Intermediation Manager and by Amundi's Asset Management Credit Committee after analysis of their financial and operational profiles (type of activities, governance, reputation, etc.) conducted by a team of credit analysts working independently of the management teams.
- a limited number of financial institutions with which the UCITS trades. | en | de |
DOLFIN8444 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Forward Foreign Exchange Contracts
A forward foreign exchange contract is a contractually binding obligation to purchase or sell a particular currency at a specified date in the future. Forward foreign exchange contracts are not uniform as to the quantity or time at which a currency is to be delivered and are not traded on exchanges.
Rather, they are individually negotiated transactions. Forward foreign exchange contracts are generally effected through a trading system known as the interbank market. It is not a market with a specific location but rather a network of participants electronically linked. Documentation of transactions generally consists of an exchange of telex or facsimile messages. There is no limitation as to daily price movements on this market and in exceptional circumstances there have been periods during which certain banks have refused to quote prices for forward foreign exchange contracts or have quoted prices with an unusually wide spread between the price at which the bank is prepared to buy and that at which it is prepared to sell. Transactions in forward foreign exchange contracts are not regulated by any regulatory authority nor are they guaranteed by an exchange or clearing house. Where a Sub-Fund invests in forward foreign exchange contracts, it is subject to the risk of the inability or refusal of its counterparties to perform with respect to such contracts. Any such default would eliminate any profit potential and compel a Sub-Fund to cover its commitments for resale or repurchase, if any, at the then current market price. These events could result in significant losses. | # Contrats de change à terme
Un contrat de change à terme est une obligation contractuelle d’acheter ou de vendre une devise donnée à une date spécifique à l’avenir. Les contrats de change à terme ne sont pas uniformes quant au volume de devises livré ni au moment de la livraison, et ils ne sont pas négociés sur les marchés boursiers. Il s’agit d’opérations négociées de manière individuelle. Les contrats de change à terme sont généralement exécutés via un système de négociation connu sous le nom de « marché interbancaire ». Il ne s’agit pas d’un marché situé dans un endroit précis, mais plutôt d’un réseau de participants reliés de manière électronique. Les opérations sont généralement documentées par un échange de messages par télex ou par fax. Les fluctuations journalières des prix sur ce marché sont sans limites et, dans des circonstances exceptionnelles, il y a eu des périodes au cours desquelles certaines banques ont refusé de fixer des cours pour des contrats de change à terme ou ont indiqué des cours présentant un écart anormalement large entre le prix auquel la banque était prête à acheter et celui où elle était prête à vendre. Les contrats de change à terme ne sont réglementés par aucune autorité de réglementation et ne sont pas garantis par un marché boursier ni par une chambre de compensation. Lorsqu’un Compartiment investit dans des contrats de change à terme, il s’expose au risque que ses contreparties soient incapables ou refusent de respecter leurs obligations concernant ces contrats. Toute situation de défaut de ce type éliminerait tout potentiel de bénéfice et obligerait le Compartiment concerné à couvrir ses engagements éventuels de rachat ou de revente au prix du marché en vigueur au moment de l’opération. Ces événements pourraient entraîner des pertes significatives. | # Forward Foreign Exchange Contracts
A forward foreign exchange contract is a contractually binding obligation to purchase or sell a particular currency at a specified date in the future. Forward foreign exchange contracts are not uniform as to the quantity or time at which a currency is to be delivered and are not traded on exchanges.
Rather, they are individually negotiated transactions. Forward foreign exchange contracts are generally effected through a trading system known as the interbank market. It is not a market with a specific location but rather a network of participants electronically linked. Documentation of transactions generally consists of an exchange of telex or facsimile messages. There is no limitation as to daily price movements on this market and in exceptional circumstances there have been periods during which certain banks have refused to quote prices for forward foreign exchange contracts or have quoted prices with an unusually wide spread between the price at which the bank is prepared to buy and that at which it is prepared to sell. Transactions in forward foreign exchange contracts are not regulated by any regulatory authority nor are they guaranteed by an exchange or clearing house. Where a Sub-Fund invests in forward foreign exchange contracts, it is subject to the risk of the inability or refusal of its counterparties to perform with respect to such contracts. Any such default would eliminate any profit potential and compel a Sub-Fund to cover its commitments for resale or repurchase, if any, at the then current market price. These events could result in significant losses. | en | fr |
DOLFIN8445 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Balance, beginning of period | |
| --- | --- |
| - Share class B | 174,918.899 |
| - Share class DB | 282,012.211 |
| - Share class EB | 33,761.083 |
| - Share class IB | 90,715.112 |
| - Share class IB100 | 145,600.000 |
| - Share class UB | 215,491.123 |
| Issued shares | |
| - Share class B | 35,873.502 |
| - Share class DB | 262,547.381 |
| - Share class EB | 92,219.841 |
| - Share class IB | 3,078.470 |
| - Share class IB100 | 43,200.000 |
| - Share class UB | 38,488.889 |
| Redeemed shares | |
| - Share class B | -61,566.933 |
| - Share class DB | -267,006.447 |
| - Share class EB | -34,728.914 |
| - Share class IB | -41,491.909 |
| - Share class IB100 | -82,800.000 |
| - Share class UB | -70,101.821 |
| Balance, end of period | |
| - Share class B | 149,225.468 |
| - Share class DB | 277,553.145 |
| - Share class EB | 91,252.010 |
| - Share class IB | 52,301.673 |
| - Share class IB100 | 106,000.000 |
| - Share class UB | 183,878.191 | | | Stand zu Beginn der Berichtsperiode | |
| --- | --- |
| - Anteilklasse B | 174’918.899 |
| - Anteilklasse DB | 282’012.211 |
| - Anteilklasse EB | 33’761.083 |
| - Anteilklasse IB | 90’715.112 |
| - Anteilklasse IB100 | 145’600.000 |
| - Anteilklasse UB | 215’491.123 |
| Neu ausgegebene Anteile | |
| - Anteilklasse B | 35’873.502 |
| - Anteilklasse DB | 262’547.381 |
| - Anteilklasse EB | 92’219.841 |
| - Anteilklasse IB | 3’078.470 |
| - Anteilklasse IB100 | 43’200.000 |
| - Anteilklasse UB | 38’488.889 |
| Zurückgenommene Anteile | |
| - Anteilklasse B | -61’566.933 |
| - Anteilklasse DB | -267’006.447 |
| - Anteilklasse EB | -34’728.914 |
| - Anteilklasse IB | -41’491.909 |
| - Anteilklasse IB100 | -82’800.000 |
| - Anteilklasse UB | -70’101.821 |
| Stand am Ende der Berichtsperiode | |
| - Anteilklasse B | 149’225.468 |
| - Anteilklasse DB | 277’553.145 |
| - Anteilklasse EB | 91’252.010 |
| - Anteilklasse IB | 52’301.673 |
| - Anteilklasse IB100 | 106’000.000 |
| - Anteilklasse UB | 183’878.191 | | | Balance, beginning of period | |
| --- | --- |
| - Share class B | 174,918.899 |
| - Share class DB | 282,012.211 |
| - Share class EB | 33,761.083 |
| - Share class IB | 90,715.112 |
| - Share class IB100 | 145,600.000 |
| - Share class UB | 215,491.123 |
| Issued shares | |
| - Share class B | 35,873.502 |
| - Share class DB | 262,547.381 |
| - Share class EB | 92,219.841 |
| - Share class IB | 3,078.470 |
| - Share class IB100 | 43,200.000 |
| - Share class UB | 38,488.889 |
| Redeemed shares | |
| - Share class B | -61,566.933 |
| - Share class DB | -267,006.447 |
| - Share class EB | -34,728.914 |
| - Share class IB | -41,491.909 |
| - Share class IB100 | -82,800.000 |
| - Share class UB | -70,101.821 |
| Balance, end of period | |
| - Share class B | 149,225.468 |
| - Share class DB | 277,553.145 |
| - Share class EB | 91,252.010 |
| - Share class IB | 52,301.673 |
| - Share class IB100 | 106,000.000 |
| - Share class UB | 183,878.191 | | en | de |
DOLFIN8446 | 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 € |
| --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tension | Ce que vous pourriez obtenir après déduction des coûts | 5 120 € | 5 120 € |
| Rendement annuel moyen | -48,8% | -12,5% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 910 € | 5 120 € |
| Rendement annuel moyen | -20,9% | -12,5% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 300 € | 12 980 € |
| Rendement annuel moyen | 3,0% | 5,4% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 13 220 € | 16 840 € |
| Rendement annuel moyen | 32,2% | 11,0% | | | Período de mantenimiento recomendado: 5 años Ejemplo de inversión: 10.000 € |
| --- |
| Escenarios | Si sale después de 1 año | Si sale después de 5 años |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 5.120 € | 5.120 € |
| Rendimiento medio cada año | -48,8% | -12,5% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7.910 € | 5.120 € |
| Rendimiento medio cada año | -20,9% | -12,5% |
| Moderado | Lo que podría recibir tras deducir los costes | 10.300 € | 12.980 € |
| Rendimiento medio cada año | 3,0% | 5,4% |
| Favorable | Lo que podría recibir tras deducir los costes | 13.220 € | 16.840 € |
| Rendimiento medio cada año | 32,2% | 11,0% | | | Période de détention recommandée : 5 ans Exemple d'investissement : 10 000 € |
| --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tension | Ce que vous pourriez obtenir après déduction des coûts | 5 120 € | 5 120 € |
| Rendement annuel moyen | -48,8% | -12,5% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 910 € | 5 120 € |
| Rendement annuel moyen | -20,9% | -12,5% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 300 € | 12 980 € |
| Rendement annuel moyen | 3,0% | 5,4% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 13 220 € | 16 840 € |
| Rendement annuel moyen | 32,2% | 11,0% | | fr | es |
DOLFIN8447 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investment risk
The fund invests in line with the European UCITS Directive but concentrates its holdings on relatively few issuers. Therefore its performance may differ substantially from the performance of stock markets in which it is invested.
Dear Investors
The net asset value (NAV) of the Classic Value Equity Fund CHF fell by 4.2% in the quarter under review (Q2). By comparison, the world’s stock markets, as measured by the MSCI World Index in CHF (MSCI), gained 5.0%. The euro and the dollar weakened and reduced performance by 1.8%-points. Around 2% of the fund’s units were redeemed. | # Anlagerisiko
Der Fonds konzentriert sich im Rahmen der europäischen UCITS-Richtlinie auf vergleichs- weise wenige Emittenten. Die Wertentwicklung des Fonds kann daher von der Entwicklung der Aktienmärkte, in denen er investiert ist, spürbar abweichen.
Sehr geehrte Anlegerinnen Sehr geehrte Anleger
Der Nettoinventarwert (NAV) des Classic Value Equity Fund CHF ist im Berichtsquartal (Q2) um 4.2% gesunken. Im Vergleich dazu haben die Börsen der Welt, gemessen am MSCI World Index in CHF (MSCI), 5.0% gewonnen. Der Euro und der Dollar haben sich abgeschwächt und die Performance im Berichtsquartal um 1.8%-Punkte geschmälert. Rund 2% der Fondsanteile wurden zurückgegeben. | # Investment risk
The fund invests in line with the European UCITS Directive but concentrates its holdings on relatively few issuers. Therefore its performance may differ substantially from the performance of stock markets in which it is invested.
Dear Investors
The net asset value (NAV) of the Classic Value Equity Fund CHF fell by 4.2% in the quarter under review (Q2). By comparison, the world’s stock markets, as measured by the MSCI World Index in CHF (MSCI), gained 5.0%. The euro and the dollar weakened and reduced performance by 1.8%-points. Around 2% of the fund’s units were redeemed. | en | de |
DOLFIN8448 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment GBP 10,000 | |
| --- | --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Total costs | 193 GBP | 1,565 GBP |
| Annual cost impact(*) | 1.93 % | 2.11 % | | | Investimento GBP 10,000 | |
| --- | --- |
| Scenari | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| Costi totali | 193 GBP | 1,565 GBP |
| Incidenza annuale dei costi (*) | 1.93 % | 2.11 % | | | Investment GBP 10,000 | |
| --- | --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Total costs | 193 GBP | 1,565 GBP |
| Annual cost impact(*) | 1.93 % | 2.11 % | | en | it |
DOLFIN8449 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| IF YOU EXIT AFTER 1 YEAR |
| --- |
| Stress scenario | What you might get back after costs | CHF 9,850 |
| | Average return each year % | -1.50% |
| Unfavourable scenario | What you might get back after costs | CHF 9,910 |
| | Average return each year % | -0.90% |
| Moderate scenario | What you might get back after costs | CHF 9,920 |
| | Average return each year % | -0.80% |
| Favourable scenario | What you might get back after costs | CHF 10,000 |
| | Average return each year % | 0.00% | | | IN CASO DI USCITA DOPO 1 ANNO |
| --- |
| Scenario di stress | Possibile rimborso al netto dei costi | CHF 9.850 |
| | Rendimento medio per ciascun anno | -1,50% |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | CHF 9.910 |
| | Rendimento medio per ciascun anno | -0,90% |
| Scenario moderato | Possibile rimborso al netto dei costi | CHF 9.920 |
| | Rendimento medio per ciascun anno | -0,80% |
| Scenario favorevole | Possibile rimborso al netto dei costi | CHF 10.000 |
| | Rendimento medio per ciascun anno | 0,00% | | | IF YOU EXIT AFTER 1 YEAR |
| --- |
| Stress scenario | What you might get back after costs | CHF 9,850 |
| | Average return each year % | -1.50% |
| Unfavourable scenario | What you might get back after costs | CHF 9,910 |
| | Average return each year % | -0.90% |
| Moderate scenario | What you might get back after costs | CHF 9,920 |
| | Average return each year % | -0.80% |
| Favourable scenario | What you might get back after costs | CHF 10,000 |
| | Average return each year % | 0.00% | | en | it |
DOLFIN8450 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In addition, the Company may, provided it is in its exclusive interest, buy protection under credit default swaps without holding the underlying assets provided that the aggregate premiums paid together with the present value of the aggregate premiums still payable in connection with the credit default swap purchased together with the amount of the aggregate of premiums paid relating to the purchase of options on Transferable Securities or on financial instruments for a purpose other than hedging, may not, at any time, exceed 15% of the net assets of the Fund to which they relate.
-
# Credit default swaps for acquiring credit exposure | Zusätzlich kann die Gesellschaft, sofern dies in ihrem ausschließlichen Interesse liegt, Sicherheiten durch Credit-Default-Swaps kaufen, ohne die Basiswerte zu halten, sofern die insgesamt bezahlten anfallenden Prämien zusammen mit dem aktuellen Wert der noch zu zahlenden anfallenden Prämien für den erworbenen Credit-Default- Swap zusammen mit dem Betrag der anfallenden Prämien, die für nicht zu Absicherungszwecken erworbene Optionen auf übertragbare Wertpapiere oder Finanzinstrumente bezahlt wurden, zu keiner Zeit 15 % des Nettovermögens des sie betreffenden Fonds überschreiten.
-
# Credit Default Swaps zum Erwerb von Kreditenpositionen | In addition, the Company may, provided it is in its exclusive interest, buy protection under credit default swaps without holding the underlying assets provided that the aggregate premiums paid together with the present value of the aggregate premiums still payable in connection with the credit default swap purchased together with the amount of the aggregate of premiums paid relating to the purchase of options on Transferable Securities or on financial instruments for a purpose other than hedging, may not, at any time, exceed 15% of the net assets of the Fund to which they relate.
-
# Credit default swaps for acquiring credit exposure | en | de |
DOLFIN8451 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Explanation of our climate metrics
The Weighted Average Carbon Intensity (WACI) is the metric used to report our funds’ carbon emissions. It is a measure of how much CO2 is being emitted per US$ million of sales by each company that the fund invests in. This can be used to determine the likely effect a company is having on the environment. It can also help to compare the impact different companies have on the environment, and to compare companies against the broad market or the financial benchmark for the fund. However, this metric does not take into account the difference in carbon characteristics among sectors.
The WACI metric is one of many greenhouse gas emissions data points, each offering a different aspect of analysis on climate impact. M&G have selected this metric as it is applicable to multi-asset, equity and fixed income funds and it is aligned to the recommendations from the Taskforce for Climate Related Financial Disclosures (TCFD). It has also been chosen to align with M&G’s groupwide target of transparency when it comes to the disclosure of climate emissions. Listed infrastructure strategies typically exhibit higher carbon characteristics than global equity indices because of the former’s bias towards utilities, the sector with the highest emissions due to the reliance of traditional utilities on fossil fuels for power generation. The M&G (Lux) Global Listed Infrastructure Fund compares favourably in a listed infrastructure context, owing to its aversion to coal-fired power and its preference for renewables and beneficiaries of the energy transition.
At M&G we currently use MSCI as our main third-party data provider for carbon intensity data as we consider its coverage to be the broadest of the current providers. As with any mass data collection, there are methodology limitations; this also applies to MSCI. We make every effort to check its data and are currently building our own tools which will use a variety of data sources to gather and map the carbon emissions of our funds.
For the avoidance of doubt, this fund is not managed to a carbon emission objective and, the benchmark WACI (should funds have a benchmark) have been included for information purposes only. | # Explicación de nuestros parámetros climáticos
La intensidad de carbono media ponderada (WACI, por sus siglas en inglés) es el parámetro utilizado para informar de las emisiones de carbono de nuestros fondos. Es una medida de la cantidad de CO2 que se emite por cada millón de dólares estadounidenses de ventas de cada sociedad en la que invierte el fondo. Puede utilizarse para determinar el efecto que probablemente una empresa está produciendo en el medioambiente. Asimismo, puede ayudar a comparar el impacto que tienen las distintas sociedades en el medioambiente y comparar las sociedades con el mercado en general o el índice financiero de referencia del fondo. Sin embargo, este parámetro no tiene en cuenta las diferencias sectoriales relacionadas con las características del carbono.
El parámetro WACI es uno de los muchos puntos de datos sobre emisiones de gases de efecto invernadero, cada uno de los cuales ofrece una faceta diferente del análisis sobre el impacto climático. M&G ha seleccionado este parámetro porque se puede aplicar a los fondos multiactivos, de renta variable y de renta fija, y está en consonancia con las recomendaciones del grupo de trabajo para la divulgación de información financiera relacionada con el clima (la TCFD, por sus siglas en inglés). También se ha seleccionado para armonizar el objetivo de transparencia de todo el grupo M&G en lo que respecta a la divulgación de información sobre emisiones con efectos climáticos. Las estrategias de las infraestructuras cotizadas suelen presentar características de carbono superiores a las de los índices de renta variable globales debido a la inclinación de las primeras por los servicios públicos, el sector con las emisiones más elevadas debido a que los servicios públicos tradicionales dependen de los combustibles fósiles para la generación de energía. El M&G (Lux) Global Listed Infrastructure Fund tiene ventaja en el marco de las infraestructuras cotizadas, debido a que rechaza la energía generada mediante carbón y prefiere las energías renovables y los sectores que se benefician de la transición energética.
Nuestro principal proveedor externo de datos en lo que respecta a información sobre intensidad de carbono es MSCI, ya que consideramos que es el proveedor que actualmente cuenta con la cobertura más amplia. Como sucede siempre que se recopila un enorme volumen de datos, hay limitaciones metodológicas; MSCI no es una excepción. Hacemos todo lo posible para verificar sus datos y actualmente estamos creando nuestras propias herramientas, las cuales utilizarán diversas fuentes de datos para recopilar las emisiones de carbono de nuestros fondos y trazar el mapa correspondiente.
221114144151 ES A1 LISTI EUR A ES PE 0005 0000
Para evitar dudas, aclaramos que este fondo no se gestiona con referencia a ningún objetivo de emisión de carbono y que el índice de referencia WACI (si es que se aplica un índice a los fondos) se ha incluido únicamente con fines informativos. | # Explanation of our climate metrics
The Weighted Average Carbon Intensity (WACI) is the metric used to report our funds’ carbon emissions. It is a measure of how much CO2 is being emitted per US$ million of sales by each company that the fund invests in. This can be used to determine the likely effect a company is having on the environment. It can also help to compare the impact different companies have on the environment, and to compare companies against the broad market or the financial benchmark for the fund. However, this metric does not take into account the difference in carbon characteristics among sectors.
The WACI metric is one of many greenhouse gas emissions data points, each offering a different aspect of analysis on climate impact. M&G have selected this metric as it is applicable to multi-asset, equity and fixed income funds and it is aligned to the recommendations from the Taskforce for Climate Related Financial Disclosures (TCFD). It has also been chosen to align with M&G’s groupwide target of transparency when it comes to the disclosure of climate emissions. Listed infrastructure strategies typically exhibit higher carbon characteristics than global equity indices because of the former’s bias towards utilities, the sector with the highest emissions due to the reliance of traditional utilities on fossil fuels for power generation. The M&G (Lux) Global Listed Infrastructure Fund compares favourably in a listed infrastructure context, owing to its aversion to coal-fired power and its preference for renewables and beneficiaries of the energy transition.
At M&G we currently use MSCI as our main third-party data provider for carbon intensity data as we consider its coverage to be the broadest of the current providers. As with any mass data collection, there are methodology limitations; this also applies to MSCI. We make every effort to check its data and are currently building our own tools which will use a variety of data sources to gather and map the carbon emissions of our funds.
