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DOLFIN8500 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Shareholders of the Merging Fund who do not wish to take part in the Merger must submit a redemption request or request for conversion of shares in the Merging Fund to shares of another sub-fund of the Company prior to 12:00pm on 14 December 2022 in order to have their shares in the Merging Fund redeemed or converted. The investment objective and policies that will be pursued on behalf of Merging Shareholders following the Merger having taken effect will be those of the Receiving Fund as set out in full in Appendix B to this Circular accompanying the notice convening the Merging Fund EGM.
If the Merger proposal is not approved, the Merger will not go ahead and the Directors of the Company, in consultation with the Manager, shall take steps to close the Merging Fund, subject to the receipt of the relevant regulatory approvals.
Impact on the Receiving Shareholders
The contemplated Merger will not adversely impact shareholders of the Receiving Fund in terms of
(i) the investment policy and strategy; (ii) costs; (iii) expected outcome; and (iv) periodic reporting. Also, there will be no risk of dilution in performance or a change in shareholders' tax treatment.
In the longer term, the Investment Manager believes the Merger will create the potential for further growth of assets within the Receiving Fund. A bigger pool of assets and investor base would provide greater efficiencies and enable investors to benefit from economies of scale, which should ultimately result in relatively lower costs for the benefit of investors in the Receiving Fund.
Costs Impact of the Merger
The legal, advisory and administrative costs/expenses associated with the Merger (which will include all costs/expenses incurred in relation to the preparation of this Circular and implementation of the Merger, any financial transaction taxes and brokerage fees, the costs associated with the holding of the Fund EGM (including of any adjournment of the Fund EGM) and the costs and expenses associated with issuing New Shares to the Merging Shareholders) will not be borne by the Company or by any of the Shareholders. Instead, the Manager or the Investment Manager have undertaken to bear the costs and expenses of the Merger in full.
It is expected that approximately 20% of the assets of the portfolio of the Merging Fund will be rebalanced in anticipation of implementing the Merger. This process may commence prior to the Effective Date/Time. The transaction costs associated with this rebalancing will be borne by the Manager or the Investment Manager. Implicit costs (i.e, the remaining spread difference between the selling and buying price of securities) associated with the realignment of the portfolio of the Merging Fund will be borne by the Merging Fund. These are estimated at approximately 0.01% of the Net Asset Value of the Merging Fund.
- Criteria adopted for valuation of the assetsThe net asset values of the share classes of the Merging Fund on the date for calculating the Exchange Ratio (i.e. the exchange ratio as referred to in Regulation 65(1) of the Irish UCITS Regulations) shall be calculated in accordance with the principles on valuation prescribed by the Company's Articles of Association and by the Prospectus and the rules prescribed therein for calculating the net asset values and by reference to the Valuation Point (as such term is defined in the Prospectus) for the Merging Fund on 16 December 2022.
- Calculation method of the Exchange RatioThe value of existing assets in the Merging Fund and the value of the new shares to be issued in the Receiving Fund to former shareholders of the Merging Fund which correspond to such value (the "New Shares") will be calculated using the relevant closing net asset value of the Merging Fund on the final valuation for the Merging Fund, 16 December 2022 (the "Valuation Point"). Valuations of the assets transferring from the Merging Fund into the Receiving Fund will be carried out in accordance with the Merging Fund’s valuation methodology as disclosed in the Articles of Association and as set out in Schedule 1 hereto. The number of New Shares to be issued in exchange for the assets of the Merging Fund shall be the number which would, on the ValuationPoint, have been issued for cash against the payment of a sum equal to the value of the assets being transferred.
- Rules applicable, respectively to the transfer of assets and the exchange of sharesOn the Effective Date/Time, shareholders in the Merging Fund will receive New Shares. All assets of the Merging Fund will be transferred to the Receiving Fund so that shareholders in the Merging Fund will receive New Shares that are equal in value to their existing shares in the Merging Fund, subject to rounding adjustments. | Los accionistas del Fondo fusionado que no deseen participar en la Fusión deberán presentar una solicitud de reembolso o de canje de acciones del Fondo fusionado por acciones de otro subfondo de la Sociedad antes de las 12:00 del 14 de diciembre de 2022 para que sus acciones del Fondo fusionado sean reembolsadas o canjeadas. El objetivo y las políticas de inversión que se aplicarán por cuenta de los Accionistas del Fondo fusionado una vez realizada la Fusión serán los del Fondo receptor, según se estipulan en su totalidad en el Anexo B de esta Circular adjunta al aviso de convocatoria de la Junta general extraordinaria del Fondo fusionado.
Si la propuesta de fusión no resulta aprobada, la Fusión no seguirá adelante y los Consejeros de la Sociedad, consultándolo con la Gestora, tomará medidas para cerrar el Fondo fusionado, con sujeción a la obtención de las correspondientes autorizaciones del regulador.
Impacto en los Accionistas del Fondo receptor
La Fusión prevista no tendrá ninguna incidencia adversa en los accionistas del Fondo receptor por lo que respecta a (i) la política y estrategia de inversión; (ii) los costes; (iii) el resultado esperado y
(iv) la publicación de información periódica. Además, no habrá riesgo de dilución de la rentabilidad ni cambio en el tratamiento fiscal de los accionistas.
A largo plazo, el Gestor de inversiones considera que la Fusión generará un potencial de mayor crecimiento de los activos dentro del Fondo receptor. Un mayor conjunto de activos y una mayor base de inversores brindaría una mayor eficiencia y permitiría a los inversores beneficiarse de las economías de escala, lo que a la larga debería traducirse en unos costes relativamente menores en beneficio de los inversores del Fondo receptor.
Impacto de los costes de la Fusión
Los costes/gastos jurídicos, administrativos o de asesoramiento relacionados con la Fusión (que incluirán todos los costes/gastos incurridos en relación con la elaboración de esta Circular y la realización de la Fusión, cualquier impuesto sobre transacciones financieras y comisiones de intermediación, los costes asociados a la celebración de la Junta general extraordinaria del Fondo [incluyendo cualquier aplazamiento de la Junta general extraordinaria del Fondo] y los costes y gastos asociados a la emisión de Nuevas acciones a los Accionistas del Fondo fusionado) no serán soportados por la Sociedad ni por ninguno de los Accionistas. En su lugar, la Gestora o el Gestor de inversiones se han comprometido a asumir en su totalidad los costes y gastos de la Fusión.
Se espera que aproximadamente el 20% de los activos de la cartera del Fondo fusionado se reajuste en previsión de la realización de la Fusión. Este proceso puede comenzar antes de la Fecha/Hora efectiva. Los costes de transacción asociados a este reajuste correrán a cargo de la Sociedad gestora o del Gestor de inversiones. Los costes implícitos (es decir, la diferencia restante entre el precio de venta y el de compra de los valores) asociados al reajuste de la cartera del Fondo fusionado correrán a cargo de este. Se calcula que estos costes ascenderán aproximadamente a un 0,01% del Valor liquidativo del Fondo fusionado.
- Criterios adoptados para la valoración de los activosLos valores liquidativos de las clases de acciones del Fondo fusionado en la fecha de cálculo del ratio de canje (es decir, el ratio de canje al que se refiere la norma 65(1) del Reglamento sobre OICVM de Irlanda) se calculará de acuerdo con los principios de valoración estipulados por los Estatutos de la Sociedad y por el Folleto y las normas previstas en el mismo para el cálculo de los valores liquidativos y por referencia al Momento de valoración (según se define dicho término en el Folleto) para el Fondo fusionado el 16 de diciembre de 2022.
- Método de cálculo del ratio de canjeEl valor de los activos existentes del Fondo fusionado y el valor de las nuevas acciones que se emitirán en el Fondo receptor a los antiguos accionistas del Fondo fusionado correspondientes a dicho valor (las «Nuevas acciones») se calcularán a partir del correspondiente valor liquidativo de cierre del Fondo fusionado en la valoración final para el Fondo fusionado, 16 de diciembre de 2022 (el «Momento de valoración»). Las valoraciones de los activos que se transfieran del Fondo fusionado al Fondo receptor se llevarán a cabo de acuerdo con la metodología de valoración del Fondo fusionado, según se indica en los Estatutos y se recoge en el Anexo 1 del presente documento. El número de Nuevas acciones que se emitirán a cambio de los activos del Fondo fusionado será el número que, en el Momento de valoración, se habría emitido en efectivo contra el pago de un importe igual al valor de los activos que se transfieren.
- Normas aplicables, respectivamente, a la transferencia de activos y al canje de accionesEn la Fecha/Hora efectiva, los accionistas del Fondo fusionado recibirán Nuevas acciones. Todos los activos del Fondo fusionado se transferirán al Fondo receptor, de modo que los accionistas del Fondo fusionado recibirán Nuevas acciones con un valor igual al de sus acciones existentes en el Fondo fusionado, sujeto a redondeo. | Shareholders of the Merging Fund who do not wish to take part in the Merger must submit a redemption request or request for conversion of shares in the Merging Fund to shares of another sub-fund of the Company prior to 12:00pm on 14 December 2022 in order to have their shares in the Merging Fund redeemed or converted. The investment objective and policies that will be pursued on behalf of Merging Shareholders following the Merger having taken effect will be those of the Receiving Fund as set out in full in Appendix B to this Circular accompanying the notice convening the Merging Fund EGM.
If the Merger proposal is not approved, the Merger will not go ahead and the Directors of the Company, in consultation with the Manager, shall take steps to close the Merging Fund, subject to the receipt of the relevant regulatory approvals.
Impact on the Receiving Shareholders
The contemplated Merger will not adversely impact shareholders of the Receiving Fund in terms of
(i) the investment policy and strategy; (ii) costs; (iii) expected outcome; and (iv) periodic reporting. Also, there will be no risk of dilution in performance or a change in shareholders' tax treatment.
In the longer term, the Investment Manager believes the Merger will create the potential for further growth of assets within the Receiving Fund. A bigger pool of assets and investor base would provide greater efficiencies and enable investors to benefit from economies of scale, which should ultimately result in relatively lower costs for the benefit of investors in the Receiving Fund.
Costs Impact of the Merger
The legal, advisory and administrative costs/expenses associated with the Merger (which will include all costs/expenses incurred in relation to the preparation of this Circular and implementation of the Merger, any financial transaction taxes and brokerage fees, the costs associated with the holding of the Fund EGM (including of any adjournment of the Fund EGM) and the costs and expenses associated with issuing New Shares to the Merging Shareholders) will not be borne by the Company or by any of the Shareholders. Instead, the Manager or the Investment Manager have undertaken to bear the costs and expenses of the Merger in full.
It is expected that approximately 20% of the assets of the portfolio of the Merging Fund will be rebalanced in anticipation of implementing the Merger. This process may commence prior to the Effective Date/Time. The transaction costs associated with this rebalancing will be borne by the Manager or the Investment Manager. Implicit costs (i.e, the remaining spread difference between the selling and buying price of securities) associated with the realignment of the portfolio of the Merging Fund will be borne by the Merging Fund. These are estimated at approximately 0.01% of the Net Asset Value of the Merging Fund.
- Criteria adopted for valuation of the assetsThe net asset values of the share classes of the Merging Fund on the date for calculating the Exchange Ratio (i.e. the exchange ratio as referred to in Regulation 65(1) of the Irish UCITS Regulations) shall be calculated in accordance with the principles on valuation prescribed by the Company's Articles of Association and by the Prospectus and the rules prescribed therein for calculating the net asset values and by reference to the Valuation Point (as such term is defined in the Prospectus) for the Merging Fund on 16 December 2022.
- Calculation method of the Exchange RatioThe value of existing assets in the Merging Fund and the value of the new shares to be issued in the Receiving Fund to former shareholders of the Merging Fund which correspond to such value (the "New Shares") will be calculated using the relevant closing net asset value of the Merging Fund on the final valuation for the Merging Fund, 16 December 2022 (the "Valuation Point"). Valuations of the assets transferring from the Merging Fund into the Receiving Fund will be carried out in accordance with the Merging Fund’s valuation methodology as disclosed in the Articles of Association and as set out in Schedule 1 hereto. The number of New Shares to be issued in exchange for the assets of the Merging Fund shall be the number which would, on the ValuationPoint, have been issued for cash against the payment of a sum equal to the value of the assets being transferred.
- Rules applicable, respectively to the transfer of assets and the exchange of sharesOn the Effective Date/Time, shareholders in the Merging Fund will receive New Shares. All assets of the Merging Fund will be transferred to the Receiving Fund so that shareholders in the Merging Fund will receive New Shares that are equal in value to their existing shares in the Merging Fund, subject to rounding adjustments. | en | es |
DOLFIN8501 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Reference index (Benchmark)
The aim of the Mandarine Unique Sub-Fund (the “ Sub-Fund ”) is to provide investors with long-term capital growth arising from a diversified portfolio whose transferable securities are actively managed and to outperform the benchmark index MSCI ® Europe Ex-UK Small cap Index (Net Total Return) EUR (“the Index”) .
The Sub-Fund invests at least 75% of its net assets (excluding cash) in sustainable securities, as described in the previous section entitled “§ XXI - Consideration of non-financial criteria - Inclusion of sustainability risks”. The Sub-Fund takes account of a wide range of environmental and social characteristics as well as good governance practices. Environmental characteristics include, but are not limited to, climate change mitigation and adaptation measures, water and waste management, and biodiversity; social characteristics include product safety, supply chain, health and safety, and human rights. ESG characteristics are analysed and rated by the Management Company's analysts.
The Sub-Fund takes account of sustainability risks and ESG characteristics as part of its selection process. In this regard, the Sub-Fund promotes environmental or social characteristics within the meaning of Article 8 of the SFDR Regulation. | #### Indice de référence (Benchmark)
Le compartiment Mandarine Small Unique (le « Compartiment ») a pour objectif de fournir aux investisseurs une croissance du capital à long terme, provenant d’un portefeuille diversifié dont les valeurs mobilières sont gérées activement et de réaliser une performance supérieure à celle de l’indice de référence MSCI ® Europe Ex-UK Small cap Index (Net Total Return) Eur (l' « Indice »).
Le Compartiment investit au moins 75 % de son actif net (hors liquidités) dans des titres présentant des caractéristiques durables, telles que décrites dans la section précédente intitulée « § XXI – Prise en compte des critères extra-financiers – Intégration des risques de durabilité ». Le Compartiment tient compte d’un large éventail de caractéristiques environnementale et sociales ainsi que de bonnes pratiques de gouvernance. Les caractéristiques environnementales comprennent, sans pour autant s’y limiter, les mesures d’atténuation et d’adaptation au changement climatique, la gestion de l’eau et des déchets, et la biodiversité, tandis que les caractéristiques sociales englobent, entre autres, la sécurité des produits, la chaîne d’approvisionnement, la santé et la sécurité, et les droits de l’homme. Les caractéristiques ESG sont analysées et notées par les analystes de la Société de Gestion.
Le Compartiment prend en compte les risques de durabilité et les caractéristiques ESG dans le cadre de sa procédure de sélection. A cet égard, le Compartiment promeut des caractéristiques environnementales ou sociales au sens de l’article 8 du Règlement SFDR. | #### Reference index (Benchmark)
The aim of the Mandarine Unique Sub-Fund (the “ Sub-Fund ”) is to provide investors with long-term capital growth arising from a diversified portfolio whose transferable securities are actively managed and to outperform the benchmark index MSCI ® Europe Ex-UK Small cap Index (Net Total Return) EUR (“the Index”) .
The Sub-Fund invests at least 75% of its net assets (excluding cash) in sustainable securities, as described in the previous section entitled “§ XXI - Consideration of non-financial criteria - Inclusion of sustainability risks”. The Sub-Fund takes account of a wide range of environmental and social characteristics as well as good governance practices. Environmental characteristics include, but are not limited to, climate change mitigation and adaptation measures, water and waste management, and biodiversity; social characteristics include product safety, supply chain, health and safety, and human rights. ESG characteristics are analysed and rated by the Management Company's analysts.
The Sub-Fund takes account of sustainability risks and ESG characteristics as part of its selection process. In this regard, the Sub-Fund promotes environmental or social characteristics within the meaning of Article 8 of the SFDR Regulation. | en | fr |
DOLFIN8502 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Unaudited supplementary information for the financial year ended 31 July 2021
Appendix 1: Securities financing transactions and reuse
The following information is presented with regard to Regulation (EU) 2015/2365 on transparency of securities financing transactions and of reuse (“SFTR”). The Board of Directors considers the outperformance swaps held by the Sub-Funds to meet the definition of total return swaps within those regulations.
Global data
Securities and commodities on loan as a proportion of total lendable assets
| Assets engaged by SFT Type - Total Return Swaps (TRSs) As at 31 July 2021 | AUM Absolute Value* | TRSs as % of NAV | TRSs as % of AUM** |
| --- | --- | --- | --- |
| Emerging Markets Equity Fund | US$748,296,633 | 199.57% | 65.57% |
| MS Swiss Life Multi-Asset Protected Fund | CHF107,533,657 | 196.99% | 66.16% |
| MS Scientific Beta Global Equity Factors UCITS ETF | US$2,149,269 | 192.27% | 66.75% |
| MSCI Emerging Markets ESG Equity Fund | US$2,022,717,266 | 197.23% | 66.48% |
| MS Scientific Beta US Equity Factors UCITS ETF | US$33,500,543 | 193.40% | 66.45% |
| Smartfund 80% Protected Balanced Fund | £15,738,712 | 197.36% | 66.08% |
| Smartfund 80% Protected Growth Fund | £11,679,382 | 195.38% | 65.93% |
| 80% Protected Index Portfolio | £46,192,171 | 199.32% | 65.97% |
| Smartfund Growth Fund | £11,751,473 | 195.57% | 66.60% |
| Smartfund Cautious Fund | £7,281,837 | 188.30% | 67.09% |
| Smartfund Balanced Fund | £10,596,152 | 190.20% | 66.79% |
| Cautious 85% Protected Fund | €174,735,978 | 199.85% | 66.16% |
| Equity Risk Managed Fund | €129,130,943 | 194.43% | 66.37% |
| Moderate 80% Protected Fund | €68,645,804 | 198.48% | 65.59% |
| SciBeta HFE Europe Equity 6F EW UCITS ETF | €294,126,210 | 197.88% | 66.04% |
| SciBeta HFE EM Equity 6F EW UCITS ETF | €5,307,317 | 200.28% | 66.06% |
| SciBeta HFE US Equity 6F EW UCITS ETF | €471,042,461 | 193.89% | 66.48% |
| SciBeta HFE Japan Equity 6F EW UCITS ETF | €782,173 | 190.21% | 66.97% |
| SciBeta HFE Pacific ex-Jap Equity 6F EW UCITS ETF | €115,710,065 | 198.49% | 65.62% |
| Morgan Stanley RADAR ex Agriculture & Livestock Fund | US$311,105,323 | 100.17% | 50.29% |
| ACUMEN Capital Protection Portfolio | £330,208,050 | 199.97% | 66.20% |
| ACUMEN Income - Protection Portfolio | £222,628,828 | 196.16% | 66.06% |
| Movestic Avancera 75 | SEK2,712,660,505 | 199.63% | 65.49% |
| Movestic Avancera 85 | SEK1,108,944,835 | 200.14% | 65.22% |
| ACUMEN ESG Protection Portfolio | £141,636,960 | 199.40% | 65.79% |
| Pergola 90 | €57,002,978 | 198.99% | 66.35% |
| SciBeta HFI US Equity 6F EW (USD) UCITS ETF | US$61,580,559 | 193.86% | 66.22% |
| Zebra Kante™ 80 Protect | US$12,316,699 | 192.96% | 65.56% |
| Morgan Stanley Alpha Tracker UCITS Fund | US$57,119,190 | 187.29% | 66.08% |
*Absolute value is expressed as the sum of the fair value of financial assets and absolute fair value of financial liabilities.
**This percentage is calculated as the Absolute Notional Value of TRS / Assets Under Management.
No total return swaps were held by MS Fideuram Equity Smart Beta Dynamic Protection 80 Fund, Global Equity Risk Premia Long/Short UCITS Fund, DAX® 80 Garant and MS Fideuram Equity Smart Beta Dynamic Protection 80 Fund – II at 31 July 2021.
Concentration Data Collateral Issuers
For the financial year under review, collateral was held on Total Return Swaps.
Counterparties
All counterparties to the total return swaps held by each Sub-Fund are disclosed in the schedule of investments for that Sub-Fund. | # Ungeprüfte ergänzende Informationen für das Geschäftsjahr zum 31. Juli 2021
Anhang 1: Wertpapierfinanzierungsgeschäfte und Weiterverwendung
Die folgenden Angaben beziehen sich auf die Verordnung (EU) 2015/2365 über die Transparenz von Wertpapierfinanzierungsgeschäften und der Weiterverwendung („SFT-Verordnung“). Der Verwaltungsrat ist der Ansicht, dass die von den Teilfonds gehaltenen Outperformance Swaps die Definition von Total Return Swaps im Sinne dieser Vorschriften erfüllen.
Allgemeine Angaben
Anteil der verliehenen Wertpapiere und Waren an den gesamten verleihbaren Vermögenswerten:
| Engagierte Vermögenswerte nach SFT-Typ – Total Return Swaps (TRSs) Zum 31. Juli 2021 | Verwaltetes Vermögen, absoluter Wert* | TRS in % des NIW | TRS in % des verwalteten Vermögens** |
| --- | --- | --- | --- |
| Emerging Markets Equity Fund | 748.296.633 USD | 199,57 % | 65,57 % |
| MS Swiss Life Multi-Asset Protected Fund | 107.533.657 CHF | 196,99 % | 66,16 % |
| MS Scientific Beta Global Equity Factors UCITS ETF | 2.149.269 USD | 192,27 % | 66,75 % |
| MSCI Emerging Markets ESG Equity Fund | 2.022.717.266 USD | 197,23 % | 66,48 % |
| MS Scientific Beta US Equity Factors UCITS ETF | 33.500.543 USD | 193,40 % | 66,45 % |
| Smartfund 80% Protected Balanced Fund | 15.738.712 GBP | 197,36 % | 66,08 % |
| Smartfund 80% Protected Growth Fund | 11.679.382 GBP | 195,38 % | 65,93 % |
| 80% Protected Index Portfolio | 46.192.171 GBP | 199,32 % | 65,97 % |
| Smartfund Growth Fund | 11.751.473 GBP | 195,57 % | 66,60 % |
| Smartfund Cautious Fund | 7.281.837 GBP | 188,30 % | 67,09 % |
| Smartfund Balanced Fund | 10.596.152 GBP | 190,20 % | 66,79 % |
| Cautious 85% Protected Fund | 174.735.978 EUR | 199,85 % | 66,16 % |
| Equity Risk Managed Fund | 129.130.943 EUR | 194,43 % | 66,37 % |
| Moderate 80% Protected Fund | 68.645.804 EUR | 198,48 % | 65,59 % |
| SciBeta HFE Europe Equity 6F EW UCITS ETF | 294.126.210 EUR | 197,88 % | 66,04 % |
| SciBeta HFE EM Equity 6F EW UCITS ETF | 5.307.317 EUR | 200,28 % | 66,06 % |
| SciBeta HFE US Equity 6F EW UCITS ETF | 471.042.461 EUR | 193,89 % | 66,48 % |
| SciBeta HFE Japan Equity 6F EW UCITS ETF | 782.173 EUR | 190,21 % | 66,97 % |
| SciBeta HFE Pacific ex-Jap Equity 6F EW UCITS ETF | 115.710.065 EUR | 198,49 % | 65,62 % |
| Morgan Stanley RADAR ex Agriculture & Livestock Fund | 311.105.323 USD | 100,17 % | 50,29 % |
| ACUMEN Capital Protection Portfolio | 330.208.050 GBP | 199,97 % | 66,20 % |
| ACUMEN Income - Protection Portfolio | 222.628.828 GBP | 196,16 % | 66,06 % |
| Movestic Avancera 75 | 2.712.660.505 SEK | 199,63 % | 65,49 % |
| Movestic Avancera 85 | 1.108.944.835 SEK | 200,14 % | 65,22 % |
| ACUMEN ESG Protection Portfolio | 141.636.960 GBP | 199,40 % | 65,79 % |
| Pergola 90 | 57.002.978 EUR | 198,99 % | 66,35 % |
| SciBeta HFI US Equity 6F EW (USD) UCITS ETF | 61.580.559 USD | 193,86 % | 66,22 % |
| Zebra Kante™ 80 Protect | 12.316.699 USD | 192,96 % | 65,56 % |
| Morgan Stanley Alpha Tracker UCITS Fund | 57.119.190 USD | 187,29 % | 66,08 % |
* Der absolute Wert wird ausgedrückt als die Summe des beizulegenden Zeitwerts der Finanzwerte und des absoluten beizulegenden Zeitwerts der finanziellen Verbindlichkeiten.
** Dieser Prozentsatz wird als absoluter Nominalwert der TRS/verwalteten Vermögenswerte berechnet.
Der MS Fideuram Equity Smart Beta Dynamic Protection 80 Fund, Global Equity Risk Premia Long/Short UCITS Fund, DAX® 80 Garant und MS Fideuram Equity Smart Beta Dynamic Protection 80 Fund – II hielten zum 31. Juli 2021 keine Total Return Swaps.
Angaben zur Konzentration Emittenten von Sicherheiten
Im Berichtsjahr wurden Sicherheiten für Total Return Swaps gehalten.
Kontrahenten
Alle Kontrahenten der von den einzelnen Teilfonds gehaltenen Total Return Swaps sind im Anlagenverzeichnis des jeweiligen Teilfonds offengelegt. | # Unaudited supplementary information for the financial year ended 31 July 2021
Appendix 1: Securities financing transactions and reuse
The following information is presented with regard to Regulation (EU) 2015/2365 on transparency of securities financing transactions and of reuse (“SFTR”). The Board of Directors considers the outperformance swaps held by the Sub-Funds to meet the definition of total return swaps within those regulations.
Global data
Securities and commodities on loan as a proportion of total lendable assets
| Assets engaged by SFT Type - Total Return Swaps (TRSs) As at 31 July 2021 | AUM Absolute Value* | TRSs as % of NAV | TRSs as % of AUM** |
| --- | --- | --- | --- |
| Emerging Markets Equity Fund | US$748,296,633 | 199.57% | 65.57% |
| MS Swiss Life Multi-Asset Protected Fund | CHF107,533,657 | 196.99% | 66.16% |
| MS Scientific Beta Global Equity Factors UCITS ETF | US$2,149,269 | 192.27% | 66.75% |
| MSCI Emerging Markets ESG Equity Fund | US$2,022,717,266 | 197.23% | 66.48% |
| MS Scientific Beta US Equity Factors UCITS ETF | US$33,500,543 | 193.40% | 66.45% |
| Smartfund 80% Protected Balanced Fund | £15,738,712 | 197.36% | 66.08% |
| Smartfund 80% Protected Growth Fund | £11,679,382 | 195.38% | 65.93% |
| 80% Protected Index Portfolio | £46,192,171 | 199.32% | 65.97% |
| Smartfund Growth Fund | £11,751,473 | 195.57% | 66.60% |
| Smartfund Cautious Fund | £7,281,837 | 188.30% | 67.09% |
| Smartfund Balanced Fund | £10,596,152 | 190.20% | 66.79% |
| Cautious 85% Protected Fund | €174,735,978 | 199.85% | 66.16% |
| Equity Risk Managed Fund | €129,130,943 | 194.43% | 66.37% |
| Moderate 80% Protected Fund | €68,645,804 | 198.48% | 65.59% |
| SciBeta HFE Europe Equity 6F EW UCITS ETF | €294,126,210 | 197.88% | 66.04% |
| SciBeta HFE EM Equity 6F EW UCITS ETF | €5,307,317 | 200.28% | 66.06% |
| SciBeta HFE US Equity 6F EW UCITS ETF | €471,042,461 | 193.89% | 66.48% |
| SciBeta HFE Japan Equity 6F EW UCITS ETF | €782,173 | 190.21% | 66.97% |
| SciBeta HFE Pacific ex-Jap Equity 6F EW UCITS ETF | €115,710,065 | 198.49% | 65.62% |
| Morgan Stanley RADAR ex Agriculture & Livestock Fund | US$311,105,323 | 100.17% | 50.29% |
| ACUMEN Capital Protection Portfolio | £330,208,050 | 199.97% | 66.20% |
| ACUMEN Income - Protection Portfolio | £222,628,828 | 196.16% | 66.06% |
| Movestic Avancera 75 | SEK2,712,660,505 | 199.63% | 65.49% |
| Movestic Avancera 85 | SEK1,108,944,835 | 200.14% | 65.22% |
| ACUMEN ESG Protection Portfolio | £141,636,960 | 199.40% | 65.79% |
| Pergola 90 | €57,002,978 | 198.99% | 66.35% |
| SciBeta HFI US Equity 6F EW (USD) UCITS ETF | US$61,580,559 | 193.86% | 66.22% |
| Zebra Kante™ 80 Protect | US$12,316,699 | 192.96% | 65.56% |
| Morgan Stanley Alpha Tracker UCITS Fund | US$57,119,190 | 187.29% | 66.08% |
*Absolute value is expressed as the sum of the fair value of financial assets and absolute fair value of financial liabilities.
**This percentage is calculated as the Absolute Notional Value of TRS / Assets Under Management.
No total return swaps were held by MS Fideuram Equity Smart Beta Dynamic Protection 80 Fund, Global Equity Risk Premia Long/Short UCITS Fund, DAX® 80 Garant and MS Fideuram Equity Smart Beta Dynamic Protection 80 Fund – II at 31 July 2021.
Concentration Data Collateral Issuers
For the financial year under review, collateral was held on Total Return Swaps.
Counterparties
All counterparties to the total return swaps held by each Sub-Fund are disclosed in the schedule of investments for that Sub-Fund. | en | de |
DOLFIN8503 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Exposure to issuers offering environmental solutions
| Weight of portfolio issuers rated in Carbon with a revenue dedicated to environmental solutions between |
| --- |
| | Portfolio | MSCI USA (LUX) |
The data represent the portfolio's exposure to issuers offering environmental solutions (in terms of the weight of the portfolio rated in Carbon) and the type of solutions proposed: energy efficiency, alternative energy, sustainable water, pollution prevention or sustainable construction. These emitters are likely to benefit from a low carbon transition.
The green area is defined as the percentage of outstandings invested in companies whose activity contributes to the fight against climate change (to reflect eco-solutions / green products).
| Weight of portfolio issuers rated in Carbon Offering Clean Technology Goods & Services |
| --- |
| Theme | Portfolio | MSCI USA (LUX) |
| [1-19.9%] | 20.2% | 21.2% |
| --- | --- | --- |
| [20-49.9%] | 17.7% | 9.6% |
| [50-100%] | 3.8% | 2.2% |
| Alternative Energy | 6.9% | 8.8% |
| --- | --- | --- |
| Energy Efficiency | 39.8% | 32.5% |
| Green Building | 1.6% | 1.6% |
| Pollution Prevention | 3.6% | 4.6% |
| Sustainable Water | 3.6% | 3.5% |
| Sustainable Agriculture | 0.5% | 0.3% |
Weight of Companies rated in Carbon Offering Clean Technology Solutions | # Exposition du portefeuille aux émetteurs proposant des solutions environnementales
| Poids des émetteurs du portefeuille noté en Carbone ayant un chiffre d'affaires consacré aux solutions environnementales compris entre |
| --- |
| | Portefeuille | MSCI USA (LUX) |
Les données représentent l’exposition du portefeuille aux émetteurs proposant des solutions environnementales (en poids du portefeuille noté en Carbone) et le type de solutions proposées : efficacité énergétique, énergie alternative, eau durable, prévention des pollutions ou construction durable. Ces émetteurs sont susceptibles de bénéficier d’une transition bas carbone.
La part verte se définit comme le pourcentage de l’encours investi dans des sociétés dont l’activité contribue à la lutte contre le changement climatique (pour refléter les éco-solutions/produits verts).
| Poids des émetteurs du portefeuille noté en Carbone offrant des solutions technologiques propres |
| --- |
| Theme | Portefeuille | MSCI USA (LUX) |
| [1-19.9%] | 20.2% | 21.2% |
| --- | --- | --- |
| [20-49.9%] | 17.7% | 9.6% |
| [50-100%] | 3.8% | 2.2% |
| Énergie alternative | 6.9% | 8.8% |
| --- | --- | --- |
| Efficacité énergétique | 39.8% | 32.5% |
| Bâtiment vert | 1.6% | 1.6% |
| Prévention de la pollution | 3.6% | 4.6% |
| Eau durable | 3.6% | 3.5% |
| Agriculture durable | 0.5% | 0.3% |
Poids des entreprises notées en carbone offrant des solutions technologiques propres | # Exposure to issuers offering environmental solutions
| Weight of portfolio issuers rated in Carbon with a revenue dedicated to environmental solutions between |
| --- |
| | Portfolio | MSCI USA (LUX) |
The data represent the portfolio's exposure to issuers offering environmental solutions (in terms of the weight of the portfolio rated in Carbon) and the type of solutions proposed: energy efficiency, alternative energy, sustainable water, pollution prevention or sustainable construction. These emitters are likely to benefit from a low carbon transition.
The green area is defined as the percentage of outstandings invested in companies whose activity contributes to the fight against climate change (to reflect eco-solutions / green products).
| Weight of portfolio issuers rated in Carbon Offering Clean Technology Goods & Services |
| --- |
| Theme | Portfolio | MSCI USA (LUX) |
| [1-19.9%] | 20.2% | 21.2% |
| --- | --- | --- |
| [20-49.9%] | 17.7% | 9.6% |
| [50-100%] | 3.8% | 2.2% |
| Alternative Energy | 6.9% | 8.8% |
| --- | --- | --- |
| Energy Efficiency | 39.8% | 32.5% |
| Green Building | 1.6% | 1.6% |
| Pollution Prevention | 3.6% | 4.6% |
| Sustainable Water | 3.6% | 3.5% |
| Sustainable Agriculture | 0.5% | 0.3% |
Weight of Companies rated in Carbon Offering Clean Technology Solutions | en | fr |
DOLFIN8504 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: USD 10,000 |
| --- |
| | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Total Costs | 675 USD | 1778 USD |
| Annual Cost Impact (*) | 6.75 % | 2.62 % | | | Investimento: USD 10.000 |
| --- |
| | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (periodo di detenzione raccomandato) |
| Costi totali | 675 USD | 1778 USD |
| Incidenza annuale dei costi (*) | 6,75 % | 2,62 % | | | Investment: USD 10,000 |
| --- |
| | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Total Costs | 675 USD | 1778 USD |
| Annual Cost Impact (*) | 6.75 % | 2.62 % | | en | it |
DOLFIN8505 | 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 à gestion active sans référence à un benchmark vise à atteindre un objectif de placement durable et à obtenir le meilleur rendement possible en USD. Le gestionnaire de portefeuille cherche à identifier et à placer au moins 75% des actifs dans des actions et des titres similaires (y compris des ADR, des GDR et des REIT) de sociétés qui sont impliquées dans la promotion de régimes alimentaires durables et sains ou de systèmes alimentaires durables. Le fonds a pour objectif de réaliser des placements durables (au sens de l’article 9 du Règlement [UE] 2019/2088). Des détails sont disponibles dans le prospectus et sur le site de publication des informations ESG du fonds. Plus de 50% des actifs du fonds sont investis de façon continue dans des participations en actions au sens de la loi allemande sur la fiscalité des investissements («GInvTA»). Le fonds investit sans se limiter à une monnaie précise, à une zone géographique, à une taille d’entreprises ou à un secteur d’activité; une partie des actifs du fonds peut être investie dans les marchés émergents, y compris en République | # Objetivos y política de inversión
Este fondo se gestiona activamente sin referencia a ningún índice de referencia con el fin de lograr tanto un objetivo de inversión sostenible como el mayor rendimiento posible en USD. La entidad gestora busca identificar e invertir al menos el 75% de los activos en renta variable y valores similares (incluyendo ADR, GDR y REIT) de empresas que se dedican a proporcionar dietas saludables y sostenibles o a promover sistemas de alimentación sostenibles. El fondo tiene un objetivo de inversión sostenible (en el sentido del artículo 9 del Reglamento (UE) 2019/2088). Más información disponible en el folleto y en la información ESG sobre el fondo recogida en el sitio web. Más del 50% de los activos del fondo se invierten regularmente en participaciones accionariales en el sentido de la Ley alemana del impuesto sobre inversiones («GInvTA»). Las inversiones del fondo no se limitan a una moneda, un ámbito geográfico, un tamaño de empresa o un sector industrial específicos; una parte de los activos del fondo se | # Objectifs et politique d’investissement
Ce fonds à gestion active sans référence à un benchmark vise à atteindre un objectif de placement durable et à obtenir le meilleur rendement possible en USD. Le gestionnaire de portefeuille cherche à identifier et à placer au moins 75% des actifs dans des actions et des titres similaires (y compris des ADR, des GDR et des REIT) de sociétés qui sont impliquées dans la promotion de régimes alimentaires durables et sains ou de systèmes alimentaires durables. Le fonds a pour objectif de réaliser des placements durables (au sens de l’article 9 du Règlement [UE] 2019/2088). Des détails sont disponibles dans le prospectus et sur le site de publication des informations ESG du fonds. Plus de 50% des actifs du fonds sont investis de façon continue dans des participations en actions au sens de la loi allemande sur la fiscalité des investissements («GInvTA»). Le fonds investit sans se limiter à une monnaie précise, à une zone géographique, à une taille d’entreprises ou à un secteur d’activité; une partie des actifs du fonds peut être investie dans les marchés émergents, y compris en République | fr | es |
DOLFIN8506 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
+13.4%
Technology 8.2%
Cons.Staples 8.1%
Basic Materials 4.3%
Real Estate 3.6%
Energy 2.3%
Utilities 1.5%
Cash & Others 5.2%
Germany 9.3%
Ireland 9.1%
Netherlands 4.2%
Austria 4.0%
Switzerland 3.3%
Luxembourg 3.1%
Sweden 2.3%
Denmark 1.3%
Norway 1.2%
Cash & Others 5.2% | +11.9%
Technologie 8.1%
Finanzwesen 7.5%
Rohstoffe 4.3%
Immobilien 3.5%
Öl & Gas 2.7%
Versorger 1.5%
Cash & Sonstige 6.5%
Irland 9.5%
Deutschland 9.3%
Niederlande 4.0%
Österreich 3.9%
Schweiz 3.8%
Luxemburg 2.9%
Schweden 2.2%
Norwegen 1.4%
Dänemark 1.2%
Cash & Sonstige 6.5% | +13.4%
Technology 8.2%
Cons.Staples 8.1%
Basic Materials 4.3%
Real Estate 3.6%
Energy 2.3%
Utilities 1.5%
Cash & Others 5.2%
Germany 9.3%
Ireland 9.1%
Netherlands 4.2%
Austria 4.0%
Switzerland 3.3%
Luxembourg 3.1%
Sweden 2.3%
Denmark 1.3%
Norway 1.2%
Cash & Others 5.2% | en | de |
DOLFIN8507 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Inflation-Indexed Bonds
Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.
The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Short-term increases in inflation may lead to a decline in value. Any increase in the principal amount of an inflation-
indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity. | ##### Inflations-indexierte Anleihen
Inflationsindexierte Anleihen sind festverzinsliche Wertpapiere, deren Kapitalwert regelmäßig entsprechend der Inflationsrate angepasst wird. Fällt die inflationsbemessende Index, wird der Kapitalwert inflationsindexierter Anleihen nach unten angepasst und dementsprechend werden die auf diese Wertpapiere zu zahlenden Zinsen (berechnet auf einen kleineren Kapitalbetrag) reduziert. Die Rückzahlung des ursprünglichen Anleihekapitals bei Fälligkeit (inflationsbereinigt) ist im Fall von U.S. Treasury inlationsindexierten Anleihen garantiert. Bei Anleihen, die keine ähnliche Garantie bieten, kann der angepasste Kapitalwert der zurückgezahlten Anleihe bei Fälligkeit unter dem Wert des Ausgangskapitals liegen.
Der Wert inflationsindexierter Anleihen wird sich voraussichtlich als Reaktion auf Veränderungen der wirklichen Zinssätze ändern. Wirkliche Zinssätze sind an das Verhältnis zwischen den Nominalzinssätzen und der Inflationsrate gekoppelt. Erhöhen sich die nominalen Zinssätze schneller als die Inflation, kann der reale Zinssatz steigen, was zu einem sinkenden Wert von inflationsindexierten Anleihen führt. Kurzfristige Inflationsanstiege können zum Wertverlust führen. Erhöhungen des Kapitalbetrages einer inflationsindexierten Anleihe gelten als steuerpflichtiges gewöhnliches Einkommen, obwohl die Anleger ihren Kapitalbetrag nicht vor Fälligkeit erhalten. | #### Inflation-Indexed Bonds
Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.
The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Short-term increases in inflation may lead to a decline in value. Any increase in the principal amount of an inflation-
indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity. | en | de |
DOLFIN8508 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Each Sub-Fund bears the costs and expenses arising from buying and selling portfolio assets and entering into other transactions in securities or other financial instruments, such as brokerage fees and commissions and all other fees, expenses, commissions, charges, premiums and interest paid to banks, brokers, execution agents or securities lending agents and/or incurred in participating in any securities lending, repurchase and buy-sell back programs, collateral management fees and associated costs and charges, exchange fees, taxes, levies and stamp duties chargeable in connection with transactions in securities or other financial, and any other transaction-related expenses approved by the Management Company.
-
## Extraordinary costs and expenses | Chaque Compartiment supporte les frais liés à l'achat et à la vente d'actifs en portefeuille et à la réalisation d'autres transactions sur des titres ou d'autres instruments financiers, tels que les frais et commissions de courtage et tous les autres frais, dépenses, commissions, charges, primes et intérêts payés aux banques, courtiers, agents d'exécution ou agents de prêt de titres et/ou encourus lors de la participation à des programmes de prêt de titres, de mise en pension et d'achat-revente, les commissions de gestion des garanties et frais connexes, les frais de change, taxes, prélèvements et droits de timbre applicables dans le cadre des transactions sur des titres ou d'autres instruments financiers, ainsi que tous les autres frais liés aux transactions approuvés par la Société de gestion.
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## Frais exceptionnels | Each Sub-Fund bears the costs and expenses arising from buying and selling portfolio assets and entering into other transactions in securities or other financial instruments, such as brokerage fees and commissions and all other fees, expenses, commissions, charges, premiums and interest paid to banks, brokers, execution agents or securities lending agents and/or incurred in participating in any securities lending, repurchase and buy-sell back programs, collateral management fees and associated costs and charges, exchange fees, taxes, levies and stamp duties chargeable in connection with transactions in securities or other financial, and any other transaction-related expenses approved by the Management Company.
-
## Extraordinary costs and expenses | en | fr |
DOLFIN8509 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### On completion of the liquidation of the Company, the sums that have not been claimed by the Shareholders will be paid into the Caisse des Consignations.
-
## Prevention of money laundering and the financing of terrorism | ##### Nach Abschluss der Liquidation der Gesellschaft werden die von den Anteilsinhabern nicht eingeforderten Beträge bei der Caisse de Consignation hinterlegt.
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## Verhinderung der Geldwäsche und Terrorismusfinanzierung | ##### On completion of the liquidation of the Company, the sums that have not been claimed by the Shareholders will be paid into the Caisse des Consignations.
-
## Prevention of money laundering and the financing of terrorism | en | de |
DOLFIN8510 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Natixis Investment Managers International pourra transmettre aux investisseurs professionnels relevant du contrôle de l’ACPR, de l’AMF ou des autorités européennes équivalentes la composition du portefeuille de l’OPC pour les besoins de calcul des exigences réglementaires liées à la directive 2009/138/CE (Solvabilité 2).
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### Gestionnaire financier, administratif et comptable par délégation : | Natixis Investment Managers International podrá transmitir a los inversores profesionales bajo el control de la ACPR (Autoridad de supervisión prudencial y de resolución), de la AMF (Autoridad de los mercados financieros) o de las autoridades europeas equivalentes la composición de la cartera del OIC para el cálculo de las exigencias reglamentarias vinculadas a la directiva 2009/138/CE (Solvencia II).
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### Gestor financiero, administrativo y contable por delegación: | Natixis Investment Managers International pourra transmettre aux investisseurs professionnels relevant du contrôle de l’ACPR, de l’AMF ou des autorités européennes équivalentes la composition du portefeuille de l’OPC pour les besoins de calcul des exigences réglementaires liées à la directive 2009/138/CE (Solvabilité 2).
-
### Gestionnaire financier, administratif et comptable par délégation : | fr | es |
DOLFIN8511 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Investment Objective and Strategy of a Sub-Fund
The ICAV has been established for the purpose of investing in transferable securities in accordance with the UCITS Regulations. The specific investment objectives, strategies and policies for each Sub-Fund will be set out in the Relevant Supplement.
The assets of each Sub-Fund will be invested in accordance with the investment restrictions contained in the UCITS Regulations which are summarised in the “Investment Restrictions” section and such additional investment restrictions, if any, as may be adopted by the Directors for any Sub-Fund and specified in the Relevant Supplement. The Directors may establish Sub-Funds that will seek to track an Index (“Index Tracking Sub-Funds”) or will be managed actively by the Management Company to seek to achieve a specific investment objective, which may include outperforming an Index (“Actively Managed Sub-Funds”). Information in relation to the investment objectives and types of instruments or securities in which the relevant Sub-Fund will invest will be set out in the Relevant Supplement.
The securities in which each Sub-Fund invests will be primarily listed or traded on Recognised Markets, although the Sub- Funds may also invest in unlisted securities in accordance with the limits set out in the UCITS Regulations. | ## Objectif d’investissement et stratégie d’un Compartiment
L’ICAV a été constitué afin d’investir dans des valeurs mobilières conformément aux Réglementations sur les OPCVM. Les objectifs, stratégies et politiques d’investissement spécifiques à chaque Compartiment sont précisés dans le Supplément pertinent.
L’actif de chaque Compartiment sera investi en respectant les restrictions d’investissement contenues dans les Réglementations sur les OPCVM qui sont résumées dans la section «Restrictions d'investissement» et les restrictions d’investissement supplémentaires, le cas échéant, qui pourraient être adoptées par les Administrateurs pour un Compartiment et précisées dans le Supplément pertinent. Les Administrateurs pourront établir des Compartiments visant à répliquer un Indice («Compartiments indiciels») ou des Compartiments qui seront gérés activement par la Société de gestion afin d’atteindre un objectif d’investissement spécifique, qui pourra inclure une surperformance par rapport à un Indice («Compartiments gérés activement»). Des informations relatives aux objectifs d’investissement et aux types d’instruments ou de valeurs mobilières dans lesquels un Compartiment donné peut investir sont présentées dans le Supplément pertinent.
Chaque Compartiment investira essentiellement dans des titres cotés ou négociés sur des Marchés reconnus, bien qu’il puisse également investir dans des titres non cotés conformément aux limites exposées dans les Réglementations sur les OPCVM. | ## Investment Objective and Strategy of a Sub-Fund
The ICAV has been established for the purpose of investing in transferable securities in accordance with the UCITS Regulations. The specific investment objectives, strategies and policies for each Sub-Fund will be set out in the Relevant Supplement.
The assets of each Sub-Fund will be invested in accordance with the investment restrictions contained in the UCITS Regulations which are summarised in the “Investment Restrictions” section and such additional investment restrictions, if any, as may be adopted by the Directors for any Sub-Fund and specified in the Relevant Supplement. The Directors may establish Sub-Funds that will seek to track an Index (“Index Tracking Sub-Funds”) or will be managed actively by the Management Company to seek to achieve a specific investment objective, which may include outperforming an Index (“Actively Managed Sub-Funds”). Information in relation to the investment objectives and types of instruments or securities in which the relevant Sub-Fund will invest will be set out in the Relevant Supplement.
The securities in which each Sub-Fund invests will be primarily listed or traded on Recognised Markets, although the Sub- Funds may also invest in unlisted securities in accordance with the limits set out in the UCITS Regulations. | en | fr |
DOLFIN8512 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# NOTES TO THE FINANCIAL STATEMENTS 31 December 2019 (continued)
7. Risk Associated with Financial Instruments (continued)
1. Market Risk (continued)
- Currency Risk (continued)Comgest Growth Europe ex UK: (Base Currency: GBP) | # ERLÄUTERUNGEN ZUM ABSCHLUSS zum 31. Dezember 2019 (Fortsetzung)
7. Risiken aus Finanzinstrumenten (Fortsetzung)
1. Marktrisiko (Fortsetzung)
- Währungsrisiko (Fortsetzung)Comgest Growth Europe ex UK: (Basiswährung: GBP) | # NOTES TO THE FINANCIAL STATEMENTS 31 December 2019 (continued)
7. Risk Associated with Financial Instruments (continued)
1. Market Risk (continued)
- Currency Risk (continued)Comgest Growth Europe ex UK: (Base Currency: GBP) | en | de |
DOLFIN8513 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Irish resident Shareholders who claim exempt status will be obliged to account for any Irish tax due in respect of Shares on a self-assessment basis.
The Exempt Irish Investor must notify the Company if it ceases to be an Exempt Irish Investor. Exempt Irish Investors in respect of whom the Company is not in possession of a Relevant Declaration will be treated by the Company as if they are not Exempt Irish Investors
Exempt Irish Investors may be liable to Irish tax on their income, profits and gains in relation to any sale, transfer, repurchase, redemption or cancellation of Shares or dividends or distributions or other payments in respect of their Shares. It is the obligation of the Exempt Irish Investor to account for tax to the Irish Revenue Commissioners.
Where tax is withheld by the Company on the basis that no Relevant Declaration has been filed with the Company by the Shareholder, Irish legislation provides for a refund of tax only to companies within the charge to Irish corporation tax, to certain incapacitated persons and in certain other limited circumstances. | In Irland ansässige Aktionäre, die die Befreiung geltend machen, sind verpflichtet, alle irischen Steuern, die in Bezug auf Anteile fällig werden, auf der Grundlage der Selbsteinschätzung zu verbuchen.
Der befreite irische Anleger muss das Unternehmen informieren, wenn kein befreiter irischer Anleger mehr ist. Befreite irische Anleger, für die die Gesellschaft nicht im Besitz einer relevanten Erklärung ist, werden von der Gesellschaft so behandelt, als wären sie keine befreiten irischen Anleger
Befreite irische Anleger können auf ihre Erträge, Gewinne und Erlöse im Zusammenhang mit dem Verkauf, der Übertragung, dem Rückkauf, der Rücknahme oder der Annullierung von Anteilen oder Dividenden oder Ausschüttungen oder anderen Zahlungen in Bezug auf ihre Anteile der irischen Steuer unterliegen. Es ist die Pflicht des befreiten irischen Investors, den irischen Steuerbehörden gegenüber Steuern anzumelden.
