id
stringlengths 7
10
| query
stringlengths 200
23.1k
| answer
stringlengths 80
25.4k
| text
stringlengths 80
23k
| src_lang
stringclasses 2
values | trg_lang
stringclasses 4
values |
|---|---|---|---|---|---|
DOLFIN8600 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
If a Sub-Fund invests more than 20% of its assets in other UCITS or UCI that publish their ongoing charges, these ongoing charges are taken into consideration when calculating the Ongoing Charges for the Sub-Fund.
- Restructuring FeeIn addition, the Management Company may charge a restructuring fee to certain Sub-Funds, provided that such fee is not charged directly to the Shareholder under the terms of a Share Class. The Management Company may reduce the restructuring fee at its absolute discretion.
- Remuneration PolicyThe primary components of monetary remuneration are the base salary, which typically reflects the scope, responsibilities and experience that are required in a particular role, and an annual discretionary variable compensation award. The variable compensation typically includes both, an annual bonus payment in cash after the end of each performance year and a deferred component for all employees whose variable remuneration exceeds a specified threshold. | Si un Compartimento invierte más del 20 % de sus activos en otros OICVM u OIC que publiquen sus gastos corrientes, dichos gastos corrientes se tendrán en cuenta a la hora de calcular los Gastos corrientes del Compartimento.
- Comisión de reestructuraciónAdemás, la Sociedad Gestora podrá imponer para determinados Compartimentos una comisión de reestructuración, siempre y cuando dicha comisión no se cargue directamente a los Accionistas en virtud de los términos de una Clase de Acciones en particular. Quedará a la absoluta discreción de la Sociedad Gestora reducir la comisión de reestructuración.
- Política de remuneraciónLos componentes principales de la remuneración monetaria son el salario base, que normalmente refleja el ámbito, las responsabilidades y la experiencia necesarias para un puesto específico, y una compensación variable y discrecional anual. La compensación variable normalmente incluye tanto pagos de primas anuales en efectivo al finalizar cada ejercicio de rendimiento, como un componente diferido para todos los empleados cuya remuneración variable exceda un límite específico. | If a Sub-Fund invests more than 20% of its assets in other UCITS or UCI that publish their ongoing charges, these ongoing charges are taken into consideration when calculating the Ongoing Charges for the Sub-Fund.
- Restructuring FeeIn addition, the Management Company may charge a restructuring fee to certain Sub-Funds, provided that such fee is not charged directly to the Shareholder under the terms of a Share Class. The Management Company may reduce the restructuring fee at its absolute discretion.
- Remuneration PolicyThe primary components of monetary remuneration are the base salary, which typically reflects the scope, responsibilities and experience that are required in a particular role, and an annual discretionary variable compensation award. The variable compensation typically includes both, an annual bonus payment in cash after the end of each performance year and a deferred component for all employees whose variable remuneration exceeds a specified threshold. | en | es |
DOLFIN8601 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# REDEMPTIONS
Shareholders in the Sub-Fund may effect a redemption of Shares at the Net Asset Value per Share on any Dealing Day, provided that a signed Redemption Request Form or an Electronic Redemption Form is received by the Administrator no later than the Dealing Deadline on the relevant Dealing Day in accordance with the provisions of the “Redemptions of Shares” section of the Prospectus. Settlement of redemption proceeds will take place in accordance with the Prospectus.
As per the provisions set out in the Prospectus, redemptions proceeds will only be released where the Administrator holds full original anti-money laundering documentation. | # RACHATS
Les Actionnaires du Compartiment peuvent demander le rachat des Actions à la Valeur liquidative par Action tout Jour de négociation, à condition qu’un Formulaire de demande de rachat ou un Ordre électronique de rachat soit reçu par l’Agent administratif au plus tard à l’Heure limite de réception des ordres du Jour de négociation en question comme le prévoient les dispositions de la section « Rachat d’Actions » du Prospectus. Le paiement du produit des rachats sera effectué conformément au Prospectus.
En vertu des dispositions énoncées dans le Prospectus, le produit des rachats ne sera débloqué que si l’Agent administratif est en possession de l’original de tous les documents exigés par la réglementation sur la lutte contre le blanchiment de capitaux. | # REDEMPTIONS
Shareholders in the Sub-Fund may effect a redemption of Shares at the Net Asset Value per Share on any Dealing Day, provided that a signed Redemption Request Form or an Electronic Redemption Form is received by the Administrator no later than the Dealing Deadline on the relevant Dealing Day in accordance with the provisions of the “Redemptions of Shares” section of the Prospectus. Settlement of redemption proceeds will take place in accordance with the Prospectus.
As per the provisions set out in the Prospectus, redemptions proceeds will only be released where the Administrator holds full original anti-money laundering documentation. | en | fr |
DOLFIN8602 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
For the purpose of the delegation of investment management functions to M&G Investments (Singapore) Pte. Ltd, a Material Event is an event which has or has the potential to have a material impact upon one or more assets in a Fund’s portfolio such that it would give rise to a reassessment of the attractiveness of said asset (including, but not limited to:
(i) company-specific events such as material non-conforming data points, earnings/corporate actions or unexpected news; (ii) macro shocks such as a political event or news impacting a sector or single stock; or (iii) material adverse events such as earthquakes/natural disasters, material military action, company specific material adverse events or intra-day multiple standard deviation % moves in stocks and/or indices).
The Investment Manager may also appoint one or more affiliates of the M&G Group to provide dealing services in respect of a Fund or part of a Fund's portfolio.
Where the Investment Manager enters into OTC Derivative transactions, JPMorgan Chase Bank, N.A. will provide administrative services in connection with the collateral management functions. | Aux fins de la délégation des fonctions de gestion des investissements à M&G Investments (Singapore) Pte. Ltd, un Événement majeur est un événement qui a ou pourrait avoir un impact important sur un ou plusieurs actifs du portefeuille d’un Fonds, de telle sorte qu’il donnerait lieu à une réévaluation de l’attrait dudit actif (y compris, mais sans s’y limiter : (i) des événements spécifiques à l’entreprise tels que des points de données non conformes importants, des bénéfices/actions de l’entreprise ou des nouvelles inattendues ; (ii) des chocs macroéconomiques tels qu’un événement politique ou des nouvelles ayant un impact sur un secteur ou une action individuelle ; ou (iii) des événements défavorables importants tels que des tremblements de terre/catastrophes naturelles, des actions militaires importantes, des événements défavorables importants spécifiques à l’entreprise ou des fluctuations multiples intrajournalières du % de l’écart type des actions et/ou des indices).
Le Gestionnaire des Investissements peut également nommer une ou plusieurs sociétés affiliées du Groupe M&G pour fournir des services de négociation pour un Fonds ou une partie du portefeuille d’un Fonds.
Lorsque le Gestionnaire des Investissements conclura des opérations sur des Instruments dérivés OTC, JPMorgan Chase Bank, N.A. assurera la prestation des services administratifs relativement aux fonctions de gestion des garanties. | For the purpose of the delegation of investment management functions to M&G Investments (Singapore) Pte. Ltd, a Material Event is an event which has or has the potential to have a material impact upon one or more assets in a Fund’s portfolio such that it would give rise to a reassessment of the attractiveness of said asset (including, but not limited to:
(i) company-specific events such as material non-conforming data points, earnings/corporate actions or unexpected news; (ii) macro shocks such as a political event or news impacting a sector or single stock; or (iii) material adverse events such as earthquakes/natural disasters, material military action, company specific material adverse events or intra-day multiple standard deviation % moves in stocks and/or indices).
The Investment Manager may also appoint one or more affiliates of the M&G Group to provide dealing services in respect of a Fund or part of a Fund's portfolio.
Where the Investment Manager enters into OTC Derivative transactions, JPMorgan Chase Bank, N.A. will provide administrative services in connection with the collateral management functions. | en | fr |
DOLFIN8603 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 ans Investissement : 10.000 EUR |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 2.610 EUR -73,86 % | 2.410 EUR -24,76 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 7.880 EUR -21,16 % | 8.120 EUR -4,07 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.920 EUR 9,22 % | 14.300 EUR 7,41 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 15.300 EUR 53,01 % | 20.730 EUR 15,69 % | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 EUR |
| --- |
| 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 | 2.610 EUR -73,86% | 2.410 EUR -24,76% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.880 EUR -21,16% | 8.120 EUR -4,07% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.920 EUR 9,22% | 14.300 EUR 7,41% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 15.300 EUR 53,01% | 20.730 EUR 15,69% | | | Période de détention recommandée : 5 ans Investissement : 10.000 EUR |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 2.610 EUR -73,86 % | 2.410 EUR -24,76 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 7.880 EUR -21,16 % | 8.120 EUR -4,07 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.920 EUR 9,22 % | 14.300 EUR 7,41 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 15.300 EUR 53,01 % | 20.730 EUR 15,69 % | | fr | es |
DOLFIN8604 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | €420 | €1037 |
| Annual cost impact (*) | 4.2% | 1.8% each year | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- |
| Costi totali | €420 | €1037 |
| Incidenza annuale dei costi (*) | 4.2% | 1.8% ogni anno | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | €420 | €1037 |
| Annual cost impact (*) | 4.2% | 1.8% each year | | en | it |
DOLFIN8605 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Notice of suspension will be given to subscribers and to any unitholder tendering Units for redemption or conversion. Withdrawal of a subscription or of an application for redemption or conversion will only be effective if written notification by letter or by fax is received by the Central Administration before termination of the period of suspension, failing which subscription, redemption and conversion applications not withdrawn will be processed on the first Valuation Day following the end of the suspension period, on the basis of the Net Asset Value per Unit determined on such Valuation Day.
- LATE TRADING AND MARKET TIMING
- Late tradingThe Fund determines the price of its Units on a forward basis. This means that it is not possible to know in advance the Net Asset Value per Unit at which Units will be bought or sold (exclusive of any Subscription or Redemption Commission as defined hereafter). Subscription applications have to be received and will be accepted for each Sub-fund only in accordance with the Sub-fund Deadline. | La sospensione sarà comunicata ai sottoscrittori e agli eventuali titolari delle quote che richiedono il rimborso o la conversione delle Quote. L’annullamento di una sottoscrizione o di una richiesta di rimborso o di conversione avrà effetto solo se l'Amministrazione centrale riceverà una richiesta scritta per lettera o via fax, prima della fine del periodo di sospensione, in assenza della quale ogni richiesta di sottoscrizione, rimborso o conversione non ritirata sarà elaborata il primo Giorno di Valutazione successivo la fine del periodo di sospensione, sulla base del Valore netto d’Inventario per Quota determinato in tale Giorno di Valutazione.
- LATE TRADING E MARKET TIMING
- Late TradingIl Fondo determina il prezzo delle proprie Quote su base prospettica. Ciò significa che non è possibile conoscere in anticipo il Valore Netto d’Inventario per Quote a cui verranno comprate o vendute le Quote (ad eccezioni di eventuali Commissioni di Sottoscrizione o Rimborso come definito in seguito). Le richieste di sottoscrizione dovranno essere ricevute e accettate per ciascun Comparto solo in conformità al Termine Ultimo per la Sottoscrizione del Comparto. | Notice of suspension will be given to subscribers and to any unitholder tendering Units for redemption or conversion. Withdrawal of a subscription or of an application for redemption or conversion will only be effective if written notification by letter or by fax is received by the Central Administration before termination of the period of suspension, failing which subscription, redemption and conversion applications not withdrawn will be processed on the first Valuation Day following the end of the suspension period, on the basis of the Net Asset Value per Unit determined on such Valuation Day.
- LATE TRADING AND MARKET TIMING
- Late tradingThe Fund determines the price of its Units on a forward basis. This means that it is not possible to know in advance the Net Asset Value per Unit at which Units will be bought or sold (exclusive of any Subscription or Redemption Commission as defined hereafter). Subscription applications have to be received and will be accepted for each Sub-fund only in accordance with the Sub-fund Deadline. | en | it |
DOLFIN8606 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Corporate Governance
The Company is incorporated in Ireland and is therefore subject to the Act and is required to comply with the corporate governance requirements of the Act, the Irish Regulations and the requirements of the Central Bank from time to time in relation to UCITS. The Company voluntarily adheres to the IFIA Code. In addition to its voluntary adherence to the IFIA Code, the Company is subject to corporate governance practices imposed by the Constitution, the UK Listing Rules (as they apply to overseas open-ended investment funds under Chapter 16 of the UK Listing Rules) and applicable chapters of the UK DTR (collectively, the “Corporate Governance Requirements”).
To accommodate the applicable provisions of the Corporate Governance Requirements, the Company has put in place a framework for corporate governance which it believes is appropriate for an open-ended collective investment company issuing exchange-traded funds. | ##### Unternehmensführung (Corporate Governance)
Die Gesellschaft ist in Irland eingetragen, unterliegt daher den Gesetzen und hat den Anforderungen an die Unternehmensführung gemäss den Gesetzen, den irischen Vorschriften und den OGAW-Vorgaben der Zentralbank zu entsprechen. Die Gesellschaft erfüllt auf freiwilliger Basis die Anforderungen des IFIA Code. Zusätzlich zu ihrer freiwilligen Einhaltung des IFIA-Code unterliegt die Gesellschaft den Corporate- Governance-Praktiken gemäss der Satzung, der UK Listing Rules (wie sie für ausländische offene Investmentfonds gemäss Kapitel 16 der UK Listing Rules gelten) und geltender Kapitel des UK DTR (zusammen die «Corporate-Governance-Anforderungen»).
Um den anwendbaren Bestimmungen der Corporate-Governance-Anforderungen zu entsprechen, hat die Gesellschaft einen Corporate-Governance-Rahmen geschaffen, der ihres Erachtens für eine offene OGAW- Gesellschaft, die börsengehandelte Fonds auflegt, geeignet ist. | ##### Corporate Governance
The Company is incorporated in Ireland and is therefore subject to the Act and is required to comply with the corporate governance requirements of the Act, the Irish Regulations and the requirements of the Central Bank from time to time in relation to UCITS. The Company voluntarily adheres to the IFIA Code. In addition to its voluntary adherence to the IFIA Code, the Company is subject to corporate governance practices imposed by the Constitution, the UK Listing Rules (as they apply to overseas open-ended investment funds under Chapter 16 of the UK Listing Rules) and applicable chapters of the UK DTR (collectively, the “Corporate Governance Requirements”).
To accommodate the applicable provisions of the Corporate Governance Requirements, the Company has put in place a framework for corporate governance which it believes is appropriate for an open-ended collective investment company issuing exchange-traded funds. | en | de |
DOLFIN8607 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d'investissement
Objectif
- Le Fonds vise à produire des rendements élevés du capital à long terme.
Politique
- Investir principalement dans des actions d’un nombre limité de sociétés à l’échelle mondiale.
- Les investissements seront sélectionnés suite à l'application d'exclusions basées sur l'activité commerciale et d'une évaluation basée sur des normes. | # Objetivos y política de inversión
Objetivo
- El Fondo trata de producir sólidas rentabilidades del capital a largo plazo.
Política
- Invertir principalmente en acciones en un número pequeño de empresas de todo el mundo.
- Las inversiones se seleccionarán luego de la aplicación de exclusiones basadas en la actividad comercial y evaluación basada en normas. | # Objectifs et politique d'investissement
Objectif
- Le Fonds vise à produire des rendements élevés du capital à long terme.
Politique
- Investir principalement dans des actions d’un nombre limité de sociétés à l’échelle mondiale.
- Les investissements seront sélectionnés suite à l'application d'exclusions basées sur l'activité commerciale et d'une évaluation basée sur des normes. | fr | es |
DOLFIN8608 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### RESTRICTIONS ON SHAREHOLDINGS
Investors should be aware that some sub-funds or share classes are not available for all investors.
The Company reserves the right to offer only one or more share classes for purchase to investors in a particular country in order to adhere to local laws, customs or business practices or for other reasons.
The Company may also reserve one or more sub-funds or share classes solely for institutional investors (in accordance with Article 174 of the Law of 2010 as interpreted by the CSSF).
The restriction on shareholdings is described in the relevant Annex. | ##### RESTRICTIONS DE DÉTENTION D'ACTIONS
Les investisseurs doivent être conscients que certains compartiments ou catégories d'actions ne sont pas disponibles pour tous les investisseurs.
La Société se réserve le droit d'offrir à la vente aux investisseurs dans un pays donné, uniquement une ou plusieurs catégories d'actions pour se conformer aux lois locales, aux coutumes ou pratiques commerciales ou pour d'autres raisons.
La Société peut en outre réserver un ou plusieurs compartiments ou des catégories d'actions uniquement aux investisseurs institutionnels (au sens de l'article 174 de la loi de 2010 selon l'interprétation respective par la CSSF).
La restriction de détention d'actions est décrite dans l'annexe correspondante. | ##### RESTRICTIONS ON SHAREHOLDINGS
Investors should be aware that some sub-funds or share classes are not available for all investors.
The Company reserves the right to offer only one or more share classes for purchase to investors in a particular country in order to adhere to local laws, customs or business practices or for other reasons.
The Company may also reserve one or more sub-funds or share classes solely for institutional investors (in accordance with Article 174 of the Law of 2010 as interpreted by the CSSF).