For the avoidance of doubt, this fund is not managed to a carbon emission objective and, the benchmark WACI (should funds have a benchmark) have been included for information purposes only. | en | es |
DOLFIN8452 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Objectives
Intended retail investor
Bantleon Global Multi Asset is an absolute-return fund that focuses on high-quality bonds. The investment objective is to generate high returns on a regular basis by adapting bond maturities, as well as equity and commodity exposures, to economic developments. The total return is comprised of the following:
- Management of average bond maturities
- Management of economic equity exposure ranging from 0% to 40% of the fund's total assets
- Management of commodity exposure ranging from 0% to 20% of the fund's total assets
- Actively managed allocation to high-yield bonds amounting to 0-10% of fund assets
- Inclusion of inflation-indexed bonds on an intermittent basisThe investment management invests at least 25% of the fund's assets in shares (equity investments). In addition, the investment management invests in government bonds, bonds issued by regional governments and local authorities, government-guaranteed bonds, public-sector bonds and covered bonds (global) as well as in corporate bonds and bonds issued by credit institutions (OECD countries). Within the limits stated above, investments may also be done in high-yield bonds, commodities and equities. Equities from emerging markets are limited to 10% of the fund's assets and are offset against the total economic equity exposure of the fund. The fund may also invest up to 10% of its assets in units of target funds. These investments may entail currency risks in all currencies of countries included in MSCI's »All Country World Index (ACWI)«. Unhedged foreign currency positions may make up no more than 30% of the fund assets. This Sub-Fund promotes environmental and/or social characteristics within the meaning of Article 8 of the Disclosure Regulation (Regulation (EU) 2019/2088). Further information can be found in the Annex »Information on Sub-Funds under Article 8 EU Disclosure Regulation« of the fund's prospectus. Derivatives transactions may be made to hedge investments, to manage portfolio maturities, to achieve additional returns, to efficiently implement the equity allocation and to hedge against currency risks. Additionally, the investment manager may enter into credit default swaps as well as total return swaps as either the protection buyer or the protection provider. The sub-fund is actively managed. It is not managed in reference to a benchmark. Income shall remain in the sub-fund (or: in this unit class) and shall increase the value of the shares. This key investor information document describes a sub-fund of a fund. The Prospectus and the annual and semi- annual report are prepared for the entire fund. The assets and liabilities of each sub-fund are segregated from those of the other sub-funds of the fund. The shareholder has the right to switch his shares in one sub-fund into shares of another sub-fund. For further information about how to exercise that right, please refer to the detailed description in the prospectus. Investors who already hold shares in another sub-fund of the umbrella fund and/or shares in another share class of this sub-fund may convert to this share class. In the event of a conversion, a conversion fee may be payable up to a maximum of the subscription fee of the share class of a sub-fund into which the conversion is made. Due to legal restrictions, it may not be possible for all investors to convert into the share class of this sub-fund. | ### Ziele
Kleinanleger- Zielgruppe
Bantleon Global Multi Asset ist ein Absolute-Return-Fonds mit dem Schwerpunkt hochqualitative Anleihen. Anlageziel ist ein hoher regelmässiger Ertrag durch Anpassung von Anleihenlaufzeiten, Aktien- und Rohstoffquoten an die Konjunkturentwicklung. Der Gesamtertrag setzt sich zusammen aus:
- Steuerung der durchschnittlichen Anleihenlaufzeiten
- Steuerung einer wirtschaftlichen Aktienquote von 0% bis 40% des Fondsvermögens
- Steuerung einer Rohstoffquote von 0 bis 20% des Fondsvermögens
- Steuerung einer Quote in hochverzinslichen Anleihen von 0 bis 10% des Fondsvermögens
- Zeitweise Beimischung von inflationsindexierten AnleihenDas Anlagemanagement investiert mindestens 25% des Fondsvermögens in Aktien (Kapitalbeteiligungen). Daneben investiert das Anlagemanagement in Staatsanleihen, Anleihen von Regionalregierungen und Gebietskörperschaften, staatsgarantierte Anleihen, Anleihen von öffentlichen Einrichtungen und gedeckte Schuldverschreibungen (weltweit) sowie in Anleihen von Unternehmen und Kreditinstituten (OECD-Staaten). Innerhalb der oben genannten Limiten darf zusätzlich in hochverzinsliche Anleihen, Rohstoffe und Aktien investiert werden. Aktien aus Schwellenländern sind auf 10% des Fondsvermögens limitiert und werden auf die wirtschaftliche Aktiengesamtquote angerechnet. Ferner kann der Fonds bis zu 10% des Fondsvermögen in Anteile anderer Fonds investieren. Aus diesen Anlagen können Währungsrisiken in allen Währungen derjenigen Staaten entstehen, die im »All Country World Index (ACWI)« von MSCI vertreten sind. Der Anteil der ungesicherten Fremdwährungspositionen ist auf max. 30% des Fondsvermögens beschränkt. Dieser Teilfonds bewirbt ökologische und/oder soziale Merkmale im Sinne des Artikel 8 der Offenlegungsverordnung (Verordnung (EU) 2019/2088). Weiterführende Informationen können dem Anhang »Informationen zu Teilfonds nach Artikel 8 EU-Offenlegungsverordnung« des Verkaufsprospektes des Fonds entnommen werden. Derivategeschäfte können zum Zwecke der Absicherung, zur Steuerung der Portfoliolaufzeiten, zur Erzielung von Zusatzerträgen, zur effizienten Umsetzung der Aktienquoten und zur Absicherung von Währungsrisiken getätigt werden. Zudem kann der Fonds Credit-Default-Swaps sowie Total-Return-Swaps als Sicherungsnehmer oder Sicherungsgeber abschliessen. Der Teilfonds wird aktiv verwaltet. Er wird nicht unter Bezugnahme auf eine Benchmark verwaltet. Die Erträge verbleiben im Teilfonds (ggf.: in dieser Anteilklasse) und erhöhen den Wert der Anteile. Diese wesentlichen Anlegerinformationen beschreiben einen Teilfonds eines Fonds. Der Verkaufsprospekt und der Jahres- und Halbjahresbericht werden jedoch für den gesamten Fonds erstellt. Die Aktiva und Passiva jedes Teilfonds sind von denen der anderen Teilfonds des Fonds getrennt. Anleger können ihre Anteile an einem Teilfonds gegen Anteile an einem anderen Teilfonds tauschen. Zum Verfahren wie dieses Recht ausgeübt werden kann, lesen Sie bitte die ausführliche Beschreibung des Verkaufsprospekts. Anleger, die bereits Anteile an einem anderen Teilfonds des Umbrella-Fonds und/oder Anteile an einer anderen Anteilsklasse des vorliegenden Teilfonds halten, können einen Umtausch in die vorliegende Anteilsklasse vornehmen. Bei einem Umtausch kann gegebenenfalls eine Umtauschgebühr anfallen in Höhe von maximal der Höhe des Ausgabeaufschlags der Anteilsklasse eines Teilfonds, in welche ein Umtausch erfolgt. Infolge rechtlicher Einschränkungen ist es möglicherweise nicht allen Anlegern erlaubt, einen Umtausch in die Anteilsklasse des hier vorliegenden Teilfonds vorzunehmen. | ### Objectives
Intended retail investor
Bantleon Global Multi Asset is an absolute-return fund that focuses on high-quality bonds. The investment objective is to generate high returns on a regular basis by adapting bond maturities, as well as equity and commodity exposures, to economic developments. The total return is comprised of the following:
- Management of average bond maturities
- Management of economic equity exposure ranging from 0% to 40% of the fund's total assets
- Management of commodity exposure ranging from 0% to 20% of the fund's total assets
- Actively managed allocation to high-yield bonds amounting to 0-10% of fund assets
- Inclusion of inflation-indexed bonds on an intermittent basisThe investment management invests at least 25% of the fund's assets in shares (equity investments). In addition, the investment management invests in government bonds, bonds issued by regional governments and local authorities, government-guaranteed bonds, public-sector bonds and covered bonds (global) as well as in corporate bonds and bonds issued by credit institutions (OECD countries). Within the limits stated above, investments may also be done in high-yield bonds, commodities and equities. Equities from emerging markets are limited to 10% of the fund's assets and are offset against the total economic equity exposure of the fund. The fund may also invest up to 10% of its assets in units of target funds. These investments may entail currency risks in all currencies of countries included in MSCI's »All Country World Index (ACWI)«. Unhedged foreign currency positions may make up no more than 30% of the fund assets. This Sub-Fund promotes environmental and/or social characteristics within the meaning of Article 8 of the Disclosure Regulation (Regulation (EU) 2019/2088). Further information can be found in the Annex »Information on Sub-Funds under Article 8 EU Disclosure Regulation« of the fund's prospectus. Derivatives transactions may be made to hedge investments, to manage portfolio maturities, to achieve additional returns, to efficiently implement the equity allocation and to hedge against currency risks. Additionally, the investment manager may enter into credit default swaps as well as total return swaps as either the protection buyer or the protection provider. The sub-fund is actively managed. It is not managed in reference to a benchmark. Income shall remain in the sub-fund (or: in this unit class) and shall increase the value of the shares. This key investor information document describes a sub-fund of a fund. The Prospectus and the annual and semi- annual report are prepared for the entire fund. The assets and liabilities of each sub-fund are segregated from those of the other sub-funds of the fund. The shareholder has the right to switch his shares in one sub-fund into shares of another sub-fund. For further information about how to exercise that right, please refer to the detailed description in the prospectus. Investors who already hold shares in another sub-fund of the umbrella fund and/or shares in another share class of this sub-fund may convert to this share class. In the event of a conversion, a conversion fee may be payable up to a maximum of the subscription fee of the share class of a sub-fund into which the conversion is made. Due to legal restrictions, it may not be possible for all investors to convert into the share class of this sub-fund. | en | de |
DOLFIN8453 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Benefits
Multi-theme one-stop global equity solution with exposure to digital transformation themes.
The fund is pairing GWM CIO identified digital transformation themes with the portfolio construction expertise of UBS Asset Management.
Investment in themes in which companies are solution providers for the digital transformation of tomorrow. Allocating to multiple themes instead of only one or a few improves diversification and the portfolio’s risk profile.
The fund aims to participate in rising equity markets and to reduce risk during equity market drawdowns.
The investment strategy within the overlay portfolio is driven by pre-defined rules using the proprietary UBS WM CIO World Equity Market Indicator. | # Vantaggi
Soluzione azionaria globale multitematica a 360° con esposizione ai temi legati alla trasformazione digitale.
Il fondo abbina ai temi della trasformazione digitale individuati dal CIO di UBS GWM le competenze di UBS Asset Management nella costruzione di portafogli.
Investimenti in temi in cui le società offrono soluzioni per la trasformazione digitale futura.
L’esposizione multitematica anziché ad uno o a pochi temi migliora la diversificazione e il profilo di rischio del portafoglio.
L’obiettivo del fondo è partecipare ai rialzi dei mercati azionari e ridurre invece i rischi nelle fasi di ribasso.
La strategia di investimento nel portafoglio overlay dipende da regole prestabilite e si basa sul modello proprietario dell’UBS WM CIO World Equity Market Indicator. | # Benefits
Multi-theme one-stop global equity solution with exposure to digital transformation themes.
The fund is pairing GWM CIO identified digital transformation themes with the portfolio construction expertise of UBS Asset Management.
Investment in themes in which companies are solution providers for the digital transformation of tomorrow. Allocating to multiple themes instead of only one or a few improves diversification and the portfolio’s risk profile.
The fund aims to participate in rising equity markets and to reduce risk during equity market drawdowns.
The investment strategy within the overlay portfolio is driven by pre-defined rules using the proprietary UBS WM CIO World Equity Market Indicator. | en | it |
DOLFIN8454 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if HSBC Investment Funds (Luxembourg) S.A. is unable to pay out?
The Fund's ability to pay out would not be affected by the default of HSBC Investment Funds (Luxembourg) S.A.. The Fund’s assets are kept safe by the Depositary Bank and are segregated from the assets of other Funds. This means that the holdings of one Fund are kept separate from the holdings of the other Funds and your investment in the Fund cannot be used to pay the liabilities of any other Fund. There is a potential liability risk for the Depositary if the assets of the Fund are lost. The Depositary is liable in case of its negligent or intentional failure to properly fulfil its obligations pursuant to the 2010 Law.
In the event of a bankruptcy or insolvency of the Depositary Bank or other service provider, investors could experience delays (for example, delays in the processing of subscriptions, conversions and redemption of shares) or other disruptions and there may be a risk of default. The Fund is not covered by an investor compensation or guarantee scheme. | # Cosa accade se HSBC Investment Funds (Luxembourg) S.A. non è in grado di corrispondere quanto dovuto?
La capacità del Fondo di corrispondere quanto dovuto non sarebbe influenzata dall'inadempienza di HSBC Investment Funds (Luxembourg) S.A.. Le attività del Fondo sono custodite dalla Banca depositaria e separate da quelle degli altri Fondi. Ciò significa che le partecipazioni di un Fondo sono tenute separate da quelle degli altri Fondi e che l'investimento nel Fondo non può essere utilizzato per pagare le passività di un altro Fondo. Sussiste un potenziale rischio di responsabilità per il Depositario in caso di perdita delle attività del Fondo. Il Depositario è responsabile in caso di inadempimento, negligente o intenzionale, dei propri obblighi ai sensi della Legge del 2010.
In caso di fallimento o insolvenza della Banca depositaria o di altri fornitori di servizi, gli investitori potrebbero riscontrare ritardi (ad esempio, ritardi nell'elaborazione di sottoscrizioni, conversioni e rimborsi di azioni) o altre interruzioni dei servizi e sussiste la possibilità di rischio di inadempienza. Il Fondo non è coperto da un sistema di indennizzo degli investitori o da un sistema di garanzia. | # What happens if HSBC Investment Funds (Luxembourg) S.A. is unable to pay out?
The Fund's ability to pay out would not be affected by the default of HSBC Investment Funds (Luxembourg) S.A.. The Fund’s assets are kept safe by the Depositary Bank and are segregated from the assets of other Funds. This means that the holdings of one Fund are kept separate from the holdings of the other Funds and your investment in the Fund cannot be used to pay the liabilities of any other Fund. There is a potential liability risk for the Depositary if the assets of the Fund are lost. The Depositary is liable in case of its negligent or intentional failure to properly fulfil its obligations pursuant to the 2010 Law.
In the event of a bankruptcy or insolvency of the Depositary Bank or other service provider, investors could experience delays (for example, delays in the processing of subscriptions, conversions and redemption of shares) or other disruptions and there may be a risk of default. The Fund is not covered by an investor compensation or guarantee scheme. | en | it |
DOLFIN8455 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
Equity markets continued their rally in November, with the initial signs of a turnaround in inflation and the downturn in US macroeconomic indicators raising hopes that interest rate hikes might be smaller in magnitude. Although the ECB reiterated that its priority is the fight against inflation despite the risk of recession in the eurozone, the Fed began to talk about the possibility of slowing down the rate of increases. This hoped-for turnaround in monetary policy was reflected in a return of risk appetite. On top of that, in China, the possibility of a reduction in health restrictions and an easing of the zero-COVID policy fuelled the markets’ optimism, as did the measures taken to boost the property sector. Against this background, the dollar depreciated against other currencies, and oil prices remained below $85 per barrel.
Over the month, the MSCI dividends reinvested gained 8.54%. This return of optimism and the prospect of a slowdown in terms of rate hikes penalised the defensive sectors such as healthcare, telecoms and consumer staples. Conversely, technology posted a clear increase, boosted by good results reported by semiconductors companies. The more cyclical sectors such as materials, consumer discretionary (especially luxury goods stocks) and financials benefited from the good state of the market, as did the retail sector.
Against this background, the fund also posted a strong increase, but it lagged behind due to the poor performances from Prysmian, SPIE, Nexi, Legrand, Deutsche Telekom and Acciona Energias. The latter, after its steep rise at the beginning of the year, posted a drop of nearly 4%.
During the month, we reduced slightly in Worldline and Publicis after a strong rally, and we took a position in KBC, whose balance sheet strength we appreciate and which has regained a reasonable valuation.
With the year-end approaching, equity markets could remain on the right track, boosted by the prospect of a turnaround of the Fed’s monetary tightening policy in the near future.
Ultimately, as expected at the beginning of 2022, under the effect of rising interest rates market valuation multiples have fallen to below their long-term average.
However, this compression is mainly due to the strong growth of corporate earnings in 2022 and marginally to the decline observed in the financial markets since the beginning of the year.
So, while we understand the recent rebound, we believe that there are still many uncertainties – the weather in particular will determine gas consumption and needs – and that it is therefore not too early to be optimistic.
Although changes in interest rates could have less influence on valuation multiples, it is still too early to know what will be the scale of downward revisions of company results for 2023. It is difficult to imagine that they could be revised upwards, in any case.
Once again, we believe it is important to maintain good diversification. We are sticking to our investment strategy, focusing on companies that combine the ability to adjust prices with visibility and/or growth prospects via exposure to long-term themes and a solid financial structure.
Source(s): AXA Investment Managers - MSCI as at 30/11/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
Los mercados de renta variable siguieron repuntando en noviembre, ya que los primeros descensos de las cifras de inflación y el empeoramiento de los datos macroeconómicos en EE. UU. aumentaron las esperanzas de unas subidas de tipos a menor ritmo. Si bien el BCE ha reafirmado la prioridad de luchar contra la inflación a pesar del riesgo de recesión en la zona euro, la Fed ha empezado a hablar de frenar el ritmo de las subidas. Este esperado cambio en la política monetaria ha dado lugar a un retorno de la predisposición al riesgo. Entretanto, en China, la cuestión de una cierta flexibilización de las medidas sanitarias y una relajación de la política de COVID cero ha alimentado el optimismo de los mercados, además de las medidas adoptadas a favor del sector inmobiliario. En este contexto, el dólar se depreció en gran medida frente a otras monedas y el precio del barril de crudo se mantuvo por debajo de los 85 USD.
Durante el mes, el MSCI Euro (con reinversión de dividendos) avanzó un 8,54 %. Este renovado optimismo y la perspectiva de menos subidas de tipos ha penalizado a sectores defensivos como la sanidad, las telecomunicaciones y el consumo básico. La tecnología, por su parte, mostró una clara revalorización, impulsada por los buenos resultados de las empresas de semiconductores. Los sectores más cíclicos, como los materiales, el consumo discrecional (especialmente los artículos de lujo) y el financiero, se beneficiaron de la buena orientación del mercado, al igual que la distribución.
En este contexto, el fondo también ha subido con fuerza, aunque en menor medida debido al mal comportamiento de Prysmian, Spie, Nexi, Legrand, Deutsche Telekom y Acciona Energías. Esta última, tras su fuerte subida a principios de año, llegó a registrar un descenso de casi el 4 %.
Durante el mes, redujimos ligeramente nuestra posición en Worldline y Publicis tras un fuerte repunte e iniciamos una posición en KBC, de la que apreciamos la solidez de su balance y que ha recuperado una valoración razonable.
A medida que nos acercamos al final del año, los mercados de renta variable podrían mantener su buena orientación, aupados por la perspectiva de próximo cambio de rumbo en la política de ajuste monetario de la Fed.
Por último, como se esperaba a principios de 2022, bajo el efecto de las subidas de tipos, los múltiplos de valoración de los mercados cayeron hasta situarse por debajo de su media a largo plazo.
Sin embargo, esta compresión se debe principalmente al fuerte crecimiento de los resultados empresariales en 2022 y, marginalmente, al descenso de los mercados financieros desde principios de año.
Asimismo, aunque entendemos el reciente repunte, nos parece que todavía hay muchos factores de incertidumbre —el clima, en particular, determinará el consumo y las necesidades de gas— y que, en consecuencia, es demasiado pronto para volver a ser optimistas.
Aunque los movimientos de los tipos de interés pueden desempeñar un papel menor en los múltiplos de valoración, todavía es demasiado pronto para conocer la magnitud de las revisiones a la baja de los resultados empresariales para 2023. En cualquier caso, es difícil imaginar que puedan revisarse al alza.
Una vez más, creemos que es importante mantener una buena diversificación. Seguimos comprometidos con nuestra estrategia de inversión, centrándonos en empresas que combinan capacidad para ajustar los precios, visibilidad y/o perspectivas de crecimiento mediante la exposición a temáticas a largo plazo y una estructura financiera sólida.
Fuente(s) : AXA Investment Managers - MSCI a 30/11/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
Equity markets continued their rally in November, with the initial signs of a turnaround in inflation and the downturn in US macroeconomic indicators raising hopes that interest rate hikes might be smaller in magnitude. Although the ECB reiterated that its priority is the fight against inflation despite the risk of recession in the eurozone, the Fed began to talk about the possibility of slowing down the rate of increases. This hoped-for turnaround in monetary policy was reflected in a return of risk appetite. On top of that, in China, the possibility of a reduction in health restrictions and an easing of the zero-COVID policy fuelled the markets’ optimism, as did the measures taken to boost the property sector. Against this background, the dollar depreciated against other currencies, and oil prices remained below $85 per barrel.
Over the month, the MSCI dividends reinvested gained 8.54%. This return of optimism and the prospect of a slowdown in terms of rate hikes penalised the defensive sectors such as healthcare, telecoms and consumer staples. Conversely, technology posted a clear increase, boosted by good results reported by semiconductors companies. The more cyclical sectors such as materials, consumer discretionary (especially luxury goods stocks) and financials benefited from the good state of the market, as did the retail sector.
Against this background, the fund also posted a strong increase, but it lagged behind due to the poor performances from Prysmian, SPIE, Nexi, Legrand, Deutsche Telekom and Acciona Energias. The latter, after its steep rise at the beginning of the year, posted a drop of nearly 4%.
During the month, we reduced slightly in Worldline and Publicis after a strong rally, and we took a position in KBC, whose balance sheet strength we appreciate and which has regained a reasonable valuation.
With the year-end approaching, equity markets could remain on the right track, boosted by the prospect of a turnaround of the Fed’s monetary tightening policy in the near future.
Ultimately, as expected at the beginning of 2022, under the effect of rising interest rates market valuation multiples have fallen to below their long-term average.
However, this compression is mainly due to the strong growth of corporate earnings in 2022 and marginally to the decline observed in the financial markets since the beginning of the year.
So, while we understand the recent rebound, we believe that there are still many uncertainties – the weather in particular will determine gas consumption and needs – and that it is therefore not too early to be optimistic.
Although changes in interest rates could have less influence on valuation multiples, it is still too early to know what will be the scale of downward revisions of company results for 2023. It is difficult to imagine that they could be revised upwards, in any case.
Once again, we believe it is important to maintain good diversification. We are sticking to our investment strategy, focusing on companies that combine the ability to adjust prices with visibility and/or growth prospects via exposure to long-term themes and a solid financial structure.
Source(s): AXA Investment Managers - MSCI as at 30/11/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN8456 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance scenarios
| Investment GBP 10,000 |
| --- |
| Scenarios | 1 year | 5 years (Recommended holding period) |
| Stress scenario | What you might get back after costs | 6,988.0 GBP | 7,789.0 GBP |
| Average return each year | -30.1% | -4.9% |
| Unfavourable scenario | What you might get back after costs | 9,176.0 GBP | 10,688.0 GBP |
| Average return each year | -8.2% | 1.3% |
| Moderate scenario | What you might get back after costs | 10,556.0 GBP | 13,129.0 GBP |
| Average return each year | 5.6% | 5.6% |
| Favourable scenario | What you might get back after costs | 11,244.0 GBP | 13,188.0 GBP |
| Average return each year | 12.4% | 5.7% |
Minimum: There is no minimum guaranteed return. You could lose some or all of your investment.