Wird die Steuer von der Gesellschaft einbehalten, weil der Anteilseigner keine relevante Erklärung bei der Gesellschaft abgegeben hat, sieht das irische Recht eine Steuerrückerstattung nur an Unternehmen vor, die unter die Belastung durch die irische Körperschaftsteuer fallen, an bestimmte beeinträchtigte Personen und unter bestimmten anderen begrenzten Umständen. | Irish resident Shareholders who claim exempt status will be obliged to account for any Irish tax due in respect of Shares on a self-assessment basis.
The Exempt Irish Investor must notify the Company if it ceases to be an Exempt Irish Investor. Exempt Irish Investors in respect of whom the Company is not in possession of a Relevant Declaration will be treated by the Company as if they are not Exempt Irish Investors
Exempt Irish Investors may be liable to Irish tax on their income, profits and gains in relation to any sale, transfer, repurchase, redemption or cancellation of Shares or dividends or distributions or other payments in respect of their Shares. It is the obligation of the Exempt Irish Investor to account for tax to the Irish Revenue Commissioners.
Where tax is withheld by the Company on the basis that no Relevant Declaration has been filed with the Company by the Shareholder, Irish legislation provides for a refund of tax only to companies within the charge to Irish corporation tax, to certain incapacitated persons and in certain other limited circumstances. | en | de |
DOLFIN8514 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## The use of derivatives therefore requires not only an understanding of the basic instrument, but also well-founded knowledge of the derivatives.
Derivative financial instruments also carry the risk of a loss to the UCITS because another party participating in the derivative financial instrument (usually a 'counterparty') does not fulfil its obligations.
The credit risk for derivatives traded on a stock exchange is generally lower than the risk for derivatives traded off the board, since the clearing house which acts as issuer or counterparty of each derivative traded on the stock exchange undertakes a handling guarantee. To reduce the overall default risk, this guarantee is supported by a daily payment sys- tem maintained by the clearing house, in which the assets required for coverage are calculated. There is no comparable guarantee by the clear- ing house for derivatives traded off the board, and the UCITS must factor in the creditworthiness of each counterparty of a derivative traded off the board when analysing the potential credit risk.
There are also liquidity risks, since certain instruments may be difficult to buy or sell. If derivative transactions are especially large, or if the respec- tive market is not liquid (which can happen with derivatives traded off the board), it might not be possible to completely execute transactions in all instances or a position can only be liquidated with increased costs.
Additional risks associated with the use of derivatives lie in inaccurate pricing or valuation of derivatives. It is also possible that derivatives might not completely correlate with the assets, interest rates and indices underlying them. Many derivatives are complex and often analysed sub- jectively. Inaccurate valuations can result in increased cash payments for counterparts or a loss of value to the UCITS. Derivatives are not always in direct or parallel proportion to the value of the assets, interest rates or indices from which they are derived. Therefore the use of derivatives by the UCITS is not always an effective means of achieving the investment objective of the UCITS, but can sometimes even achieve the opposite effect. | ## Deshalb erfordert der Einsatz von Derivaten nicht nur ein Verständnis des Basisinstruments, sondern auch fundierte Kenntnisse der Derivate selbst.
Derivative Finanzinstrumente bergen auch das Risiko, dass dem OGAW ein Verlust entsteht, weil eine andere an dem derivativen Finanzinstrument beteiligte Partei (in der Regel eine „Gegenpartei“) ihre Verpflichtungen nicht einhält.
Das Kreditrisiko für Derivate, die an einer Börse gehandelt werden, ist im Allgemeinen geringer als das Risiko bei ausserbörslich gehandelten Derivaten, da die Clearingstelle, die als Emittent oder Gegenpartei jedes an der Börse gehandelten Derivats auftritt, eine Abwicklungsgarantie übernimmt. Zur Reduzierung des Gesamtausfallrisikos wird diese Garantie durch ein von der Clearingstelle unterhaltenes tägliches Zahlungssystem, in welchem die zur Deckung erforderlichen Vermögenswerte berechnet werden, unterstützt. Für ausserbörslich gehandelte Derivate gibt es keine vergleichbare Garantie der Clearingstelle, und der OGAW muss die Bonität jeder Gegenpartei eines ausserbörslich gehandelten Derivats bei der Bewertung des potentiellen Kreditrisikos mit einbeziehen.
Es bestehen zudem Liquiditätsrisiken, da bestimmte Instrumente schwierig zu kaufen oder zu verkaufen sein können. Wenn Derivattransaktionen besonders gross sind, oder wenn der entsprechende Markt illiquid ist (wie es bei ausserbörslich gehandelten Derivaten der Fall sein kann), können Transaktionen unter Umständen nicht jederzeit vollständig durchgeführt oder eine Position nur mit erhöhten Kosten liquidiert werden.
Weitere Risiken im Zusammenhang mit dem Einsatz von Derivaten liegen in falscher Kursbestimmung oder Bewertung von Derivaten. Zudem besteht die Möglichkeit, dass Derivate mit den ihnen zu Grunde liegenden Vermögenswerten, Zinssätzen und Indizes nicht vollständig korrelieren. Viele Derivate sind komplex und oft subjektiv bewertet. Unangemessene Bewertungen können zu erhöhten Barzahlungsforderungen von Gegenparteien oder zu einem Wertverlust für den OGAW führen. Derivate stehen nicht immer in einem direkten oder parallelen Verhältnis zum Wert der Vermögenswerte, Zinssätze oder Indizes von denen sie abgeleitet sind. Daher stellt der Einsatz von Derivaten durch den OGAW nicht immer ein wirksames Mittel zur Erreichung des Anlagezieles des OGAW dar, sondern kann manchmal sogar gegenteilige Auswirkungen hervorrufen. | ## The use of derivatives therefore requires not only an understanding of the basic instrument, but also well-founded knowledge of the derivatives.
Derivative financial instruments also carry the risk of a loss to the UCITS because another party participating in the derivative financial instrument (usually a 'counterparty') does not fulfil its obligations.
The credit risk for derivatives traded on a stock exchange is generally lower than the risk for derivatives traded off the board, since the clearing house which acts as issuer or counterparty of each derivative traded on the stock exchange undertakes a handling guarantee. To reduce the overall default risk, this guarantee is supported by a daily payment sys- tem maintained by the clearing house, in which the assets required for coverage are calculated. There is no comparable guarantee by the clear- ing house for derivatives traded off the board, and the UCITS must factor in the creditworthiness of each counterparty of a derivative traded off the board when analysing the potential credit risk.
There are also liquidity risks, since certain instruments may be difficult to buy or sell. If derivative transactions are especially large, or if the respec- tive market is not liquid (which can happen with derivatives traded off the board), it might not be possible to completely execute transactions in all instances or a position can only be liquidated with increased costs.
Additional risks associated with the use of derivatives lie in inaccurate pricing or valuation of derivatives. It is also possible that derivatives might not completely correlate with the assets, interest rates and indices underlying them. Many derivatives are complex and often analysed sub- jectively. Inaccurate valuations can result in increased cash payments for counterparts or a loss of value to the UCITS. Derivatives are not always in direct or parallel proportion to the value of the assets, interest rates or indices from which they are derived. Therefore the use of derivatives by the UCITS is not always an effective means of achieving the investment objective of the UCITS, but can sometimes even achieve the opposite effect. | en | de |
DOLFIN8515 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Management process
- The Fund is actively managed.
- Through the application of the Investment Approach, the Fund has an expected minimum of 15% in Sustainable Investments. It also targets an ESG rating that is equal to or better, and a meaningfully lower carbon intensity, than the benchmark.
- Engagement with external company management teams is used to evaluate the ownership structures, governance and management quality of those companies, in order to inform portfolio construction. As part of this, up to 5% of asset may be invested in companies in high carbon emitting sectors, which are seen as having ambitious and credible targets to decarbonise their operations, in order to support their transition to ultimately comply with the environmental screens.
- The benchmark is used as a reference point for portfolio construction and as a basis for setting risk constraints, but does not incorporate any sustainable criteria.
- In order to achieve its objective, the Fund will take positions whose weightings diverge from the benchmark or invest in securities which are not included in the benchmark. The investments of the Fund may deviate significantly from the components and their weightings in the benchmark. Due to the active nature of the management process, the Fund's performance profile may deviate significantly from that of the benchmark over the longer term. | # Processus de gestion
- Le Fonds est géré activement.
- Par le biais l’application de l’approche d’investissement, le Fonds a un minimum attendu de 15 % en investissements durables. Il vise également une note ESG égale au supérieure à l’indice de référence, ainsi qu’une intensité carbone significativement inférieure.
- L’implication auprès des équipes de gestion des entreprises est utilisée pour évaluer les structures d’actionnariat, la gouvernance et la qualité de la gestion de ces entreprises, pour une construction éclairée du portefeuille. Dans le cadre de cette implication, jusqu’à 5 % des actifs peuvent être investis dans des entreprises de secteurs à forte émission de carbone, qui sont considérées comme ayant des cibles ambitieuses et crédibles de décarbonation de leurs opérations, afin de soutenir leur transition pour devenir éventuellement conformes aux filtrages environnementaux.
- L’indice de référence est utilisé en tant que point de référence pour la construction de portefeuilleet en tant que base de définition des contraintes de risque, mais il n’inclut aucun critère de durabilité.
- Afin d’atteindre son objectif, le Fonds ouvrira des positions dont les pondérations divergent de celles de l’indice de référence ou investira dans des titres qui n’y figurent pas. Les investissements du Fonds et leur pondération peuvent être très différents de ceux qui composent l’indice. En raison de la nature active du processus de gestion, le profil de performance du Fonds peut s’écarter sensiblement de celui de l’indice de référence sur le long terme. | # Management process
- The Fund is actively managed.
- Through the application of the Investment Approach, the Fund has an expected minimum of 15% in Sustainable Investments. It also targets an ESG rating that is equal to or better, and a meaningfully lower carbon intensity, than the benchmark.
- Engagement with external company management teams is used to evaluate the ownership structures, governance and management quality of those companies, in order to inform portfolio construction. As part of this, up to 5% of asset may be invested in companies in high carbon emitting sectors, which are seen as having ambitious and credible targets to decarbonise their operations, in order to support their transition to ultimately comply with the environmental screens.
- The benchmark is used as a reference point for portfolio construction and as a basis for setting risk constraints, but does not incorporate any sustainable criteria.
- In order to achieve its objective, the Fund will take positions whose weightings diverge from the benchmark or invest in securities which are not included in the benchmark. The investments of the Fund may deviate significantly from the components and their weightings in the benchmark. Due to the active nature of the management process, the Fund's performance profile may deviate significantly from that of the benchmark over the longer term. | en | fr |
DOLFIN8516 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement 10 000 USD |
| --- |
| Scenarios Minimum: Il n’y a pas de rendement minimum garanti. Vous pourriez perdre une partie ou la totalité de votre investissement. | 1 an | 6 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 1 750 USD | 1 430 USD |
| | Rendement annuel moyen | - 82,52% | - 27,73% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 890 USD | 7 340 USD |
| | Rendement annuel moyen | - 21,13% | - 5,03% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 11 070 USD | 16 490 USD |
| | Rendement annuel moyen | 10,66% | 8,69% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 15 370 USD | 20 630 USD |
| | Rendement annuel moyen | 53,68% | 12,83% | | | Inversión 10 000 USD |
| --- |
| Escenarios Mínimo: No hay ningún rendimiento mínimo garantizado. Podría perder una parte o la totalidad de su inversión. | 1 año | 6 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que usted podría recibir después de deducir los costes | 1 750 USD | 1 430 USD |
| | Rendimiento anual medio | - 82,52% | - 27,73% |
| Escenario desfavorable | Lo que usted podría recibir después de deducir los costes | 7 890 USD | 7 340 USD |
| | Rendimiento anual medio | - 21,13% | - 5,03% |
| Escenario moderado | Lo que usted podría recibir después de deducir los costes | 11 070 USD | 16 490 USD |
| | Rendimiento anual medio | 10,66% | 8,69% |
| Escenario favorable | Lo que usted podría recibir después de deducir los costes | 15 370 USD | 20 630 USD |
| | Rendimiento anual medio | 53,68% | 12,83% | | | Investissement 10 000 USD |
| --- |
| Scenarios Minimum: Il n’y a pas de rendement minimum garanti. Vous pourriez perdre une partie ou la totalité de votre investissement. | 1 an | 6 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 1 750 USD | 1 430 USD |
| | Rendement annuel moyen | - 82,52% | - 27,73% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 890 USD | 7 340 USD |
| | Rendement annuel moyen | - 21,13% | - 5,03% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 11 070 USD | 16 490 USD |
| | Rendement annuel moyen | 10,66% | 8,69% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 15 370 USD | 20 630 USD |
| | Rendement annuel moyen | 53,68% | 12,83% | | fr | es |
DOLFIN8517 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) between 30/06/2016-30/06/2021.
Favourable scenario
What you might get back after costs
Average return each year
EUR 12,739
27.4%
EUR 14,096
7.1% | # Este tipo de escenario se produjo para una inversión Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) entre 30/06/2016-30/06/2021.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
12 739 EUR
27,4%
14 096 EUR
7,1% | # This type of scenario occurred for an investment Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) between 30/06/2016-30/06/2021.
Favourable scenario
What you might get back after costs
Average return each year
EUR 12,739
27.4%
EUR 14,096
7.1% | en | es |
DOLFIN8518 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund systematically incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets as well as voting. Firstly, the fund does not invest in stock issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. The fund also excludes stocks issued by companies that have a high or medium negative impact on the Sustainable Development Goals (SDGs). The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. Secondly, financially material ESG factors are integrated in the portfolio construction to ensure the ESG score of the portfolio is at least 10% better than that of the index. In addition, the environmental footprints of the fund are made lower than that of the benchmark by restricting the GHG emissions, water use and waste generation. The target is to achieve 30% lower GHG emissions and 20% lower water use and waste generation compared to the index. With these portfolio construction rules, stocks issued by companies with better ESG scores or environmental footprints are more likely to be included in the portfolio while stocks issued by companies with worse ESG scores or environmental footprints are more likely to be divested from the portfolio. Thirdly, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy. | # Sustentabilidad
El fondo incorpora sistemáticamente la sostenibilidad al proceso de inversión mediante exclusiones, integración de criterios ASG, objetivos ASG y de huella ambiental, así como ejercicio de los derechos de voto. En primer lugar, el fondo no invierte en emisores de valores que incumplen normas internacionales o cuyas actividades se consideran perjudiciales para la sociedad según la política de exclusión de Robeco. El fondo también excluye los valores emitidos por empresas que generan un impacto negativo alto o medio en los Objetivos de Desarrollo Sostenible (ODS). El impacto de los emisores en los ODS se determina aplicando el marco sobre los ODS de tres pasos desarrollado internamente por Robeco. En segundo lugar, en la elaboración de la cartera, se integran factores ASG financieramente relevantes para garantizar que la puntuación ASG de la cartera es, como mínimo, un 10 % mejor que la del índice. Además, las huellas ambientales del fondo se hacen inferiores a las del índice de referencia restringiendo las emisiones de gases de efecto invernadero, el consumo de agua y la generación de residuos. El objetivo es lograr unas emisiones de gases de efecto invernadero un 30 % inferiores a las del índice y unos niveles de consumo de agua y generación de residuos un 20 % inferiores a los del índice. Con estas reglas de construcción de la cartera, los valores emitidos por empresas con mejores puntuaciones ASG o huellas ambientales tienen más probabilidad de ser incluidas en la cartera, mientras que los valores emitidos por empresas con peores puntuaciones ASG o huellas ambientales tienen más probabilidad de ser excluidas de la cartera. En tercer lugar, cuando un emisor de valores sea señalado en la supervisión continua por infringir normas internacionales, el emisor quedará sujeto a exclusión. Por último, el fondo hace uso de los derechos asociados a las acciones y aplica el voto por delegación conforme a las directrices de delegación de voto de Robeco. | # Sustainability
The fund systematically incorporates sustainability in the investment process via exclusions, ESG integration, ESG and environmental footprint targets as well as voting. Firstly, the fund does not invest in stock issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. The fund also excludes stocks issued by companies that have a high or medium negative impact on the Sustainable Development Goals (SDGs). The impact of issuers on the SDGs is determined by applying Robeco's internally developed three-step SDG Framework. Secondly, financially material ESG factors are integrated in the portfolio construction to ensure the ESG score of the portfolio is at least 10% better than that of the index. In addition, the environmental footprints of the fund are made lower than that of the benchmark by restricting the GHG emissions, water use and waste generation. The target is to achieve 30% lower GHG emissions and 20% lower water use and waste generation compared to the index. With these portfolio construction rules, stocks issued by companies with better ESG scores or environmental footprints are more likely to be included in the portfolio while stocks issued by companies with worse ESG scores or environmental footprints are more likely to be divested from the portfolio. Thirdly, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy. | en | es |
DOLFIN8519 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Morgan Stanley & Co. International plc or any of its employees, agents, affiliates, subsidiaries may perform further or alternative roles relating to the Company and any sub-fund, including:
- being the counterparty in respect of any investments of the sub-fund
- being involved in arrangements relating to the relevant investments (for example as a derivative counterparty, or a calculation agent);
- being appointed as sub-custodian to a sub-fund by the Depositary and the Company;
- acting as a market maker in respect of shares;
- being responsible for providing valuations which may form the basis of calculating the net asset value per Share in respect of any sub-fund in line with the valuation policies of the Company; and/or
- sponsoring or otherwise being involved with a variety of structured products such as participating notes, options or swaps linked in whole or in part to the performance of the sub-funds and may act as index sponsor or strategy manager/provider in respect of certain sub-funds. | ## Morgan Stanley & Co. International plc ou l’un de ses collaborateurs, agents, sociétés affiliées ou filiales peut remplir d’autres fonctions pour la Société et tout compartiment, y compris :
- agir en qualité de contrepartie de l’un des investissements du compartiment ;
- être partie prenante dans des dispositifs liés aux investissements de la Société (par exemple comme contrepartie d’un dérivé ou agent de calcul) ;
- être désigné en tant que dépositaire par délégation d’un compartiment par le Dépositaire et la Société ;
- agir en qualité de teneur de marché par rapport aux actions ;
- être responsable de la fourniture d’évaluations pouvant servir de base au calcul de la Valeur Liquidative par Action pour tout compartiment et conformément aux politiques d’évaluation de la Société ; et/ou
- être sponsor ou impliqué de toute autre manière par rapport à un certain nombre de produits structurés, notamment des bons de participation, des options ou des contrats d’échange totalement ou partiellement liés à la performance des compartiments et agir en tant que promoteur de l’indice ou gestionnaire/fournisseur de la stratégie de certains compartiments. | ## Morgan Stanley & Co. International plc or any of its employees, agents, affiliates, subsidiaries may perform further or alternative roles relating to the Company and any sub-fund, including:
- being the counterparty in respect of any investments of the sub-fund
- being involved in arrangements relating to the relevant investments (for example as a derivative counterparty, or a calculation agent);
- being appointed as sub-custodian to a sub-fund by the Depositary and the Company;
- acting as a market maker in respect of shares;
- being responsible for providing valuations which may form the basis of calculating the net asset value per Share in respect of any sub-fund in line with the valuation policies of the Company; and/or
- sponsoring or otherwise being involved with a variety of structured products such as participating notes, options or swaps linked in whole or in part to the performance of the sub-funds and may act as index sponsor or strategy manager/provider in respect of certain sub-funds. | en | fr |
DOLFIN8520 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Exemple d’investissement 10 000 EUR | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 245 EUR | 1017 EUR |
| Incidence des coûts annuels (*) | 2,45 % | 1,69 % | | | Ejemplo de inversión 10 000 EUR | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 245 EUR | 1017 EUR |
| Incidencia anual de los costes (*) | 2,45 % | 1,69 % | | | Exemple d’investissement 10 000 EUR | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 245 EUR | 1017 EUR |
| Incidence des coûts annuels (*) | 2,45 % | 1,69 % | | fr | es |
DOLFIN8521 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Concentration Risk
If the Benchmark Index of a Fund concentrates in a particular country, region, industry, group of industries, sector or specific theme that Fund may be adversely affected by the performance of those securities and may be subject to price volatility. In addition, a Fund that concentrates in a single country, region, industry or group of countries or industries may be more susceptible to any single economic, market, political or regulatory occurrence affecting that country, region, sector, industry or group of countries or industries. Such a Fund may be more susceptible to greater price volatility when compared to a more diverse fund. This could lead to a greater risk of loss to the value of your investment.
Replicating index Funds which, as per their investment policy, may avail of the higher investment limits set out in section 4 of Schedule III may invest more than 10% and up to 20% of their Net Asset Value in shares issued by the same body in order to replicate their respective Benchmark Indices. This limit may be raised to 35% for a single issuer, where this is justified by exceptional market conditions, for example, market dominance. Market dominance exists where a particular constituent of the Benchmark Index has a dominant position in the particular market sector in which it operates and as such accounts for a large proportion of the Benchmark Index. This means that such a Fund may have a high concentration of investment in one company, or a relatively small number of companies, and may therefore be more susceptible to any single economic, market, political or regulatory occurrence affecting that company or those companies | ### Konzentrationsrisiko
Konzentriert sich der Referenzindex eines Fonds auf ein bestimmtes Land, eine Region, Branche, Branchengruppe, Sektor oder ein bestimmtes Thema, kann der jeweilige Fonds durch die Entwicklung dieser Wertpapiere negativ beeinflusst werden und einer Kursvolatilität unterliegen. Darüber hinaus kann ein Fonds, der auf ein einzelnes Land, eine Region, Branche oder Länder- oder Branchengruppe konzentriert ist, anfälliger gegenüber einem einzelnen wirtschaftlichen, politischen, aufsichtsrechtlichen oder Marktereignis sein, das sich auf dieses Land, diese Region, diesen Sektor, diese Branche oder diese Länder- oder Branchengruppe auswirkt. Ein solcher Fonds kann im Vergleich zu einem stärker diversifizierten Fonds einer höheren Kursvolatilität ausgesetzt sein. Dies könnte zu einem höheren Verlustrisiko für den Wert Ihrer Anlage führen.
Indexnachbildende Fonds, die gemäß ihrer Anlagepolitik die in Abschnitt 4 von Anhang III dargelegten höheren Anlagegrenzen in Anspruch nehmen dürfen, können mehr als 10 % und bis zu 20 % ihres Nettoinventarwerts in Aktien ein und desselben Emittenten investieren, um ihre jeweiligen Referenzindizes nachzubilden. Diese Grenze kann für einen einzigen Emittenten auf 35 % erhöht werden, sofern dies durch außergewöhnliche Marktbedingungen, wie z. B. Marktbeherrschung, gerechtfertigt ist. Marktbeherrschung liegt vor, wenn ein bestimmter Bestandteil eines Referenzindex eine beherrschende Stellung in dem jeweiligen Marktsektor hat, in dem er tätig ist, und daher einen großen Teil des Referenzindex ausmacht. Dies bedeutet, dass ein solcher Fonds eine hohe Anlagekonzentration in einem einzigen Unternehmen oder einer relativ geringen Anzahl von Unternehmen haben kann und daher möglicherweise anfälliger gegenüber einzelnen wirtschaftlichen, marktbezogenen, politischen oder aufsichtsrechtlichen Ereignissen ist, die dieses bzw. diese Unternehmen betreffen. | ### Concentration Risk
If the Benchmark Index of a Fund concentrates in a particular country, region, industry, group of industries, sector or specific theme that Fund may be adversely affected by the performance of those securities and may be subject to price volatility. In addition, a Fund that concentrates in a single country, region, industry or group of countries or industries may be more susceptible to any single economic, market, political or regulatory occurrence affecting that country, region, sector, industry or group of countries or industries. Such a Fund may be more susceptible to greater price volatility when compared to a more diverse fund. This could lead to a greater risk of loss to the value of your investment.
Replicating index Funds which, as per their investment policy, may avail of the higher investment limits set out in section 4 of Schedule III may invest more than 10% and up to 20% of their Net Asset Value in shares issued by the same body in order to replicate their respective Benchmark Indices. This limit may be raised to 35% for a single issuer, where this is justified by exceptional market conditions, for example, market dominance. Market dominance exists where a particular constituent of the Benchmark Index has a dominant position in the particular market sector in which it operates and as such accounts for a large proportion of the Benchmark Index. This means that such a Fund may have a high concentration of investment in one company, or a relatively small number of companies, and may therefore be more susceptible to any single economic, market, political or regulatory occurrence affecting that company or those companies | en | de |
DOLFIN8522 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Performance & Calendar Year Returns
## 102
## 100
## 98
## 96
## 94
## 92 | # Wertentwicklung & jährliche Erträge
## 102
## 100
## 98
## 96
## 94
## 92 | # Performance & Calendar Year Returns
## 102
## 100
## 98
## 96
## 94
## 92 | en | de |
DOLFIN8523 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The risk exposures to a counterparty arising from OTC derivatives transactions and efficient portfolio management techniques shall be combined when calculating the counterparty risk limits provided for in section 1(C) above.
Collateral received for the benefit of a Fund may be used to reduce its counterparty risk exposure if it complies with the conditions set out in applicable laws and regulations. Where a Fund enters into OTC derivatives transactions and efficient portfolio management techniques, all collateral used to reduce counterparty risk exposure shall comply with the following criteria at all times:
- Any collateral received other than cash shall be of high quality, highly liquid and traded on a Regulated Market or multilateral trading facility with transparent pricing in order that it can be sold quickly at a price that is close to pre-sale valuation. Collateral received shall also comply with the provisions in section 1(D) above.
- Collateral received shall be valued on at least a daily basis. Assets that exhibit high price volatility shall not be accepted as collateral unless suitably conservative haircuts are in place.
- Collateral received shall be of high quality.
- The collateral received shall be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty.
- Collateral shall be sufficiently diversified in terms of country, markets and issuers. The criterion of sufficient diversification with respect to issuer concentration is considered to be respected if the Fund receives from a counterparty of efficient portfolio management and over- the-counter derivatives transactions a basket of collateral with a maximum exposure to a given issuer of 20% of its Net Asset Value. When a Fund is exposed to different counterparties, the different baskets of collateral shall be aggregated to calculate the 20% limit of exposure to a single issuer. By way of derogation, a Fund may be fully collateralised in different transferable securities and Money Market Investments issued or guaranteed by a Member State of the EU, one or more of its local authorities, Eligible State or a public international body to which one or more of the local Member States of the EU belong. In that case the Fund must receive securities from at least six different issues, but securities from any single issue shall not account for more than 30% of the Net Asset Value of the Fund.
- Where there is a title transfer, the collateral received shall be held by the Depositary or one of its Correspondents to which the Depositary has delegated the custody of such collateral. For other types of collateral arrangement, the collateral can be held by a third party custodian which is subject to prudential supervision, and which is unrelated to the provider of the collateral.
- Collateral received shall be capable of being fully enforced by the Fund at any time without reference to or approval from the counterparty, and where applicable, collateral received should also comply with the control limits set out in this section.
- Subject to the above conditions, permitted forms of collateral include:
- cash and cash equivalents, including short-term bank certificates and Money Market Investments;
- government bonds with any maturity issued by countries including but not limited to the UK, the USA, France and Germany with no minimum rating. | Das Risiko gegenüber einem Kontrahenten, das sich aus Geschäften mit OTC-Derivaten und Techniken für ein effizientes Portfoliomanagement ergibt, wird bei der Berechnung der in Abschnitt 1(C) oben vorgesehenen Risikogrenzen für Kontrahenten kombiniert.
Zugunsten eines Fonds erhaltene Sicherheiten können zur Reduzierung seines Kontrahentenrisikos verwendet werden, wenn sie die in den maßgeblichen Gesetzen und Vorschriften dargelegten Bedingungen erfüllen. Wenn ein Fonds Geschäfte mit OTC-Derivaten abschließt und Techniken für ein effizientes Portfoliomanagement einsetzt, müssen sämtliche zur Reduzierung der Risikoexponierung gegenüber einem Kontrahenten genutzten Sicherheiten jederzeit die folgenden Kriterien erfüllen:
- Sämtliche erhaltenen Sicherheiten, bei denen es sich nicht um Barmittel handelt, müssen eine hohe Qualität aufweisen, äußerst liquide sein und an einem geregelten Markt oder in einem multilateralen Handelssystem gehandelt werden, sodass sie schnell zu einem Preis verkauft werden können, der nah an ihrer Bewertung vor dem Verkauf liegt. Erhaltene Sicherheiten müssen außerdem den Bestimmungen im vorstehenden Abschnitt 1(D) entsprechen.
- Erhaltene Sicherheiten müssen mindestens auf täglicher Basis bewertet werden. Vermögenswerte, die eine hohe Preisvolatilität aufweisen, sollten nur dann als Sicherheiten akzeptiert werden, wenn geeignete konservative Risikoabschläge vorgenommen werden.
- Erhaltene Sicherheiten müssen eine hohe Qualität aufweisen.
- Die erhaltenen Sicherheiten müssen von einem Rechtsträger ausgegeben worden sein, der vom Kontrahenten unabhängig ist und von dem erwartet wird, dass er keine hohe Korrelation mit der Wertentwicklung des Kontrahenten aufweisen wird.
- Sicherheiten müssen in Bezug auf Land, Markt und Emittent ausreichend diversifiziert sein. Das Kriterium einer ausreichenden Diversifizierung bezüglich der Emittentenkonzentration gilt als erfüllt, wenn der Fonds im Rahmen des effizienten Portfoliomanagements oder eines Geschäfts mit OTC-Derivaten von einem Kontrahenten einen Korb von Sicherheiten erhält, bei dem maximal 20 % des Nettoinventarwerts auf einen einzigen Emittenten entfallen. Wenn ein Fonds mehreren Kontrahenten ausgesetzt ist, werden die unterschiedlichen Körbe von Sicherheiten aggregiert, um das Limit einer Exponierung von maximal 20 % bei einem einzelnen Emittenten zu berechnen. In Abweichung kann ein Fonds durch verschiedene übertragbare Wertpapiere und Geldmarktanlagen vollständig besichert werden, die von einem EU-Mitgliedstaat, seinen Gebietskörperschaften, einem qualifizierten Land oder von einer internationalen öffentlich-rechtlichen Körperschaft, der mindestens ein EU-Mitgliedstaat angehört, ausgegeben oder garantiert werden. In diesem Fall muss der Fonds Wertpapiere aus mindestens sechs verschiedenen Emissionen erhalten, und der Wert von Wertpapieren aus ein und derselben Emission darf 30 % des Nettovermögens des Fonds nicht überschreiten.
- Bei einer Eigentumsübertragung werden die erhaltenen Sicherheiten von der Verwahrstelle oder einer ihrer Korrespondenzbanken, die die Verwahrstelle mit der Verwahrung dieser Sicherheiten beauftragt hat, gehalten. Für sonstige Arten von Besicherungsvereinbarungen können die Sicherheiten von einer Drittverwahrstelle gehalten werden, die einer Aufsicht unterliegt und nicht mit dem Bereitsteller der Sicherheiten verbunden ist.
- Erhaltene Sicherheiten müssen vom Fonds jederzeit und ohne Bezugnahme auf den Kontrahenten oder dessen Zustimmung vollständig durchsetzbar sein und je nach Sachlage müssen sie auch die in diesem Abschnitt genannten Kontrollgrenzen einhalten.
- Vorbehaltlich der vorstehenden Bedingungen sind unter anderem die folgenden Arten von Sicherheiten zulässig:
- Zahlungsmittel und Zahlungsmitteläquivalente, einschließlich kurzfristiger Bankzertifikate und Geldmarktanlagen;
- Staatsanleihen mit beliebigen Laufzeiten von Ländern, wie unter anderem Großbritannien, USA, Frankreich und Deutschland, ohne Mindestrating. | The risk exposures to a counterparty arising from OTC derivatives transactions and efficient portfolio management techniques shall be combined when calculating the counterparty risk limits provided for in section 1(C) above.
Collateral received for the benefit of a Fund may be used to reduce its counterparty risk exposure if it complies with the conditions set out in applicable laws and regulations. Where a Fund enters into OTC derivatives transactions and efficient portfolio management techniques, all collateral used to reduce counterparty risk exposure shall comply with the following criteria at all times:
- Any collateral received other than cash shall be of high quality, highly liquid and traded on a Regulated Market or multilateral trading facility with transparent pricing in order that it can be sold quickly at a price that is close to pre-sale valuation. Collateral received shall also comply with the provisions in section 1(D) above.
- Collateral received shall be valued on at least a daily basis. Assets that exhibit high price volatility shall not be accepted as collateral unless suitably conservative haircuts are in place.
- Collateral received shall be of high quality.
- The collateral received shall be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty.
- Collateral shall be sufficiently diversified in terms of country, markets and issuers. The criterion of sufficient diversification with respect to issuer concentration is considered to be respected if the Fund receives from a counterparty of efficient portfolio management and over- the-counter derivatives transactions a basket of collateral with a maximum exposure to a given issuer of 20% of its Net Asset Value. When a Fund is exposed to different counterparties, the different baskets of collateral shall be aggregated to calculate the 20% limit of exposure to a single issuer. By way of derogation, a Fund may be fully collateralised in different transferable securities and Money Market Investments issued or guaranteed by a Member State of the EU, one or more of its local authorities, Eligible State or a public international body to which one or more of the local Member States of the EU belong. In that case the Fund must receive securities from at least six different issues, but securities from any single issue shall not account for more than 30% of the Net Asset Value of the Fund.
- Where there is a title transfer, the collateral received shall be held by the Depositary or one of its Correspondents to which the Depositary has delegated the custody of such collateral. For other types of collateral arrangement, the collateral can be held by a third party custodian which is subject to prudential supervision, and which is unrelated to the provider of the collateral.
- Collateral received shall be capable of being fully enforced by the Fund at any time without reference to or approval from the counterparty, and where applicable, collateral received should also comply with the control limits set out in this section.
- Subject to the above conditions, permitted forms of collateral include:
- cash and cash equivalents, including short-term bank certificates and Money Market Investments;
- government bonds with any maturity issued by countries including but not limited to the UK, the USA, France and Germany with no minimum rating. | en | de |
DOLFIN8524 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
On each calculation day, any accounting provision made on the previous calculation day is adjusted to reflect the Share Class’ performance, positive or negative, calculated as described above. If the Gross Asset Value per Share on the calculation day is lower than the Hurdle or the Benchmark (as applicable) or the High Water Mark, the provision made on the previous calculation day is returned to the relevant Share Class within the relevant Fund. The accounting provision may, however, never be negative. Under no circumstances will the respective Investment Manager pay money into a Fund or to any Shareholder for any underperformance.
Examples 1 to 7 show how the performance fee is calculated using the relevant Hurdle or Benchmark with a High Water Mark. For simplicity these examples refer to a proposed 20% performance fee on any outperformance by the Gross Asset Value per Share.
No performance fee will be accrued if the Gross Asset Value per Share is lower than either the relevant Benchmark or the High Water Mark. No performance fee will be payable on negative performance, even where a Fund outperforms its Hurdle or Benchmark.
Performance fees will be accrued according to the following formula:
Accrued Performance Fee = ( ((Gross Asset Value Performance – Benchmark performance)*High Water Mark)x 20%) * average number of Shares in issue over the accounting period.
The accrued fee will not be allowed to become a negative monetary amount. | An jedem Berechnungstag wird die buchhalterische Rückstellung, die an dem vorhergehenden Berechnungstag vorgenommen wurde, entsprechend angepasst, um die Wertentwicklung der Anteilsklasse, positiv oder negativ, widerzuspiegeln, wie oben berechnet. Liegt der Bruttoinventarwert pro Anteil am Berechnungstag unter der Hurdle oder der Benchmark (je nach Anwendbarkeit) oder der High-Water-Mark, wird die am vorherigen Berechnungstag gebildete Rückstellung an die betreffende Anteilsklasse des betreffenden Fonds zurückgeführt. Die buchhalterische Rückstellung darf jedoch nie negativ sein. Unter keinen Umständen wird der jeweilige Anlageverwalter für eine Underperformance Gelder in einen Fonds einzahlen oder an einen Anteilsinhaber auszahlen.
Die Beispiele 1 bis 7 zeigen, wie die Performancegebühr unter Verwendung der entsprechenden Hurdle oder Benchmark mit High-Water-Mark berechnet wird. Der Einfachheit halber beziehen sich diese Beispiele auf eine vorgeschlagene Performancegebühr von 20 % für jede bessere Wertentwicklung des Bruttoinventarwerts je Anteil.
Es fällt keine Performancegebühr an, wenn der Bruttoinventarwert je Anteil niedriger ist als entweder die relevante Benchmark oder die High-Water-Mark. Bei negativer Performance fällt keine Performancegebühr an, selbst wenn ein Fonds seine Hurdle oder Benchmark übertrifft.
Die Performancegebühren werden nach der folgenden Formel ermittelt:
Aufgelaufene Performancegebühr = ( ((Bruttoinventarwert Performance – Benchmark Performance)*High-Water-Mark)x 20 %) * durchschnittliche Anzahl der ausgegebenen Anteile während des Abrechnungszeitraums.
Die aufgelaufene Gebühr darf nicht negativ sein. | On each calculation day, any accounting provision made on the previous calculation day is adjusted to reflect the Share Class’ performance, positive or negative, calculated as described above. If the Gross Asset Value per Share on the calculation day is lower than the Hurdle or the Benchmark (as applicable) or the High Water Mark, the provision made on the previous calculation day is returned to the relevant Share Class within the relevant Fund. The accounting provision may, however, never be negative. Under no circumstances will the respective Investment Manager pay money into a Fund or to any Shareholder for any underperformance.
Examples 1 to 7 show how the performance fee is calculated using the relevant Hurdle or Benchmark with a High Water Mark. For simplicity these examples refer to a proposed 20% performance fee on any outperformance by the Gross Asset Value per Share.
No performance fee will be accrued if the Gross Asset Value per Share is lower than either the relevant Benchmark or the High Water Mark. No performance fee will be payable on negative performance, even where a Fund outperforms its Hurdle or Benchmark.
Performance fees will be accrued according to the following formula:
Accrued Performance Fee = ( ((Gross Asset Value Performance – Benchmark performance)*High Water Mark)x 20%) * average number of Shares in issue over the accounting period.
The accrued fee will not be allowed to become a negative monetary amount. | en | de |
DOLFIN8525 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# 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.
Objectifs et politique d’investissement
Rendements ajustés au risque sur l’ensemble des cycles de marché en investissant sur les marchés mondiaux d’actions, de matières premières et d’obligations tout en participant à la performance de la Stratégie Dynamic Commodities.
Nous gérons ce Compartiment par rapport à un Indice de référence. L’Indice de référence du Compartiment est utilisé pour définir les objectifs de performance du Compartiment et mesurer ses performances. Nous suivons une approche de gestion active dans l’objectif de surperformer l’Indice de référence. Même si les écarts par rapport à l’univers d’investissement, aux pondérations et aux caractéristiques de risque de l’Indice de référence, qui restent à notre seule discrétion, seront en toute vraisemblance importants, il est possible qu’une minorité des investissements du Compartiment (hors instruments dérivés) porte sur des composantes de l’Indice de référence.
Nous investissons au moins 70 % des actifs du Compartiment dans des obligations, Actions et/ou d’autres catégories d’actifs conformément à l’objectif d’investissement. Nous pouvons investir jusqu’à 30 % des actifs du Compartiment dans des Actions (titres de participation) et/ou des obligations et/ou des catégories d’actifs autres que celles décrites dans l’objectif d’investissement. Le Compartiment peut investir ses actifs sur les Marchés émergents. Nous pouvons investir les actifs du Compartiment dans des Obligations à haut rendement qui présentent habituellement un risque accru et un potentiel de bénéfices supérieur. Nous ne pouvons pas investir les actifs du Compartiment dans des ABS et/ou MBS. Jusqu’à 100 % des actifs du Compartiment peuvent être détenus en dépôt et/ou investis directement dans des instruments du marché monétaire et/ou (dans la limite de 10 % des actifs du Compartiment) dans des fonds monétaires
à titre temporaire, à des fins de gestion de la liquidité et/ou dans un but défensif. Toutes les obligations et tous les instruments du marché monétaire doivent être assortis, au moment de leur acquisition, d’une notation d’au moins B- ou d’une notation comparable d’une agence de notation reconnue. Le Compartiment participe à la Stratégie Dynamic Commodities que nous mettons en œuvre à l’aide d’une structure de dérivés, en particulier des swaps, basée sur une composante en espèces et de la performance positive ou négative résultant de l’investissement en titres de la Stratégie. La Stratégie se concentre sur les certificats négociés en bourse (ETC, pour « exchange traded certificates ») qui répliquent l’exposition à des matières premières individuelles. La Stratégie couvre 3 secteurs de matières premières (Énergie, Métaux industriels, Métaux précieux).
Indice de référence : BLOOMBERG Commodity Excl. Agriculture Excl. Livestock Capped Total Return (Shifted By 2 Days Forward) (hedged into EUR).
Vous pouvez généralement procéder au rachat des actions du fonds chaque jour ouvrable.
Nous distribuons généralement les revenus du fonds annuellement.
Recommandation: la Catégorie d’Actions du fonds devrait être détenue pour un horizon d’investissement à moyen/long terme au moins.
Des produits dérivés peuvent être utilisés pour compenser l'exposition aux variations de cours (couverture), profiter des écarts de cours entre deux ou plusieurs marchés (arbitrage) ou multiplier les gains bien que cela puisse aussi multiplier les pertes (levier).
Profil de risque et de rendement
¡ Rendement généralement plus faible
¡ Risque généralement plus faible
Rendement généralement plus élevé ¢
Risque généralement plus élevé ¢
| 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- |
7
par rapport aux volatilités historiques observées.
Les risques significatifs suivants ne sont pas pleinement pris en compte par l’ indicateur de risque et rendement:
Nous pouvons directement ou indirectement investir une part significative du
Cet indicateur de risque et rendement s'appuie sur les données de performance passées. Il ne constitue pas forcément une indication fiable du profil de risque futur du fonds.
La catégorisation du fonds n'est pas garantie et peut évoluer à l'avenir.
Même la catégorie 1, la plus basse, ne veut pas dire que l'investissement est sans risque.
Pourquoi le fonds relève-t-il de cette catégorie ?
Les fonds de catégorie 6 sont historiquement très volatils. La volatilité indique dans quelle mesure la valeur du fonds a fluctué à la hausse et à la baisse dans le passé. La valeur des parts d'un fonds de catégorie 6 peut fortement fluctuer
fonds dans des obligations ou instruments du marché monétaire. Si l'émetteur devient insolvable ou rencontre des difficultés économiques, l'intérêt et/ou le capital de ces actifs risque de ne pas être payé en intégralité ou en partie et/ou le cours des actifs peut chuter.
Nous pouvons investir une part significative du fonds dans des produits dérivés qui ne sont pas négociés sur une Bourse. Si une contrepartie de ces produits dérivés devient insolvable ou rencontre des difficultés économiques, le fonds peut enregistrer des pertes et/ou la valeur du fonds peut chuter. Par ailleurs, nous ne pouvons pas ou pas immédiatement mettre en œuvre des produits dérivés comparables avec de nouvelles contreparties qui peuvent entraîner des difficultés d'adoption continue de la stratégie d'investissement du fonds.
Frais
Ces frais servent à couvrir les coûts d'exploitation du fonds, y compris les coûts de commercialisation et de vente. Ils réduisent la croissance potentielle de votre investissement.
Frais ponctuels prélevés avant ou après investissement
Frais d'entrée Frais de sortie
Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou avant que le revenu de votre investissement ne vous soit distribué.
Frais prélevés par le fonds sur une année
Frais courants
Les frais d'entrée et de sortie affichés correspondent à des maximums. Ils peuvent parfois être inférieurs – veuillez vous adresser à votre conseiller financier pour connaître les frais d'entrée et de sortie réels.
Les frais courants communiqués se rapportent au dernier exercice du fonds clos le 30.09.2021. Ils peuvent varier d'un exercice à l'autre. Ils n'incluent pas les coûts de transaction encourus lors de l'achat ou la vente d'actifs du fonds.
Vous trouverez de plus amples informations sur le calcul des frais en consultant la section applicable du prospectus.
Performances passées
n % de croissance du fonds
n Indice de référence: jusqu’au 28.11.2019 l’indice BLOOMBERG COMMODITY INDEX TOTAL RETURN HEDGED (INITIAL VALUE HEDGING) TO EUR (ROLLOVER ON EVERY LAST DAY OF A
MONTH) SHIFTED BY 2 BUSINESS DAYS INTO THE FUTURE IN EUR, à compter du 29.11.2019 l’indice BLOOMBERG Commodity Excl. Agriculture Excl. Livestock Capped Total Return (Shifted By 2 Days Forward) (hedged into EUR)
40%
20%
0%
-20%
-40%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Les performances passées ne constituent pas une indication fiable des performances futures.
Le degré d’écart réel par rapport à l’Indice de référence définit la mesure dans laquelle la performance du fonds peut surperformer ou sous-performer la performance de l’Indice de référence.
Les performances passées indiquées ici tiennent compte de l'ensemble des frais et commissions, à l'exception des frais d'entrée, de conversion et de sortie.
Le fonds a été lancé en 2010. Cette catégorie d’actions a été lancée le 26.10.2010.
Les performances du fonds ont été calculées en EUR.
Informations pratiques
Dépositaire: State Street Bank International GmbH – succursale de Luxembourg
Vous pouvez obtenir gratuitement le prospectus, ainsi que les derniers rapports annuel et semestriels en anglais, français, espagnol et allemand auprès d'Allianz Global Investors GmbH, succursale de Luxembourg, 6A, route de Trèves, L-2633 Senningerberg ou en consultant le site https://regulatory.allianzgi.com.
Les prix unitaires, ainsi que d'autres informations relatives au fonds (y compris d'autres catégories d'actions du fonds), sont disponibles en ligne à l'adresse https://regulatory.allianzgi.com.
Des informations relatives à la politique de rémunération en vigueur, y compris une description des méthodes de calcul des rémunérations et gratifications de certaines catégories de salariés ainsi que l’indication des personnes chargées de la répartition sont disponibles sur https://regulatory.allianzgi.com et sur demande et sans frais en version papier.
Le fonds est soumis à la législation et à la réglementation fiscales au Luxembourg. Cela peut influer sur votre situation fiscale personnelle. Veuillez vous adresser à votre conseiller fiscal pour obtenir de plus amples informations.
La responsabilité de Allianz Global Investors GmbH ne peut être engagée que
sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du fonds.
Le fonds est un compartiment d'Allianz Global Investors Fund (le « fonds à compartiments multiples »). Vous pouvez procéder à la conversion dans des actions d'un autre compartiment du fonds à compartiments multiples. Les frais d'entrée s'appliquent à la conversion. Les actifs de chaque compartiment sont séparés des autres compartiments du fonds à compartiments multiples. Le prospectus et les rapports se rapportent à l'ensemble des compartiments du fonds à compartiments multiples.
Ce fonds est agréé au Luxembourg et réglementé par la Commission de Surveillance du Secteur Financier. Allianz Global Investors GmbH est agréée en Allemagne et réglementée par la Bundesanstalt für Finanzdienstleistungsaufsicht, l’autorité de surveillance des services financiers.
Les informations clés pour l’investisseur fournies ici sont exactes et à jour au 24.08.2022. | # Datos fundamentales para el inversor
El presente documento recoge los datos fundamentales sobre este fondo que el inversor debe conocer. No se trata de material de promoción comercial. La ley exige que se facilite esta información para ayudarle a comprender la naturaleza del fondo y los riesgos que comporta invertir en él. Es aconsejable que lea el documento para poder tomar una decisión fundada sobre la conveniencia o no de invertir en él.
Objetivos y política de inversión
Rentabilidad ajustada al riesgo a lo largo de todos los ciclos del mercado mediante la inversión en los mercados internacionales de renta variable, materias primas y bonos mientras participa en el rendimiento de la Estrategia Dynamic Commodities.
Gestionamos este Compartimento en función de un Índice de referencia. El Índice de referencia del Compartimento desempeña un papel fundamental en los objetivos y las medidas de rentabilidad del Compartimento. Utilizamos un enfoque de gestión activa a fin de superar la rentabilidad del Índice de referencia. Aunque es probable que nuestra desviación del universo de inversión, las ponderaciones y las características de riesgo del Índice de referencia sea importante según nuestro propio criterio, la menor parte de las inversiones del Compartimento (a excepción de los derivados) puede estar formada por componentes del Índice de referencia.
Un mínimo del 70 % de los activos del Compartimento se invierte en bonos, títulos-valores de renta variable y/u otras clases de activos, como se describe en el objetivo de inversión. Un máximo del 30 % de los activos del Compartimento se puede invertir en títulos-valores de renta variable y/o bonos y/o clases de activos diferentes de los descritos en el objetivo de inversión. Los activos del Compartimento pueden invertirse en mercados emergentes. Los activos del Compartimento pueden invertirse en bonos de alto rendimiento, que comportan un riesgo habitualmente superior y un mayor potencial de ganancias. Los activos del Compartimento no pueden invertirse en ABS y/o MBS. Se puede mantener un máximo del 100 % de los activos del Compartimento en depósitos y/o se puede invertir directamente en instrumentos del mercado monetario y/o (hasta
el 10 % de los activos del Compartimento) en fondos del mercado monetario de forma temporal para la gestión de la liquidez y/o con fines defensivos. Todos los bonos e instrumentos del mercado monetario deben tener, en el momento de su adquisición, una calificación crediticia de B-, como mínimo, o una calificación equivalente de una agencia de calificación crediticia reconocida. El Compartimento participa en la Estrategia Dynamic Commodities que implementamos mediante el uso de una estructura de derivados, particularmente «swaps» (permutas), sobre un componente de efectivo y el rendimiento positivo o negativo resultante de la inversión de la Estrategia en títulos-valores. La Estrategia se centra en certificados negociados en bolsa («ETC») que replican la exposición a materias primas específicas. La Estrategia cubre tres áreas de materias primas (energía, metales industriales y metales preciosos).
Índice de referencia: BLOOMBERG Commodity Excl. Agriculture Excl. Livestock Capped Total Return (Shifted By 2 Days Forward) (hedged into EUR).
Puede solicitar el reembolso de acciones de los fondos cada día hábil. Normalmente repartimos los ingresos del fondo cada año.