The restriction on shareholdings is described in the relevant Annex. | en | fr |
DOLFIN8609 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
As part of marketing the Company in Switzerland, trailers fees may also be paid from the investment management fees received – in accordance with the SFAMA definition – to the following distributors and partners:
- authorised distributors and distributors exempted from the authorisation requirement,
- sales partners or distributors placing the Company’s shares exclusively with institutional investors with professional treasury facilities,
- sales partners or distributors placing the Company’s shares exclusively with their clients remunerated discretionary on the basis of a written asset management mandate. | Nell'ambito della distribuzione della Società in Svizzera, è possibile anche pagare commissioni di retrocessione dalle commissioni di gestione degli investimenti percepite – conformemente alla definizione della SFAMA – ai seguenti distributori e partner:
- distributori autorizzati e distributori esenti dal requisito di autorizzazione;
- partner di vendita o distributori che collocano le azioni della Società esclusivamente presso investitori istituzionali con strutture di tesoreria professionali;
- partner di vendita o distributori che collocano le azioni della Società esclusivamente presso i propri clienti sulla base di un mandato discrezionale di gestione patrimoniale scritto e retribuito. | As part of marketing the Company in Switzerland, trailers fees may also be paid from the investment management fees received – in accordance with the SFAMA definition – to the following distributors and partners:
- authorised distributors and distributors exempted from the authorisation requirement,
- sales partners or distributors placing the Company’s shares exclusively with institutional investors with professional treasury facilities,
- sales partners or distributors placing the Company’s shares exclusively with their clients remunerated discretionary on the basis of a written asset management mandate. | en | it |
DOLFIN8610 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# General rules for the valuation of assets
## Assets admitted to a stock exchange or traded on an organised market
Assets admitted to trading on a stock exchange or admitted or included in another organised market, as well as subscription rights for the Fund, are valued at their most recently available tradable price, unless the "Specific rules for the valuation of individual assets" specify otherwise.
## Assets not listed on a stock exchange or traded on organised markets, or those with no tradable price
Assets neither admitted to trading on stock exchanges nor admitted to or included in another organised market or for which no tradable price is available, are valued at the current market value deemed appropriate on the basis of a careful assessment using suitable valuation models and taking current market conditions into account, unless the "Specific rules for the valuation of individual assets" specify otherwise. | # Allgemeine Regeln für die Vermögensbewertung
## An einer Börse zugelassene / in organisiertem Markt gehandelte Vermögensgegenstände
Vermögensgegenstände, die zum Handel an Börsen zugelassen sind oder in einem anderen organisier- ten Markt zugelassen oder in diesen einbezogen sind sowie Bezugsrechte für den Fonds werden zum letzten verfügbaren handelbaren Kurs, der eine verlässliche Bewertung gewährleistet, bewertet, sofern nachfolgend unter „Besondere Regeln für die Bewertung einzelner Vermögensgegenstände“ nicht an- ders angegeben.
## Nicht an Börsen notierte oder organisierten Märkten gehandelte Vermögensgegenstände o- der Vermögensgegenstände ohne handelbaren Kurs
Vermögensgegenstände, die weder zum Handel an Börsen zugelassen sind noch in einem anderen organisierten Markt zugelassen oder in diesen einbezogen sind oder für die kein handelbarer Kurs ver- fügbar ist, werden zu dem aktuellen Verkehrswert bewertet, der bei sorgfältiger Einschätzung nach geeigneten Bewertungsmodellen unter Berücksichtigung der aktuellen Marktgegebenheiten angemes- sen ist, sofern nachfolgend unter „Besondere Regeln für die Bewertung einzelner Vermögensgegen- stände“ nicht anders angegeben. | # General rules for the valuation of assets
## Assets admitted to a stock exchange or traded on an organised market
Assets admitted to trading on a stock exchange or admitted or included in another organised market, as well as subscription rights for the Fund, are valued at their most recently available tradable price, unless the "Specific rules for the valuation of individual assets" specify otherwise.
## Assets not listed on a stock exchange or traded on organised markets, or those with no tradable price
Assets neither admitted to trading on stock exchanges nor admitted to or included in another organised market or for which no tradable price is available, are valued at the current market value deemed appropriate on the basis of a careful assessment using suitable valuation models and taking current market conditions into account, unless the "Specific rules for the valuation of individual assets" specify otherwise. | en | de |
DOLFIN8611 | 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 Credit Suisse Carmignac Emerging Markets Multi-Asset Fund KB USD between 15/02/2021-27/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 6,381
-36.2%
USD 7,147
-6.5% | # Este tipo de escenario se produjo para una inversión Credit Suisse Carmignac Emerging Markets Multi-Asset Fund KB USD entre 15/02/2021-27/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
6 381 USD
-36,2%
7 147 USD
-6,5% | # This type of scenario occurred for an investment Credit Suisse Carmignac Emerging Markets Multi-Asset Fund KB USD between 15/02/2021-27/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 6,381
-36.2%
USD 7,147
-6.5% | en | es |
DOLFIN8612 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Manager shall be entitled to give notice to such persons requiring him/her to transfer such Units to a person who is qualified or entitled to own them or submit a request for redemption. If any such person upon whom such a notice is served as aforesaid does not within 30 days after such notice transfer such Units or request the Manager to purchase such Units as aforesaid he shall be deemed forthwith upon the expiration of 30 days to have requested the Manager to purchase his Units and the Manager shall be entitled to appoint any delegate to sign on his/her behalf such documents as may be required for the purposes of the purchase of the said Units by the Manager.
All of the Units of any Fund or of the Unit Trust may be realised by the Manager if the holders of 75% in value of the relevant Class or Fund resolve at a meeting of the Unitholders duly convened and held that such Units should be redeemed.
The Manager may resolve at its discretion to retain sufficient monies prior to effecting a total redemption of Units to cover the costs associated with the subsequent termination of the Unit Trust or relevant Fund. | Die Verwaltungsgesellschaft ist berechtigt, diesen Personen eine entsprechende Mitteilung zuzustellen, mit der sie von ihnen verlangt, solche Anteile auf eine Person zu übertragen, die berechtigt ist, diese zu besitzen, oder einen Rücknahmeantrag zu stellen. Falls eine derartige Person, der eine oben beschriebene Aufforderung zugestellt wird, die betreffenden Anteile nicht binnen 30 Tagen nach Erhalt dieser Mitteilung überträgt oder die Verwaltungsgesellschaft um Ankauf ihrer Anteile, wie oben beschrieben, ersucht, wird unverzüglich nach Ablauf von 30 Tagen davon ausgegangen, dass sie die Verwaltungsgesellschaft um Ankauf der Anteile ersucht hat, und die Verwaltungsgesellschaft ist berechtigt, irgendeinen Vertreter damit zu beauftragen, diejenigen Dokumente in ihrem Namen zu unterschreiben, die für den Zweck des Ankaufs der besagten Anteile durch die Verwaltungsgesellschaft erforderlich sind.
Alle Anteile eines Fonds oder des Investmentfonds können von der Verwaltungsgesellschaft veräußert werden, wenn die Inhaber von 75 % des Werts der betreffenden Klasse oder des betreffenden Fonds auf einer ordnungsgemäß einberufenen und abgehaltenen Versammlung der Anteilsinhaber beschließen, dass diese Anteile veräußert werden sollen.
Die Verwaltungsgesellschaft kann nach ihrem Ermessen beschließen, vor der Durchführung der völligen Anteilsrücknahme ausreichende Gelder zurückzuhalten, um die mit der sich daraus ergebenden Schließung des Investmentfonds oder des betreffenden Fonds verbundenen Kosten decken zu können. | The Manager shall be entitled to give notice to such persons requiring him/her to transfer such Units to a person who is qualified or entitled to own them or submit a request for redemption. If any such person upon whom such a notice is served as aforesaid does not within 30 days after such notice transfer such Units or request the Manager to purchase such Units as aforesaid he shall be deemed forthwith upon the expiration of 30 days to have requested the Manager to purchase his Units and the Manager shall be entitled to appoint any delegate to sign on his/her behalf such documents as may be required for the purposes of the purchase of the said Units by the Manager.
All of the Units of any Fund or of the Unit Trust may be realised by the Manager if the holders of 75% in value of the relevant Class or Fund resolve at a meeting of the Unitholders duly convened and held that such Units should be redeemed.
The Manager may resolve at its discretion to retain sufficient monies prior to effecting a total redemption of Units to cover the costs associated with the subsequent termination of the Unit Trust or relevant Fund. | en | de |
DOLFIN8613 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
L’OPCVM pourra utiliser des titres intégrant des dérivés dans la limite de 10% de l’actif net. La stratégie d’utilisation des dérivés intégrés est la même que celle décrite pour les dérivés.
Il s’agit de warrants, de bons de souscriptions, de certificats ou d’obligations callable ou puttable.
Ces instruments seront sélectionnés sur la base des étapes d’identification des valeurs respectant les critères extra-financiers précédemment citée.
-
## Emprunts d’espèces : | La IIC podrá utilizar títulos con derivados implícitos dentro del límite del 10 % del patrimonio neto. La estrategia aplicable para los derivados implícitos es la misma que la descrita para los derivados.
Estos son warrants, bonos de suscripción, certificados u obligaciones exigibles o negociables.
Estos instrumentos se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
-
## Préstamos en efectivo: | L’OPCVM pourra utiliser des titres intégrant des dérivés dans la limite de 10% de l’actif net. La stratégie d’utilisation des dérivés intégrés est la même que celle décrite pour les dérivés.
Il s’agit de warrants, de bons de souscriptions, de certificats ou d’obligations callable ou puttable.
Ces instruments seront sélectionnés sur la base des étapes d’identification des valeurs respectant les critères extra-financiers précédemment citée.
-
## Emprunts d’espèces : | fr | es |
DOLFIN8614 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Processus de gestion
- Le Fonds fait l’objet d’une gestion active.
- En appliquant l’approche d’investissement « Promoting ESG Equity Investment Approach » d’abrdn, le Fonds vise une notation ESG égale ou supérieure à celle de l’indice de référence, ainsi qu’une intensité carbone significativement plus basse par rapport à l’indice de référence.
- L’implication auprès des équipes de gestion des entreprises est utilisée pour évaluer les structures d’actionnariat, la gouvernance et la qualité de la gestion de ces entreprises, pour une construction éclairée du portefeuille.
- L’indice de référence est également utilisé en tant que point de référence pour la construction de portefeuille et en tant que base de définition des contraintes de risque, mais il n’inclut aucun critère de durabilité.
- Pour atteindre son objectif, le Fonds prendra des positions avec des pondérations différentes de celles de l’indice ou peut investir dans des titres qui ne figurent pas dans l’indice. Lesinvestissements du fonds et leur pondération peuvent être très différents de ceux qui composentl’indice.
- En raison de la nature active du processus de gestion, le profil de performance du Fonds peuts’écarter sensiblement de celui de l’indice de référence. | # Proceso de gestión
- El fondo se gestiona activamente.
- A través de la aplicación del Promoting ESG Equity Investment Approach, el fondo tiene como objetivo una calificación ESG igual o mejor y una intensidad de carbono significativamente más baja que las del índice de referencia.
- La implicación con los equipos directivos externos de la empresa se utiliza para evaluar las estructuras de propiedad, gobierno y calidad de gestión de esas empresas con el fin de informar la confección de carteras.
- El índice de referencia también se usa como punto de referencia para la confección de carteras y como base para fijar las restricciones al riesgo, pero no incorpora ningún criterio sostenible.
- Con el fin de alcanzar su objetivo, el fondo adoptará posiciones cuyas ponderaciones divergen del índice de referencia y podrá invertir en valores que no están incluidos en el índice de referencia. Las inversiones del fondo podrán diferir significativamente de los componentes del índice de referencia y de sus respectivas ponderaciones.
- Debido a la naturaleza activa del proceso de gestión, el perfil de rentabilidad del fondo podríadesviarse significativamente a largo plazo del perfil del índice de referencia. | # Processus de gestion
- Le Fonds fait l’objet d’une gestion active.
- En appliquant l’approche d’investissement « Promoting ESG Equity Investment Approach » d’abrdn, le Fonds vise une notation ESG égale ou supérieure à celle de l’indice de référence, ainsi qu’une intensité carbone significativement plus basse par rapport à l’indice de référence.
- L’implication auprès des équipes de gestion des entreprises est utilisée pour évaluer les structures d’actionnariat, la gouvernance et la qualité de la gestion de ces entreprises, pour une construction éclairée du portefeuille.
- L’indice de référence est également utilisé en tant que point de référence pour la construction de portefeuille et en tant que base de définition des contraintes de risque, mais il n’inclut aucun critère de durabilité.
- Pour atteindre son objectif, le Fonds prendra des positions avec des pondérations différentes de celles de l’indice ou peut investir dans des titres qui ne figurent pas dans l’indice. Lesinvestissements du fonds et leur pondération peuvent être très différents de ceux qui composentl’indice.
- En raison de la nature active du processus de gestion, le profil de performance du Fonds peuts’écarter sensiblement de celui de l’indice de référence. | fr | es |
DOLFIN8615 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Le Fonds n’est pas géré par rapport à un indice de référence. Le Fonds peut investir jusqu’à :
- 100 % en instruments à revenu fixe
- Incluant jusqu’à 10 % en obligations convertibles contingentes (CoCos) et 10 % de ses actifs nets* dans des titres adossés à des actifs (ABS), des titres adossés à des créances hypothécaires (MBS), des obligations catastrophe (obligations CAT)
- 100 % en actions
- 50 % en instruments du marché monétaire
- 35 % en investissements alternatifs
- 20 % en obligations convertibles*indirectement, par le biais de fonds uniquementLe maximum de 50 % en instruments du marché monétaire ne sera atteint que dans des situations de marché exceptionnelles et pour une durée limitée.
Les investissements directs ou indirects dans des instruments à revenu fixe ou des émetteurs dont la notation est inférieure à BBB- (S&P ou Fitch) ou Baa3 (Moody’s) ou sans notation sont autorisés jusqu’à 40 % des actifs nets du Fonds.
Les instruments financiers dérivés, y compris, sans s’y limiter, les Credit Default Swaps (CDS), les options et les contrats à terme financiers standardisés peuvent être utilisés à des fins de gestion efficace du portefeuille et/ou de couverture. | # El Fondo no se gestiona en referencia a un índice de referencia. El Fondo podrá invertir su patrimonio neto hasta:
- el 100 % en instrumentos de renta fija
- Incluido hasta el 10 % en bonos convertibles contingentes (CoCo) y el 10 % de su patrimonio neto* en valores respaldados por activos (ABS), valores respaldados por hipotecas (MBS) y bonos de catástrofes (bonos CAT)
- el 100 % en renta variable
- el 50 % en instrumentos del mercado monetario
- el 35 % en inversiones alternativas
- el 20 % en bonos convertibles* indirectamente, solo a través de fondosEl máximo del 50 % en instrumentos del mercado monetario sólo se alcanzará en situaciones excepcionales del mercado y durante un período de tiempo limitado.
Las inversiones directas o indirectas en instrumentos de renta fija o emisores con una calificación inferior a BBB- (S&P o Fitch) o Baa3 (Moody's) o sin calificación están permitidas hasta el 40 % del patrimonio neto total del Fondo.
Se pueden usar derivados financieros como, entre otros, permutas de incumplimiento crediticio (CDS, por sus siglas en inglés), futuros financieros y opciones para una gestión eficaz de la cartera y/o para fines de cobertura. | # Le Fonds n’est pas géré par rapport à un indice de référence. Le Fonds peut investir jusqu’à :
- 100 % en instruments à revenu fixe
- Incluant jusqu’à 10 % en obligations convertibles contingentes (CoCos) et 10 % de ses actifs nets* dans des titres adossés à des actifs (ABS), des titres adossés à des créances hypothécaires (MBS), des obligations catastrophe (obligations CAT)
- 100 % en actions
- 50 % en instruments du marché monétaire
- 35 % en investissements alternatifs
- 20 % en obligations convertibles*indirectement, par le biais de fonds uniquementLe maximum de 50 % en instruments du marché monétaire ne sera atteint que dans des situations de marché exceptionnelles et pour une durée limitée.
Les investissements directs ou indirects dans des instruments à revenu fixe ou des émetteurs dont la notation est inférieure à BBB- (S&P ou Fitch) ou Baa3 (Moody’s) ou sans notation sont autorisés jusqu’à 40 % des actifs nets du Fonds.
Les instruments financiers dérivés, y compris, sans s’y limiter, les Credit Default Swaps (CDS), les options et les contrats à terme financiers standardisés peuvent être utilisés à des fins de gestion efficace du portefeuille et/ou de couverture. | fr | es |
DOLFIN8616 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### DISTRIBUTION POLICY
The Company declares distributions on each business day for the distributing share classes of the Sub-Funds of the Company, with the objective of distributing all or substantially all of its net investment income. Distributions are not paid on the accumulating share classes of the Sub- Funds of the Company; net investment income is added back to the net assets of these share classes on a daily basis.
Distributions are recognised in the Statement of Comprehensive Income as “finance costs”. | ##### AUSSCHÜTTUNGSPOLITIK
Für die ausschüttenden Anteilsklassen der Teilfonds der Gesellschaft beschließt die Gesellschaft Ausschüttungen an jedem Geschäftstag, um alle oder im Wesentlichen alle ihrer Nettoanlageerträge auszuschütten. Für die thesaurierenden Anteilsklassen der Teilfonds der Gesellschaft erfolgen keine Ausschüttungszahlungen, die Nettoanlageerträge werden dem Nettovermögen dieser Anteilsklassen auf täglicher Basis hinzugerechnet.