Unfavourable scenario: This type of scenario occurred for an investment between 2012-2022 Moderate scenario: This type of scenario occurred for an investment between 2012-2022 Favourable scenario: This type of scenario occurred for an investment between 2012-2022
This table shows the money you could get back over the next 5 year(s), under different scenarios, assuming that you invest 10,000.00 GBP.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. The scenarios shown are illustrations based on results from the past and on certain assumptions. Markets could develop very differently in the future.
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
Market developments in the future cannot be accurately predicted. The scenarios shown are only an indication of some of the possible outcomes based on recent returns. Actual returns could be lower. | # Escenarios de rentabilidad
| Inversión de 10.000 GBP |
| --- |
| Escenarios | 1 año | 5 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 6,988.0 GBP | 7,789.0 GBP |
| Rendimiento medio cada año | -30.1% | -4.9% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 9,176.0 GBP | 10,688.0 GBP |
| Rendimiento medio cada año | -8.2% | 1.3% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10,556.0 GBP | 13,129.0 GBP |
| Rendimiento medio cada año | 5.6% | 5.6% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 11,244.0 GBP | 13,188.0 GBP |
| Rendimiento medio cada año | 12.4% | 5.7% |
Mínimo: No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión.
Escenario desfavorable: Este tipo de escenario se produjo para una inversión entre 2012 y 2022 Escenario moderado: Este tipo de escenario se produjo para una inversión entre 2012 y 2022 Escenario favorable: Este tipo de escenario se produjo para una inversión entre 2012 y 2022
En este cuadro se muestra el dinero que podría recuperar en los próximos 5 años, en diferentes escenarios, suponiendo que invierte 10.000,00 GBP.
Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto durante los últimos 10 años. Los escenarios que se muestran son ilustraciones basadas en resultados pasados y en determinadas hipótesis. Los mercados podrían evolucionar de manera muy distinta en el futuro.
Las cifras presentadas incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también podrá influir en la cantidad que reciba.
La evolución futura del mercado no podrá predecirse con exactitud. Los escenarios mostrados son solo una indicación de algunos de los posibles resultados basados en los rendimientos recientes. El rendimiento real podría ser inferior. | # Performance scenarios
| Investment GBP 10,000 |
| --- |
| Scenarios | 1 year | 5 years (Recommended holding period) |
| Stress scenario | What you might get back after costs | 6,988.0 GBP | 7,789.0 GBP |
| Average return each year | -30.1% | -4.9% |
| Unfavourable scenario | What you might get back after costs | 9,176.0 GBP | 10,688.0 GBP |
| Average return each year | -8.2% | 1.3% |
| Moderate scenario | What you might get back after costs | 10,556.0 GBP | 13,129.0 GBP |
| Average return each year | 5.6% | 5.6% |
| Favourable scenario | What you might get back after costs | 11,244.0 GBP | 13,188.0 GBP |
| Average return each year | 12.4% | 5.7% |
Minimum: There is no minimum guaranteed return. You could lose some or all of your investment.
Unfavourable scenario: This type of scenario occurred for an investment between 2012-2022 Moderate scenario: This type of scenario occurred for an investment between 2012-2022 Favourable scenario: This type of scenario occurred for an investment between 2012-2022
This table shows the money you could get back over the next 5 year(s), under different scenarios, assuming that you invest 10,000.00 GBP.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. The scenarios shown are illustrations based on results from the past and on certain assumptions. Markets could develop very differently in the future.
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
Market developments in the future cannot be accurately predicted. The scenarios shown are only an indication of some of the possible outcomes based on recent returns. Actual returns could be lower. | en | es |
DOLFIN8457 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Any financial guarantees (collateral) received shall also, in accordance with regulations, comply with the following:
- criteria for liquidity, valuation (at least daily, and assets that are not highly volatile, except for obtaining adequate discounts), issuer creditworthiness, correlation (independence vis-à-vis the counterparty) and diversification with maximum exposure to a given issuer of 20% of the net assets;
- it shall be held by the Custodian of the Fund or any third party, in a segregated account, subject to prudential supervision and which has no connection with the provider of the financial guarantees;
- financial guarantees received must be available for full execution by the Fund at any time without consulting the counterparty or the counterparty's consent;
- financial guarantees received as cash shall only be placed as deposits with eligible institutions or invested in top-tier government bonds or used in reverse repurchase transactions (provided that such transactions are concluded with credit institutions subject to prudential supervision and on the condition that the Fund is in a position to recall the total cash amount at any time, accounting for accrued interest) or invested in short-term money market UCIs;
- the financial guarantees will not be reusable. | ### Toute garantie financière (collatéral) reçue respectera conformément à la réglementation les éléments suivants :
- les critères de liquidité, d’évaluation (au moins quotidienne et actifs n’affichant pas une haute volatilité sauf à obtenir des décotes suffisantes), de qualité de crédit des émetteurs, de corrélation (indépendance par rapport à la contrepartie) et de diversification avec une exposition à un émetteur donné de maximum 20% de l’actif net,
- elle est détenue par le Dépositaire du Fonds ou tout tiers, sur un compte ségrégué, faisant l'objet d'une surveillance prudentielle et qui n'a aucun lien avec le fournisseur des garanties financières,
- les garanties financières reçues doivent pouvoir donner lieu à une pleine exécution par le Fonds à tout moment et sans consultation de la contrepartie ni approbation de celle-ci,
- les garanties financières en espèces seront uniquement placées en dépôts auprès d’entités éligible ou investies dans des obligations d’Etat de haute qualité ou utilisées aux fins de transactions de prise en pension (à condition que ces transactions soient conclues avec des établissements de crédit faisant l’objet d’une surveillance prudentielle et que le Fonds puisse rappeler à tout moment le montant total des liquidités en tenant compte des intérêts courus) ou en OPC monétaire court terme,
- les garanties financières ne seront pas réutilisables. | ### Any financial guarantees (collateral) received shall also, in accordance with regulations, comply with the following:
- criteria for liquidity, valuation (at least daily, and assets that are not highly volatile, except for obtaining adequate discounts), issuer creditworthiness, correlation (independence vis-à-vis the counterparty) and diversification with maximum exposure to a given issuer of 20% of the net assets;
- it shall be held by the Custodian of the Fund or any third party, in a segregated account, subject to prudential supervision and which has no connection with the provider of the financial guarantees;
- financial guarantees received must be available for full execution by the Fund at any time without consulting the counterparty or the counterparty's consent;
- financial guarantees received as cash shall only be placed as deposits with eligible institutions or invested in top-tier government bonds or used in reverse repurchase transactions (provided that such transactions are concluded with credit institutions subject to prudential supervision and on the condition that the Fund is in a position to recall the total cash amount at any time, accounting for accrued interest) or invested in short-term money market UCIs;
- the financial guarantees will not be reusable. | en | fr |
DOLFIN8458 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: October 1, 2015.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
3%
2%
1%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 1 de octubre de 2015. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
3%
2%
1%
0% | ### Launch Date and Currency
Sub-Fund's launch date: October 1, 2015.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
3%
2%
1%
0% | en | es |
DOLFIN8459 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### The issue and redemption prices or the net asset value with the note "excluding commissions" are published daily on the electronic platform www.fundinfo.com.
-
#### Payment of retrocessions and rebates
- RetrocessionsThe Management Company and its delegates may pay retrocessions where permitted by law and applicable regulations. Retrocessions are payments made by the Investment Manager and its delegates out of the invest- ment management fee to eligible third parties for the provision of distribution services of Fund units in Switzer- land. These payments are used by the Investment Ma- nager to remunerate the relevant third parties for any services provided directly or indirectly for the purpose of an investor's acquisition of Shares in the Sub-Funds, such as, but not limited to: | #### Die Ausgabe- und Rücknahmepreise bzw. der Inventar- wert mit dem Hinweis „exklusive Kommissionen“ werden täglich auf der elektronischen Plattform www.fund-info.com publiziert.
-
#### Zahlung von Retrozessionen und Rabatten
- RetrozessionenDie Verwaltungsgesellschaft und deren Beauftragte können sofern nach dem Gesetz und den geltenden Verordnungen zulässig Retrozessionen zahlen. Bei Retro- zessionen handelt es sich um Zahlungen, die der Anla- geverwalter und seine Beauftragten aus der Anlagever- waltungsgebühr an berechtigte Dritte für die Erbringung von Vertriebsdienstleistungen von Fondsanteilen in der Schweiz leisten. Mit diesen Zahlungen vergütet der An- lageverwalter die betreffenden Dritten für alle Dienstleis- tungen, welche direkt oder indirekt den Erwerb von An- teilen der Teilfonds durch einen Anleger bezwecken, wie beispielsweise, aber nicht abschliessend: | #### The issue and redemption prices or the net asset value with the note "excluding commissions" are published daily on the electronic platform www.fundinfo.com.
-
#### Payment of retrocessions and rebates
- RetrocessionsThe Management Company and its delegates may pay retrocessions where permitted by law and applicable regulations. Retrocessions are payments made by the Investment Manager and its delegates out of the invest- ment management fee to eligible third parties for the provision of distribution services of Fund units in Switzer- land. These payments are used by the Investment Ma- nager to remunerate the relevant third parties for any services provided directly or indirectly for the purpose of an investor's acquisition of Shares in the Sub-Funds, such as, but not limited to: | en | de |
DOLFIN8460 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Benchmark: The Fund will measure its performance against Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (the "Benchmark").
The Investment Manager will use the Benchmark to construct the investment universe. The Fund is actively managed and does not seek to replicate the full constituents of the Benchmark. The Investment Manager has limited discretion to invest outside the Benchmark where the relevant security meets the requirements of and is expected to be included in the Benchmark in the future.
The majority of the Fund's holdings will be constituents of the Benchmark and as a result the Fund will be similar in its currency, duration as well as sector exposures and credit quality profile, subject to investment constraints. However the Investment Manager will not seek to reflect the Benchmark's maturity profile. | #### Índice de referencia: el Fondo medirá su rentabilidad comparándola con el Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (el «Índice de referencia»).
La Gestora de Inversiones utilizará el Índice de referencia para conformar el universo de inversión. El Fondo se gestiona de manera activa y no pretende reproducir todos los componentes del Índice de referencia. La Gestora de Inversiones cuenta con una potestad limitada para invertir fuera del Índice de referencia cuando el valor de deuda o relacionado con la deuda cumpla con los requisitos del Índice de referencia y se espere que se incluya en un futuro en el Índice de referencia.
La mayoría de las posiciones del Fondo serán componentes del Índice de referencia y, como resultado, el Fondo será similar en sus exposiciones a divisas, duración y sectores, así como en términos del perfil de calidad crediticia, sujeto a las limitaciones de inversión. Con todo, la Gestora de Inversiones no pretenderá reflejar el perfil de vencimientos del Índice de referencia. | #### Benchmark: The Fund will measure its performance against Bloomberg Barclays US HY Fallen Angel 3% Cap Total Return Index Value Unhedged (the "Benchmark").
The Investment Manager will use the Benchmark to construct the investment universe. The Fund is actively managed and does not seek to replicate the full constituents of the Benchmark. The Investment Manager has limited discretion to invest outside the Benchmark where the relevant security meets the requirements of and is expected to be included in the Benchmark in the future.
The majority of the Fund's holdings will be constituents of the Benchmark and as a result the Fund will be similar in its currency, duration as well as sector exposures and credit quality profile, subject to investment constraints. However the Investment Manager will not seek to reflect the Benchmark's maturity profile. | en | es |
DOLFIN8461 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
By virtue of licence agreements concluded between Lombard Odier Asset Management (Switzerland) SA and each of the Swap Counterparties, the latter is granted the right to offer swap products with payouts linked to the performance of the relevant Index to other entities of the Lombard Odier Group or third entities subject to the payment of a fee (the "Licence Fee").
In the event that any Investment Manager other than Lombard Odier Asset Management (Switzerland) SA implements for a given
Sub-Fund either the Commodity Swap strategy or the Backwardation Swap strategy, the Licence Fee shall be paid by such Sub-Fund to the Swap Counterparties who will ultimately remit to Lombard Odier Asset Management (Switzerland) SA the Licence Fee.
- Other FeesIn addition to the Operational Costs described in paragraph 10.5.4 above, each Sub-Fund bears the transaction costs and other related costs as further described below. | Aux termes des contrats de licence conclus entre Lombard Odier Asset Management (Switzerland) SA et chacune des Contreparties des swaps, cette dernière se voit octroyer le droit de proposer des produits de swap prévoyant des paiements liés à la performance de l’Indice correspondant à d’autres entités du Groupe Lombard Odier ou à des tiers moyennant le paiement de droits (les "Droits de licence").
Dans le cas où tout Gérant autre que Lombard Odier Asset Management (Switzerland) SA met en œuvre, pour un Compartiment donné, soit la stratégie de Commodity Swap, soit la stratégie de Backwardation Swap, les Droits de licence doivent être versés par ledit Compartiment aux Contreparties des Swaps, qui reverseront finalement les Droits de licence à Lombard Odier Asset Management (Switzerland) SA.
- Autres commissionsOutre les coûts opérationnels décrits au paragraphe 10.5.4 ci-dessus, chaque Compartiment prend en charge les coûts de transaction et d’autres coûts associés tels que détaillés ci-dessous. | By virtue of licence agreements concluded between Lombard Odier Asset Management (Switzerland) SA and each of the Swap Counterparties, the latter is granted the right to offer swap products with payouts linked to the performance of the relevant Index to other entities of the Lombard Odier Group or third entities subject to the payment of a fee (the "Licence Fee").
In the event that any Investment Manager other than Lombard Odier Asset Management (Switzerland) SA implements for a given
Sub-Fund either the Commodity Swap strategy or the Backwardation Swap strategy, the Licence Fee shall be paid by such Sub-Fund to the Swap Counterparties who will ultimately remit to Lombard Odier Asset Management (Switzerland) SA the Licence Fee.
- Other FeesIn addition to the Operational Costs described in paragraph 10.5.4 above, each Sub-Fund bears the transaction costs and other related costs as further described below. | en | fr |
DOLFIN8462 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# The role of heavy emitters
Economies and businesses have been adapting to the energy transition by developing low-carbon solutions that help trans- forming the global energy sector from fossil-based systems of energy production and consumption to renewable energy sources. However, many companies are still lagging in this transition and continue to face meaningful fundamental and environmental risks.
- There can be no warranty that an investment objective, targeted returns and results of an investment structure is achieved. The value of your investment can go up and down, and you could lose some or all of your invested money. | # Il ruolo dei principali emettitori
Le economie e le aziende si sono adattate alla transizione energetica sviluppando soluzioni a basso tenore di carbonio che aiutano a trasformare il settore energetico globale dai sistemi di produzione e consumo energetico basati su fossili alle fonti energetiche rinnovabili. Tuttavia, molte aziende sono ancora in ritardo in questa transizione e continuano ad affron- tare rischi fondamentali e ambientali significativi.
- L’effettivo raggiungimento di un obiettivo d’investimento, di risultati e rendimenti attesi di una struttura d’investimento non può in alcun modo essere garantito. Il valore degli investimenti può sia aumentare che diminuire e Lei potrebbe perdere parte o la totalità dell’importo investito. | # The role of heavy emitters
Economies and businesses have been adapting to the energy transition by developing low-carbon solutions that help trans- forming the global energy sector from fossil-based systems of energy production and consumption to renewable energy sources. However, many companies are still lagging in this transition and continue to face meaningful fundamental and environmental risks.
- There can be no warranty that an investment objective, targeted returns and results of an investment structure is achieved. The value of your investment can go up and down, and you could lose some or all of your invested money. | en | it |
DOLFIN8463 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the EURO STOXX Total Market Growth Large Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The Index measures the performance of equity securities issued by companies in the Economic and Monetary Union of the European Union with large market capitalisation and which are orientated towards long-term capital growth. Market capitalisation is the share price of the company multiplied by the number of shares issued.
The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares quarterly).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del EURO STOXX Total Market Growth Large Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta variable (p. ej., acciones) que componen el Índice.
El Índice mide la rentabilidad de valores de renta variable emitidos por empresas de la Unión Económica y Monetaria de la Unión Europea con elevada capitalización bursátil, y que están orientadas al crecimiento a largo plazo del capital. La capitalización bursátil se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones emitidas.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar el objetivo de inversión del Fondo. Los IFD pueden utilizarse con fines de inversión directa. Para esa clase de acciones, está previsto que la utilización de IFD sea limitada.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (trimestralmente se pagarán ingresos sobre las acciones). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the EURO STOXX Total Market Growth Large Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The Index measures the performance of equity securities issued by companies in the Economic and Monetary Union of the European Union with large market capitalisation and which are orientated towards long-term capital growth. Market capitalisation is the share price of the company multiplied by the number of shares issued.
The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares quarterly).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN8464 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| DOCUMENT D'INFORMATIONS CLÉS Objectif Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d'un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits. | |
| --- | --- |
| PRODUIT |
| Emerging Debt Local Currencies, I-H - Capitalisation, un compartiment de Candriam Bonds, SICAV |
| I-H libellée en EUR, couverte contre l'USD |
| ISIN: | LU1258426821 | |
| Initiateur: | Candriam | |
| Website: | www.candriam.com | |
| Contact: | +352 27 97 39 23 | |
| Autorité compétente: | Candriam est autorisée au Luxembourg et réglementée par la Commission de Surveillance du Secteur Financier (CSSF). Candriam Bonds est autorisé au Luxembourg et réglementé par la Commission de Surveillance du Secteur Financier (CSSF). |
| Ce document d'informations clés est valide au 2023-01-01. |
| EN QUOI CONSISTE CE PRODUIT? |
| Type: SICAV | | |
| Echéance: Durée illimitée. | | |
| Objectif: | | |
| Principaux actifs traités: Obligations et autres titres de créance libellés principalement en devises locales et accessoirement en devises des pays développés émis par des émetteurs privés, émis ou garantis par les Etats émergents, des collectivités de droit public et des émetteurs semi-publics opérant dans les pays émergents. Stratégie d'investissement: Le fonds vise une croissance du capital en investissant dans les principaux actifs traités et à surperformer l'indice de référence. L'équipe de gestion effectue des choix discrétionnaires d'investissement sur base d’analyses économico-financières. Le Fonds promeut, entres autres caractéristiques, des caractéristiques environnementales et/ou sociales sans pour autant avoir un objectifd'investissement durable. Les critères environnementaux, sociaux et de gouvernance (ESG) contribuent à la prise de décision du gérant, sans pour autant être un facteur déterminant de cette prise de décision. Pour plus d’informations, veuillez vous référer au site internet de la société de gestion et/ou au prospectus. Le fonds peut recourir aux produits dérivés, tant dans un but d'investissement que dans un but de couverture (se prémunir contre des évènements financiers futurs défavorables). Cette classe d’actions couverte vise à réduire l’effet des fluctuations de taux de change entre la devise de référence du compartiment USD et l'EUR (la devise dans laquelle est libellée la classe d’actions couverte). Cela réduit, mais n’élimine pas complètement le risque de change. Valeur de référence: J.P. Morgan GBI-EM Global Diversified (Total Return). Le fonds est géré de manière active et le processus d'investissement implique la référence à une valeur de référence (l'indice). Définition de l'indice: L’indice mesure la performance d’obligations souveraines des marchés émergents en monnaie locale, au moyen d’un schéma de diversification qui permet une répartition plus égale des pondérations entre les pays de l’indice. Utilisation de l'indice: - en tant qu’univers d'investissement. En général, les émetteurs des instruments financiers présents dans le portefeuille du fonds font majoritairement partie de l’indice. Cependant, des investissements en-dehors de cet indice sont autorisés, | | DOCUMENTO DE DATOS FUNDAMENTALES Objetivo El presente documento contiene información esencial sobre el producto de inversión. No se trata de un documento de carácter comercial. Esta información se le proporciona de conformidad con una obligación legal con el fin de ayudarle a comprender en qué consiste este producto y cuáles son los riesgos, los costes y las ganancias y pérdidas potenciales correspondientes, así como para ayudarle a compararlo con otros productos. | |
| --- | --- |
| PRODUCTO |
| Emerging Debt Local Currencies, I-H - Capitalisation, un subfondo de Candriam Bonds, SICAV |
| I-H denominada en EUR, cubierta enUSD |
| ISIN: | LU1258426821 | |
| Productor: | Candriam | |
| Website: | www.candriam.com | |
| Contacto: | +352 27 97 39 23 | |
| Autoridad competente: | Candriam está autorizada en Luxemburgo y está regulada por la Commission de Surveillance du Secteur Financier (CSSF). Candriam Bonds está autorizada en Luxemburgo y está regulada por la Commission de Surveillance du Secteur Financier (CSSF). |
| Este documento de datos fundamentales es válido a 2023-01-01. |
| ¿QUÉ ES ESTE PRODUCTO? |
| Tipo: SICAV | | |
| Vencimiento: Duración ilimitada. |
| Objetivo: | | |
| Principales activos negociados: Bonos y otros títulos de deuda denominados principalmente en divisas locales y, con carácter accesorio, en divisas de países desarrollados, emitidos por emisores privados, emitidos o garantizados por países emergentes, organismos públicos y emisores semipúblicos que operan en países emergentes. Estrategia de inversión: El fondo trata de obtener la revalorización del capital invirtiendo en los principales activos negociados y superar la rentabilidad del índice de referencia. El equipo de gestión toma decisiones de inversión discrecionales basadas en análisis económico-financieros. Entre otras características, el fondo promueve las medioambientales y/o sociales sin tener un objetivo de inversión sostenible. Los criterios medioambientales, sociales y de gobernanza (ESG) contribuyen a la toma de decisiones del gestor, pero no son un factor determinante en esa toma de decisiones. Para obtener más información, consulte el sitio web de la sociedad gestora y/o el folleto. El fondo puede utilizar derivados, tanto con fines de inversión como de cobertura (para protegerse de acontecimientos financieros futuros adversos). Esta clase de acciones cubiertas tiene como objetivo reducir el efecto de las fluctuaciones de los tipos de cambio entre la moneda de referencia del subfondo USD y EUR (la moneda en la que está denominada la clase de acciones cubiertas). Esto reduce, pero no elimina por completo, el riesgo de tipo de cambio. Valor de referencia:J.P.Morgan GBI-EM Global Diversified (rentabilidad total). La gestión activa del fondo y el proceso de inversión conllevan la referencia a un valor de referencia (el índice). Definición del índice: El índice mide la rentabilidad de los bonos soberanos de los mercados emergentes en moneda local, utilizando un esquema de diversificación que permite una distribución más uniforme de las ponderaciones entre los países del índice. Uso del índice: - como universo de inversión. En general, la mayoría de los emisores de los instrumentos financieros están presentes en la cartera del fondo están incluidos en el índice. No obstante, se autorizan inversiones al margen del índice: | | DOCUMENT D'INFORMATIONS CLÉS Objectif Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d'un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits. | |
| --- | --- |
| PRODUIT |
| Emerging Debt Local Currencies, I-H - Capitalisation, un compartiment de Candriam Bonds, SICAV |
| I-H libellée en EUR, couverte contre l'USD |
| ISIN: | LU1258426821 | |
| Initiateur: | Candriam | |
| Website: | www.candriam.com | |
| Contact: | +352 27 97 39 23 | |
| Autorité compétente: | Candriam est autorisée au Luxembourg et réglementée par la Commission de Surveillance du Secteur Financier (CSSF). Candriam Bonds est autorisé au Luxembourg et réglementé par la Commission de Surveillance du Secteur Financier (CSSF). |
| Ce document d'informations clés est valide au 2023-01-01. |
| EN QUOI CONSISTE CE PRODUIT? |
| Type: SICAV | | |
| Echéance: Durée illimitée. | | |
| Objectif: | | |
| Principaux actifs traités: Obligations et autres titres de créance libellés principalement en devises locales et accessoirement en devises des pays développés émis par des émetteurs privés, émis ou garantis par les Etats émergents, des collectivités de droit public et des émetteurs semi-publics opérant dans les pays émergents. Stratégie d'investissement: Le fonds vise une croissance du capital en investissant dans les principaux actifs traités et à surperformer l'indice de référence. L'équipe de gestion effectue des choix discrétionnaires d'investissement sur base d’analyses économico-financières. Le Fonds promeut, entres autres caractéristiques, des caractéristiques environnementales et/ou sociales sans pour autant avoir un objectifd'investissement durable. Les critères environnementaux, sociaux et de gouvernance (ESG) contribuent à la prise de décision du gérant, sans pour autant être un facteur déterminant de cette prise de décision. Pour plus d’informations, veuillez vous référer au site internet de la société de gestion et/ou au prospectus. Le fonds peut recourir aux produits dérivés, tant dans un but d'investissement que dans un but de couverture (se prémunir contre des évènements financiers futurs défavorables). Cette classe d’actions couverte vise à réduire l’effet des fluctuations de taux de change entre la devise de référence du compartiment USD et l'EUR (la devise dans laquelle est libellée la classe d’actions couverte). Cela réduit, mais n’élimine pas complètement le risque de change. Valeur de référence: J.P. Morgan GBI-EM Global Diversified (Total Return). Le fonds est géré de manière active et le processus d'investissement implique la référence à une valeur de référence (l'indice). Définition de l'indice: L’indice mesure la performance d’obligations souveraines des marchés émergents en monnaie locale, au moyen d’un schéma de diversification qui permet une répartition plus égale des pondérations entre les pays de l’indice. Utilisation de l'indice: - en tant qu’univers d'investissement. En général, les émetteurs des instruments financiers présents dans le portefeuille du fonds font majoritairement partie de l’indice. Cependant, des investissements en-dehors de cet indice sont autorisés, | fr | es |
DOLFIN8465 | 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 | | | 11.5 | 9.9 | 2.4 | 35.9 | -23.4 | 26.2 | 3.5 | 13.9 |
| Constraint †¹ | | | 14.7 | 13.4 | 3.6 | 25.6 | -18.1 | 16.8 | 0.0 | 8.8 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 28 July 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | | 11,5 | 9,9 | 2,4 | 35,9 | -23,4 | 26,2 | 3,5 | 13,9 |
| Limitación †¹ | | | 14,7 | 13,4 | 3,6 | 25,6 | -18,1 | 16,8 | 0,0 | 8,8 |
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 28 julio 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | 11.5 | 9.9 | 2.4 | 35.9 | -23.4 | 26.2 | 3.5 | 13.9 |
| Constraint †¹ | | | 14.7 | 13.4 | 3.6 | 25.6 | -18.1 | 16.8 | 0.0 | 8.8 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 28 July 2022 | en | es |
DOLFIN8466 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Delegation of the Fund’s accounting:
CACEIS FUND ADMINISTRATION
Public limited company with a share capital of €5,800,000
Registered office: 89-91 rue Gabriel Péri, 92120 Montrouge, France
Postal address: 12 place des États-Unis, CS 40083, 92549 Montrouge CEDEX, France
The Management Company, Edmond de Rothschild Asset Management (France), delegates the accounting for the UCITS to Caceis Fund Administration.