Recomendación: la Clase de Acciones del Fondo se debe mantener, como mínimo, en un horizonte de inversión de medio a largo plazo.
Se pueden usar derivados para compensar la exposición a las fluctuaciones de los precios (cobertura), para beneficiarse de las diferencias de precios entre dos o más mercados (arbitraje) o para multiplicar las ganancias, aunque también pueden multiplicar las pérdidas (apalancamiento).
Perfil de riesgo y remuneración
¡ Habitualmente menor remuneración
¡ Habitualmente menor riesgo
Habitualmente mayor remuneración ¢
Habitualmente mayor riesgo ¢
| 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- |
7
a fluctuaciones de precio altas según las volatilidades históricas observadas.
Los siguientes riesgos materiales no están totalmente contemplados por el indicador de riesgo y remuneración:
Podemos invertir directa o indirectamente una porción considerable del fondo
Este indicador de riesgo y remuneración se basa en los datos de rentabilidad histórica. Es posible que no sea una indicación fiable del perfil de riesgo futuro del fondo.
La categorización del fondo no está garantizada y puede variar en el futuro.
Incluso la asignación a la categoría más baja 1 no significa que la inversión esté libre de riesgos.
¿Por qué el fondo pertenece a esta categoría?
Los fondos de la categoría 6 han mostrado en el pasado una volatilidad alta. La volatilidad describe cuánto aumentó y disminuyó el valor del fondo en el pasado. Las participaciones de un fondo de la categoría 6 pueden estar sujetas
en bonos o instrumentos del mercado monetario. Si se declara la insolvencia del emisor o este padece problemas económicos, el interés y/o capital de estos activos no se pagará o no se pagará en su totalidad y/o el precio de los activos puede disminuir.
Podemos invertir una parte significativa del fondo en derivados que no se negocien en una bolsa. Si alguna contraparte de dichos derivados resultara insolvente o experimentara problemas económicos, esto podría provocar pérdidas para el fondo y/o el precio del fondo podría disminuir. Asimismo, no podemos, o no de inmediato, implementar derivados equivalentes con nuevas contrapartes, ya que esto podría generar dificultades a la hora de adoptar constantemente la estrategia de inversión del fondo.
Gastos
Estos gastos están destinados a sufragar los costes de funcionamiento del fondo, incluidos los costes de comercialización y distribución. Estos gastos reducen el posible crecimiento de su inversión.
Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión
Gastos de entrada Gastos de salida
Este es el máximo que puede detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión.
Gastos detraídos del fondo a lo largo de un año
Gastos corrientes
Los gastos de entrada y salida indicados representan las cifras máximas. Es posible que en algunos casos se deba pagar un importe inferior; puede consultar con su asesor financiero cuáles son sus gastos de entrada y salida reales.
Los gastos corrientes indicados se basan en el último ejercicio financiero del fondo, que finalizó el 30.09.2021. Pueden variar de un año a otro. No incluyen los costes de transacción incurridos cuando compramos o vendemos activos para el fondo.
Puede obtener más información sobre el cálculo de los gastos consultando la parte respectiva del folleto.
Rentabilidad histórica
n Crecimiento porcentual del fondo
n Valor de referencia: hasta 28.11.2019 BLOOMBERG COMMODITY INDEX TOTAL RETURN HEDGED (INITIAL VALUE HEDGING) TO EUR (ROLLOVER ON EVERY LAST DAY OF A MONTH)
SHIFTED BY 2 BUSINESS DAYS INTO THE FUTURE IN EUR, desde el 29.11.2019 BLOOMBERG Commodity Excl. Agriculture Excl. Livestock Capped Total Return (Shifted By 2 Days Forward) (hedged into EUR)
40%
20%
0%
-20%
-40%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
La rentabilidad histórica no es un signo fiable de rentabilidad futura.
El grado real de desviación con respecto al Índice de referencia determina la medida en que los resultados del fondo pueden ser superiores o inferiores a la rentabilidad del Índice de referencia.
La rentabilidad histórica indicada aquí tiene en cuenta todos los gastos y costes, excepto los gastos de entrada, traspaso y salida.
El fondo se lanzó en 2010. Esta clase de acciones se lanzó el 26.10.2010. La rentabilidad del fondo se calcula en EUR.
Información práctica
Depositario: State Street Bank International GmbH – Sucursal de Luxemburgo
Puede obtener gratuitamente el folleto, los últimos informes anuales y semestrales en inglés, francés, español y alemán en Allianz Global Investors GmbH, Sucursal de Luxemburgo, 6A, route de Trèves, L-2633 Senningerberg o visitando el sitio https://regulatory.allianzgi.com.
Los precios de las participaciones y otra información adicional relativa al fondo (incluidas otras clases de acciones del mismo) se encuentran disponibles en Internet en https://regulatory.allianzgi.com.
La información sobre la política de remuneración actual, incluyendo una descripción de los métodos de cálculo de las remuneraciones y los beneficios de ciertos grupos de empleados, así como los datos sobre personas competentes para la distribución, se encuentran disponibles en https://regulatory.allianzgi.com y en formato papel de forma gratuita bajo petición.
El fondo está sujeto a las leyes y disposiciones fiscales de Luxemburgo. Esto puede influir en su situación fiscal personal. Para obtener más información,
consulte a su asesor fiscal.
Allianz Global Investors GmbH únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo.
El fondo es un subfondo de Allianz Global Investors Fund (el “fondo paraguas”). Puede cambiar a acciones de otro subfondo del fondo paraguas. Dicho traspaso conlleva gastos de entrada. Los activos de cada subfondo se separan de otros subfondos del fondo paraguas. El folleto y los informes hacen referencia a todos los subfondos del fondo paraguas.
Este fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier. Allianz Global Investors GmbH está autorizada en Alemania y está regulada por la Bundesanstalt für Finanzdienstleistungsaufsicht.
Los presentes datos fundamentales para el inversor son exactos a 24.08.2022. | # 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.
Objectifs et politique d’investissement
Rendements ajustés au risque sur l’ensemble des cycles de marché en investissant sur les marchés mondiaux d’actions, de matières premières et d’obligations tout en participant à la performance de la Stratégie Dynamic Commodities.
Nous gérons ce Compartiment par rapport à un Indice de référence. L’Indice de référence du Compartiment est utilisé pour définir les objectifs de performance du Compartiment et mesurer ses performances. Nous suivons une approche de gestion active dans l’objectif de surperformer l’Indice de référence. Même si les écarts par rapport à l’univers d’investissement, aux pondérations et aux caractéristiques de risque de l’Indice de référence, qui restent à notre seule discrétion, seront en toute vraisemblance importants, il est possible qu’une minorité des investissements du Compartiment (hors instruments dérivés) porte sur des composantes de l’Indice de référence.
Nous investissons au moins 70 % des actifs du Compartiment dans des obligations, Actions et/ou d’autres catégories d’actifs conformément à l’objectif d’investissement. Nous pouvons investir jusqu’à 30 % des actifs du Compartiment dans des Actions (titres de participation) et/ou des obligations et/ou des catégories d’actifs autres que celles décrites dans l’objectif d’investissement. Le Compartiment peut investir ses actifs sur les Marchés émergents. Nous pouvons investir les actifs du Compartiment dans des Obligations à haut rendement qui présentent habituellement un risque accru et un potentiel de bénéfices supérieur. Nous ne pouvons pas investir les actifs du Compartiment dans des ABS et/ou MBS. Jusqu’à 100 % des actifs du Compartiment peuvent être détenus en dépôt et/ou investis directement dans des instruments du marché monétaire et/ou (dans la limite de 10 % des actifs du Compartiment) dans des fonds monétaires
à titre temporaire, à des fins de gestion de la liquidité et/ou dans un but défensif. Toutes les obligations et tous les instruments du marché monétaire doivent être assortis, au moment de leur acquisition, d’une notation d’au moins B- ou d’une notation comparable d’une agence de notation reconnue. Le Compartiment participe à la Stratégie Dynamic Commodities que nous mettons en œuvre à l’aide d’une structure de dérivés, en particulier des swaps, basée sur une composante en espèces et de la performance positive ou négative résultant de l’investissement en titres de la Stratégie. La Stratégie se concentre sur les certificats négociés en bourse (ETC, pour « exchange traded certificates ») qui répliquent l’exposition à des matières premières individuelles. La Stratégie couvre 3 secteurs de matières premières (Énergie, Métaux industriels, Métaux précieux).
Indice de référence : BLOOMBERG Commodity Excl. Agriculture Excl. Livestock Capped Total Return (Shifted By 2 Days Forward) (hedged into EUR).
Vous pouvez généralement procéder au rachat des actions du fonds chaque jour ouvrable.
Nous distribuons généralement les revenus du fonds annuellement.
Recommandation: la Catégorie d’Actions du fonds devrait être détenue pour un horizon d’investissement à moyen/long terme au moins.
Des produits dérivés peuvent être utilisés pour compenser l'exposition aux variations de cours (couverture), profiter des écarts de cours entre deux ou plusieurs marchés (arbitrage) ou multiplier les gains bien que cela puisse aussi multiplier les pertes (levier).
Profil de risque et de rendement
¡ Rendement généralement plus faible
¡ Risque généralement plus faible
Rendement généralement plus élevé ¢
Risque généralement plus élevé ¢
| 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- |
7
par rapport aux volatilités historiques observées.
Les risques significatifs suivants ne sont pas pleinement pris en compte par l’ indicateur de risque et rendement:
Nous pouvons directement ou indirectement investir une part significative du
Cet indicateur de risque et rendement s'appuie sur les données de performance passées. Il ne constitue pas forcément une indication fiable du profil de risque futur du fonds.
La catégorisation du fonds n'est pas garantie et peut évoluer à l'avenir.
Même la catégorie 1, la plus basse, ne veut pas dire que l'investissement est sans risque.
Pourquoi le fonds relève-t-il de cette catégorie ?
Les fonds de catégorie 6 sont historiquement très volatils. La volatilité indique dans quelle mesure la valeur du fonds a fluctué à la hausse et à la baisse dans le passé. La valeur des parts d'un fonds de catégorie 6 peut fortement fluctuer
fonds dans des obligations ou instruments du marché monétaire. Si l'émetteur devient insolvable ou rencontre des difficultés économiques, l'intérêt et/ou le capital de ces actifs risque de ne pas être payé en intégralité ou en partie et/ou le cours des actifs peut chuter.
Nous pouvons investir une part significative du fonds dans des produits dérivés qui ne sont pas négociés sur une Bourse. Si une contrepartie de ces produits dérivés devient insolvable ou rencontre des difficultés économiques, le fonds peut enregistrer des pertes et/ou la valeur du fonds peut chuter. Par ailleurs, nous ne pouvons pas ou pas immédiatement mettre en œuvre des produits dérivés comparables avec de nouvelles contreparties qui peuvent entraîner des difficultés d'adoption continue de la stratégie d'investissement du fonds.
Frais
Ces frais servent à couvrir les coûts d'exploitation du fonds, y compris les coûts de commercialisation et de vente. Ils réduisent la croissance potentielle de votre investissement.
Frais ponctuels prélevés avant ou après investissement
Frais d'entrée Frais de sortie
Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou avant que le revenu de votre investissement ne vous soit distribué.
Frais prélevés par le fonds sur une année
Frais courants
Les frais d'entrée et de sortie affichés correspondent à des maximums. Ils peuvent parfois être inférieurs – veuillez vous adresser à votre conseiller financier pour connaître les frais d'entrée et de sortie réels.
Les frais courants communiqués se rapportent au dernier exercice du fonds clos le 30.09.2021. Ils peuvent varier d'un exercice à l'autre. Ils n'incluent pas les coûts de transaction encourus lors de l'achat ou la vente d'actifs du fonds.
Vous trouverez de plus amples informations sur le calcul des frais en consultant la section applicable du prospectus.
Performances passées
n % de croissance du fonds
n Indice de référence: jusqu’au 28.11.2019 l’indice BLOOMBERG COMMODITY INDEX TOTAL RETURN HEDGED (INITIAL VALUE HEDGING) TO EUR (ROLLOVER ON EVERY LAST DAY OF A
MONTH) SHIFTED BY 2 BUSINESS DAYS INTO THE FUTURE IN EUR, à compter du 29.11.2019 l’indice BLOOMBERG Commodity Excl. Agriculture Excl. Livestock Capped Total Return (Shifted By 2 Days Forward) (hedged into EUR)
40%
20%
0%
-20%
-40%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Les performances passées ne constituent pas une indication fiable des performances futures.
Le degré d’écart réel par rapport à l’Indice de référence définit la mesure dans laquelle la performance du fonds peut surperformer ou sous-performer la performance de l’Indice de référence.
Les performances passées indiquées ici tiennent compte de l'ensemble des frais et commissions, à l'exception des frais d'entrée, de conversion et de sortie.
Le fonds a été lancé en 2010. Cette catégorie d’actions a été lancée le 26.10.2010.
Les performances du fonds ont été calculées en EUR.
Informations pratiques
Dépositaire: State Street Bank International GmbH – succursale de Luxembourg
Vous pouvez obtenir gratuitement le prospectus, ainsi que les derniers rapports annuel et semestriels en anglais, français, espagnol et allemand auprès d'Allianz Global Investors GmbH, succursale de Luxembourg, 6A, route de Trèves, L-2633 Senningerberg ou en consultant le site https://regulatory.allianzgi.com.
Les prix unitaires, ainsi que d'autres informations relatives au fonds (y compris d'autres catégories d'actions du fonds), sont disponibles en ligne à l'adresse https://regulatory.allianzgi.com.
Des informations relatives à la politique de rémunération en vigueur, y compris une description des méthodes de calcul des rémunérations et gratifications de certaines catégories de salariés ainsi que l’indication des personnes chargées de la répartition sont disponibles sur https://regulatory.allianzgi.com et sur demande et sans frais en version papier.
Le fonds est soumis à la législation et à la réglementation fiscales au Luxembourg. Cela peut influer sur votre situation fiscale personnelle. Veuillez vous adresser à votre conseiller fiscal pour obtenir de plus amples informations.
La responsabilité de Allianz Global Investors GmbH ne peut être engagée que
sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du fonds.
Le fonds est un compartiment d'Allianz Global Investors Fund (le « fonds à compartiments multiples »). Vous pouvez procéder à la conversion dans des actions d'un autre compartiment du fonds à compartiments multiples. Les frais d'entrée s'appliquent à la conversion. Les actifs de chaque compartiment sont séparés des autres compartiments du fonds à compartiments multiples. Le prospectus et les rapports se rapportent à l'ensemble des compartiments du fonds à compartiments multiples.
Ce fonds est agréé au Luxembourg et réglementé par la Commission de Surveillance du Secteur Financier. Allianz Global Investors GmbH est agréée en Allemagne et réglementée par la Bundesanstalt für Finanzdienstleistungsaufsicht, l’autorité de surveillance des services financiers.
Les informations clés pour l’investisseur fournies ici sont exactes et à jour au 24.08.2022. | fr | es |
DOLFIN8526 | 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: €10000 Si vous sortez après 1 an Scénarios | Si vous sortez après 3 ans |
| --- | --- |
| Minimum | Il n'y a pas de rendement minimum garanti. Vous pourriez perdre une partie ou la totalité de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €5250 | €5660 |
| Rendement annuel moyen | -47.50% | -10.76% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €7810 | €7720 |
| Rendement annuel moyen | -21.90% | -5.04% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10270 | €11080 |
| Rendement annuel moyen | 2.70% | 2.07% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €12380 | €13010 |
| Rendement annuel moyen | 23.80% | 5.40% | | | Periodo de mantenimiento recomendado: 3 años Ejemplo de inversión: €10000 En caso de salida después de 1 año Escenarios | En caso de salida después de 3 años |
| --- | --- |
| Mínimo | No hay una rentabilidad mínima garantizada. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €5250 | €5660 |
| Rendimiento medio cada año | -47.50% | -10.76% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €7810 | €7720 |
| Rendimiento medio cada año | -21.90% | -5.04% |
| Moderado | Lo que podría recibir tras deducir los costes | €10270 | €11080 |
| Rendimiento medio cada año | 2.70% | 2.07% |
| Favorable | Lo que podría recibir tras deducir los costes | €12380 | €13010 |
| Rendimiento medio cada año | 23.80% | 5.40% | | | Période de détention recommandée: 3 ans Exemple d'investissement: €10000 Si vous sortez après 1 an Scénarios | Si vous sortez après 3 ans |
| --- | --- |
| Minimum | Il n'y a pas de rendement minimum garanti. Vous pourriez perdre une partie ou la totalité de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €5250 | €5660 |
| Rendement annuel moyen | -47.50% | -10.76% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €7810 | €7720 |
| Rendement annuel moyen | -21.90% | -5.04% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10270 | €11080 |
| Rendement annuel moyen | 2.70% | 2.07% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €12380 | €13010 |
| Rendement annuel moyen | 23.80% | 5.40% | | fr | es |
DOLFIN8527 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Shareholders or prospective investors may subscribe for a Class at a subscription price per Share equal to:
- the Initial Offer Price plus the Sales Charge (if applicable) where the subscription relates to the Initial Offering Period; or
- the Net Asset Value per Share as of the Dealing Day on which the subscription is effected plus the Sales Charge (if applicable) where the subscription relates to an offering subsequent to the Initial Offer Period of Shares of an existing Class in an existing Sub-Fund. | ## Les Actionnaires ou les investisseurs potentiels peuvent souscrire à une Catégorie d'Actions pour un prix de souscription par Action égal :
- au Prix de Souscription Initial plus la Commission de Souscription (si elle s’applique) lorsque la souscription se rapporte à la Période de Souscription Initiale ; ou
- à la Valeur Nette d’Inventaire par Action à la Date de négociation à laquelle la souscription est effectuée plus la Commission de Souscription (si elle s’applique), lorsque la souscription se rapporte à une offre suivant la Période Initiale de Souscription portant sur les Actions d'une Catégorie existante d'un Compartiment existant. | ## Shareholders or prospective investors may subscribe for a Class at a subscription price per Share equal to:
- the Initial Offer Price plus the Sales Charge (if applicable) where the subscription relates to the Initial Offering Period; or
- the Net Asset Value per Share as of the Dealing Day on which the subscription is effected plus the Sales Charge (if applicable) where the subscription relates to an offering subsequent to the Initial Offer Period of Shares of an existing Class in an existing Sub-Fund. | en | fr |
DOLFIN8528 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
When a Fund borrows money or otherwise leverages its holdings, for example, where it utilises FDI, the value of an investment in that Fund will be more volatile and all other risks will tend to be compounded.
-
###### Volatility Risk | Wenn ein Fonds Fremdmittel aufnimmt oder seine Bestände anderweitig hebelt, wie beispielsweise beim Einsatz von Finanzderivaten, führt dies zu erhöhter Volatilität des Wertes einer Anlage in dem Fonds und tendenziell zu einer Kumulierung aller anderen Risiken.
-
###### Volatilitätsrisiko | When a Fund borrows money or otherwise leverages its holdings, for example, where it utilises FDI, the value of an investment in that Fund will be more volatile and all other risks will tend to be compounded.
-
###### Volatility Risk | en | de |
DOLFIN8529 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2-JSS EUR Acc between 28/02/2022-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,540
-4.6%
EUR 9,756
-0.5% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2-JSS EUR Acc entre 28/02/2022-31/03/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 540 EUR
-4,6%
9 756 EUR
-0,5% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI2-JSS EUR Acc between 28/02/2022-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,540
-4.6%
EUR 9,756
-0.5% | en | es |
DOLFIN8530 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Impact sur les Investisseurs
Le Conseil d’administration de la Société considère qu’il est dans l’intérêt de la Société et de ses actionnaires que la Société de gestion assume ses nouvelles fonctions susmentionnées et nomme également les Nouveaux agents de traitement de données.
Le changement de prestataires de services ne portera pas préjudice de manière significative aux droits ni aux intérêts des investisseurs existants de la Société. Il n’en résultera pas de changement important du profil de risque global de la Société. Par ailleurs, il n’y aura pas de changement important dans le fonctionnement et/ou la manière dont la Société est gérée. Les coûts de cette modification seront supportés par la Société de gestion. Il n’y aura pas de changement important en ce qui concerne les commissions et frais applicables à la Société et à ses Compartiments. Toutefois, certains Compartiments peuvent être amenés à payer une commission plus élevée pour les services d’agent de transfert, pouvant aller jusqu’à 0,01 % sur une base annuelle. | # Consecuencias para los inversores
El Consejo de Administración de la Sociedad considera que es en el mejor interés de la Sociedad y de sus accionistas que la Sociedad Gestora actúe en las nuevas funciones señaladas anteriormente y que también designe a los Nuevos agentes de tratamiento de datos.
El cambio de proveedores de servicios no perjudicará de manera significativa los derechos o intereses de los actuales inversores de la Sociedad, y no habrá ningún cambio significativo en el perfil de riesgo general de la Sociedad como consecuencia del mismo. Por lo demás, no se producirá ningún cambio sustancial en el funcionamiento y/o la forma de gestión de la Sociedad, y los costes de dicho cambio serán asumidos en última instancia por la Sociedad Gestora. No se producirá ningún cambio significativo en las comisiones y gastos aplicables a la Sociedad y a sus Subfondos. Sin embargo, determinados Subfondos podrán soportar un aumento de la comisión por servicios del agente de transferencias de hasta el 0,01% anual. | # Impact sur les Investisseurs
Le Conseil d’administration de la Société considère qu’il est dans l’intérêt de la Société et de ses actionnaires que la Société de gestion assume ses nouvelles fonctions susmentionnées et nomme également les Nouveaux agents de traitement de données.
Le changement de prestataires de services ne portera pas préjudice de manière significative aux droits ni aux intérêts des investisseurs existants de la Société. Il n’en résultera pas de changement important du profil de risque global de la Société. Par ailleurs, il n’y aura pas de changement important dans le fonctionnement et/ou la manière dont la Société est gérée. Les coûts de cette modification seront supportés par la Société de gestion. Il n’y aura pas de changement important en ce qui concerne les commissions et frais applicables à la Société et à ses Compartiments. Toutefois, certains Compartiments peuvent être amenés à payer une commission plus élevée pour les services d’agent de transfert, pouvant aller jusqu’à 0,01 % sur une base annuelle. | fr | es |
DOLFIN8531 | 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 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 MSCI North America Index, the Fund’s benchmark index.
The Fund is passively managed and aims to invest as far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The benchmark index measures the performance of equity securities issued by large and mid capitalisation companies of the U.S. and Canada markets and is a free float-adjusted market capitalisation weighted index. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the benchmark index. Market capitalisation is the share price of the company multiplied by the number of shares issued.
The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to it.
The investment manager may also, in limited circumstances, use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets).
The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleja la rentabilidad del índice MSCI North America, el índice de referencia del Fondo.
El Fondo se gestiona de manera pasiva y trata de invertir en la medida de lo posible y realizable en los valores de renta variable (p. ej., acciones) que componen el Índice.
El índice de referencia mide la rentabilidad de los valores de renta variable emitidos por empresas de gran y mediana capitalización de los mercados de Estados Unidos y Canadá, y es un índice ponderado de capitalización bursátil ajustada a flotación libre. Ajustada a flotación libre significa que para el cálculo del índice de referencia solamente se utilizan las acciones inmediatamente disponibles en el mercado, en vez de todas las acciones emitidas por una empresa. 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 de referencia manteniendo los valores de renta variable que componen dicho índice de referencia, en proporciones similares a este.
Además, en circunstancias limitadas, la gestora de inversiones podrá utilizar instrumentos financieros derivados (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes).
El Fondo podrá realizar préstamos garantizados a corto plazo de sus inversiones a determinados terceros aptos. Este tipo de operación se utiliza como medio de generar rendimientos adicionales y de compensar los costes del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 10 000 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to 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 MSCI North America Index, the Fund’s benchmark index.
The Fund is passively managed and aims to invest as far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The benchmark index measures the performance of equity securities issued by large and mid capitalisation companies of the U.S. and Canada markets and is a free float-adjusted market capitalisation weighted index. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the benchmark index. Market capitalisation is the share price of the company multiplied by the number of shares issued.
The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to it.
The investment manager may also, in limited circumstances, use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets).
The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN8532 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 Example Investment: 10,000 EUR Scenarios | If you exit after 1 year | If you exit after 5 years (RHP) |
| --- | --- | --- |
| Minimum | You could lose some or all of your investment |
| Stress scenario | What you might get back after costs | 4,583 EUR | 3,645 EUR |
| Average return each year | -54.17% | -18.28% |
| Unfavourable scenario | What you might get back after costs | 6,447 EUR | 6,726 EUR |
| Average return each year | -35.53% | -7.62% |
| Moderate scenario | What you might get back after costs | 11,179 EUR | 17,592 EUR |
| Average return each year | 11.79% | 11.96% |
| Favourable scenario | What you might get back after costs | 14,969 EUR | 23,018 EUR |
| Average return each year | 49.69% | 18.14% | | | Período de mantenimiento recomendado: 5 Ejemplo de inversión: 10 000 EUR Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Mínimo | Podría perder parte o la totalidad de su inversión |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 4.583 EUR | 3.645 EUR |
| Rendimiento medio cada año | -54,17 % | -18,28 % |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 6.447 EUR | 6.726 EUR |
| Rendimiento medio cada año | -35,53 % | -7,62 % |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 11.179 EUR | 17.592 EUR |
| Rendimiento medio cada año | 11,79 % | 11,96 % |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 14.969 EUR | 23.018 EUR |
| Rendimiento medio cada año | 49,69 % | 18,14 % | | | Recommended holding period: 5 Example Investment: 10,000 EUR Scenarios | If you exit after 1 year | If you exit after 5 years (RHP) |
| --- | --- | --- |
| Minimum | You could lose some or all of your investment |
| Stress scenario | What you might get back after costs | 4,583 EUR | 3,645 EUR |
| Average return each year | -54.17% | -18.28% |
| Unfavourable scenario | What you might get back after costs | 6,447 EUR | 6,726 EUR |
| Average return each year | -35.53% | -7.62% |
| Moderate scenario | What you might get back after costs | 11,179 EUR | 17,592 EUR |
| Average return each year | 11.79% | 11.96% |
| Favourable scenario | What you might get back after costs | 14,969 EUR | 23,018 EUR |
| Average return each year | 49.69% | 18.14% | | en | es |
DOLFIN8533 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Investors are alerted to the fact that investment in the Sub-Fund aims to help finance the ecological and energy transition but that it does not generate direct positive impacts on the environment and society.
- Measuring the impactThe measurement of the Sub-Fund's actual contribution to the energy and ecological transition will be assessed with regard to its impact on climate change.
- Authorised assetsThe Sub-Fund will invest at least up to 80% of its net assets in listed equities of any capitalisation size and from all geographical areas, including up to 25% of its net assets in issuers from emerging countries. | Nous attirons l’attention des investisseurs sur le fait que son investissement dans le Compartiment a pour objectif de contribuer au financement de la transition écologique et énergétique mais qu’il ne génère pas d’impacts directs positifs sur l’environnement et la société.
- Mesure d’impactLa mesure de la contribution effective du Compartiment à la transition énergétique et écologique sera appréciée au regard de son impact sur le changement climatique.
- Actifs autorisésLe Compartiment sera investi au minimum à hauteur de 80% de son actif net en actions cotées et de toute taille de capitalisation et de toutes zones géographiques dont jusqu'à 25% de son actif net dans des émetteurs des pays émergents. | Investors are alerted to the fact that investment in the Sub-Fund aims to help finance the ecological and energy transition but that it does not generate direct positive impacts on the environment and society.
- Measuring the impactThe measurement of the Sub-Fund's actual contribution to the energy and ecological transition will be assessed with regard to its impact on climate change.
- Authorised assetsThe Sub-Fund will invest at least up to 80% of its net assets in listed equities of any capitalisation size and from all geographical areas, including up to 25% of its net assets in issuers from emerging countries. | en | fr |
DOLFIN8534 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# In connection with the above activities the Depositary or its affiliates:
- will seek to profit from such activities and are entitled to receive and retain any profits or compensation in any form and are not bound to disclose to, the Fund, the nature or amount of any such profits or compensation including any fee, charge, commission, revenue share, spread, mark-up, mark-down, interest, rebate, discount, or other benefit received in connection with any such activities;
- may buy, sell, issue, deal with or hold, securities or other financial products or instruments as principal acting in its own interests, the interests of its affiliates or for its other clients;
- may trade in the same or opposite direction to the transactions undertaken, including based upon information in its possession that is not available to the Fund;
- may provide the same or similar services to other clients including competitors of the Fund; and
- may be granted creditors’ rights by the Fund which it may exercise.
The Fund may use an affiliate of the Depositary to execute foreign exchange, spot or swap transactions for the account of the Fund. In such instances the affiliate shall be acting in a principal capacity and not as a broker, agent or fiduciary of the Fund. The affiliate will seek to profit from these transactions and is entitled to retain and not disclose any profit to the Fund. The affiliate shall enter into such transactions on the terms and conditions agreed with the Fund.
Where cash belonging to the Fund is deposited with an affiliate being a bank, a potential conflict arises in relation to the interest (if any) which the affiliate may pay or charge to such account and the fees or other benefits which it may derive from holding such cash as banker and not as trustee.
Paying Agents. Local laws/regulations in certain Relevant Jurisdictions may require (i) the Fund to appoint facilities agents/paying agents/representatives/sub-distributors/correspondent banks (any such appointee is hereafter referred to as a “Paying Agent” and provided further that any such appointment may be made notwithstanding that it is not a legal or regulatory requirement) and (ii) the maintenance of accounts by such Paying Agents through which subscription and redemption monies or dividends may be paid. Shareholders who choose or who are obliged under local regulations to pay subscription monies, or receive redemption monies or dividends, through a Paying Agent are subject to the credit risk of the Paying Agent with respect to (a) the subscription monies for investment in a Sub-Fund held by the Paying Agent prior to the transmission of such monies to the Depositary for the account of the relevant Sub-Fund and (b) the redemption monies and dividend payments held by the Paying Agent (after transmission by the Fund) prior to payment to the relevant Shareholder. Fees and expenses of the Paying Agents appointed by the Fund, which will be at normal commercial rates, will be borne by the Fund in respect of which a Paying Agent has been appointed. All Shareholders of the relevant Sub- Fund on whose behalf a Paying Agent is appointed may use the services provided by Paying Agents appointed by or on behalf of the Fund. | # Comte tenu des activités ci-dessus, le dépositaire ou ses sociétés affiliées :
- chercheront à tirer profit de ces activités et sont en droit de recevoir et de retenir tous bénéfices ou rémunérations sous quelque forme que ce soit, et ne sont pas tenus de divulguer au fonds la nature ou le montant de tels bénéfices ou rémunérations, y compris tous droits, commissions, honoraires, frais, parts de revenus, écarts, marges, réductions, intérêts, remises ou autres avantages perçus en relation avec ces activités ;
- peuvent acheter, vendre, émettre, négocier ou détenir des titres ou d'autres produits ou instruments financiers en tant que principal dans le cadre de l'exercice de leurs activités pour leur propre compte, pour le compte de leurs sociétés affiliées ou pour d'autres clients ;
- peuvent négocier des opérations allant dans la même direction que les opérations entreprises ou dans la direction opposée, y compris sur la base d'informations en leur possession qui ne sont pas accessibles au fonds ;
- peuvent fournir des services identiques ou semblables à d'autres clients, y compris des concurrents du fonds ;
- peuvent recevoir du fonds des droits de créancier, qu'ils peuvent exercer.
Le fonds peut utiliser une société affiliée du dépositaire pour exécuter des opérations de change, au comptant ou d'échange pour le compte du fonds. Dans de tels cas, la société affiliée agira en son nom propre et non en tant que courtier, agent ou fiduciaire du fonds. La société affiliée cherchera à tirer profit de ces opérations et est en droit de retenir tout bénéfice réalisé sans divulgation au fonds. La société affiliée effectue de telles opérations aux conditions convenues avec le fonds.
Lorsque des liquidités appartenant au fonds sont déposées auprès d'une société affiliée qui est une banque, un conflit potentiel se fait jour en relation avec l'intérêt (éventuel) que la société affiliée peut payer ou imputer à ce compte ainsi qu'avec les commissions ou les autres bénéfices qu'elle peut tirer de la détention de telles liquidités en tant qu'établissement bancaire et non en tant que mandataire.
Agents payeurs. La législation ou la règlementation locale de certains pays admissibles peut exiger (i) que le fonds désigne des agents d'information, des agents payeurs, des représentants, des sous-distributeurs ou des correspondants bancaires (la personne désignée étant appelée ci-dessous l'« agent payeur », sous réserve, en outre, que cette désignation puisse être effectuée en dépit du fait qu'elle ne serait pas requise par la législation ou la règlementation) et (ii) qu'un tel agent payeur tienne des comptes par lesquels les capitaux de souscription et de rachat ou les dividendes sont payés. Les actionnaires choisissant ou tenus, au titre de la règlementation locale, de payer des montants de souscription ou de recevoir des montants de rachat ou des dividendes à travers un agent payeur sont exposés au risque de crédit de l'agent payeur pour (a) les montants de souscription pour un investissement dans un compartiment qui sont détenus par l'agent payeur dès avant le transfert de ces montants au dépositaire pour le compte du compartiment concerné et (b) les montants de rachat et les montants de dividendes qui sont détenus par l'agent payeur (après transmission par le fonds) dès avant le paiement à l'actionnaire concerné. Les commissions et frais d'un agent payeur désigné par le fonds, aux taux habituels du marché, sont supportés par le fonds pour lequel un agent payeur a été désigné. Tous les actionnaires du compartiment pour le compte duquel un agent payeur a été désigné peuvent faire appel aux services fournis par l'agent payeur désigné par ou au nom du fonds. | # In connection with the above activities the Depositary or its affiliates:
- will seek to profit from such activities and are entitled to receive and retain any profits or compensation in any form and are not bound to disclose to, the Fund, the nature or amount of any such profits or compensation including any fee, charge, commission, revenue share, spread, mark-up, mark-down, interest, rebate, discount, or other benefit received in connection with any such activities;
- may buy, sell, issue, deal with or hold, securities or other financial products or instruments as principal acting in its own interests, the interests of its affiliates or for its other clients;
- may trade in the same or opposite direction to the transactions undertaken, including based upon information in its possession that is not available to the Fund;
- may provide the same or similar services to other clients including competitors of the Fund; and
- may be granted creditors’ rights by the Fund which it may exercise.
The Fund may use an affiliate of the Depositary to execute foreign exchange, spot or swap transactions for the account of the Fund. In such instances the affiliate shall be acting in a principal capacity and not as a broker, agent or fiduciary of the Fund. The affiliate will seek to profit from these transactions and is entitled to retain and not disclose any profit to the Fund. The affiliate shall enter into such transactions on the terms and conditions agreed with the Fund.
Where cash belonging to the Fund is deposited with an affiliate being a bank, a potential conflict arises in relation to the interest (if any) which the affiliate may pay or charge to such account and the fees or other benefits which it may derive from holding such cash as banker and not as trustee.
Paying Agents. Local laws/regulations in certain Relevant Jurisdictions may require (i) the Fund to appoint facilities agents/paying agents/representatives/sub-distributors/correspondent banks (any such appointee is hereafter referred to as a “Paying Agent” and provided further that any such appointment may be made notwithstanding that it is not a legal or regulatory requirement) and (ii) the maintenance of accounts by such Paying Agents through which subscription and redemption monies or dividends may be paid. Shareholders who choose or who are obliged under local regulations to pay subscription monies, or receive redemption monies or dividends, through a Paying Agent are subject to the credit risk of the Paying Agent with respect to (a) the subscription monies for investment in a Sub-Fund held by the Paying Agent prior to the transmission of such monies to the Depositary for the account of the relevant Sub-Fund and (b) the redemption monies and dividend payments held by the Paying Agent (after transmission by the Fund) prior to payment to the relevant Shareholder. Fees and expenses of the Paying Agents appointed by the Fund, which will be at normal commercial rates, will be borne by the Fund in respect of which a Paying Agent has been appointed. All Shareholders of the relevant Sub- Fund on whose behalf a Paying Agent is appointed may use the services provided by Paying Agents appointed by or on behalf of the Fund. | en | fr |
DOLFIN8535 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
When the derivative provides, either automatically or at the counterpart’s choice, for physical delivery of the underlying financial instrument on maturity or exercise, and provided that physical delivery is common practice on the instrument concerned, the Sub- Fund must hold this underlying financial instrument as cover in its portfolio.
In cases where the underlying financial instrument of a financial derivative instrument is highly liquid, the Sub-Fund is allowed to hold exceptionally other liquid assets as cover provided that they can be used at any time to purchase the underlying financial instrument to be delivered and that the additional market risk which is associated with that type of transaction is adequately measured.
Where the financial derivative instrument is cash-settled either automatically or at the Company’s discretion, the Sub-Fund is allowed not to hold the specific underlying instrument as cover. In this case, the following categories of instruments constitute an acceptable cover:
- cash;
- liquid debt instruments with appropriate safeguards (in particular, haircuts);
- other highly liquid assets, such as, but not limited to, shares of companies admitted to Official Listing on a stock exchange or dealt in a Regulated Market, recognized by the CSSF in consideration of their correlation with the underlying of the financial derivative instrument, subject to appropriate safeguards. | Lorsque l’instrument dérivé prévoit, automatiquement ou sur demande de la contrepartie, la livraison physique de l’instrument financier sous-jacent à l’échéance ou lors de l’exercice, et dans la mesure où la livraison physique est pratique courante pour l’instrument en question, le Compartiment est tenu de détenir cet instrument financier sous-jacent dans son portefeuille en tant que couverture.
Lorsque l’instrument financier sous-jacent d’un instrument financier dérivé est très liquide, le Compartiment est autorisé à détenir, à titre exceptionnel, d’autres actifs liquides à des fins de couverture, à condition que ceux-ci puissent être utilisés à tout moment pour acheter l’instrument financier sous-jacent à livrer et que le risque de marché supplémentaire lié à ce type de transaction fasse l’objet d’une évaluation en bonne et due forme.
Lorsque l’instrument financier dérivé fait l’objet d’un règlement en espèces, soit automatiquement soit à la discrétion de la Société, le Compartiment est autorisé à ne pas détenir l’instrument sous-jacent spécifique en tant que couverture. Dans ce cas, les catégories d’instruments suivantes constituent une couverture acceptable:
- liquidités;
- titres de créance liquides assortis de protections appropriées (notamment de marges de sécurité);
- autres actifs très liquides incluant, sans toutefois s’y limiter, les actions de sociétés admises à la Cote officielle d’une Bourse ou négociées sur un Marché réglementé, dont la corrélation avec le sous-jacent de l’instrument financier dérivé est reconnue par la CSSF, assorties de protections appropriées. | When the derivative provides, either automatically or at the counterpart’s choice, for physical delivery of the underlying financial instrument on maturity or exercise, and provided that physical delivery is common practice on the instrument concerned, the Sub- Fund must hold this underlying financial instrument as cover in its portfolio.
In cases where the underlying financial instrument of a financial derivative instrument is highly liquid, the Sub-Fund is allowed to hold exceptionally other liquid assets as cover provided that they can be used at any time to purchase the underlying financial instrument to be delivered and that the additional market risk which is associated with that type of transaction is adequately measured.
Where the financial derivative instrument is cash-settled either automatically or at the Company’s discretion, the Sub-Fund is allowed not to hold the specific underlying instrument as cover. In this case, the following categories of instruments constitute an acceptable cover:
- cash;
- liquid debt instruments with appropriate safeguards (in particular, haircuts);
- other highly liquid assets, such as, but not limited to, shares of companies admitted to Official Listing on a stock exchange or dealt in a Regulated Market, recognized by the CSSF in consideration of their correlation with the underlying of the financial derivative instrument, subject to appropriate safeguards. | en | fr |
DOLFIN8536 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### 3. Fees and expenses (continued)
- Administrator's and Depositary’s FeesThe Management Company is responsible for the payment to the Administrator and Depositary out of the TER, an annual fee, payable monthly in arrears at a rate ranging from 0.50 basis points to 3.5 basis points of the net monthly average assets of the sub-funds, subject to a minimum flat annual fee of EUR 1,070,000. The Administrator's and Depositary’s fee payable by the Management Company out of the TER for the financial year ended 31 December 2021 is USD 5,489,935 (31 December 2020: USD 3,065,703) of which USD 2,022,057 (31 December 2020:USD 1,440,920) is payable at 31 December 2021.
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#### Directors’ fees and expenses | #### 3. Frais et charges (suite)
- Honoraires de l’Agent administratif et du DépositaireLa Société de gestion est chargée de payer à l’Agent administratif et au Dépositaire, par prélèvement sur le TFE, une commission annuelle à payer mensuellement à terme échu à un taux compris entre 0,50 point de base et 3,5 points de base des actifs nets moyens mensuels des compartiments, sous réserve d’une commission annuelle forfaitaire minimale de 1 070 000 EUR. La commission de l’Agent administratif et du Dépositaire due par la Société de gestion sur le TFE pour l’exercice clôturé le 31 décembre 2021 est de 5 489 935 USD (31 décembre 2020 :3 065 703 USD), dont 2 022 057 USD (31 décembre 2020 : 1 440 920 USD) étaient à verser au31 décembre 2021.
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#### Honoraires et frais des Administrateurs | #### 3. Fees and expenses (continued)
- Administrator's and Depositary’s FeesThe Management Company is responsible for the payment to the Administrator and Depositary out of the TER, an annual fee, payable monthly in arrears at a rate ranging from 0.50 basis points to 3.5 basis points of the net monthly average assets of the sub-funds, subject to a minimum flat annual fee of EUR 1,070,000. The Administrator's and Depositary’s fee payable by the Management Company out of the TER for the financial year ended 31 December 2021 is USD 5,489,935 (31 December 2020: USD 3,065,703) of which USD 2,022,057 (31 December 2020:USD 1,440,920) is payable at 31 December 2021.
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#### Directors’ fees and expenses | en | fr |
DOLFIN8537 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Fund is intended to be a long-term investment vehicle and is not designed to be used by investors for speculating on short- term market or currency movements. The Manager reserves the right, as it deems appropriate, to take any necessary or desirable measures in order to limit or prevent abusive trading practices (which include but are not limited to ”market timing” or “portfolio churning”). Such actions may include (but are not limited to) the Manager rejecting any application for subscription or conversion of Units from any investor which the Manager believes is engaged in or suspected to be engaged in such abusive practices. Although there can be no assurance that the Manager will be able to detect and prevent all such occurrences, the goal of thispolicy is to minimise any negative impact of such abusive short-term trading practices on other Unitholders while recognising the benefits that accrue to all Unitholders from sharing fund expenses across a large asset base.
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#### Sustainability Risks | Il Fondo è stato concepito come veicolo d'investimento a lungo termine e non è destinato agli investitori interessati a speculare sull'andamento del mercato a breve termine o sulle fluttuazioni valutarie. Il Gestore si riserva il diritto, come ritenuto opportuno, di adottare tutte le misure necessarie o auspicabili volte a limitare o prevenire pratiche di negoziazione abusive (che includono, a titolo meramente esemplificativo, il "market timing" o il "portfolio churning"). Tali azioni possono comprendere (a titolo meramente esemplificativo) il rifiuto da parte del Gestore di richieste di sottoscrizione o conversione di Quote di qualsiasi investitore che egli ritenga o sospetti essere impegnato in tali pratiche abusive. Sebbene non vi siano garanzie che il Gestore riesca a individuare e a prevenire tutti i casi, l'obiettivo di questa politica è minimizzare gli effett i negativi delle pratiche di negoziazione a breve termine abusive per gli altri Titolari di Quote, riconoscendo al contempo i benefici che derivano a tutti i Titolari di Quote dalla condivisione delle spese del fondo su un'ampia base di attività.
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#### Rischi di Sostenibilità | The Fund is intended to be a long-term investment vehicle and is not designed to be used by investors for speculating on short- term market or currency movements. The Manager reserves the right, as it deems appropriate, to take any necessary or desirable measures in order to limit or prevent abusive trading practices (which include but are not limited to ”market timing” or “portfolio churning”). Such actions may include (but are not limited to) the Manager rejecting any application for subscription or conversion of Units from any investor which the Manager believes is engaged in or suspected to be engaged in such abusive practices. Although there can be no assurance that the Manager will be able to detect and prevent all such occurrences, the goal of thispolicy is to minimise any negative impact of such abusive short-term trading practices on other Unitholders while recognising the benefits that accrue to all Unitholders from sharing fund expenses across a large asset base.
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#### Sustainability Risks | en | it |
DOLFIN8538 | 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 Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index, the Fund’s benchmark index (Index).
The Index aims to measure the performance of US Dollar denominated corporate bonds in the Markit iBoxx USD Liquid Investment Grade Index (Underlying Index) while hedging against underlying interest rate risk of Dollar corporate bonds. The Underlying Index measures the performance of Dollar denominated, corporate fixed income (FI) securities (such as bonds) which pay income according to a fixed rate of interest. The FI securities will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase.
The Index hedges against underlying interest rate risk by selling US Treasury bond futures; a bond futures contract locks in the price at which a bond can be bought or sold at a future date. The hedge aims to reduce exposure to changes in the US Treasury bond interest rate curve, which shows the interest rates of different maturities.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the FI securities that make up the Underlying Index and comply with its credit rating requirements, as well as in US Treasury bond futures contracts that, as far as possible track the hedging methodology of the Index. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position.
The US Treasury bond futures contracts are weighted appropriately according to the duration of the FI securities held in the Index on a monthly basis. No adjustment is made to the hedge during the month to account for price movements of FI securities of the Index.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of FDIs (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. Apart from hedging US Treasury bond yield exposure, the use of FDIs is expected to be limited for this Share Class.
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).
Your shares will be denominated in US Dollar, 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 Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index, el índice de referencia del Fondo (el Índice).
El Índice tiene por objetivo medir la rentabilidad de los bonos empresariales denominados en dólares estadounidenses del Índice Markit iBoxx USD Liquid Investment Grade (Índice Subyacente), ofreciendo cobertura al mismo tiempo frente al riesgo de los tipos de interés subyacentes de los bonos empresariales denominados en dólares. El Índice Subyacente mide la rentabilidad de los valores de renta fija (RF) empresarial (como bonos) denominados en dólares, que pagan intereses a un tipo fijo de interés. Los valores de RF tendrá la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia) en el momento de la adquisición.
El Índice ofrece cobertura frente al riesgo de los tipos de interés subyacentes al vender futuros sobre bonos del Tesoro estadounidenses; un contrato de futuro sobre un bono fija el precio al que puede comprarse o venderse un bono en una fecha futura. La cobertura trata de reducir la exposición a los cambios en la curva de tipos de interés de los bonos del Tesoro estadounidenses, que muestra los tipos de interés de distintos vencimientos.
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 RF que componen el Índice Subyacente y cumplen con sus requisitos de calificación de solvencia, así como en contratos de futuros sobre bonos del Tesoro estadounidenses que repliquen lo máximo posible la metodología de cobertura del Índice. 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 vender la posición.
Los contratos de futuros sobre bonos del Tesoro estadounidenses están ponderados adecuadamente según la duración de los valores de RF incluidos en el Índice con carácter mensual. Durante el mes no se realiza ningún ajuste a la cobertura a fin de tener en cuenta las variaciones de los precios de los valores de RF del Índice.
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 IFD (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Aparte de la cobertura de la exposición a la rentabilidad de los bonos del Tesoro estadounidenses, para esa clase de acciones, está previsto que la utilización de IFD sea limitada.
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).
Sus acciones estarán denominadas en dólares estadounidenses, 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 Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index, the Fund’s benchmark index (Index).
The Index aims to measure the performance of US Dollar denominated corporate bonds in the Markit iBoxx USD Liquid Investment Grade Index (Underlying Index) while hedging against underlying interest rate risk of Dollar corporate bonds. The Underlying Index measures the performance of Dollar denominated, corporate fixed income (FI) securities (such as bonds) which pay income according to a fixed rate of interest. The FI securities will be investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase.
The Index hedges against underlying interest rate risk by selling US Treasury bond futures; a bond futures contract locks in the price at which a bond can be bought or sold at a future date. The hedge aims to reduce exposure to changes in the US Treasury bond interest rate curve, which shows the interest rates of different maturities.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the FI securities that make up the Underlying Index and comply with its credit rating requirements, as well as in US Treasury bond futures contracts that, as far as possible track the hedging methodology of the Index. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position.
The US Treasury bond futures contracts are weighted appropriately according to the duration of the FI securities held in the Index on a monthly basis. No adjustment is made to the hedge during the month to account for price movements of FI securities of the Index.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of FDIs (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. Apart from hedging US Treasury bond yield exposure, the use of FDIs is expected to be limited for this Share Class.
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).