Ausschüttungen werden in der Gesamtergebnisrechnung als
„Finanzierungskosten“ erfasst. | ##### DISTRIBUTION POLICY
The Company declares distributions on each business day for the distributing share classes of the Sub-Funds of the Company, with the objective of distributing all or substantially all of its net investment income. Distributions are not paid on the accumulating share classes of the Sub- Funds of the Company; net investment income is added back to the net assets of these share classes on a daily basis.
Distributions are recognised in the Statement of Comprehensive Income as “finance costs”. | en | de |
DOLFIN8617 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Subject to the limit set out in the Investment Restrictions, the Fund may also:
- hold up to 20% of its Net Asset Value in bank deposits at sight, such as cash held in currencycurrent accounts in order to achieve its investment goals, for treasury purposes and in case of unfavourable market conditions;
- invest up to 10% of its Net Asset Value in companies and governments which are not in emerging market countries (as defined above);
- hold less thanup to 30% of its Net Asset Value in other transferable securities (including loan participations notes and assignments), and money market instruments, and shares;
- invest up to 10% of its Net Asset Value in units of other collective investment schemes (includingETFs); and/or
- invest up to 20% of its Net Asset Value in securitisations including but not limited to asset- backed securities and mortgage-backed securities; and/or
- invest up to 100% of its net assets in sustainable bonds including green bonds, social bonds andsustainability linked bonds.
Subject to the limits set out in the Investment Restrictions, the Fund will have the ability to use financial derivative instruments, including options, futures, portfolio swaps (including TRS), and forward currency contracts, for Efficient Portfolio Management purposes only. Financial derivative instruments will not be used either extensively or primarily in order to achieve the Fund's investment objectives or for investment purposes.” | # Fatto salvo il limite indicato nelle Restrizioni agli investimenti, il Fondo potrà inoltre:
- detenere fino al 20% del suo Valore patrimoniale netto in depositi bancari a vista, come liquidità detenuta in conti correnti, al fine di conseguire i propri obiettivi di investimento, ai fini di tesoreria e in caso di condizioni di mercato sfavorevoli;
- investire fino al 10% del suo Valore patrimoniale netto in imprese e governi non ubicati nei paesi dei mercati emergenti (come definiti sopra);
- detenerefino al 30% del suo Valore patrimoniale netto in altri valori mobiliari (tra cui cessioni e note di partecipazione a prestiti) e strumenti del mercato monetario;
- investire fino al 10% del suo Valore patrimoniale netto in quote di altri organismi di investimento collettivo (tra cui ETF);
- investire fino al 20% del suo Valore patrimoniale netto in cartolarizzazioni tra cui, a titolo esemplificativo titoli garantiti da attività e da ipoteca; e/o
- investire fino al 100% delle sue attività nette in obbligazioni sostenibili tra cui obbligazioni verdi, obbligazioni sociali e obbligazioni legate alla sostenibilità.
Fatti salvi i limiti indicati nelle Restrizioni agli Investimenti, il Fondo avrà la facoltà di ricorrere a strumenti finanziari derivati, tra cui opzioni, future, swap di portafoglio (tra cui TRS) e contratti di cambio a termine, esclusivamente ai fini di una Gestione efficiente del portafoglio. Non si ricorrerà a strumenti derivati finanziari in modo estensivo o principalmente per conseguire gli obiettivi di investimento del Comparto né a fini di investimento.” | # Subject to the limit set out in the Investment Restrictions, the Fund may also:
- hold up to 20% of its Net Asset Value in bank deposits at sight, such as cash held in currencycurrent accounts in order to achieve its investment goals, for treasury purposes and in case of unfavourable market conditions;
- invest up to 10% of its Net Asset Value in companies and governments which are not in emerging market countries (as defined above);
- hold less thanup to 30% of its Net Asset Value in other transferable securities (including loan participations notes and assignments), and money market instruments, and shares;
- invest up to 10% of its Net Asset Value in units of other collective investment schemes (includingETFs); and/or
- invest up to 20% of its Net Asset Value in securitisations including but not limited to asset- backed securities and mortgage-backed securities; and/or
- invest up to 100% of its net assets in sustainable bonds including green bonds, social bonds andsustainability linked bonds.
Subject to the limits set out in the Investment Restrictions, the Fund will have the ability to use financial derivative instruments, including options, futures, portfolio swaps (including TRS), and forward currency contracts, for Efficient Portfolio Management purposes only. Financial derivative instruments will not be used either extensively or primarily in order to achieve the Fund's investment objectives or for investment purposes.” | en | it |
DOLFIN8618 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The sub-fund previously named "Comgest Growth EAFE Plus" has been re-named as "Comgest Growth EAFE". The Prospectus and the relevant Fund Details have been updated accordingly. The name change will not lead to any change in the investment objectives or policies of the sub-fund nor the portfolio of assets held by the sub-fund.
-
##### Creation of new share classes | Der Teilfonds mit der ehemaligen Bezeichnung „Comgest Growth EAFE Plus“ wurde in „Comgest Growth EAFE“ umbenannt. Der Prospekt und die entsprechenden Fondsangaben wurden dahingehend aktualisiert. Die Namensänderung wird keine Änderung der Anlageziele oder der Anlagepolitik des Teilfonds sowie keine Änderung des Anlageportfolios des Teilfonds nach sich ziehen.
-
##### Auflegung neuer Anteilsklassen | The sub-fund previously named "Comgest Growth EAFE Plus" has been re-named as "Comgest Growth EAFE". The Prospectus and the relevant Fund Details have been updated accordingly. The name change will not lead to any change in the investment objectives or policies of the sub-fund nor the portfolio of assets held by the sub-fund.
-
##### Creation of new share classes | en | de |
DOLFIN8619 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Standard & Poor’s Ratings Services Corporate and Municipal Bond Ratings
Investment Grade
AAA: Debt rated AAA has the highest rating assigned by S&P. Capacity to pay interest and repay principal is extremely strong.
AA: Debt rated AA has a very strong capacity to pay interest and repay principal and differs from the highest rated issues only in small degree.
A: Debt rated A has a strong capacity to pay interest and repay principal although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.
BBB: Debt rated BBB is regarded as having an adequate capacity to pay interest and repay principal. Whereas it normally exhibits adequate protection parameters, adverse economic conditions, or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for debt in this category than in higher-rated categories. | ### Standard & Poor’s Rating-Service
Bewertung von Unternehmens- und Kommunalanleihen Investment Grade
AAA: Anleihen mit der Bewertung AAA weisen das beste von S&P vergebene Rating auf. Die Fähigkeit, Zins- und Tilgungszahlungen zu leisten, ist äußerst gut.
AA: Anleihen mit der Bewertung AA verfügen über eine sehr hohe Zins- und Kapitaldienstfähigkeit, und sie unterscheiden sich nur geringfügig von den bestbewerteten Emissionen.
A: Anleihen mit der Bewertung A verfügen über eine gute Fähigkeit, Zins- und Tilgungszahlungen zu leisten, sie sind jedoch gegenüber den Auswirkungen nachteiliger Änderungen von Umständen und wirtschaftlichen Bedingungen etwas anfälliger als Anleihen in höher bewerteten Kategorien.
BBB: Bei Anleihen mit der Bewertung BBB kann von einer angemessenen Zins- und Kapitaldienstfähigkeit ausgegangen werden. Während Anleihen in dieser Kategorie gewöhnlich angemessene Schutzparameter aufweisen, führen ungünstige Wirtschaftsbedingungen oder veränderte Umstände mit höherer Wahrscheinlichkeit zu einer geschwächten Fähigkeit, Zins- und Tilgungszahlungen zu leisten, als dies bei Anleihen höherer Kategorien der Fall ist. | ### Standard & Poor’s Ratings Services Corporate and Municipal Bond Ratings
Investment Grade
AAA: Debt rated AAA has the highest rating assigned by S&P. Capacity to pay interest and repay principal is extremely strong.
AA: Debt rated AA has a very strong capacity to pay interest and repay principal and differs from the highest rated issues only in small degree.
A: Debt rated A has a strong capacity to pay interest and repay principal although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.
BBB: Debt rated BBB is regarded as having an adequate capacity to pay interest and repay principal. Whereas it normally exhibits adequate protection parameters, adverse economic conditions, or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for debt in this category than in higher-rated categories. | en | de |
DOLFIN8620 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Annual/semi-annual reports, auditor, service providers
The annual and semi-annual reports are available from the Company, the Custodian and the Distribu- tor.
The task of auditing the Fund and the annual reports has been entrusted to KPMG AG Wirtschaftsprüfungsgesellschaft, Frankfurt/Main. The auditor audits the annual reports of the Fund. When conducting its audits, the auditor shall also verify whether the Fund has complied with the provisions under the KAGB and the Terms and Conditions of Investment. The auditor shall summarise its findings in a special note, the full text of which shall be included in the annual report. The auditor shall submit its audit report for the Fund to BaFin upon request.
Entities to which the Company has outsourced duties are listed under Section 22 "Outsourcing". The Company has also appointed the following service providers:
- Other service providers: For additional reporting services (“performance analysis+”) provided in relation to the Fund, Universal-IT Services-Gesellschaft mbH, Theodor-Heuss-Allee 70, 60486 Frankfurt / Main.
Appointing the relevant service provider does not establish legal relationships between the investors in the Fund and the relevant service provider.
- | # Jahres-/Halbjahresberichte; Abschlussprüfer; Dienstleister
Die Jahresberichte und Halbjahresberichte sind bei der Gesellschaft sowie bei der Verwahrstelle und der Vertriebsgesellschaft erhältlich.
Mit der Prüfung des Fonds und des Jahresberichtes ist die KPMG AG Wirtschaftsprüfungsgesellschaft in Frankfurt am Main beauftragt. Der Wirtschaftsprüfer prüft den Jahresbericht des Fonds. Bei der Prüfung hat der Wirtschaftsprüfer auch festzustellen, ob bei der Verwaltung des Fonds die Vorschrif- ten des KAGB sowie die Bestimmungen der Anlagebedingungen beachtet worden sind. Das Ergebnis der Prüfung hat der Wirtschaftsprüfer in einem besonderen Vermerk zusammenzufassen; der Ver- merk ist in vollem Wortlaut im Jahresbericht wiederzugeben. Der Wirtschaftsprüfer hat den Bericht über die Prüfung des Fonds der BaFin auf Verlangen einzureichen.
Unternehmen, die von der Gesellschaft ausgelagerte Funktionen übernehmen, sind in dem Ab- schnitt 22 „Auslagerung“ dargestellt. Darüber hinaus hat die Gesellschaft folgende Dienstleister be- auftragt:
- Für zusätzliche Reportingleistungen „PerformanceAnalyse+“, welche in Bezug auf den Fonds er- bracht wird, Universal-IT Services-Gesellschaft mbH, Theodor-Heuss-Allee 70, 60486 Frankfurt am Main.
Durch die Beauftragung der jeweiligen Dienstleister werden rechtliche Beziehungen zwischen den Anlegern des Fonds und dem jeweiligen Dienstleister nicht begründet.
- | # Annual/semi-annual reports, auditor, service providers
The annual and semi-annual reports are available from the Company, the Custodian and the Distribu- tor.
The task of auditing the Fund and the annual reports has been entrusted to KPMG AG Wirtschaftsprüfungsgesellschaft, Frankfurt/Main. The auditor audits the annual reports of the Fund. When conducting its audits, the auditor shall also verify whether the Fund has complied with the provisions under the KAGB and the Terms and Conditions of Investment. The auditor shall summarise its findings in a special note, the full text of which shall be included in the annual report. The auditor shall submit its audit report for the Fund to BaFin upon request.
Entities to which the Company has outsourced duties are listed under Section 22 "Outsourcing". The Company has also appointed the following service providers:
- Other service providers: For additional reporting services (“performance analysis+”) provided in relation to the Fund, Universal-IT Services-Gesellschaft mbH, Theodor-Heuss-Allee 70, 60486 Frankfurt / Main.
Appointing the relevant service provider does not establish legal relationships between the investors in the Fund and the relevant service provider.
- | en | de |
DOLFIN8621 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## The conversion of part or all of the shares is free of charge.
You should be prepared to stay invested for 3 years. However, you can redeem your investment without penalty at any time during this time, or hold the investment longer. Redemptions are possible on each full bank business day in Luxembourg. In exceptional circumstances, your right to request the redemption of your investment may be limited or suspended.
How can I complain?
If you have any complaints about the product, the conduct of the manufacturer or the person that advised on or sold this product, you can use different com- munication channels: by e-mail to [email protected], by letter to 51, avenue John F. Kennedy, L-1855 Luxembourg, by phone calling the number +352 28 56 14 1.
In all cases, the complainant must clearly indicate his/her contact details (name, address, phone number or email address) and provide a brief explanation of the claim. More information is available on our website www.ram-ai.com.
Other relevant information | ## Der Umtausch eines Teils oder aller Aktien ist kostenlos.
Sie sollten darauf eingestellt sein 3 Jahre investiert zu bleiben. In dieser Zeit können Sie Ihre Anlage jedoch jederzeit ohne Abzüge einlösen oder die Anlage länger halten. Rücknahmen sind an jedem vollen Bankarbeitstag in Luxemburg möglich. In Ausnahmefällen kann Ihr Recht, die Rücknahme Ihrer Anlage zu verlangen, eingeschränkt oder aufgehoben werden.
Wie kann ich mich beschweren?
Für Beschwerden über das Produkt, das Verhalten des Herstellers oder der Person, die Sie zu dem Produkt beraten oder das Produkt verkauft hat, können Sie verschiedene Kommunikationskanäle nutzen: per E-Mail an [email protected], per Schreiben an 51, avenue John F. Kennedy, L-1855 Luxembourg, per Anruf unter folgender Nummer +352 28 56 14 1.
Der Beschwerdeführer muss in sämtlichen Fällen seine Kontaktdaten (Name, Anschrift, Telefonnummer oder E-Mail-Adresse) eindeutig angeben und die Beschw- erde kurz erläutern. Weitere Informationen finden Sie auf unserer Website www.ram-ai.com.
Sonstige zweckdienliche Angaben | ## The conversion of part or all of the shares is free of charge.
You should be prepared to stay invested for 3 years. However, you can redeem your investment without penalty at any time during this time, or hold the investment longer. Redemptions are possible on each full bank business day in Luxembourg. In exceptional circumstances, your right to request the redemption of your investment may be limited or suspended.
How can I complain?
If you have any complaints about the product, the conduct of the manufacturer or the person that advised on or sold this product, you can use different com- munication channels: by e-mail to [email protected], by letter to 51, avenue John F. Kennedy, L-1855 Luxembourg, by phone calling the number +352 28 56 14 1.
In all cases, the complainant must clearly indicate his/her contact details (name, address, phone number or email address) and provide a brief explanation of the claim. More information is available on our website www.ram-ai.com.
Other relevant information | en | de |
DOLFIN8622 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
### Type
### Le produit est un compartiment UCITS - Teil 1 d'une SICAV de droit luxembourgeois.
### Durée
Ce produit est un fonds de type ouvert sans échéance prédéfinie. Pour plus d'informations sur les possibilités de remboursement, veuillez vous reporter à la section « Combien de temps dois-je le conserver et puis-je retirer mon argent plus tôt ? ». Le produit peut être remboursé par anticipation dans certaines circonstances, tel que stipulé dans le prospectus de vente. La classe d'actions LC du fonds DWS Invest Euro-Gov Bonds a été lancée en 2002.
### Objectifs
Le fonds est géré de façon active. Le fonds est géré par rapport à un indice de référence. Le fonds promeut des caractéristiques environnementales et sociales et est soumis aux exigences de publication d'un produit financier conformément à l'article 8(1) du Règlement (UE) 2019/2088 sur la publication d’informations en matière de durabilité dans le secteur des services financiers. De plus amples informations ESG sont disponibles dans le prospectus de vente et sur le site Internet de DWS. L'objectif de la politique de placement est de réaliser une plus-value récurrente face à l'indice de référence (iBoxx Sovereign Eurozone Overall). Pour ce faire, le fonds investit dans des obligations d'État et d'organismes gouvernementaux, libellées en euro ou couvertes contre l'euro. Les organismes gouvernementaux comprennent des banques centrales, des administrations d'État, des administrations régionales et des organisations supranationales. Lors de la sélection des investissements, les aspects environnementaux et sociaux, ainsi que les principes de bonne gouvernance (critères ESG) sont pris en considération tout autant que la performance financière. La sélection des différents placements incombe à l'équipe de gestion du fonds. Le rendement du produit découle de la valeur liquidative calculée quotidiennement et du montant de la distribution éventuelle. La majorité des titres du fonds ou leurs émetteurs sont considérés comme des composants de l'indice de référence. L'équipe de gestion du fonds investira de façon discrétionnaire par ex. dans des actions, des secteurs ou des notations qui ne sont pas inclus dans l'indice de référence en vue de tirer profit d'opportunités d'investissement spécifiques. Le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l'indice de référence. Le positionnement du compartiment peut différer de manière significative par rapport à son indice de référence (par exemple, en raison d'un positionnement hors de l'indice de référence ou du fait de sous-pondérations et surpondérations importantes) et la marge de manœuvre réelle est généralement relativement élevée. Un écart reflète généralement l'évaluation par le gérant du portefeuille d'un environnement de marché spécifique, ce qui peut conduire à un positionnement défensif et plus proche de l'indice de référence, ou plus actif et plus éloigné de l'indice de référence. Outre le fait que le fonds vise à surpasser les performances de l'indice de référence, la surperformance potentielle peut être limitée par le contexte du marché actuel (par ex. une volatilité moindre du marché) ou son positionnement réel par rapport à l'indice de référence. La devise du compartiment est EUR. Les revenus et plus-values ne sont pas distribués, ils sont réinvestis dans le fonds. Ce fond est un compartiment de DWS Invest pour lequel le prospectus de vente et les rapports réguliers sont établis globalement. Les actifs et les engagements de chaque compartiment sont séparés en vertu de la loi. En conséquence, les actifs d'un compartiment ne sont pas disponibles en cas de réclamations ou d'insolvabilité d'un autre compartiment. D'autres classes d'actions peuvent être disponibles pour ce fonds. Veuillez consulter la rubrique correspondante du prospectus de vente pour plus de détails. Il est possible d'échanger dans de nombreux cas les actions par des actions d'une autre classe d'actions du même compartiment ou d'un autre compartiment de la SICAV DWS Invest. Vous trouverez des détails à ce sujet dans la rubrique « Échange des actions » du prospectus de vente. La banque dépositaire est State Street Bank International GmbH, Zweign. Luxemburg. Des informations plus détaillées sur ce fonds, telles que le prospectus ainsi que le dernier rapport annuel et semestriel, sont disponibles gratuitement en ligne à l'adresse www.dws.com/fundinformation/. Ces documents sont disponibles en anglais ou en allemand. Les documents ainsi que d’autres informations (y compris les derniers cours des actions) sont disponibles gratuitement.