The primary corporate purpose of Caceis Fund Administration is the valuation and accounting and administrative management of financial portfolios. As such, it focuses on processing financial information relating to portfolios, the calculation of net asset values, bookkeeping for the portfolios, the production of accounting and financial statements and information and the production of various regulatory and special reports. | #### Delega della gestione contabile:
CACEIS FUND ADMINISTRATION
Società per azioni (Société anonyme) con capitale sociale di € 5.800.000
Sede legale: 89-91 rue Gabriel Péri – 92120 Montrouge
Indirizzo postale: 12 place des États-Unis - CS 40083 - 92549 Montrouge CEDEX
La società di gestione Edmond de Rothschild Asset Management (France) delega a Caceis Fund Administration la gestione contabile dell’OICVM.
Caceis Fund Administration ha come obiettivo sociale, in particolare, la valorizzazione e la gestione amministrativa e contabile dei portafogli finanziari. A tal fine, procede principalmente all'elaborazione delle informazioni finanziarie relative ai portafogli, ai calcoli del valore patrimoniale netto, alla rendicontazione dei portafogli, alla realizzazione delle relazioni e delle informazioni contabili e finanziarie e alla produzione dei diversi documenti di carattere normativo o di natura specifica. | #### Delegation of the Fund’s accounting:
CACEIS FUND ADMINISTRATION
Public limited company with a share capital of €5,800,000
Registered office: 89-91 rue Gabriel Péri, 92120 Montrouge, France
Postal address: 12 place des États-Unis, CS 40083, 92549 Montrouge CEDEX, France
The Management Company, Edmond de Rothschild Asset Management (France), delegates the accounting for the UCITS to Caceis Fund Administration.
The primary corporate purpose of Caceis Fund Administration is the valuation and accounting and administrative management of financial portfolios. As such, it focuses on processing financial information relating to portfolios, the calculation of net asset values, bookkeeping for the portfolios, the production of accounting and financial statements and information and the production of various regulatory and special reports. | en | it |
DOLFIN8467 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Scénarios | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- | --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 1 360 EUR | 1 160 EUR |
| Rendement annuel moyen | - 86,4 % | - 35,05 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 130 EUR | 9 490 EUR |
| Rendement annuel moyen | - 28,68% | - 1,03% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 11 100 EUR | 17 070 EUR |
| Rendement annuel moyen | 10,95% | 11,29% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 18 490 EUR | 21 400 EUR |
| Rendement annuel moyen | 84,93% | 16,43% | | | Escenarios | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 1 360 EUR | 1 160 EUR |
| Rendimiento medio cada año | - 86,4 % | - 35,05 % |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7 130 EUR | 9 490 EUR |
| Rendimiento medio cada año | - 28,68% | - 1,03% |
| Moderado | Lo que podría recibir tras deducir los costes | 11 100 EUR | 17 070 EUR |
| Rendimiento medio cada año | 10,95% | 11,29% |
| Favorable | Lo que podría recibir tras deducir los costes | 18 490 EUR | 21 400 EUR |
| Rendimiento medio cada año | 84,93% | 16,43% | | | Scénarios | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- | --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 1 360 EUR | 1 160 EUR |
| Rendement annuel moyen | - 86,4 % | - 35,05 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 130 EUR | 9 490 EUR |
| Rendement annuel moyen | - 28,68% | - 1,03% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 11 100 EUR | 17 070 EUR |
| Rendement annuel moyen | 10,95% | 11,29% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 18 490 EUR | 21 400 EUR |
| Rendement annuel moyen | 84,93% | 16,43% | | fr | es |
DOLFIN8468 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
L’indicateur ci-dessus mesure les fluctuations des cours du Compartiment dans le temps. Il indique les effets sur le Compartiment des évolutions défavorables des places boursières et des devises, dans des conditions de marché normales.
- Il se base sur des données historiques et ne peut donc être considéré comme une indication fiable du profil de risque futur du Compartiment.
- Il indique le classement du présent Compartiment à la date de publication de ce document. Ce classement peut évoluer dans le temps, vers le haut ou vers le bas.
- Un Fonds appartenant à la catégorie 1 ci-dessus présenterait un risque de pertes de votre point de vue. Le classement du Fonds considéré dans cette catégorie ne serait pas synonyme d’investissement sans risque en permanence. | El indicador anterior es una medida de las variaciones de precios del Subfondo a lo largo del tiempo. Captura el impacto en este Subfondo de los movimientos adversos de las bolsas de valores y las divisas, en condiciones normales de mercado.
- Se basa en datos históricos y por tanto, puede no ser un indicador fiable del riesgo futuro.
- Refleja la clasificación del Subfondo a la fecha del presente documento. Esta clasificación puede cambiar en el futuro, al alza o a la baja.
- Un Subfondo de la categoría 1 anterior afronta riesgos de pérdidas desde su posición. Estar en esta categoría no significa que el Subfondo en cuestión esté libre de riesgo en todo momento. | L’indicateur ci-dessus mesure les fluctuations des cours du Compartiment dans le temps. Il indique les effets sur le Compartiment des évolutions défavorables des places boursières et des devises, dans des conditions de marché normales.
- Il se base sur des données historiques et ne peut donc être considéré comme une indication fiable du profil de risque futur du Compartiment.
- Il indique le classement du présent Compartiment à la date de publication de ce document. Ce classement peut évoluer dans le temps, vers le haut ou vers le bas.
- Un Fonds appartenant à la catégorie 1 ci-dessus présenterait un risque de pertes de votre point de vue. Le classement du Fonds considéré dans cette catégorie ne serait pas synonyme d’investissement sans risque en permanence. | fr | es |
DOLFIN8469 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Currency denomination allocation
Our currency positioning over different foreign currencies is the result of our beta positioning, sector themes and issuer selection. The remainder is held in cash. All currency exposure is hedged back to the Bloomberg Aggregate Corporate Index. Euro corporate bonds outperformed dollar bonds in terms of risk-adjusted excess returns for the month. The fund holds an overweight position in euro bonds. | # Asignación de divisas
Nuestro posicionamiento en diferentes divisas es el resultado de nuestro posicionamiento en beta, temáticas sectoriales y selección de emisores. El porcentaje restante se mantiene en activos monetarios. Toda la exposición a divisas está cubierta respecto al Bloomberg Aggregate Corporate Index. En el mes, los bonos corporativos del euro batieron a los del dólar por excedente de rendimiento ajustado al riesgo. El fondo está sobreponderado en bonos del euro. | # Currency denomination allocation
Our currency positioning over different foreign currencies is the result of our beta positioning, sector themes and issuer selection. The remainder is held in cash. All currency exposure is hedged back to the Bloomberg Aggregate Corporate Index. Euro corporate bonds outperformed dollar bonds in terms of risk-adjusted excess returns for the month. The fund holds an overweight position in euro bonds. | en | es |
DOLFIN8470 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Sub-Fund is launched at Y0 with a NAV of 100.
At the end of the first year ( Y1), the NAV is 108 and the Sub-Fund exhibits an absolute positive performance of 8%. The Management Company is entitled to a Performance Fee of 1.2% (8% x 15%). The Performance Fee amounts to 1.2 (1.2% of 100). The Sub-Fund's NAV net of Performance Fee amounts to 106.8 (108 – 1.2) and the High Water Mark is set at 106.80.
At the end of the second year ( Y2), the Sub-Fund exhibits a negative absolute performance of -1.69%. The Management Company is not entitled to a Performance Fee. The High Water Mark remains unchanged at 106.40.
At the end of the third year ( Y3), the Sub-Fund exhibits an absolute positive performance of 3% compared to the latest High Water Mark. The Management Company is entitled to a Performance Fee of 0.45% (3% x 15%). The Performance Fee amounts to 0.47 (0.45% of 105). The Sub- Fund's NAV net of Performance Fee amounts to 109.53 (110 – 0.47) and the High Water Mark is set at 109.53.
Investment Manager
See paragraph 6.3
Approach used to calculate the Global Exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the Global Exposure only
Not applicable
Expected level of leverage
The Sub-Fund's leverage under the sum of notional of financial derivative instruments approach is expected to be around 300% of Net Asset Value.
The Sub-Fund exposure to TRS expressed as the sum of notional is expected to range between 100% and 200% of Net Asset Value. In cases where this range is exceeded, exposures should remain below 300%.
Investors should note that expected exposures and leverage may be exceeded.
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares. | Der Teilfonds wird im J0 mit einem NAV von 100 aufgelegt.
Am Ende des ersten Jahres (J1) liegt der NAV bei 108, und der Teilfonds verzeichnet eine positive absolute Performance von 8%. Die Verwaltungsgesellschaft hat Anspruch auf eine Performance-Fee von 1,2% (8% x 15%). Die Performance-Fee beträgt 1,2 (1,2% von 100). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 106,8 (108 – 1,2), und die High-Water-Mark liegt bei 106,80.
Am Ende des zweiten Jahres (J2) weist der Teilfonds eine negative absolute Performance aus (-1,69%). Die Verwaltungsgesellschaft hat keinen Anspruch auf eine Performance-Fee. Die High-Water-Mark bleibt unverändert (106,40).
Am Ende des dritten Jahres (J3) verzeichnet der Teilfonds eine positive absolute Performance von 3% im Vergleich zur letzten High-Water-Mark. Die Verwaltungsgesellschaft hat Anspruch auf eine Performance-Fee von 0,45% (3% x 15%). Die Performance-Fee beträgt 0,47 (0,45% von 105). Der NAV des Teilfonds nach Abzug der Performance-Fee beträgt 109,53 (110 – 0,47), und die High-Water-Mark liegt bei 109,53.
Fondsmanager
Siehe Paragraph 6.3
Ansatz, mit dem das Gesamtrisiko des Teilfonds berechnet wird
Absoluter VaR
Referenzportefeuille, ausschliesslich für die Gesamtrisikomessung
Nicht anwendbar
Erwartetes Leverage-Niveau
Es wird erwartet, dass das Leverage des Teilfonds für den Gesamtnennwert der Finanzderivate rund 300% des Nettoinventarwerts betragen wird.
Es wird erwartet, dass das Engagement des Teilfonds in TRS, das als Summe der Nennwerte ausgedrückt wird, zwischen 100% und 200% des Nettoinventarwerts betragen wird. In Fällen, in denen diese Spanne durchbrochen wird, dürfte das Engagement unter 300% bleiben.
Die Anleger werden darauf hingewiesen, dass die erwarteten Engagements und Leverage-Niveaus überschritten werden können.
Profil des typischen Anlegers
Der Teilfonds ist geeignet für Anleger, die:
- einen langfristigen Kapitalzuwachs anstreben; und
- bereit sind, die erhöhten Risiken zu tragen, die mit den Anlagekategorien verbunden sind, die im Anlageziel und in der Anlagepolitik beschrieben sind; und
- der Volatilität ihrer Aktien standhalten können. | The Sub-Fund is launched at Y0 with a NAV of 100.
At the end of the first year ( Y1), the NAV is 108 and the Sub-Fund exhibits an absolute positive performance of 8%. The Management Company is entitled to a Performance Fee of 1.2% (8% x 15%). The Performance Fee amounts to 1.2 (1.2% of 100). The Sub-Fund's NAV net of Performance Fee amounts to 106.8 (108 – 1.2) and the High Water Mark is set at 106.80.
At the end of the second year ( Y2), the Sub-Fund exhibits a negative absolute performance of -1.69%. The Management Company is not entitled to a Performance Fee. The High Water Mark remains unchanged at 106.40.
At the end of the third year ( Y3), the Sub-Fund exhibits an absolute positive performance of 3% compared to the latest High Water Mark. The Management Company is entitled to a Performance Fee of 0.45% (3% x 15%). The Performance Fee amounts to 0.47 (0.45% of 105). The Sub- Fund's NAV net of Performance Fee amounts to 109.53 (110 – 0.47) and the High Water Mark is set at 109.53.
Investment Manager
See paragraph 6.3
Approach used to calculate the Global Exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the Global Exposure only
Not applicable
Expected level of leverage
The Sub-Fund's leverage under the sum of notional of financial derivative instruments approach is expected to be around 300% of Net Asset Value.
The Sub-Fund exposure to TRS expressed as the sum of notional is expected to range between 100% and 200% of Net Asset Value. In cases where this range is exceeded, exposures should remain below 300%.
Investors should note that expected exposures and leverage may be exceeded.
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares. | en | de |
DOLFIN8471 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | 574 GBP | 668 GBP |
| Annual cost impact (*) | 5.9% | 2.3% each year | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 3 anni |
| --- | --- | --- |
| Costi totali | 574 GBP | 668 GBP |
| Incidenza annuale dei costi (*) | 5.9% | 2.3% ogni anno | | | | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | 574 GBP | 668 GBP |
| Annual cost impact (*) | 5.9% | 2.3% each year | | en | it |
DOLFIN8472 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Neuberger Berman Global Thematic Equity Fund (suite)
## État des principales acquisitions et ventes (suite)
Ventes cumulées supérieures à un (1) pour cent de la valeur totale des ventes :
| Unités | Description du titre | Produits USD |
| --- | --- | --- |
| 292 702 | GTT Communications Inc | 688 537 |
| 21 062 | Criteo SA ADR | 579 902 |
| 19 671 | Inovalon Holdings Inc Class A | 526 863 |
| 17 021 | Allegheny Technologies Inc | 318 240 |
| 876 | Charles River Laboratories International Inc | 234 389 |
| 3 131 | Western Digital Corp | 169 750 |
| 2 390 | Amdocs Ltd | 167 868 |
| 542 | Nice Ltd ADR | 146 355 |
| 5 550 | Scholastic Corp | 143 386 |
| 3 022 | Perrigo Co Plc | 139 309 |
| 6 152 | NortonLifeLock Inc | 129 371 |
| 23 298 | Pets at Home Group Plc | 126 042 |
| 2 877 | Delta Air Lines Inc | 116 045 |
| 810 | Expedia Group Inc | 113 581 |
| 3 016 | Corning Inc | 112 134 |
| 1 465 | Quanta Services Inc | 109 866 |
| 431 | Alibaba Group Holding Ltd ADR | 100 884 |
| 455 | Aon Plc Class A | 93 940 |
| 1 195 | Stericycle Inc | 83 114 |
| 578 | Tetra Tech Inc | 75 246 |
| 547 | TE Connectivity Ltd | 71 084 |
| 39 | Alphabet Inc Class A | 68 128 |
RAPPORT INTÉRIMAIRE 2021 715
ÉTATS FINANCIERS RAPPORT DU GESTIONNAIRE D’INVESTISSEMENT | # Neuberger Berman Global Thematic Equity Fund (cont.)
## Informe de compras y ventas significativas (cont.)
Ventas agregadas que superan el 1% del valor total de las ventas:
| Unidades | Descripción de los valores | Producto USD |
| --- | --- | --- |
| 292.702 | GTT Communications Inc | 688.537 |
| 21.062 | Criteo SA ADR | 579.902 |
| 19.671 | Inovalon Holdings Inc Class A | 526.863 |
| 17.021 | Allegheny Technologies Inc | 318.240 |
| 876 | Charles River Laboratories International Inc | 234.389 |
| 3.131 | Western Digital Corp | 169.750 |
| 2.390 | Amdocs Ltd | 167.868 |
| 542 | Nice Ltd ADR | 146.355 |
| 5.550 | Scholastic Corp | 143.386 |
| 3.022 | Perrigo Co Plc | 139.309 |
| 6.152 | NortonLifeLock Inc | 129.371 |
| 23.298 | Pets at Home Group Plc | 126.042 |
| 2.877 | Delta Air Lines Inc | 116.045 |
| 810 | Expedia Group Inc | 113.581 |
| 3.016 | Corning Inc | 112.134 |
| 1.465 | Quanta Services Inc | 109.866 |
| 431 | Alibaba Group Holding Ltd ADR | 100.884 |
| 455 | Aon Plc Class A | 93.940 |
| 1.195 | Stericycle Inc | 83.114 |
| 578 | Tetra Tech Inc | 75.246 |
| 547 | TE Connectivity Ltd | 71.084 |
| 39 | Alphabet Inc Class A | 68.128 |
INFORME SEMESTRAL 2021 715
CUENTAS INFORME DEL GESTOR DE INVERSIONES | # Neuberger Berman Global Thematic Equity Fund (suite)
## État des principales acquisitions et ventes (suite)
Ventes cumulées supérieures à un (1) pour cent de la valeur totale des ventes :
| Unités | Description du titre | Produits USD |
| --- | --- | --- |
| 292 702 | GTT Communications Inc | 688 537 |
| 21 062 | Criteo SA ADR | 579 902 |
| 19 671 | Inovalon Holdings Inc Class A | 526 863 |
| 17 021 | Allegheny Technologies Inc | 318 240 |
| 876 | Charles River Laboratories International Inc | 234 389 |
| 3 131 | Western Digital Corp | 169 750 |
| 2 390 | Amdocs Ltd | 167 868 |
| 542 | Nice Ltd ADR | 146 355 |
| 5 550 | Scholastic Corp | 143 386 |
| 3 022 | Perrigo Co Plc | 139 309 |
| 6 152 | NortonLifeLock Inc | 129 371 |
| 23 298 | Pets at Home Group Plc | 126 042 |
| 2 877 | Delta Air Lines Inc | 116 045 |
| 810 | Expedia Group Inc | 113 581 |
| 3 016 | Corning Inc | 112 134 |
| 1 465 | Quanta Services Inc | 109 866 |
| 431 | Alibaba Group Holding Ltd ADR | 100 884 |
| 455 | Aon Plc Class A | 93 940 |
| 1 195 | Stericycle Inc | 83 114 |
| 578 | Tetra Tech Inc | 75 246 |
| 547 | TE Connectivity Ltd | 71 084 |
| 39 | Alphabet Inc Class A | 68 128 |
RAPPORT INTÉRIMAIRE 2021 715
ÉTATS FINANCIERS RAPPORT DU GESTIONNAIRE D’INVESTISSEMENT | fr | es |
DOLFIN8473 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
Ce Fonds est classifié : Actions internationales
L’objectif de gestion du Fonds consiste à surperformer l’indice « MSCI Europe Small Caps » couvert en EUR, calculé dividendes nets réinvestis, sur un horizon de placement de minimum 5 ans.