Your shares will be denominated in US Dollar, 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 |
DOLFIN8539 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Temporary suspension of valuation of the shares and of sales and repurchases
The Company may temporarily suspend the determination of the net asset value and the sale or repurchase of Shares in any Fund during:
- Any period (other than ordinary holiday or customary weekend closings) when any market is closed which is the main market for a significant part of the Fund’s investments, or when trading thereon is restricted or suspended;
- Any period when an emergency exists as a result of which disposal by the Company of investments which constitute a substantial portion of the assets of the Fund is not practically feasible;
- Any period when for any reason the prices of any investments of the Fund cannot be reasonably, promptly, or accurately ascertained by the Fund;
- Any period when remittance of monies which will, or may be, involved in the realisation of, or in the payment for, investments of the Fund cannot, in the opinion of the Directors or the Manager, be carried out at normal rates of exchange;
- Any period when proceeds of the sale or repurchase of the Shares cannot be transmitted to or from the Fund’s account;
- Any period when the Company is considering the merger in relation to the Company, a fund or share class where in the opinion of the Directors or the Manager such suspension is justified having regard to the interests of the Members;
- Upon the occurrence of an event causing it or any Fund to enter into liquidation;
- Any other period where in the opinion of the Directors or the Manager circumstances require such a suspension and it is justified having regard to the interests of the Shareholders. | ## Suspension temporaire de la valorisation des actions, des ventes et rachats
La Société peut, à titre temporaire, suspendre le calcul de la valeur liquidative, ainsi que la vente et le rachat des Actions de tout Fonds pendant :
- toute période (autre qu’un jour férié normal ou que le week-end) pendant laquelle un marché qui est le marché principal pour une partie importante des investissements du Fonds, est fermé ou quand les opérations sur ce marché sont limitées ou suspendues ;
- toute période d’urgence en raison de laquelle la cession par la Société d’investissement représentant une partie substantielle des actifs du Fonds n’est pas réalisable en pratique ;
- toute période pendant laquelle, et quelle qu’en soit la raison, le cours de l’un des investissements d’un Fonds ne peut pas être déterminé de façon raisonnable, rapide ou précise par ledit Fonds ;
- toute période pendant laquelle la remise de fonds qui sont, ou pourraient être, nécessaires à la réalisation ou au paiement d’investissements d’un Fonds ne peut pas, de l’avis des Administrateurs ou du Gestionnaire, être effectuée à un taux de change normal ;
- toute période pendant laquelle le produit de la vente ou de rachat des Actions ne peut pas être crédité ou débité sur le compte du Fonds ;
- toute période pendant laquelle la Société envisage la fusion en relation avec la Société, un fonds ou une catégorie d’actions lorsque, de l’avis des Administrateurs ou du Gestionnaire, une telle suspension est justifiée par rapport aux intérêts des Membres ;
- tout événement causant l’entrée en liquidation de la Société ou du Fonds ;
- toute autre période pendant laquelle, de l’avis des Administrateurs ou du Gestionnaire, les circonstances nécessitent une telle suspension et que celle-ci est justifiée par rapport aux intérêts des Actionnaires. | ## Temporary suspension of valuation of the shares and of sales and repurchases
The Company may temporarily suspend the determination of the net asset value and the sale or repurchase of Shares in any Fund during:
- Any period (other than ordinary holiday or customary weekend closings) when any market is closed which is the main market for a significant part of the Fund’s investments, or when trading thereon is restricted or suspended;
- Any period when an emergency exists as a result of which disposal by the Company of investments which constitute a substantial portion of the assets of the Fund is not practically feasible;
- Any period when for any reason the prices of any investments of the Fund cannot be reasonably, promptly, or accurately ascertained by the Fund;
- Any period when remittance of monies which will, or may be, involved in the realisation of, or in the payment for, investments of the Fund cannot, in the opinion of the Directors or the Manager, be carried out at normal rates of exchange;
- Any period when proceeds of the sale or repurchase of the Shares cannot be transmitted to or from the Fund’s account;
- Any period when the Company is considering the merger in relation to the Company, a fund or share class where in the opinion of the Directors or the Manager such suspension is justified having regard to the interests of the Members;
- Upon the occurrence of an event causing it or any Fund to enter into liquidation;
- Any other period where in the opinion of the Directors or the Manager circumstances require such a suspension and it is justified having regard to the interests of the Shareholders. | en | fr |
DOLFIN8540 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Sustainable Multi-Asset Growth, un compartiment de la SICAV BNP Paribas Funds, désigné BNP Paribas en abrégé Classe « Classic Capitalisation » - code ISIN LU1956155946 Ce Fonds est géré par BNP PARIBAS ASSET MANAGEMENT Luxembourg, qui fait partie du Groupe BNP Paribas. |
| --- |
| Objectifs et politique d'investissement |
| Ce Fonds est activement géré. L’indice de référence composé à 75 % du MSCI AC World (EUR) et à 25 % du Bloomberg Euro Aggregate est utilisé à des fins de comparaison de performance uniquement. Le Fonds n’est pas contraint par un indice de référence et sa performance peut s’écarter sensiblement de celle de l’indice de référence composite. Le Fonds cherche à accroître la valeur de ses actifs à moyen terme en investissant directement et/ou indirectement (par le biais de fonds) dans des obligations ou des actions d’émetteurs sélectionnés pour leurs pratiques en matière de développement durable (responsabilité sociale et/ou responsabilité environnementale et/ou gouvernance d’entreprise). Le Fonds sera géré par rapport au modèle de portefeuille (75 % d’actions, 25 % d’obligations). Le gestionnaire peut modifier les pondérations actuelles des classes d’actifs en fonction des conditions des marchés et de ses prévisions. L’équipe d’investissement applique également la Politique d’investissement durable de BNP PARIBAS ASSET MANAGEMENT, qui prend en compte des critères environnementaux, sociaux et de gouvernance (ESG) tels que, sans s’y limiter, la réduction des émissions de gaz à effet de serre, le respect des droits de l’Homme et le respect des droits des actionnaires minoritaires à chaque étape du processus d’investissement du Fonds. Le Fonds investit directement ou indirectement (par l’intermédiaire de fonds, c’est-à-dire d’OPCVM, d’OPC ou d’ETF) au moins 90 % de ses actifs (à l’exclusion des investissements en espèces et quasi-espèces) dans des titres sélectionnés selon l’approche « Best-in-Class » et selon l’approche thématique durable. Une stratégie extra-financière peut comporter des limites méthodologiques telles que le risque lié aux investissements ESG tel que défini par le gestionnaire d’actifs. Les revenus sont réinvestis de manière systématique. Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus. |
| Profil de risque et de rendement |
| Risque plus faible Risque plus élevé D’autres risques importants pour le Fonds, mais qui ne sont pas adéquatement pris en considération par l’indicateur, sont décrits ci-dessous : Rendement potentiellement plus faible Rendement potentiellement plus élevé - ce risque concerne la capacité d’un émetteur à honorer ses engagements : la révision à la baisse de la notation d’une émission ou d’un émetteur peut entraîner une chute de la valeur des obligations associées. | | Sustainable Multi-Asset Growth, un subfondo de la SICAV BNP Paribas Funds, abreviado como BNP Paribas Clase «Classic Capitalisation» - Código ISIN LU1956155946 Este Fondo está gestionado por BNP PARIBAS ASSET MANAGEMENT Luxembourg, sociedad del Grupo BNP Paribas. |
| --- |
| Objetivos y política de inversión |
| Este Fondo se gestiona de manera activa. El índice de referencia compuesto en un 75 % por el MSCI AC World (EUR) y en un 25 % por el Bloomberg Euro Aggregate se utiliza únicamente para comparar la rentabilidad. El Fondo no está limitado por el índice de referencia y su rentabilidad puede diferir considerablemente de la de dicho índice compuesto. El Fondo trata de incrementar el valor de sus activos a medio plazo invirtiendo de forma directa y/o indirecta (mediante fondos) en bonos o acciones de emisores escogidos en función de sus prácticas en términos de desarrollo sostenible (responsabilidad social, responsabilidad medioambiental y/o buen gobierno empresarial). El Fondo se gestionará de conformidad con la cartera modelo (75 % de valores de renta variable, 25 % de bonos). El gestor puede cambiar las ponderaciones reales de las clases de activos según las condiciones y previsiones del mercado. El equipo de inversiones aplica asimismo la Política de inversión sostenible de BNP PARIBAS ASSET MANAGEMENT, que tiene en cuenta los criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) en cada etapa del proceso de inversión del Fondo, incluidos, entre otros, la reducción de las emisiones de gases de efecto invernadero, el respeto de los derechos humanos o el respeto de los derechos de los accionistas minoritarios. El Fondo invierte directa o indirectamente (a través de fondos, es decir, OICVM, OIC o ETF) al menos el 90 % de sus activos (excluidas las inversiones en efectivo y equivalentes de efectivo) en valores seleccionados según el enfoque de «Mejor de su clase» y el enfoque temático sostenible. Una estrategia extrafinanciera puede incluir limitaciones metodológicas, como el riesgo de inversión ESG definido por el gestor de activos. Los ingresos se reinvierten sistemáticamente. Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. |
| Perfil de riesgo y de rentabilidad |
| Menor riesgo Mayor riesgo Otros riesgos que revisten una importancia significativa para el Fondo y que el indicador no capta de manera adecuada: Rentabilidad potencialmente inferior Rentabilidad potencialmente más elevada - Este riesgo hace referencia a la capacidad de un emisor para cumplir sus compromisos: las rebajas en la calificación crediticia de una emisión o de un emisor pueden ocasionar una caída en el valor de los bonos relacionados. | | Sustainable Multi-Asset Growth, un compartiment de la SICAV BNP Paribas Funds, désigné BNP Paribas en abrégé Classe « Classic Capitalisation » - code ISIN LU1956155946 Ce Fonds est géré par BNP PARIBAS ASSET MANAGEMENT Luxembourg, qui fait partie du Groupe BNP Paribas. |
| --- |
| Objectifs et politique d'investissement |
| Ce Fonds est activement géré. L’indice de référence composé à 75 % du MSCI AC World (EUR) et à 25 % du Bloomberg Euro Aggregate est utilisé à des fins de comparaison de performance uniquement. Le Fonds n’est pas contraint par un indice de référence et sa performance peut s’écarter sensiblement de celle de l’indice de référence composite. Le Fonds cherche à accroître la valeur de ses actifs à moyen terme en investissant directement et/ou indirectement (par le biais de fonds) dans des obligations ou des actions d’émetteurs sélectionnés pour leurs pratiques en matière de développement durable (responsabilité sociale et/ou responsabilité environnementale et/ou gouvernance d’entreprise). Le Fonds sera géré par rapport au modèle de portefeuille (75 % d’actions, 25 % d’obligations). Le gestionnaire peut modifier les pondérations actuelles des classes d’actifs en fonction des conditions des marchés et de ses prévisions. L’équipe d’investissement applique également la Politique d’investissement durable de BNP PARIBAS ASSET MANAGEMENT, qui prend en compte des critères environnementaux, sociaux et de gouvernance (ESG) tels que, sans s’y limiter, la réduction des émissions de gaz à effet de serre, le respect des droits de l’Homme et le respect des droits des actionnaires minoritaires à chaque étape du processus d’investissement du Fonds. Le Fonds investit directement ou indirectement (par l’intermédiaire de fonds, c’est-à-dire d’OPCVM, d’OPC ou d’ETF) au moins 90 % de ses actifs (à l’exclusion des investissements en espèces et quasi-espèces) dans des titres sélectionnés selon l’approche « Best-in-Class » et selon l’approche thématique durable. Une stratégie extra-financière peut comporter des limites méthodologiques telles que le risque lié aux investissements ESG tel que défini par le gestionnaire d’actifs. Les revenus sont réinvestis de manière systématique. Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus. |
| Profil de risque et de rendement |
| Risque plus faible Risque plus élevé D’autres risques importants pour le Fonds, mais qui ne sont pas adéquatement pris en considération par l’indicateur, sont décrits ci-dessous : Rendement potentiellement plus faible Rendement potentiellement plus élevé - ce risque concerne la capacité d’un émetteur à honorer ses engagements : la révision à la baisse de la notation d’une émission ou d’un émetteur peut entraîner une chute de la valeur des obligations associées. | fr | es |
DOLFIN8541 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# INFORMATIONS PRATIQUES
- Le dépositaire du Fonds est The Bank of New York Mellon SA/NV, succursale de Dublin.
- Le Fonds est l’un des compartiments de la Société. Les actifs et les engagements de chaque compartiment sont séparés les uns des autres par la loi irlandaise. Bien que les droits des investisseurs et des créanciers soient normalement limités aux actifs de chaque compartiment, la Société est une entité juridique spécifique qui peut exercer des activités dans des juridictions susceptibles de ne pas reconnaître une telle séparation.
- La résidence fiscale de la Société est l’Irlande. Cela peut avoir un impact sur votre situation fiscale personnelle. Veuillez consulter votre conseiller en investissement ou votre conseiller fiscal pour des conseils sur votre position fiscale.
- La responsabilité du Gestionnaire ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du Prospectus de la Société.
- Le Prospectus de la Société, le Supplément du Fonds et les états financiers annuels et semestriels préparés pour l’ensemble de la Société contiennent des informations complémentaires sur le Fonds et la Classe d’actions. Ces documents sont disponibles, comme la dernière VL disponible de la Classe d’actions et les détails du portefeuille du Fonds, à l’adresse : http://www.lgim.com.Ces documents sont disponibles gratuitement en Anglais et dans certaines autres langues.
- La conversion d’actions entre cette Classe d’actions et d’autres classes d’actions du Fonds et/ou d’autres compartiments de la Société n’est pas autorisée.
- Une valeur liquidative intrajournalière indicative (« VLi ») pour la Classe d’actions sera fournie à l’adresse https://www.solactive.com/.
- Les détails de la politique actualisée du Gestionnaire en matière de rémunération, y compris une description de la manière dont sont calculés la rémunération et les avantages, et l’identité des personnes responsables de l’octroi de ces rémunérations et avantages sont disponibles à l’adresse suivante : http://www.lgim.com.Un exemplaire imprimé est également disponible gratuitement sur simple demande auprès du Gestionnaire.
LGIM Managers (Europe) Limited est agréé en Irlande et réglementé par la Banque centrale d’Irlande.
Legal & General UCITS ETF Plc est agréée en Irlande et réglementée par la Banque centrale d’Irlande. Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 19 septembre 2022. | # INFORMACIÓN PRÁCTICA
- El depositario del Fondo es The Bank of New York Mellon SA/NV, sucursal de Dublín.
- El Fondo es uno de los subfondos de la Sociedad. La ley irlandesa establece la separación entre los activos y los pasivos de cada subfondo. Aunque los derechos de los inversores y los acreedores normalmente se circunscriben a los activos de cada subfondo, la Sociedad es una persona jurídica independiente con capacidad para operar en jurisdicciones que pueden no reconocer dicha separación.
- A efectos fiscales, la Sociedad es residente en Irlanda. Esto puede incidir en su situación tributaria personal. Consulte a su asesor de inversiones o su asesor fiscal para obtener asesoramiento sobre sus obligaciones fiscales.
- La Sociedad de Gestión únicamente incurrirá en responsabilidad por las declaraciones contenidas en este documento que resulten engañosas, inexactas o inconsistentes frente a las correspondientes partes del Folleto de la Sociedad.
- Puede encontrar información adicional sobre el Fondo y la Clase de Participaciones en el Folleto y el Suplemento del Fondo de la Sociedad, y en los estados financieros anuales y semestrales (elaborados para la Sociedad en su conjunto). Todos ellos pueden consultarse, junto con el último valor liquidativo disponible para la Clase de Participaciones, así como información pormenorizada de la cartera del Fondo, en http://www.lgim.com.Estos documentos están disponibles de forma gratuita en inglés y en otros idiomas.
- No se permiten canjes entre esta Clase de Participaciones y otras clases de participaciones del Fondo y/u otros subfondos de la Sociedad.
- Se publicará un valor liquidativo intradía estimado para la Clase de Participaciones en https://www.solactive.com/.
- Es posible consultar información detallada de la política actualizada de la Sociedad de Gestión con respecto a la remuneración, incluida una descripción de cómo se calculan la remuneración y las prestaciones, así como quiénes son las personas responsables de otorgarlas, en el siguiente sitio web: http://www.lgim.com.También es posible obtener de la Sociedad de Gestión una copia en papel de forma gratuita previa solicitud.
LGIM Managers (Europe) Limited está autorizada en Irlanda y regulada por el Banco Central de Irlanda.
Legal & General UCITS ETF Plc está autorizada en Irlanda y regulada por el Banco Central de Irlanda. Los presentes datos fundamentales para el inversor son exactos a 19 septiembre 2022. | # INFORMATIONS PRATIQUES
- Le dépositaire du Fonds est The Bank of New York Mellon SA/NV, succursale de Dublin.
- Le Fonds est l’un des compartiments de la Société. Les actifs et les engagements de chaque compartiment sont séparés les uns des autres par la loi irlandaise. Bien que les droits des investisseurs et des créanciers soient normalement limités aux actifs de chaque compartiment, la Société est une entité juridique spécifique qui peut exercer des activités dans des juridictions susceptibles de ne pas reconnaître une telle séparation.
- La résidence fiscale de la Société est l’Irlande. Cela peut avoir un impact sur votre situation fiscale personnelle. Veuillez consulter votre conseiller en investissement ou votre conseiller fiscal pour des conseils sur votre position fiscale.
- La responsabilité du Gestionnaire ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du Prospectus de la Société.
- Le Prospectus de la Société, le Supplément du Fonds et les états financiers annuels et semestriels préparés pour l’ensemble de la Société contiennent des informations complémentaires sur le Fonds et la Classe d’actions. Ces documents sont disponibles, comme la dernière VL disponible de la Classe d’actions et les détails du portefeuille du Fonds, à l’adresse : http://www.lgim.com.Ces documents sont disponibles gratuitement en Anglais et dans certaines autres langues.
- La conversion d’actions entre cette Classe d’actions et d’autres classes d’actions du Fonds et/ou d’autres compartiments de la Société n’est pas autorisée.
- Une valeur liquidative intrajournalière indicative (« VLi ») pour la Classe d’actions sera fournie à l’adresse https://www.solactive.com/.
- Les détails de la politique actualisée du Gestionnaire en matière de rémunération, y compris une description de la manière dont sont calculés la rémunération et les avantages, et l’identité des personnes responsables de l’octroi de ces rémunérations et avantages sont disponibles à l’adresse suivante : http://www.lgim.com.Un exemplaire imprimé est également disponible gratuitement sur simple demande auprès du Gestionnaire.
LGIM Managers (Europe) Limited est agréé en Irlande et réglementé par la Banque centrale d’Irlande.
Legal & General UCITS ETF Plc est agréée en Irlande et réglementée par la Banque centrale d’Irlande. Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 19 septembre 2022. | fr | es |
DOLFIN8542 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# INVESTMENT RISKS
Investment in the Sub-Fund carries a degree of risk and potential investors should review the Prospectus and this Supplement carefully and consult with their professional advisers before purchasing Shares. The risks outlined in the “RISK INFORMATION” section of the Prospectus and this Supplement are not exhaustive and may not cover all the consequences and risks in any given situation. As part of the review by potential investors in understanding their potential risk of loss, they should note that the “RISK INFORMATION” section of the Prospectus covers a wide range of investment strategies; therefore, some risk factors may be less relevant than others. As general guidance, investors are encouraged to focus on the following risk factors:
- Risks identified in Part A, Part B, Part E and Part F of the “RISK INFORMATION” section. These cover the investment into Shares of the Sub-Fund itself, the operations and advisors of the Sub-Fund, taxation risks, hedging strategies and more general risks.
- Part C and in particular those risk factors highlighting that the Sub-Fund is making an investment into a Swap with a third party Swap counterparty who will not owe any duty of care to the Sub-Fund and furthermore the Sub-Fund will have no control over the Index construction (as the Index is constructed by the relevant Index Sponsor).
- Part D with an emphasis on considering the risks arising from the Sub-Fund engaging in efficient portfolio management techniques such as repurchase and reverse repurchase transactions, or investing via listed FDI or OTC FDI entered into with a third party (counterparty credit risks, derivatives risk, OTC counterparties, collateral management, settlement, leverage, market volatility, short exposure) on an underlying equity investment (shares, concentration of investment). | # RIESGOS DE INVERSIÓN
La inversión en el Subfondo conlleva un cierto grado de riesgo y los posibles inversores deberían revisar detenidamente el Folleto y el presente Suplemento y consultar con sus asesores profesionales antes de adquirir acciones. Los riesgos descritos en el apartado «INFORMACIÓN SOBRE RIESGOS» del Folleto y en este Suplemento no son exhaustivos y pueden no cubrir todas las consecuencias y riesgos en una situación determinada. Como parte de la revisión por parte de los inversores potenciales para comprender su riesgo potencial de pérdidas, deben tener en cuenta que el apartado «INFORMACIÓN SOBRE RIESGOS» del Folleto cubre una amplia gama de estrategias de inversión; por lo tanto, algunos factores de riesgo pueden ser menos relevantes que otros. Como orientación general, se anima a los inversores a centrarse en los siguientes factores de riesgo:
- Riesgos identificados en la Parte A, Parte B, Parte E y Parte F del apartado«INFORMACIÓN SOBRE RIESGOS». Estos incluyen la inversión en Acciones del propio Subfondo, las operaciones y asesores del Subfondo, los riesgos fiscales, las estrategias de cobertura y los riesgos más generales.
- La Parte C y, en particular, los factores de riesgo que ponen de relieve que el Subfondo está realizando una inversión en un Swap con una contraparte de Swap independiente que no tendrá ningún deber de diligencia con respecto al Subfondo y, además, el Subfondo no tendrá control sobre la construcción del Índice (ya que el Índice es construido por el Promotor del Índice correspondiente).
- La Parte D, con énfasis en la consideración de los riesgos derivados de la participación del Subfondo en técnicas de gestión eficaz de la cartera, como las operaciones de recompra y recompra inversa, o la inversión a través de IFD cotizados o IFD OTC suscritos con terceros(riesgos de crédito de contraparte, riesgo de derivados, contrapartes OTC, gestión de garantías, liquidación, apalancamiento, volatilidad del mercado, exposición corta) en una inversión subyacente en renta variable (acciones, concentración de inversión). | # INVESTMENT RISKS
Investment in the Sub-Fund carries a degree of risk and potential investors should review the Prospectus and this Supplement carefully and consult with their professional advisers before purchasing Shares. The risks outlined in the “RISK INFORMATION” section of the Prospectus and this Supplement are not exhaustive and may not cover all the consequences and risks in any given situation. As part of the review by potential investors in understanding their potential risk of loss, they should note that the “RISK INFORMATION” section of the Prospectus covers a wide range of investment strategies; therefore, some risk factors may be less relevant than others. As general guidance, investors are encouraged to focus on the following risk factors:
- Risks identified in Part A, Part B, Part E and Part F of the “RISK INFORMATION” section. These cover the investment into Shares of the Sub-Fund itself, the operations and advisors of the Sub-Fund, taxation risks, hedging strategies and more general risks.
- Part C and in particular those risk factors highlighting that the Sub-Fund is making an investment into a Swap with a third party Swap counterparty who will not owe any duty of care to the Sub-Fund and furthermore the Sub-Fund will have no control over the Index construction (as the Index is constructed by the relevant Index Sponsor).
- Part D with an emphasis on considering the risks arising from the Sub-Fund engaging in efficient portfolio management techniques such as repurchase and reverse repurchase transactions, or investing via listed FDI or OTC FDI entered into with a third party (counterparty credit risks, derivatives risk, OTC counterparties, collateral management, settlement, leverage, market volatility, short exposure) on an underlying equity investment (shares, concentration of investment). | en | es |
DOLFIN8543 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past performance
- BOFA MLCX Commodity Alpha UCITS Fund - USD C-5 (Acc) - LU1057469469
- BofA Merrill Lynch Commodity index eXtra AF5T Total Return Index% Return17.720.22511.413.911.813.8207.59.8155.67.22.14.7101.91.11.13.15-0.1-0.10-4.4-2.5-5b Past performance is not a guide to future performance. | # Rentabilidad histórica
- BOFA MLCX Commodity Alpha UCITS Fund - USD C-5 (Acc) - LU1057469469
- BofA Merrill Lynch Commodity index eXtra AF5T Total Return Index% de rentabilidad17.720.22511.413.911.813.8207.59.8155.67.22.14.7101.91.11.13.15-0.1-0.10-4.4-2.5-5b La rentabilidad histórica no es indicativa de la futura rentabilidad. | # Past performance
- BOFA MLCX Commodity Alpha UCITS Fund - USD C-5 (Acc) - LU1057469469
- BofA Merrill Lynch Commodity index eXtra AF5T Total Return Index% Return17.720.22511.413.911.813.8207.59.8155.67.22.14.7101.91.11.13.15-0.1-0.10-4.4-2.5-5b Past performance is not a guide to future performance. | en | es |
DOLFIN8544 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Investment of CHF 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | CHF 99 | CHF 406 |
| Annual cost impact (*) | 1.0% | 0.8% | | | Investissement de CHF 10,000 | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | CHF 99 | CHF 406 |
| Incidence des coûts annuels (*) | 1.0% | 0.8% | | | Investment of CHF 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | CHF 99 | CHF 406 |
| Annual cost impact (*) | 1.0% | 0.8% | | en | fr |
DOLFIN8545 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Le risque réel peut varier considérablement si vous sortez avant l'échéance et vous courez le risque de ne pas récupérer le montant que vous avez initialement investi.
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de la part du Fonds de vous payer.
Nous avons classé ce Fonds dans la classe de risque 1 sur 7, qui est la classe de risque la plus basse. Autrement dit, les pertes potentielles liées aux futurs résultats du Fonds se situent à un niveau très faible et, si la situation venait à se détériorer sur les marchés, il est très peu probable que la capacité du Fonds à vous payer en soit affectée. | ### El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque el Fondo no pueda pagarle.
Hemos clasificado este Fondo en la clase de riesgo 1 en una escala de 7, en la que 1 significa el riesgo más bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como muy baja y la probabilidad de que una mala coyuntura de mercado influya en la capacidad del Fondo de pagarle como muy improbable. | ### Le risque réel peut varier considérablement si vous sortez avant l'échéance et vous courez le risque de ne pas récupérer le montant que vous avez initialement investi.
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de la part du Fonds de vous payer.
Nous avons classé ce Fonds dans la classe de risque 1 sur 7, qui est la classe de risque la plus basse. Autrement dit, les pertes potentielles liées aux futurs résultats du Fonds se situent à un niveau très faible et, si la situation venait à se détériorer sur les marchés, il est très peu probable que la capacité du Fonds à vous payer en soit affectée. | fr | es |
DOLFIN8546 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Pooling of Assets
For the purpose of effective management, where the investment policies of the Funds so permit, the Directors may choose to allow co-management of the assets of certain Funds.
In such case, assets of different Funds will be managed in common. The assets which are co-managed shall be referred to as a “pool” notwithstanding the fact that such pools are used solely for internal management purposes. The pools do not constitute separate entities and are not directly accessible to Shareholders. Each of the co-managed Funds shall be allocated its specific assets.
Where the assets of two or more Funds are pooled, the assets attributable to each participating Fund will initially be determined by reference to its initial allocation of assets to such a pool and will change in the event of additional allocations or withdrawals.
The entitlements of each participating Fund to the co-managed assets apply to each and every line of investments of such pool.
Additional investments made on behalf of the co-managed Funds shall be allotted to such Funds in accordance with their respective entitlements and assets sold shall be levied similarly on the assets attributable to each participating Fund.
-
### Price Information | ### Gestione congiunta del patrimonio
Ai fini di un’efficiente gestione e laddove le politiche di investimento dei Comparti lo consentano, gli Amministratori possono optare per la gestione congiunta del patrimonio di alcuni Comparti.
In tal caso, il patrimonio ascrivibile ai diversi Comparti sarà cogestito. Il patrimonio cogestito verrà definito “pool”, ma tali pool avranno rilevanza unicamente ai fini della gestione interna. I pool non sono entità separate e non sono direttamente accessibili agli Azionisti. A ciascuno dei Comparti cogestiti saranno assegnate le rispettive attività.
Quando le consistenze patrimoniali di due o più Comparti vengono raggruppate, il patrimonio attribuibile a ciascun Comparto partecipante sarà inizialmente determinato facendo riferimento al patrimonio che è stato inizialmente conferito in tale pool e verrà modificato ove necessario per riflettere ulteriori contributi o prelievi.
I diritti di ciascun Comparto partecipante alle attività cogestite si applicano a ciascuna linea di investimento di tale pool.
Ulteriori investimenti effettuati per conto dei Comparti cogestiti saranno assegnati a tali Comparti in proporzione ai loro rispettivi diritti e le consistenze vendute saranno, analogamente, addebitate proporzionalmente al patrimonio attribuibile a ciascun Comparto partecipante al pool.
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### Informazioni relative ai prezzi | ### Pooling of Assets
For the purpose of effective management, where the investment policies of the Funds so permit, the Directors may choose to allow co-management of the assets of certain Funds.
In such case, assets of different Funds will be managed in common. The assets which are co-managed shall be referred to as a “pool” notwithstanding the fact that such pools are used solely for internal management purposes. The pools do not constitute separate entities and are not directly accessible to Shareholders. Each of the co-managed Funds shall be allocated its specific assets.
Where the assets of two or more Funds are pooled, the assets attributable to each participating Fund will initially be determined by reference to its initial allocation of assets to such a pool and will change in the event of additional allocations or withdrawals.
The entitlements of each participating Fund to the co-managed assets apply to each and every line of investments of such pool.
Additional investments made on behalf of the co-managed Funds shall be allotted to such Funds in accordance with their respective entitlements and assets sold shall be levied similarly on the assets attributable to each participating Fund.
-
### Price Information | en | it |
DOLFIN8547 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
1)
The Company may decide at any time to launch further unit classes for the feeder fund. In this case, the prospectus will be amended with regard to the new unit classes.
2)
Additional fees may be charged to the Feeder Fund at the level of the Master Fund. See the section entitled “Particular features of the acquisition of the Master Fund”. | 1)
Die Gesellschaft kann jederzeit beschließen, weitere Anteilklassen für den Feederfonds aufzulegen. In diesem Fall wird der Verkaufsprospekt um Informationen bezüglich der neuen Anteilklasse ergänzt.
2)
Dem Feederfonds werden auf der Ebene des Masterfonds ggf. weitere Gebühren in Rechnung gestellt. Siehe hierzu Abschnitt „Besonderheiten beim Erwerb des Masterfonds“. | 1)
The Company may decide at any time to launch further unit classes for the feeder fund. In this case, the prospectus will be amended with regard to the new unit classes.
2)
Additional fees may be charged to the Feeder Fund at the level of the Master Fund. See the section entitled “Particular features of the acquisition of the Master Fund”. | en | de |
DOLFIN8548 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Objectives
The Fund is actively managed with reference to an index and seeks to outperform its benchmark, the Bloomberg Commodity Ex-Agriculture and Livestock Capped Total Return Index (hedged to EUR), by getting exposure to commodities indices. These indices represent an active allocation to single commodities using quantitative strategies. The Fund allocates its exposures between such various indices in a dynamic and model driven way. In terms of assets, the Fund will mainly invest in bonds or money market instruments and concludes a TRS to gain exposure to the above mentioned commodity indices
Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
This share class aims at hedging its currency exchange risk against the Fund's portfolio exposure currency. However, the currency exchange risk cannot be completely neutralized as the hedging technique is based of the Fund's NAV. | ## Objetivos
El Fondo se gestiona de manera activa con referencia a un índice y trata de superar a su índice de referencia, el índice Bloomberg Commodity Ex-Agriculture and Livestock Capped Total Return Index (hedged to EUR), mediante la obtención de exposición a los índices de materias primas. Estos índices representan una asignación activa en materias primas básicas utilizando estrategias cuantitativas. El Fondo asigna sus exposiciones entre estos índices diferentes de una manera dinámica y basada en un modelo. En cuestión de activos, el Fondo invertirá principalmente en bonos o en instrumentos del mercado monetario, y celebra TRS para obtener exposición a los índices de materias primas mencionados anteriormente.
Los ingresos se reinvierten sistemáticamente.
Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto.
El objetivo de esta clase de acciones es ofrecer cobertura del riesgo de cambio frente a la exposición de divisas de la cartera del Fondo. No obstante, el riesgo de cambio no puede neutralizarse por completo, puesto que la técnica de cobertura se basa en el valor liquidativo del Fondo. | ## Objectives
The Fund is actively managed with reference to an index and seeks to outperform its benchmark, the Bloomberg Commodity Ex-Agriculture and Livestock Capped Total Return Index (hedged to EUR), by getting exposure to commodities indices. These indices represent an active allocation to single commodities using quantitative strategies. The Fund allocates its exposures between such various indices in a dynamic and model driven way. In terms of assets, the Fund will mainly invest in bonds or money market instruments and concludes a TRS to gain exposure to the above mentioned commodity indices
Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
This share class aims at hedging its currency exchange risk against the Fund's portfolio exposure currency. However, the currency exchange risk cannot be completely neutralized as the hedging technique is based of the Fund's NAV. | en | es |
DOLFIN8549 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Performance** | 1 month | Quarter | Year to date | 1 year | 3 years | 5 years | 10 years | Since inception |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund (Net of expenses ) | 3.52% | -7.06% | -9.49% | -9.08% | 0.53% | 0.38% | — | -0.00% |
| Benchmark | 0.87% | -7.00% | -9.46% | -8.96% | 0.60% | 0.44% | -0.16% | 0.06% | | | Performance** | 1 mese | Trimestre | Da inizio anno | 1 anno | 3 anni | 5 anni | 10 anni | Dal lancio |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo (Al netto delle spese ) | 3.52% | -7.06% | -9.49% | -9.08% | 0.53% | 0.38% | — | -0.00% |
| Indice di riferimento | 0.87% | -7.00% | -9.46% | -8.96% | 0.60% | 0.44% | -0.16% | 0.06% | | | Performance** | 1 month | Quarter | Year to date | 1 year | 3 years | 5 years | 10 years | Since inception |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund (Net of expenses ) | 3.52% | -7.06% | -9.49% | -9.08% | 0.53% | 0.38% | — | -0.00% |
| Benchmark | 0.87% | -7.00% | -9.46% | -8.96% | 0.60% | 0.44% | -0.16% | 0.06% | | en | it |
DOLFIN8550 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: EUR 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 199 EUR | 1,328 EUR |
| Annual cost impact (*) | 2.0% | 2.1% | | | Investimento: 10.000 EUR | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi totali | 199 EUR | 1.328 EUR |
| Incidenza annuale dei costi (*) | 2,0% | 2,1% | | | Investment: EUR 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 199 EUR | 1,328 EUR |
| Annual cost impact (*) | 2.0% | 2.1% | | en | it |
DOLFIN8551 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In our view, relative measures of risk fail to capture the possibility of a permanent loss of capital. To minimise this risk, we focus on the sustainability of company returns. We have engaged directly with companies on issues of sustainability and governance for over 20 years.
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#### Sustainably Long Term, Not Tactically Short Term | A nostro avviso gli indicatori relativi del rischio non sono in grado di riconoscere la possibilità di una perdita di capitale permanente. Per ridurre al minimo questo rischio ci concentriamo sulla sostenibilità dei rendimenti dell’azienda. Da oltre 20 anni sostenibilità e governance sono aspetti che esaminiamo direttamente con le società.
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#### Sostenibilità nel lungo periodo e non investimenti in chiave tattica a breve termine | In our view, relative measures of risk fail to capture the possibility of a permanent loss of capital. To minimise this risk, we focus on the sustainability of company returns. We have engaged directly with companies on issues of sustainability and governance for over 20 years.
-
#### Sustainably Long Term, Not Tactically Short Term | en | it |
DOLFIN8552 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### SolEX
- listed equity index futures
- listed or OTC equity and equity index options
- total return swapsRedex and SolEx Share Classes carry specific risks as described in “Specific Risks” section. | ##### SolEx
- Börsennotierte Aktienindex-Futures
- börsennotierte oder OTC-Aktien und Aktienindex-Optionen
- Total Return SwapsRedeX- und SolEx-Anteilsklassen weisen besondere Risiken auf, die im Abschnitt „Besondere Risiken“ beschrieben werden. | ##### SolEX
- listed equity index futures
- listed or OTC equity and equity index options
- total return swapsRedex and SolEx Share Classes carry specific risks as described in “Specific Risks” section. | en | de |
DOLFIN8553 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment composite benchmark between 12/2021-09/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,655
-13.5%
EUR 9,796
-0.4% | # Este tipo de escenario se produjo para una inversión índice de referencia compuesto entre 12/2021-09/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 655 EUR
-13,5%
9 796 EUR
-0,4% | # This type of scenario occurred for an investment composite benchmark between 12/2021-09/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,655
-13.5%
EUR 9,796
-0.4% | en | es |
DOLFIN8554 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Subject to the provisions of the Companies Act, a poll may be demanded:-
- by the chairman of the meeting;
- by at least one Holder present (in person or by proxy) having the right to vote at the meeting; or
- by any Holder or Holders present (in person or by proxy) representing not less than one-tenth of the total voting rights of all the Holders having the right to vote at the meeting.
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## Taking of a poll
- Save as provided in paragraph 42.2 of this Article, a poll shall be taken in such manner as the chairman directs and he may appoint scrutineers (who need not be Holders) and fix a time and place for declaring the result of the poll. The result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.
- A poll demanded on the election of a chairman or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken either forthwith or at such time (not being more than thirty days after the poll is demanded) and place as the chairman of the meeting may direct. The demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the poll was demanded. If a poll is demanded before the declaration of the result of a show of hands and the demand is duly withdrawn, the meeting shall continue as if the demand had not been made.
- No notice need be given of a poll not taken forthwith if the time and place at which it is to be taken are announced at the meeting at which it is demanded. In any other case at least seven Clear Days' notice shall be given specifying the time and place at which the poll is to be taken.
-
## Votes of Holders
- Votes may be given either personally or by proxy. Subject to any rights or restrictions for the time being attached to any class or classes of shares:-
- on a show of hands every Holder, who is present in person or by proxy, shall have one vote and the holder(s) of Subscriber Shares present in person or by proxy shall have one vote in respect of all of the Subscriber Shares in issue;
- on a poll every Holder present in person or by proxy shall have one vote for every share of which he is the Holder and every holder of a Subscriber Share present inperson or by proxy shall have one vote in respect of his holding of Subscriber Shares;
- on a poll of all the Holders of shares in a Fund, where there is more than one class of shares in existence in that Fund, the voting rights of such Holders may at the discretion of the Directors be adjusted in such manner, determined by the Directors, so as to reflect the most recently calculated price at which the shares of each of the classes in question may be repurchased by the Company;
- a Holder or Holders who hold a fraction of a share may not exercise any voting rights, whether on a show of hands or on a poll, in respect of such fraction of a share.
-
## Written Resolutions | # Sous réserve des dispositions du Companies Act, un scrutin peut être demandé :
- par le président de l’assemblée ;
- par au moins un Détenteur présent (en personne ou par procuration) habilité à voter à l’assemblée ; ou
- par le ou les Détenteurs présents (en personne ou par procuration) représentant pas moins d’un dixième du total des droits de vote de tous les Détenteurs habilités à voter à l’assemblée.
-
## Tenue des scrutins
- Sauf disposition contraire du paragraphe 42.2 du présent Article, un scrutin sera réalisé de la manière indiquée par le président et il pourra en cas de scrutin, désigner des scrutateurs (qui ne seront pas nécessairement des Détenteurs) et fixer une heure et un lieu de déclaration du résultat du scrutin. Le résultat du scrutin sera réputé constituer la résolution de l’assemblée à laquelle le scrutin a été demandé.
- Un scrutin demandé pour l’élection d’un président ou pour une question d’ajournement sera relevé immédiatement. Un scrutin demandé pour toute autre question sera réalisé soit immédiatement soit à l’heure (n’étant pas plus de trente jours après la demande de scrutin) et au lieu que le président de l’assemblée décidera. Une demande de scrutin ne saurait empêcher la poursuite de l’assemblée sur le traitement des affaires autres que la question concernée par la demande de scrutin. Lorsqu’un scrutin est demandé avant la déclaration du résultat d’un vote à main levée et que la demande est dûment retirée, l’assemblée continuera comme si la demande n’avait pas été faite.
- Aucune convocation n’a besoin d’être donnée pour un scrutin non réalisé immédiatement si l’heure et le lieu où il devra être réalisé sont annoncés à l’assemblée à laquelle il est demandé. Dans tous les autres cas, un préavis minimum de sept Jours francs sera donné spécifiant l’heure et le lieu où le scrutin devra être relevé.
-
## Votes des Détenteurs
- Les votes peuvent être prononcés en personne ou par les mandataires. Sous réserve des droits et restrictions rattachés aux catégories d’actions :
- lors d’un vote à main levée, chaque Détenteur présent en personne ou par procuration aura droit à une voix et les Détenteurs d’Actions de Souscription présents en personne ou par procuration auront droit à une voix pour l’ensemble d’Actions de souscription en circulation ;
- dans un scrutin, tous les Détenteurs présents en personne ou par procuration auront droit à une voix pour chaque action avec droit de vote dont ils sont détenteurs et tousles Détenteurs d’Actions de souscription présents en personne ou par procuration auront droit à une voix au regard de ces Actions ;
- dans un scrutin de l’ensemble des Détenteurs d’actions d’un Fonds dans lequel il existe plus d’une catégorie d’actions, les droits de vote des Détenteurs pourront être ajustés à la discrétion et de la manière déterminée par les Administrateurs, afin de refléter le cours calculé le plus récent auquel les actions de chacune des catégories en question peuvent être rachetées par la Société.
- le ou les Détenteurs qui détiennent une fraction d’action ne peuvent exercer aucun droit de vote, qu’il s’agisse d’un vote à main levée ou sur scrutin, au regard de ladite fraction d’action.
-
## Résolutions écrites | # Subject to the provisions of the Companies Act, a poll may be demanded:-
- by the chairman of the meeting;
- by at least one Holder present (in person or by proxy) having the right to vote at the meeting; or
- by any Holder or Holders present (in person or by proxy) representing not less than one-tenth of the total voting rights of all the Holders having the right to vote at the meeting.
-
## Taking of a poll
- Save as provided in paragraph 42.2 of this Article, a poll shall be taken in such manner as the chairman directs and he may appoint scrutineers (who need not be Holders) and fix a time and place for declaring the result of the poll. The result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.
- A poll demanded on the election of a chairman or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken either forthwith or at such time (not being more than thirty days after the poll is demanded) and place as the chairman of the meeting may direct. The demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the poll was demanded. If a poll is demanded before the declaration of the result of a show of hands and the demand is duly withdrawn, the meeting shall continue as if the demand had not been made.
- No notice need be given of a poll not taken forthwith if the time and place at which it is to be taken are announced at the meeting at which it is demanded. In any other case at least seven Clear Days' notice shall be given specifying the time and place at which the poll is to be taken.
-
## Votes of Holders
- Votes may be given either personally or by proxy. Subject to any rights or restrictions for the time being attached to any class or classes of shares:-
- on a show of hands every Holder, who is present in person or by proxy, shall have one vote and the holder(s) of Subscriber Shares present in person or by proxy shall have one vote in respect of all of the Subscriber Shares in issue;
- on a poll every Holder present in person or by proxy shall have one vote for every share of which he is the Holder and every holder of a Subscriber Share present inperson or by proxy shall have one vote in respect of his holding of Subscriber Shares;
- on a poll of all the Holders of shares in a Fund, where there is more than one class of shares in existence in that Fund, the voting rights of such Holders may at the discretion of the Directors be adjusted in such manner, determined by the Directors, so as to reflect the most recently calculated price at which the shares of each of the classes in question may be repurchased by the Company;
- a Holder or Holders who hold a fraction of a share may not exercise any voting rights, whether on a show of hands or on a poll, in respect of such fraction of a share.
-
## Written Resolutions | en | fr |
DOLFIN8555 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Investment (€ 10,000) | | | |
| --- | --- | --- | --- |
| Scenarios | If you cash in after 1 year | If you cash in after 3 years | If you cash in after 5 years |
| Total costs | € 278 | € 891 | € 1,579 |
| Impact on return (RIY) per year | 2.72% | 2.80% | 2.87% | | | Investissement de EUR 10.000 | | | |
| --- | --- | --- | --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 3 ans | Si vous sortez après 5 ans |
| Coûts totaux | € 278 | € 891 | € 1.579 |
| Incidence sur le rendement (reduction du rendement) par an | 2,72% | 2,80% | 2,87% | | | Investment (€ 10,000) | | | |
| --- | --- | --- | --- |
| Scenarios | If you cash in after 1 year | If you cash in after 3 years | If you cash in after 5 years |
| Total costs | € 278 | € 891 | € 1,579 |
| Impact on return (RIY) per year | 2.72% | 2.80% | 2.87% | | en | fr |
DOLFIN8556 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Dans cet environnement d’incertitudes, notre stratégie de sélection de valeurs a consisté à surpondérer 1/ les valeurs défensives ayant un solide bilan et une bonne génération de capital (BNPP, Crédit Agricole, Bawag, ING, Société Générale…) ; 2/ les valeurs pouvant être impliquées dans une opération de consolidation (BPER, BPM, Unicredit, et Natixis) et 3/ les valeurs exposées à la hausse des taux (ABN, Santander, NatWest, Virgin, …). Nous avons réduit notre diversification vers les valeurs non bancaires (assurance, gestion d’actifs et paiement) de plus de 12% à 5.42% car nous estimons que les valeurs bancaires offraient un meilleur potentiel de croissance dans la perspective de la hausse des taux et du retour au versement du dividende. Par ailleurs, nous avions une forte sous-pondération sur HSBC (6.31% du fonds vs 13.83% dans l’indice de référence) eu égard à la dépendance au taux courts américains et hong-kongais.
En matière de valeurs individuelles, nous avons entré 15 valeurs et sorti 16, et le nombre de valeurs dans le portefeuille est passé de 40 à 39. Cette rotation du portefeuille reflète principalement notre stratégie de réduction de la poche diversification afin d’allouer plus de ressources au secteur bancaire.
En matière d’attribution de performance individuelle, HSBC, Natixis, Société Générale, SHB et Julius Baer ont été les plus importants contributeurs positifs.
A l’inverse, BIRG, Swedbank, Tikehau, BPER et NatWest ont été les plus fortes attributions négatives Pendant toute la période, la part cash est resté à moins de 1% de l’encours du fonds. | En este incierto entorno, nuestra estrategia de selección de valores consistió en sobreponderar 1/ los valores defensivos que presentaban un sólido balance y una robusta generación de capital (BNPP, Crédit Agricole, Bawag, ING y Société Générale); 2/ los valores que podrían verse involucrados en un movimiento de consolidación (BPER, BPM, Unicredit y Natixis) y 3/ los valores expuestos a la subida de tipos (ABN, Santander, NatWest y Virgin). Rebajamos nuestra diversificación en los valores no bancarios (seguros, gestión de activos y pagos) en más del 12% hasta situarla en el 5,42%, ya que estimamos que los valores bancarios proporcionaban un mejor potencial de crecimiento en previsión de la subida de tipos y del retorno del pago de dividendos. Además, contábamos con una significativa infraponderación en HSBC (6,31% en el fondo frente al 13,83% en el índice de referencia) debido a su dependencia respecto de los tipos a corto plazo de Estados Unidos y Hong Kong.
En cuanto a los valores individuales, iniciamos posiciones en 15 valores y liquidamos las líneas en 16; el número de valores en la cartera pasó de 40 a 39. Esta rotación en la cartera vino a reflejar, en esencia, nuestra estrategia consistente en la reducción del componente de diversificación con el propósito de asignar más recursos al sector bancario.
En cuanto a las aportaciones a la rentabilidad, HSBC, Natixis, Société Générale, SHB y Julius Baer se situaron a la cabeza de los valores más rentables.
En cambio, BIRG, Swedbank, Tikehau, BPER y NatWest fueron los valores que más socavaron la rentabilidad. Durante todo el periodo, el componente de efectivo se mantuvo por debajo del 1% del patrimonio del fondo. | Dans cet environnement d’incertitudes, notre stratégie de sélection de valeurs a consisté à surpondérer 1/ les valeurs défensives ayant un solide bilan et une bonne génération de capital (BNPP, Crédit Agricole, Bawag, ING, Société Générale…) ; 2/ les valeurs pouvant être impliquées dans une opération de consolidation (BPER, BPM, Unicredit, et Natixis) et 3/ les valeurs exposées à la hausse des taux (ABN, Santander, NatWest, Virgin, …). Nous avons réduit notre diversification vers les valeurs non bancaires (assurance, gestion d’actifs et paiement) de plus de 12% à 5.42% car nous estimons que les valeurs bancaires offraient un meilleur potentiel de croissance dans la perspective de la hausse des taux et du retour au versement du dividende. Par ailleurs, nous avions une forte sous-pondération sur HSBC (6.31% du fonds vs 13.83% dans l’indice de référence) eu égard à la dépendance au taux courts américains et hong-kongais.
En matière de valeurs individuelles, nous avons entré 15 valeurs et sorti 16, et le nombre de valeurs dans le portefeuille est passé de 40 à 39. Cette rotation du portefeuille reflète principalement notre stratégie de réduction de la poche diversification afin d’allouer plus de ressources au secteur bancaire.
En matière d’attribution de performance individuelle, HSBC, Natixis, Société Générale, SHB et Julius Baer ont été les plus importants contributeurs positifs.
A l’inverse, BIRG, Swedbank, Tikehau, BPER et NatWest ont été les plus fortes attributions négatives Pendant toute la période, la part cash est resté à moins de 1% de l’encours du fonds. | fr | es |
DOLFIN8557 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs?
## The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
## We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 650 EUR | 1,071 EUR |
| Annual cost impact (*) | 6.5% | 2.5% each year |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be -2.3% before costs and -4.8% after costs.
## We may share part of the costs with the person selling you the product to cover the services they provide to you. They will inform you of the amount.
## Please note that the figures shown here do not include any additional fees that may be charged by your distributor, advisor or any insurance wrapper in which the fund may be placed.
## Composition of Costs
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | Up to 500 EUR |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.40% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 140 EUR |
| Transaction costs | 0.10% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 10 EUR |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 EUR | | # ¿Cuáles son los costes?
## La persona que le asesora o le vende este producto puede cobrarle otros gastos. Si es así, esta persona le proporcionará información sobre estos costes y cómo afectan a su inversión.
## Costes a lo largo del tiempo
Las tablas muestran los importes que se retiran de su inversión para cubrir diferentes tipos de gastos. Estos importes dependen de la cantidad que inviertas, del tiempo que mantengas el producto y del rendimiento del mismo. Los importes aquí indicados son ilustraciones basadas en un importe de inversión de ejemplo y en diferentes períodos de inversión posibles.
## Hemos asumido:
- En el primer año recuperaría la cantidad invertida (0% de rentabilidad anual). Para los demás periodos de tenencia hemos asumido que el producto se comporta como se muestra en el escenario moderado
- Se invierten EUR 10,000
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 650 EUR | 1,071 EUR |
| Incidencia anual de los costes (*) | 6.5% | 2.5% cada año |
(*) Esto ilustra cómo los costes reducen su rendimiento cada año durante el periodo de tenencia. Por ejemplo, muestra que si se sale en el periodo de tenencia recomendado, su rentabilidad media anual se proyecta en un -2.3% antes de costes y en un -4.8% después de costes.
## Podemos compartir parte de los costes con la persona que le vende el producto para cubrir los servicios que le presta. Ellos le informarán del importe.
## Tenga en cuenta que las cifras mostradas aquí no incluyen ninguna comisión adicional que pueda cobrar su distribuidor, asesor o cualquier envoltorio de seguro en el que se pueda colocar el fondo.
## Composición de los costes
| Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | Un 5.00% de la cantidad que ingresa al entrar en esta inversión. | Hasta 500 EUR |
| Costes de salida | No cobramos una tarifa de salida por este producto, pero la persona que le vende el producto puede hacerlo. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | Un 1.40% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 140 EUR |
| Costes de operación | Un 0.10% del valor de su inversión al año. Se trata de una estimación de los costes incurridos cuando compramos y vendemos las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 10 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | Este producto no tiene comisión de rendimiento. | 0 EUR | | # What are the costs?