### Investisseurs de détail visés
Le compartiment s'adresse aux investisseurs privés à moyen terme possédant une expérience / des connaissances de base et capables de supporter des moins-values. Il est possible d'utiliser le compartiment à des fins d'accumulation de capital. | # ¿Qué es este producto?
### Tipo
### El producto es un subfondo UCITS - Teil 1 de una SICAV con arreglo a la legislación luxemburguesa.
### Plazo
Este producto es un fondo abierto sin vencimiento prefijado. Para conocer más información acerca de las opciones de reembolso, consulte la sección “¿Cuánto tiempo debo mantener la inversión, y puedo retirar el dinero de manera anticipada?”. Este producto puede reembolsarse anticipadamente en determinadas circunstancias que se indican en el folleto de venta. La clase de acciones LC de DWS Invest Euro-Gov Bonds se constituyó en 2002.
### Objetivos
El fondo se gestiona activamente. El fondo se gestiona utilizando una referencia. El fondo promueve características medioambientales y sociales y está sujeto a los requisitos de divulgación de un producto financiero conforme con el artículo 8, párrafo 1, del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. Puede consultar más información sobre ESG en el folleto de venta y la página web de DWS. El objetivo de la política de inversión consiste en obtener una revalorización duradera en comparación con la escala de referencia (iBoxx Sovereign Eurozone Overall). Para lograr este objetivo, el fondo invierte en deuda de gobiernos y organismos gubernamentales denominada en euros o cubierta frente a esta moneda. Entre los organismos gubernamentales se incluyen bancos centrales, autoridades estatales y regionales e instituciones supranacionales. En la selección de los activos financieros se tienen en cuenta aspectos medioambientales, sociales y de gobierno corporativo (aspectos ESG, por sus siglas en inglés), además del rendimiento financiero. La selección de las inversiones concretas queda a discreción de la gestión del fondo. La rentabilidad del producto queda reflejada en el valor liquidativo por participación, calculado diariamente, y el importe de los posibles dividendos. Se espera que la mayoría de los valores del fondo o de sus emisores formen parte de la referencia. La gestión del fondo invertirá de forma discrecional, por ejemplo, en valores, sectores y calificaciones no incluidos en la referencia con objeto de aprovechar oportunidades de inversión específicas. Se prevé que la cartera no presente necesariamente una ponderación similar a la referencia. El posicionamiento del subfondo puede diferir considerablemente de la referencia (por ejemplo, manteniendo posiciones no incluidas en la referencia o con una importante infraponderación o sobreponderación) y el margen de maniobra real normalmente es bastante elevado. Las diferencias reflejan por lo general la valoración que hace el gestor del fondo de la situación concreta del mercado, que puede llevar a un posicionamiento más defensivo y limitado o más activo y amplio que la referencia. A pesar de que el fondo tiene como objetivo superar el rendimiento de la referencia, la potencial diferencia positiva podría estar limitada en función del entorno del mercado existente (p. ej. un entorno del mercado menos volátil) y del posicionamiento real versus referencia. La moneda del subfondo es EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Este fondo es un subfondo de DWS Invest, para el cual se redactan de forma global los informes periódicos y el folleto de venta. La ley establece la segregación de los activos y pasivos de cada subfondo. En consecuencia, los activos de un subfondo no se ven afectados por las reclamaciones contra otro subfondo o la insolvencia de este. para más información, consulte la sección correspondiente del suplemento. En muchos casos, es posible efectuar un canje por acciones de otras clases de acciones del mismo subfondo o de otro subfondo de DWS Invest SICAV. El apartado “Canje de acciones” del folleto de venta contiene más información al respecto. La entidad depositaria es State Street Bank International GmbH, Zweign. Luxemburg. Puede obtener de forma gratuita información más detallada sobre este fondo, como el folleto y los últimos informes anual y semestral, en la página web www.dws.com/fundinformation/. Estos documentos están disponibles en inglés o alemán. Tanto los documentos como el resto de información (incluidos los últimos precios de las acciones) pueden consultarse sin coste.
### Inversor minorista al que va dirigido
Este subfondo se dirige a inversores minoristas con un horizonte a medio plazo y experiencia o conocimientos básicos que puedan soportar pérdidas. El subfondo puede emplearse para la acumulación general de capital. | # En quoi consiste ce produit?
### Type
### Le produit est un compartiment UCITS - Teil 1 d'une SICAV de droit luxembourgeois.
### Durée
Ce produit est un fonds de type ouvert sans échéance prédéfinie. Pour plus d'informations sur les possibilités de remboursement, veuillez vous reporter à la section « Combien de temps dois-je le conserver et puis-je retirer mon argent plus tôt ? ». Le produit peut être remboursé par anticipation dans certaines circonstances, tel que stipulé dans le prospectus de vente. La classe d'actions LC du fonds DWS Invest Euro-Gov Bonds a été lancée en 2002.
### Objectifs
Le fonds est géré de façon active. Le fonds est géré par rapport à un indice de référence. Le fonds promeut des caractéristiques environnementales et sociales et est soumis aux exigences de publication d'un produit financier conformément à l'article 8(1) du Règlement (UE) 2019/2088 sur la publication d’informations en matière de durabilité dans le secteur des services financiers. De plus amples informations ESG sont disponibles dans le prospectus de vente et sur le site Internet de DWS. L'objectif de la politique de placement est de réaliser une plus-value récurrente face à l'indice de référence (iBoxx Sovereign Eurozone Overall). Pour ce faire, le fonds investit dans des obligations d'État et d'organismes gouvernementaux, libellées en euro ou couvertes contre l'euro. Les organismes gouvernementaux comprennent des banques centrales, des administrations d'État, des administrations régionales et des organisations supranationales. Lors de la sélection des investissements, les aspects environnementaux et sociaux, ainsi que les principes de bonne gouvernance (critères ESG) sont pris en considération tout autant que la performance financière. La sélection des différents placements incombe à l'équipe de gestion du fonds. Le rendement du produit découle de la valeur liquidative calculée quotidiennement et du montant de la distribution éventuelle. La majorité des titres du fonds ou leurs émetteurs sont considérés comme des composants de l'indice de référence. L'équipe de gestion du fonds investira de façon discrétionnaire par ex. dans des actions, des secteurs ou des notations qui ne sont pas inclus dans l'indice de référence en vue de tirer profit d'opportunités d'investissement spécifiques. Le portefeuille ne doit pas nécessairement avoir une pondération similaire à celle de l'indice de référence. Le positionnement du compartiment peut différer de manière significative par rapport à son indice de référence (par exemple, en raison d'un positionnement hors de l'indice de référence ou du fait de sous-pondérations et surpondérations importantes) et la marge de manœuvre réelle est généralement relativement élevée. Un écart reflète généralement l'évaluation par le gérant du portefeuille d'un environnement de marché spécifique, ce qui peut conduire à un positionnement défensif et plus proche de l'indice de référence, ou plus actif et plus éloigné de l'indice de référence. Outre le fait que le fonds vise à surpasser les performances de l'indice de référence, la surperformance potentielle peut être limitée par le contexte du marché actuel (par ex. une volatilité moindre du marché) ou son positionnement réel par rapport à l'indice de référence. La devise du compartiment est EUR. Les revenus et plus-values ne sont pas distribués, ils sont réinvestis dans le fonds. Ce fond est un compartiment de DWS Invest pour lequel le prospectus de vente et les rapports réguliers sont établis globalement. Les actifs et les engagements de chaque compartiment sont séparés en vertu de la loi. En conséquence, les actifs d'un compartiment ne sont pas disponibles en cas de réclamations ou d'insolvabilité d'un autre compartiment. D'autres classes d'actions peuvent être disponibles pour ce fonds. Veuillez consulter la rubrique correspondante du prospectus de vente pour plus de détails. Il est possible d'échanger dans de nombreux cas les actions par des actions d'une autre classe d'actions du même compartiment ou d'un autre compartiment de la SICAV DWS Invest. Vous trouverez des détails à ce sujet dans la rubrique « Échange des actions » du prospectus de vente. La banque dépositaire est State Street Bank International GmbH, Zweign. Luxemburg. Des informations plus détaillées sur ce fonds, telles que le prospectus ainsi que le dernier rapport annuel et semestriel, sont disponibles gratuitement en ligne à l'adresse www.dws.com/fundinformation/. Ces documents sont disponibles en anglais ou en allemand. Les documents ainsi que d’autres informations (y compris les derniers cours des actions) sont disponibles gratuitement.
### Investisseurs de détail visés
Le compartiment s'adresse aux investisseurs privés à moyen terme possédant une expérience / des connaissances de base et capables de supporter des moins-values. Il est possible d'utiliser le compartiment à des fins d'accumulation de capital. | fr | es |
DOLFIN8623 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The stated exit and entry fees are maximum amounts. In certain cases, the fees paid may be lower - further information may be obtained from your financial advisor.
The ongoing charges are based on the figures for the previous financial year ended 31 May 2021. This percentage may vary from year to year. It excludes:
performance fees,
brokerage fees, except for the entry and exit charges paid by the UCITS when buying or selling units in another UCI.
The calculation of the performance fee applies on each calculation date of the net asset value, in accordance with the procedures set out in the prospectus.
Underperformance over the preceding five years must be offset before a provision can be recorded again.
The performance fee is payable even if the unit’s performance over the observation period is negative, provided that the unit outperforms the Reference Assets.
Past performance
For further information regarding costs, please refer to the "Costs and Fees" section of the Fund's Prospectus available upon request to the Management Company.
0.8 % .
0.6
0.4
0.2
-0
-0.2
-0.4
-0.6
-0.8 | Les frais d’entrée et de sortie affichés sont des frais maximum. Dans certains cas, les frais payés peuvent être inférieurs - vous pouvez obtenir plus d’information auprès de votre conseiller financier.
Les frais courants sont fondés sur les chiffres de l’exercice précédent, clos le 31 mai 2021. Ce pourcentage peut varier d’une année sur l’autre. Il exclut :
les commissions de surperformance,
les frais d’intermédiation, à l’exception des frais d’entrée et de sortie payés par l’OPCVM lorsqu’il achète ou vend des parts d’un autre OPC.
Le calcul de la commission de surperformance s’applique à chaque date d’établissement de la valeur liquidative selon les modalités décrites dans le prospectus.
Les sous-performances passées sur les 5 dernières années doivent ainsi être compensées avant qu’une provision puisse à nouveau être enregistrée.
La commission de surperformance est perçue même si la performance de la part sur la période d’observation est négative, tout en restant supérieure à la performance de l’actif de référence.
Performances passées
Pour plus d'information sur les frais, veuillez vous référer à la rubrique « frais et commissions » du prospectus de cet OPCVM, disponible sur simple demande auprès de la société de gestion.
0.8 % .
0.6
0.4
0.2
-0
-0.2
-0.4
-0.6
-0.8 | The stated exit and entry fees are maximum amounts. In certain cases, the fees paid may be lower - further information may be obtained from your financial advisor.
The ongoing charges are based on the figures for the previous financial year ended 31 May 2021. This percentage may vary from year to year. It excludes:
performance fees,
brokerage fees, except for the entry and exit charges paid by the UCITS when buying or selling units in another UCI.
The calculation of the performance fee applies on each calculation date of the net asset value, in accordance with the procedures set out in the prospectus.
Underperformance over the preceding five years must be offset before a provision can be recorded again.
The performance fee is payable even if the unit’s performance over the observation period is negative, provided that the unit outperforms the Reference Assets.
Past performance
For further information regarding costs, please refer to the "Costs and Fees" section of the Fund's Prospectus available upon request to the Management Company.
0.8 % .
0.6
0.4
0.2
-0
-0.2
-0.4
-0.6
-0.8 | en | fr |
DOLFIN8624 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| The fund’s objective is to provide a return on the investment, primarily consisting of interest income and long-term capital appreciation.¹ |
| --- |
| Portfolio comment as of 30/09/2021 |
| While Danish government bond yields rose by around 20bp in the long maturities, yields in the short maturities were down a tad. The decline at the short end was driven by speculations about a rate cut by the Danish central bank due to a continued strong Danish krone. The bank sanctioned a 10bp rate cut on 30 September. However, as the announcement was made after the market had closed, the September returns were not affected. Callable mortgage bonds sharply underperformed government bonds, losing 152bp in September. Rising long yields and yield spread (OASs) widening resulted in sharp price declines and higher duration in the callable market. Issuance activity in the callable market is at a somewhat lower level than at the beginning of the year, but the market still has difficulties in absorbing it. At the same time, there were sell-offs by domestic as well as international investors. Rising yields and OAS widening should, however, make it more attractive for investors and less attractive for borrowers, which will create a new equilibrium. The yield spread between ARM-backed bonds and government bonds widened 5bp in the 3-year segment and by 1-3bp in the shorter and longer maturities. ARM-backeds are thus still pretty unaffected by the strong underperformance in the callable market. In this context, the fund delivered a monthly return equal to -1.90%, bringing YTD performance to -5.09% (BP-DKK). | | | Ziel des Fonds ist es, eine Anlagerendite zu erzielen, die sich primär aus Zinserträgen und langfristigem Kapitalzuwachs zusammensetzt.¹ |
| --- |
| Portfoliokommentar per 30/09/2021 |
| Während die Renditen der dänischen Staatsanleihen in den langen Laufzeiten um rund 20 Basispunkte stiegen, gingen die Renditen der kurzen Laufzeiten ein wenig zurück. Der Rückgang am kurzen Ende wurde durch Spekulationen über eine Zinssenkung der dänischen Zentralbank aufgrund einer anhaltend starken dänischen Krone angetrieben. Am 30. September senkte die Bank schließlich die Leitzinsen um 10 Basispunkte. Da die Ankündigung jedoch nach Marktschluss erfolgte, waren die Renditen im September nicht betroffen. Kündbare dänische Hypothekenanleihen schnitten deutlich schlechter ab als dänische Staatsanleihen und verloren im September 152 Basispunkte. Steigende Zinsen und die Ausweitung der Renditespreads (OASs) führten zu drastischen Kursverlusten und einer höheren Duration am Markt. Die Emissionstätigkeit am kündbaren Markt ist etwas niedriger als zu Beginn des Jahres, aber der Markt hat immer noch Schwierigkeiten, sie zu absorbieren. Gleichzeitig kam es zu Abverkäufen sowohl von nationalen als auch von internationalen Investoren. Steigende Renditen und eine Ausweitung der OAS sollten sie jedoch für Anleger attraktiver und für Kreditnehmer weniger attraktiv machen, was ein neues Gleichgewicht schaffen wird. Die Renditedifferenz zwischen ARM-gedeckten Pfandbriefen und dänischen Staatsanleihen erhöhte sich im 3-jährigen Segment um 5 Basispunkte und in den kürzeren und längeren Laufzeiten um 1 bis 3 Basispunkte. ARM-Anleihen sind daher von der starken Unterperformance im kündbaren Markt immer noch ziemlich unbeeinflusst. In diesem Umfeld hat der Fonds eine Wertentwicklung von -1,90% erzielt und die kumulierte jährliche Wertentwicklung liegt nun bei -5,09% (BP-DKK). | | | The fund’s objective is to provide a return on the investment, primarily consisting of interest income and long-term capital appreciation.¹ |
| --- |
| Portfolio comment as of 30/09/2021 |
| While Danish government bond yields rose by around 20bp in the long maturities, yields in the short maturities were down a tad. The decline at the short end was driven by speculations about a rate cut by the Danish central bank due to a continued strong Danish krone. The bank sanctioned a 10bp rate cut on 30 September. However, as the announcement was made after the market had closed, the September returns were not affected. Callable mortgage bonds sharply underperformed government bonds, losing 152bp in September. Rising long yields and yield spread (OASs) widening resulted in sharp price declines and higher duration in the callable market. Issuance activity in the callable market is at a somewhat lower level than at the beginning of the year, but the market still has difficulties in absorbing it. At the same time, there were sell-offs by domestic as well as international investors. Rising yields and OAS widening should, however, make it more attractive for investors and less attractive for borrowers, which will create a new equilibrium. The yield spread between ARM-backed bonds and government bonds widened 5bp in the 3-year segment and by 1-3bp in the shorter and longer maturities. ARM-backeds are thus still pretty unaffected by the strong underperformance in the callable market. In this context, the fund delivered a monthly return equal to -1.90%, bringing YTD performance to -5.09% (BP-DKK). | | en | de |
DOLFIN8625 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Frais pour cette Catégorie d’actions
Performances passées
Les frais acquittés par les investisseurs servent à couvrir les coûts d'exploitation du Compartiment, y compris les coûts de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de l'investissement.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 5.0% |
| Frais de sortie | 3.0% |
| Switch Charge | 3.0 % |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur le capital de l'investisseur avant que celui-ci ne soit investi ou avant que le revenu de l'investissement ne soit distribué. |
| Frais prélevés sur cette Catégorie d’actions par an |
| Frais courants | 0.95 % |
| Frais prélevés par la Catégorie d'actions dans certaines circonstances |
| Commission de performance | Non applicable |
Les frais d'entrée et de sortie indiqués sont des chiffres maximums. Dans certains cas, l'investisseur paie moins. Consultez votre conseiller personnel ou votre distributeur pour en savoir plus sur les frais effectivement appliqués.