La stratégie de gestion mise en place est une stratégie d’investissement discrétionnaire basée sur une approche stock-picking et sur une méthodologie rigoureuse de sélection des valeurs de croissance européennes. Elle privilégie les sociétés qui connaissent une croissance de leurs résultats supérieure à la croissance moyenne du marché, et veille à ne pas acheter trop chères ces valeurs en pleine croissance (« Growth at Reasonable Price »).
Le Fonds peut être investi :
- de 75% jusqu’à 100 % en actions de toutes capitalisations avec un minimum de 75% en petites capitalisations et moyennes, émises par des PME (petites et moyennes entreprises) ou ETI (entreprises de taille intermédiaire) dont le siège social est situé dans l'Union Européenne ou dans l’Espace Economique Européen. Aucun secteur d’activité particulier ne sera recherché. Ces sociétés émettrices répondront aux critères d’éligibilité des entreprises au PEA-PME.
25% de l’actif net du Fonds pourra être exposé :
- en actions de sociétés dont le siège social est situé hors de l’Union Européenne, y compris les pays émergents (dans la limite de 10 % de l’actif), et
- à des devises de pays ne faisant pas partie de l’Union Européenne liées à des investissements dans des titres de sociétés en dehors de l’Union Européenne, y compris les pays émergents (dans la limite de 10%).
- de 0% jusqu'à 25 % en produits de gestion monétaire dans le cadre de la gestion de sa trésorerie. Cette poche de gestion sera constituée de titres de créance tels que des titres de créance négociables, instruments du marché monétaire et des obligations à court terme de notation « Investment Grade » soit entre AAA et BBB- (Standard & Poor’s ou jugé équivalent par la Société de Gestion ou via une notation interne à la Société de Gestion) libellés en euro et dont le siège social de l’émetteur est situé dans l’Union Européenne ou au Royaume-Uni. La Société de Gestion ne recourt pas exclusivement et mécaniquement aux notations émises par les agences de notation et met en oeuvre sa propre analyse interne. En cas de dégradation de rating, l'appréciation des contraintes de notation se fera en tenant compte de l'intérêt des porteurs, des conditions de marché et de la propre analyse de la Société de Gestion sur la notation de ces produits de taux.
Le Fonds est géré de manière active et en référence à son indicateur. La composition du Fonds peut s'écarter significativement de la répartition de l'indicateur de référence.
- Le Fonds peut être investi jusqu’à 10% de son actif net (i) en parts ou actions d’OPCVM relevant de la Directive Européenne 2009/65/CE, (ii) en FIA établi dans un Etat membre de l'UE et/ou en fonds d’investissement de droit étranger mentionnés au R.214-25 et répondant aux conditions de l'article R.214-13 du Code Monétaire et Financier. Ces OPC pourront être gérés par ODDO BHF Asset Management SAS et ODDO BHF Asset Management GmbH et seront compatibles avec la stratégie d'investissement du Fonds.
Le Fonds pourra intervenir sur les instruments financiers à terme ferme ou conditionnel, négociés sur des marchés réglementés, organisés ou de gré à gré français ou étrangers, à des fins d’exposition ou de couverture du portefeuille au risque action et en couverture du risque de change (futures, options sur actions ou indices, swaps, change à terme). Ces instruments seront détenus dans la limite de 100 % de l’actif net du Fonds.
Le Fonds n’aura pas recours aux contrats d’échange sur rendement global (« total return swaps »).
Le Fonds pourra intervenir sur les warrants ou bons de souscription dans la limite de 10 % de l’actif net du Fonds.
L’exposition maximale du portefeuille aux différentes classes d’actif (actions, titres de créances, OPC et Dérivés) sera de 100% maximum, étant précisé que l’exposition maximale est la somme des expositions nettes à chacun des marchés (action, taux, monétaire, crédit) auxquels le fonds est exposé (somme des positions à l’achat et des positions en couverture).
Autre information :
L’équipe de gestion tient compte de critères environnementaux, sociaux et de gouvernance (ESG) dans les décisions d’investissements mais de façon non prépondérante. Les décisions d’investissement prises peuvent donc ne pas être conformes aux critères ESG.
Un mécanisme de plafonnement des rachats (dit des Gates) peut être mis en œuvre par la Société de Gestion. Pour plus d’informations sur ce mécanisme, veuillez-vous reporter à la rubrique « Dispositif de plafonnement des rachats (Gates) » du prospectus, disponible sur http://am.oddo-bhf.com.
Les demandes de souscription et de rachat sont centralisées auprès du dépositaire chaque jour ouvré de la Bourse de Paris jusqu'à 11h15 (heure de Paris, CET/CEST) et sont exécutées sur la base de la valeur liquidative datée du jour même.
La part CR-EUR
capitalise ses revenus
.
Durée de placement recommandée : 5 ans
Ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant cette période. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
Este Fondo pertenece a la categoría de Renta variable internacional
El objetivo de gestión del Fondo consiste en obtener una rentabilidad superior a la del índice MSCI Europe Small Cap, cubierto en EUR y con dividendos netos reinvertidos, en un horizonte mínimo de inversión de 5 años.
La estrategia de gestión implementada es una estrategia de inversión discrecional basada en un enfoque de selección de valores (stock-picking) y en una metodología rigurosa de selección de valores de crecimiento europeos. Esta estrategia privilegia las sociedades que registran un crecimiento de los resultados superior al crecimiento medio del mercado, y procura no comprar a precios demasiado caros estos valores en pleno crecimiento (Growth at Reasonable Price).
El Fondo puede invertir:
- del 75% al 100% en valores de renta variable de cualquier capitalización, con un mínimo del 75% en títulos de pequeña y mediana capitalización emitidos por pymes o empresas de tamaño intermedio (ETI) que tengan su domicilio social en la Unión Europea o en el Espacio Económico Europeo. No se centrará en ningún sector de actividad en particular. Estas sociedades emisoras responderán a los criterios de elegibilidad de las empresas al plan de ahorro en acciones destinado a la financiación de pymes y ETI (PEA-PME).
El Fondo podrá exponer un 25% de su patrimonio neto:
- a acciones de sociedades domiciliadas fuera de la Unión Europea, incluidos los países emergentes (dentro del límite del 10% del patrimonio); y
- a divisas de países que no pertenecen a la Unión Europea relacionadas con inversiones en títulos de sociedades fuera de la Unión Europea, incluidos los países emergentes (hasta un 10%).
- del 0% al 25 % en productos de gestión monetaria en el marco de la gestión de su tesorería. Este componente de gestión estará constituido por títulos de crédito, tales como títulos de crédito negociables, instrumentos del mercado monetario y obligaciones a corto plazo con calificación investment grade, es decir, con una calificación de entre AAA y BBB- (otorgada por Standard & Poor’s u equivalente en opinión de la Sociedad gestora, o concedida de manera interna por parte de la Sociedad gestora), denominados en euros y cuyo emisor tenga su domicilio social en la Unión Europea o en el Reino Unido. La Sociedad gestora no recurre de forma exclusiva y mecánica a las calificaciones emitidas por las agencias de calificación y lleva a cabo su propio análisis interno. En el supuesto de rebajarse la calificación crediticia, se tendrá en cuenta en la evaluación de los límites de calificación el interés de los partícipes, la coyuntura del mercado y el análisis interno de la Sociedad gestora sobre la calificación de estos instrumentos de renta fija.
El Fondo se gestiona de forma activa en referencia a su indicador. La composición del Fondo puede diferir de manera significativa respecto de la distribución del indicador de referencia.
- El Fondo puede invertir como máximo un 10% de su patrimonio neto (i) en participaciones o acciones de OICVM conformes a la Directiva europea 2009/65/CE, (ii) en fondos de inversión alternativa constituidos en un Estado miembro de la UE y/o en fondos de inversión de derecho extranjero descritos en el artículo R.214-25 y que reúnan los requisitos previstos en el artículo R.214-13 del Código Monetario y Financiero francés. Dichos OIC podrán estar gestionados por ODDO BHF Asset Management SAS y ODDO BHF Asset Management GmbH, y serán compatibles con la estrategia de inversión del Fondo.
El Fondo podrá utilizar los instrumentos financieros a plazo firme o condicional, negociados en mercados regulados, organizados u OTC, tanto franceses como extranjeros, con fines de cobertura o de exposición de la cartera al riesgo de renta variable o a efectos de cobertura del riesgo de cambio (futuros, opciones sobre acciones o índices, swaps y contratos a plazo sobre divisas). Estos instrumentos se mantendrán dentro del límite del 100% del patrimonio neto del Fondo.
El Fondo no recurrirá a las permutas de rentabilidad total (total return swaps).
El Fondo podrá utilizar warrants o bonos de suscripción en un máximo del 10% de su patrimonio neto.
La exposición máxima de la cartera a diferentes clases de activos como la renta variable, los títulos de crédito, los OIC y los derivados no podrá superar el 100%, entendiéndose que la exposición máxima constituye la suma de las exposiciones netas a cada uno de los mercados (renta variable, renta fija, monetario y crédito) a los que está expuesto el Fondo (suma de las posiciones compradoras y de cobertura).
Otra información:
El equipo de gestión tiene en cuenta los criterios ambientales, sociales y de gobierno corporativo (ESG) en el proceso de toma decisiones de inversión, aunque de forma no preponderante. Por consiguiente, las decisiones de inversión adoptadas podrían no ajustarse a los criterios ESG.
La Sociedad gestora podrá adoptar un mecanismo de limitación de las solicitudes de reembolso (conocido como «gate» en inglés). Si desea obtener más información sobre este mecanismo, consulte el apartado «Dispositivo de limitación de los reembolsos» del folleto, disponible en http://am.oddo-bhf.com.
Las solicitudes de suscripción y de reembolso se centralizan en las oficinas del depositario cada día hábil para la Bolsa de París hasta las 11:15 horas (hora de París, CET/CEST) y se ejecutan aplicando el valor liquidativo del mismo día.
La participación CR-EUR
capitaliza sus ingresos
.
Horizonte de inversión recomendado: 5 años
Este Fondo podría no ser adecuado para inversores que prevean retirar su aportación antes de que transcurra dicho plazo. | # OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
Ce Fonds est classifié : Actions internationales
L’objectif de gestion du Fonds consiste à surperformer l’indice « MSCI Europe Small Caps » couvert en EUR, calculé dividendes nets réinvestis, sur un horizon de placement de minimum 5 ans.
La stratégie de gestion mise en place est une stratégie d’investissement discrétionnaire basée sur une approche stock-picking et sur une méthodologie rigoureuse de sélection des valeurs de croissance européennes. Elle privilégie les sociétés qui connaissent une croissance de leurs résultats supérieure à la croissance moyenne du marché, et veille à ne pas acheter trop chères ces valeurs en pleine croissance (« Growth at Reasonable Price »).
Le Fonds peut être investi :
- de 75% jusqu’à 100 % en actions de toutes capitalisations avec un minimum de 75% en petites capitalisations et moyennes, émises par des PME (petites et moyennes entreprises) ou ETI (entreprises de taille intermédiaire) dont le siège social est situé dans l'Union Européenne ou dans l’Espace Economique Européen. Aucun secteur d’activité particulier ne sera recherché. Ces sociétés émettrices répondront aux critères d’éligibilité des entreprises au PEA-PME.
25% de l’actif net du Fonds pourra être exposé :
- en actions de sociétés dont le siège social est situé hors de l’Union Européenne, y compris les pays émergents (dans la limite de 10 % de l’actif), et
- à des devises de pays ne faisant pas partie de l’Union Européenne liées à des investissements dans des titres de sociétés en dehors de l’Union Européenne, y compris les pays émergents (dans la limite de 10%).
- de 0% jusqu'à 25 % en produits de gestion monétaire dans le cadre de la gestion de sa trésorerie. Cette poche de gestion sera constituée de titres de créance tels que des titres de créance négociables, instruments du marché monétaire et des obligations à court terme de notation « Investment Grade » soit entre AAA et BBB- (Standard & Poor’s ou jugé équivalent par la Société de Gestion ou via une notation interne à la Société de Gestion) libellés en euro et dont le siège social de l’émetteur est situé dans l’Union Européenne ou au Royaume-Uni. La Société de Gestion ne recourt pas exclusivement et mécaniquement aux notations émises par les agences de notation et met en oeuvre sa propre analyse interne. En cas de dégradation de rating, l'appréciation des contraintes de notation se fera en tenant compte de l'intérêt des porteurs, des conditions de marché et de la propre analyse de la Société de Gestion sur la notation de ces produits de taux.
Le Fonds est géré de manière active et en référence à son indicateur. La composition du Fonds peut s'écarter significativement de la répartition de l'indicateur de référence.
- Le Fonds peut être investi jusqu’à 10% de son actif net (i) en parts ou actions d’OPCVM relevant de la Directive Européenne 2009/65/CE, (ii) en FIA établi dans un Etat membre de l'UE et/ou en fonds d’investissement de droit étranger mentionnés au R.214-25 et répondant aux conditions de l'article R.214-13 du Code Monétaire et Financier. Ces OPC pourront être gérés par ODDO BHF Asset Management SAS et ODDO BHF Asset Management GmbH et seront compatibles avec la stratégie d'investissement du Fonds.
Le Fonds pourra intervenir sur les instruments financiers à terme ferme ou conditionnel, négociés sur des marchés réglementés, organisés ou de gré à gré français ou étrangers, à des fins d’exposition ou de couverture du portefeuille au risque action et en couverture du risque de change (futures, options sur actions ou indices, swaps, change à terme). Ces instruments seront détenus dans la limite de 100 % de l’actif net du Fonds.
Le Fonds n’aura pas recours aux contrats d’échange sur rendement global (« total return swaps »).
Le Fonds pourra intervenir sur les warrants ou bons de souscription dans la limite de 10 % de l’actif net du Fonds.
L’exposition maximale du portefeuille aux différentes classes d’actif (actions, titres de créances, OPC et Dérivés) sera de 100% maximum, étant précisé que l’exposition maximale est la somme des expositions nettes à chacun des marchés (action, taux, monétaire, crédit) auxquels le fonds est exposé (somme des positions à l’achat et des positions en couverture).
Autre information :
L’équipe de gestion tient compte de critères environnementaux, sociaux et de gouvernance (ESG) dans les décisions d’investissements mais de façon non prépondérante. Les décisions d’investissement prises peuvent donc ne pas être conformes aux critères ESG.
Un mécanisme de plafonnement des rachats (dit des Gates) peut être mis en œuvre par la Société de Gestion. Pour plus d’informations sur ce mécanisme, veuillez-vous reporter à la rubrique « Dispositif de plafonnement des rachats (Gates) » du prospectus, disponible sur http://am.oddo-bhf.com.
Les demandes de souscription et de rachat sont centralisées auprès du dépositaire chaque jour ouvré de la Bourse de Paris jusqu'à 11h15 (heure de Paris, CET/CEST) et sont exécutées sur la base de la valeur liquidative datée du jour même.
La part CR-EUR
capitalise ses revenus
.
Durée de placement recommandée : 5 ans
Ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant cette période. | fr | es |
DOLFIN8474 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
WAM is a measure of the average time remaining until all the securities held by the Fund mature, weighted to reflect the relative weight of each instrument, taking into consideration the fact that maturity of an adjustable-rate instrument is the time remaining until the next revision of the money market rate, rather than the time remaining until repayment of the principal of the instrument.
Derivatives are taken into account when calculating the WAM.
In terms of credit risk, the weighted average life (WAL) of the portfolio is limited to 120 days.
WAL is the weighted average of the residual lifetime of each stock held by the Fund, i.e. the lifetime remaining until full repayment of the capital represented by the security.
Derivatives are taken into account when calculating the WAL. Finally, no security has a lifetime greater than 397 days.
Securities in other currencies are subject to systematic hedging using derivative financial instruments. Investors residing in France or another eurozone country will not be exposed to currency risk.
In addition, the management team incorporates environmental, social and governance (ESG) criteria.
The Fund invests at least 90% of its net assets in securities from issuers and/or UCIs that have been evaluated from an ESG perspective by the management company's team of expert analysts.
The Fund will have a higher ESG rating than that of its non-financial investment universe; this universe is defined as all of the issuers of short- term bonds or other short-term debt securities.
Issuers that operate in sensitive sectors and that do not comply with BNP PARIBAS ASSET MANAGEMENT's industry-specific policies (e.g. on coal-based energy production), which are available on its website, are excluded. Issuers that do not comply with the Ten Principles of the United Nations Global Compact and/or the OECD Guidelines for Multinational Enterprises are also excluded.
The ESG analysis is supported by an active engagement policy whereby the Management Company engages with the issuers in respect of responsible practices (individual and collective engagement and/or general meeting votes).
Incorporating ESG and sustainable development criteria into the Fund's investment strategy may result in the securities of some issuers being excluded. The performance of the Fund may therefore be better or worse than the performance of another UCI invested in the same asset class that does not incorporate ESG or sustainable development criteria into its investment strategy. | La WAM constitue une mesure de la durée moyenne jusqu’à l’échéance de tous les titres détenus par le FCP, pondérée pour refléter le poids relatif de chaque instrument, en considérant que l’échéance d’un instrument à taux révisable est le temps restant à courir jusqu’à la prochaine révision du taux monétaire, plutôt que le temps restant à courir jusqu’au remboursement du principal de l’instrument.
Les instruments dérivés seront pris en compte pour le calcul de la WAM.
En termes de risque de crédit, la Weighted Average Life (WAL) du portefeuille est limitée à 120 jours.
La WAL est la moyenne pondérée des durées de vie résiduelles de chaque valeur détenue par le FCP, c’est-à-dire la durée de vie restant à courir jusqu’au remboursement intégral du capital du titre.
Les instruments dérivés seront pris en compte pour le calcul de la WAL. Enfin, aucun titre n’a de durée de vie supérieure à 397 jours.
Les titres en devises font l’objet d’une couverture systématique via des instruments dérivés.
Il n’y a pas d’exposition au risque de change pour le résident français ou de l’un des pays de la zone euro.
En complément, l’équipe de gestion intègre des critères environnementaux, sociaux et de gouvernance (ESG).
Le FCP investit au moins 90% de son actif net dans des titres d’émetteurs et/ou des OPC ayant fait l’objet d’une analyse de leurs critères ESG par une équipe d’analystes spécialisés de la société de gestion.
Le FCP aura une notation ESG supérieure à celle de son univers d’investissement extra-financier qui est défini comme étant l’ensemble des émetteurs d'obligations ou autres titres de créance court terme.
Sont exclus les émetteurs exerçant une activité dans des secteurs sensibles, et ne se conformant pas aux politiques sectorielles (par exemple la production d’énergie à partir de charbon), de BNP PARIBAS ASSET MANAGEMENT disponibles sur son site Internet. Sont également exclus les émetteurs ne respectant pas les Dix Principes du Pacte Mondial des Nations Unies et/ou les principes directeurs de l’OCDE à l’intention des entreprises multinationales.
L’analyse ESG est renforcée par une politique active d’engagement de la société de gestion avec les émetteurs vers des pratiques responsables (engagement individuel et collectif et/ou vote en assemblée générale).
La prise en compte des critères ESG et de développement durable dans la stratégie d'investissement du FCP peut conduire à l'exclusion des titres de certains émetteurs. En conséquence, la performance du FCP peut être meilleure ou moins bonne que la performance d’un OPC investi dans la même classe d’actifs qui n'intègre pas dans sa stratégie d’investissement des critères ESG ou de développement durable. | WAM is a measure of the average time remaining until all the securities held by the Fund mature, weighted to reflect the relative weight of each instrument, taking into consideration the fact that maturity of an adjustable-rate instrument is the time remaining until the next revision of the money market rate, rather than the time remaining until repayment of the principal of the instrument.
Derivatives are taken into account when calculating the WAM.
In terms of credit risk, the weighted average life (WAL) of the portfolio is limited to 120 days.
WAL is the weighted average of the residual lifetime of each stock held by the Fund, i.e. the lifetime remaining until full repayment of the capital represented by the security.
Derivatives are taken into account when calculating the WAL. Finally, no security has a lifetime greater than 397 days.
Securities in other currencies are subject to systematic hedging using derivative financial instruments. Investors residing in France or another eurozone country will not be exposed to currency risk.
In addition, the management team incorporates environmental, social and governance (ESG) criteria.
The Fund invests at least 90% of its net assets in securities from issuers and/or UCIs that have been evaluated from an ESG perspective by the management company's team of expert analysts.
The Fund will have a higher ESG rating than that of its non-financial investment universe; this universe is defined as all of the issuers of short- term bonds or other short-term debt securities.
Issuers that operate in sensitive sectors and that do not comply with BNP PARIBAS ASSET MANAGEMENT's industry-specific policies (e.g. on coal-based energy production), which are available on its website, are excluded. Issuers that do not comply with the Ten Principles of the United Nations Global Compact and/or the OECD Guidelines for Multinational Enterprises are also excluded.
The ESG analysis is supported by an active engagement policy whereby the Management Company engages with the issuers in respect of responsible practices (individual and collective engagement and/or general meeting votes).
Incorporating ESG and sustainable development criteria into the Fund's investment strategy may result in the securities of some issuers being excluded. The performance of the Fund may therefore be better or worse than the performance of another UCI invested in the same asset class that does not incorporate ESG or sustainable development criteria into its investment strategy. | en | fr |
DOLFIN8475 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance overview - monthly & cumulated
## since 01.01.2022
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## Jan Mar May Jul Sep Nov | # Resumen de rendimiento – mensual y acumulado
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## ene mar may jul sep nov | # Performance overview - monthly & cumulated
## since 01.01.2022
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## Jan Mar May Jul Sep Nov | en | es |
DOLFIN8476 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to generate a high level of income on your investment.