## The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
## Costs over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
## We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 650 EUR | 1,071 EUR |
| Annual cost impact (*) | 6.5% | 2.5% each year |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be -2.3% before costs and -4.8% after costs.
## We may share part of the costs with the person selling you the product to cover the services they provide to you. They will inform you of the amount.
## Please note that the figures shown here do not include any additional fees that may be charged by your distributor, advisor or any insurance wrapper in which the fund may be placed.
## Composition of Costs
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | Up to 500 EUR |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.40% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 140 EUR |
| Transaction costs | 0.10% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 10 EUR |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 EUR | | en | es |
DOLFIN8558 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective: The Sub-Fund seeks to achieve a return in the Reference Currency in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity.
Investment Policy: The Sub-Fund will invest its assets in short- term EUR-denominated Debt Securities, deposits with credit institutions and Reverse Repurchase Agreements.
The Sub-Fund may have exposure to investments with zero or negative yields in adverse market conditions.
The weighted average maturity of the Sub-Fund's investments will not exceed 60 days and the initial or remaining maturity of each Debt Security will not exceed 397 days at the time of purchase.
In addition to receiving a favourable assessment of their credit quality pursuant to the Management Company's Internal Credit Procedures, Debt Securities with a long-term rating will be rated at least "A" and Debt Securities with a short-term rating will be rated at least "A-1" by Standard & Poor's or otherwise similarly rated by another independent rating agency.
The Sub-Fund may also invest in unrated Debt Securities of comparable credit quality to those specified above.
The Sub-Fund aims to maintain a AAA rating, or equivalent, assigned by at least one rating agency.
This Sub-Fund qualifies as a "Low Volatility Net Asset Value Money Market Fund" in accordance with Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on Money Market Funds as may be amended or replaced from time to time and therefore will comply with these guidelines.
Redemption and Dealing: Shares of the Sub-Fund may be redeemed on demand, with dealing normally on a daily basis.
Benchmark: 1 Week EUR LIBID.
The benchmark is a point of reference against which the performance of the Share Class may be measured. The Sub- Fund is actively managed.
Distribution Policy: This Share Class will not pay dividends.
For an explanation of some of the terms used in this document, please visit the glossary on our website at www. jpmorganassetmanagement.lu | # Objetivos y política de inversión
Objetivo de inversión: El objetivo del Subfondo es conseguir una rentabilidad en la Divisa de referencia en línea con los tipos del mercado monetario vigentes y, al mismo tiempo, conservar un nivel de capital compatible con dichos tipos y mantener un elevado nivel de liquidez.
Política de inversión: El Subfondo invertirá su patrimonio en títulos de deuda, depósitos en entidades de crédito y contratos con pacto de recompra inversa, a corto plazo denominados en EUR.
El Subfondo podrá tener exposición a inversiones que generan rendimientos nulos o negativos en condiciones de mercado adversas.
El vencimiento medio ponderado de las inversiones del Subfondo no superará los 60 días, y el vencimiento inicial o residual de cada título de deuda no superará, en el momento de su compra, los 397 días.
Además de haber sido evaluados favorablemente respecto de su calidad crediticia con arreglo a los Procedimientos internos de crédito establecidos por la Sociedad gestora, los títulos de deuda que cuenten con una calificación a largo plazo deberán tener una calificación de, como mínimo, A y los que cuenten con una calificación a corto plazo deberán tener una calificación de, como mínimo, A-1 de Standard & Poor's, u otra calificación equivalente otorgada por una agencia de calificación independiente.
El Subfondo también podrá invertir en títulos de deuda sin calificación, pero cuya calidad crediticia sea comparable a las especificadas anteriormente.
El Subfondo tratará de mantener una calificación de AAA o equivalente, otorgada por, como mínimo, una agencia de calificación crediticia.
Este Subfondo cumple los requisitos de un «fondo del mercado monetario de valor liquidativo de baja volatilidad» de conformidad con el Reglamento (UE) 2017/1131 del Parlamento Europeo y del Consejo, de 14 de junio de 2017, sobre fondos del mercado monetario, en su versión oportunamente modificada o sustituida, y, por ende, satisfará dichas disposiciones.
Reembolso y negociación: Las participaciones del Subfondo se pueden reembolsar mediante solicitud previa y se negocian normalmente a diario.
Índice de referencia: 1 Week EUR LIBID.
El índice de referencia es un parámetro comparativo para medir la rentabilidad de la Clase de Acciones. El Subfondo se gestiona de forma activa.
Política de reparto de dividendos: Esta Clase de Acciones no distribuirá dividendos.
Si desea obtener una explicación de algunos de los términos usados en este documento, consulte el glosario presente en nuestro sitio web en www.jpmorganassetmanagement.lu. | # Objectives and Investment Policy
Investment Objective: The Sub-Fund seeks to achieve a return in the Reference Currency in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity.
Investment Policy: The Sub-Fund will invest its assets in short- term EUR-denominated Debt Securities, deposits with credit institutions and Reverse Repurchase Agreements.
The Sub-Fund may have exposure to investments with zero or negative yields in adverse market conditions.
The weighted average maturity of the Sub-Fund's investments will not exceed 60 days and the initial or remaining maturity of each Debt Security will not exceed 397 days at the time of purchase.
In addition to receiving a favourable assessment of their credit quality pursuant to the Management Company's Internal Credit Procedures, Debt Securities with a long-term rating will be rated at least "A" and Debt Securities with a short-term rating will be rated at least "A-1" by Standard & Poor's or otherwise similarly rated by another independent rating agency.
The Sub-Fund may also invest in unrated Debt Securities of comparable credit quality to those specified above.
The Sub-Fund aims to maintain a AAA rating, or equivalent, assigned by at least one rating agency.
This Sub-Fund qualifies as a "Low Volatility Net Asset Value Money Market Fund" in accordance with Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on Money Market Funds as may be amended or replaced from time to time and therefore will comply with these guidelines.
Redemption and Dealing: Shares of the Sub-Fund may be redeemed on demand, with dealing normally on a daily basis.
Benchmark: 1 Week EUR LIBID.
The benchmark is a point of reference against which the performance of the Share Class may be measured. The Sub- Fund is actively managed.
Distribution Policy: This Share Class will not pay dividends.
For an explanation of some of the terms used in this document, please visit the glossary on our website at www. jpmorganassetmanagement.lu | en | es |
DOLFIN8559 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Each Sub-Fund may have either Capitalising Classes or Distributing Classes or both.
With respect to the Capitalising Classes in all Sub-Funds, the Directors have determined to capitalise all net investment income and net realised and unrealised capital gains attributable to such Capitalising Classes and therefore do not intend to declare dividends in respect of Shares in such classes.
Pursuant to the Instrument of Incorporation, the Directors may declare dividends, in respect of Shares in any Distributing Class out of net income (including dividend and interest income but net of taxes, costs and expenses of the relevant Sub- Fund) and/or the excess of realised and unrealised capital gains over realised and unrealised losses in respect of investments of the ICAV. In the event that Distributing Classes are established in any Sub-Fund, details of the distribution policy will be included in the Relevant Supplement at that time.
Each dividend declared on the outstanding Shares within a Distributing Class held by a Shareholder will, at the election of the Shareholder, be paid in cash or additional full and fractional Shares of the relevant Distributing Class. This election should be made on a Shareholder's Application Form and may be changed at any time upon notice to the Administrator prior to the record date for a particular dividend or distribution. If no election is made, and subject to applicable anti-money laundering laws, all dividend distributions will be paid in cash, however if the investor does not have an up to date bank account associated with their investment, then any distribution will be reinvested on the dividend date. Any Shareholder who has elected to reinvest distributions will have such distribution reinvestment made at the Net Asset Value per Share as of the Dealing Day on which such dividends are declared. There is no subscription charge on reinvestment of dividends. Any dividend (which is not re-invested) unclaimed after six years from the date when it first becomes payable shall be forfeited automatically, without the necessity for any declaration or other action by the ICAV.
The distribution policy of any Sub-Fund or of any Class may be changed by the Directors upon reasonable advance notice to Shareholders of that Sub-Fund or Class as the case may be and, in such circumstances, the distribution policies will be disclosed in an updated Prospectus and/or the Relevant Supplement. | ## Ciascun Comparto può avere Classi a capitalizzazione, Classi a distribuzione o entrambe.
Per quanto riguarda le Classi a capitalizzazione in tutti i Comparti, gli Amministratori hanno deciso di capitalizzare tutti i redditi netti degli investimenti e le plusvalenze nette realizzate e non realizzate attribuibili a tali Classi di capitalizzazione, e pertanto non intendono dichiarare dividendi rispetto alle Azioni di tali Classi.
Ai sensi dell'Atto costitutivo, gli Amministratori possono dichiarare dividendi, relativamente alle Azioni di qualsiasi Classe a distribuzione, a valere sul reddito netto (compresi i redditi da dividendi e interessi, ma al netto di imposte, costi e spese del relativo Comparto) e/o sull'eccedenza delle plusvalenze realizzate e non realizzate rispetto alle perdite realizzate e non realizzate in relazione agli investimenti dell'ICAV. Nel caso in cui vengano istituite Classi a distribuzione in qualsiasi Comparto, i dettagli della politica di distribuzione saranno inclusi nella Nota integrativa pertinente in vigore in quel momento.
Ogni dividendo dichiarato sulle Azioni in circolazione all'interno di una Classe a distribuzione detenute da un Azionista sarà pagato, a scelta dell'Azionista, in contanti o in ulteriori Azioni intere e frazionate della relativa Classe a distribuzione. Tale scelta deve essere fatta sul Modulo di domanda dell'Azionista e può essere cambiata in qualsiasi momento previa notifica all'Agente amministrativo prima della data di registrazione di un particolare dividendo o distribuzione. Se non viene operata alcuna scelta e fatte salve le leggi antiriciclaggio applicabili, tutte le distribuzioni di dividendi saranno pagate in contanti, ma se l'investitore non possiede un conto bancario aggiornato associato al suo investimento, allora qualsiasi distribuzione sarà reinvestita alla data del dividendo. Qualsiasi Azionista che abbia scelto di reinvestire le distribuzioni farà in modo che tale reinvestimento avvenga al Valore patrimoniale netto per Azione nel Giorno di negoziazione in cui sono stati dichiarati tali dividendi. Non vi sono costi di sottoscrizione per il reinvestimento dei dividendi. Qualsiasi dividendo (che non sia reinvestito) non reclamato dopo sei anni dalla data in cui è divenuto esigibile per la prima volta, decadrà automaticamente senza che sia necessaria alcuna dichiarazione o altra azione da parte dell'ICAV.
La politica di distribuzione di un Comparto o di una Classe può essere modificata dagli Amministratori fornendo un ragionevole preavviso agli Azionisti di quel Comparto o Classe, a seconda dei casi e, in tali circostanze, le politiche di distribuzione saranno rese note in un Prospetto aggiornato e/o Nota integrativa pertinente. | ## Each Sub-Fund may have either Capitalising Classes or Distributing Classes or both.
With respect to the Capitalising Classes in all Sub-Funds, the Directors have determined to capitalise all net investment income and net realised and unrealised capital gains attributable to such Capitalising Classes and therefore do not intend to declare dividends in respect of Shares in such classes.
Pursuant to the Instrument of Incorporation, the Directors may declare dividends, in respect of Shares in any Distributing Class out of net income (including dividend and interest income but net of taxes, costs and expenses of the relevant Sub- Fund) and/or the excess of realised and unrealised capital gains over realised and unrealised losses in respect of investments of the ICAV. In the event that Distributing Classes are established in any Sub-Fund, details of the distribution policy will be included in the Relevant Supplement at that time.
Each dividend declared on the outstanding Shares within a Distributing Class held by a Shareholder will, at the election of the Shareholder, be paid in cash or additional full and fractional Shares of the relevant Distributing Class. This election should be made on a Shareholder's Application Form and may be changed at any time upon notice to the Administrator prior to the record date for a particular dividend or distribution. If no election is made, and subject to applicable anti-money laundering laws, all dividend distributions will be paid in cash, however if the investor does not have an up to date bank account associated with their investment, then any distribution will be reinvested on the dividend date. Any Shareholder who has elected to reinvest distributions will have such distribution reinvestment made at the Net Asset Value per Share as of the Dealing Day on which such dividends are declared. There is no subscription charge on reinvestment of dividends. Any dividend (which is not re-invested) unclaimed after six years from the date when it first becomes payable shall be forfeited automatically, without the necessity for any declaration or other action by the ICAV.
The distribution policy of any Sub-Fund or of any Class may be changed by the Directors upon reasonable advance notice to Shareholders of that Sub-Fund or Class as the case may be and, in such circumstances, the distribution policies will be disclosed in an updated Prospectus and/or the Relevant Supplement. | en | it |
DOLFIN8560 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## General
Each Sub-Fund may employ techniques and instruments relating to Transferable Securities and Money Market Instruments provided that such techniques and instruments are used for the purposes of efficient portfolio management within the meaning of, and under the conditions set out in, applicable laws, regulations and circulars issued by the CSSF from time to time. In particular, those techniques and instruments should not result in a change of the declared investment objective of the relevant Sub-Fund or add substantial supplementary risks in comparison to the stated risk profile of the relevant Sub-Fund.
The risk exposure to a counterparty generated through efficient portfolio management techniques and OTC financial derivatives must be combined when calculating counterparty risk limits referred to under article 52 of Directive 2009/65/EC. | ## Généralités
Chaque Compartiment peut recourir aux techniques et aux instruments qui ont pour objet des Valeurs mobilières et des Instruments du marché monétaire pour autant que ces techniques et ces instruments soient employés aux fins d’une gestion efficace du portefeuille au sens et sous les conditions établies dans les lois, les règlements et les circulaires de la CSSF applicables à tout moment. En particulier, ces techniques et ces instruments ne doivent pas entraîner une modification de l’objectif d’investissement annoncé du Compartiment concerné ou exposer le Compartiment concerné à d’importants risques supplémentaires par rapport au profil de risque décrit.
L’exposition au risque de contrepartie résultant de techniques de gestion efficace du portefeuille et d’instruments financiers dérivés de gré à gré doit être cumulée aux fins du calcul des limites du risque de contrepartie visées à l’article 52 de la directive 2009/65/CE. | ## General
Each Sub-Fund may employ techniques and instruments relating to Transferable Securities and Money Market Instruments provided that such techniques and instruments are used for the purposes of efficient portfolio management within the meaning of, and under the conditions set out in, applicable laws, regulations and circulars issued by the CSSF from time to time. In particular, those techniques and instruments should not result in a change of the declared investment objective of the relevant Sub-Fund or add substantial supplementary risks in comparison to the stated risk profile of the relevant Sub-Fund.
The risk exposure to a counterparty generated through efficient portfolio management techniques and OTC financial derivatives must be combined when calculating counterparty risk limits referred to under article 52 of Directive 2009/65/EC. | en | fr |
DOLFIN8561 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Definitions
Risk and reward profile: There is no guarantee that the fund will remain in the indicator category shown above and the categorisation of the fund may shift over time. Historical data, which is used in calculating the indicator, may not be a reliable indicator of the future risk profile of this fund. The lowest category does not mean a risk-free investment. The fund does not offer any capital guarantee or protection.
Life: The average number of years for which each component of unpaid principal on a bond, loan or mortgage remains outstanding. The weighted average life calculation provides an aggregate figure that shows how many years it will take to pay off half the outstanding principal on a bond portfolio.
Effective duration: Average Duration equals the weighted average maturity of all the cash flows in the portfolio and gives an indication of the sensitivity of a portfolio’s bond prices to a change in interest rates. The higher the duration, the more sensitive the portfolio is to interest rate changes. Effective Duration is a calculation for bonds with embedded options (Not every portfolio will purchase bonds with embedded options). It takes into account the expected change in cash flows caused by the option, as interest rates change. If a portfolio does not hold bonds with embedded options, then the Effective Duration will be equal to the Average Duration.
Credit quality breakdown: Nationally Recognised Statistical Rating Organisation’s (NRSRO’s) assess the likelihood of bond issuers defaulting on a bond’s coupon and principal payments. The weighted average credit quality by Brandywine Global Investment Management assigns each security the middle rating from three NRSRO’s (Standard & Poor’s, Moody’s Investor Services and Fitch Ratings, Ltd.). In the event that only two NRSRO’s provide ratings, the lowest of the two ratings will be assigned. If only one NRSRO assigns a rating, that rating will be used. If the security is not rated by one of the three major agencies, U.S. treasuries and certain U.S. agencies are given the U.S. issuer rating. Sovereign treasuries are given the sovereign issuer rating. All other unrated securities are given a rating equivalent to a defaulted bond. Cash is included and received the highest rating. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB, .D. | # Definizioni
Profilo di rischio e di rendimento: Non vi è alcuna garanzia che il fondo resterà nella categoria dell’indicatore sopra indicata; la classificazione del fondo potrebbe cambiare nel tempo. I dati storici, usati nel calcolo dell’indicatore, possono non essere un indicatore affidabile del futuro profilo di rischio di questo fondo. La categoria di rischio più bassa non garantisce un investimento esente da rischi. Il fondo non offre alcuna garanzia o protezione del capitale.
Durata: Il numero medio di anni per cui ogni componente di debito non pagato su un mutuo o un’ipoteca rimane in essere. Il calcolo della duration ponderata media fornisce un dato complessivo che mostra quanti anni sono necessari per liquidare metà del capitale in essere su un portafoglio obbligazionario.
Duration Effettiva: La Duration Media è pari alla scadenza media ponderata di tutti i flussi di cassa del portafoglio e fornisce un’indicazione in relazione alla sensibilità dei prezzi di un portafoglio obbligazionario a una variazione dei tassi di interesse. Maggiore è la duration, tanto più il portafoglio sarà sensibile alle variazioni dei tassi di interesse. La Duration Effettiva è una forma di calcolo utilizzata per le obbligazioni che integrano delle opzioni (Nota: non tutti i portafogli acquistano obbligazioni di questa natura). Tale calcolo considera i cambiamenti previsti a livello di cash flow ingenerati dall’opzione nel caso di una variazione dei tassi di interesse. Qualora il portafoglio non detenesse obbligazioni con opzioni integrate, la Duration Effettiva sarà pari alla Duration Media.
Qualità del credito Le organizzazioni di rating statistico riconosciute a livello nazionale (NRSRO) valutano la probabilità di inadempienza su un’obbligazione da parte di singole società. La qualità creditizia media ponderata di Brandywine Global Investment Management attribuisce a ogni titolo il rating medio di tre NRSRO (Standard & Poor’s, Moody’s Investor Services e Fitch Ratings, Ltd.). Qualora solo due NRSRO abbiano assegnato i rating, verrà utilizzato quello inferiore fra i due. Se solo una NRSRO esprime il proprio rating, sarà quest’ultimo ad essere utilizzato. Se il titolo non è stato valutato da una delle tre principali agenzie di rete, ai Treasury USA e ad alcune agenzie americane verrà attribuito il rating dell’emittente statunitense. Ai Treasury USA viene assegnato il rating degli emittenti sovrani. A tutti gli altri titoli privi di rating viene attribuito un rating equivalente a quello di un’obbligazione in sofferenza. Il contante è incluso e ha ricevuto il rating più alto. Minore è il merito creditizio complessivo, maggiori saranno i rischi connessi a tale portafoglio. La qualità del credito si esprime mediante una convenzione alfabetica (in senso decrescente): AAA, AA, A, BBB, BB, .D. | # Definitions
Risk and reward profile: There is no guarantee that the fund will remain in the indicator category shown above and the categorisation of the fund may shift over time. Historical data, which is used in calculating the indicator, may not be a reliable indicator of the future risk profile of this fund. The lowest category does not mean a risk-free investment. The fund does not offer any capital guarantee or protection.
Life: The average number of years for which each component of unpaid principal on a bond, loan or mortgage remains outstanding. The weighted average life calculation provides an aggregate figure that shows how many years it will take to pay off half the outstanding principal on a bond portfolio.
Effective duration: Average Duration equals the weighted average maturity of all the cash flows in the portfolio and gives an indication of the sensitivity of a portfolio’s bond prices to a change in interest rates. The higher the duration, the more sensitive the portfolio is to interest rate changes. Effective Duration is a calculation for bonds with embedded options (Not every portfolio will purchase bonds with embedded options). It takes into account the expected change in cash flows caused by the option, as interest rates change. If a portfolio does not hold bonds with embedded options, then the Effective Duration will be equal to the Average Duration.
Credit quality breakdown: Nationally Recognised Statistical Rating Organisation’s (NRSRO’s) assess the likelihood of bond issuers defaulting on a bond’s coupon and principal payments. The weighted average credit quality by Brandywine Global Investment Management assigns each security the middle rating from three NRSRO’s (Standard & Poor’s, Moody’s Investor Services and Fitch Ratings, Ltd.). In the event that only two NRSRO’s provide ratings, the lowest of the two ratings will be assigned. If only one NRSRO assigns a rating, that rating will be used. If the security is not rated by one of the three major agencies, U.S. treasuries and certain U.S. agencies are given the U.S. issuer rating. Sovereign treasuries are given the sovereign issuer rating. All other unrated securities are given a rating equivalent to a defaulted bond. Cash is included and received the highest rating. The lower the overall credit rating, the riskier the portfolio. The credit rating is expressed as a regular letter rating (from high to low quality): AAA, AA, A, BBB, BB, .D. | en | it |
DOLFIN8562 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# LO Funds - Generation Global, (USD), MA
(le "Compartiment") un compartiment de Lombard Odier Funds (la "SICAV") Catégorie M, classe accumulation, USD, ISIN LU0866421745 (la "Classe")
La SICAV est gérée par Lombard Odier Funds (Europe) S.A. faisant partie du groupe Lombard Odier
Objectifs et politique d'investissement | # LO Funds - Generation Global, (USD), MA
(el "Subfondo") un Subfondo de la SICAV Lombard Odier Funds (la "SICAV") Categoría M, Clase acumulación, USD, ISIN LU0866421745 (la "Clase")
La sociedad de gestión de esta SICAV es Lombard Odier Funds (Europe) S.A., perteneciente al grupo Lombard Odier Group
Objetivos y política de inversión | # LO Funds - Generation Global, (USD), MA
(le "Compartiment") un compartiment de Lombard Odier Funds (la "SICAV") Catégorie M, classe accumulation, USD, ISIN LU0866421745 (la "Classe")
La SICAV est gérée par Lombard Odier Funds (Europe) S.A. faisant partie du groupe Lombard Odier
Objectifs et politique d'investissement | fr | es |
DOLFIN8563 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund aims to achieve a return in all market conditions primarily through investment in emerging market fixed income securities (eg bonds).
1 The fixed income securities invested in will be issued or guaranteed by companies providing exposure to emerging markets or which have their registered office in emerging markets or by governments, government agencies or supranational bodies in emerging markets. The securities may be listed or traded on developed markets or the issuers may be developed market issuers providing emerging markets exposure. The Fund may also take exposure to countries which are regarded as developed markets where the investment manager believes that they exhibit characteristics of emerging markets.
1 The Fund typically aims to create returns through a long exposure (ie, it will benefit from an increase in the value of assets to which it obtains exposure). However, it may seek to apply a 'long-short strategy' whereby, in addition to buying and holding assets, it may use derivatives (ie instruments whose prices are dependent on one or more underlying asset ('FDI') to take 'short' positions whereby the Fund may make money in respect of issuers whose securities the Fund believes to be overvalued or expects to fall in value.
1 The Fund may invest up to 25% of its net assets in securities issued by or guaranteed by a single sovereign issuer with a non-investment grade rating. The fixed income securities are not subject to minimum rating requirements.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal oriented activities.
1 The Portfolio's investment, directly, or indirectly through the use of derivatives, in fixed-income securities listed or traded on Recognised Markets in Russia shall not exceed 20% of the Net Asset Value of the Portfolio. The Fund may actively use FDI to achieve the investment objective, for hedging against anticipated movements in a market or a security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund may retain a significant proportion of its portfolio in cash and/or invest a significant proportion of the portfolio in liquid assets (ie securities
that can be quickly and easily turned into cash). In addition, the Fund may trade in global currencies.
1 The Fund may actively use FDI to achieve the investment objective, for hedging against anticipated movements in a market or a security, or where it is more economically effective than directly holding the underlying asset.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the JP Morgan Emerging Markets Bond Index Global and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. While the Fund will focus on individual issuers that may belong to the Benchmark, such investment may be in different weights. The Benchmark is also used for performance comparison purposes.
1 The Fund will use FDI to provide investors with a similar return to any share class issued in the working currency of the Fund (USD).
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund.
1 Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 5 years. | # Objetivos y política de inversión
1 El Fondo pretende lograr rendimiento en todas las condiciones de mercado, principalmente a través de inversiones en valores de renta fija de mercados emergentes (por ejemplo, bonos).
1 Los valores de renta fija en los que se invierta serán emitidos o garantizados por sociedades que ofrezcan exposición a mercados emergentes o cuyo domicilio social se encuentre en mercados emergentes o por gobiernos, agencias gubernamentales u organismos supranacionales de mercados emergentes. Los valores se cotizarán o negociarán en mercados desarrollados o los emisores deberán pertenecer a mercados desarrollados y ofrecer exposición a mercados emergentes. El Fondo también puede tener exposición a países que se consideren como mercados desarrollados y que el gestor de inversiones considere que muestran características de mercados emergentes.
1 El Fondo normalmente pretende crear rendimientos a través de una exposición larga (es decir, se beneficiará de un aumento en el valor de los activos a los cuales obtiene exposición). Sin embargo, tratará de aplicar una "estrategia de inversión en posiciones largas y cortas", por la cual, además de comprar y mantener activos, podrá hacer uso de derivados ("IFD", es decir, instrumentos cuyo precio dependa de uno o más activos subyacentes) para adoptar posiciones "cortas" en las que pueda obtener dinero respecto de emisores cuyos valores el Fondo considere que están sobrevalorados o espere un descenso en su valor.
1 El Fondo puede invertir hasta el 25 % de su patrimonio neto en valores emitidos o garantizados por un único inversor soberano con una calificación inferior al grado de inversión. Los valores de renta fija no están sujetos a requisitos de valoración mínima.
1 El Fondo promueve, entre otras, características ambientales y sociales según lo estipulado en el artículo 8 del Reglamento europeo sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (también conocido por el acrónimo inglés SFDR). Asimismo, la Gestora de Inversiones aplica una lista de exclusión de valores o sectores controvertidos que pueden estar relacionados con armas y municiones, armas nucleares y con actividades orientadas al tabaco y al carbón.
1 Las inversiones de la Cartera, ya sea de manera directa o indirecta mediante
derivados, en valores de renta fija cotizados o negociados en Mercados Reconocidos en Rusia no excederán el 20 % del Valor liquidativo de la Cartera. El Fondo puede utilizar activamente IFD para lograr el objetivo de inversión, con fines de cobertura ante movimientos previstos en un mercado o en un valor, o cuando resulte económicamente más eficaz que mantener directamente el activo subyacente.
1 El Fondo podrá mantener una proporción considerable de su cartera en efectivo y/o invertir una proporción considerable de la cartera en activos líquidos (es decir, valores que puedan convertirse en efectivo de forma rápida y sencilla). Además, el Fondo podrá negociar en divisas globales.
1 El Fondo puede utilizar activamente IFD para lograr el objetivo de inversión, con fines de cobertura ante movimientos previstos en un mercado o en un valor, o cuando resulte económicamente más eficaz que mantener directamente el activo subyacente.
1 Índices de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el índice JP Morgan Emerging Markets Bond Index Global y no está limitado por él. El Fondo utiliza el Índice de referencia con fines de gestión de riesgos. En el marco de su función de gestión de riesgos, el Gestor de inversiones realizará una supervisión adicional de las posiciones del Fondo en relación con las ponderaciones del índice de referencia. Si bien el Fondo se centrará en emisores individuales que pueden pertenecer al Índice de referencia, dicha inversión puede tener ponderaciones diferentes. El Índice de referencia también se utiliza a efectos de comparación de rentabilidad.
1 El Fondo usará IFD para proporcionar a los inversores una rentabilidad similar a la de cualquier clase de acciones emitidas en la divisa operativa del Fondo (USD).
1 Cualquier ingreso obtenido por las inversiones se sumará al valor de las acciones de los inversores, y estos pueden comprar o vender sus acciones cada día de negociación del Fondo.
1 Recomendación: El Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cinco años. | # Objectives and investment policy
1 The Fund aims to achieve a return in all market conditions primarily through investment in emerging market fixed income securities (eg bonds).
1 The fixed income securities invested in will be issued or guaranteed by companies providing exposure to emerging markets or which have their registered office in emerging markets or by governments, government agencies or supranational bodies in emerging markets. The securities may be listed or traded on developed markets or the issuers may be developed market issuers providing emerging markets exposure. The Fund may also take exposure to countries which are regarded as developed markets where the investment manager believes that they exhibit characteristics of emerging markets.
1 The Fund typically aims to create returns through a long exposure (ie, it will benefit from an increase in the value of assets to which it obtains exposure). However, it may seek to apply a 'long-short strategy' whereby, in addition to buying and holding assets, it may use derivatives (ie instruments whose prices are dependent on one or more underlying asset ('FDI') to take 'short' positions whereby the Fund may make money in respect of issuers whose securities the Fund believes to be overvalued or expects to fall in value.
1 The Fund may invest up to 25% of its net assets in securities issued by or guaranteed by a single sovereign issuer with a non-investment grade rating. The fixed income securities are not subject to minimum rating requirements.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal oriented activities.
1 The Portfolio's investment, directly, or indirectly through the use of derivatives, in fixed-income securities listed or traded on Recognised Markets in Russia shall not exceed 20% of the Net Asset Value of the Portfolio. The Fund may actively use FDI to achieve the investment objective, for hedging against anticipated movements in a market or a security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund may retain a significant proportion of its portfolio in cash and/or invest a significant proportion of the portfolio in liquid assets (ie securities
that can be quickly and easily turned into cash). In addition, the Fund may trade in global currencies.
1 The Fund may actively use FDI to achieve the investment objective, for hedging against anticipated movements in a market or a security, or where it is more economically effective than directly holding the underlying asset.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the JP Morgan Emerging Markets Bond Index Global and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. While the Fund will focus on individual issuers that may belong to the Benchmark, such investment may be in different weights. The Benchmark is also used for performance comparison purposes.
1 The Fund will use FDI to provide investors with a similar return to any share class issued in the working currency of the Fund (USD).
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund.
1 Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 5 years. | en | es |
DOLFIN8564 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Subject to the provisions of the Acts, a poll may be demanded:-
- by the Chairman of the meeting;
- by at least five Members present (in person or by proxy) having the right to vote at the meeting;
- by any Member or Members present (in person or by proxy) representing not less than one-tenth of the total voting rights of all the Members having the right to vote at the meeting.
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## Taking of a Poll.
- Save as provided in paragraph (b) of this Article, a poll shall be taken in such manner as the Chairman directs and he may in the event of a poll, appoint scrutineers (who need not be Members) and fix a time and place for declaring the result of the poll. The result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.
- A poll demanded on the election of a Chairman or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken either forthwith or at such time (not being more than thirty days after the poll is demanded) and place as the Chairman of the meeting may direct. The demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the poll has been demanded. If a poll is demanded before the declaration of the result of a show of hands and the demand is duly withdrawn, the meeting shall continue as if the demand had not been made.
- No notice need be given of a poll not taken forthwith if the time and place at which it is to be taken are announced at the meeting at which it is demanded. In any other case at least seven Clear Days’ notice shall be given specifying the time and place at which the poll is to be taken.
-
## Votes of Members. | De conformidad con las disposiciones de las Leyes, podrá pedir una votación formal:
- el Presidente de la junta;
- un mínimo de cinco Socios presentes (en persona o representados) con derecho a votar en la junta;
- un número de Socios presentes (en persona o representados) que representen al menos una décima parte del total de derechos de voto de todos los Socios con derecho a votar en la junta.
-
## Celebración de una votación formal.
- Con excepción de lo estipulado en el apartado (b) del presente Artículo, una votación formal se celebrará de la manera que ordene el Presidente y, en caso de celebrarse, puede nombrar escrutadores (que no tienen por qué ser Socios) y fijar una hora y lugar para declarar el resultado de la votación. Se considerará que el resultado de la votación constituye el acuerdo de la junta en la cual se solicitó la votación formal.
- Si se solicita la votación formal sobre la elección de un Presidente o sobre una cuestión de aplazamiento, ésta se celebrará inmediatamente. Una votación formal solicitada sobre cualquier otro asunto se podrá celebrar inmediatamente o en el momento (dentro de un plazo máximo de treinta días desde que se pidió la votación) y lugar que decida el Presidente de la junta. La petición de una votación formal no será óbice para que una junta prosiga, tratando cualquier asunto distinto de la cuestión sobre la cual se ha solicitado la votación formal. Si se solicita una votación formal antes de la declaración del resultado de una votación a mano alzada y dicha petición es debidamente retirada, la junta proseguirá como si no se hubiera formulado la petición.
- No será necesario notificar una votación formal si se anuncia el lugar y la fecha de su celebración en la misma junta en la que se ha solicitado. En cualquier otro caso, se deberá notificara con una antelación mínima de siete Días Netos especificando la hora y el lugar de celebración de la votación formal.
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## Votos de los Socios. | Subject to the provisions of the Acts, a poll may be demanded:-
- by the Chairman of the meeting;
- by at least five Members present (in person or by proxy) having the right to vote at the meeting;
- by any Member or Members present (in person or by proxy) representing not less than one-tenth of the total voting rights of all the Members having the right to vote at the meeting.
-
## Taking of a Poll.
- Save as provided in paragraph (b) of this Article, a poll shall be taken in such manner as the Chairman directs and he may in the event of a poll, appoint scrutineers (who need not be Members) and fix a time and place for declaring the result of the poll. The result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.
- A poll demanded on the election of a Chairman or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken either forthwith or at such time (not being more than thirty days after the poll is demanded) and place as the Chairman of the meeting may direct. The demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the poll has been demanded. If a poll is demanded before the declaration of the result of a show of hands and the demand is duly withdrawn, the meeting shall continue as if the demand had not been made.
- No notice need be given of a poll not taken forthwith if the time and place at which it is to be taken are announced at the meeting at which it is demanded. In any other case at least seven Clear Days’ notice shall be given specifying the time and place at which the poll is to be taken.
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## Votes of Members. | en | es |
DOLFIN8565 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Note to the financial statements
for the period ended 29 February 2020
The interim financial statements have been prepared on the same basis as the annual audited financial statements for the year ended 31 August 2019. They are in accordance with the historical cost convention, as modified by the revaluation of investments and the Statement of Recommended Practice for Authorised Funds issued by the Investment Association in May 2014 (the “IMA SORP 2014”). The financial statements have been prepared on a going-concern basis. | # Notes annexes aux états financiers
Pour la période close le 29 février 2020
Les états financiers intermédiaires ont été préparés sur la même base que les états financiers annuels audités pour l’exercice clos le 31 août 2019. Ils ont été préparés conformément au principe du coût historique, modifié par la réévaluation des investissements, et au Statement of Recommended Practice for UK Authorised Funds (pratiques recommandées pour les fonds agréés) publié par l’Investment Association en mai 2014 (« SORP 2014 »). Les états financiers ont été préparés selon le principe de la continuité d’exploitation. | # Note to the financial statements
for the period ended 29 February 2020
The interim financial statements have been prepared on the same basis as the annual audited financial statements for the year ended 31 August 2019. They are in accordance with the historical cost convention, as modified by the revaluation of investments and the Statement of Recommended Practice for Authorised Funds issued by the Investment Association in May 2014 (the “IMA SORP 2014”). The financial statements have been prepared on a going-concern basis. | en | fr |
DOLFIN8566 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le 31 mai 2022, le Compartiment BNY Mellon Smart Cures Innovation Fund a été modifié pour permettre un reclassement de l’Article 6 à l’Article 9 du SFDR et le Compartiment BNY Mellon Future Food Fund a été modifié pour permettre un reclassement de l’Article 8 à l’Article 9 du SFDR.
Le 24 juin 2022, le premier addenda a été ajouté au prospectus de la Société pour formaliser le fait que la Société de gestion maintient sa position actuelle et n’envisage pas le régime PAI.
Les Compartiments suivants ont été mis à jour pour indiquer que les incidences négatives des décisions d’investissement sur les facteurs de durabilité sont mesurées du point de vue du préjudice que les positions d’investissement pourraient entraîner pour les facteurs de durabilité et des actions entreprises pour limiter ce préjudice : Responsible Horizons Euro Corporate Bond Fund, BNY Mellon Sustainable Global Dynamic Bond Fund, BNY Mellon Sustainable Global Real Return Fund (EUR), Responsible Horizons Euro Impact Bond Fund, BNY Mellon Future Earth Fund, BNY Mellon Smart Cures Innovation Fund et BNY Mellon Sustainable Global Emerging Markets Fund.
La mise à jour annuelle du Prospectus a eu lieu le 3 mai 2022, la liste des changements de politique mineurs figure ci- dessous :
- La politique d’investissement des Compartiments suivants a été mise à jour pour tenir compte des exigences de la VAG allemande : BNY Mellon Sustainable Global Dynamic Bond Fund, BNY Mellon U.S. Municipal Infrastructure Debt Fund, Responsible Horizons Euro Corporate Bond Fund et Responsible Horizons Euro Impact Bond Fund.
- La politique d’investissement du Compartiment BNY Mellon Dynamic U.S. Equity Fund a été mise à jour pour clarifier le pourcentage du Compartiment détenu en actions américaines.
- La définition des titres de créance subordonnés a été clarifiée dans la politique d’investissement du Compartiment BNY Mellon Emerging Markets Corporate Debt Fund.
- Les politiques des Compartiments suivants ont été mises à jour pour formaliser le fait qu’ils ne détiendront plus des niveaux élevés d’actifs liquides et quasi liquides de façon temporaire en cas de circonstances exceptionnelles : BNY Mellon Efficient EM Debt Local Currency Beta Fund, BNY Mellon Efficient Euro High Yield Beta Fund, BNY Mellon Efficient Global High Yield Beta Fund, BNY Mellon Efficient Global IG Corporate Beta Fund, BNY Mellon Future Earth Fund, BNY Mellon Future Food Fund, BNY Mellon Future Life Fund, BNY Mellon U.S. Municipal Infrastructure Debt Fund et Smart Cures Innovation Fund.
- Les stratégies des Compartiments suivants ont été mises à jour pour formaliser le fait que le Gestionnaire de portefeuille ne sera plus tenu de vendre des titres qui ne sont pas compatibles avec l’objectif d’investissement dans un délai de trois mois : BNY Mellon Future Earth Fund, BNY Mellon Sustainable Global Dynamic Bond Fund et BNY Mellon Sustainable Global Real Return Fund.
- Retrait de la capacité d’utiliser des prêts de titres pour les Compartiments suivants : BNY Mellon Efficient U.S. Fallen Angels Beta Fund, BNY Mellon Future Earth Fund, Responsible Horizons Euro Corporate Bond Fund et Responsible Horizons Euro Impact Bond Fund.
- Retrait des mentions sur les positions longues et courtes du Compartiment Responsible Horizons Euro Impact Bond Fund pour indiquer que le Fonds n’aura plus recours à des positions longues synthétiques et des positions courtes synthétiques dans chaque classe d’actifs pour réaliser son objectif d’investissement.
- Le supplément du Compartiment BNY Mellon Global Bond Fund a été mis à jour pour formaliser une limite d’investissement de 20 % sur les marchés boursiers chinois. | El 31 de mayo de 2022, se modificaron los fondos BNY Mellon Smart Cures Innovation Fund y BNY Mellon Future Food Fund; el primero para permitir su reclasificación del Artículo 6 al Artículo 9 del SFDR, y el segundo para permitir su reclasificación del Artículo 8 al Artículo 9 del SFDR.
El 24 de junio de 2022, se insertó el primer apéndice en el folleto de la Sociedad para reflejar que la Sociedad gestora persiste en su postura actual de no contemplar el régimen PAI.
Los fondos señalados a continuación se actualizaron para indicar que los efectos adversos que podrían causar las decisiones de inversión en los factores de sostenibilidad se analizan desde la perspectiva del perjuicio que las posiciones de inversión podrían causar externamente a tales factores, así como las medidas que se toman para mitigarlo: Responsible Horizons Euro Corporate Bond Fund, BNY Mellon Sustainable Global Dynamic Bond Fund, BNY Mellon Sustainable Global Real Return Fund (EUR), Responsible Horizons Euro Impact Bond Fund, BNY Mellon Future Earth Fund, BNY Mellon Smart Cures Innovation Fund y BNY Mellon Sustainable Global Emerging Markets Fund.
La actualización del folleto anual se produjo el 3 de mayo de 2022; a continuación se detallan las novedades de política menos relevantes:
- La política de inversión de los siguientes fondos se actualizó para reflejar los requisitos VAG alemanes: BNY Mellon Sustainable Global Dynamic Bond Fund, BNY Mellon U.S. Municipal Infrastructure Debt Fund, Responsible Horizons Euro Corporate Bond Fund y Responsible Horizons Euro Impact Bond Fund.
- La política de inversión del BNY Mellon Dynamic U.S. Equity Fund se actualizó para explicitar el porcentaje del fondo mantenido en renta variable estadounidense.
- La definición de la deuda subordinada se esclareció en la política de inversión del BNY Mellon Emerging Markets Corporate Debt Fund.
- Las políticas de los fondos señalados a continuación se actualizaron para hacer constar que dejarán de mantener temporalmente altos niveles de efectivo y activos monetarios cuasi líquidos en circunstancias excepcionales: BNY Mellon Efficient EM Debt Local Currency Beta Fund, BNY Mellon Efficient Euro High Yield Beta Fund, BNY Mellon Efficient Global High Yield Beta Fund, BNY Mellon Efficient Global IG Corporate Beta Fund, BNY Mellon Future Earth Fund, BNY Mellon Future Food Fund, BNY Mellon Future Life Fund, BNY Mellon U.S. Municipal Infrastructure Debt Fund y Smart Cures Innovation Fund.
- Las estrategias de los siguientes fondos se actualizaron para reflejar que la Gestora de inversiones dejará de vender valores incompatibles con el objetivo de inversión en tres meses: BNY Mellon Future Earth Fund, BNY Mellon Sustainable Global Dynamic Bond Fund y BNY Mellon Sustainable Global Real Return Fund.
- Se suprime la capacidad de participar en préstamos de valores para los siguientes fondos: BNY Mellon EfficientU.S. Fallen Angels Beta Fund, BNY Mellon Future Earth Fund and Responsible Horizons Euro Corporate Bond Fund y Responsible Horizons Euro Impact Bond Fund.
- Se suprime el texto referente a posiciones largas y cortas del Responsible Horizons Euro Impact Bond Fund para reflejar que el fondo dejará de emplear exposiciones largas y cortas sintéticas en cada clase de activos para lograr su objetivo de inversión.
- El suplemento del BNY Mellon Global Bond Fund se actualizó para hacer constar un límite de inversión del 20% en mercados de valores chinos. | Le 31 mai 2022, le Compartiment BNY Mellon Smart Cures Innovation Fund a été modifié pour permettre un reclassement de l’Article 6 à l’Article 9 du SFDR et le Compartiment BNY Mellon Future Food Fund a été modifié pour permettre un reclassement de l’Article 8 à l’Article 9 du SFDR.
Le 24 juin 2022, le premier addenda a été ajouté au prospectus de la Société pour formaliser le fait que la Société de gestion maintient sa position actuelle et n’envisage pas le régime PAI.
Les Compartiments suivants ont été mis à jour pour indiquer que les incidences négatives des décisions d’investissement sur les facteurs de durabilité sont mesurées du point de vue du préjudice que les positions d’investissement pourraient entraîner pour les facteurs de durabilité et des actions entreprises pour limiter ce préjudice : Responsible Horizons Euro Corporate Bond Fund, BNY Mellon Sustainable Global Dynamic Bond Fund, BNY Mellon Sustainable Global Real Return Fund (EUR), Responsible Horizons Euro Impact Bond Fund, BNY Mellon Future Earth Fund, BNY Mellon Smart Cures Innovation Fund et BNY Mellon Sustainable Global Emerging Markets Fund.
La mise à jour annuelle du Prospectus a eu lieu le 3 mai 2022, la liste des changements de politique mineurs figure ci- dessous :
- La politique d’investissement des Compartiments suivants a été mise à jour pour tenir compte des exigences de la VAG allemande : BNY Mellon Sustainable Global Dynamic Bond Fund, BNY Mellon U.S. Municipal Infrastructure Debt Fund, Responsible Horizons Euro Corporate Bond Fund et Responsible Horizons Euro Impact Bond Fund.
- La politique d’investissement du Compartiment BNY Mellon Dynamic U.S. Equity Fund a été mise à jour pour clarifier le pourcentage du Compartiment détenu en actions américaines.
- La définition des titres de créance subordonnés a été clarifiée dans la politique d’investissement du Compartiment BNY Mellon Emerging Markets Corporate Debt Fund.
- Les politiques des Compartiments suivants ont été mises à jour pour formaliser le fait qu’ils ne détiendront plus des niveaux élevés d’actifs liquides et quasi liquides de façon temporaire en cas de circonstances exceptionnelles : BNY Mellon Efficient EM Debt Local Currency Beta Fund, BNY Mellon Efficient Euro High Yield Beta Fund, BNY Mellon Efficient Global High Yield Beta Fund, BNY Mellon Efficient Global IG Corporate Beta Fund, BNY Mellon Future Earth Fund, BNY Mellon Future Food Fund, BNY Mellon Future Life Fund, BNY Mellon U.S. Municipal Infrastructure Debt Fund et Smart Cures Innovation Fund.
- Les stratégies des Compartiments suivants ont été mises à jour pour formaliser le fait que le Gestionnaire de portefeuille ne sera plus tenu de vendre des titres qui ne sont pas compatibles avec l’objectif d’investissement dans un délai de trois mois : BNY Mellon Future Earth Fund, BNY Mellon Sustainable Global Dynamic Bond Fund et BNY Mellon Sustainable Global Real Return Fund.
- Retrait de la capacité d’utiliser des prêts de titres pour les Compartiments suivants : BNY Mellon Efficient U.S. Fallen Angels Beta Fund, BNY Mellon Future Earth Fund, Responsible Horizons Euro Corporate Bond Fund et Responsible Horizons Euro Impact Bond Fund.
- Retrait des mentions sur les positions longues et courtes du Compartiment Responsible Horizons Euro Impact Bond Fund pour indiquer que le Fonds n’aura plus recours à des positions longues synthétiques et des positions courtes synthétiques dans chaque classe d’actifs pour réaliser son objectif d’investissement.
- Le supplément du Compartiment BNY Mellon Global Bond Fund a été mis à jour pour formaliser une limite d’investissement de 20 % sur les marchés boursiers chinois. | fr | es |
DOLFIN8567 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# In addition, Shares may be issued and repurchased at a different price due to the adjustments which may be made to the Net Asset Value per Share as described below.
Where specified in the relevant Supplement, the Company may, in the event of there being net subscriptions on any Dealing Day, make an adjustment to the Net Asset Value per Share of the relevant classes to cover stamp duties and taxation (if any) in respect of the issue of Shares, and the costs of restructuring the relevant Fund’s portfolio (a Dilution Adjustment). Such an adjustment will not exceed 3% of the relevant Fund’s Net Asset Value. The purpose of any such adjustment would be to preserve the value of the underlying assets of the Fund. The Directors reserve the right to waive the Dilution Adjustment at any time. In the event of there being net repurchases on any Dealing Day, the Company may make an adjustment to the Net Asset Value per Share of the relevant classes to cover the costs of restructuring the relevant Fund’s portfolio (a Dilution Adjustment). Such an adjustment will not exceed 3% of the Fund’s Net Asset Value. The purpose of any such adjustment would be to preserve the value of the underlying assets of the Fund. The Directors reserve the right to waive the Dilution Adjustment at any time.
The price at which Shares will be purchased on a Dealing Day is, subject as hereinafter provided, the Net Asset Value per Share of the relevant class which is calculated in the manner described above. Applicants may also be charged a preliminary charge as specified in the relevant Supplement for the Fund.
The price at which Shares will be repurchased on a Dealing Day, is subject as hereinafter provided, the Net Asset Value per Share of the relevant class which is calculated in the manner described above. Where specified in the relevant Supplement, applicants may also be charged a redemption charge.
The Company may, in calculating the repurchase price, deduct such sum as the Directors consider fair and equitable with the approval of the Depositary, in respect of repurchase requests which in order to satisfy, the relevant Fund will need to borrow, break deposits at a penalty or realise investments at a discount. | # Además, las Acciones podrá suscribirse y reembolsarse a precios diferentes debido a los ajustes de los que pueda ser objeto el Valor liquidativo por Acción, tal y como se detalla a continuación.
Siempre que se especifique en el Suplemento correspondiente, la Sociedad podrá, cuando se produzcan suscripciones netas en un Día de negociación, efectuar un ajuste del Valor liquidativo por Acción de las Clases pertinentes para cubrir el pago de los impuestos sobre actos jurídicos documentados y otras tasas (si procede) respecto de la suscripción de Acciones, así como los costes de restructuración de la cartera del Subfondo correspondiente (un Ajuste por dilución). Dicho ajuste no superará el 3% del Patrimonio neto del Subfondo pertinente. El objeto de dichos ajustes será preservar el valor de los activos subyacentes del Subfondo. Los Consejeros se reservan el derecho de renunciar a aplicar el Ajuste por dilución en cualquier momento. La Sociedad podrá, cuando se produzcan reembolsos netos en un Día de negociación, efectuar un ajuste del Valor liquidativo por Acción de las Clases pertinentes para cubrir los costes de restructuración de la cartera del Subfondo correspondiente (un Ajuste por dilución). Dicho ajuste no superará el 3% del Patrimonio neto del Subfondo. El objeto de dichos ajustes será preservar el valor de los activos subyacentes del Subfondo. Los Consejeros se reservan el derecho de renunciar a aplicar el Ajuste por dilución en cualquier momento.
El precio de compra de las Acciones en un Día de negociación será, conforme a lo previsto a continuación, el Valor liquidativo por Acción de la Clase pertinente calculado en la forma anteriormente descrita. Asimismo, se podrá aplicar a los solicitantes una comisión de suscripción, tal y como se indica en el Suplemento del Subfondo pertinente.
El precio de reembolso de las Acciones en un Día de negociación será, conforme a lo previsto a continuación, el Valor liquidativo por Acción de la Clase pertinente calculado en la forma anteriormente descrita. Siempre que se especifique en el Suplemento correspondiente, también podrá cobrarse a los solicitantes una comisión de reembolso.