Le montant des frais courants est établi sur la base des coûts pour la période de douze mois close le 31 décembre 2021. Ce chiffre peut varier d'un exercice à l'autre. Il ne prend pas en compte les frais de transaction du portefeuille, sauf en cas de frais d'entrée/de sortie payés par la Catégorie d'actions lors de l'achat ou de la vente de parts d'autres organismes de placement collectif.
## Pour plus d'informations sur les frais, veuillez vous référer à la section Frais et coûts du Prospectus et du Supplément du Compartiment, disponibles à l'adresse www.brandes.com/UCITS.
40%
30%
20%
10%
0%
-10%
-20%
-30%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
## Les performances passées ne garantissent pas les résultats futurs. La valeur de votre investissement peut fluctuer.
## Le tableau de performance indique les rendements de la Catégorie d’actions exprimés en pourcentage de variation de la VNI pour chaque exercice, dans la monnaie de la Catégorie d’actions.
## Les frais courants sont pris en compte dans le calcul de la performance. Les frais d'entrée et de sortie ne sont pas pris en compte.
## Date de lancement du Compartiment : 10/5/2012 Monnaie de base du Compartiment : USD
Classe d’actions 0.0% 7.9% -10.1% -19.8% 25.0% 26.3% -15.6% 18.3% -5.0% 1.5%
Indice 0.0% -2.3% -1.8% -14.6% 11.2% 37.3% -14.6% 18.4% 18.3% -2.5%
## Date de lancement de la Catégorie d’actions : 10/5/2012
## Monnaie de la Catégorie d’actions : USD | # Gastos aplicables a esta clase de acciones
Rentabilidad histórica
Los gastos que soportan los inversores se destinan a sufragar los costes de funcionamiento del subfondo, incluidos los de comercialización y distribución. Estos gastos reducen el potencial de crecimiento de una inversión.
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5.0% |
| Gastos de salida | 3.0% |
| Switch Charge | 3.0 % |
| Este es el máximo que puede detraerse del capital del inversor antes de proceder a su inversión o antes de abonar el producto de la inversión. |
| Gastos detraídos de la clase de acciones a lo largo de un año |
| Gastos corrientes | 0.95 % |
| Gastos detraídos de la clase de acciones en determinadas condiciones específicas |
| Comisión de rentabilidad | No aplicable |
Los gastos de entrada y salida indicados constituyen cifras máximas. Puede que en algunos casos el inversor deba pagar menos. Se recomienda que el inversor consulte con su asesor financiero o distribuidor.
La cifra de gastos corrientes se basa en los gastos correspondientes al período de doce meses finalizado el 31 diciembre 2021. Esta cifra puede variar de un año a otro. Esto excluye los costes de transacción de la cartera, salvo en el caso de un gasto de entrada o salida abonado por la clase de acciones en el momento de la compra o la venta de participaciones en otro instrumento de inversión colectiva.
## Para obtener más información sobre las comisiones, consulte la sección Comisiones y gastos del folleto y el suplemento del subfondo, que están disponibles en www.brandes.com/UCITS.
40%
30%
20%
10%
0%
-10%
-20%
-30%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
## La rentabilidad histórica no garantiza los resultados futuros. El valor de su inversión puede fluctuar.
## El gráfico de rentabilidad muestra los resultados de la clase de acciones a modo de variación porcentual del valor liquidativo anual en la divisa de la clase de acciones.
## Los gastos corrientes se incluyen en los resultados de rentabilidad. No se incluyen los gastos de entrada y salida.
## Fecha de lanzamiento del subfondo: 10/5/2012 Moneda base del subfondo: USD
Clase de acciones 0.0% 7.9% -10.1% -19.8% 25.0% 26.3% -15.6% 18.3% -5.0% 1.5%
Índice 0.0% -2.3% -1.8% -14.6% 11.2% 37.3% -14.6% 18.4% 18.3% -2.5%
## Fecha de lanzamiento de la clase de acciones: 10/5/2012
## Divisa de la clase de acciones: USD | # Frais pour cette Catégorie d’actions
Performances passées
Les frais acquittés par les investisseurs servent à couvrir les coûts d'exploitation du Compartiment, y compris les coûts de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de l'investissement.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 5.0% |
| Frais de sortie | 3.0% |
| Switch Charge | 3.0 % |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur le capital de l'investisseur avant que celui-ci ne soit investi ou avant que le revenu de l'investissement ne soit distribué. |
| Frais prélevés sur cette Catégorie d’actions par an |
| Frais courants | 0.95 % |
| Frais prélevés par la Catégorie d'actions dans certaines circonstances |
| Commission de performance | Non applicable |
Les frais d'entrée et de sortie indiqués sont des chiffres maximums. Dans certains cas, l'investisseur paie moins. Consultez votre conseiller personnel ou votre distributeur pour en savoir plus sur les frais effectivement appliqués.
Le montant des frais courants est établi sur la base des coûts pour la période de douze mois close le 31 décembre 2021. Ce chiffre peut varier d'un exercice à l'autre. Il ne prend pas en compte les frais de transaction du portefeuille, sauf en cas de frais d'entrée/de sortie payés par la Catégorie d'actions lors de l'achat ou de la vente de parts d'autres organismes de placement collectif.
## Pour plus d'informations sur les frais, veuillez vous référer à la section Frais et coûts du Prospectus et du Supplément du Compartiment, disponibles à l'adresse www.brandes.com/UCITS.
40%
30%
20%
10%
0%
-10%
-20%
-30%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
## Les performances passées ne garantissent pas les résultats futurs. La valeur de votre investissement peut fluctuer.
## Le tableau de performance indique les rendements de la Catégorie d’actions exprimés en pourcentage de variation de la VNI pour chaque exercice, dans la monnaie de la Catégorie d’actions.
## Les frais courants sont pris en compte dans le calcul de la performance. Les frais d'entrée et de sortie ne sont pas pris en compte.
## Date de lancement du Compartiment : 10/5/2012 Monnaie de base du Compartiment : USD
Classe d’actions 0.0% 7.9% -10.1% -19.8% 25.0% 26.3% -15.6% 18.3% -5.0% 1.5%
Indice 0.0% -2.3% -1.8% -14.6% 11.2% 37.3% -14.6% 18.4% 18.3% -2.5%
## Date de lancement de la Catégorie d’actions : 10/5/2012
## Monnaie de la Catégorie d’actions : USD | fr | es |
DOLFIN8626 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Risques supplémentaires : Le risque de liquidité du marché peut accentuer la variation des performances du produit.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
Outre les risques inclus dans l’indicateur de risque, d’autres risques peuvent influer sur la performance du produit. Veuillez vous reporter au prospectus d’LYXOR INVESTMENT FUNDS.
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Riesgos adicionales: El riesgo de liquidez del mercado podría amplificar la variación de la rentabilidad entre los productos.
Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión.
Además de los riesgos incluidos en el indicador de riesgo, otros riesgos pueden afectar a la rentabilidad del Subfondo. Consulte el folleto de LYXOR INVESTMENT FUNDS.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Risques supplémentaires : Le risque de liquidité du marché peut accentuer la variation des performances du produit.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement.
Outre les risques inclus dans l’indicateur de risque, d’autres risques peuvent influer sur la performance du produit. Veuillez vous reporter au prospectus d’LYXOR INVESTMENT FUNDS.
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer. | fr | es |
DOLFIN8627 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
A suspension will apply to all types of deals in Shares (except transfers) and will apply at the Sub-Fund or Share Class level as applicable.
In connection with suspensions the Fund will refuse to accept requests to buy, switch or redeem Shares during the time the Board has suspended the calculation of NAV. During this time Shareholders may withdraw their request. Any requests that are not withdrawn will be dealt on the next Valuation Day once the suspension is over.
Shareholders will be informed of any suspension or deferral as appropriate.
Limit how many Shares are redeemed for a Sub-Fund on any Valuation Day . On any Valuation Day, the Management Company will not be obliged to process redemption and switch out requests in their entirety, when the total net outflow from a Sub-Fund exceeds 10% of the total net assets of the relevant Sub-Fund. The Management Company may decide that redemption and switch out requests in excess of 10% shall be deferred to the next Valuation Day. All redemption and switch out requests whose processing is delayed by this, either partially or in full, will be processed in the order of the Valuation Day on which they were accepted for redemption, subject to any suspensions of dealing requests or further imposition of the 10% daily limit. | L'eventuale sospensione si applica a tutti i tipi di operazioni in Azioni (eccetto i trasferimenti) e si applica a livello di Comparto o Classe di Azioni a seconda dei casi.
In relazione alle sospensioni, il Fondo respinge le richieste di acquisto, conversione o rimborso di Azioni nei periodi in cui il Consiglio ha sospeso il calcolo del NAV. In questi periodi, gli Azionisti possono revocare le loro richieste. Le richieste che non vengono revocate saranno evase nel primo Giorno di Valutazione successivo alla fine della sospensione.
Gli Azionisti verranno informati di qualunque sospensione o rinvio con le modalità appropriate.
Limitare il numero di Azioni di un Comparto rimborsate in uno stesso Giorno di Valutazione. In qualsiasi Giorno di Valutazione, la Società di Gestione non è obbligata a elaborare le richieste di rimborso e di conversione nella loro interezza se il deflusso netto complessivo da un Comparto supera il 10% del suo patrimonio netto complessivo. La Società di Gestione può decidere che le richieste di rimborso e conversione superiori al 10% vengano rimandate al Giorno di Valutazione successivo. Tutte le richieste di rimborso e di conversione la cui elaborazione è stata in questi casi rinviata, totalmente o parzialmente, vengono evase seguendo l'ordine del Giorno di Valutazione in cui sono state accettate per il rimborso, salvo eventuali sospensioni delle richieste di negoziazione o ulteriore imposizione del limite giornaliero del 10%. | A suspension will apply to all types of deals in Shares (except transfers) and will apply at the Sub-Fund or Share Class level as applicable.
In connection with suspensions the Fund will refuse to accept requests to buy, switch or redeem Shares during the time the Board has suspended the calculation of NAV. During this time Shareholders may withdraw their request. Any requests that are not withdrawn will be dealt on the next Valuation Day once the suspension is over.
Shareholders will be informed of any suspension or deferral as appropriate.
Limit how many Shares are redeemed for a Sub-Fund on any Valuation Day . On any Valuation Day, the Management Company will not be obliged to process redemption and switch out requests in their entirety, when the total net outflow from a Sub-Fund exceeds 10% of the total net assets of the relevant Sub-Fund. The Management Company may decide that redemption and switch out requests in excess of 10% shall be deferred to the next Valuation Day. All redemption and switch out requests whose processing is delayed by this, either partially or in full, will be processed in the order of the Valuation Day on which they were accepted for redemption, subject to any suspensions of dealing requests or further imposition of the 10% daily limit. | en | it |
DOLFIN8628 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | €220 | €1588 |
| Annual cost impact (*) | 2.2% | 2.2% each year | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi totali | €220 | €1588 |
| Incidenza annuale dei costi (*) | 2.2% | 2.2% ogni anno | | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | €220 | €1588 |
| Annual cost impact (*) | 2.2% | 2.2% each year | | en | it |
DOLFIN8629 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Invesco MSCI China All Shares Stock Connect UCITS ETF
The investment objective of the Invesco MSCI China All Shares Stock Connect UCITS ETF (the "Fund") is to achieve the net total return of the MSCI China All Shares Stock Connect Select Index (the "Reference Index") less fees, expenses and transaction costs.
In order to achieve the investment objective, the Fund will employ a replication method that looks to invest as far as possible and practicable in the constituents of the Reference Index. The Fund intends to replicate the Reference Index by holding all of its constituent securities in a similar proportion to their weightings in the Reference Index. In order to replicate the Reference Index, the Fund may invest up to 20% of its Net Asset Value in shares issued by the same body. This limit may be raised to 35% for a single issuer in exceptional market circumstances, for example, market dominance. Market dominance exists where a particular component of the Reference Index has a dominant position in the particular market sector or geographical region in which it operates and as a result accounts for a large proportion of the Reference Index. This means that the Fund may have a high concentration of investment in a particular issuer. | ### Invesco MSCI China All Shares Stock Connect UCITS ETF
L’objectif d’investissement du Fonds Invesco MSCI China All Shares Stock Connect UCITS ETF (le « Fonds ») est de réaliser le rendement total net de l’Indice MSCI China All Shares Stock Connect Select Index (l’« Indice de référence »), commissions, frais et coûts de transaction déduits.
Afin d’atteindre son objectif d’investissement, le Fonds emploie une méthode de réplication visant à investir autant que possible dans les composantes de l’Indice de référence. Le Fonds vise à reproduire l’Indice de référence en détenant tous les titres qui le composent dans une proportion similaire à leur pondération dans l’Indice de référence. En vue de répliquer l’Indice de référence, le Fonds peut investir jusqu’à 20 % de sa Valeur liquidative dans des actions émises par la même entité. Cette limite peut être portée à 35 % pour un émetteur unique en cas de circonstances exceptionnelles de marché, telles qu’une dominance de marché par exemple. Il y a dominance du marché lorsqu’une composante particulière de l’Indice de référence occupe une position dominante dans le secteur de marché ou la région géographique où elle opère et représente par conséquent une grande partie de l’Indice de référence. Cela signifie que le Fonds peut avoir une forte concentration d’investissements sur un émetteur donné. | ### Invesco MSCI China All Shares Stock Connect UCITS ETF
The investment objective of the Invesco MSCI China All Shares Stock Connect UCITS ETF (the "Fund") is to achieve the net total return of the MSCI China All Shares Stock Connect Select Index (the "Reference Index") less fees, expenses and transaction costs.
In order to achieve the investment objective, the Fund will employ a replication method that looks to invest as far as possible and practicable in the constituents of the Reference Index. The Fund intends to replicate the Reference Index by holding all of its constituent securities in a similar proportion to their weightings in the Reference Index. In order to replicate the Reference Index, the Fund may invest up to 20% of its Net Asset Value in shares issued by the same body. This limit may be raised to 35% for a single issuer in exceptional market circumstances, for example, market dominance. Market dominance exists where a particular component of the Reference Index has a dominant position in the particular market sector or geographical region in which it operates and as a result accounts for a large proportion of the Reference Index. This means that the Fund may have a high concentration of investment in a particular issuer. | en | fr |
DOLFIN8630 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The function of central administration particularly includes fund accounting, the calculation of net asset value, the subsequent monitoring of invest- ment limits, as well as the function as domiciliary agent, registrar and transfer agent. It may under its own responsibility and at its own expense transfer parts of this function to third parties.
In view of its function as registrar and transfer agent, DWS Investment S.A. has entered into a sub-transfer agent agreement with State Street Bank International GmbH. Under this agreement, State Street Bank International GmbH will, in particular, assume the tasks of administering the global certificate deposited with Clearstream Banking AG, Frankfurt/Main.
- DistributionDWS Investment S.A. acts as the main distributor. | Zur Funktion der Zentralverwaltung gehören insbesondere die Fondsbuchhaltung, die Netto- inventarwertberechnung, die nachträgliche Über- wachung der Anlagegrenzen sowie die Funktion als Domiziliarstelle und als Register- und Transfer- stelle. Sie kann unter ihrer Verantwortung und auf eigene Kosten Teile dieser Funktion auf Dritte übertragen.
Im Hinblick auf die Funktion als Register- und Transferstelle hat die DWS Investment S.A. eine Sub-Transfer Agent Vereinbarung mit der State Street Bank International GmbH geschlossen. Im Rahmen dieser Vereinbarung übernimmt die State Street Bank International GmbH insbeson- dere die Aufgaben der Verwaltung der Global- urkunde, die bei der Clearstream Banking AG, Frankfurt/Main, hinterlegt wird.
- VertriebDie DWS Investment S.A. fungiert als Haupt- vertriebsgesellschaft. | The function of central administration particularly includes fund accounting, the calculation of net asset value, the subsequent monitoring of invest- ment limits, as well as the function as domiciliary agent, registrar and transfer agent. It may under its own responsibility and at its own expense transfer parts of this function to third parties.
In view of its function as registrar and transfer agent, DWS Investment S.A. has entered into a sub-transfer agent agreement with State Street Bank International GmbH. Under this agreement, State Street Bank International GmbH will, in particular, assume the tasks of administering the global certificate deposited with Clearstream Banking AG, Frankfurt/Main.