The Fund invests globally at least 70% of its total assets in equity securities (e.g. shares).
In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection. This means that stocks will be selected based on their expected contribution to portfolio returns when risk and transaction cost forecasts are taken into account.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund’s investments. In doing so may take into consideration the MSCI ACWI Minimum Volatility Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. The Fund’s portfolio holdings are expected to deviate materially from the Index.
The Fund distributes income gross of expenses.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo trata de generar un alto nivel de rendimientos de su inversión.
El Fondo invierte a escala mundial al menos el 70% de sus activos totales en valores de renta variable (como acciones).
Para alcanzar su objetivo de inversión, el Fondo invertirá en varias estrategias e instrumentos de inversión. En particular, el Fondo utilizará modelos cuantitativos (es decir, matemáticos o estadísticos) para lograr un enfoque sistemático (basado en normas) de selección de valores. Esto significa que los valores se seleccionarán según su contribución a la rentabilidad de la cartera prevista, teniendo en cuenta el riesgo y los costes de transacción.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, podrá tener en cuenta el MSCI ACWI Minimum Volatility Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su potestad para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. Está previsto que los valores de la cartera del Fondo se desvíen de forma considerable del Índice.
Los rendimientos de este Fondo se distribuyen sin previa deducción de gastos.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado al efecto por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to generate a high level of income on your investment.
The Fund invests globally at least 70% of its total assets in equity securities (e.g. shares).
In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection. This means that stocks will be selected based on their expected contribution to portfolio returns when risk and transaction cost forecasts are taken into account.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund’s investments. In doing so may take into consideration the MSCI ACWI Minimum Volatility Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. The Fund’s portfolio holdings are expected to deviate materially from the Index.
The Fund distributes income gross of expenses.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 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 |
DOLFIN8477 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Scénarios de performance
Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre faible et moyen et, si la situation venait à se détériorer sur les marchés, il est peu probable que la capacité à vous payer en soit affectée.
Attention au risque de change. Les sommes qui vous seront versées le seront dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus.
Il existe d'autres risques matériellement pertinents pour le PRIIP qui ne sont pas intégrés dans l'indicateur synthétique de risque. Pour de plus amples informations, veuillez consulter le prospectus.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L'évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne au cours des 10 dernières années. Les marchés pourraient évoluer très différemment à l'avenir.
| 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 | $5480 | $5140 |
| Rendement annuel moyen | -45.20% | -12.46% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $8020 | $8020 |
| Rendement annuel moyen | -19.80% | -4.32% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10150 | $12500 |
| Rendement annuel moyen | 1.50% | 4.56% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $11800 | $14110 |
| Rendement annuel moyen | 18.00% | 7.13% |
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes.
Scénario défavorable : Ce type de scénario s'est produit pour un investissement utilisant un indice de référence approprié entre 2020 et 2021.
Scénario intermédiaire : Ce type de scénario s'est produit pour un investissement utilisant un indice de référence approprié entre 2014 et 2019.
Scénario favorable : Ce type de scénario s'est produit pour un investissement utilisant un indice de référence approprié entre 2011 et 2016. | # Escenarios de rentabilidad
probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 3 en una escala de 7, en la que 3 significa un riesgo medio-bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media, siendo poco probable que unas condiciones de mercado adversas repercutan en la capacidad para pagarle.
Tenga presente el riesgo de cambio. Usted recibirá pagos en una moneda diferente, por lo que el rendimiento final que obtenga dependerá del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador mostrado más arriba.
Existen otros riesgos de importancia significativa para el PRIIP que no están reflejados en el indicador resumido de riesgo. Para obtener más información, consulte el folleto.
Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que usted podría perder parte o la totalidad de su inversión.
Las cifras presentadas incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
Lo que usted obtenga de este producto dependerá de la evolución futura del mercado, la cual es incierta y no puede predecirse con exactitud.
Los escenarios desfavorable, moderado y favorable presentados son una ilustración basada en la rentabilidad más baja, media y más alta registrada por el producto en los últimos 10 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
| 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 | $5480 | $5140 |
| Rendimiento medio cada año | -45.20% | -12.46% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $8020 | $8020 |
| Rendimiento medio cada año | -19.80% | -4.32% |
| Moderado | Lo que podría recibir tras deducir los costes | $10150 | $12500 |
| Rendimiento medio cada año | 1.50% | 4.56% |
| Favorable | Lo que podría recibir tras deducir los costes | $11800 | $14110 |
| Rendimiento medio cada año | 18.00% | 7.13% |
El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados.
Escenario desfavorable: este tipo de escenario se produjo para una inversión, utilizando un valor de referencia adecuado, entre 2020 y 2021.
Escenario moderado: este tipo de escenario se produjo para una inversión, utilizando un valor de referencia adecuado, entre 2014 y 2019.
Escenario favorable: este tipo de escenario se produjo para una inversión, utilizando un valor de referencia adecuado, entre 2011 y 2016. | # Scénarios de performance
Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre faible et moyen et, si la situation venait à se détériorer sur les marchés, il est peu probable que la capacité à vous payer en soit affectée.
Attention au risque de change. Les sommes qui vous seront versées le seront dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus.
Il existe d'autres risques matériellement pertinents pour le PRIIP qui ne sont pas intégrés dans l'indicateur synthétique de risque. Pour de plus amples informations, veuillez consulter le prospectus.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L'évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne au cours des 10 dernières années. Les marchés pourraient évoluer très différemment à l'avenir.
| 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 | $5480 | $5140 |
| Rendement annuel moyen | -45.20% | -12.46% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $8020 | $8020 |
| Rendement annuel moyen | -19.80% | -4.32% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10150 | $12500 |
| Rendement annuel moyen | 1.50% | 4.56% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $11800 | $14110 |
| Rendement annuel moyen | 18.00% | 7.13% |
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes.
Scénario défavorable : Ce type de scénario s'est produit pour un investissement utilisant un indice de référence approprié entre 2020 et 2021.
Scénario intermédiaire : Ce type de scénario s'est produit pour un investissement utilisant un indice de référence approprié entre 2014 et 2019.
Scénario favorable : Ce type de scénario s'est produit pour un investissement utilisant un indice de référence approprié entre 2011 et 2016. | fr | es |
DOLFIN8478 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Capital Group EUR Global Growth Portfolio (LUX)
| Launch Date | To be determined | |
| --- | --- | --- |
| Investment Objective | The Fund seeks long-term growth of capital in EUR through exposure to companies located around the world with strong growth potential by investing up to 100% of its assets in other Funds of the Company (the “Underlying Funds”) in accordance with Annex I “General Investment Guidelines and Restrictions”. In pursuing its investment objective, the Fund will generally have at least 85% exposure to Equity securities. Some of the Underlying Funds may use, whether for hedging and/or efficient portfolio management purposes, certain type of derivatives including interest rate swaps, forward contracts, CDX, CDS, futures and options on futures as described in more detail in the main part of the Prospectus under the “Risk Warnings” section and in Annex 1. The Fund may, from time to time, also invest up to 10% in other UCITS and/or other UCIs as well as directly in Equity and fixed-income securities. |
| Investment exposure risks | - The Fund is a Fund of Funds and therefore will be subject to the risks associated with the Underlying Funds in which it invests.
- Equity, Emerging Markets, OTC Markets, derivative instruments.
|
| Profile of the typical investor | The Fund is particularly suitable for investors seeking exposure through a Fund of Funds structure and long-term capital growth through investments in global Equity securities. |
| Eligible Investment Countries | Any country | |
| Investment Adviser | CRMC | |
| Investment Sub-Adviser | CISA | |
| Base Currency | EUR | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which Underlying Fund(s) representing a meaningful portion of Fund’s portfolio are not in a position to value their assets due to the closure of the markets on which they invest a substantial part of their assets. A list of such dates is available on capitalgroup.com/international. |
| Swing pricing | Swing pricing adjustment will not be applied to the Net Asset Value of this Fund as described in more detail in the main part of the Prospectus under the “Net Asset Value” section. |
| 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. |
| Cut-Off Time | 9:30am Luxembourg time on every Valuation Date | |
| Fiscal year-end | 31 December in each year | |
| Fees and charges1 | Fund Administration Fee22 Depositary and Custody Fees3 | 0.15% maximum 0.06% maximum |
- 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 EUR Global Growth Portfolio (LUX)
| Auflegungsdatum | Noch zu bestimmen | |
| --- | --- | --- |
| Anlageziel | Der Fonds strebt über ein Engagement in Unternehmen, die weltweit ihren Sitz haben und über ein starkes Wachstumspotenzial verfügen, ein langfristiges Kapitalwachstum in EUR an, indem er im Einklang mit Anhang I „Allgemeine Anlageleitlinien und Beschränkungen“ bis zu 100 % seiner Vermögenswerte in andere Fonds der Gesellschaft (die „zugrunde liegenden Fonds“) anlegt. Bei der Verfolgung seines Anlageziels wird der Fonds im Allgemeinen mindestens 85 % des Engagements in Eigenkapitalinstrumente anlegen. Bestimmte zugrunde liegende Fonds können zu Absicherungszwecken und/oder für ein effizientes Portfoliomanagement bestimmte Derivate wie Zinsswaps, Terminkontrakte, CDX, CDS, Termingeschäfte und Optionen auf Termingeschäfte einsetzen, so wie im Hauptteil des Verkaufsprospekts unter „Risikohinweise“ und in Anhang 1 genauer beschrieben. Der Fonds kann gegebenenfalls auch bis zu 10 % in andere OGAW und/oder andere OGA sowie direkt in Aktien und festverzinsliche Wertpapiere anlegen. |
| Anlagerisiken | - Bei dem Fonds handelt es sich um einen Dachfonds und er unterliegt somit den Risiken im Zusammenhang mit den zugrunde liegenden Fonds, in die er investiert.
- Aktien, Schwellenmärkte, OTC-Märkte, derivative Instrumente.
|
| Profil des typischen Anlegers | Der Fonds eignet sich besonders für Anleger, die ein Engagement über eine Dachfondsstruktur und langfristiges Kapitalwachstum durch die Anlage in globale Aktien anstreben. |
| Qualifizierte Anlageländer | Alle Länder | |
| Anlageberater | CRMC | |
| Stellvertretender Anlageberater | CISA | |
| Basiswährung | EUR | |
| Bewertungstag | Jeder Geschäftstag, mit Ausnahme von Tagen (festgelegt durch den Verwaltungsrat oder die Verwaltungsgesellschaft nach eigenem Ermessen), an denen ein zugrunde liegender Fonds oder mehrere zugrunde liegende Fonds, der/die für einen erheblichen Teil des Portfolios des Fonds steht/stehen, nicht in der Lage sind, ihre Vermögenswerte zu bewerten, da die Märkte, an denen sie einen wesentlichen Anteil ihrer Vermögenswerte anlegen, geschlossen sind. Eine Liste dieser Daten ist erhältlich unter capitalgroup.com/international. |
| Swing-Pricing | Swing-Pricing-Apassungen werden für den Nettoinventarwert dieses Fonds nicht angewendet, so wie im Hauptteil des Verkaufsprospekts unter „Nettoinventarwert“ genauer beschrieben. |
| 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. |
| Handelsschluss | 9:30 Luxemburger Zeit an jedem Bewertungstag | |
| Ende des Geschäftsjahres | 31. Dezember in jedem Jahr | |
| Gebühren und Aufwendungen1 | Fondsadministrationsgebühr 2 Verwahrungs- und Depotgebühren3 | 0,15 % Maximum 0,06 % Maximum |
- 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 EUR Global Growth Portfolio (LUX)
| Launch Date | To be determined | |
| --- | --- | --- |
| Investment Objective | The Fund seeks long-term growth of capital in EUR through exposure to companies located around the world with strong growth potential by investing up to 100% of its assets in other Funds of the Company (the “Underlying Funds”) in accordance with Annex I “General Investment Guidelines and Restrictions”. In pursuing its investment objective, the Fund will generally have at least 85% exposure to Equity securities. Some of the Underlying Funds may use, whether for hedging and/or efficient portfolio management purposes, certain type of derivatives including interest rate swaps, forward contracts, CDX, CDS, futures and options on futures as described in more detail in the main part of the Prospectus under the “Risk Warnings” section and in Annex 1. The Fund may, from time to time, also invest up to 10% in other UCITS and/or other UCIs as well as directly in Equity and fixed-income securities. |
| Investment exposure risks | - The Fund is a Fund of Funds and therefore will be subject to the risks associated with the Underlying Funds in which it invests.
- Equity, Emerging Markets, OTC Markets, derivative instruments.
|
| Profile of the typical investor | The Fund is particularly suitable for investors seeking exposure through a Fund of Funds structure and long-term capital growth through investments in global Equity securities. |
| Eligible Investment Countries | Any country | |
| Investment Adviser | CRMC | |
| Investment Sub-Adviser | CISA | |
| Base Currency | EUR | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which Underlying Fund(s) representing a meaningful portion of Fund’s portfolio are not in a position to value their assets due to the closure of the markets on which they invest a substantial part of their assets. A list of such dates is available on capitalgroup.com/international. |
| Swing pricing | Swing pricing adjustment will not be applied to the Net Asset Value of this Fund as described in more detail in the main part of the Prospectus under the “Net Asset Value” section. |
| 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. |
| Cut-Off Time | 9:30am Luxembourg time on every Valuation Date | |
| Fiscal year-end | 31 December in each year | |
| Fees and charges1 | Fund Administration Fee22 Depositary and Custody Fees3 | 0.15% maximum 0.06% maximum |
- 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 |
DOLFIN8479 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risks associated with target funds
The risks of target fund units acquired for the sub-fund are closely connected with the risks of the assets in such target funds or the investment strategies pursued by them. However, these risks can be reduced by diversifying the investments in the investment funds whose units are being acquired, as well as through diversification within this sub-fund.
Since the managers of these individual target funds act independently of each other, it is possible for several target funds to act according to the same or opposite investment strategies. This may result in existing risks being built up and possible opportunities cancelling each other out.
The Management Company is not normally in a position to control the management of target funds. Their investment decisions do not necessarily have to conform to the assumptions or expectations of the Company.
Often, the Management Company may not be completely up to date on the current composition of the target funds. In the event that this composition does not meet the Management Company's assumptions or expectations, it may, where applicable, only be able to react with considerable delay by way of redeeming units of the target funds.
Open-end investment funds, units of which are acquired for the sub-fund, may also temporarily suspend the redemption of units. The Management Company would then be prevented from disposing of the units in the target fund by returning them to the Management Company or Depositary of the target fund against payment of the redemption price.
Furthermore, fees may be incurred at the level of the target fund upon the acquisition of target fund units. This would result in double charging when investing in target funds. | # Rischi connessi a fondi target
I rischi connessi alle quote di Fondi target acquistate per il patrimonio del rispettivo Comparto sono strettamente collegati ai rischi degli strumenti d’investimento detenuti nel patrimonio di tali Fondi target o delle politiche di investimento perseguite dagli stessi. Tuttavia i rischi menzionati possono essere ridotti mediante una diversificazione degli investimenti nei patrimoni autonomi dei quali di acquistano le quote e mediante la diversificazione all’interno del patrimonio di questo Comparto.
Visto che i gestori dei singoli fondi target agiscono indipendentemente l’uno dall’altro, è tuttavia possibile che alcuni fondi target perseguano strategie di investimento uguali od opposte. Ciò può portare ad una accumulazione di rischi esistenti e all’abolizione di eventuali opportunità di guadagno.
Di norma, la Società di gestione non ha facoltà di esercitare un controllo sulla gestione del fondo target. Le strategie di investimento di tale fondo non devono necessariamente coincidere con le supposizioni e le aspettative della Società.
In molti casi la Società di gestione non sarà tempestivamente aggiornata sulla composizione del portafoglio del fondo target. Se la composizione del portafoglio non corrisponde alle supposizioni o alle aspettative della Società, essa potrà reagire soltanto con significativo ritardo per esempio disinvestendo le quote del Fondo target.
I fondi comuni di investimento di tipo aperto dei quali il Comparto acquista quote potrebbero inoltre sospendere temporaneamente il rimborso delle quote. In tal caso la Società di gestione è impossibilitata a vendere le quote detenute in tali fondi target restituendole dietro pagamento del prezzo di rimborso alla società di gestione o al depositario dei fondi stessi.
Inoltre, generalmente all'acquisto di quote di fondi target si applicano commissioni al livello di tali fondi target. Di conseguenza l'investimento in fondi target comporta un doppio addebito di commissioni. | # Risks associated with target funds
The risks of target fund units acquired for the sub-fund are closely connected with the risks of the assets in such target funds or the investment strategies pursued by them. However, these risks can be reduced by diversifying the investments in the investment funds whose units are being acquired, as well as through diversification within this sub-fund.
Since the managers of these individual target funds act independently of each other, it is possible for several target funds to act according to the same or opposite investment strategies. This may result in existing risks being built up and possible opportunities cancelling each other out.
The Management Company is not normally in a position to control the management of target funds. Their investment decisions do not necessarily have to conform to the assumptions or expectations of the Company.
Often, the Management Company may not be completely up to date on the current composition of the target funds. In the event that this composition does not meet the Management Company's assumptions or expectations, it may, where applicable, only be able to react with considerable delay by way of redeeming units of the target funds.
Open-end investment funds, units of which are acquired for the sub-fund, may also temporarily suspend the redemption of units. The Management Company would then be prevented from disposing of the units in the target fund by returning them to the Management Company or Depositary of the target fund against payment of the redemption price.
Furthermore, fees may be incurred at the level of the target fund upon the acquisition of target fund units. This would result in double charging when investing in target funds. | en | it |
DOLFIN8480 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Company forms a single legal entity. The assets of a given sub-fund shall be liable only for the debts, commitments and liabilities of that sub-fund. Fees not directly attributable to one sub- fund shall be divided between all the sub-funds pro rata to the net assets of each sub-fund and shall be deducted directly from the income of the sub-funds.
The Company’s formation expenses may be amortised over a maximum period of five years starting from the launch date of the first sub-fund, pro rata to the number of sub-funds in operation at that time.
If the launch of a sub-fund occurs after the launch date of the Company, the formation expenses related to the launch of the new sub-fund shall be borne by this sub-fund and may be amortised over a maximum period of five years, starting from the launch date of the sub-fund. | La Société constitue une seule et même entité juridique. Les actifs d'un compartiment déterminé ne répondent que des dettes, engagements et obligations qui concernent ce compartiment. Les frais qui ne sont pas directement imputables à un compartiment sont répartis sur tous les compartiments au prorata des actifs nets de chaque compartiment et sont imputés sur les revenus des compartiments en premier lieu.
Les frais de constitution de la Société pourront être amortis sur un maximum de cinq ans à partir de la date de lancement du premier compartiment, au prorata du nombre de compartiments opérationnels, à ce moment.
Si le lancement d'un compartiment intervient après la date de lancement de la Société, les frais de constitution en relation avec le lancement du nouveau compartiment seront imputés à ce seul compartiment et pourront être amortis sur un maximum de cinq ans à partir de la date de lancement de ce compartiment. | The Company forms a single legal entity. The assets of a given sub-fund shall be liable only for the debts, commitments and liabilities of that sub-fund. Fees not directly attributable to one sub- fund shall be divided between all the sub-funds pro rata to the net assets of each sub-fund and shall be deducted directly from the income of the sub-funds.
The Company’s formation expenses may be amortised over a maximum period of five years starting from the launch date of the first sub-fund, pro rata to the number of sub-funds in operation at that time.
If the launch of a sub-fund occurs after the launch date of the Company, the formation expenses related to the launch of the new sub-fund shall be borne by this sub-fund and may be amortised over a maximum period of five years, starting from the launch date of the sub-fund. | en | fr |
DOLFIN8481 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# AUTRES INFORMATIONS PERTINENTES?
De plus amples informations sur le Compartiment, telles que le prospectus (Français, Anglais, Allemand) et les documents périodiques traduits dans les langues de commercialisation de du Compartiment, sont disponibles sur am.oddo-bhf.com ou peuvent être demandées gratuitement et à tout moment auprès du siège social de la SICAV au 5 allée Scheffer, L-2520 Luxembourg, Grand-Duché de Luxembourg ou auprès de l'agent centralisateur dans le pays de commercialisation. Les détails de la politique de rémunération sont disponibles sur le site internet de la société de gestion (am.oddo-bhf.com) et en version papier sur simple demande de l‘investisseur auprès de la société de gestion. La convention conclue conformément à l'article 79 de la Loi de 2010, telle que décrite plus en détail à l'annexe 1, section I, du prospectus, est consultable par les investisseurs du Compartiment qui en font la demande.
Les performances passées sur les dix dernières années, ou le cas échéant, les cinq dernières années si le Compartiment dispose de moins de cinq années
civiles complètes, sont publiées sur le site internet à l’adresse suivante : am.oddo-bhf.com | # OTROS DATOS DE INTERÉS
Todos los documentos informativos relativos al Subfondo, como el folleto (en francés, inglés y alemán) y los informes anual y semestral (traducidos a los idiomas en los que se comercializa el Subfondo), están disponibles en am.oddo-bhf.com, se pueden solicitar en cualquier momento, sin coste alguno, en el domicilio social de la SICAV, sita en 5 allée Scheffer, L-2520 Luxembourg, Gran Ducado de Luxemburgo, o se pueden obtener a través de la entidad centralizadora en el país de comercialización. Toda la información detallada sobre la política de remuneración puede obtenerse en el sitio web de la sociedad gestora (am.oddo-bhf.com), así como en formato papel previa solicitud del inversor a la sociedad gestora. El acuerdo celebrado de conformidad con el artículo 79 de la Ley de 2010, que se describe con más detalle en el anexo 1, sección I, del Folleto, está a disposición de los inversores del Fondo para su consulta, previa petición.
La rentabilidad histórica de los últimos diez años o, en su caso, de los últimos cinco años si el Subfondo tiene menos de cinco años naturales completos, se publica en el sitio web: am.oddo-bhf.com | # AUTRES INFORMATIONS PERTINENTES?