A la hora de calcular el precio de reembolso, la Sociedad, con la aprobación previa del Depositario, podrá deducir del mismo el importe que los Consejeros consideren justo y razonable, respecto de las solicitudes de reembolso, y que el Subfondo pertinente tenga que tomar prestado u obtener mediante la cancelación de depósitos con su sanción correspondiente o la liquidación de inversiones con descuento. | # In addition, Shares may be issued and repurchased at a different price due to the adjustments which may be made to the Net Asset Value per Share as described below.
Where specified in the relevant Supplement, the Company may, in the event of there being net subscriptions on any Dealing Day, make an adjustment to the Net Asset Value per Share of the relevant classes to cover stamp duties and taxation (if any) in respect of the issue of Shares, and the costs of restructuring the relevant Fund’s portfolio (a Dilution Adjustment). Such an adjustment will not exceed 3% of the relevant Fund’s Net Asset Value. The purpose of any such adjustment would be to preserve the value of the underlying assets of the Fund. The Directors reserve the right to waive the Dilution Adjustment at any time. In the event of there being net repurchases on any Dealing Day, the Company may make an adjustment to the Net Asset Value per Share of the relevant classes to cover the costs of restructuring the relevant Fund’s portfolio (a Dilution Adjustment). Such an adjustment will not exceed 3% of the Fund’s Net Asset Value. The purpose of any such adjustment would be to preserve the value of the underlying assets of the Fund. The Directors reserve the right to waive the Dilution Adjustment at any time.
The price at which Shares will be purchased on a Dealing Day is, subject as hereinafter provided, the Net Asset Value per Share of the relevant class which is calculated in the manner described above. Applicants may also be charged a preliminary charge as specified in the relevant Supplement for the Fund.
The price at which Shares will be repurchased on a Dealing Day, is subject as hereinafter provided, the Net Asset Value per Share of the relevant class which is calculated in the manner described above. Where specified in the relevant Supplement, applicants may also be charged a redemption charge.
The Company may, in calculating the repurchase price, deduct such sum as the Directors consider fair and equitable with the approval of the Depositary, in respect of repurchase requests which in order to satisfy, the relevant Fund will need to borrow, break deposits at a penalty or realise investments at a discount. | en | es |
DOLFIN8568 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# SECTION I ASSETS AND UNITS
ARTICLE I - JOINTLY-OWNED UNITS
The rights of joint owners are expressed in units, with each unit corresponding to an identical share of the fund’s assets. Each unitholder is entitled to joint ownership of the mutual fund’s assets in proportion to the number of units held.
The term of the fund is 99 years from the date of its inception, unless it is wound up early or extended pursuant to these regulations.
The characteristics of the various unit categories and their access conditions are set out in the mutual fund’s prospectus.
The various unit categories may:
- have different arrangements for distributing revenue; (distribution or accumulation)
- be denominated in different currencies;
- incur different management charges;
- be subject to different subscription and redemption commissions;
- have different nominal values;
- be systematically hedged against risk, either partially or in full, as defined in the prospectus. This hedging process is performed using financial instruments that minimize the impact of the hedging transactions for the other unit classes of the UCITS;
- be reserved for one or more marketing networks.
Units may be divided, grouped, or split, on the decision of the management company’s Board of Directors or its Chairman, into tenths, hundredths, thousandths, or ten-thousandths of units, called fractional units.
The provisions of the regulations governing the issue and redemption of units shall also apply to fractional units, whose value will always be proportionate to that of the unit that they represent. Unless otherwise stated, all other provisions of the regulations relating to units shall apply to fractional units without any need to make a specific provision.
Lastly, the Board of Directors of the management company may decide, at its sole discretion, to split the units by creating new units which are allocated to unitholders in exchange for the former units. | # TITRE I ACTIF ET PARTS
ARTICLE I - PARTS DE COPROPRIETE
Les droits des copropriétaires sont exprimés en parts, chaque part correspondant à une même fraction de l'actif du fonds. Chaque porteur de part dispose d'un droit de copropriété sur les actifs du fonds proportionnel au nombre de parts possédées.
La durée du fonds est de 99 ans à compter de sa création sauf cas de dissolution anticipée ou de la prorogation prévue au présent règlement.
Les caractéristiques des différentes catégories de parts et leurs conditions d’accès sont précisées dans le prospectus du FCP.
Les différentes catégories de parts pourront :
- bénéficier de régimes différents de distribution des revenus ; (distribution ou capitalisation)
- être libellées en devises différentes ;
- supporter des frais de gestion différents ;
- supporter des commissions de souscriptions et de rachat différentes ;
- avoir une valeur nominale différente ;
- Etre assorties d’une couverture systématique de risque, partielle ou totale, définie dans le prospectus. Cette couverture est assurée au moyen d’instruments financiers réduisant au minimum l’impact des opérations de couverture sur les autres catégories de parts de l’OPCVM ;
- Etre réservées à un ou plusieurs réseaux de commercialisation.
Les parts pourront être divisées regroupées ou fractionnées sur décision du Conseil d’Administration 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.
Enfin, 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. | # SECTION I ASSETS AND UNITS
ARTICLE I - JOINTLY-OWNED UNITS
The rights of joint owners are expressed in units, with each unit corresponding to an identical share of the fund’s assets. Each unitholder is entitled to joint ownership of the mutual fund’s assets in proportion to the number of units held.
The term of the fund is 99 years from the date of its inception, unless it is wound up early or extended pursuant to these regulations.
The characteristics of the various unit categories and their access conditions are set out in the mutual fund’s prospectus.
The various unit categories may:
- have different arrangements for distributing revenue; (distribution or accumulation)
- be denominated in different currencies;
- incur different management charges;
- be subject to different subscription and redemption commissions;
- have different nominal values;
- be systematically hedged against risk, either partially or in full, as defined in the prospectus. This hedging process is performed using financial instruments that minimize the impact of the hedging transactions for the other unit classes of the UCITS;
- be reserved for one or more marketing networks.
Units may be divided, grouped, or split, on the decision of the management company’s Board of Directors or its Chairman, into tenths, hundredths, thousandths, or ten-thousandths of units, called fractional units.
The provisions of the regulations governing the issue and redemption of units shall also apply to fractional units, whose value will always be proportionate to that of the unit that they represent. Unless otherwise stated, all other provisions of the regulations relating to units shall apply to fractional units without any need to make a specific provision.
Lastly, the Board of Directors of the management company may decide, at its sole discretion, to split the units by creating new units which are allocated to unitholders in exchange for the former units. | en | fr |
DOLFIN8569 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Sub-Fund which is managed in accordance with the SRI Strategy Type A refrains from investing in securities of sovereign issuers of countries
- that have not ratified or implemented the eight fundamental conventions identified in the International Labour Organisation’sdeclaration of the Fundamental Rights and Principles at work
- that have not ratified or implemented at least half of the 18 core International Human Rights Treaties national legislation or equivalent
- which are not party to the Paris Agreement, the UN Convention on Biological Diversity, or the Nuclear Non-Proliferation Treaty
- with particularly high military budget exceeding 4% of the respective country’s Gross Domestic Product (GDP)
- which are considered as the jurisdictions with strategic deficiencies in their regimes to counter money laundering and combating the financing of terrorism and proliferation by the Financial Action Task Force (FATF)
- scoring below 40/100 on the Transparency International Corruption Perception Index, or
- qualified with a score as ‘Not free’ by the Freedom House Index. | Los Compartimentos que se gestionan de conformidad con Estrategia SRI de Tipo A se abstienen de invertir en títulos-valores de emisores soberanos de países:
- que no han ratificado ni implementado los ocho convenios fundamentales identificados en la Declaración de la OIT relativa a los principios y derechos fundamentales en el trabajo;
- que no han ratificado ni implementado al menos la mitad de los 18 tratados internacionales de derechos humanos en su legislación nacional o cuerpos legales equivalentes;
- que no forman parte del Acuerdo de París, el Convenio sobre la Diversidad Biológica de las Naciones Unidas o el Tratado de No Proliferación Nuclear;
- con un presupuesto militar particularmente elevado que exceda el 4 % de su producto interior bruto (PIB);
- considerados jurisdicciones con deficiencias estratégicas en sus regímenes de lucha contra el blanqueo de capitales y la financiación y la proliferación del terrorismo por parte del Grupo de Acción Financiera Internacional (GAFI);
- con una puntuación inferior a 40/100 en el Índice de Percepción de la Corrupción de Transparencia Internacional; o
- calificados como «No Libre» por el Freedom House Index. | Sub-Fund which is managed in accordance with the SRI Strategy Type A refrains from investing in securities of sovereign issuers of countries
- that have not ratified or implemented the eight fundamental conventions identified in the International Labour Organisation’sdeclaration of the Fundamental Rights and Principles at work
- that have not ratified or implemented at least half of the 18 core International Human Rights Treaties national legislation or equivalent
- which are not party to the Paris Agreement, the UN Convention on Biological Diversity, or the Nuclear Non-Proliferation Treaty
- with particularly high military budget exceeding 4% of the respective country’s Gross Domestic Product (GDP)
- which are considered as the jurisdictions with strategic deficiencies in their regimes to counter money laundering and combating the financing of terrorism and proliferation by the Financial Action Task Force (FATF)
- scoring below 40/100 on the Transparency International Corruption Perception Index, or
- qualified with a score as ‘Not free’ by the Freedom House Index. | en | es |
DOLFIN8570 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
* The securities received as collateral are in the form of government securities (US, UK, Eurozone and other government securities). These securities are issued and guaranteed as to principal and interest by the governments of the relevant countries.
** Cash collateral may be reinvested into Reverse Repurchase Transactions with high quality government bonds as collateral. Income earned is recorded under the “Securities Lending Income” in the Combined Statement of Operations and Changes in Net Assets.
- Transactions with Connected PartiesAll transactions with connected parties were carried out on an arm’s length basis. | * I titoli ricevuti come collaterali sono costituiti da titoli di Stato (statunitensi, britannici, dell’Eurozona e di altri paesi). Questi titoli sono emessi e garantiti per quanto concerne il capitale e l’interesse dai governi dei rispettivi paesi.
** I collaterali in contanti possono essere reinvestiti in transazioni di acquisto a pronti con patto di rivendita con titoli di stato di alta qualità come collaterali. Il reddito generato viene contabilizzato alla voce “Proventi da prestito titoli” nel Conto Economico Consolidato e Variazioni del Patrimonio Netto.
- Operazioni con parti associateTutte le operazioni con parti associate sono state concluse alle normali condizioni di mercato. | * The securities received as collateral are in the form of government securities (US, UK, Eurozone and other government securities). These securities are issued and guaranteed as to principal and interest by the governments of the relevant countries.
** Cash collateral may be reinvested into Reverse Repurchase Transactions with high quality government bonds as collateral. Income earned is recorded under the “Securities Lending Income” in the Combined Statement of Operations and Changes in Net Assets.
- Transactions with Connected PartiesAll transactions with connected parties were carried out on an arm’s length basis. | en | it |
DOLFIN8571 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund will seek gains by investing primarily in listed or traded debt securities and preference shares which are capable of conversion into shares and will have a global focus. Particular focus will be paid to the credit quality of individual issuers, the cost to convert the debt into shares and the projected return (yield) of the debt securities.
1 The Fund may also invest directly in shares (or related instruments), cash and other debt securities.
1 The Portfolio will be diversified with no more than 40% of the Portfolio's investments in securities listed or traded on Recognised Markets in non- OECD countries, which shall include investment in Russian securities which shall in no circumstances exceed 20% of the Portfolio's Net Asset Value.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to global banned weapons, nuclear weapons, tobacco and coal-oriented activities.
1 The debt securities in which the Fund invests can have a fixed or floating rate of interest, be issued by a government, corporation or other entity, and be rated investment grade or, non-investment grade.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the Thomson Reuters Global Focus Convertible Bond Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include Tracking error and or relative Value at Risk (VaR) versus the benchmark as well as relative sector and/or country weights versus the benchmark and relative duration and equity exposure versus the benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the
Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be material. The Benchmark is also used for performance comparison purposes.
1 The Fund may use financial derivative instruments (instruments whose price are dependent on one or more underlying assets, 'FDI') to achieve the investment objective, for hedging against anticipated movements in a market or security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund will use FDI to provide investors with a similar return to any share class issued in the working currency of the Fund (USD).
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund. | # Objetivos y política de inversión
1 El Fondo procurará obtener beneficios invirtiendo fundamentalmente en valores de deuda negociados o cotizados y acciones preferentes con la capacidad de convertirse en acciones, y tendrá un enfoque internacional. Se hará especial hincapié en la calidad crediticia de los emisores individuales, el coste de convertir la deuda en acciones y la rentabilidad prevista (rendimiento) de los valores de deuda.
1 El Fondo también puede invertir directamente en acciones (o instrumentos relacionados), posiciones de tesorería y otros valores de deuda.
1 La Cartera estará diversificada con no más del 40% de las inversiones de la Cartera en valores cotizados o negociados en Mercados Reconocidos de países no pertenecientes a la OCDE, que incluirán inversiones en valores rusos que no deberán sobrepasar el 20% del Patrimonio Neto de la Cartera.
1 El Fondo promueve, entre otras, características ambientales y sociales según lo estipulado en el artículo 8 del Reglamento europeo sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (también conocido por el acrónimo inglés SFDR). Asimismo, la Gestora de Inversiones aplica una lista de exclusión de valores o sectores controvertidos que pueden estar relacionados con armas prohibidas a nivel mundial, armas nucleares y con actividades orientadas al tabaco y al carbón.
1 Los valores de deuda en los que invierte en Fondo pueden tener un tipo de interés fijo o variable, estar emitidos por un gobierno, sociedad u otra entidad, y tener una calificación que alcance o no la categoría de inversión.
1 Índices de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el índice Thomson Reuters Global Focus Convertible Bond y no está limitado por él. El Fondo utiliza el índice de referencia a efectos de gestión de riesgos para garantizar que el Fondo se gestione de manera acorde con su objetivo de inversión y su perfil de riesgo. En el marco de su función de gestión de riesgos, el Gestor de inversiones realizará una supervisión adicional de las posiciones del fondo en relación con las ponderaciones del índice de referencia. Las ponderaciones relativas se evaluarán con referencia a un umbral que podrá actualizarse periódicamente. En otros controles de riesgo se encuentran el error de seguimiento y/o el valor en riesgo (VaR) relativo en relación con el Índice de
referencia, así como las ponderaciones relativas de los sectores y/o países en relación con el Índice de referencia, la duración relativa y la exposición a la renta variable en relación con el Índice de referencia. Si bien el Fondo se centrará en emisores individuales que pueden o no pertenecer al Índice de referencia, dicha inversión puede tener ponderaciones diferentes a las utilizadas por el Índice de referencia. Los factores mencionados, considerados conjuntamente, pueden influir en la medida en que la Cartera se desvíe del Índice de referencia, y dicha desviación puede ser importante. El Índice de referencia también se utiliza a efectos de comparación del rentabilidad.
1 El Fondo puede utilizar instrumentos financieros derivados (“IFD”, instrumentos cuyo precio dependa de uno o más activos subyacentes) para lograr el objetivo de inversión, cubrirse ante movimientos previstos en un mercado o valor, o cuando resulte económicamente más eficaz que mantener directamente el activo subyacente.
1 El Fondo usará IFD para proporcionar a los inversores una rentabilidad similar a la de cualquier clase de acciones emitidas en la divisa operativa del Fondo (USD).
1 Cualquier ingreso obtenido por las inversiones se sumará al valor de las acciones de los inversores, y estos pueden comprar o vender sus acciones cada día de negociación del Fondo. | # Objectives and investment policy
1 The Fund will seek gains by investing primarily in listed or traded debt securities and preference shares which are capable of conversion into shares and will have a global focus. Particular focus will be paid to the credit quality of individual issuers, the cost to convert the debt into shares and the projected return (yield) of the debt securities.
1 The Fund may also invest directly in shares (or related instruments), cash and other debt securities.
1 The Portfolio will be diversified with no more than 40% of the Portfolio's investments in securities listed or traded on Recognised Markets in non- OECD countries, which shall include investment in Russian securities which shall in no circumstances exceed 20% of the Portfolio's Net Asset Value.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to global banned weapons, nuclear weapons, tobacco and coal-oriented activities.
1 The debt securities in which the Fund invests can have a fixed or floating rate of interest, be issued by a government, corporation or other entity, and be rated investment grade or, non-investment grade.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the Thomson Reuters Global Focus Convertible Bond Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include Tracking error and or relative Value at Risk (VaR) versus the benchmark as well as relative sector and/or country weights versus the benchmark and relative duration and equity exposure versus the benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the
Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be material. The Benchmark is also used for performance comparison purposes.
1 The Fund may use financial derivative instruments (instruments whose price are dependent on one or more underlying assets, 'FDI') to achieve the investment objective, for hedging against anticipated movements in a market or security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund will use FDI to provide investors with a similar return to any share class issued in the working currency of the Fund (USD).
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund. | en | es |
DOLFIN8572 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Offering documents
The prospectus, the key investor information, the Investment Terms and Conditions as well as the latest annual and semi-annual reports of the Feeder Fund are available free of charge from the Company, the depositary, and from the agents operating for the Company. Further information about the Master-Feeder Agreement concluded between the Company and the Management Company of the Master Fund may be obtained from the Company.
The prospectus, the key investor information, the articles/memorandum of association as well as the latest annual and semi-annual reports of the Master Fund are also available free of charge from the Company, the depositary, and from the agents operating for the Company.
Additional information on the Feeder Fund’s investment restrictions imposed by the risk management, the risk management methods, and the latest developments of risks and returns of the major asset categories, can be obtained from the Company in a written version on request.
If the Company sends particular investors further information about the composition of the Feeder Fund portfolio or its performance, it will post this information on its website at the same time.
Further information on the Master Fund can be obtained from the Company in written form on request. | ## Verkaufsunterlagen
Der Verkaufsprospekt, die wesentlichen Anlegerinformationen, die Anlagebedingungen sowie der aktuelle Jahres- und Halbjahresbericht des Feederfonds sind bei der Gesellschaft, bei der Verwahrstelle sowie bei den für die Gesellschaft tätigen Vermittlern kostenfrei erhältlich. Weitere Informationen über die zwischen der Gesellschaft und der Verwaltungsgesellschaft des Masterfonds abgeschlossene Master- Feeder-Vereinbarung können bei der Gesellschaft bezogen werden.
Der Verkaufsprospekt, die wesentlichen Anlegerinformationen, die Satzung sowie die aktuellen Jahres- und Halbjahresberichte des Masterfonds sind ebenfalls bei der Gesellschaft, bei der Verwahrstelle sowie bei den für die Gesellschaft tätigen Vermittlern kostenfrei erhältlich.
Zusätzliche Informationen über die Anlagegrenzen des Risikomanagements dieses Feederfonds, die Risikomanagementmethoden und die jüngsten Entwicklungen bei den Risiken und Renditen der wichtigsten Kategorien von Vermögensgegenständen sind auf Anfrage in schriftlicher Form bei der Gesellschaft erhältlich.
Sofern die Gesellschaft einzelnen Anlegern weitere Informationen über die Zusammensetzung des Feederfondsportfolios oder dessen Wertentwicklung übermittelt, wird sie diese Informationen zeitgleich auf ihrer Website einstellen.
Weitere Informationen über den Masterfonds können auf Anfrage in schriftlicher Form bei der Gesellschaft eingeholt werden. | ## Offering documents
The prospectus, the key investor information, the Investment Terms and Conditions as well as the latest annual and semi-annual reports of the Feeder Fund are available free of charge from the Company, the depositary, and from the agents operating for the Company. Further information about the Master-Feeder Agreement concluded between the Company and the Management Company of the Master Fund may be obtained from the Company.
The prospectus, the key investor information, the articles/memorandum of association as well as the latest annual and semi-annual reports of the Master Fund are also available free of charge from the Company, the depositary, and from the agents operating for the Company.
Additional information on the Feeder Fund’s investment restrictions imposed by the risk management, the risk management methods, and the latest developments of risks and returns of the major asset categories, can be obtained from the Company in a written version on request.
If the Company sends particular investors further information about the composition of the Feeder Fund portfolio or its performance, it will post this information on its website at the same time.
Further information on the Master Fund can be obtained from the Company in written form on request. | en | de |
DOLFIN8573 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
## Risk Indicator
The summary risk indicator ("SRI") is a guide to the level of risk of this Fund compared to other products. It shows how likely it is that the Fund will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 6 out of 7, which is the second-highest risk class. This rates the potential losses from future performance at a high level, and poor market conditions are very likely to impact the capacity of the Fund to pay you.
Be aware of currency risk. In some circumstances, you may receive payments in a different currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
The SRI is based on recent NAV movements, and may misrepresent the risk/return profile of private markets products, as the valuation-based approach results in an understatement of the volatility. The risk to the investor may be higher than implied by the SRI.
The Fund does not include any protection from future market performance and has no capital guarantee, so you could lose some or all of your investment.
| Performance scenarios Investment EUR 10'000 |
| --- |
| Scenarios | 1 year | 3 years | 5 years |
| What you might get after costs | n.a. | n.a. | n.a. |
| Average return each year | n.a. | n.a. | n.a. |
| What you might get after costs | n.a. | n.a. | 10'260 |
| Average return each year | n.a. | n.a. | 0.8% |
| What you might get after costs | n.a. | n.a. | 11'400 |
| Average return each year | n.a. | n.a. | 3.9% |
| What you might get after costs | n.a. | n.a. | 12'540 |
| Average return each year | n.a. | n.a. | 6.8% |
Stress Unfavourable Moderate Favourable
This table shows the money you could get back over the next 5 years, under different scenarios, assuming that you invest EUR 10'000. The scenarios shown illustrate how your investment could perform. You can compare them with the scenarios of other products. The scenarios presented are an estimate of future performance based on evidence from the past on how the value of this investment varies, and are not an exact indicator. What you get will vary depending on how the market performs and how long you keep the investment/product. The stress scenario, if applicable, shows what you might get back in extreme market circumstances, and it does not take into account the situation where we are not able to pay you. This product cannot be cashed in. This means it is difficult to estimate how much you would get back if you cash in before the end of the required minimum holding period. You will either be unable to cash in early or you will have to pay high costs or make a large loss if you do so. 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. | # Quali sono i rischi e qual è il potenziale rendimento?
## Indicatore di rischio
L'indicatore sintetico di rischio è un'indicazione orientativa del livello di rischio di questo prodotto rispetto ad altri prodotti. Esso esprime la probabilità che il prodotto subisca perdite monetarie a causa di movimenti sul mercato o a causa della nostra incapacità di pagarvi quanto dovuto.
Abbiamo classificato questo prodotto al livello 6 su 7, che corrisponde alla classe di rischio seconda più alta. Ciò significa che le perdite potenziali dovute alla performance futura del prodotto sono classificate nel livello alto e che è molto probabile che le cattive condizioni di mercato influenzino la capacità del Fondo di pagarvi quanto dovuto.
Si richiama l'attenzione sul rischio valutario. In alcuni casi, potrete ricevere pagamenti in una valuta diversa; pertanto, il rendimento finale da voi percepito potrebbe dipendere dal tasso di cambio tra le due valute. Questo rischio non è considerato ai fini del calcolo dell'indicatore di cui sopra.
Lo SRI si basa sui recenti movimenti del NAV e può rappresentare in modo errato il profilo di rischio / rendimento dei prodotti dei mercati privati, poiché l'approccio basato sulla valutazione risulta in una sottovalutazione della volatilità. Il rischio per l'investitore può essere maggiore di quanto implicito dall'SRI.
Il Fondo non comprende alcuna protezione dalla performance futura del mercato e non ha alcuna garanzia sul capitale; pertanto potreste perdere il vostro intero investimento o parte di esso.
| Scenari di performance Investimento 10'000 EUR |
| --- |
| Scenari | 1 anno | 3 anni | 5 anni |
| Possibile rimborso al netto dei costi | n.a. | n.a. | n.a. |
| Rendimento medio per ciascun anno | n.a. | n.a. | n.a. |
| Possibile rimborso al netto dei costi | n.a. | n.a. | 10'260 |
| Rendimento medio per ciascun anno | n.a. | n.a. | 0.8% |
| Possibile rimborso al netto dei costi | n.a. | n.a. | 11'400 |
| Rendimento medio per ciascun anno | n.a. | n.a. | 3.9% |
| Possibile rimborso al netto dei costi | n.a. | n.a. | 12'540 |
| Rendimento medio per ciascun anno | n.a. | n.a. | 6.8% |
Scenario di stress Scenario sfavorevole Scenario moderato Scenario favorevole
Questa tabella mostra gli importi dei possibili rimborsi nei prossimi 5 anni, in scenari diversi, ipotizzando un investimento di 10'000 EUR. Gli scenari presentati mostrano la possibile performance dell'investimento. Possono essere confrontati con gli scenari di altri prodotti. Gli scenari presentati sono una stima della performance futura sulla base di prove relative alle variazioni passate del valore di questo investimento e non sono un indicatore esatto. Gli importi dei rimborsi varieranno a seconda della performance del mercato e del periodo di tempo per cui è mantenuto l'investimento/il prodotto. Lo scenario di stress, se applicabile, indica quale potrebbe essere l'importo rimborsato in circostanze di mercato estreme e non tiene conto della situazione in cui non siamo in grado di pagarvi. Questo prodotto non è liquidabile. Ciò significa che è difficile stimare l'importo del possibile rimborso in caso di disinvestimento prima della fine del periodo di detenzione raccomandato/della scadenza. Sarà impossibile disinvestire anticipatamente oppure sarà possibile farlo soltanto pagando un costo elevato o subendo una forte perdita. Le cifre riportate comprendono tutti i costi del prodotto in quanto tale, ma possono non comprendere tutti i costi da voi pagati al consulente o al distributore. Le cifre non tengono conto della vostra situazione fiscale personale, che può incidere anch'essa sull'importo del rimborso. Non è possibile prevedere con precisione gli sviluppi futuri del mercato. Gli scenari riportati sono solo un'indicazione di alcuni dei possibili risultati basati sui rendimenti recenti. I rendimenti effettivi potrebbero essere inferiori. | # What are the risks and what could I get in return?
## Risk Indicator
The summary risk indicator ("SRI") is a guide to the level of risk of this Fund compared to other products. It shows how likely it is that the Fund will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 6 out of 7, which is the second-highest risk class. This rates the potential losses from future performance at a high level, and poor market conditions are very likely to impact the capacity of the Fund to pay you.
Be aware of currency risk. In some circumstances, you may receive payments in a different currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
The SRI is based on recent NAV movements, and may misrepresent the risk/return profile of private markets products, as the valuation-based approach results in an understatement of the volatility. The risk to the investor may be higher than implied by the SRI.
The Fund does not include any protection from future market performance and has no capital guarantee, so you could lose some or all of your investment.
| Performance scenarios Investment EUR 10'000 |
| --- |
| Scenarios | 1 year | 3 years | 5 years |
| What you might get after costs | n.a. | n.a. | n.a. |
| Average return each year | n.a. | n.a. | n.a. |
| What you might get after costs | n.a. | n.a. | 10'260 |
| Average return each year | n.a. | n.a. | 0.8% |
| What you might get after costs | n.a. | n.a. | 11'400 |
| Average return each year | n.a. | n.a. | 3.9% |
| What you might get after costs | n.a. | n.a. | 12'540 |
| Average return each year | n.a. | n.a. | 6.8% |
Stress Unfavourable Moderate Favourable
This table shows the money you could get back over the next 5 years, under different scenarios, assuming that you invest EUR 10'000. The scenarios shown illustrate how your investment could perform. You can compare them with the scenarios of other products. The scenarios presented are an estimate of future performance based on evidence from the past on how the value of this investment varies, and are not an exact indicator. What you get will vary depending on how the market performs and how long you keep the investment/product. The stress scenario, if applicable, shows what you might get back in extreme market circumstances, and it does not take into account the situation where we are not able to pay you. This product cannot be cashed in. This means it is difficult to estimate how much you would get back if you cash in before the end of the required minimum holding period. You will either be unable to cash in early or you will have to pay high costs or make a large loss if you do so. 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 | it |
DOLFIN8574 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Conseil d’Administration a identifié les compartiments de la Société en fonction de cette classification et le niveau d’information exigé par SFDR a été adapté au sein du Prospectus par le Conseil d’Administration.
En outre, le Conseil d’Administration a inséré dans la partie générale du Prospectus de nouveaux risques en matière de durabilité, auxquels les annexes de chaque compartiment renvoient selon la classification et la politique d’investissement du compartiment concerné, le cas échéant.
- Modifications de la sous-section 8.11 (Subscriptions by savings plans)Le Conseil d’Administration a décidé de compléter la formulation de la sous-section 8.11 (Subscriptions by savings plans) afin de détailler la possibilité d’investir au travers des savings plans et d’y inclure une mention spécifique à ce type d’investissement en Italie.
- Modifications de la sous-section 11.4 (Annual charges)Le Conseil d’Administration a décidé de mettre à jour la formulation de la sous-section 11.4 (Annual charges) du Prospectus afin de refléter la réalité des coûts opérationnels, en conformité avec le Supervisory Briefing publié par l’ESMA concernant la supervision des coûts au sein desOPCVM et FIA (référence : ESMA34-39-1042), sans toutefois augmenter le niveau maximum des frais annuels autorisé par classe d’actions au sein de chaque compartiment
- Modifications de la sous-section 13.4 (Reports and Accounts)Le Conseil d’Administration a décidé de modifier la sous-section 13.4 (Reports and Accounts) du Prospectus afin d’indiquer expressément que les avis aux actionnaires concernant les modifications non-substantielles ou dans l’intérêt des actionnaires concernés apportées au Prospectus, à tout autre document de vente de la Société, ou tout autre développement concernant la Société ou ses compartiments (à moins que d'autres moyens de communication ne soient requis conformément aux lois et règlements applicables) seront notifiés par le biais du site internet de la société de gestion de la Société.
- Modifications de la sous-section 13.6 (Determination of the net asset value of Shares)Le Conseil d’Administration a décidé de modifier la sous-section 13.6 (Determination of the net asset value of Shares) qui détaille le mécanisme de Swing pricing. La section est mise à jour afin d’être conforme avec les questions/réponses (ou FAQ) de la CSSF relatives à ce mécanisme.
- Diminution des frais de gestions de la classe d’action « F »Le Conseil d’Administration a décidé de diminuer les frais de gestion qui sont prélevés à l’égard des classes d’actions « F » de 2,10% à 1,5%, pour chaque compartiment.
- Mention de la politique d’exclusion du groupe AmundiLe Conseil d’Administration a décidé de mentionner au sein de la politique d’investissement de chacun des compartiments l’application par la Société de Gestion de la politique d’exclusion des sociétés de production de tabac et de charbon appliquée par le groupe Amundi.
- Autres modifications mineuresLe Conseil d’Administration a décidé d’effectuer d’autres modifications mineures au sein du Prospectus afin de clarifier, corriger ou harmoniser son contenu.
-
# CHANGEMENTS CONCERNANT SEULEMENT CERTAINS COMPARTIMENTS ET AYANT UN IMPACT POUR LES ACTIONNAIRES CONCERNES | El Consejo de Administración ha identificado los subfondos de la Sociedad en función de esta clasificación, habiendo adaptado los Folletos correspondientes en función del nivel de información exigido de conformidad con el SFDR.
Además, el Consejo de Administración ha incluido en la parte general del Folleto nuevos riesgos relacionados con la sostenibilidad, a los cuales hacen referencia los anexos de cada subfondo de acuerdo con la clasificación y la política de inversión del subfondo en cuestión, en su caso.
- Modificaciones de la sub-sección 8.11 (Suscripciones por planes de ahorro)El Consejo de Administración ha decidido completar la redacción de la sub-sección 8.11 (Suscripciones por planes de ahorro) para detallar la posibilidad de invertir a través de planes de ahorro y de incluir una mención específica a esta clase de inversión en Italia.
- Modificaciones de la sub-sección 11.4 (Gastos anuales)El Consejo de Administración ha decido actualizar la redacción de la sub-sección 11.4 (Gastos anuales) del Folleto para reflejar los costes operativos reales, de conformidad con las directrices (“Supervisory Briefing”) publicadas por la ESMA relativas a la supervisión de costes en el ámbitode los OICVM y de los FIA (referencia: ESMA34-39-1042), sin incrementar no obstante el importe máximo de los gastos anuales autorizado para cada clase de acciones en el ámbito de cada subfondo.
- Modificaciones de la sub-sección 13.4 (Informes y Cuentas)El Consejo de Administración ha decidido modificar la sub-sección 13.4 (Informes y Cuentas) del Folleto para indicar expresamente que los anuncios dirigidos a los accionistas relativos a modificaciones no sustanciales o circunscritas a ciertos accionistas interesados e incluidas en el Folleto, en cualquier otro documento de venta de la Sociedad, o en cualquier otro registro relativo a la Sociedad o a sus subfondos (a menos que se exigieran otros medios de comunicación de conformidad con la legislación y demás regulaciones aplicables) se notificarán a través de la página web de la Sociedad Gestora de la Sociedad.
- Modificaciones de la sub-sección 13.6 (Determinación del valor liquidativo de las Acciones)El Consejo de Administración ha decidido modificar la sub-sección 13.6 (Determinación o del valor liquidativo de las Acciones) dónde se describe el mecanismo de “Swing pricing”. Se ha actualizado la sección para adaptarla a las preguntas/ respuestas (o FAQ) de la CSSF relativas a dicho mecanismo.
- Reducción de los gastos de gestión de la clase de acciones « F »El Consejo de Administración ha decidido reducir los gastos de gestión repercutidos a la clase de acciones « F » del 2,10% al 1,5%, en cada subfondo.
- Referencia a la política de exclusión del Grupo AmundiEl Consejo de Administración ha decidido hacer mención dentro de la política de inversión de cada uno de los subfondos a la aplicación por la Sociedad Gestora de la política de exclusión de compañías tabaqueras y de extracción de carbón aplicada por el Grupo Amundi.
- Otras modificaciones de menor importanciaEl Consejo de Administración ha decidido realizar otras modificaciones de menor importancia en el Folleto para clarificar, corregir o armonizar su contenido.
-
# CAMBIOS RELATIVOS ÚNICAMENTE A CIERTOS SUBFONDOS Y QUE AFECTAN A LOS ACCIONISTAS CONCERNIDOS | Le Conseil d’Administration a identifié les compartiments de la Société en fonction de cette classification et le niveau d’information exigé par SFDR a été adapté au sein du Prospectus par le Conseil d’Administration.
En outre, le Conseil d’Administration a inséré dans la partie générale du Prospectus de nouveaux risques en matière de durabilité, auxquels les annexes de chaque compartiment renvoient selon la classification et la politique d’investissement du compartiment concerné, le cas échéant.
- Modifications de la sous-section 8.11 (Subscriptions by savings plans)Le Conseil d’Administration a décidé de compléter la formulation de la sous-section 8.11 (Subscriptions by savings plans) afin de détailler la possibilité d’investir au travers des savings plans et d’y inclure une mention spécifique à ce type d’investissement en Italie.
- Modifications de la sous-section 11.4 (Annual charges)Le Conseil d’Administration a décidé de mettre à jour la formulation de la sous-section 11.4 (Annual charges) du Prospectus afin de refléter la réalité des coûts opérationnels, en conformité avec le Supervisory Briefing publié par l’ESMA concernant la supervision des coûts au sein desOPCVM et FIA (référence : ESMA34-39-1042), sans toutefois augmenter le niveau maximum des frais annuels autorisé par classe d’actions au sein de chaque compartiment
- Modifications de la sous-section 13.4 (Reports and Accounts)Le Conseil d’Administration a décidé de modifier la sous-section 13.4 (Reports and Accounts) du Prospectus afin d’indiquer expressément que les avis aux actionnaires concernant les modifications non-substantielles ou dans l’intérêt des actionnaires concernés apportées au Prospectus, à tout autre document de vente de la Société, ou tout autre développement concernant la Société ou ses compartiments (à moins que d'autres moyens de communication ne soient requis conformément aux lois et règlements applicables) seront notifiés par le biais du site internet de la société de gestion de la Société.
- Modifications de la sous-section 13.6 (Determination of the net asset value of Shares)Le Conseil d’Administration a décidé de modifier la sous-section 13.6 (Determination of the net asset value of Shares) qui détaille le mécanisme de Swing pricing. La section est mise à jour afin d’être conforme avec les questions/réponses (ou FAQ) de la CSSF relatives à ce mécanisme.
- Diminution des frais de gestions de la classe d’action « F »Le Conseil d’Administration a décidé de diminuer les frais de gestion qui sont prélevés à l’égard des classes d’actions « F » de 2,10% à 1,5%, pour chaque compartiment.
- Mention de la politique d’exclusion du groupe AmundiLe Conseil d’Administration a décidé de mentionner au sein de la politique d’investissement de chacun des compartiments l’application par la Société de Gestion de la politique d’exclusion des sociétés de production de tabac et de charbon appliquée par le groupe Amundi.
- Autres modifications mineuresLe Conseil d’Administration a décidé d’effectuer d’autres modifications mineures au sein du Prospectus afin de clarifier, corriger ou harmoniser son contenu.
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# CHANGEMENTS CONCERNANT SEULEMENT CERTAINS COMPARTIMENTS ET AYANT UN IMPACT POUR LES ACTIONNAIRES CONCERNES | fr | es |
DOLFIN8575 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Expectation of fund manager
Many stocks in our portfolio suffer from negative price momentum. With the overall market still experiencing bearish sentiment, we expect continued volatility for the coming months. Quarterly results reported by our portfolio holdings highlight that long-term trends are intact and fundamentals are strong. Individual company's operational performance remains robust, and we are cautiously positioning the portfolio to benefit from a rebound in the future. | # Prévisions du gérant
De nombreuses valeurs de notre portefeuille ont pâti d'un momentum négatif de leurs cours. L'ensemble du marché pâtissant encore d'un sentiment baissier, nous prévoyons une volatilité persistante dans les prochains mois. Les résultats trimestriels publiés par les entreprises de notre portefeuille soulignent que les tendances à long terme sont intactes et que les fondamentaux sont solides. La performance opérationnelle des entreprises reste solide et nous positionnons prudemment le portefeuille afin de bénéficier d'un rebond futur. | # Expectation of fund manager
Many stocks in our portfolio suffer from negative price momentum. With the overall market still experiencing bearish sentiment, we expect continued volatility for the coming months. Quarterly results reported by our portfolio holdings highlight that long-term trends are intact and fundamentals are strong. Individual company's operational performance remains robust, and we are cautiously positioning the portfolio to benefit from a rebound in the future. | en | fr |
DOLFIN8576 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The G FUND - Avenir Euro sub-fund (the 'Feeder Fund') is a feeder sub-fund as defined in Article 77 of the amended Law of 2010. Feeder sub- funds must invest at least 85% of their assets in a master fund. This Sub-fund is a feeder Sub-fund of the GROUPAMA AVENIR EURO fund (the 'Master Fund'). It will only invest in the Master Fund's 'O' accumulation share class.
On 28 February 2022, the Feeder Sub-fund held 42.30% of the net assets of the Master Fund's 'O' share class and 0.37% of the Master Fund's total net assets.
The Feeder Sub-fund has the same investment objective as the Master Fund, i.e. to outperform its benchmark index, the MSCI EMU Small Cap Index (closing price, with net dividends reinvested). The Sub-fund's performance may be less than that of its master fund GROUPAMA AVENIR EURO, since it has its own management fees.
To achieve its investment objective, the Master Fund employs an active investment style that is based on an investment process that is composed of the following four main phases:
- The generation of investment ideas
- Securities analysis
- Securities valuation
- The investment decisionThe investment universe consists mainly of small-cap and mid-cap equities. The fund manager may also invest in larger capitalisation companies. Although most assets will be invested in small and mid-cap equities their allocations relative to large-cap equities are not fixed and will vary depending on buying opportunities. | Le compartiment G FUND – Avenir Euro (le « Compartiment-Nourricier ») est un compartiment nourricier selon l’article 77 de la loi modifiée de 2010. Les compartiments nourriciers doivent investir au moins 85% de leurs actifs dans les fonds maîtres. Ce Compartiment est un Compartiment nourricier de l’OPCVM GROUPAMA AVENIR EURO (le « Fonds-Maître »). Il n’investira que dans la part de capitalisation « O » du Fonds-Maître.
Au 28 février 2022, le Compartiment-Nourricier détient 42,30% de l’actif net de la part « O » du Fonds-Maître et 0,37% de l’actif net total du Fonds-Maître.
L’objectif de gestion du Compartiment nourricier est le même que celui du Fonds-Maître, à savoir obtenir une performance supérieure à celle de l’ indicateur de référence, le MSCI EMU Small Cap (cours de clôture, dividendes nets réinvestis). La performance du compartiment pourra être inférieure à celle de son maître, GROUPAMA AVENIR EURO, compte tenu de ses propres frais de gestion.
Pour atteindre son objectif de gestion, le Fonds-Maître adopte un style de gestion active qui repose sur un processus au sein duquel se distinguent quatre grandes phases :
- La génération des idées d’investissement
- L’analyse des valeurs
- Leur valorisation
- La décision d’investissementL’univers d’investissement est composé d’actions de petites et moyennes capitalisations. Le gérant se garde la possibilité d’investir dans des sociétés de plus grandes capitalisations. Le poids accordé aux petites et moyennes capitalisations par rapport aux grandes capitalisations n’est pas figé mais reste prépondérant, il varie en fonction des opportunités de marché. | The G FUND - Avenir Euro sub-fund (the 'Feeder Fund') is a feeder sub-fund as defined in Article 77 of the amended Law of 2010. Feeder sub- funds must invest at least 85% of their assets in a master fund. This Sub-fund is a feeder Sub-fund of the GROUPAMA AVENIR EURO fund (the 'Master Fund'). It will only invest in the Master Fund's 'O' accumulation share class.
On 28 February 2022, the Feeder Sub-fund held 42.30% of the net assets of the Master Fund's 'O' share class and 0.37% of the Master Fund's total net assets.
The Feeder Sub-fund has the same investment objective as the Master Fund, i.e. to outperform its benchmark index, the MSCI EMU Small Cap Index (closing price, with net dividends reinvested). The Sub-fund's performance may be less than that of its master fund GROUPAMA AVENIR EURO, since it has its own management fees.
To achieve its investment objective, the Master Fund employs an active investment style that is based on an investment process that is composed of the following four main phases:
- The generation of investment ideas
- Securities analysis
- Securities valuation
- The investment decisionThe investment universe consists mainly of small-cap and mid-cap equities. The fund manager may also invest in larger capitalisation companies. Although most assets will be invested in small and mid-cap equities their allocations relative to large-cap equities are not fixed and will vary depending on buying opportunities. | en | fr |
DOLFIN8577 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
L’administrateur EURONEXT (site internet : www.euronext.com/fr) de l’indice de référence SBF 120 est inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA.
Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
- Stratégie d’investissement. Stratégies utilisées :Le compartiment opère une gestion active de « stock-picking » d’actions cotées sur un univers de valeurs majoritairement françaises. | El administrador EURONEXT (sitio web: www.euronext.com/fr) del índice de referencia SBF 120 figura en el registro de administradores e índices de referencia de la ESMA.
De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
- Estrategia de inversión. Estrategias utilizadas:El subfondo lleva a cabo una gestión activa de selección de acciones («stock-picking») cotizadas dentro de un universo de valores mayoritariamente franceses. | L’administrateur EURONEXT (site internet : www.euronext.com/fr) de l’indice de référence SBF 120 est inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA.
Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
- Stratégie d’investissement. Stratégies utilisées :Le compartiment opère une gestion active de « stock-picking » d’actions cotées sur un univers de valeurs majoritairement françaises. | fr | es |
DOLFIN8578 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La performance des matières premières, métaux précieux et contrats à terme standardisés de matières premières dépend également de l’offre générale des biens concernés, de la demande dont ils bénéficient, des prévisions de production, d’extraction ainsi que de la demande attendue, et peut, pour cette raison, se révéler particulièrement volatile.
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###### Risque lié aux titres convertibles | La rentabilidad de las materias primas, los metales preciosos y los futuros de materias también dependen de la situación general de suministro de los respectivos bienes, la demanda de los mismos, la producción estimada, la extracción y fabricación, así como la demanda prevista, por lo que puede ser especialmente volátil.
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###### Riesgo asociado a los valores convertibles | La performance des matières premières, métaux précieux et contrats à terme standardisés de matières premières dépend également de l’offre générale des biens concernés, de la demande dont ils bénéficient, des prévisions de production, d’extraction ainsi que de la demande attendue, et peut, pour cette raison, se révéler particulièrement volatile.
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###### Risque lié aux titres convertibles | fr | es |
DOLFIN8579 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Notwithstanding the foregoing, where on any Valuation Date the Corporation has contracted to:
- purchase any asset, the value of the consideration to be paid for such asset shall be shown as a liability of the Corporation and the value of the asset to be acquired shall be shown as an asset of the Corporation;
- sell any asset, the value of the consideration to be received for such asset shall be shown as an asset of the Corporation and the asset to be delivered shall not be included in the assets of the Corporation; provided however, that if the exact value or nature of such consideration or such asset is not known on such Valuation Date, then its value shall be estimated by the Corporation.
- The liabilities of the Corporation shall be deemed to include:
- all loans, bills and accounts payable;
- all accrued interest on loans of the Corporation (including accrued fees for commitment for such loans);
- all accrued or payable expenses (including administrative expenses, advisory and management fees, including incentive fees, custodian fees, and corporate agents' fees);
- all known liabilities, present and future, including all matured contractual obligations for payments of money or property, including the amount of any unpaid dividends declared by the Corporation where the Valuation Date falls on the declaration date or is subsequent thereto, and the amounts of any such dividends declared but for which coupons have not been presented and which have thus not been paid;
- an appropriate provision for taxes based on capital and income to the Valuation Date, as determined from time to time by the Corporation, and other reserves, if any, authorized and approved by the Board of Directors and
- all other liabilities of the Corporation of whatsoever kind and nature, reflected in accordance with generally accepted accounting principles, except liabilities represented by capital stock of the Corporation.
In determining the amount of such liabilities the Corporation shall take into account all expenses payable by the Corporation which shall comprise formation expenses, fees payable to its investment advisers or investment managers, including performance fees, fees and expenses of accountants, cus- todian, domiciliary, registrar and transfer agents, any paying agent and permanent representatives in places of registration, Directors, supervisory officers and officers, any other agent employed by the Corporation, fees for legal and auditing services, insurance, promotional, printing, reporting and publishing expenses, including the cost of advertising or preparing and printing of prospectuses, explanatory memoranda, registration statements, public notices and other communications (including electronic or conventional contract notes), preparing and filing of Articles of Incorporation, taxes or governmental charges, the cost of a quotation of the shares in the Corporation on any stock exchange or other market and all other operating expenses, including the cost of buying and selling assets, interest, bank charges and brokerage, postage, telephone and telex. The Corporation may calculate administrative and other expenses of a regular or recurring nature on an estimated figure for yearly or other periods in advance, and may accrue the same in equal proportions over any such period.
- All investments, cash balances and other assets of the Corporation the value of which is expressed in currency other than that of the currency in which the Net Asset Value is expressed shall be valued aftertaking into account the market rate or rates of exchange at the date and time for determination of the Net Asset Value, where relevant.
- The net assets attributable to a given Sub-Fund shall mean the assets of the Corporation as hereinabove defined, which are to be attributed to a specific Sub-Fund, less the portion of liabilities of the Corporation as hereinabove defined as of the close of business on the Valuation date on which the Net Asset Value is being determined, which are to be attributed to such Sub-Fund. The assets of a given Sub- Fund are exclusively available to satisfy the rights of investors in relation to that given Sub-Fund and the rights of those creditors whose claims have arisen in connection with the creation, the operation or the liquidation of that given Sub-Fund.
- The Directors shall establish a pool of assets for one or more Sub-Funds in the following manner:
- the proceeds from the issue of one or several Sub-Funds shall be applied in the books of the Corporation to the pool of assets established for the Sub-Fund or Sub-Funds, and the assets and liabilities and income and expenditure attributable thereto shall be applied to such pool subject to the provisions of this Article;
- if within any pool specific assets are held by the Corporation for a specific Sub-Fund the value thereof shall be allocated to the Sub-Fund concerned and the purchase price paid therefor shall be deducted, at the time of acquisition, from the proportion of the other net assets of the relevant pool which otherwise would be attributable to such Sub-Fund;
- where any asset is derived from another asset, such derivative asset shall be applied in the books of the Corporation to the same pool or, if applicable, the same Sub-Fund as the asset from which it was derived and on each revaluation of an asset, the increase or diminution in value shall be applied to the relevant pool and/or Sub-Fund;
- where the Corporation incurs a liability which relates to any asset attributable to a particular pool or Sub-Fund or to any action taken in connection with an asset attributable to a particular pool or Sub-Fund, such liability shall be allocated to the relevant pool and/or Sub-Fund;
- in the case where any asset or liability of the Corporation cannot be considered as being attributable to a particular pool or Sub-Fund, such asset or liability shall be equally divided between all the pools or, insofar as justified by the amounts, shall be allocated to the pools or, as the case may be, the Sub-Funds, prorata to the Net Asset Values;
- upon the record date for determination of the person entitled to any dividend declared on any Sub- Fund, the net asset value of such Sub-Fund shall be reduced by the amount of such dividends;
- upon the payment of an expense allocable to a specific pool or a particular Sub-Fund, the amount thereof shall be deducted from the assets of the pool concerned and, if applicable, from the proportion of the net assets attributable to the Sub-Fund concerned. | # Sin perjuicio de cuanto antecede, cuando en cualquier Fecha de valoración la Sociedad se haya comprometido a:
- Comprar cualquier activo, el valor de la contraprestación que deberá pagarse por dicho activo se reflejará como pasivo de la Sociedad, y el valor del activo que vaya a adquirirse se reflejará como activo de la Sociedad;
- Vender cualquier activo, el valor de la contraprestación que deberá cobrarse por dicho activo se reflejará como activo de la Sociedad, y el activo que vaya a entregarse no se incluirá en el activo de la Sociedad; bien entendido, sin embargo, que si se desconoce el valor o la naturaleza exacta de dicha contraprestación o de dicho activo en la citada Fecha de valoración, su valor será calculado por la Sociedad.