- DistributionDWS Investment S.A. acts as the main distributor. | en | de |
DOLFIN8631 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
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. | 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. | 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 |
DOLFIN8632 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Macro Opportunities FX – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the EUR I Accumulating Class was -2.37%. Over the same period, the benchmark index, the ICE BofA 0-1 Year AAA Euro Government Index (Total Return, EUR) (the “Index”), returned -0.66%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any).
During the period, the best performing major currencies were the Canadian dollar and the US dollar. The worst performing major currencies were the Japanese yen and the Swedish krona. As compared to the Index, overweight the Canadian dollar and underweight the Swedish krona were the best performing positions whilst overweight the Japanese yen and Brazilian real were detractors from performance.
Much of 2021 was dominated by increasing inflationary pressures across all major economies. This led to a significant repricing of sovereign yields higher and rising commodity prices. Initially, the US Federal Reserve retained their accommodative stance however, towards the end of the year, they began to acknowledge that inflation may be less temporary than initially thought. This shift in stance towards a more hawkish policy outlook pushed short term yields higher and began to weigh on risky assets causing some cross-asset volatility. The rapidly shifting dynamics meant that the factors driving the currency market also changed rapidly creating significant dislocations between short term indicators and long-term dynamics.
Looking ahead into 2022, much will depend on whether or not inflation pressures continue and central banks retail a hawkish policy outlook. Should this materialise, we anticipate the possibility of risky assets struggling and volatility picking up further. The strategy begins the year with core overweights in the Japanese yen and Euro and underweights in the US dollar and Swiss franc. As cross-asset correlations become less stable and volatility picks up, we anticipate long term valuations to become an important driver for the currency market.
ANNUAL REPORT 2021 91
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | # Macro Opportunities FX – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I EUR en el periodo de 12 meses finalizado el 31 de diciembre de 2021 ascendió al -2,37%. En el mismo periodo, el índice de referencia, el ICE BofA 0-1 Year AAA Euro Government (rentabilidad total en EUR) (el “Índice”), rindió un -0,66%. (En el Anexo II se recoge la rentabilidad de todas las clases de Acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. En la rentabilidad total mostrada se han descontado todas las comisiones y los gastos, y se incluye la reinversión de ingresos por dividendos y otras distribuciones, en su caso).
Durante el periodo, las monedas principales que mejor se comportaron fueron el dólar canadiense y el dólar estadounidense. Por el extremo contrario destacaron el yen japonés y la corona sueca. La sobreponderación en el dólar canadiense y la infraponderación de la corona sueca respecto del Índice realizaron las mayores aportaciones a la rentabilidad, mientras que la sobreponderación en el yen japonés y el real brasileño perjudicaron.
Gran parte de 2021 estuvo dominado por el aumento de las presiones inflacionarias en todas las grandes economías. Esto provocó un importante ajuste al alza de las rentabilidades de la deuda soberana y un aumento de precios de las materias primas. La Reserva Federal estadounidense mantuvo su postura acomodaticia en un principio; sin embargo, hacia finales de año comenzó a reconocer que la inflación podría tener un carácter menos efímero de lo que se había pensado originalmente. La adopción de unas perspectivas más restrictivas para la política monetaria impulsó las rentabilidades a corto plazo y comenzó a pesar sobre los activos de riesgo, generando cierta volatilidad entre activos. La rápida dinámica de cambio hizo que los factores determinantes del mercado de divisas también cambiasen rápidamente, generando importantes distorsiones entre los indicadores a corto plazo y la dinámica a largo plazo.
De cara a 2022, mucho dependerá de la persistencia o no de las presiones inflacionarias y de que los bancos centrales mantengan unas perspectivas restrictivas para la política monetaria. En caso de que esto se materialice, vemos posible que los activos de riesgo atraviesen dificultades y que la volatilidad continúe aumentando. La estrategia comienza el año con las principales sobreponderaciones en el yen japonés y el euro, y con infraponderaciones en el dólar estadounidense y el franco suizo. Prevemos que, a medida que las correlaciones entre activos se vuelvan menos estables y repunte la volatilidad, las valoraciones a largo plazo se convertirán en un importante factor de impulso para el mercado de divisas.
INFORME ANUAL 2021 91
CUENTAS INFORME DEL GESTOR DE INVERSIONES | # Macro Opportunities FX – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the EUR I Accumulating Class was -2.37%. Over the same period, the benchmark index, the ICE BofA 0-1 Year AAA Euro Government Index (Total Return, EUR) (the “Index”), returned -0.66%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown are net of all fees and expenses and include reinvestment of income dividends and other distributions, if any).
During the period, the best performing major currencies were the Canadian dollar and the US dollar. The worst performing major currencies were the Japanese yen and the Swedish krona. As compared to the Index, overweight the Canadian dollar and underweight the Swedish krona were the best performing positions whilst overweight the Japanese yen and Brazilian real were detractors from performance.
Much of 2021 was dominated by increasing inflationary pressures across all major economies. This led to a significant repricing of sovereign yields higher and rising commodity prices. Initially, the US Federal Reserve retained their accommodative stance however, towards the end of the year, they began to acknowledge that inflation may be less temporary than initially thought. This shift in stance towards a more hawkish policy outlook pushed short term yields higher and began to weigh on risky assets causing some cross-asset volatility. The rapidly shifting dynamics meant that the factors driving the currency market also changed rapidly creating significant dislocations between short term indicators and long-term dynamics.
Looking ahead into 2022, much will depend on whether or not inflation pressures continue and central banks retail a hawkish policy outlook. Should this materialise, we anticipate the possibility of risky assets struggling and volatility picking up further. The strategy begins the year with core overweights in the Japanese yen and Euro and underweights in the US dollar and Swiss franc. As cross-asset correlations become less stable and volatility picks up, we anticipate long term valuations to become an important driver for the currency market.
ANNUAL REPORT 2021 91
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | en | es |
DOLFIN8633 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: April 14, 2008.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
2.5%
2%
1.5%
1%
0.5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 14 de abril de 2008. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en USD.
2.5%
2%
1.5%
1%
0.5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: April 14, 2008.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
2.5%
2%
1.5%
1%
0.5%
0% | en | es |
DOLFIN8634 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Objective and Policy
The Fund aims to achieve returns through investment in a diversified portfolio of credit and debt instruments. The Fund may invest in fixed or floating rate corporate debt securities (issued by corporate or financial issuers) and government debt securities (issued by governments, government agencies, supranational bodies, or local authorities). These debt securities will include high-yield and investment grade deposits, bills, notes, and bonds.
When constructing the Fund’s portfolio, the Investment Manager will use a multi-asset credit investing approach in order to seek to maximise total return for investors throughout all stages of economic and credit cycles. The Investment Manager will seek to invest according to the relative value between the credit instruments and debt securities, and through fundamental research and assessment of borrowers, taking into consideration various factors such as credit quality, environmental, social and governance factors, investment maturity, issuer type, liquidity, and geographical and sectoral exposure.
The Fund may not always be fully invested. The Fund may use financial derivative instruments (FDIs) for hedging, investment, and efficient portfolio management purposes. The Fund is actively managed. The Fund is not being managed by reference to an index.
The Fund promotes environmental, social, and governance characteristics through its investment policy and has accordingly been designated an Article 8 Fund for the purposes of the Sustainable Finance Disclosure Regulation.
For full details please refer to the Investment Objective, Investment Policy and Investment Restrictions of the Prospectus of the Company (the Prospectus) and supplement of the Fund (the Supplement).
The Fund is considered suitable for investors looking to maximise their total return through a portfolio of assets which generate both income and capital growth. Such investors may wish to have exposure to a portfolio of assets which provide diversification across fixed income and credit markets, while maintaining the ability to follow a high conviction investment approach, which may at times lead to periods of volatility. As such, the typical investor will understand and will be able to accept that the value of the Fund may rise and fall more frequently, and to a greater extent, than other investment types. Such investor will typically have an investment horizon over the long term. | ## Objectif et politique
Le Fonds cherche à dégager des rendements en investissant dans un portefeuille diversifié d’instruments de crédit et de dette. Le Fonds peut investir dans des titres de dette d’entreprise à taux fixe ou à taux flottant (émis par des sociétés ou des émetteurs financiers) et des titres de dette publique (émis par les gouvernements, organismes publiques, organisations supranationales ou autorités locales). Ces titres de dette incluent les dépôts à haut rendement et de qualité « investment grade », les billets, les bons et les obligations.
Lors de la construction du portefeuille du Fonds, le Gestionnaire d’investissement adoptera une approche d’investissement dans les crédits multi-actifs afin d’optimiser le rendement total pour les investisseurs à toutes les étapes des cycles économiques et de crédit. Le Gestionnaire d’investissement cherchera à investir en fonction de la valeur relative des instruments de crédit et des titres de dette en s’appuyant sur la recherche fondamentale et l’évaluation des emprunteurs et en tenant compte de différents facteurs tels que la qualité de crédit, les facteurs environnementaux, sociaux et de gouvernance, l’échéance des investissements, les types d’émetteurs, la liquidité et l’exposition géographique et sectorielle.
Il peut arriver que le Fonds ne soit pas pleinement investi. Le Fonds peut utiliser des instruments financiers dérivés (IFD) à des fins de couverture, d’investissement et de gestion efficace du portefeuille. Le Fonds est activement géré. Le Fonds n’est pas géré par référence à un indice.
Le Fonds promeut des caractéristiques environnementales, sociales et de gouvernance à travers sa politique d’investissement et, par conséquent, est considéré comme un « Compartiment relevant de l’article 8 » aux fins du Règlement Disclosure, ou SFDR (Sustainable Finance Disclosure Regulation).
Pour de plus amples renseignements, veuillez consulter la rubrique Objectif d’investissement, politique d’investissement et restrictions d’investissement du Prospectus de la Société (le « Prospectus ») et du supplément du Compartiment (le « Supplément »).
Le Fonds est considéré comme adapté aux investisseurs qui cherchent à optimiser leur rendement total à travers un portefeuille d’actifs qui génèrent à la fois des revenus et une croissance du capital. Ces investisseurs souhaitent parfois s’exposer à un portefeuille d’actifs diversifiés à travers les marchés des titres à revenu fixe et du crédit tout en conservant la possibilité d’adopter une approche d’investissement à forte conviction qui, à certains moments, peut entraîner des épisodes de volatilité. Ainsi, l’investisseur typique comprendra et sera en mesure d’accepter que la valeur du Fonds puisse augmenter et baisser plus fréquemment et dans une plus large mesure que d’autres types d’investissement. Cet investisseur a généralement un horizon d’investissement à long terme. | ## Objective and Policy
The Fund aims to achieve returns through investment in a diversified portfolio of credit and debt instruments. The Fund may invest in fixed or floating rate corporate debt securities (issued by corporate or financial issuers) and government debt securities (issued by governments, government agencies, supranational bodies, or local authorities). These debt securities will include high-yield and investment grade deposits, bills, notes, and bonds.
When constructing the Fund’s portfolio, the Investment Manager will use a multi-asset credit investing approach in order to seek to maximise total return for investors throughout all stages of economic and credit cycles. The Investment Manager will seek to invest according to the relative value between the credit instruments and debt securities, and through fundamental research and assessment of borrowers, taking into consideration various factors such as credit quality, environmental, social and governance factors, investment maturity, issuer type, liquidity, and geographical and sectoral exposure.
The Fund may not always be fully invested. The Fund may use financial derivative instruments (FDIs) for hedging, investment, and efficient portfolio management purposes. The Fund is actively managed. The Fund is not being managed by reference to an index.
The Fund promotes environmental, social, and governance characteristics through its investment policy and has accordingly been designated an Article 8 Fund for the purposes of the Sustainable Finance Disclosure Regulation.
For full details please refer to the Investment Objective, Investment Policy and Investment Restrictions of the Prospectus of the Company (the Prospectus) and supplement of the Fund (the Supplement).
The Fund is considered suitable for investors looking to maximise their total return through a portfolio of assets which generate both income and capital growth. Such investors may wish to have exposure to a portfolio of assets which provide diversification across fixed income and credit markets, while maintaining the ability to follow a high conviction investment approach, which may at times lead to periods of volatility. As such, the typical investor will understand and will be able to accept that the value of the Fund may rise and fall more frequently, and to a greater extent, than other investment types. Such investor will typically have an investment horizon over the long term. | en | fr |
DOLFIN8635 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge* | 2.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 0.81% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above USD LIBOR 1-month + 3 %. |
| Over the last accounting year, a performance fee of 0.02% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada* | 2,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 0,81% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del USD LIBOR 1-Month + 3%. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,02%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge* | 2.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 0.81% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above USD LIBOR 1-month + 3 %. |
| Over the last accounting year, a performance fee of 0.02% was charged. | | en | es |
DOLFIN8636 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The ongoing charges disclosed here are based on cost estimates. The disclosure of previous ongoing charges was not meaningful because the CHF-R unit class was only created on 27.03.2020. The annual report for each financial year provides charges and cost calculation details.
Ongoing charges do not include:
- any charges linked to the performance of the fund (performance fee)
- portfolio transaction costs (except issue premiums and redemption charges borne by the fund in con- junction with the purchase or sale of other under- takings for collective investment in securities)Further information regarding charges and cost calcu- lations is provided in Section 12 of the prospectus which can be found on the website of the LAFV Liechtenstein Investment Fund Association at www.lafv.li. | Le spese correnti qui indicate sono frutto di una stima. L’indicazione delle spese correnti antecedenti non era sensata poiché la classe di azioni CHF-R è stata deposi- tata (liberata) solo il 27.03.2020. Il rapporto annuale per ciascun anno d’esercizio contiene i dettagli relativi ai costi precisi, calcolati.
Le spese correnti non comprendono:
- le commissioni legate all’evoluzione del valore del Fondo (performance fee)
- le spese di transazione del portafoglio (ad eccezione delle spese di sottoscrizione e delle detrazioni per il rimborso, sopportate dal Fondo per l’acquisto o la vendita di altri organismi per investimenti comuni in ti- toli)Ulteriori informazioni relative alle spese e ai rispettivi metodi di calcolo si trovano alla cifra 12 del prospetto, che potete consultare sul sito web del prospetto del LAF Liechtensteinischer Anlagefondsverband, all’indirizzo www.lafv.li. | The ongoing charges disclosed here are based on cost estimates. The disclosure of previous ongoing charges was not meaningful because the CHF-R unit class was only created on 27.03.2020. The annual report for each financial year provides charges and cost calculation details.
Ongoing charges do not include:
- any charges linked to the performance of the fund (performance fee)
- portfolio transaction costs (except issue premiums and redemption charges borne by the fund in con- junction with the purchase or sale of other under- takings for collective investment in securities)Further information regarding charges and cost calcu- lations is provided in Section 12 of the prospectus which can be found on the website of the LAFV Liechtenstein Investment Fund Association at www.lafv.li. | en | it |
DOLFIN8637 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI Europe TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index. The Sub-Fund aims to generate capital growth over the long term with on average a higher performance than MSCI Europe. It invests mainly in stocks issued by European companies of any size. In selecting individual equity securities, the Investment Manager is guided by its own financial analysis on companies. The Sub-Fund permanently invests a minimum of 75% of its assets in European Economic Area equities, and is therefore PEA (Plan d’Epargne en Actions) eligible in France. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening &
scoring, exclusions, restrictions and qualitative and quantitative reviews). The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El Subfondo se gestiona activamente. El índice MSCI Europe TR ND se utiliza a efectos de comparación de la rentabilidad y seguimiento del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. Los valores que el Subfondo tiene previsto mantener pueden asemejarse a los del índice en una medida que varía a lo largo del tiempo, pero se prevé que su ponderación difiera significativamente. La rentabilidad del Subfondo podrá diferir sustancialmente de la del índice. El objetivo del subfondo es la revalorización del capital a largo plazo con un rendimiento medio superior al del MSCI Europe. Invierte principalmente en valores emitidos por empresas europeas de cualquier tamaño. Al seleccionar títulos de renta variable individuales, el gestor de inversiones se guía por su propio análisis financiero de empresas. El subfondo invierte continuamente un mínimo del 75% de sus activos en acciones del Espacio Económico Europeo y, por lo tanto, es apto para el PEA (plan de ahorro de acciones) en Francia. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de
dichas características, a los efectos del Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional hacia la forma en que analiza el perfil de sostenibilidad de las inversiones del subfondo (incluidas la selección y puntuación, exclusiones, restricciones y revisiones cualitativas y cuantitativas centradas en la sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI Europe TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index. The Sub-Fund aims to generate capital growth over the long term with on average a higher performance than MSCI Europe. It invests mainly in stocks issued by European companies of any size. In selecting individual equity securities, the Investment Manager is guided by its own financial analysis on companies. The Sub-Fund permanently invests a minimum of 75% of its assets in European Economic Area equities, and is therefore PEA (Plan d’Epargne en Actions) eligible in France. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening &
scoring, exclusions, restrictions and qualitative and quantitative reviews). The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN8638 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
* Période de détention recommandée.
** Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 1,41 % avant déduction des coûts et de -0,23 % après cette déduction.
Ces chiffres comprennent les coûts de distribution maximaux que la personne vous vendant le produit peut vous facturer(1,00 % du montant investi / 100 EUR). Cette personne vous informera des coûts de distribution réels.
Si vous avez investi dans ce produit dans le cadre d’un contrat d’assurance, les coûts indiqués n’incluent pas les coûts supplémentaires que vous pourriez éventuellement supporter. | * Período de mantenimiento recomendado.
** Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 1,41 % antes de deducir los costes y del -0,23 % después de deducir los costes.