De plus amples informations sur le Compartiment, telles que le prospectus (Français, Anglais, Allemand) et les documents périodiques traduits dans les langues de commercialisation de du Compartiment, sont disponibles sur am.oddo-bhf.com ou peuvent être demandées gratuitement et à tout moment auprès du siège social de la SICAV au 5 allée Scheffer, L-2520 Luxembourg, Grand-Duché de Luxembourg ou auprès de l'agent centralisateur dans le pays de commercialisation. Les détails de la politique de rémunération sont disponibles sur le site internet de la société de gestion (am.oddo-bhf.com) et en version papier sur simple demande de l‘investisseur auprès de la société de gestion. La convention conclue conformément à l'article 79 de la Loi de 2010, telle que décrite plus en détail à l'annexe 1, section I, du prospectus, est consultable par les investisseurs du Compartiment qui en font la demande.
Les performances passées sur les dix dernières années, ou le cas échéant, les cinq dernières années si le Compartiment dispose de moins de cinq années
civiles complètes, sont publiées sur le site internet à l’adresse suivante : am.oddo-bhf.com | fr | es |
DOLFIN8482 | 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
### The product is a UCITS - Part 1 sub-fund of a SICAV under Luxembourg law. The fund is a UCITS ETF.
### Term
This product is an open-ended fund without predefined maturity. For information on redemption possibilities please refer to section "How long should I hold it and can I take out my money early?". The product may be redeemed early in certain circumstances as set out in the sales prospectus. The 1C share class of Xtrackers MSCI Europe Value UCITS ETF was launched in 2010.
### Objectives
The fund is passively managed. The aim is for your investment to reflect the performance of the MSCI Europe Enhanced Value TRN Index (index) which is designed to reflect the performance of the shares of certain companies from European markets. The shares are chosen on the basis that they exhibit higher value characteristics relative to their peers within the corresponding GICS® sector. When selecting which shares to choose, a number of factors are considered, including the market value of the company relative to its actual value based on its assets; its market value relative to its forecasted earnings; and its entire economic value relative to its cash flow. 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 semi-annually. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. Certain information (including the latest share prices of the fund, indicative net asset values, full disclosure on the composition of the fund's portfolio and information on the index constituents) are available on your local DWS website or at www.Xtrackers.com. Transaction costs and taxes, unexpected fund costs and market conditions such as volatility or liquidity issues may affect the ability of the fund to track the index. The anticipated level of tracking error in normal market conditions is 1 per cent. The return of the product is reflected by the daily calculated net asset value per unit and the distribution amount if applicable. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. This fund is a sub-fund of Xtrackers for which the prospectus and the periodic reports are prepared as a whole. The assets and liabilities of each sub-fund are segregated by law. As a result, assets of one sub-fund are not available in the event of claims against or insolvency of another. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers. The depositary is State Street Bank International GmbH, Luxembourg Branch. More detailed information of this fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge online at www.etf.dws.com. These documents are available in English or German. The documents as well as other information (including the latest share prices) are available free of charge.
### Intended retail investor
The fund is designed for: (i) retail clients with (ii) basic knowledge and experience and (iii) are prepared to accept the level of risk indicated below (including losses up to the total invested amount). A typical investor will have (iv) a medium-term investment horizon (five years). The fund is suitable for (v) general capital accumulation (growth). | # ¿Qué es este producto?
### Tipo
### El producto es un subfondo OICVM - Parte 1 de una SICAV con arreglo a la legislación luxemburguesa. El fondo es un OICVM ETF.
### Plazo
Este producto es un fondo abierto sin vencimiento prefijado. Para conocer más información acerca de las opciones de reembolso, consulte la sección “¿Cuánto tiempo debo mantener la inversión, y puedo retirar el dinero de manera anticipada?”. Este producto puede reembolsarse anticipadamente en determinadas circunstancias que se indican en el folleto de venta. La clase de acciones 1C de Xtrackers MSCI Europe Value UCITS ETF se constituyó en 2010.
### Objetivos
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del MSCI Europe Enhanced Value TRN index (el “índice”), que ha sido diseñado para reflejar el rendimiento de las acciones de determinadas empresas de los mercados europeos. Las acciones se seleccionan sobre la base de que presentan determinadas características de mayor valor en relación con sus homólogas dentro del correspondiente sector GICS®. Al seleccionar las acciones elegidas, se tienen en cuenta una serie de factores, incluido el valor de mercado de la sociedad en relación con su valor real a partir de sus activos, su valor de mercado en relación con sus ganancias previstas y su valor económico completo en relación con su flujo de caja. El índice se calcula a partir de una base de rentabilidad total neta, lo cual implica que todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar impuestos. El índice se revisa y ajusta semestralmente. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. Puede consultar otra información (como los últimos precios de las acciones del fondo, los valores liquidativos indicativos, toda la información sobre la composición de la cartera del fondo e información sobre los componentes del índice) en la página web local de DWS o en www.Xtrackers.com. Los costes de transacción y los impuestos, otros gastos inesperados del fondo y la situación del mercado, por ejemplo la volatilidad o problemas de liquidez, pueden afectar a la capacidad del fondo para replicar el índice. El margen previsto de error de seguimiento en condiciones normales del mercado es del 1%. La rentabilidad del producto queda reflejada en el valor liquidativo por participación, calculado diariamente, y el importe de los posibles dividendos. La moneda del subfondo es EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Este fondo es un subfondo de Xtrackers, para el cual se redactan de forma global los informes periódicos y el folleto de venta. La ley establece la segregación de los activos y pasivos de cada subfondo. En consecuencia, los activos de un subfondo no se ven afectados por las reclamaciones contra otro subfondo o la insolvencia de este. para más información, consulte la sección correspondiente del suplemento. Usted no está autorizado para intercambiar sus acciones en este fondo por otros fondos de Xtrackers. La entidad depositaria es State Street Bank International GmbH, sucursal de Luxemburgo. Puede obtener de forma gratuita información más detallada sobre este fondo, como el folleto y los últimos informes anual y semestral, en la página web www.etf.dws.com. Estos documentos están disponibles en inglés o alemán. Tanto los documentos como el resto de información (incluidos los últimos precios de las acciones) pueden consultarse sin coste.
### Inversor minorista al que va dirigido
El fondo está diseñado para: (i) clientes minoristas con (ii) conocimientos y experiencia básicos que (iii) estén dispuestos a aceptar el nivel de riesgo que se indica más adelante (incluidas pérdidas que pueden llegar hasta la cantidad total invertida). El inversor típico tendrá (iv) un horizonte de inversión a medio plazo (cinco años). El fondo es adecuado para (v) la acumulación general de capital (crecimiento). | # What is this product?
### Type
### The product is a UCITS - Part 1 sub-fund of a SICAV under Luxembourg law. The fund is a UCITS ETF.
### Term
This product is an open-ended fund without predefined maturity. For information on redemption possibilities please refer to section "How long should I hold it and can I take out my money early?". The product may be redeemed early in certain circumstances as set out in the sales prospectus. The 1C share class of Xtrackers MSCI Europe Value UCITS ETF was launched in 2010.
### Objectives
The fund is passively managed. The aim is for your investment to reflect the performance of the MSCI Europe Enhanced Value TRN Index (index) which is designed to reflect the performance of the shares of certain companies from European markets. The shares are chosen on the basis that they exhibit higher value characteristics relative to their peers within the corresponding GICS® sector. When selecting which shares to choose, a number of factors are considered, including the market value of the company relative to its actual value based on its assets; its market value relative to its forecasted earnings; and its entire economic value relative to its cash flow. 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 semi-annually. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. Certain information (including the latest share prices of the fund, indicative net asset values, full disclosure on the composition of the fund's portfolio and information on the index constituents) are available on your local DWS website or at www.Xtrackers.com. Transaction costs and taxes, unexpected fund costs and market conditions such as volatility or liquidity issues may affect the ability of the fund to track the index. The anticipated level of tracking error in normal market conditions is 1 per cent. The return of the product is reflected by the daily calculated net asset value per unit and the distribution amount if applicable. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. This fund is a sub-fund of Xtrackers for which the prospectus and the periodic reports are prepared as a whole. The assets and liabilities of each sub-fund are segregated by law. As a result, assets of one sub-fund are not available in the event of claims against or insolvency of another. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers. The depositary is State Street Bank International GmbH, Luxembourg Branch. More detailed information of this fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge online at www.etf.dws.com. These documents are available in English or German. The documents as well as other information (including the latest share prices) are available free of charge.
### Intended retail investor
The fund is designed for: (i) retail clients with (ii) basic knowledge and experience and (iii) are prepared to accept the level of risk indicated below (including losses up to the total invested amount). A typical investor will have (iv) a medium-term investment horizon (five years). The fund is suitable for (v) general capital accumulation (growth). | en | es |
DOLFIN8483 | 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 tenths, hundredths, thousandths or ten-thousandths, referred to as fractions of units.
The provisions of the regulations governing the issue and redemption of units will also apply to fractions of units, the value of which will always be proportional to that of the unit that they represent. Unless otherwise stipulated, all other provisions of the regulations relating to units will apply to fractions of units without any need to make a specific provision to that end.
The Management Company’s governing body or its Chairman may unilaterally decide to divide the units by creating new units, which are allocated to unitholders in exchange for their old units.
If the Fund is a feeder UCITS, unitholders of this feeder UCITS will receive the same information as they would if they held units or shares in the master UCITS. | 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.
Dans le cas où le FCP est un OPCVM nourricier, les porteurs de parts de cet OPCVM nourricier bénéficient des mêmes informations que s'ils étaient porteurs de parts ou actions de l'OPCVM maître. | The Management Company’s governing body or its Chairman may decide to split the units into tenths, hundredths, thousandths or ten-thousandths, referred to as fractions of units.
The provisions of the regulations governing the issue and redemption of units will also apply to fractions of units, the value of which will always be proportional to that of the unit that they represent. Unless otherwise stipulated, all other provisions of the regulations relating to units will apply to fractions of units without any need to make a specific provision to that end.
The Management Company’s governing body or its Chairman may unilaterally decide to divide the units by creating new units, which are allocated to unitholders in exchange for their old units.
If the Fund is a feeder UCITS, unitholders of this feeder UCITS will receive the same information as they would if they held units or shares in the master UCITS. | en | fr |
DOLFIN8484 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d'entrée | 3,00% |
| Frais de sortie | Néant |
| 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 prélévés par le fonds sur une année |
| Frais courants | 1,71% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance Non applicable | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 3,00% |
| Gastos de salida | Ninguno |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión/antes de que se le distribuyan los ingresos de su inversión. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 1,71% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad No aplicable | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d'entrée | 3,00% |
| Frais de sortie | Néant |
| 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 prélévés par le fonds sur une année |
| Frais courants | 1,71% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance Non applicable | | fr | es |
DOLFIN8485 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### In the event that no price is available for a future or option contract, the last known price is used.
Securities subject to a temporary acquisition or sale agreement are valued in accordance with the regulations in force. Securities received under repurchase agreements are recorded on their acquisition date under the heading “Receivables on securities received under a repurchase agreement (pension)” at the value fixed in the contract by the counterparty of the liquidity account concerned. For as long as they are held they are recognised at that value plus the accrued interest from the securities in custody.
Securities transferred under repurchase agreements are withdrawn from their account on the date of the transaction and the corresponding receivable is booked under the heading “Securities transferred under a repurchase agreement (pension)”; they are valued at their market value. The debt represented by securities transferred under repurchase agreements is recorded under the heading “Payables on securities transferred under a repurchase agreement (pension)” by the counterparty of the liquidity account concerned. It is maintained at the value determined in the contract plus any accrued interest on the debt.
- Other instruments: Units or shares of UCIs are valued at their last known net asset value.
- Financial instruments whose prices have not been determined on the valuation day or whose prices have been adjusted are valued under the Management Company's responsibility at their foreseeable sale prices. These valuations and their justification are communicated to the statutory auditor at the time of the audit. | ##### En cas de non cotation d’un contrat à terme ferme ou conditionnel, le dernier cours connu est retenu.
Les titres qui font l'objet de contrats de cession ou d'acquisition temporaire sont évalués en conformité avec la réglementation en vigueur. Les titres reçus en pension sont inscrits à leur date d'acquisition dans la rubrique "créances représentatives des titres reçus en pension" à leur valeur fixée dans le contrat par la contrepartie du compte de disponibilité concerné. Pendant la durée de détention ils sont maintenus à cette valeur, à laquelle viennent se rajouter les intérêts courus de la pension.
Les titres donnés en pension sont sortis de leur compte au jour de l'opération de pension et la créance correspondante est inscrite dans la rubrique "titres donnés en pension" ; cette dernière est évaluée à la valeur de marché. La dette représentative des titres donnés en pension est inscrite dans la rubrique "Dettes représentatives des titres donnés en pension" par la contrepartie du compte de disponibilité concerné. Elle est maintenue à la valeur fixée dans le contrat à laquelle viennent se greffer les intérêts relatifs à la dette.
- Autres instruments : Les parts ou actions d'OPC détenus sont évaluées à la dernière valeur liquidative connue.
- Les instruments financiers dont le cours n’a pas été constaté le jour de l’évaluation ou dont le cours a été corrigé sont évalués à leur valeur probable de négociation sous la responsabilité de la Société de Gestion. Ces évaluations et leur justification sont communiquées au commissaire aux comptes à l’occasion de ses contrôles. | ###### In the event that no price is available for a future or option contract, the last known price is used.
Securities subject to a temporary acquisition or sale agreement are valued in accordance with the regulations in force. Securities received under repurchase agreements are recorded on their acquisition date under the heading “Receivables on securities received under a repurchase agreement (pension)” at the value fixed in the contract by the counterparty of the liquidity account concerned. For as long as they are held they are recognised at that value plus the accrued interest from the securities in custody.
Securities transferred under repurchase agreements are withdrawn from their account on the date of the transaction and the corresponding receivable is booked under the heading “Securities transferred under a repurchase agreement (pension)”; they are valued at their market value. The debt represented by securities transferred under repurchase agreements is recorded under the heading “Payables on securities transferred under a repurchase agreement (pension)” by the counterparty of the liquidity account concerned. It is maintained at the value determined in the contract plus any accrued interest on the debt.
- Other instruments: Units or shares of UCIs are valued at their last known net asset value.
- Financial instruments whose prices have not been determined on the valuation day or whose prices have been adjusted are valued under the Management Company's responsibility at their foreseeable sale prices. These valuations and their justification are communicated to the statutory auditor at the time of the audit. | en | fr |
DOLFIN8486 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 97.00 USD | 616.00 USD |
| Impact on return (RIY) per year | 0.97% | 1.01% | | | Investimento: 10.000 USD | in caso di disinvestimento dopo 1 anno | in caso di disinvestimento dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | 97.00 USD | 616.00 USD |
| Impatto sul rendimento (RIY) annuo | 0.97% | 1.01% | | | Investment USD 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 97.00 USD | 616.00 USD |
| Impact on return (RIY) per year | 0.97% | 1.01% | | en | it |
DOLFIN8487 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Directors reserve the right to increase or decrease the frequency of distribution payments for a Distribution Share Class at their discretion.
Payment of Distributions to Shareholders of the Distribution Share Classes
The following table shows the intended distribution calculation dates for each of the relevant Funds. Distributions will be paid within 4 weeks of the distribution calculation date. If such day is not a Dealing Day, payment will be made on the following day. | Les Administrateurs se réservent le droit d’augmenter ou de diminuer à leur entière discrétion la fréquence des distributions d’une Catégorie d’Actions de Distribution donnée.
Distributions versées aux Actionnaires détenant des Actions de Distribution
Le tableau suivant indique les dates de calcul des distributions de chacun des Compartiments concernés. Les distributions seront versées dans un délai de 4 semaines à compter de la date de calcul du dividende. Si ce jour n’est pas un Jour de Transaction, les versements seront effectués le jour suivant. | The Directors reserve the right to increase or decrease the frequency of distribution payments for a Distribution Share Class at their discretion.
Payment of Distributions to Shareholders of the Distribution Share Classes
The following table shows the intended distribution calculation dates for each of the relevant Funds. Distributions will be paid within 4 weeks of the distribution calculation date. If such day is not a Dealing Day, payment will be made on the following day. | en | fr |
DOLFIN8488 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Enabling long-term capital appreciation through investment in liquid instruments on equity, bond, derivative, currency and – to a limited extent – commodity markets.
- Active risk management and hedging transactions in order to minimise losses (emphasis on capital preservation).
- Active portfolio management with the aim of delivering positive returns, even in weak market phases.
- Provides an opportunity to benefit from an active multi-asset strategy.
- Participation in positive performance on equity and bond markets.
| | - Possibilité de croissance du capital à long terme via des investissements dans des instruments liquides en actions, obligations, produits dérivés, devises et – dans une certaine mesure –matières premières.
- Gestion active des risques et recours à des opérations de couverture pour limiter les pertes (priorité à la préservation du capital).
- Gestion active pour générer des rendements positifs même en phase de marchés baissiers.
- Possibilité de profiter d’une stratégie multi- actifs dynamique.
- Participation aux performances positives des marchés actions et obligations.
| | - Enabling long-term capital appreciation through investment in liquid instruments on equity, bond, derivative, currency and – to a limited extent – commodity markets.
- Active risk management and hedging transactions in order to minimise losses (emphasis on capital preservation).
- Active portfolio management with the aim of delivering positive returns, even in weak market phases.
- Provides an opportunity to benefit from an active multi-asset strategy.
- Participation in positive performance on equity and bond markets.
| | en | fr |
DOLFIN8489 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 1 because its share price generally hardly fluctuates at all and the likelihood of both losses and gains should therefore be relatively low. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the bonds and/or cash deposits and the performance of the derivatives used. The fund will enter into a derivative with a counterparty. If the counterparty fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related
effective rate tends to be within a range of that target. The index is calculated using a specific formula and published by Deutsche Bank on a daily basis on any business day in New York. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund may invest in bonds the value of which depends on the issuer being able to make its payments. There is always a risk that the issuer will fail to do so which may result in your investment suffering a loss. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund provides a notional exposure to interest rates, which may be volatile. Interest rates react to various economic, fiscal, monetary and political factors. This may result in your investment suffering a loss, up to a total loss. The exposure of the fund is concentrated in the short term money market in the United States of America and may be more volatile than funds adopting a more diversified strategy. Your investment is dependent on the performance of the index less costs but your investment is not expected to match that performance precisely. The index may also be subject to disruption or adjustment events which may prevent its calculation or lead to adjustments to the rules of the index which may cause your investment to suffer losses.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 1, dado que su precio por acción, por lo general, no sufre prácticamente fluctuaciones y, por ello, tanto las oportunidades de pérdidas como las de ganancias deberían ser reducidas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los bonos y/o depósitos de efectivo y de los derivados utilizados. El fondo suscribirá un derivado financiero con una contraparte. Si la contraparte no efectúa los pagos (por ejemplo, si deviene insolvente), esto podría provocar que su inversión sufriera pérdidas. Las entidades de DWS y sus
efectiva de los fondos federales tiende a estar dentro de un rango de esa meta. El índice se calcula utilizando una fórmula específica y es publicado por Deutsche Bank a diario durante todos los días hábiles en Nueva York. Para lograr el objetivo, el fondo invertirá en valores negociables y suscribirá con una o más contrapartes de swaps contratos financieros (derivados) relacionados con los valores negociables y el índice para obtener la rentabilidad sobre el índice. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
empresas vinculadas podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo podrá invertir en bonos cuyo valor dependa de que el emisor pueda efectuar los pagos. Existe siempre el riesgo de que el emisor no lo haga, lo que podría provocar que su inversión sufriera pérdidas. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El fondo proporciona una exposición teórica a los tipos de interés, que pueden ser volátiles. Los tipos de interés actúan en función de diversos factores económicos, fiscales, monetarios y políticos. Esto podría ocasionar una pérdida en su inversión, incluso una pérdida total. La exposición del fondo se concentra en el mercado monetario a corto plazo de los Estados Unidos de América y puede ser más volátil que la de los fondos que adoptan una estrategia más diversificada. Su inversión depende del rendimiento del índice menos los costes, pero no está previsto que su inversión obtenga exactamente ese mismo rendimiento. El índice podría estar sujeto a acontecimientos como interrupciones o ajustes que podrían impedir su cálculo o provocar ajustes en las normas del índice, lo que podría llevar a que su inversión sufriese pérdidas.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 1 because its share price generally hardly fluctuates at all and the likelihood of both losses and gains should therefore be relatively low. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the bonds and/or cash deposits and the performance of the derivatives used. The fund will enter into a derivative with a counterparty. If the counterparty fails to make payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related
effective rate tends to be within a range of that target. The index is calculated using a specific formula and published by Deutsche Bank on a daily basis on any business day in New York. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund may invest in bonds the value of which depends on the issuer being able to make its payments. There is always a risk that the issuer will fail to do so which may result in your investment suffering a loss. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund provides a notional exposure to interest rates, which may be volatile. Interest rates react to various economic, fiscal, monetary and political factors. This may result in your investment suffering a loss, up to a total loss. The exposure of the fund is concentrated in the short term money market in the United States of America and may be more volatile than funds adopting a more diversified strategy. Your investment is dependent on the performance of the index less costs but your investment is not expected to match that performance precisely. The index may also be subject to disruption or adjustment events which may prevent its calculation or lead to adjustments to the rules of the index which may cause your investment to suffer losses.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN8490 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# RISK AND REWARD PROFILE
Historical data, such as is used to calculate the synthetic indicator, may not be a reliable indication of the future risk profile of the Fund.
The risk profile is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment. The capital initially invested is not guaranteed.
Lower risk Higher risk
Potentially lower return Potentially higher return
## Why is the Fund placed in category 4?
The Fund presents a high level of risk as its investment policy permits exposure of up to 100% of net assets to equity markets of the European Economic Area and/or the OECD. Nevertheless, depending on the Fund manager’s outlook, equity exposure may be considerably reduced in favour of money market investments, which could lower the Fund’s level of risk.
## Material risks to the Fund that are not taken into account in the indicator:
Counterparty risk: the risk of a counterparty’s collapse, causing it to default on payment. The Fund may be exposed to this risk resulting from the use of forward financial instruments or temporary purchases and sales of securities contracts negotiated over-the-counter with a credit institution if the latter is unable to honour its commitments.
Liquidity risk:the Fund invests in markets which may be affected by declines in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions.
If one of these risks were to materialise, the Fund’s net asset value may fall. | # PERFIL DE RIESGO Y REMUNERACIÓN
Los datos históricos, como los utilizados para calcular el indicador sintético, pueden no constituir una indicación fiable del futuro perfil de riesgo del Fondo.