- Se considerará que el pasivo de la Sociedad incluye:
- Todos los préstamos recibidos, efectos y cuentas por pagar;
- Todos los intereses devengados por préstamos de la Sociedad (incluidas las comisiones devengadas por la contratación de dichos préstamos);
- Todos los gastos devengados o pagaderos (incluidos los gastos de administración, honorarios de asesoramiento y gestión, incluidos las comisiones de incentivos, las de depósito y las de los agentes de la Sociedad);
- Todos los pasivos conocidos, presentes y futuros, incluidas todas las obligaciones contractuales vencidas correspondientes a pagos en metálico o en especie, incluido el importe de cualesquiera dividendos pendientes, declarados por la Sociedad cuando la Fecha de valoración coincida con la fecha de declaración o sea posterior a la misma, y los importes de cualquiera de dichos dividendos declarados, pero respecto de los cuales no se hayan presentado cupones y que, por tanto, no hayan sido pagados;
- La adecuada provisión para impuestos sobre plusvalías y rendimientos a la Fecha de valoración, determinada oportunamente por la Sociedad, y otras reservas, en su caso, autorizadas y aprobadas por el Consejo de Administración y
- Todos los restantes pasivos de la Sociedad de cualquier clase y naturaleza reflejados de conformidad con los principios contables generalmente aceptados, con excepción de los pasivos representados por el capital social de la Sociedad.
Para determinar el importe de dichos pasivos, la Sociedad tendrá en cuenta todos los gastos pagaderos por la misma, los cuales comprenderán los gastos de constitución, honorarios pagaderos a sus asesores o gestores de inversiones financieras, las comisiones de rendimiento, honorarios y gastos devengados por contables, depositarios, agentes de domiciliaciones, agentes de registro y de transmisiones, los agentes de pagos y los representantes permanentes en los lugares de registro, Administradores, responsables de supervisión y directivos, cualquier otro mandatario contratado por la Sociedad, los honorarios correspondientes a servicios de asesoramiento letrado y auditoría, seguros, gastos de promoción, de impresión, elaboración de informes y edición, incluidos los costes de publicidad o de la realización e impresión de folletos, memorias explicativas, declaraciones de registro de valores, avisos públicos y otras notificaciones (como pueden ser los documentos de confirmación de contrato en formato electrónico o convencional), elaboración y presentación de Estatutos, tributos o tasas administrativas, el coste de la admisión a negociación de las acciones de la Sociedad en cualquier bolsa de valores u otro mercado, y todos los demás gastos de explotación, incluido el coste de la compra y venta de activos, intereses, gastos bancarios y corretajes, gastos de correo, teléfono y télex. La Sociedad podrá calcular por adelantado los gastos administrativos y otros gastos de carácter ordinario o periódico, sobre la base de las cifras estimadas para los periodos anuales y de otra duración, y podrá contabilizarlos en igual proporción durante cualesquiera de dichos periodos.
- Todas las inversiones financieras, saldos de tesorería y otros activos de la Sociedad cuyo valor se exprese en una moneda distinta de la moneda en que se expresa el Valor liquidativo serán valorados, en su caso, teniendo en cuenta el tipo o tipos de cambio de mercado en la fecha y hora de determinación del Valor liquidativo.
- Por patrimonio neto correspondiente a un determinado Subfondo se entenderán los activos de la Sociedad definidos anteriormente que deban ser atribuidos a un Subfondo concreto, menos la parte del pasivo de la Sociedad definida anteriormente al cierre de operaciones de la Fecha de valoración en que se haya determinado el Valor liquidativo, que corresponda a dicho Subfondo. Los activos de un Subfondo dado están disponibles exclusivamente para satisfacer los derechos de los inversores con respecto a ese Subfondo, así como los derechos de los acreedores cuyos créditos se deriven de la creación, el funcionamiento o la liquidación de dicho Subfondo.
- Los Administradores establecerán un grupo de activos para uno o varios Subfondos de la siguiente manera:
- El importe que se perciba de la emisión de uno o varios Subfondos se aplicará en los libros de la Sociedad al grupo de activos establecido para dicho Subfondo o Subfondos, y los activos y pasivos, ingresos y gastos atribuibles a dichaclase o clases se aplicarán a dicho grupo de activos, de acuerdo con lo dispuesto en el presente artículo;
- Si en un grupo dado la Sociedad mantuviera una serie de activos para un Subfondo en concreto, el valor de los mismos se asignará al Subfondo de que se trate, y el precio de compra que se haya pagado por ellos se deducirá, en el momento de su adquisición, de la proporción de los restantes activos netos del grupo correspondiente, que de otro modo serían atribuibles a dicho Subfondo;
- Cuando un activo se derive de otro, el activo derivado se aplicará en los libros de la Sociedad al mismo grupo de activos o, en su caso, al mismo Subfondo, al que pertenezca el activo del que se hubiera derivado, y en cada nueva valoración de un activo, el incremento o disminución de valor se aplicará al correspondiente grupo de activos y/o Subfondo;
- Cuando la Sociedad contraiga un pasivo relacionado con cualquier activo atribuible a un grupo de activos o Subfondo concreto, o con cualquier medida adoptada en relación con un activo atribuible a un grupo de activos o Subfondo concreto, dicho pasivo se asignará al correspondiente grupo de activos y/o Subfondo;
- En el caso de que cualquier activo o pasivo de la Sociedad no pueda considerarse atribuible a un grupo de activos o Subfondo concreto, dicho activo o pasivo se dividirá, proporcionalmente, entre todos los grupos de activos o, en la medida en que lo justifiquen los importes, se asignará a los grupos de activos o, en su caso, a los Subfondos, de manera proporcional a los Valores liquidativos;
- En la fecha según registro para la determinación de las personas con derecho a percibir los dividendos declarados para un Subfondo, al Valor liquidativo del Subfondo implicado se le restará el importe de dichos dividendos;
- Con ocasión del pago de cualquier gasto atribuible a un grupo de activos o Subfondo concreto, el importe de dicho gasto se deducirá de los activos del grupo de activos de que se trate y, en su caso, de la proporción de los activos netos atribuibles al Subfondo correspondiente. | # Notwithstanding the foregoing, where on any Valuation Date the Corporation has contracted to:
- purchase any asset, the value of the consideration to be paid for such asset shall be shown as a liability of the Corporation and the value of the asset to be acquired shall be shown as an asset of the Corporation;
- sell any asset, the value of the consideration to be received for such asset shall be shown as an asset of the Corporation and the asset to be delivered shall not be included in the assets of the Corporation; provided however, that if the exact value or nature of such consideration or such asset is not known on such Valuation Date, then its value shall be estimated by the Corporation.
- The liabilities of the Corporation shall be deemed to include:
- all loans, bills and accounts payable;
- all accrued interest on loans of the Corporation (including accrued fees for commitment for such loans);
- all accrued or payable expenses (including administrative expenses, advisory and management fees, including incentive fees, custodian fees, and corporate agents' fees);
- all known liabilities, present and future, including all matured contractual obligations for payments of money or property, including the amount of any unpaid dividends declared by the Corporation where the Valuation Date falls on the declaration date or is subsequent thereto, and the amounts of any such dividends declared but for which coupons have not been presented and which have thus not been paid;
- an appropriate provision for taxes based on capital and income to the Valuation Date, as determined from time to time by the Corporation, and other reserves, if any, authorized and approved by the Board of Directors and
- all other liabilities of the Corporation of whatsoever kind and nature, reflected in accordance with generally accepted accounting principles, except liabilities represented by capital stock of the Corporation.
In determining the amount of such liabilities the Corporation shall take into account all expenses payable by the Corporation which shall comprise formation expenses, fees payable to its investment advisers or investment managers, including performance fees, fees and expenses of accountants, cus- todian, domiciliary, registrar and transfer agents, any paying agent and permanent representatives in places of registration, Directors, supervisory officers and officers, any other agent employed by the Corporation, fees for legal and auditing services, insurance, promotional, printing, reporting and publishing expenses, including the cost of advertising or preparing and printing of prospectuses, explanatory memoranda, registration statements, public notices and other communications (including electronic or conventional contract notes), preparing and filing of Articles of Incorporation, taxes or governmental charges, the cost of a quotation of the shares in the Corporation on any stock exchange or other market and all other operating expenses, including the cost of buying and selling assets, interest, bank charges and brokerage, postage, telephone and telex. The Corporation may calculate administrative and other expenses of a regular or recurring nature on an estimated figure for yearly or other periods in advance, and may accrue the same in equal proportions over any such period.
- All investments, cash balances and other assets of the Corporation the value of which is expressed in currency other than that of the currency in which the Net Asset Value is expressed shall be valued aftertaking into account the market rate or rates of exchange at the date and time for determination of the Net Asset Value, where relevant.
- The net assets attributable to a given Sub-Fund shall mean the assets of the Corporation as hereinabove defined, which are to be attributed to a specific Sub-Fund, less the portion of liabilities of the Corporation as hereinabove defined as of the close of business on the Valuation date on which the Net Asset Value is being determined, which are to be attributed to such Sub-Fund. The assets of a given Sub- Fund are exclusively available to satisfy the rights of investors in relation to that given Sub-Fund and the rights of those creditors whose claims have arisen in connection with the creation, the operation or the liquidation of that given Sub-Fund.
- The Directors shall establish a pool of assets for one or more Sub-Funds in the following manner:
- the proceeds from the issue of one or several Sub-Funds shall be applied in the books of the Corporation to the pool of assets established for the Sub-Fund or Sub-Funds, and the assets and liabilities and income and expenditure attributable thereto shall be applied to such pool subject to the provisions of this Article;
- if within any pool specific assets are held by the Corporation for a specific Sub-Fund the value thereof shall be allocated to the Sub-Fund concerned and the purchase price paid therefor shall be deducted, at the time of acquisition, from the proportion of the other net assets of the relevant pool which otherwise would be attributable to such Sub-Fund;
- where any asset is derived from another asset, such derivative asset shall be applied in the books of the Corporation to the same pool or, if applicable, the same Sub-Fund as the asset from which it was derived and on each revaluation of an asset, the increase or diminution in value shall be applied to the relevant pool and/or Sub-Fund;
- where the Corporation incurs a liability which relates to any asset attributable to a particular pool or Sub-Fund or to any action taken in connection with an asset attributable to a particular pool or Sub-Fund, such liability shall be allocated to the relevant pool and/or Sub-Fund;
- in the case where any asset or liability of the Corporation cannot be considered as being attributable to a particular pool or Sub-Fund, such asset or liability shall be equally divided between all the pools or, insofar as justified by the amounts, shall be allocated to the pools or, as the case may be, the Sub-Funds, prorata to the Net Asset Values;
- upon the record date for determination of the person entitled to any dividend declared on any Sub- Fund, the net asset value of such Sub-Fund shall be reduced by the amount of such dividends;
- upon the payment of an expense allocable to a specific pool or a particular Sub-Fund, the amount thereof shall be deducted from the assets of the pool concerned and, if applicable, from the proportion of the net assets attributable to the Sub-Fund concerned. | en | es |
DOLFIN8580 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# WHAT HAPPENS IF CARMIGNAC GESTION LUXEMBOURG IS UNABLE TO PAY OUT?
For your protection the sub-fund's assets are held with a separate company, a depositary, so the sub-fund's ability to pay out would not be affected by the insolvency of the manufacturer. If the sub- fund is terminated or wound up, the assets will be liquidated and you will receive an appropriate share of any proceeds but you may lose part or all of your investment. There is no compensation or guarantee scheme in place which may offset, all or any of, this loss. | # ¿QUÉ PASA SI CARMIGNAC GESTION LUXEMBOURG NO PUEDE PAGAR?
Por su protección, los activos del subfondo son conservados por una entidad independiente (el depositario), de modo que la capacidad de pago del fondo no se verá afectada por la insolvencia del productor. En caso de disolución o cese del fondo, los activos serán liquidados y usted recibirá una parte adecuada del producto de liquidación, pero podría sufrir una pérdida total o parcial de su inversión. No existe ningún régimen de compensación o de garantía que cubra parte o la totalidad de esta pérdida. | # WHAT HAPPENS IF CARMIGNAC GESTION LUXEMBOURG IS UNABLE TO PAY OUT?
For your protection the sub-fund's assets are held with a separate company, a depositary, so the sub-fund's ability to pay out would not be affected by the insolvency of the manufacturer. If the sub- fund is terminated or wound up, the assets will be liquidated and you will receive an appropriate share of any proceeds but you may lose part or all of your investment. There is no compensation or guarantee scheme in place which may offset, all or any of, this loss. | en | es |
DOLFIN8581 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit ?
## Type
Ce produit est un fonds OPCVM (organisme de placement collectif en valeurs mobilières).
## Durée
Le produit est un fonds de type ouvert et ne comporte pas de date d’échéance. Toutefois, Artemis se réserve le droit de clôturer le produit, si une raison commerciale l’impose.
## Objectifs
Augmenter la valeur des investissements des actionnaires principalement à travers la croissance du capital.
Politique d’investissement :
- Le fonds fait l’objet d’une gestion active.
- Le fonds investit principalement en actions et dérivés liés à des actions de sociétés cotées, ayant leur siège social ou exerçant une part prépondérante de leur activité économique aux États-Unis.
- Le fonds recourt aux instruments dérivés à des fins d’investissement de manière à prendre des positions longues et courtes sur des sociétés individuelles. À certaines occasions, le Fonds peut également souscrire des contrats à terme sur indices d’actions et/ou des options (longues ou courtes) dans le but de faire varier son niveau de volatilité et/ou son exposition au marché.
- Le total des positions en dérivés (longues et courtes) est susceptible de représenter une part significative de l’exposition brute du fonds aux sociétés, laquelle sera habituellement comprise dans une fourchette comprise entre 130 et 160 % de la valeur nette des actifs, avec une limite maximale de 200 %. Le Gestionnaire d’investissement a recours aux dérivés pour sélectionner des actions dont les cours sont susceptibles de baisser ou d’augmenter, et bénéficier de ces évolutions. Toutefois, le fait que le Fonds ait la capacité de construire une exposition brute aux sociétés supérieure à 100 % de sa valeur nette des actifs signifie qu’il a le potentiel de générer des rendements plus élevés et de subir des pertes plus importantes que s’il était limité à une exposition brute de 100 %.
- L’exposition nette (les positions longues moins les positions courtes) du fonds aux sociétés sera généralement comprise dans une fourchette allant de 85 à 110 % enfonction des conditions de marché.
Le fonds peut également investir dans des Actions A chinoises via les programmes Shanghai-Hong Kong Stock Connect ou Shenzhen-Hong Kong Stock Connect. Les investissements dans les actions A chinoises ne sauraient excéder 10 % de la Valeur nette des actifs du fonds.
- Le fonds peut également recourir à des instruments dérivés et autres techniques à des fins de couverture et de gestion efficace de portefeuille.
- Les instruments dérivés du fonds peuvent comprendre, sans toutefois s’y limiter, des contrats pour différence, des contrats à terme, des options, des swaps et des contrats de change à terme de gré à gré.
- Une part significative de la valeur nette des actifs du fonds sera détenue en numéraire en raison du niveau d’utilisation d’instruments dérivés. Sous réserve des limites énoncées dans la section « Investment Restrictions » de son prospectus, le fonds peut également détenir, à titre accessoire, des actifs liquides à des fins de trésorerie.
- Sous réserve des limites énoncées dans la section « Investment Restrictions » de son prospectus, le fonds peut investir dans des dépôts bancaires ainsi que dans des instruments et fonds du marché monétaire afin d’atteindre ses objectifs d’investissement, d’obtenir de la trésorerie ou en cas de conditions de marché défavorables. Afin de pouvoir gérer son risque de contrepartie, le fonds peut également investir sa trésorerie dans des titres d’État. Ces titres seront généralement assortis d’une échéance inférieure à un an.
- Le fonds peut investir jusqu’à 10 % de sa Valeur nette des actifs dans d’autres organismes de placement collectif.
Indice de référence : S&P 500 index
L’indice de référence constitue un point de référence par rapport auquel la performance du fonds peut être mesurée. La gestion du fonds n’est pas limitée par cet indice de référence. La composition du portefeuille du fonds peut sensiblement ou complètement différer de celle de l’indice de référence et la déviation entre les deux peut être significative.
## Investisseurs de détail visés
Ce produit est conçu pour les investisseurs qui souhaitent investir sur le long terme et envisagent de rester investis pendant au moins 5 ans. Les investisseurs doivent être prêts à encourir un niveau de risque de perte relativement important par rapport à leur capital initial en vue d’obtenir un rendement potentiel plus élevé. | # ¿Qué es este producto?
## Tipo
Este producto es un Fondo organismo de inversión colectiva en valores mobiliarios (OICVM).
## Plazo
Este producto es un fondo abierto sin fecha de vencimiento. Sin embargo, Artemis se reserva el derecho a cerrar el producto en caso de existir motivos comerciales que lo justifiquen.
## Objetivos
Aumentar el valor de las inversiones de los accionistas, principalmente mediante el crecimiento del capital.
Política de inversión:
- El fondo se gestiona activamente.
- El fondo invierte principalmente en acciones y derivados relacionados con acciones de empresas que coticen, tengan su sede o ejerzan la mayor parte de su actividad económica en los EE. UU.
- El fondo emplea derivados con fines de inversión para adoptar posiciones tanto largas como cortas en empresas concretas. En ocasiones, el fondo también puede emplear futuros sobre índices de renta variable u opciones (largas o cortas) para variar el nivel de volatilidad o de exposición al mercado del fondo.
- Es probable que el total de derivados (largos y cortos) represente una proporción importante de la exposición bruta del fondo a las empresas, que normalmente se situará entre el 130% y el 160% del Valor liquidativo, pero que puede llegar al 200%. El Gestor de inversiones emplea derivados para seleccionar valores que puedan beneficiarse de la caída, así como de la subida, de los precios de las acciones. No obstante, la capacidad del fondo para tener una exposición bruta a las empresas superior al 100% de su Valor liquidativo hace que tenga potencial tanto para generar mayores rendimientos como para sufrir pérdidas mayores que si se limitase a una exposición bruta del 100% de su valor liquidativo.
- La exposición neta del fondo a las empresas oscilará habitualmente entre el 85% yel 110% (largas menos cortas) en función de las condiciones del mercado.
- En ocasiones, el fondo puede invertir en Acciones A de China a través de Shanghai- Hong Kong Stock Connect y Shenzhen-Hong Kong Stock Connect. Las inversiones en Acciones A de China no superarán el 10% del Valor liquidativo del fondo.
- El fondo también puede emplear derivados y otras técnicas con fines de cobertura y de gestión eficiente de la cartera.
- Los derivados del fondo pueden incluir, entre otros, contratos por diferencias, futuros, opciones, permutas financieras y contratos de divisas a plazo.
- Una proporción significativa del Valor liquidativo del fondo se mantendrá en efectivo debido su nivel de uso de derivados. Dentro de los límites establecidos en la sección «Investment Restrictions» (Restricciones a la inversión) del folleto del fondo, este también podrá mantener activos líquidos accesorios con fines de tesorería.
- Dentro de los límites establecidos en la sección «Investment Restrictions» del folleto del fondo, el fondo puede invertir en depósitos bancarios, instrumentos del mercado monetario y fondos del mercado monetario para lograr sus objetivos de inversión, con fines de tesorería y en caso de condiciones desfavorables del mercado. El fondo también puede invertir su efectivo en valores de deuda soberana para poder gestionar el riesgo de contraparte. Por lo general estos valores tendrán un vencimiento inferior a 1 año.
- El fondo puede invertir hasta el 10% de su Valor liquidativo en otros organismos de inversión colectiva.
Valor de referencia: Índice S&P 500
El valor de referencia sirve de punto de referencia con respecto al que puede medirse la rentabilidad del fondo. La gestión del fondo no está limitada por su valor de referencia. El fondo puede desviarse de forma considerable de su valor de referencia y en ocasiones su cartera puede parecerse muy poco o nada al valor de referencia.
## Inversor minorista al que va dirigido
Este producto va dirigido a los inversores que están dispuestos a invertir a largo plazo y que prevén mantener su inversión durante al menos 5 años. Los inversores deben estar dispuestos a asumir un nivel de riesgo de pérdida de su capital original relativamente alto para obtener una mayor rentabilidad potencial. | # En quoi consiste ce produit ?
## Type
Ce produit est un fonds OPCVM (organisme de placement collectif en valeurs mobilières).
## Durée
Le produit est un fonds de type ouvert et ne comporte pas de date d’échéance. Toutefois, Artemis se réserve le droit de clôturer le produit, si une raison commerciale l’impose.
## Objectifs
Augmenter la valeur des investissements des actionnaires principalement à travers la croissance du capital.
Politique d’investissement :
- Le fonds fait l’objet d’une gestion active.
- Le fonds investit principalement en actions et dérivés liés à des actions de sociétés cotées, ayant leur siège social ou exerçant une part prépondérante de leur activité économique aux États-Unis.
- Le fonds recourt aux instruments dérivés à des fins d’investissement de manière à prendre des positions longues et courtes sur des sociétés individuelles. À certaines occasions, le Fonds peut également souscrire des contrats à terme sur indices d’actions et/ou des options (longues ou courtes) dans le but de faire varier son niveau de volatilité et/ou son exposition au marché.
- Le total des positions en dérivés (longues et courtes) est susceptible de représenter une part significative de l’exposition brute du fonds aux sociétés, laquelle sera habituellement comprise dans une fourchette comprise entre 130 et 160 % de la valeur nette des actifs, avec une limite maximale de 200 %. Le Gestionnaire d’investissement a recours aux dérivés pour sélectionner des actions dont les cours sont susceptibles de baisser ou d’augmenter, et bénéficier de ces évolutions. Toutefois, le fait que le Fonds ait la capacité de construire une exposition brute aux sociétés supérieure à 100 % de sa valeur nette des actifs signifie qu’il a le potentiel de générer des rendements plus élevés et de subir des pertes plus importantes que s’il était limité à une exposition brute de 100 %.
- L’exposition nette (les positions longues moins les positions courtes) du fonds aux sociétés sera généralement comprise dans une fourchette allant de 85 à 110 % enfonction des conditions de marché.
Le fonds peut également investir dans des Actions A chinoises via les programmes Shanghai-Hong Kong Stock Connect ou Shenzhen-Hong Kong Stock Connect. Les investissements dans les actions A chinoises ne sauraient excéder 10 % de la Valeur nette des actifs du fonds.
- Le fonds peut également recourir à des instruments dérivés et autres techniques à des fins de couverture et de gestion efficace de portefeuille.
- Les instruments dérivés du fonds peuvent comprendre, sans toutefois s’y limiter, des contrats pour différence, des contrats à terme, des options, des swaps et des contrats de change à terme de gré à gré.
- Une part significative de la valeur nette des actifs du fonds sera détenue en numéraire en raison du niveau d’utilisation d’instruments dérivés. Sous réserve des limites énoncées dans la section « Investment Restrictions » de son prospectus, le fonds peut également détenir, à titre accessoire, des actifs liquides à des fins de trésorerie.
- Sous réserve des limites énoncées dans la section « Investment Restrictions » de son prospectus, le fonds peut investir dans des dépôts bancaires ainsi que dans des instruments et fonds du marché monétaire afin d’atteindre ses objectifs d’investissement, d’obtenir de la trésorerie ou en cas de conditions de marché défavorables. Afin de pouvoir gérer son risque de contrepartie, le fonds peut également investir sa trésorerie dans des titres d’État. Ces titres seront généralement assortis d’une échéance inférieure à un an.
- Le fonds peut investir jusqu’à 10 % de sa Valeur nette des actifs dans d’autres organismes de placement collectif.
Indice de référence : S&P 500 index
L’indice de référence constitue un point de référence par rapport auquel la performance du fonds peut être mesurée. La gestion du fonds n’est pas limitée par cet indice de référence. La composition du portefeuille du fonds peut sensiblement ou complètement différer de celle de l’indice de référence et la déviation entre les deux peut être significative.
## Investisseurs de détail visés
Ce produit est conçu pour les investisseurs qui souhaitent investir sur le long terme et envisagent de rester investis pendant au moins 5 ans. Les investisseurs doivent être prêts à encourir un niveau de risque de perte relativement important par rapport à leur capital initial en vue d’obtenir un rendement potentiel plus élevé. | fr | es |
DOLFIN8582 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | We do not charge an entry fee. | 0 USD |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.35% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 35 USD |
| Transaction costs | 0.23% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 23 USD |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | There is no performance fee for this product. | 0 USD | | | Einmalige Kosten bei Einstieg oder Ausstieg | Wenn Sie nach 1 Jahr aussteigen |
| --- | --- |
| Einstiegskosten | Wir berechnen keine Einstiegsgebühr. | 0 USD |
| Ausstiegskosten | Wir berechnen keine Ausstiegsgebühr für dieses Produkt, die Person, die Ihnen das Produkt verkauft, kann jedoch eine Gebühr berechnen. | 0 USD |
| Laufende Kosten pro Jahr |
| Verwaltungsgebühren und sonstige Verwaltungs- oder Betriebskosten | 0.35 % des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung auf der Grundlage der tatsächlichen Kosten des letzten Jahres. | 35 USD |
| Transaktionskosten | 0.23 % des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung der Kosten, die anfallen, wenn wir die zugrunde liegenden Anlagen für das Produkt kaufen oder verkaufen. Der tatsächliche Betrag hängt davon ab, wie viel wir kaufen und verkaufen. | 23 USD |
| Zusätzliche Kosten unter bestimmten Bedingungen |
| Erfolgsgebühren (und Carried Interest) | Für dieses Produkt werden keine Erfolgsgebühren berechnet. | 0 USD | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | We do not charge an entry fee. | 0 USD |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.35% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 35 USD |
| Transaction costs | 0.23% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 23 USD |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | There is no performance fee for this product. | 0 USD | | en | de |
DOLFIN8583 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Exception: Investments made in the absence of the investment advisor
If the Investment Advisor is no longer available to give investment advice to the Fund (see rights of termination and their impacts under Section 6 "Investment Advisor"), the Company may terminate management of the Fund subject to a legal notice period of six months. By the end of the notice period the Company will cease pursuit of the investment policy described in Section 12 "Investment objective, investment principles and investment policy” and will instead invest the Fund's assets ex- clusively - provided this is permitted by the investment guidelines - in bank deposits and money mar- ket instruments. | # Ausnahme: Vermögensanlage bei Wegfall der Beratungsgesellschaft
Sollte die Beratungsgesellschaft nicht mehr für die Anlageberatung des Fonds zur Verfügung stehen (siehe zu den Kündigungsrechten und den Folgen Abschnitt 6 „Beratungsgesellschaft“), kann die Ge- sellschaft die Verwaltung des Fonds unter Einhaltung der gesetzlich vorgeschriebenen Kündigungsfrist von 6 Monaten kündigen. Bis zum Ende der Kündigungsfrist wird die Gesellschaft die in dem Ab- schnitt 12 „Anlageziel, Anlagegrundsätze und Anlagepolitik“ beschriebene Vermögensanlage nicht weiterverfolgen, sondern die Mittel des Fonds ausschließlich – soweit nach den Anlagebedingungen zulässig - in Bankguthaben und Geldmarktinstrumenten anlegen. | # Exception: Investments made in the absence of the investment advisor
If the Investment Advisor is no longer available to give investment advice to the Fund (see rights of termination and their impacts under Section 6 "Investment Advisor"), the Company may terminate management of the Fund subject to a legal notice period of six months. By the end of the notice period the Company will cease pursuit of the investment policy described in Section 12 "Investment objective, investment principles and investment policy” and will instead invest the Fund's assets ex- clusively - provided this is permitted by the investment guidelines - in bank deposits and money mar- ket instruments. | en | de |
DOLFIN8584 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Pursuant to the UCITS Regulations the Depositary must act in accordance with the best interests of the Unitholders of the Fund.
Potential conflicts of interest may arise as between the Fund and the Depositary in circumstances, where in addition to providing depositary services to the Fund , the Depositary or its affiliates may also provide other services on a commercial basis to the Fund including administration and transfer agency services, currency hedging services as well as acting as acting as counterparty to OTC transactions and providing credit facility arrangements.
To manage these situations, the Depositary has implemented, and keeps up to date, a conflicts of interest management policy intended to identify and analyse potential conflict of interest situations and record, manage and track conflict of interest situations by:
- implementing permanent measures to manage conflicts of interest including the separation of tasks, the separation of reporting and functional lines, the tracking of insider lists and dedicated information technology environments;
- implementing, on a case-by-case basis:
- appropriate preventive measures including the creation of an ad hoc tracking list and new ethical wall arrangements, and by verifying that transactions are processed appropriately and/or by informing the clients in question; or
- by refusing to manage activities which may involve potential conflicts of interest. | ### Conformément aux Réglementations relatives aux OPCVM, le Dépositaire doit agir aux meilleurs intérêts des Détenteurs de Parts du Fonds.
Des conflits d'intérêts potentiels peuvent survenir entre le Fonds et le Dépositaire dans des circonstances où, en plus de fournir des services de dépositaire au Fonds, le Dépositaire ou ses affiliés peuvent également fournir d'autres services sur une base commerciale au Fonds, notamment des services d'agence d'administration et de transfert, des services de couverture de change, ainsi que les actions à titre de contrepartie à des transactions de gré à gré et le fourniture de facilités de crédit.
Pour gérer ces situations, le Dépositaire a mis en place et tient à jour une politique de gestion des conflits d'intérêts visant à identifier et analyser les situations de conflits d'intérêts potentiels et à enregistrer, gérer et suivre les situations de conflits d'intérêts par ce qui suit :
- application de mesures permanentes pour gérer les conflits d'intérêts, parmi lesquelles la séparation des tâches, la séparation des lignes hiérarchiques et fonctionnelles, le suivi des listes d'initiés et des environnements informatiques dédicacés ;
- application au cas par cas :
- de mesures préventives appropriées, notamment la création d'une liste de suivi ad hoc et de nouvelles dispositions en matière de séparations déontologiques, et en vérifiant que les transactions sont exécutées correctement et / ou en informant les clients concernés ; ou
- en refusant de gérer des activités pouvant entraîner des conflits d'intérêts potentiels. | ### Pursuant to the UCITS Regulations the Depositary must act in accordance with the best interests of the Unitholders of the Fund.
Potential conflicts of interest may arise as between the Fund and the Depositary in circumstances, where in addition to providing depositary services to the Fund , the Depositary or its affiliates may also provide other services on a commercial basis to the Fund including administration and transfer agency services, currency hedging services as well as acting as acting as counterparty to OTC transactions and providing credit facility arrangements.
To manage these situations, the Depositary has implemented, and keeps up to date, a conflicts of interest management policy intended to identify and analyse potential conflict of interest situations and record, manage and track conflict of interest situations by:
- implementing permanent measures to manage conflicts of interest including the separation of tasks, the separation of reporting and functional lines, the tracking of insider lists and dedicated information technology environments;
- implementing, on a case-by-case basis:
- appropriate preventive measures including the creation of an ad hoc tracking list and new ethical wall arrangements, and by verifying that transactions are processed appropriately and/or by informing the clients in question; or
- by refusing to manage activities which may involve potential conflicts of interest. | en | fr |
DOLFIN8585 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- Bottom-up | sourcing skills
- Source, analyse and access top hedge fund managers
- Identify the best managers in a wide variety of strategies, taking into account regulatory requirements | - Bottom-up | acquisire competenze
- Identificare e analizzare i migliori gestori di hedge fund e accedervi
- Identificare i migliori gestori in un’ampia gamma di strategie, considerando irequisiti normativi | - Bottom-up | sourcing skills
- Source, analyse and access top hedge fund managers
- Identify the best managers in a wide variety of strategies, taking into account regulatory requirements | en | it |
DOLFIN8586 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 4,580 USD -54.21% | 3,770 USD -17.72% |
| Unfavourable¹ | What you might get back after costs Average return each year | 7,350 USD -26.49% | 7,470 USD -5.68% |
| Moderate² | What you might get back after costs Average return each year | 10,230 USD 2.34% | 13,200 USD 5.72% |
| Favourable³ | What you might get back after costs Average return each year | 13,960 USD 39.64% | 20,290 USD 15.20% | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 4.580 USD -54,21% | 3.770 USD -17,72% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.350 USD -26,49% | 7.470 USD -5,68% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.230 USD 2,34% | 13.200 USD 5,72% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 13.960 USD 39,64% | 20.290 USD 15,20% | | | Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 4,580 USD -54.21% | 3,770 USD -17.72% |
| Unfavourable¹ | What you might get back after costs Average return each year | 7,350 USD -26.49% | 7,470 USD -5.68% |
| Moderate² | What you might get back after costs Average return each year | 10,230 USD 2.34% | 13,200 USD 5.72% |
| Favourable³ | What you might get back after costs Average return each year | 13,960 USD 39.64% | 20,290 USD 15.20% | | en | es |
DOLFIN8587 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Total Transferable securities and money market instruments admitted to official exchange listing
or dealt in on another regulated market 83,007,801 98.50
Units of authorised UCITS or other collective investment undertakings | Totale Valori mobiliari e strumenti del mercato monetario ammessi al listino ufficiale o negoziati su un altro
mercato regolamentato 83.007.801 98,50
Quote di OICVM autorizzati o altri organismi d’investimento collettivo | Total Transferable securities and money market instruments admitted to official exchange listing
or dealt in on another regulated market 83,007,801 98.50
Units of authorised UCITS or other collective investment undertakings | en | it |
DOLFIN8588 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Although this list is not exhaustive, the Company would like to draw the attention of Shareholders and potential investors on the following risks:
- Risks associated with equity investments: an investment in equities generally gives rise to a higher return than an investment in short or long-term debt, but the risks associated are also often greater, as the performance of equities depends on unpredictable factors, e.g. the possibility of a sudden or prolonged fall in the market as well as the risks connected with the companies themselves. The main risk associated with equity investment is the fact that the value of the investments held in this portfolio may fall, as the value of equities can vary in response to the business activities of the companies or to global changes in the market and/or economic conditions. Historically, equities have generated higher returns in the long term and have entailed greater risks in the short term than any other investment vehicle.
- Risks associated with investments in debt securities: the main risks connected to investments in debt securities include:
- interest rate risk, i.e. the risk that the value of investments by the Company and each of its Sub-Funds could decrease if interest rates increase;
- credit risk, i.e. the risk that the companies in which the Company is invested might fall into financial difficulties and might no longer be willing or able to honour their commitments towards the Company;
- market risk, i.e. the risk that the value of investments by the Company and each of its Sub-Funds could decrease following general movements in the financial markets;
- management risk, i.e. the risk that investment techniques used by the Company and each of its Sub-Funds could prove inefficient and create losses for the Company;
- counterparty risk, i.e. the risk of a counterparty's bankruptcy leading it to default on payment; and
- high-yield securities risk, i.e. the risk related to the investment in non-investment grade bonds, speculative bonds or junk bonds. Such securities feature a yield higher than investment grade securities counterbalanced by the higher risk of default of the issuer.
- Risks associated with OTC transactions: the Company may carry out OTC transactions on spot and futures contracts on indices or other financial instruments as well as on swaps on indices or other financial instruments with first-class banks or stockbrokers specialised in these types of transactions acting as counterparty. Although the corresponding markets are not necessarily recognised as being more volatile than other futures markets, traders are less protected from defaults in their transactions on these markets because the contracts traded on them are not guaranteed by a clearing house. The prices of OTC index contracts can be very volatile due to the low margin requirements for this type of contract.
- Risks associated with currencies: the Company may invest in securities denominated in a certain number of currencies other than the Company's base currency (EUR). Exchange rate fluctuations of foreign currencies affect the value of the securities held by the Company.
- Liquidity risk: Liquidity risk exists when an asset is difficult to purchase or sell within an expected time horizon. The Sub-Fund is impacted by liquidity risk when Sub-Fund’s ability to respond to market movements or meet redemptions request by reducing positions is impaired by factors such as decreased trading volume, increased price volatility, industry and government regulations, increased transaction costs. The illiquid positions may display volatility and be difficult to value. It may be costly or temporary impossible for a Sub-Fund to liquidate an illiquid position timely. These impairments may reduce the investment return of the Sub-Fund. Investments securities with substantial market and/or credit risk, emerging market securities and derivatives tend to have the greatest exposure to liquidity risk.
- Risks of leverage: the Company may include exchange-traded derivatives (including futures and options) and OTC derivatives (including options, futures products, interest rate swaps and credit derivatives) in its investment policy for the purpose of investment and/or hedging. These are volatile instruments generating certain specific risks (risks associated with OTC derivatives, counterparty risk) and exposing investors to the risk of loss. Leverage is provided by the low initial margin deposits that are usually requested when taking a position in such instruments. Thus, a relatively minor change in the price of a contract could result in significant gains or losses compared to the initial margin actually invested, this potential leading to unlimited additional losses in excess of the margin deposited. Furthermore, when used for the purpose of hedging, these instruments and the investments or market sectors being hedged could prove uncorrelated. Transactions in over-the-counter derivatives, such as credit derivatives, may involve additional risk as there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess the value of a position or to assess the exposure to risk.
- Risks associated with credit derivative transactions: the Company (or a Sub-Fund) may take part in the credit derivatives market by concluding, for example, credit default swaps in order to sell or purchase protection. A credit default swap (CDS) is a bilateral financial contract whereby a counterparty (the protection buyer) pays a periodic fee in exchange for a payoff from the protection seller in the event that a credit event affecting the reference issuer should arise. The protection buyer acquires the right either to sell a particular bond or bonds of the reference issuer at par value or to receive the difference between the par value and the market price of said reference bond or bonds (or any other previously determined reference value or strike price) in the event that a credit event should arise. A credit event includes bankruptcy, insolvency, judicial settlement, significant debt restructuring or the inability to honour a paymentobligation on the stipulated date. The International Swaps and Derivatives Association (ISDA) has established standardised documentation entitled the “ISDA Master Agreement” relating to such derivative contracts. The Company may use credit derivative products for hedging the specific risk of certain issuers held in the portfolio by purchasing protection. Furthermore, if it is in the Company’s own best interests, it may purchase protection via credit derivatives without holding the underlying assets. While acting in its own best interests, the Company may also sell protection via credit derivatives in order to acquire specific credit exposure. The Company may only take part in OTC credit derivative transactions if the counterparty is a first-class financial institution specialised in this type of transaction and, if this is the case, the transaction complies with the standards laid down by the ISDA Master Agreement.
- Emerging markets risks: price fluctuations can be significant and the operating and supervision conditions may deviate from the standards prevailing on the major international exchanges due to investment in emerging markets.
- Volatility risk: the increase or decrease in volatility which is unrelated with the performance of traditional real securities markets may lead to a fall in Net Asset Value. The Company is exposed to this risk, particularly through derivative products with volatility as the Underlying instrument.
- Risk associated with commodity indices: changes in commodity prices and the volatility of the sector may cause the Net Asset Value to fall. The Company is exposed to this risk, particularly through investment in derivative products with commodity indices as the Underlying security.
- Risk associated with hedging foreign-currency units: units in currencies other than the Euro and that are hedged are covered against currency risk. This hedging may not be related and may generate a performance differential between units in different currencies.
- Risk associated with market capitalisation: the Company is mainly exposed to one or more equity markets of small and medium cap stocks. As there are fewer small and mid-cap stocks listed on stock exchanges, market movements are more pronounced and rapid than in the case of large cap stocks. The Net Asset Value of the Company may therefore assume the same behaviour.
- Risk of capital loss: the Company is managed on a discretionary basis and does not guarantee or protect the capital invested. A capital loss occurs when a unit is sold at a lower price than that paid at the time of purchase.
- Risk associated with discretionary management: discretionary management relies on the expected evolution of the different markets. There is a risk that the product might not be invested in the best-performing markets at all times.
- Risk associated with Asset Backed Securities (ABS) or Mortgage Backed Securities (MBS): the Company (or a Sub- Fund) may invest in ABS or in MBS, which may expose Shareholders and potential investors to a higher level of credit risk. As ABS and MBS are backed by debts, the impairment of the value of the surety underlying the security, such as the non-payment of loans, may be reflected in a reduction in the value of the security itself and generate a loss for the Sub-Fund.
- Risk associated with the management of collateral: cash collateral and re-invested cash collateral may be subject to currency risks, interest rate risks, counterparty and credit risks, operational risks and legal risks.
- Long/Short risk: This risk is associated with long and/or short positions used to adjust net market exposure. The Company could suffer high losses if its long and short exposures were to move simultaneously in the wrong directions.
- ESG risk: There is no guarantee that investments that include Environmental, Social and Governance criteria in company selection will perform better or in line with the reference market.
- Sustainability risk: means an environmental, social or governance event or condition that, if it occurs, may cause an actual or a potential material negative impact on the value of the investments and, ultimately, on the Net Asset Value of the Company. See chapter 29 for further details.
- Risk associated with unlisted securities: These securities carry a liquidity risk due to the absence of an active market and the nature of issuers; these securities also carry a valuation risk given the absence of listings and market references. The inability to sell these securities at the times and prices initially planned may therefore have a negative impact on the net asset value of the sub-fund.
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## BOARD OF DIRECTORS | #### La Sociedad llama la atención de los Accionistas y los inversores potenciales sobre los riesgos incluidos en la siguiente lista, cuyo carácter no es exhaustivo:
- Riesgos asociados a la inversión en renta variable: una inversión en renta variable genera un beneficio más elevado que una inversión en títulos de deuda a corto o largo plazo, pero los riesgos asociados también suelen ser mayores, puesto que la rentabilidad de la renta variable depende de factores impredecibles como, por ejemplo, la posibilidad deun deterioro repentino o prolongado del mercado, así como los riesgos inherentes a las propias empresas. El principal riesgo asociado a las inversiones de renta variable se deriva del hecho de que el valor de las inversiones de la cartera puede disminuir, puesto que el valor de las acciones puede fluctuar como consecuencia de las actividades de las empresas o de la evolución global del mercado y/o de las condiciones económicas. Desde un punto de vista histórico, la renta variable ha registrado rentabilidades a largo plazo más elevados y ha generado más riesgos a corto plazo que cualquier otra opción en materia de inversión.
- Riesgos específicos vinculados a la inversión en China: entre los riesgos vinculados a la inversión en títulos de deuda, podemos mencionar principalmente:
- el riesgo de tipos de interés, es decir, el riesgo de que el valor de las inversiones de la Sociedad y de cada uno de sus Subfondos disminuya si los tipos de interés suben;
- el riesgo de crédito, es decir, el riesgo de que las empresas en las que la Sociedad invierte se enfrenten a dificultades financieras y no quieran o no sean capaces de atender sus obligaciones con la Sociedad;
- el riesgo de mercado, es decir, el riesgo de que el valor de las inversiones de la Sociedad y de cada uno de sus Subfondos disminuya ante los movimientos de los mercados financieros en general;
- el riesgo de gestión, es decir, el riesgo de que las técnicas de inversión de la Sociedad y de cada uno de sus Subfondos resulten ineficaces y ocasionen pérdidas para la Sociedad;
- el riesgo de contraparte, es decir, el riesgo de incumplimiento de una contraparte conducente a un impago; y
- el riesgo ligado a los títulos de alto rendimiento, es decir, el riesgo relacionado con la inversión en obligaciones con calificación inferior a «investment grade», obligaciones especulativas o bonos basura. Dichos valores ofrecen un rendimiento superior al de los títulos con calificación «investment grade», si bien queda contrarrestado por el mayor riesgo de impago del emisor.
- Riesgos asociados a las operaciones OTC: la Sociedad podrá realizar transacciones OTC sobre contratos de futuros y al contado sobre índices u otros instrumentos financieros, así como sobre contratos de permuta financiera sobre índices u otros instrumentos financieros, teniendo como contraparte a bancos o sociedades de valores y bolsa de primer orden especializadas en la materia. Aunque los mercados correspondientes no se consideren necesariamente más volátiles que otros mercados de futuros, los operadores están menos protegidos frente a los incumplimientos en sus transacciones en dichos mercados, ya que los contratos que en ellos se negocian no están garantizados por una cámara de compensación. Las cotizaciones de los contratos OTC sobre índices pueden ser muy volátiles debido a las menores exigencias de margen para este tipo de contrato.
- Riesgos vinculados a las divisas: la Sociedad podrá invertir en valores denominados en un determinado número de monedas distintas de la moneda base de la Sociedad (EUR). Las fluctuaciones de los tipos de cambio de las divisas extranjeras afectan al valor de los títulos poseídos por la Sociedad.
- Riesgo de liquidez: El riesgo de liquidez se da cuando un activo resulta difícil de comprar o vender dentro de un horizonte temporal previsto. El Subfondo se ve afectado por el riesgo de liquidez cuando la capacidad del Subfondo para responder a los movimientos del mercado o satisfacer las solicitudes de reembolso mediante la reducción de posiciones se ve afectada por factores como la disminución en el volumen de operaciones, el aumento en la volatilidad de los precios, las normativas industriales y gubernamentales y el aumento en los gastos operativos. Las posiciones ilíquidas pueden revelarse volátiles y ser difíciles de valorar. Liquidar una posición ilíquida podría resultar costoso o temporalmente imposible para un Subfondo. Esta dificultad puede reducir la rentabilidad de la inversión del Subfondo. Los títulos de inversión que presentan un riesgo sustancial de mercado y/o de crédito, los valores de mercados emergentes y los derivados suelen presentar la mayor exposición al riesgo de liquidez.
- Riesgos de apalancamiento: la Sociedad podrá utilizar instrumentos derivados negociados en bolsa (incluidos contratos de futuros y opciones) e instrumentos derivados negociados en mercados OTC (incluidas opciones, instrumentos a plazo, swaps de tipos de interés y derivados crediticios) en su política de inversión con fines de inversión y/o de cobertura. Estos instrumentos son volátiles, generan determinados riesgos específicos (riesgos vinculados a los derivados OTC, riesgo de contraparte) y exponen a los inversores a un riesgo de pérdidas. Los depósitos con bajo margen inicial, generalmente requeridos para abrir una posición en dichos instrumentos, permiten un apalancamiento. Por consiguiente, una variación relativamente pequeña en el precio de un contrato podría generar una pérdida o un beneficio elevado respecto al importe de los fondos realmente invertidos en concepto de margen inicial, y ello podría desembocar en una pérdida adicional no limitada que superaría el margen depositado. Además, en caso de utilización con fines de cobertura, la correlación entre estos instrumentos y las inversiones o los sectores del mercado objeto de una operación de cobertura puede resultar imperfecta. Las operaciones con derivados OTC, como los derivados de crédito, pueden generar un riesgo suplementario debido a la ausencia de un mercado en el que liquidar una posición abierta. La posibilidad de liquidar una posición existente, de valorar una posición o de determinar el nivel de exposición a los riesgos no está forzosamente garantizada.
- Riesgos asociados a las operaciones de derivados de crédito: la Sociedad (o un Subfondo) podrá operar en el mercado de derivados de crédito celebrando, por ejemplo, contratos de permuta financiera de riesgo de crédito (CDS)al objeto de prestar o recibir protección. Un contrato de permuta financiera de riesgo de crédito (CDS) es un contrato financiero bilateral en virtud del cual una contraparte (el comprador de protección) paga una comisión periódica a cambio de una indemnización por parte del vendedor de protección en el caso de que el emisor de referencia fuese objeto de un evento de crédito. El comprador de protección adquiere el derecho de vender a la par una obligación determinada u otras obligaciones del emisor de referencia o el derecho de recibir la diferencia entre el valor a la par y el precio de mercado de dicha obligación o dichas obligaciones de referencia (o cualquier otro valor de referencia o precio de ejercicio previamente determinados) al producirse un evento de crédito. Un evento de crédito puede adoptar la forma de una situación de quiebra, insolvencia, liquidación judicial, reestructuración significativa de la deuda o incumplimiento de una obligación de pago en la fecha prevista. La International Swap and Derivatives Association (ISDA) ha elaborado una documentación normalizada para dichos contratos de derivados en el marco de su ISDA Master Agreement. La Sociedad podrá utilizar derivados de crédito para cubrirse frente al riesgo de crédito específico de algunos de los emisores de su cartera comprando protección. Además, la Sociedad podrá, siempre y cuando sea en su exclusivo interés, comprar protección a través de los derivados de crédito sin mantener en su posesión los activos subyacentes. Siempre y cuando sea en su exclusivo interés, la Sociedad podrá vender protección a través de los derivados de crédito con el fin de adquirir una exposición crediticia específica. La Sociedad únicamente podrá celebrar operaciones con derivados de crédito OTC cuando la contraparte sea una entidad financiera de primera fila especializada en este tipo de operaciones y, si este fuese el caso, la operación sea conforme a los términos normalizados establecidos por el ISDA Master Agreement.
- Riesgo de los mercados emergentes: las variaciones de las cotizaciones pueden ser altas y las condiciones de funcionamiento y vigilancia pueden no ajustarse a los estándares que prevalecen en los grandes mercados internacionales debido a la inversión en los mercados emergentes.
- Riesgo de volatilidad: el aumento o la disminución de la volatilidad, que no guarda relación con la rentabilidad de los mercados de valores tradicionales activos, podría conllevar un descenso del Valor liquidativo. La Sociedad está expuesta a este riesgo, especialmente a través de los productos derivados que tienen como Subyacente la volatilidad.
- Riesgo vinculado a los índices de materias primas: la variación del precio de las materias primas y la volatilidad de este sector podrían conllevar una disminución del Valor liquidativo. La Sociedad está expuesta a este riesgo a través de la inversión en productos derivados que tienen como Subyacente los índices de materias primas.
- Riesgo vinculado a la cobertura de participaciones denominadas en divisas extranjeras: las participaciones denominadas en divisas distintas del euro y que incorporan la mención «Hedged» están cubiertas frente al riesgo de cambio. Esta cobertura puede ser imperfecta y dar lugar a diferencias de rentabilidad entre las participaciones denominadas en divisas distintas.
- Riesgo vinculado a la capitalización de mercado: la Sociedad está expuesta principalmente a uno o varios mercados de renta variable de pequeña y mediana capitalización. El volumen de este tipo de títulos, admitidos a cotización, es reducido, por lo que los movimientos del mercado son más marcados y más rápidos que en el caso de las grandes capitalizaciones. Por lo tanto, el Valor liquidativo de la Sociedad podrá adoptar el mismo comportamiento.
- Riesgo de pérdida de capital: la Sociedad se gestiona de forma discrecional y no goza de ninguna garantía o protección del capital invertido. La pérdida de capital se produce en el momento de vender una participación a un precio inferior al precio pagado en el momento de la compra.
- Riesgo vinculado a la gestión discrecional: la gestión discrecional se basa en la anticipación de la evolución de los diferentes mercados. Existe el riesgo de que el producto no se invierta siempre en los mercados más rentables.