Estas cifras incluyen la comisión de distribución máxima que puede cobrar la persona que le vende el producto (1,00 % del importe invertido/100 EUR). Esta persona le informará de la comisión de distribución real.
Si invierte en este producto en el marco de un contrato de seguros, los costes indicados no incluyen los costes adicionales que podría soportar. | * Période de détention recommandée.
** Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 1,41 % avant déduction des coûts et de -0,23 % après cette déduction.
Ces chiffres comprennent les coûts de distribution maximaux que la personne vous vendant le produit peut vous facturer(1,00 % du montant investi / 100 EUR). Cette personne vous informera des coûts de distribution réels.
Si vous avez investi dans ce produit dans le cadre d’un contrat d’assurance, les coûts indiqués n’incluent pas les coûts supplémentaires que vous pourriez éventuellement supporter. | fr | es |
DOLFIN8639 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Risk Monitor’s value and determination on whether market risk is high, is determined systematically by inputs based on:
- Absolute levels of global interest rates
- Implied Volatility levels in global interest rate markets
- Implied Volatility levels in global equities markets
- Implied Volatility levels in global FX markets
- Overnight and longer term borrowing rates of commercial banks
- Absolute levels of global credit spreadsOn each Index rebalance date (as described in the Index Description) the Index will rebalance to the Exposure multiplied by 100% notional investment in the Base Portfolio with the unit allocation to the Overlay Portfolio being rebalanced to match. Furthermore on every quarterly Index rebalance date, the Base Portfolio itself will also be reconstituted to equal allocation to the respective Base Portfolio Underlyings. | Il valore del Risk Monitor e la determinazione se il rischio di mercato è elevato, sono determinati sistematicamente da input basati su:
- livelli assoluti dei tassi di interesse globali
- livelli di volatilità implicita nei mercati dei tassi d'interesse globali
- livelli di volatilità implicita nei mercati azionari globali
- livelli di volatilità implicita nei mercati globali dei cambi
- tassi debitori overnight e a lungo termine delle banche commerciali
- livelli assoluti degli spread di credito globaliAd ogni data di ribilanciamento dell'Indice (come specificato nella Descrizione dell'Indice) l'Indice si ribilancerà all'Esposizione moltiplicata per il 100% dell'investimento nozionale nel Portafoglio di base con l'allocazione unitaria al Portafoglio overlay ribilanciata in modo corrispondente. Inoltre, ad ogni data trimestrale di ribilanciamento dell'Indice, il Portafoglio di base stesso sarà ricostituito per un'uguale allocazione ai rispettivi Sottostanti del portafoglio di base. | The Risk Monitor’s value and determination on whether market risk is high, is determined systematically by inputs based on:
- Absolute levels of global interest rates
- Implied Volatility levels in global interest rate markets
- Implied Volatility levels in global equities markets
- Implied Volatility levels in global FX markets
- Overnight and longer term borrowing rates of commercial banks
- Absolute levels of global credit spreadsOn each Index rebalance date (as described in the Index Description) the Index will rebalance to the Exposure multiplied by 100% notional investment in the Base Portfolio with the unit allocation to the Overlay Portfolio being rebalanced to match. Furthermore on every quarterly Index rebalance date, the Base Portfolio itself will also be reconstituted to equal allocation to the respective Base Portfolio Underlyings. | en | it |
DOLFIN8640 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Operational and other risks to the Fund
The risks that may occur in the Company or with external third parties as a result of human or system error are outlined below. These risks may have an impact on the performance of the Fund and therefore also have a negative effect on the unit value and the capital invested by the investor.
## Risks associated with criminal activities, grievances or natural disasters
The Fund may fall victim to fraud or other criminal activities. It may suffer losses due to mistakes by employees of the Company or external third parties or be damaged by external events such as natural disasters or pandemics.
## Country or transfer risk
There is the risk that, despite being able to pay, a foreign debtor may not be able to provide payment in good time or at all or only in a different currency as a result of the inability or unwillingness of its country of domicile to transfer the currency or for other reasons. Thus, for example, payments to which the Company is entitled on behalf of the Fund may fail to be made or may be made in a currency that is not (or is no longer) convertible or must take place in another currency due to foreign exchange restrictions. If the debtor pays in another currency, this position will be subject to the currency risk described above.
## Legal and political risks
Investments may be made on behalf of the Fund in jurisdictions where German law does not apply or, in the event of legal disputes, where the place of jurisdiction is outside Germany. The resulting rights and obligations of the Company on behalf of the Fund may vary from those in Germany, to the disad- vantage of the Fund or investor. Political or legal developments, including changes to the legal frame- work in these jurisdictions, may be identified by the Company either too late or not at all, or result in restrictions on acquirable assets or those already acquired. Such situations may also be brought about by changes in the German legal framework relating to the Company and/or the management of the Fund.
## Changes to the taxation framework, tax risk
The summary information on tax regulations in this Sales Prospectus is based on the current legal situation. It is intended for persons in Germany who are subject to unrestricted income or corporation tax. However, no assurance can be given that this tax treatment will not change as a result of legisla- tion, case law or decrees issued by the tax authorities.
A change to the Fund's tax bases – that were incorrectly established for previous financial years (e.g. based on external tax audits) – may, in the case of a tax correction that has an adverse impact on an investor, result in the investor being required to pay tax for previous financial years due to the correc- tion, even though he may not have been an investor in the Fund at that time. On the other hand, it may be the case that an investor does not reap the benefits of a tax correction favourable to him for the current and previous financial years when he was an investor in the Fund because he redeemed or sold the units before the correction.
In addition, a correction of tax data can result in taxable income or tax advantages being recorded in a period that differs from the actual applicable assessment period, resulting in adverse effects for some investors.
## Key person risk
A very positive investment performance of the Fund during a particular period may also depend on the suitability of the acting persons and therefore on the right management decisions. The members of the fund management may, however, change. New decision-makers may not be as successful.
## Custody risk
A risk of loss that may result from insolvency, due diligence violations or the Custodian and force majeure is associated with assets being held in custody, especially abroad.
## Risks associated with trading and clearing mechanisms (settlement risk)
Transferable securities transactions carry the risk that one of the contracting parties delays, does not pay as agreed or does not deliver the transferable securities in good time. This settlement risk also exists when trading in other assets for the Fund.
- | # Operationelle und sonstige Risiken des Fonds
Im Folgenden werden Risiken dargestellt, die sich beispielsweise aus menschlichem oder Systemversa- gen bei der Gesellschaft oder externen Dritten ergeben können. Diese Risiken können die Wertentwick- lung des Fonds beeinträchtigen und sich damit auch nachteilig auf den Anteilwert und auf das vom Anleger investierte Kapital auswirken.
## Risiken durch kriminelle Handlungen, Missstände oder Naturkatastrophen
Der Fonds kann Opfer von Betrug oder anderen kriminellen Handlungen werden. Er kann Verluste durch Fehler von Mitarbeitern der Gesellschaft oder externer Dritter erleiden oder durch äußere Ereig- nisse wie z.B. Naturkatastrophen oder Pandemien geschädigt werden.
## Länder- oder Transferrisiko
Es besteht das Risiko, dass ein ausländischer Schuldner trotz Zahlungsfähigkeit aufgrund fehlender Transferfähigkeit der Währung oder -bereitschaft seines Sitzlandes, oder aus anderen Gründen, Leis- tungen nicht fristgerecht, überhaupt nicht oder nur in einer anderen Währung erbringen kann. So können z.B. Zahlungen, auf die die Gesellschaft für Rechnung des Fonds Anspruch hat, ausbleiben, in einer Währung erfolgen, die aufgrund von Devisenbeschränkungen nicht (mehr) konvertierbar ist, oder in einer anderen Währung erfolgen. Zahlt der Schuldner in einer anderen Währung, so unterliegt diese Position dem oben dargestellten Währungsrisiko.
## Rechtliche und politische Risiken
Für den Fonds dürfen Investitionen in Rechtsordnungen getätigt werden, in denen deutsches Recht keine Anwendung findet bzw. im Fall von Rechtsstreitigkeiten der Gerichtsstand außerhalb Deutsch- lands ist. Hieraus resultierende Rechte und Pflichten der Gesellschaft für Rechnung des Fonds können von denen in Deutschland zum Nachteil des Fonds bzw. des Anlegers abweichen. Politische oder recht- liche Entwicklungen einschließlich der Änderungen von rechtlichen Rahmenbedingungen in diesen Rechtsordnungen können von der Gesellschaft nicht oder zu spät erkannt werden oder zu Beschrän- kungen hinsichtlich erwerbbarer oder bereits erworbener Vermögensgegenstände führen. Diese Folgen können auch entstehen, wenn sich die rechtlichen Rahmenbedingungen für die Gesellschaft und/oder die Verwaltung des Fonds in Deutschland ändern.
## Änderung der steuerlichen Rahmenbedingungen, steuerliches Risiko
Die Kurzangaben über steuerrechtliche Vorschriften in diesem Verkaufsprospekt gehen von der derzeit bekannten Rechtslage aus. Sie richten sich an in Deutschland unbeschränkt einkommensteuerpflichtige oder unbeschränkt körperschaftsteuerpflichtige Personen. Es kann jedoch keine Gewähr dafür über- nommen werden, dass sich die steuerliche Beurteilung durch Gesetzgebung, Rechtsprechung oder Er- lasse der Finanzverwaltung nicht ändert.
Eine Änderung fehlerhaft festgestellter Besteuerungsgrundlagen des Fonds für vorangegangene Ge- schäftsjahre (z.B. aufgrund von steuerlichen Außenprüfungen) kann bei einer für Anleger steuerlich grundsätzlich nachteiligen Korrektur zur Folge haben, dass der Anleger die Steuerlast aus der Korrektur für vorangegangene Geschäftsjahre zu tragen hat, obwohl er unter Umständen zu diesem Zeitpunkt nicht in dem Fonds investiert war. Umgekehrt kann für den Anleger der Fall eintreten, dass ihm eine steuerlich grundsätzlich vorteilhafte Korrektur für das aktuelle und für vorangegangene Geschäftsjahre, in denen er an dem Fonds beteiligt war, nicht mehr zugutekommt, weil er seine Anteile vor Umsetzung der Korrektur zurückgegeben oder veräußert hat.
Zudem kann eine Korrektur von Steuerdaten dazu führen, dass steuerpflichtige Erträge bzw. steuerliche Vorteile in einem anderen als eigentlich zutreffenden Veranlagungszeitraum tatsächlich steuerlich er- fasst werden und sich dies beim einzelnen Anleger negativ auswirkt.
## Schlüsselpersonenrisiko
Fällt das Anlageergebnis des Fonds in einem bestimmten Zeitraum sehr positiv aus, hängt dieser Erfolg möglicherweise auch von der Eignung der handelnden Personen und damit den richtigen Entscheidun- gen des Managements ab. Die personelle Zusammensetzung des Fondsmanagements kann sich jedoch verändern. Neue Entscheidungsträger können dann möglicherweise weniger erfolgreich agieren.
## Verwahrrisiko
Mit der Verwahrung von Vermögensgegenständen insbesondere im Ausland ist ein Verlustrisiko ver- bunden, das aus Insolvenz, Sorgfaltspflichtverletzungen des Verwahrers bzw. höherer Gewalt resultie- ren kann.
## Risiken aus Handels- und Clearingmechanismen (Abwicklungsrisiko)
Bei der Abwicklung von Wertpapiergeschäften besteht das Risiko, dass eine der Vertragsparteien ver- zögert oder nicht vereinbarungsgemäß zahlt oder die Wertpapiere nicht fristgerecht liefert. Dieses Ab- wicklungsrisiko besteht entsprechend auch beim Handel mit anderen Vermögensgegenständen für den Fonds.
- | # Operational and other risks to the Fund
The risks that may occur in the Company or with external third parties as a result of human or system error are outlined below. These risks may have an impact on the performance of the Fund and therefore also have a negative effect on the unit value and the capital invested by the investor.
## Risks associated with criminal activities, grievances or natural disasters
The Fund may fall victim to fraud or other criminal activities. It may suffer losses due to mistakes by employees of the Company or external third parties or be damaged by external events such as natural disasters or pandemics.
## Country or transfer risk
There is the risk that, despite being able to pay, a foreign debtor may not be able to provide payment in good time or at all or only in a different currency as a result of the inability or unwillingness of its country of domicile to transfer the currency or for other reasons. Thus, for example, payments to which the Company is entitled on behalf of the Fund may fail to be made or may be made in a currency that is not (or is no longer) convertible or must take place in another currency due to foreign exchange restrictions. If the debtor pays in another currency, this position will be subject to the currency risk described above.
## Legal and political risks
Investments may be made on behalf of the Fund in jurisdictions where German law does not apply or, in the event of legal disputes, where the place of jurisdiction is outside Germany. The resulting rights and obligations of the Company on behalf of the Fund may vary from those in Germany, to the disad- vantage of the Fund or investor. Political or legal developments, including changes to the legal frame- work in these jurisdictions, may be identified by the Company either too late or not at all, or result in restrictions on acquirable assets or those already acquired. Such situations may also be brought about by changes in the German legal framework relating to the Company and/or the management of the Fund.
## Changes to the taxation framework, tax risk
The summary information on tax regulations in this Sales Prospectus is based on the current legal situation. It is intended for persons in Germany who are subject to unrestricted income or corporation tax. However, no assurance can be given that this tax treatment will not change as a result of legisla- tion, case law or decrees issued by the tax authorities.
A change to the Fund's tax bases – that were incorrectly established for previous financial years (e.g. based on external tax audits) – may, in the case of a tax correction that has an adverse impact on an investor, result in the investor being required to pay tax for previous financial years due to the correc- tion, even though he may not have been an investor in the Fund at that time. On the other hand, it may be the case that an investor does not reap the benefits of a tax correction favourable to him for the current and previous financial years when he was an investor in the Fund because he redeemed or sold the units before the correction.
In addition, a correction of tax data can result in taxable income or tax advantages being recorded in a period that differs from the actual applicable assessment period, resulting in adverse effects for some investors.
## Key person risk
A very positive investment performance of the Fund during a particular period may also depend on the suitability of the acting persons and therefore on the right management decisions. The members of the fund management may, however, change. New decision-makers may not be as successful.
## Custody risk
A risk of loss that may result from insolvency, due diligence violations or the Custodian and force majeure is associated with assets being held in custody, especially abroad.
## Risks associated with trading and clearing mechanisms (settlement risk)
Transferable securities transactions carry the risk that one of the contracting parties delays, does not pay as agreed or does not deliver the transferable securities in good time. This settlement risk also exists when trading in other assets for the Fund.
- | en | de |
DOLFIN8641 | 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 USD | Si vous sortez après 1 an | Si vous sortez après 3 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 815 USD | 1512 USD |
| Incidence des coûts annuels (*) | 8,15 % | 4,24 % | | | Ejemplo de inversión 10 000 USD | En caso de salida después de 1 año | En caso de salida después de 3 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 815 USD | 1512 USD |
| Incidencia anual de los costes (*) | 8,15 % | 4,24 % | | | Exemple d’investissement 10 000 USD | Si vous sortez après 1 an | Si vous sortez après 3 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 815 USD | 1512 USD |
| Incidence des coûts annuels (*) | 8,15 % | 4,24 % | | fr | es |
DOLFIN8642 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### In addition, each share class may apply a specific hedging policy as found in the sub-fund fact sheets, that is:
- Hedging against fluctuations in the reference currency: such hedging aims to reduce the effect of fluctuations in exchange rates between the reference currency of the sub-fund and the currency in which the share class is denominated. This type of hedging aims to achieve a reasonably comparableperformance (adjusted in particular for the difference in interest rate between the two currencies) between the hedged class and the equivalent denominated in the reference currency of the sub-fund. This type of hedging is identified by the suffix H in the name of the class.
- Hedging against the foreign exchange exposure of the assets forming the portfolio: such hedging aims to reduce the effect of fluctuations in exchange rates between the currencies in which the sub-fund's assets are held and the currency in which the share class is denominated. This type of hedging is identified by the suffix AH in the name of the class. | ### Además, cada clase de podrá aplicar una política de cobertura específica, según se indica en las fichas técnicas de los subfondos, es decir:
- Una cobertura frente a las fluctuaciones de la divisa de referencia: dicha cobertura pretende reducir el efecto de las fluctuaciones de los tipos de cambio entre la divisa de referencia del subfondo y la divisa en la que está denominada la clase de acciones. Este tipo de cobertura pretende lograr una rentabilidad (ajustada principalmente por la diferencia de tipos de interés entre las dos divisas) razonablemente comparable entre la clase cubierta y la (equivalente) denominada en la divisa de referencia del subfondo. Este tipo de cobertura se identificará añadiendo el sufijo H a la denominación de la clase.
- Una cobertura contra la exposición cambiaria de los activos que componen la cartera: dicha cobertura pretende reducir el efecto de las fluctuaciones de los tipos de cambio entre las divisas de los activos del subfondo y la divisa en la que está denominada la clase. Este tipo de cobertura se identificará añadiendo el sufijo AH a la denominación de la clase. | ### In addition, each share class may apply a specific hedging policy as found in the sub-fund fact sheets, that is:
- Hedging against fluctuations in the reference currency: such hedging aims to reduce the effect of fluctuations in exchange rates between the reference currency of the sub-fund and the currency in which the share class is denominated. This type of hedging aims to achieve a reasonably comparableperformance (adjusted in particular for the difference in interest rate between the two currencies) between the hedged class and the equivalent denominated in the reference currency of the sub-fund. This type of hedging is identified by the suffix H in the name of the class.