El perfil de riesgo no es constante y podrá evolucionar con el tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El capital inicialmente invertido no está garantizado.
A menor riesgo A mayor riesgo
Remuneración potencialmente menor Remuneración potencialmente mayor
## Motivos por los que se ha asignado al Fondo la categoría 4:
El Fondo presenta un nivel de riesgo elevado debido a su política de inversión que permite que el Fondo exponga hasta el 100% de su patrimonio neto a los mercados de renta variable de los países del Espacio Económico Europeo y/o la OCDE. No obstante, según las previsiones del gestor, la exposición a renta variable podrá reducirse considerablemente a favor de una inversión en productos monetarios, lo que podría contribuir a disminuir el nivel de riesgo del Fondo.
## Riesgos importantes para el Fondo que no engloba el indicador:
Riesgo de contraparte: representa el riesgo de impago de una contraparte que le impida satisfacer sus obligaciones de pago. El Fondo podrá estar expuesto a este riesgo cuando la entidad de crédito con la que ha celebrado contratos extrabursátiles u OTC de instrumentos financieros a plazo o de adquisición y cesión temporal de valores no pueda cumplir sus compromisos.
Riesgo de liquidez:el Fondo invierte en mercados que pueden verse afectados por una reducción de liquidez. El escaso volumen de transacciones en estos mercados puede influir negativamente en los precios a los que el gestor inicie o liquide sus posiciones.
Cualquiera de estos riesgos podría conllevar una disminución de valor liquidativo del Fondo. | # RISK AND REWARD PROFILE
Historical data, such as is used to calculate the synthetic indicator, may not be a reliable indication of the future risk profile of the Fund.
The risk profile is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment. The capital initially invested is not guaranteed.
Lower risk Higher risk
Potentially lower return Potentially higher return
## Why is the Fund placed in category 4?
The Fund presents a high level of risk as its investment policy permits exposure of up to 100% of net assets to equity markets of the European Economic Area and/or the OECD. Nevertheless, depending on the Fund manager’s outlook, equity exposure may be considerably reduced in favour of money market investments, which could lower the Fund’s level of risk.
## Material risks to the Fund that are not taken into account in the indicator:
Counterparty risk: the risk of a counterparty’s collapse, causing it to default on payment. The Fund may be exposed to this risk resulting from the use of forward financial instruments or temporary purchases and sales of securities contracts negotiated over-the-counter with a credit institution if the latter is unable to honour its commitments.
Liquidity risk:the Fund invests in markets which may be affected by declines in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions.
If one of these risks were to materialise, the Fund’s net asset value may fall. | en | es |
DOLFIN8491 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Scope of collateral
Securities lending transactions are fully collateralised. The col- lateral value is equal to the listed price of the securities trans- ferred plus the corresponding income. Collateral furnished by the borrower may not fall below the collateral value plus a pre- mium in line with standard market practice.
Moreover, derivatives, securities lending and repurchase transactions must be sufficiently collateralised to ensure that the attributable amount for counterparty default risk does not exceed 5 % of the value of the Fund. If the counterparty is a credit insti- tution whose registered office is in an EU Member State, in
another signatory state to the EEA Agreement or in a third coun- try in which equal supervisory provisions apply, the attributable amount for default risk may be 10 % of the value of the Fund. | ## Umfang der Besicherung
Wertpapier-Darlehensgeschäfte werden in vollem Umfang besichert. Der Kurswert der als Darlehen übertragenen Wert- papiere bildet dabei zusammen mit den zugehörigen Erträgen den Sicherungswert. Die Leistung der Sicherheiten durch den Darlehensnehmer darf den Sicherungswert zuzüglich eines marktüblichen Aufschlags nicht unterschreiten.
Im Übrigen müssen Derivate-, Wertpapier-Darlehens- und Pensionsgeschäfte in einem Umfang besichert sein, der sicher- stellt, dass der Anrechnungsbetrag für das Ausfallrisiko des jeweiligen Vertragspartners 5 Prozent des Wertes des Fonds nicht überschreitet. Ist der Vertragspartner ein Kreditinstitut mit Sitz in einem Mitgliedstaat der EU oder in einem anderen Vertragsstaat des Abkommens über den EWR oder in einem Drittstaat, in dem gleichwertige Aufsichtsbestimmungen gelten, so darf der Anrechnungsbetrag für das Ausfallrisiko 10 Prozent des Wertes des Fonds betragen. | ## Scope of collateral
Securities lending transactions are fully collateralised. The col- lateral value is equal to the listed price of the securities trans- ferred plus the corresponding income. Collateral furnished by the borrower may not fall below the collateral value plus a pre- mium in line with standard market practice.
Moreover, derivatives, securities lending and repurchase transactions must be sufficiently collateralised to ensure that the attributable amount for counterparty default risk does not exceed 5 % of the value of the Fund. If the counterparty is a credit insti- tution whose registered office is in an EU Member State, in
another signatory state to the EEA Agreement or in a third coun- try in which equal supervisory provisions apply, the attributable amount for default risk may be 10 % of the value of the Fund. | en | de |
DOLFIN8492 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### The Fund will not necessarily invest in every constituent of the Index. If the overall portfolio matches the characteristics of the Index, the Fund
can also invest in assets outside of the Index, such as: bonds with a credit rating of Ba1, BB+ and below; securities which are expected to provide similar performance and risk characteristics to certain Index constituents.
The Fund may invest in cash and money market instruments, up to 30% in securities traded on the CIBM, up to 10% in funds for efficient portfolio management purposes, and up to 30% in total return swaps. | ### Der Fonds wird nicht notwendigerweise in alle Indexbestandteile investieren. Entspricht das Gesamtportfolio den Merkmalen des Index, kann der Fonds auch in
indexfremde Vermögenswerte investieren, z. B. in Anleihen mit einem Rating von Ba1, BB+ oder darunter, Wertpapiere, die vergleichbare Performance- und Risikoeigenschaften aufweisen dürften wie bestimmte Indexbestandteile.
Der Fonds kann in Barmittel und Geldmarktinstrumente, bis zu 30 % in am CIBM gehandelte Wertpapiere, bis zu 10 % in Fonds zum Zwecke einer effizienten Portfolioverwaltung und bis zu 30 % in Total Return Swaps investieren. | ### The Fund will not necessarily invest in every constituent of the Index. If the overall portfolio matches the characteristics of the Index, the Fund
can also invest in assets outside of the Index, such as: bonds with a credit rating of Ba1, BB+ and below; securities which are expected to provide similar performance and risk characteristics to certain Index constituents.
The Fund may invest in cash and money market instruments, up to 30% in securities traded on the CIBM, up to 10% in funds for efficient portfolio management purposes, and up to 30% in total return swaps. | en | de |
DOLFIN8493 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Past performance
A
Performances (%)
13.7
12.7
15
10
0.7
5
0
-5
-10
-15
The performance figures shown in the bar chart are not a reliable indication of future performance.
Annualised performance is calculated after deducting all charges taken from the Fund.
Fund creation date: 2 October 2014 Share class launch date: 2 October 2014
Base currency: US Dollar.
-11.3
Indicative Benchmark: MSCI USA Net Total Return Index.
2014 2015 2016 2017 2018 2019
Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund A2
Benchmark
A : The performance figures shown in the bar chart are past performance figures from the Fund TOBAM Anti-Benchmark US Equity Fund which merged into the Fund on 2 October 2014. The performances shown on the chart have been realized in the context of the management of a French UCITS with the same management company and a similar investment policy.
Share class with periods of inactivity. | # Risultati ottenuti nel passato
A
Risultati (%)
13,7
12,7
15
10
0,7
5
0
-5
-10
-15
I risultati illustrati nel diagramma non costituiscono un'indicazione affidabile circa i risultati futuri.
I risultati annualizzati sono calcolati al netto di tutte le commissioni prelevate dal Fondo.
Data di creazione del Fondo: 2 ottobre 2014
Data di creazione della classe di azioni: 2 ottobre 2014 Valuta di riferimento: Dollaro USA.
Indice di riferimento indicativo: Indice MSCI USA Net Total Return.
-11,3
2014 2015 2016 2017 2018 2019
Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund A2
Indice di riferimento
A: I dati sui rendimenti riportati nel grafico a barre sono i dati storici del Fondo TOBAM Anti-Benchmark US Equity Fund, incorporato nel Fondo il 2 ottobre 2014. Tali rendimenti sono stati realizzati da un OICVM di diritto francese gestito dalla stessa società di gestione e con una politica d'investimento simile.
Classe di azioni con periodi di inattività. | # Past performance
A
Performances (%)
13.7
12.7
15
10
0.7
5
0
-5
-10
-15
The performance figures shown in the bar chart are not a reliable indication of future performance.
Annualised performance is calculated after deducting all charges taken from the Fund.
Fund creation date: 2 October 2014 Share class launch date: 2 October 2014
Base currency: US Dollar.
-11.3
Indicative Benchmark: MSCI USA Net Total Return Index.
2014 2015 2016 2017 2018 2019
Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund A2
Benchmark
A : The performance figures shown in the bar chart are past performance figures from the Fund TOBAM Anti-Benchmark US Equity Fund which merged into the Fund on 2 October 2014. The performances shown on the chart have been realized in the context of the management of a French UCITS with the same management company and a similar investment policy.
Share class with periods of inactivity. | en | it |
DOLFIN8494 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# China will once again lead the economic recovery… with some delay
We overestimated the Chinese economy’s recovery, which we thought would start improving in the sum- mer of 2022. This did not happen, mainly due to the effects of Covid-19 and the associated lockdowns. In recent months, China has implemented more than 900 measures to re-ignite the economy and the property cycle. Once Covid-19 is under control (after the winter?), China is likely to lead the global eco- nomic recovery once again.
We acknowledge that this might take a few more months, but - importantly - we are convinced that the Chinese economy is not going to “collapse" as many commentators have suggested. On the contrary, it will be a source of growth in 2023 and 2024. | # China wird erneut die wirtschaftliche Erholung anführen... mit einiger Verzögerung
Wir haben den Aufschwung der chinesischen Wirtschaft überschätzt, von dem wir annahmen, dass er im Sommer 2022 einsetzen würde. Dazu kam es nicht, was vor allem auf die Auswirkungen von Covid-19 und den damit verbundenen Lockdowns zurückzuführen ist. In den letzten Monaten hat China mehr als 900 Massnahmen ergriffen, um die Wirtschaft und den Immobilienzyklus wieder anzukurbeln. Sobald Covid-19 unter Kontrolle ist (nach dem Winter?), wird China wahrscheinlich wieder an der Spitze der weltweiten wirtschaftlichen Erholung stehen.
Wir räumen ein, dass dies noch einige Monate dauern könnte, aber - und das ist wichtig - wir sind überzeugt, dass die chinesische Wirtschaft nicht "zusammenbrechen" wird, wie viele Kommentatoren behaupten. Im Gegenteil, sie wird in den Jahren 2023 und 2024 eine Quelle des Wachstums sein. | # China will once again lead the economic recovery… with some delay
We overestimated the Chinese economy’s recovery, which we thought would start improving in the sum- mer of 2022. This did not happen, mainly due to the effects of Covid-19 and the associated lockdowns. In recent months, China has implemented more than 900 measures to re-ignite the economy and the property cycle. Once Covid-19 is under control (after the winter?), China is likely to lead the global eco- nomic recovery once again.
We acknowledge that this might take a few more months, but - importantly - we are convinced that the Chinese economy is not going to “collapse" as many commentators have suggested. On the contrary, it will be a source of growth in 2023 and 2024. | en | de |
DOLFIN8495 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## CALENDAR YEAR PERFORMANCE
Source: Three Rock Capital Management Ltd., MSCI. The Fund was established in January 2022. This Class was created in January 2022. There is insufficient data for this Class to provide a useful indication of past performance. Share Class and Benchmark performance displayed in EUR. Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested.
Past performance is not necessarily indicative of future performance and should not be the sole factor of consideration when selecting a product.
All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed | ## PERFORMANCE ANNO CALENDARIO
Fonte: Three Rock Capital Management Ltd., MSCI. Il Fondo è stato costituito gennaio 2022. Questa Categoria è stata costituita a gennaio 2022. Non si dispone di dati sufficienti relativi a questa Categoria per poter fornire un'indicazione affidabile dei risultati passati. La performance della Categoria di azioni e del Benchmark è esposta in EUR. La performance è mostrata sulla base di un Valore patrimoniale netto (NAV) con reinvestimento del reddito lordo.
I risultati passati non sono necessariamente indicativi dei risultati futuri e non devono essere l'unico fattore considerato nella selezione di un prodotto.
Tutti gli investimenti finanziari comportano un elemento di rischio. Pertanto, il valore dell'investimento e il reddito che è possibile ricavarne varieranno e non vi è alcuna garanzia di rimborso dell'importo originariamente investito | ## CALENDAR YEAR PERFORMANCE
Source: Three Rock Capital Management Ltd., MSCI. The Fund was established in January 2022. This Class was created in January 2022. There is insufficient data for this Class to provide a useful indication of past performance. Share Class and Benchmark performance displayed in EUR. Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested.
Past performance is not necessarily indicative of future performance and should not be the sole factor of consideration when selecting a product.
All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed | en | it |
DOLFIN8496 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | Since Inception |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund gross | 0.00 | 0.74 | 3.58 | 4.04 | 10.24 | 6.50 | 6.05 | 7.07 |
| Fund net | -0.14 | 0.32 | 2.74 | 2.77 | 8.45 | 4.76 | 4.29 | 5.25 |
| Benchmark | -0.01 | 0.87 | 3.34 | 4.48 | 10.98 | 6.81 | 6.52 | 7.07 | | | | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | Depuis lancemen t |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fonds brut | 0,00 | 0,74 | 3,58 | 4,04 | 10,24 | 6,50 | 6,05 | 7,07 |
| Fonds net | -0,14 | 0,32 | 2,74 | 2,77 | 8,45 | 4,76 | 4,29 | 5,25 |
| Indice de référence | -0,01 | 0,87 | 3,34 | 4,48 | 10,98 | 6,81 | 6,52 | 7,07 | | | | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | Since Inception |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund gross | 0.00 | 0.74 | 3.58 | 4.04 | 10.24 | 6.50 | 6.05 | 7.07 |
| Fund net | -0.14 | 0.32 | 2.74 | 2.77 | 8.45 | 4.76 | 4.29 | 5.25 |
| Benchmark | -0.01 | 0.87 | 3.34 | 4.48 | 10.98 | 6.81 | 6.52 | 7.07 | | en | fr |
DOLFIN8497 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Strategy:
The Fund has 1.57 years versus the index’s 1.97 years of interest rate duration. We have a negative bias towards interest rate risk in the developed markets as we believe treasuries are expensive. As such, the Fund remains towards the lower end of the range of interest rate risk. We continue to tactically reposition the portfolio to mitigate downside risk, in a time when we believe yields may rise as inflation expectations stay high against a post-pandemic backdrop, causing central banks to continue their hawkish stance. We keep holding inflation-linked bonds to partially mitigate downside in the portfolio in this context of rising inflation.
The Fund is positioned long of credit risk, particularly in investment grade credit, where most of the exposure is to the financial sector. In particular, the Fund holds subordinated bonds of systematically important financial institutions and hybrid subordinated bonds of high-quality corporates. It is also overweight utilities bonds and selectively owns industrial credit. | ### Strategia
Il Comparto detiene una duration dei tassi di interesse pari a 1,57 anni contro gli 1,97 anni del benchmark. Siamo sottoesposti al rischio di tasso d’interesse nei mercati sviluppati poiché riteniamo che i Treasury siano costosi. Pertanto, il Comparto rimane collocato sulla fascia inferiore del rischio di tasso d’interesse. Continuiamo a riposizionare tatticamente il portafoglio per mitigare il rischio di ribasso in un momento in cui riteniamo che i rendimenti possano salire a fronte delle persistenti, elevate aspettative inflazionistiche in un contesto post-crisi che induce le banche centrali a mantenere un orientamento restrittivo. Continuiamo a detenere le obbligazioni indicizzate all’inflazione al fine di attenuare in parte i ribassi nel portafoglio in questo contesto di aumento dell’inflazione.
Il Comparto è sovraesposto al rischio di credito e in particolare al segmento investment grade, in cui gran parte del posizionamento è riferita al settore finanziario. In particolare, il Comparto detiene obbligazioni subordinate di istituti finanziari a rilevanza sistemica e obbligazioni ibride subordinate di società di alta qualità. Inoltre, è sovraesposto alle obbligazioni del settore utility e possiede alcuni titoli di credito del settore industriale attentamente selezionati. | ### Strategy:
The Fund has 1.57 years versus the index’s 1.97 years of interest rate duration. We have a negative bias towards interest rate risk in the developed markets as we believe treasuries are expensive. As such, the Fund remains towards the lower end of the range of interest rate risk. We continue to tactically reposition the portfolio to mitigate downside risk, in a time when we believe yields may rise as inflation expectations stay high against a post-pandemic backdrop, causing central banks to continue their hawkish stance. We keep holding inflation-linked bonds to partially mitigate downside in the portfolio in this context of rising inflation.
The Fund is positioned long of credit risk, particularly in investment grade credit, where most of the exposure is to the financial sector. In particular, the Fund holds subordinated bonds of systematically important financial institutions and hybrid subordinated bonds of high-quality corporates. It is also overweight utilities bonds and selectively owns industrial credit. | en | it |
DOLFIN8498 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 3 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 3 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 3 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 4,670 EUR -53.29% | 5,620 EUR -17.49% |
| Unfavourable | What you might get back after costs Average return each year | 6,770 EUR -32.34% | 6,890 EUR¹ -11.67%¹ |
| Moderate | What you might get back after costs Average return each year | 9,680 EUR -3.24% | 10,560 EUR² 1.82%² |
| Favourable | What you might get back after costs Average return each year | 11,010 EUR 10.06% | 11,620 EUR³ 5.13%³ | | | Período de mantenimiento recomendado: 3 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 3 años. Podría perder la totalidad o parte de su inversión. | En caso de salida después de 1 año | En caso de salida después de 3 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 4.670 EUR -53,29% | 5.620 EUR -17,49% |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 6.770 EUR -32,34% | 6.890 EUR¹ -11,67%¹ |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 9.680 EUR -3,24% | 10.560 EUR² 1,82%² |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.010 EUR 10,06% | 11.620 EUR³ 5,13%³ | | | Recommended Holding Period: 3 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 3 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 3 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 4,670 EUR -53.29% | 5,620 EUR -17.49% |
| Unfavourable | What you might get back after costs Average return each year | 6,770 EUR -32.34% | 6,890 EUR¹ -11.67%¹ |
| Moderate | What you might get back after costs Average return each year | 9,680 EUR -3.24% | 10,560 EUR² 1.82%² |
| Favourable | What you might get back after costs Average return each year | 11,010 EUR 10.06% | 11,620 EUR³ 5.13%³ | | en | es |
DOLFIN8499 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| AIFM (Art. 4 trust agreement including AIF speci- fic appendices) | LLB Fund Services AG Äulestrasse 80 FL-9490 Vaduz |
| --- | --- |
| Custodian (Art. 5 trust agreement including AIF specific appendices) | Liechtensteinische Landesbank AG Städtle 44 FL-9490 Vaduz |
| Auditor (vgl. Art. 9 trust agreement including AIF specific appendices) | PricewaterhouseCoopers AG Vadianstrasse 25a/Neumarkt 5 CH-9001 St. Gallen |
| Portfolio management (vgl. Art. 7 trust agree- ment including AIF specific appendices) | Gamma Financials AG Bahnhofplatz CH-G300 Zug |
| Investment advisor (vgl. Art. 8 trust agreement including AIF specific appendices) | KTS Capital Management AG Seefeldstrasse 35 CH-8008 Zürich |
| Risk management (Art. 4 in conjunction with Art. 32 trust agreement including AIF specific appendices) | LLB Fund Services AG Äulestrasse 80 FL-9490 Vaduz | | | AIFM (vgl. Art. 4 des Treuhandvertrags inklusive AIF-spezifischen Anhängen) | LLB Fund Services AG Äulestrasse 80 FL-9490 Vaduz |
| --- | --- |
| Verwahrstelle (vgl. Art. 5 des Treuhandvertrags inklusive AIF-spezifischen Anhängen) | Liechtensteinische Landesbank AG Städtle 44 FL-9490 Vaduz |
| Wirtschaftsprüfer (vgl. Art. 9 des Treuhandver- trags inklusive AIF-spezifischen Anhängen) | PricewaterhouseCoopers AG Vadianstrasse 25a/Neumarkt 5 CH-9001 St. Gallen |
| Portfolioverwaltung (vgl. Art. 7 des Treuhandver- trags inklusive AIF-spezifischen Anhängen) | Gamma Financials AG Bahnhofplatz CH-G300 Zug |
| Anlageberater (vgl. Art. 8 des Treuhandvertrags inklusive AIF-spezifischen Anhängen) | KTS Capital Management AG Seefeldstrasse 35 CH-8008 Zürich |
| Risikomanagement (vgl. Art. 4 i.V.m. Art. 32 des Treuhandvertrags inklusive AIF-spezifischen Anhängen) | LLB Fund Services AG Äulestrasse 80 FL-9490 Vaduz | | | AIFM (Art. 4 trust agreement including AIF speci- fic appendices) | LLB Fund Services AG Äulestrasse 80 FL-9490 Vaduz |
| --- | --- |
| Custodian (Art. 5 trust agreement including AIF specific appendices) | Liechtensteinische Landesbank AG Städtle 44 FL-9490 Vaduz |
| Auditor (vgl. Art. 9 trust agreement including AIF specific appendices) | PricewaterhouseCoopers AG Vadianstrasse 25a/Neumarkt 5 CH-9001 St. Gallen |
| Portfolio management (vgl. Art. 7 trust agree- ment including AIF specific appendices) | Gamma Financials AG Bahnhofplatz CH-G300 Zug |
| Investment advisor (vgl. Art. 8 trust agreement including AIF specific appendices) | KTS Capital Management AG Seefeldstrasse 35 CH-8008 Zürich |
| Risk management (Art. 4 in conjunction with Art. 32 trust agreement including AIF specific appendices) | LLB Fund Services AG Äulestrasse 80 FL-9490 Vaduz | | en | de |
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