- Riesgo vinculado a los bonos de titulización de activos (ABS) o a los bonos de titulización hipotecaria (MBS): la Sociedad (o un Subfondo) puede invertir en ABS o en MBS, lo que puede exponer a los Accionistas y a los inversores potenciales a un nivel más elevado de riesgo de crédito. Al estar los ABS y los MBS ligados a créditos, el deterioro del valor de su garantía subyacente, por motivos como el impago de préstamos, puede traducirse en una reducción del valor del propio título y generar una pérdida para el Subfondo.
- Riesgo vinculado a la gestión de las garantías: las garantías en efectivo y las garantías en efectivo reinvertidas podrán estar sujetas a los riesgos de divisas, riesgos de tipos de interés, riesgos de contraparte y crédito, riesgos operativos y riesgos jurídicos.
- Riesgo «long/short»: este riesgo está asociado a las posiciones largas y/o cortas utilizadas para ajustar la exposición neta al mercado. La Sociedad podría sufrir considerables pérdidas si las exposiciones largas y cortas fluctuaran, de manera simultánea, en la dirección equivocada.
- Riesgo ASG: No hay ninguna garantía de que las inversiones que integran criterios ambientales, sociales y de gobierno corporativo en la selección de empresas vayan a obtener una rentabilidad superior o equivalente a la del mercado de referencia.
- Riesgo de sostenibilidad: significa todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión y, en última instancia, en el Valor liquidativo de la Sociedad. Véase el punto 29 para más información.
- Riesgos asociados a los títulos no cotizados: Estos valores comportan un riesgo de liquidez debido a la ausencia de un mercado activo y a la naturaleza de los emisores; estos valores también conllevan un riesgo de valoración, dada la ausencia de cotización oficial y referencias de mercado. Por lo tanto, la incapacidad para vender estos valores en el momento y al precio inicialmente planeados podrá tener un efecto negativo en el patrimonio neto del subfondo.
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## CONSEJO DE ADMINISTRACIÓN | #### Although this list is not exhaustive, the Company would like to draw the attention of Shareholders and potential investors on the following risks:
- Risks associated with equity investments: an investment in equities generally gives rise to a higher return than an investment in short or long-term debt, but the risks associated are also often greater, as the performance of equities depends on unpredictable factors, e.g. the possibility of a sudden or prolonged fall in the market as well as the risks connected with the companies themselves. The main risk associated with equity investment is the fact that the value of the investments held in this portfolio may fall, as the value of equities can vary in response to the business activities of the companies or to global changes in the market and/or economic conditions. Historically, equities have generated higher returns in the long term and have entailed greater risks in the short term than any other investment vehicle.
- Risks associated with investments in debt securities: the main risks connected to investments in debt securities include:
- interest rate risk, i.e. the risk that the value of investments by the Company and each of its Sub-Funds could decrease if interest rates increase;
- credit risk, i.e. the risk that the companies in which the Company is invested might fall into financial difficulties and might no longer be willing or able to honour their commitments towards the Company;
- market risk, i.e. the risk that the value of investments by the Company and each of its Sub-Funds could decrease following general movements in the financial markets;
- management risk, i.e. the risk that investment techniques used by the Company and each of its Sub-Funds could prove inefficient and create losses for the Company;
- counterparty risk, i.e. the risk of a counterparty's bankruptcy leading it to default on payment; and
- high-yield securities risk, i.e. the risk related to the investment in non-investment grade bonds, speculative bonds or junk bonds. Such securities feature a yield higher than investment grade securities counterbalanced by the higher risk of default of the issuer.
- Risks associated with OTC transactions: the Company may carry out OTC transactions on spot and futures contracts on indices or other financial instruments as well as on swaps on indices or other financial instruments with first-class banks or stockbrokers specialised in these types of transactions acting as counterparty. Although the corresponding markets are not necessarily recognised as being more volatile than other futures markets, traders are less protected from defaults in their transactions on these markets because the contracts traded on them are not guaranteed by a clearing house. The prices of OTC index contracts can be very volatile due to the low margin requirements for this type of contract.
- Risks associated with currencies: the Company may invest in securities denominated in a certain number of currencies other than the Company's base currency (EUR). Exchange rate fluctuations of foreign currencies affect the value of the securities held by the Company.
- Liquidity risk: Liquidity risk exists when an asset is difficult to purchase or sell within an expected time horizon. The Sub-Fund is impacted by liquidity risk when Sub-Fund’s ability to respond to market movements or meet redemptions request by reducing positions is impaired by factors such as decreased trading volume, increased price volatility, industry and government regulations, increased transaction costs. The illiquid positions may display volatility and be difficult to value. It may be costly or temporary impossible for a Sub-Fund to liquidate an illiquid position timely. These impairments may reduce the investment return of the Sub-Fund. Investments securities with substantial market and/or credit risk, emerging market securities and derivatives tend to have the greatest exposure to liquidity risk.
- Risks of leverage: the Company may include exchange-traded derivatives (including futures and options) and OTC derivatives (including options, futures products, interest rate swaps and credit derivatives) in its investment policy for the purpose of investment and/or hedging. These are volatile instruments generating certain specific risks (risks associated with OTC derivatives, counterparty risk) and exposing investors to the risk of loss. Leverage is provided by the low initial margin deposits that are usually requested when taking a position in such instruments. Thus, a relatively minor change in the price of a contract could result in significant gains or losses compared to the initial margin actually invested, this potential leading to unlimited additional losses in excess of the margin deposited. Furthermore, when used for the purpose of hedging, these instruments and the investments or market sectors being hedged could prove uncorrelated. Transactions in over-the-counter derivatives, such as credit derivatives, may involve additional risk as there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess the value of a position or to assess the exposure to risk.
- Risks associated with credit derivative transactions: the Company (or a Sub-Fund) may take part in the credit derivatives market by concluding, for example, credit default swaps in order to sell or purchase protection. A credit default swap (CDS) is a bilateral financial contract whereby a counterparty (the protection buyer) pays a periodic fee in exchange for a payoff from the protection seller in the event that a credit event affecting the reference issuer should arise. The protection buyer acquires the right either to sell a particular bond or bonds of the reference issuer at par value or to receive the difference between the par value and the market price of said reference bond or bonds (or any other previously determined reference value or strike price) in the event that a credit event should arise. A credit event includes bankruptcy, insolvency, judicial settlement, significant debt restructuring or the inability to honour a paymentobligation on the stipulated date. The International Swaps and Derivatives Association (ISDA) has established standardised documentation entitled the “ISDA Master Agreement” relating to such derivative contracts. The Company may use credit derivative products for hedging the specific risk of certain issuers held in the portfolio by purchasing protection. Furthermore, if it is in the Company’s own best interests, it may purchase protection via credit derivatives without holding the underlying assets. While acting in its own best interests, the Company may also sell protection via credit derivatives in order to acquire specific credit exposure. The Company may only take part in OTC credit derivative transactions if the counterparty is a first-class financial institution specialised in this type of transaction and, if this is the case, the transaction complies with the standards laid down by the ISDA Master Agreement.
- Emerging markets risks: price fluctuations can be significant and the operating and supervision conditions may deviate from the standards prevailing on the major international exchanges due to investment in emerging markets.
- Volatility risk: the increase or decrease in volatility which is unrelated with the performance of traditional real securities markets may lead to a fall in Net Asset Value. The Company is exposed to this risk, particularly through derivative products with volatility as the Underlying instrument.
- Risk associated with commodity indices: changes in commodity prices and the volatility of the sector may cause the Net Asset Value to fall. The Company is exposed to this risk, particularly through investment in derivative products with commodity indices as the Underlying security.
- Risk associated with hedging foreign-currency units: units in currencies other than the Euro and that are hedged are covered against currency risk. This hedging may not be related and may generate a performance differential between units in different currencies.
- Risk associated with market capitalisation: the Company is mainly exposed to one or more equity markets of small and medium cap stocks. As there are fewer small and mid-cap stocks listed on stock exchanges, market movements are more pronounced and rapid than in the case of large cap stocks. The Net Asset Value of the Company may therefore assume the same behaviour.
- Risk of capital loss: the Company is managed on a discretionary basis and does not guarantee or protect the capital invested. A capital loss occurs when a unit is sold at a lower price than that paid at the time of purchase.
- Risk associated with discretionary management: discretionary management relies on the expected evolution of the different markets. There is a risk that the product might not be invested in the best-performing markets at all times.
- Risk associated with Asset Backed Securities (ABS) or Mortgage Backed Securities (MBS): the Company (or a Sub- Fund) may invest in ABS or in MBS, which may expose Shareholders and potential investors to a higher level of credit risk. As ABS and MBS are backed by debts, the impairment of the value of the surety underlying the security, such as the non-payment of loans, may be reflected in a reduction in the value of the security itself and generate a loss for the Sub-Fund.
- Risk associated with the management of collateral: cash collateral and re-invested cash collateral may be subject to currency risks, interest rate risks, counterparty and credit risks, operational risks and legal risks.
- Long/Short risk: This risk is associated with long and/or short positions used to adjust net market exposure. The Company could suffer high losses if its long and short exposures were to move simultaneously in the wrong directions.
- ESG risk: There is no guarantee that investments that include Environmental, Social and Governance criteria in company selection will perform better or in line with the reference market.
- Sustainability risk: means an environmental, social or governance event or condition that, if it occurs, may cause an actual or a potential material negative impact on the value of the investments and, ultimately, on the Net Asset Value of the Company. See chapter 29 for further details.
- Risk associated with unlisted securities: These securities carry a liquidity risk due to the absence of an active market and the nature of issuers; these securities also carry a valuation risk given the absence of listings and market references. The inability to sell these securities at the times and prices initially planned may therefore have a negative impact on the net asset value of the sub-fund.
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## BOARD OF DIRECTORS | en | es |
DOLFIN8589 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Geographical Breakdown (%)
Portfolio Benchmark
USA 75.74 61.65
United Kingdom 5.99 3.80
Australia 3.34 1.96
China 2.40 3.30
France 1.90 2.89
Germany 1.75 1.99
Sweden 1.75 0.81
Israel 1.38 0.19
Argentina 0.51 0.00
South Africa 0.00 0.41
Taiwan 0.00 1.57
Turkey 0.00 0.05
Other 0.00 21.38
Cash 5.24 0.00 | ## Esposizione geografica (%)
Portafoglio Benchmark
Stati Uniti 75.74 61.65
Regno Unito 5.99 3.80
Australia 3.34 1.96
Cina 2.40 3.30
Francia 1.90 2.89
Germania 1.75 1.99
Svezia 1.75 0.81
Israele 1.38 0.19
Argentina 0.51 0.00
Sudafrica 0.00 0.41
Taiwan 0.00 1.57
Turchia 0.00 0.05
Altro 0.00 21.38
Liquidità 5.24 0.00 | ## Geographical Breakdown (%)
Portfolio Benchmark
USA 75.74 61.65
United Kingdom 5.99 3.80
Australia 3.34 1.96
China 2.40 3.30
France 1.90 2.89
Germany 1.75 1.99
Sweden 1.75 0.81
Israel 1.38 0.19
Argentina 0.51 0.00
South Africa 0.00 0.41
Taiwan 0.00 1.57
Turkey 0.00 0.05
Other 0.00 21.38
Cash 5.24 0.00 | en | it |
DOLFIN8590 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The reference benchmark has a high level of concentration. This means that a small number of securities make up a significant proportion of the benchmark.
Intended Retail Investor
The Fund may be suitable for investors with a long term investment horizon and is intended for investors aiming for exposure to asset classes which may be subject to moderately high volatility. The Fund may be suitable for investors looking for an investment to complement an existing core portfolio or as a standalone investment to gain exposure to a specific asset class.
An investment in the Fund is only suitable for investors who are capable of evaluating the risks and merits of such an investment, and who have sufficient resources to bear any loss as the Fund is not guaranteed and they may receive back less than the amount invested. The Fund is designed for use as part of a diversified investment portfolio. Prospective investors should consult with their financial advisor before making an investment.
Term:
The Fund does not have a maturity date.
The PRIIP Manufacturer cannot terminate the Fund unilaterally. The Board of Directors may furthermore decide to liquidate the Fund in certain circumstances set out in the prospectus and articles of incorporation of the Fund.
Additional Information:
This document describes a single share class of a sub-fund of the Company. Further information about the Company including the Prospectus, the most recent annual and semi-annual reports of the Company and the latest share prices, may be obtained free of charge, in English, from the Registrar and Transfer Agent by emailing [email protected] , or by visiting www.global.assetmanagement.hsbc.com. The most recent Prospectus is available in English and German. The Prospectus, annual and semi-annual reports are prepared for the entire Company.
The Depositary Bank is HSBC Continental Europe, Luxembourg . The Fund’s assets are kept safe by the Depositary and are segregated from the assets of other Funds.
It is possible to switch your shares into shares of a different share class or sub-fund within the Company. Details of how to do this are in the “How to convert between Sub-Funds / Classes” section of the Prospectus. | Il parametro di riferimento presenta un livello di concentrazione elevato. Ciò significa che un numero ridotto di titoli rappresenta una quota significativa del parametro di riferimento.
Investitori al dettaglio cui si intende commercializzare il prodotto
Il Fondo può essere adatto a investitori con un orizzonte d'investimento di lungo periodo ed è destinato a investitori che desiderano esporsi a classi di attività che possono essere soggette a una volatilità moderatamente elevata. Il Fondo può essere adatto a investitori in cerca di un investimento complementare a un portafoglio principale o come investimento autonomo per ottenere esposizione a una classe di attività specifica.
L'investimento nel Fondo è adatto unicamente agli investitori in grado di valutarne i rischi e le caratteristiche e che dispongono di risorse sufficienti a sostenere eventuali perdite, in quanto il Fondo non è garantito e potrebbero ricevere un rimborso inferiore all'importo investito. Il Fondo è concepito per essere inserito nell'ambito di un portafoglio d'investimento diversificato. Si consiglia ai potenziali investitori di rivolgersi al proprio consulente finanziario prima di effettuare un investimento.
Termine:
Il Fondo non ha una data di scadenza.
L’ideatore di PRIIP non può chiudere il Fondo unilateralmente. Il Consiglio di amministrazione può inoltre decidere di liquidare il Fondo in specifiche circostanze indicate nel prospetto e nello statuto del Fondo.
Ulteriori informazioni:
Il presente documento descrive una singola classe di azioni di un comparto della Società. Maggiori informazioni sulla Società, ivi compreso il Prospetto, le relazioni annuali e semestrali più recenti della Società e gli ultimi prezzi delle azioni, sono disponibili gratuitamente in lingua inglese tramite il Conservatore del registro e Agente di trasferimento via e-mail all'indirizzo [email protected], o visitando il sito www.global.assetmanagement.hsbc.com. Il Prospetto più recente è disponibile in lingua inglese e tedesca. Il Prospetto, le relazioni annuali e semestrali sono preparati per l'intera Società.
La Banca depositaria è HSBC Continental Europe, Luxembourg. Le attività del Fondo sono custodite dal Depositario e separate da quelle degli altri Fondi.
Un investitore può convertire le sue azioni in azioni di un'altra classe di azioni o di un comparto differente della Società. I dettagli su come farlo sono presenti nella sezione del Prospetto "Modalità di conversione tra Comparti/Classi". | The reference benchmark has a high level of concentration. This means that a small number of securities make up a significant proportion of the benchmark.
Intended Retail Investor
The Fund may be suitable for investors with a long term investment horizon and is intended for investors aiming for exposure to asset classes which may be subject to moderately high volatility. The Fund may be suitable for investors looking for an investment to complement an existing core portfolio or as a standalone investment to gain exposure to a specific asset class.
An investment in the Fund is only suitable for investors who are capable of evaluating the risks and merits of such an investment, and who have sufficient resources to bear any loss as the Fund is not guaranteed and they may receive back less than the amount invested. The Fund is designed for use as part of a diversified investment portfolio. Prospective investors should consult with their financial advisor before making an investment.
Term:
The Fund does not have a maturity date.
The PRIIP Manufacturer cannot terminate the Fund unilaterally. The Board of Directors may furthermore decide to liquidate the Fund in certain circumstances set out in the prospectus and articles of incorporation of the Fund.
Additional Information:
This document describes a single share class of a sub-fund of the Company. Further information about the Company including the Prospectus, the most recent annual and semi-annual reports of the Company and the latest share prices, may be obtained free of charge, in English, from the Registrar and Transfer Agent by emailing [email protected] , or by visiting www.global.assetmanagement.hsbc.com. The most recent Prospectus is available in English and German. The Prospectus, annual and semi-annual reports are prepared for the entire Company.
The Depositary Bank is HSBC Continental Europe, Luxembourg . The Fund’s assets are kept safe by the Depositary and are segregated from the assets of other Funds.
It is possible to switch your shares into shares of a different share class or sub-fund within the Company. Details of how to do this are in the “How to convert between Sub-Funds / Classes” section of the Prospectus. | en | it |
DOLFIN8591 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Net Asset Value of a Fund will be calculated by the Administrator based, to the extent possible, on prices obtained from independent third-party sources including exchanges. The fair market value of those assets of a Fund for which a third-party price is not available will be valued based on other sources deemed reliable by the Directors, in consultation with the Administrator. Investors should note that there is a risk that a Shareholder who redeems their Shares while a Fund holds particular assets may be paid an amount less or more than it would otherwise be paid if the actual value of such assets is higher or lower than the value provided to the Administrator. In addition, there is a risk that a subscription for Shares could dilute the underlying value of such assets for the other Shareholders if the actual value of such assets is higher than the value provided to the Administrator. There is also a risk that greater investment management fees and performance fees (to the extent that performance fees are payable by a Fund) may be paid by a Fund in respect of certain assets or liabilities of the Fund than would have been paid if the actual value of such assets or liabilities is lower or higher than the value determined for the purposes of calculating those fees and allocations. None of the Directors, the Investment Managers or the Administrator are under any liability (including any obligation to remit excess investment management fees or performance fees to a Fund or any of the Shareholders) if a price reasonably believed to be an accurate valuation of a particular asset of the Fund is found not to be such.
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###### Credit Risk and Counterparty Risk | La Valeur liquidative d’un Compartiment sera calculée par l’Agent administratif sur la base, dans la mesure du possible, des prix obtenus auprès de sources tierces indépendantes, y compris les bourses de valeurs. La juste valeur de marché de ces actifs d’un Compartiment pour lesquels un prix tiers n’est pas disponible sera évaluée sur la base d’autres sources considérées comme fiables par les Administrateurs, après consultation avec l’Agent administratif. Les investisseurs sont informés qu’il existe un risque qu’un Actionnaire qui procède au rachat de ses Actions alors qu’un Compartiment détient des actifs spécifiques reçoive un montant inférieur ou supérieur à celui qu’il aurait perçu autrement, si la valeur réelle desdits actifs est inférieure ou supérieure à la valeur fournie à l’Agent administratif. En outre, le risque existe qu’une souscription d’Actions puisse diluer la valeur sous-jacente desdits actifs pour les autres Actionnaires si la valeur réelle desdits actifs est supérieure à la valeur fournie à l’Agent administratif. Il est également possible qu’un Compartiment doive payer des commissions de gestion d’investissements et de performance (dans la mesure où le Compartiment concerné doit s’acquitter de commissions de performance) plus importantes à l’égard de certains actifs ou passifs du Compartiment que celles qui auraient été payées si la valeur réelle desdits actifs ou passifs avait été inférieure ou supérieure à la valeur déterminée aux fins de calcul de ces commissions et allocations. Ni les Administrateurs, ni les Gestionnaires d’investissement ni l’Agent administratif n’ont une quelconque responsabilité (y compris toute obligation de remettre les commissions de gestion d’investissements ou de performance excédentaires à un Compartiment ou à l’un quelconque des Actionnaires) si un prix raisonnablement jugé comme étant une évaluation correcte d’un actif particulier du Compartiment s’avère finalement être inexact.
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###### Risque de crédit et Risque de contrepartie | The Net Asset Value of a Fund will be calculated by the Administrator based, to the extent possible, on prices obtained from independent third-party sources including exchanges. The fair market value of those assets of a Fund for which a third-party price is not available will be valued based on other sources deemed reliable by the Directors, in consultation with the Administrator. Investors should note that there is a risk that a Shareholder who redeems their Shares while a Fund holds particular assets may be paid an amount less or more than it would otherwise be paid if the actual value of such assets is higher or lower than the value provided to the Administrator. In addition, there is a risk that a subscription for Shares could dilute the underlying value of such assets for the other Shareholders if the actual value of such assets is higher than the value provided to the Administrator. There is also a risk that greater investment management fees and performance fees (to the extent that performance fees are payable by a Fund) may be paid by a Fund in respect of certain assets or liabilities of the Fund than would have been paid if the actual value of such assets or liabilities is lower or higher than the value determined for the purposes of calculating those fees and allocations. None of the Directors, the Investment Managers or the Administrator are under any liability (including any obligation to remit excess investment management fees or performance fees to a Fund or any of the Shareholders) if a price reasonably believed to be an accurate valuation of a particular asset of the Fund is found not to be such.
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###### Credit Risk and Counterparty Risk | en | fr |
DOLFIN8592 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objective and Investment Policy
## Investment Objective
The Sub-Fund seeks to generate positive absolute returns measured in Euro on an annual basis irrespective of market conditions by investing in, or getting long or short exposure to, a wide range of asset classes on all global markets.
## Investment Policy
The Sub-Fund is actively and discretionarily managed in order to capture opportunities across different market conditions by taking long or short net positions in a wide range of asset classes including fixed income securities, equities, commodities (notably through commodity indices) and currencies on all global markets, including emerging markets. Investment decisions are based on a combination of investment strategies that are lowly correlated, encompassing security picking, asset allocation, thematic and relative value opportunities. The diversification of the portfolio is achieved through the combination of a macroeconomic, sector and company specific analysis. The Investment Manager will manage the Sub-Fund in accordance with a yearly risk budget at the overall portfolio level and at each individual strategy level.
The investment policy may be achieved by direct investments and through derivatives, especially by entering for instance into total return swaps on equities, bonds or indices, futures, forwards, or options.
The Sub-Fund's global exposure will be monitored by using the absolute Value-at-Risk (VaR) measurement with a maximum VaR of 5% with a five (5) Business Days horizon and 95% confidence level which corresponds to a VaR of 14.16% with a twenty (20) Business Days horizon and 99% confidence level under VaR normal | # Objetivos y política de inversión
## Objetivo de Inversión
El objetivo del Subfondo es generar rendimientos absolutos positivos, denominados en euros, sobre una base anual independientemente de las condiciones de mercado, invirtiendo en una amplia gama de clases de activos, u obteniendo una exposición larga o corta a ella, en todos los mercados globales.
## Política de inversión
El Subfondo está gestionado de forma activa y discrecional con el fin de captar oportunidades en las diferentes condiciones de mercado tomando posiciones netas largas o cortas en una amplia gama de clases de activos, incluidos títulos de renta fija, renta variable, materias primas (en particular a través de los índices sobre materias primas) y divisas en todos los mercados globales, incluidos los mercados emergentes. Las decisiones de inversión se basan en una combinación de estrategias de inversión poco correlacionadas, que comprenden selección de títulos, asignación de activos, y oportunidades de valor relativo y temático. La diversificación de la cartera se obtiene a través de la combinación de análisis específicos macroeconómicos, sectoriales y empresariales. La Gestora gestionará el Subfondo de acuerdo con un presupuesto de riesgo anual a nivel de la cartera general y a nivel de cada estrategia individual.
La política de inversión puede llevarse a cabo mediante inversiones directas y a través de derivados, especialmente formalizando, por ejemplo, permutas de rendimiento total (total return swaps) sobre renta variable, bonos o índices, futuros, forwards, u opciones.
La exposición global del Subfondo será controlada utilizando el indicador de valor en riesgo (Value-at-Risk - VaR) absoluto con un nivel máximo del 5% con un horizonte de cinco (5) días hábiles y un nivel de confianza del 95%, que corresponde a un VaR del 14,16% con un horizonte de veinte (20) días | # Objective and Investment Policy
## Investment Objective
The Sub-Fund seeks to generate positive absolute returns measured in Euro on an annual basis irrespective of market conditions by investing in, or getting long or short exposure to, a wide range of asset classes on all global markets.
## Investment Policy
The Sub-Fund is actively and discretionarily managed in order to capture opportunities across different market conditions by taking long or short net positions in a wide range of asset classes including fixed income securities, equities, commodities (notably through commodity indices) and currencies on all global markets, including emerging markets. Investment decisions are based on a combination of investment strategies that are lowly correlated, encompassing security picking, asset allocation, thematic and relative value opportunities. The diversification of the portfolio is achieved through the combination of a macroeconomic, sector and company specific analysis. The Investment Manager will manage the Sub-Fund in accordance with a yearly risk budget at the overall portfolio level and at each individual strategy level.
The investment policy may be achieved by direct investments and through derivatives, especially by entering for instance into total return swaps on equities, bonds or indices, futures, forwards, or options.
The Sub-Fund's global exposure will be monitored by using the absolute Value-at-Risk (VaR) measurement with a maximum VaR of 5% with a five (5) Business Days horizon and 95% confidence level which corresponds to a VaR of 14.16% with a twenty (20) Business Days horizon and 99% confidence level under VaR normal | en | es |
DOLFIN8593 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The Brookfield Global Renewables and Sustainable Infrastructure UCITS Fund (the “Fund”) seeks total return through the growth of capital and current income.
- The Fund mainly invests in equities (securities that represent an ownership stake in a business).
- The Fund invests primarily in securities of global renewables and sustainable infrastructure companies including, but not limited to wind and solar, other forms of clean power, clean technology, water sustainability and opportunistic transitioning companies. For a more detailed explanation of global renewables and sustainable infrastructure, please refer to the Fund’s supplement.
- The Fund may invest in securities issued by U.S. and non-U.S. issuers, including companies in emerging markets around the world. In investment terms, emerging markets are regions of the world that are typically still developing their economies.
- The Fund may invest in derivatives, such as forward currency contracts, options, futures, and swaps which are linked to the rise and fall of other assets.
- Derivatives may be used for investment purposes and for efficient portfolio management such as reducing risk, costs, orgenerating additional capital or income for the Fund.
- For this share class, the Fund distributes available income on a quarterly basis.
- You can buy and sell shares on most working days in Dublin. Exceptions are more fully described in the prospectus.
- The Fund is actively managed, meaning the Investment Manager has discretion over the composition of the Fund’s portfolio, subject to the Fund’s stated investment objective and policy. Although the MSCI World Index is used by the Fund for performance comparison purposes only, the Investment Manager’s investment decisions will not be influenced by the constituents of the MSCI World Index. Accordingly, the Investment Manager will select the Fund’s investments based entirely on its stock selection techniques, irrespective of whether such stocks are components of the MSCI World Index.
- Investment in the Fund may be suitable for investors with a medium to long term investment horizon.
- For full investment objectives and policy details, please refer to the prospectus. | # Obiettivi e politica d’investimento
- Il fondo Brookfield Global Renewables and Sustainable Infrastructure UCITS Fund (il “Fondo”) persegue un rendimento totale tramite la crescita del capitale e del reddito attuale.
- Il Fondo investe principalmente in azioni (titoli rappresentativi di una quota della proprietà di una società).
- Il Fondo investe principalmente in titoli di società dei settori globali delle energie rinnovabili e delle infrastrutture sostenibili, compresi, senza limitazione, eolico e solare, altre forme di energia pulita, tecnologie pulite, sostenibilità idrica e opportunistic transitioning. Per una spiegazione dettagliata sulle energie rinnovabili e sulle infrastrutture sostenibili globali, si rimanda al supplemento del Fondo.
- Il Fondo può investire in titoli di emittenti statunitensi e non, ivi incluse società nei mercati emergenti di tutto il mondo. A livello di investimenti, i mercati emergenti sono regioni del mondo dove solitamente le economie sono ancora in via di sviluppo.
- Il Fondo può investire in derivati, quali contratti forward su valute, opzioni, future e swap, correlati all’andamento al rialzo o ribasso di altre attività.
- È possibile fare uso di strumenti derivati a scopo di investimento e per una gestione efficiente del portafoglio, atta a ridurre i rischi e icosti o a generare ulteriore capitale o reddito per il Fondo.
- Per questa classe di azioni il Fondo distribuisce il reddito disponibile su base trimestrale.
- È possibile acquistare e vendere azioni quasi ogni giorno che sia un giorno lavorativo a Dublino. Per maggiori dettagli sulle eccezioni, si rimanda al prospetto informativo.
- Il Fondo è gestito attivamente; ciò significa che il Gestore degli investimenti può decidere a propria discrezione la composizione del portafoglio del Fondo, nel rispetto dell’obiettivo e della politica d’investimento dichiarati. Sebbene il Fondo utilizzi l’Indice MSCI World al solo scopo di confronto delle performance, le decisioni d’investimento del Gestore non saranno influenzate dagli elementi costitutivi dell’Indice MSCI World. Di conseguenza, il Gestore sceglierà gli investimenti del Fondo basandosi esclusivamente sulle proprie tecniche di selezione dei titoli, a prescindere che gli stessi siano inclusi o meno nell’Indice MSCI World.
- Gli investimenti nel Fondo sono indicati per investitori con un orizzonte d’investimento di medio-lungo termine.
- Per maggiori dettagli sugli obiettivi e la politica d’investimento, si rimanda al prospetto informativo. | # Objectives and Investment Policy
- The Brookfield Global Renewables and Sustainable Infrastructure UCITS Fund (the “Fund”) seeks total return through the growth of capital and current income.
- The Fund mainly invests in equities (securities that represent an ownership stake in a business).
- The Fund invests primarily in securities of global renewables and sustainable infrastructure companies including, but not limited to wind and solar, other forms of clean power, clean technology, water sustainability and opportunistic transitioning companies. For a more detailed explanation of global renewables and sustainable infrastructure, please refer to the Fund’s supplement.
- The Fund may invest in securities issued by U.S. and non-U.S. issuers, including companies in emerging markets around the world. In investment terms, emerging markets are regions of the world that are typically still developing their economies.
- The Fund may invest in derivatives, such as forward currency contracts, options, futures, and swaps which are linked to the rise and fall of other assets.
- Derivatives may be used for investment purposes and for efficient portfolio management such as reducing risk, costs, orgenerating additional capital or income for the Fund.
- For this share class, the Fund distributes available income on a quarterly basis.
- You can buy and sell shares on most working days in Dublin. Exceptions are more fully described in the prospectus.
- The Fund is actively managed, meaning the Investment Manager has discretion over the composition of the Fund’s portfolio, subject to the Fund’s stated investment objective and policy. Although the MSCI World Index is used by the Fund for performance comparison purposes only, the Investment Manager’s investment decisions will not be influenced by the constituents of the MSCI World Index. Accordingly, the Investment Manager will select the Fund’s investments based entirely on its stock selection techniques, irrespective of whether such stocks are components of the MSCI World Index.
- Investment in the Fund may be suitable for investors with a medium to long term investment horizon.
- For full investment objectives and policy details, please refer to the prospectus. | en | it |
DOLFIN8594 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Investment Policy
The Fund seeks to achieve its objective by primarily investing in equity securities of global companies that provide solutions for the mitigation and/or adaptation of climate change risk or which are in the process of making their business models more resilient to long-term risks presented by climate change and resource depletion. Such companies are, in our view, better prepared financially and competitively for a transition to a low carbon and more resource constrained economy. The Investment Manager uses in-depth analysis to select equity securities which it believes are undervalued, based on such factors as their expected long- term earnings and the value of the business assets.
The Fund aims to achieve its climate change mitigation and adaptation objective by investing in companies that reduce emissions, improve resource efficiency and limit the physical consequences of climate change so as to align the Fund’s portfolio carbon footprint with the landmark Paris Climate Agreement adopted in December 2015. Companies that may benefit financially and competitively from the transition to a global low-carbon economy can be grouped into three broad categories:
- Solution providers: (>50% of the Fund’s net assets) companies that derive more than 50% of revenues (or alternative metric such as assets) from products and services that directly or indirectly reduce global emissions, improve resource efficiency, and/or protect against the physical consequences of climate change. The solutions activities are generally associated with one of the following themes: Renewable Energy, Energy Efficiency, Water & Waste Management, Sustainable Transportation, and Sustainable Forestry & Agriculture. Factors driving security selection include the Investment Manager’s percent of revenues and profits from solutions, a company’s net impact on greenhouse gas emissions and resource usage and its governance of the opportunities arising from the low carbon transition.
- Transitioning companies: (<50% of the Fund’s net assets) companies that have moderate to high emissions or resource intensity which are making industry-leading efforts to reduce them. Such companies will have below average projected carbon intensity as a result of historical greenhouse gas emissions reductions and quantitative reduction targets, or they will have above average projected solutions revenue. Factors driving security selection include the Investment Manager’s view on a company’s ability to achieve carbon and resource intensity aligned with the long-term global warming targets of the Paris Climate Agreement, greenhouse gas emissions disclosure quality, exposure to climate mitigation and adaptation solutions and the company’s governance of the risks and opportunities arising from the low carbon transition.
- Resilient companies: (<50% of the Fund’s net assets) companies that have relatively low carbon and resource intensity. Such companies will have carbon or resource intensity in the bottom half of the broad global investment universe. Factors driving security selection are the same as Transitioning companies. | ###### Politique d’investissement
Le compartiment cherche à atteindre son objectif en investissant principalement dans des titres de participation de sociétés mon- diales qui fournissent des solutions pour atténuer le changement climatique et s’y adapter ou qui sont en train de rendre leurs modèles économiques plus résistants aux risques à long terme présentés par le changement climatique et l’épuisement des ressources. De telles sociétés sont, selon nous, mieux préparées sur les plans financier et concurrentiel en vue d’une transition vers une économie à faibles émissions de carbone et davantage restreinte en ressources. Le gestionnaire de portefeuille utilise une analyse approfondie pour sélectionner les titres de participation qui, selon lui, sont sous-évalués, sur la base de facteurs tels que leurs bénéfices escomptés à long terme et la valeur des actifs de l’entreprise.
Le compartiment vise à atteindre son objectif d’atténuation du changement climatique et d’adaptation à celui-ci en investissant dans des entreprises qui réduisent les émissions, améliorent l’efficacité des ressources et limitent les conséquences physiques du changement climatique, de manière à aligner l’empreinte carbone du portefeuille du compartiment sur l’accord de Paris sur le climat adopté en décembre 2015. Les entreprises susceptibles de bénéficier, sur le plan financier et concurrentiel, de la transition vers une économie mondiale à faible intensité de carbone peuvent être regroupées en trois grandes catégories :
- Les fournisseurs de solutions : (> 50 % de l’actif net du compartiment) entreprises qui tirent plus de 50 % de leurs revenus (ou d’autres paramètres tels que les actifs) de produits et services qui réduisent directement ou indirecte- ment les émissions mondiales, améliorent l’efficacité des ressources et/ou se protègent contre les conséquences physiques du changement climatique. Les activités portant sur les solutions sont généralement associées à l’un des thèmes suivants : énergies renouvelables, efficacité énergétique, gestion de l’eau et des déchets, transport durable, et foresterie et agriculture durables. Les facteurs qui déterminent la sélection des titres comprennent le pourcentage des revenus et des profits du gestionnaire de portefeuille découlant des solutions, l’impact net d’une entreprise sur les émissions de gaz à effet de serre et l’utilisation des ressources, et sa gouvernance des opportunités dégagées par la transition vers une économie faible en carbone.
- Entreprises en transition : (< 50 % de l’actif net du compartiment) entreprises en cours de transition : entreprises dont les émissions ou l’intensité des ressources sont modérées à élevées et qui font des efforts de premier plan pour les réduire. Ces entreprises auront une intensité carbone projetée inférieure à la moyenne en raison des réduc- tions antérieures des émissions de gaz à effet de serre et des objectifs de réduction quantitatifs, ou leurs revenus anticipés provenant des solutions seront supérieurs à la moyenne. Parmi les facteurs qui déterminent le choix des titres, on peut citer l’opinion du gestionnaire de portefeuille sur la capacité d’une entreprise à atteindre une intensité en carbone et en ressources conforme aux objectifs à long terme de l’accord de Paris sur le climat en matière de réchauffement climatique, la qualité de la déclaration des émissions de gaz à effet de serre, l’exposition aux solu- tions d’atténuation et d’adaptation au climat et la gouvernance de l’entreprise en matière de risques et d’opportunités découlant de la transition vers une économie à faible intensité de carbone.
- Les entreprises résilientes : (< 50 % de l'actif net du compartiment) entreprises présentant une intensité en car- bone et en ressources relativement faible. Ces entreprises auront une intensité en carbone ou en ressources figurant dans la moitié inférieure du vaste univers d’investissement mondial. Les facteurs qui déterminent le choix des titres sont les mêmes que pour les sociétés en transition. | ###### Investment Policy
The Fund seeks to achieve its objective by primarily investing in equity securities of global companies that provide solutions for the mitigation and/or adaptation of climate change risk or which are in the process of making their business models more resilient to long-term risks presented by climate change and resource depletion. Such companies are, in our view, better prepared financially and competitively for a transition to a low carbon and more resource constrained economy. The Investment Manager uses in-depth analysis to select equity securities which it believes are undervalued, based on such factors as their expected long- term earnings and the value of the business assets.
The Fund aims to achieve its climate change mitigation and adaptation objective by investing in companies that reduce emissions, improve resource efficiency and limit the physical consequences of climate change so as to align the Fund’s portfolio carbon footprint with the landmark Paris Climate Agreement adopted in December 2015. Companies that may benefit financially and competitively from the transition to a global low-carbon economy can be grouped into three broad categories:
- Solution providers: (>50% of the Fund’s net assets) companies that derive more than 50% of revenues (or alternative metric such as assets) from products and services that directly or indirectly reduce global emissions, improve resource efficiency, and/or protect against the physical consequences of climate change. The solutions activities are generally associated with one of the following themes: Renewable Energy, Energy Efficiency, Water & Waste Management, Sustainable Transportation, and Sustainable Forestry & Agriculture. Factors driving security selection include the Investment Manager’s percent of revenues and profits from solutions, a company’s net impact on greenhouse gas emissions and resource usage and its governance of the opportunities arising from the low carbon transition.
- Transitioning companies: (<50% of the Fund’s net assets) companies that have moderate to high emissions or resource intensity which are making industry-leading efforts to reduce them. Such companies will have below average projected carbon intensity as a result of historical greenhouse gas emissions reductions and quantitative reduction targets, or they will have above average projected solutions revenue. Factors driving security selection include the Investment Manager’s view on a company’s ability to achieve carbon and resource intensity aligned with the long-term global warming targets of the Paris Climate Agreement, greenhouse gas emissions disclosure quality, exposure to climate mitigation and adaptation solutions and the company’s governance of the risks and opportunities arising from the low carbon transition.
- Resilient companies: (<50% of the Fund’s net assets) companies that have relatively low carbon and resource intensity. Such companies will have carbon or resource intensity in the bottom half of the broad global investment universe. Factors driving security selection are the same as Transitioning companies. | en | fr |
DOLFIN8595 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Dépositaire : ODDO BHF SCA
De plus amples informations sur le Fonds tels que le prospectus (Français, Anglais) et les documents périodiques (Français, Anglais) sont disponibles sur am.oddo-bhf.com ou peuvent être demandées gratuitement et à tout moment auprès de ODDO BHF Asset Management SAS - 12 boulevard de la Madeleine 75009 PARIS 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. | # Depositario: ODDO BHF SCA
Todos los documentos informativos relativos al Fondo, como el folleto (en francés e inglés) y los informes anual y semestral (en francés e inglés), están disponibles en am.oddo-bhf.com, se pueden solicitar en cualquier momento, sin coste alguno, a ODDO BHF Asset Management SAS, 12 boulevard de la Madeleine 75009 Paris (Francia) 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. | # Dépositaire : ODDO BHF SCA
De plus amples informations sur le Fonds tels que le prospectus (Français, Anglais) et les documents périodiques (Français, Anglais) sont disponibles sur am.oddo-bhf.com ou peuvent être demandées gratuitement et à tout moment auprès de ODDO BHF Asset Management SAS - 12 boulevard de la Madeleine 75009 PARIS 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. | fr | es |
DOLFIN8596 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment policy:
The Fund invests primarily in equity securities of companies identified as participating or having a positive contribution to the investment theme of global water provision and/or municipal waste treatment.
The Fund invests at least two-thirds of its total assets in equity securities worldwide. This may include common stocks, preferred stocks and, on an ancillary basis, closed-ended real estate investment trusts (“REITS”), and depositary receipts for any of those equity investments. The Fund may also invest up to 30% of its total assets in equity securities in emerging markets companies including certain eligible A-Shares via the Shanghai-Hong Kong Stock Connect program and/or Shenzhen-Hong Kong Stock Connect program.
The Fund may invest up to one-third of its total assets in other types of securities than those described above and in money market instruments, cash and cash equivalents. The Fund may invest up to 10% of its net assets in undertakings for collective investment, including exchange traded funds that qualify as UCITS.
The Fund is actively managed with an emphasis on companies having, in the opinion of the Investment Manager, an attractive risk/return profile driven by long-term secular trends.
As part of the sustainable approach of the Fund, the Investment Manager excludes controversial activities deemed to have a significant negative impact on the sustainable investment objective of the Fund during the screening process. The Investment Manager systematically includes non-financial considerations in the fundamental analysis of companies. Each company is reviewed with respect to authoritative standards on ESG. Among the ESG criteria considered:
- Environmental criteria: company climate changeresiliency, effluents and waste management,stock. While the review of the ESG criteria permanently covers at least 90% of the Fund’s net assets, a low ESG score does not exclude a stock from the portfolio, but it will limit its position size. These in-depth analyses result in selecting companies assessed to practice good governance and whose activities do not significantly harm the achievement of sustainable development and the sustainable investment objective of the Fund. | # Política de inversión:
El fondo invierte principalmente en títulos de renta variable de empresas que participan o tienen una contribución positiva en el tema de inversión del suministro de agua global y/o el tratamiento de residuos municipales.
El fondo invierte al menos dos tercios de su patrimonio total en renta variable a escala mundial. Esto puede incluir acciones ordinarias, acciones preferentes y, de forma accesoria, sociedades de inversión inmobiliaria de capital fijo (“REIT”), así como certificados de depósito de valores de cualquiera de estas inversiones en renta variable. El fondo también puede invertir hasta el 30% de sus activos totales en valores de renta variable de mercados emergentes, incluidas, entre otras, determinadas Acciones A admisibles mediante el programa Shanghai-Hong Kong Stock Connect y/o el programa Shenzhen-Hong Kong Stock Connect.
El Fondo puede invertir hasta un tercio de su patrimonio total en tipos de valores distintos de los descritos anteriormente, y en instrumentos del mercado monetario, efectivo y equivalentes al efectivo. El fondo puede invertir hasta el 10% de su patrimonio neto en organismos de inversión colectiva, incluyendo fondos cotizados cualificados como OICVM.
El fondo se gestiona de forma activa, prestando especial atención a las empresas que ofrecen, en opinión del gestor de inversiones, un perfil atractivo de riesgo/rentabilidad favorecido por tendencias seculares de largo plazo.
Como parte del enfoque sostenible del fondo, durante el proceso de cribado, el Gestor de Inversiones excluye las actividades controvertidas que se considera que tienen un importante efecto negativo en el objetivo de inversión sostenible del fondo. El Gestor de Inversiones incluye sistemáticamente consideraciones no financieras en el análisis fundamental de las empresas. Cada empresa se analiza con arreglo a normas autoritativas en materia ASG. Entre los criterios ASG considerados:
- Criterios ambientales: resiliencia de la empresa al cambioclimático, gestión de efluentes y residuos, impacto ambientalgestión) que se tienen en cuenta a la hora de ponderar cada valor. Pese a que la revisión de los criterios ASG comprende en todos los casos al menos el 90% del patrimonio neto del fondo, una baja puntuación de ASG no provoca la exclusión de un valor de la cartera, pero limitará el tamaño de la posición. Estos análisis en profundidad permiten seleccionar empresas que han sido evaluadas para aplicar una buena gobernanza y cuyas actividades no perjudican de forma significativa al logro del desarrollo sostenible y el objetivo de inversión sostenible del fondo. | # Investment policy:
The Fund invests primarily in equity securities of companies identified as participating or having a positive contribution to the investment theme of global water provision and/or municipal waste treatment.
The Fund invests at least two-thirds of its total assets in equity securities worldwide. This may include common stocks, preferred stocks and, on an ancillary basis, closed-ended real estate investment trusts (“REITS”), and depositary receipts for any of those equity investments. The Fund may also invest up to 30% of its total assets in equity securities in emerging markets companies including certain eligible A-Shares via the Shanghai-Hong Kong Stock Connect program and/or Shenzhen-Hong Kong Stock Connect program.
The Fund may invest up to one-third of its total assets in other types of securities than those described above and in money market instruments, cash and cash equivalents. The Fund may invest up to 10% of its net assets in undertakings for collective investment, including exchange traded funds that qualify as UCITS.
The Fund is actively managed with an emphasis on companies having, in the opinion of the Investment Manager, an attractive risk/return profile driven by long-term secular trends.
As part of the sustainable approach of the Fund, the Investment Manager excludes controversial activities deemed to have a significant negative impact on the sustainable investment objective of the Fund during the screening process. The Investment Manager systematically includes non-financial considerations in the fundamental analysis of companies. Each company is reviewed with respect to authoritative standards on ESG. Among the ESG criteria considered:
- Environmental criteria: company climate changeresiliency, effluents and waste management,stock. While the review of the ESG criteria permanently covers at least 90% of the Fund’s net assets, a low ESG score does not exclude a stock from the portfolio, but it will limit its position size. These in-depth analyses result in selecting companies assessed to practice good governance and whose activities do not significantly harm the achievement of sustainable development and the sustainable investment objective of the Fund. | en | es |
DOLFIN8597 | 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 4 years |
| --- | --- | --- |
| Total costs | 638 USD | 990 USD |
| Annual cost impact (*) | 6.6% | 2.5% each year | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 4 anni |
| --- | --- | --- |
| Costi totali | 638 USD | 990 USD |
| Incidenza annuale dei costi (*) | 6.6% | 2.5% ogni anno | | | | If you exit after 1 year | If you exit after 4 years |
| --- | --- | --- |
| Total costs | 638 USD | 990 USD |
| Annual cost impact (*) | 6.6% | 2.5% each year | | en | it |
DOLFIN8598 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The premium represents the return on risk for the asset class. The portfolio of the Sub-Fund will have a minimum average rating of B+ (according to the Standard and Poor's/Fitch rating system B1 according to Moody's, or equivalent according to the analysis of the Management Company) with a modified duration of between 0 and 6. The Sub-Fund will constantly be exposed to the fluctuations in this premium depending on the break-even points generated by the return on the portfolio.
Each listed bond will have a minimum rating of CCC+ or equivalent according to the analysis of the Management Company when purchased. In the event that the rating deteriorates, the Management Company will reserve the right to keep the bond, or not keep it in the portfolio of the Sub-Fund.
The rating applied by the Management Company will be the highest obtained from the agencies Standard and Poor's, Fitch and Moody’s or equivalent according to the analysis of the Management Company. The Management Company leads its own analysis credit in the selection of the bonds to the acquisition and in the course of life.
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## Study of the different subordinated debt structures | La prime représente le risque pris par la classe d’actifs. Le portefeuille du Compartiment aura une notation moyenne minimum de B+ (d’après le système de notation Standard and Poor’s/Fitch B1 d’après Moody’s ou équivalent d’après l’analyse de la Société de gestion) avec une duration modifiée située entre 0 et 6. Le Compartiment sera constamment exposé aux fluctuations de cette prime en fonction des points d’équilibre générés par la performance du portefeuille.
Chaque obligation cotée aura une notation minimum de CCC+ ou équivalente d’après l’analyse de la Société de gestion lors de la souscription de cet instrument. En cas de dégradation de la notation, la Société de gestion se réserve le droit de conserver l’obligation ou de ne pas la conserver dans le portefeuille du Compartiment.
La notation appliquée par la Société de gestion sera la plus élevée parmi celles attribuées par les agences Standard and Poor’s, Fitch et Moody’s ou équivalente en fonction de l’analyse de la Société de gestion. Celle-ci réalise sa propre analyse de crédit dans le cadre de la sélection des obligations avant l’acquisition et pendant sa durée de vie.
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## Étude des différentes structures de la dette subordonnée | The premium represents the return on risk for the asset class. The portfolio of the Sub-Fund will have a minimum average rating of B+ (according to the Standard and Poor's/Fitch rating system B1 according to Moody's, or equivalent according to the analysis of the Management Company) with a modified duration of between 0 and 6. The Sub-Fund will constantly be exposed to the fluctuations in this premium depending on the break-even points generated by the return on the portfolio.
Each listed bond will have a minimum rating of CCC+ or equivalent according to the analysis of the Management Company when purchased. In the event that the rating deteriorates, the Management Company will reserve the right to keep the bond, or not keep it in the portfolio of the Sub-Fund.
The rating applied by the Management Company will be the highest obtained from the agencies Standard and Poor's, Fitch and Moody’s or equivalent according to the analysis of the Management Company. The Management Company leads its own analysis credit in the selection of the bonds to the acquisition and in the course of life.
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## Study of the different subordinated debt structures | en | fr |
DOLFIN8599 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
*from start of reference period
** of outperformance
- 0–1 period: Positive absolute performance but underperformance of -2 (102–104) over the reference period. No performance fee is charged. The reference period is extended by one year. The reference NAV is unchanged.
- 0–2 period: Positive absolute performance and outperformance of 8 (106–98). A performance fee is therefore charged with a basis of calculation of 8. The reference period is renewed, a new reference NAV is set at 106. | *ab Beginn des Referenzzeitraums
** der Outperformance
- Zeitraum 0–1: Positive absolute Performance, jedoch Underperformance von -2 (102–104) im Referenzzeitraum. Es wird keine Performancegebühr erhoben. Der Referenzzeitraum wird um ein Jahr verlängert. Der Referenz-NIW bleibt unverändert.
- Zeitraum 0–2: Positive absolute Performance und Outperformance von 8 (106–98). Es wird daher eine Performancegebühr mit einer Berechnungsgrundlage von 8 erhoben. Der Referenzzeitraum wird neu festgesetzt und ein neuer Referenz-NIW von 106 festgelegt. | *from start of reference period
** of outperformance
- 0–1 period: Positive absolute performance but underperformance of -2 (102–104) over the reference period. No performance fee is charged. The reference period is extended by one year. The reference NAV is unchanged.
- 0–2 period: Positive absolute performance and outperformance of 8 (106–98). A performance fee is therefore charged with a basis of calculation of 8. The reference period is renewed, a new reference NAV is set at 106. | en | de |
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