- Hedging against the foreign exchange exposure of the assets forming the portfolio: such hedging aims to reduce the effect of fluctuations in exchange rates between the currencies in which the sub-fund's assets are held and the currency in which the share class is denominated. This type of hedging is identified by the suffix AH in the name of the class. | en | es |
DOLFIN8643 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Potential Investors should be aware that there may be situations in which each and any of the Directors, the AIFM, Investment Manager, the Sub-Investment Manager, the Investment Advisor, the Depositary, the Prime Broker and the Administrative Agent (together the “Interested Parties”), could encounter a conflict of interest in connection with the Fund. Should a conflict of interest actually arise, the Directors and the AIFM will endeavour to ensure that it is resolved fairly. In addition, the Directors of the Fund and the AIFM will endeavour that all agreements and transactions entered into by the Fund will be negotiated at arm’s length insofar as it is reasonably possible to do so.
In particular, Investors should be aware of the following:
- Any Interested Party may act as director, investment manager, distributor, depositary, registrar, broker, administrator, investment adviser, dealer, clearing brokers, prime broker and/or sub-depositary in relation to, or be otherwise involved in, other investment funds which have similar or different objectives to those of a Sub-Fund, or engage the same or similar trading strategies. It is, therefore, possible that any of them may, in the course of business, have potential conflicts of interest with the Fund or a Sub-Fund. Each Interested Party will, at all times, have regard to such event to its obligations to the Fund and the relevant Sub-Fund and will endeavour to ensure that such conflicts are resolved fairly.
- Certain Directors or entities in which they may have a financial or managerial interest, may purchase Shares of the Fund and receive a portion of each, or all, of the advisory fees or management fees paid by the Fund as attributable to such purchasers’ Shares. Thus, to the extent of such purchases, such Directors may have a conflict of interest between their duty to act for the benefit of the Investors in limiting expenses of the Fund and the Sub-Funds and their interest in receiving such fees.
- The AIFM may make investments for other clients without making the same available to the Fund.
- The Fund may invest in securitisation vehicles or other special purpose vehicle whose originator and/ or service provider forms part of the same group of companies as the AIFM or a company otherwise connected with the AIFM or its Affiliates. The Fund may enter into such dealings provided that they are on an arm’s length basis and on terms no less favourable to the Fund than could have been obtained had the dealing been effected with an independent third party.
- The Fund may affect the sale or purchase of investments through a broker who is associated with the AIFM or its Affiliates, provided that the amount of commission payable to such broker is not in excess of that which would have been payable had the sale or purchase been effected through a broker who is not so associated.
- Certain Directors of the Fund may also be involved in entities providing services to the Fund or to certain specific Sub-Funds of the Fund. However, all the Directors have fiduciary duties to the Fund and consequently have exercised and will exercise good faith and integrity in handling all the Fund’s affairs.
- Certain Directors and members of Investment Managers and Sub-Investment Managers may have a direct or indirect beneficial interest in the Shares or in the allocations which may be payable from time to time to the holders of Shares. | Les Investisseurs potentiels doivent avoir conscience qu’il pourra y avoir des situations dans lesquelles chacun des Administrateurs, le GFIA, le Gestionnaire d’investissement, le Gestionnaire d’investissement par délégation, le Conseiller en investissement, le Dépositaire, le Courtier principal et l’Agent administratif (ensemble, les « Parties intéressées ») pourront se trouver en conflit d’intérêts en rapport avec le Fonds. En cas de survenance d’un conflit d’intérêts, les Administrateurs et le GFIA mettront tout en œuvre pour veiller à ce qu’il soit réglé équitablement. En outre, les Administrateurs du Fonds et le GFIA mettront tout en œuvre pour négocier tous les accords et opérations conclus par le Fonds dans des conditions de pleine concurrence, dans la mesure où il sera raisonnablement possible de le faire.
Les Investisseurs doivent notamment prendre connaissance des points suivants :
- Toute Partie intéressée pourra agir en tant qu’administrateur, Gestionnaire d’investissement, le Gestionnaire d’investissement , distributeur, dépositaire, agent de registre, courtier, agent administratif, conseiller en investissement, courtier, courtier compensateur, courtier principal et/ou dépositaire par délégation en relation avec, ou être autrement impliqué dans, d’autres fonds d’investissement qui ont des objectifs similaires ou différents de ceux d’un Compartiment, ou qui se livrent à des stratégies de négociation identiques ou similaires. Il est donc possible que l’un d’entre eux se trouve placé dans une situation de conflit d’intérêts avec le Fonds ou un Compartiment, dans le cours de ses activités. Chaque Partie intéressée, à tout moment, tiendra compte de ses obligations envers le Fonds en pareille circonstance et s’efforcera de veiller à ce que ces conflits soient réglés équitablement.
- Certains Administrateurs ou entités dans lesquelles ils sont susceptibles d’avoir un intérêt financier ou de gestion pourront acheter des Actions du Fonds et recevoir une partie de chacune, ou de la totalité, des commissions de conseil ou des frais de gestion payés par le Fonds comme étant attribuables aux Actions de ces acheteurs. Ainsi, dans le cadre de ces achats, ces Administrateurs pourront se trouver en conflit d’intérêts entre leur devoir d’agir au profit des Investisseurs en limitant les dépenses du Fonds et des Compartiments et leur intérêt à recevoir ces commissions et frais.
- Le GFIA pourra faire des investissements pour d’autres clients sans les mettre à la disposition du Fonds.
- Le Fonds pourra investir dans des véhicules de titrisation ou autres véhicules à vocation spécifique dont l’initiateur et/ou le prestataire de services font partie du même groupe de sociétés que le GFIA ou une société autrement liée au GFIA ou à ses Sociétés affiliées. Le Fonds pourra conclure de telles opérations à condition qu’elles soient effectuées dans des conditions de pleine concurrence et à des conditions non moins favorables pour le Fonds que celles qui auraient pu être obtenues si l’opération avait été effectuée avec un tiers indépendant.
- Le Fonds pourra procéder à la vente ou l’achat d’investissements par l’intermédiaire d’un courtier qui est associé au GFIA ou à ses Sociétés affiliées, à condition que le montant de la commission payable à ce courtier ne soit pas supérieur à celui qui aurait été dû si la vente ou l’achat avait été effectué par l’intermédiaire d’un courtier qui n’est pas ainsi associé.
- Certains Administrateurs du Fonds pourront également être impliqués dans des entités fournissant des services au Fonds ou à certains Compartiments spécifiques du Fonds. Toutefois, tous les Administrateurs auront des obligations fiduciaires envers le Fonds et, par conséquent, ont fait et feront preuve de bonne foi et d’intégrité dans la gestion de toutes les affaires du Fonds.
- Certains Administrateurs et Gestionnaires d’investissement et Gestionnaires d’investissement par délégation pourront avoir un intérêt bénéficiaire direct ou indirect dans les Actions ou dans les allocations qui peuvent être payables de temps à autre aux détenteurs d’Actions. | Potential Investors should be aware that there may be situations in which each and any of the Directors, the AIFM, Investment Manager, the Sub-Investment Manager, the Investment Advisor, the Depositary, the Prime Broker and the Administrative Agent (together the “Interested Parties”), could encounter a conflict of interest in connection with the Fund. Should a conflict of interest actually arise, the Directors and the AIFM will endeavour to ensure that it is resolved fairly. In addition, the Directors of the Fund and the AIFM will endeavour that all agreements and transactions entered into by the Fund will be negotiated at arm’s length insofar as it is reasonably possible to do so.
In particular, Investors should be aware of the following:
- Any Interested Party may act as director, investment manager, distributor, depositary, registrar, broker, administrator, investment adviser, dealer, clearing brokers, prime broker and/or sub-depositary in relation to, or be otherwise involved in, other investment funds which have similar or different objectives to those of a Sub-Fund, or engage the same or similar trading strategies. It is, therefore, possible that any of them may, in the course of business, have potential conflicts of interest with the Fund or a Sub-Fund. Each Interested Party will, at all times, have regard to such event to its obligations to the Fund and the relevant Sub-Fund and will endeavour to ensure that such conflicts are resolved fairly.
- Certain Directors or entities in which they may have a financial or managerial interest, may purchase Shares of the Fund and receive a portion of each, or all, of the advisory fees or management fees paid by the Fund as attributable to such purchasers’ Shares. Thus, to the extent of such purchases, such Directors may have a conflict of interest between their duty to act for the benefit of the Investors in limiting expenses of the Fund and the Sub-Funds and their interest in receiving such fees.
- The AIFM may make investments for other clients without making the same available to the Fund.
- The Fund may invest in securitisation vehicles or other special purpose vehicle whose originator and/ or service provider forms part of the same group of companies as the AIFM or a company otherwise connected with the AIFM or its Affiliates. The Fund may enter into such dealings provided that they are on an arm’s length basis and on terms no less favourable to the Fund than could have been obtained had the dealing been effected with an independent third party.
- The Fund may affect the sale or purchase of investments through a broker who is associated with the AIFM or its Affiliates, provided that the amount of commission payable to such broker is not in excess of that which would have been payable had the sale or purchase been effected through a broker who is not so associated.
- Certain Directors of the Fund may also be involved in entities providing services to the Fund or to certain specific Sub-Funds of the Fund. However, all the Directors have fiduciary duties to the Fund and consequently have exercised and will exercise good faith and integrity in handling all the Fund’s affairs.
- Certain Directors and members of Investment Managers and Sub-Investment Managers may have a direct or indirect beneficial interest in the Shares or in the allocations which may be payable from time to time to the holders of Shares. | en | fr |
DOLFIN8644 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectif et politique du fonds
L’objectif du Fonds est de générer un revenu assorti de la possibilité de faire croître à long terme le montant que vous avez investi.
Le Fonds investit au moins deux tiers de ses actifs dans des obligations de qualité « investment grade » ou inférieure à « investment grade » (qui sont semblables à des prêts et versent un taux d’intérêt fixe ou variable) émises ou garanties par des sociétés et des États dans les marchés émergents. Les obligations de qualité inférieure à « investment grade » ont reçu des notations moins élevées de la part d’agences internationales qui les fournissent et sont considérées comme plus risquées que celles ayant une notation plus élevée, mais rapportent traditionnellement un plus haut niveau de revenus. Les investissements sur les marchés émergents sont généralement plus volatils et présentent un risque plus élevé que ceux effectués sur les marchés plus établis. Les investisseurs doivent tenir compte de ce risque supplémentaire lors de l’évaluation des avantages potentiels d’un investissement dans ce Fonds.
La duration moyenne des obligations dans lesquelles le Fonds investit sera de cinq ans ou moins. La duration concerne la réactivité d’une obligation à la variation des taux d’intérêt. Plus la duration d’une obligation est longue, plus la réactivité aux taux d’intérêt sera élevée.
Le Fonds investit directement dans ces actifs ou peut chercher à obtenir une exposition indirecte à ces actifs en utilisant des produits dérivés. Les produits dérivés sont des instruments d’investissement sophistiqués liés à la hausse et à la baisse de la valeur d’autres actifs. Le Fonds peut également avoir recours à des produits dérivés à des fins de couverture ou pour gérer plus efficacement le Fonds. Les produits dérivés peuvent créer un levier financier (exposition au marché supérieure à la valeur nette d’inventaire du Fonds).
Le Fonds peut investir jusqu’à 10 % de ses actifs en obligations négociées sur le China Interbank Bond Market via Bond Connect.
Le Fonds peut également investir dans des classes d’actifs et instruments qui diffèrent de ceux mentionnés ci-dessus.
Le Fonds est activement géré en fonction de l’indice J.P. Morgan EMBI Global 3-5 Years. L’indice est représentatif de l’ensemble des titres dans lesquels le Fonds investit et constitue un Indice de Référence approprié en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le gestionnaire de fonds a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice. | # Objetivo y política del fondo
El Fondo trata de proporcionar ingresos con el potencial de aumentar el importe invertido a largo plazo.
El Fondo invierte al menos dos tercios de sus activos en bonos con una calificación de grado de inversión o inferior (los cuales son similares a un préstamo y pagan un tipo de interés fijo o variable) emitidos o garantizados por empresas y gobiernos en los mercados emergentes. Los bonos con calificación de categoría especulativa (inferior a grado de inversión) han recibido calificaciones inferiores de las agencias internacionales que proporcionan dichas calificaciones y se considera que presentan un mayor riesgo que los bonos de mayor calificación, pero generalmente pagan ingresos más elevados. Las inversiones en mercados emergentes suelen ser más volátiles y presentan un mayor riesgo que las inversiones en mercados más consolidados. Los inversores deben tener en cuenta este riesgo adicional a la hora de evaluar los posibles beneficios de invertir en este Fondo.
La duración media de los bonos en los que invierte el Fondo será de cinco años o menos. La duración es la sensibilidad de un bono a un cambio en los tipos de interés. Cuanto más larga sea la duración de un bono, mayor será su sensibilidad a los tipos de interés.
El Fondo invierte directamente en estos activos o puede tratar de obtener exposición a ellos indirectamente mediante el uso de derivados. Los derivados son instrumentos de inversión sofisticados cuya evolución depende del incremento y el descenso en el valor de otros activos. Asimismo, el Fondo podrá usar derivados con fines de cobertura o para gestionar el Fondo de forma más eficiente. Los derivados pueden generar apalancamiento (exposición al mercado superior al valor liquidativo del Fondo).
El Fondo podrá invertir hasta un 10 % de sus activos en bonos negociados en el Mercado interbancario de bonos de China a través de Bond Connect.
Asimismo, el Fondo podrá invertir en clases de activos e instrumentos distintos a los mencionados anteriormente.
El Fondo se gestiona activamente en referencia al J.P. Morgan EMBI Global 3-5 Years Index. El índice es ampliamente representativo de los títulos en los que invierte el Fondo, y proporciona un objetivo de referencia adecuado con el que se medirá y evaluará el rendimiento del Fondo a lo largo del tiempo. El gestor del fondo está facultado para seleccionar inversiones con ponderaciones diferentes al índice, y que no estén en el índice, y el Fondo puede mostrar una divergencia significativa del mismo. | # Objectif et politique du fonds
L’objectif du Fonds est de générer un revenu assorti de la possibilité de faire croître à long terme le montant que vous avez investi.
Le Fonds investit au moins deux tiers de ses actifs dans des obligations de qualité « investment grade » ou inférieure à « investment grade » (qui sont semblables à des prêts et versent un taux d’intérêt fixe ou variable) émises ou garanties par des sociétés et des États dans les marchés émergents. Les obligations de qualité inférieure à « investment grade » ont reçu des notations moins élevées de la part d’agences internationales qui les fournissent et sont considérées comme plus risquées que celles ayant une notation plus élevée, mais rapportent traditionnellement un plus haut niveau de revenus. Les investissements sur les marchés émergents sont généralement plus volatils et présentent un risque plus élevé que ceux effectués sur les marchés plus établis. Les investisseurs doivent tenir compte de ce risque supplémentaire lors de l’évaluation des avantages potentiels d’un investissement dans ce Fonds.
La duration moyenne des obligations dans lesquelles le Fonds investit sera de cinq ans ou moins. La duration concerne la réactivité d’une obligation à la variation des taux d’intérêt. Plus la duration d’une obligation est longue, plus la réactivité aux taux d’intérêt sera élevée.
Le Fonds investit directement dans ces actifs ou peut chercher à obtenir une exposition indirecte à ces actifs en utilisant des produits dérivés. Les produits dérivés sont des instruments d’investissement sophistiqués liés à la hausse et à la baisse de la valeur d’autres actifs. Le Fonds peut également avoir recours à des produits dérivés à des fins de couverture ou pour gérer plus efficacement le Fonds. Les produits dérivés peuvent créer un levier financier (exposition au marché supérieure à la valeur nette d’inventaire du Fonds).
Le Fonds peut investir jusqu’à 10 % de ses actifs en obligations négociées sur le China Interbank Bond Market via Bond Connect.
Le Fonds peut également investir dans des classes d’actifs et instruments qui diffèrent de ceux mentionnés ci-dessus.
Le Fonds est activement géré en fonction de l’indice J.P. Morgan EMBI Global 3-5 Years. L’indice est représentatif de l’ensemble des titres dans lesquels le Fonds investit et constitue un Indice de Référence approprié en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le gestionnaire de fonds a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice. | fr | es |
DOLFIN8645 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past performance
Secondary market investors (those who buy or sell shares on a stock exchange) may be charged certain fees by their stock broker. These charges, if any, can be obtained from such stock broker. Authorised participants dealing directly with the fund will pay the transaction costs related to their subscriptions and redemptions.
The ongoing charges shown here are a cost estimate. It excludes portfolio transaction costs and performance fees, if any.
Additional information on costs can be found in the cost section(s) of the prospectus.
There is not yet sufficient data available to provide you with useful information regarding earlier performance.
The 2C share class of Xtrackers USD Corporate Green Bond UCITS ETF was launched in 2021. | # Rentabilidad histórica
A los inversores del mercado secundario (aquellos que compran o venden acciones en bolsa) se les podrá aplicar ciertas comisiones estipuladas por su bróker. Estos gastos, si los hay, pueden solicitarse a su bróker. Los participantes autorizados que negocien directamente con el fondo abonarán los costes de transacción relacionados con sus suscripciones y reembolsos.
La cifra que aquí se muestra en relación con los gastos corrientes constituye una estimación de dichos gastos. No incluye los costes de transacción de la cartera ni las comisiones de rendimiento, en caso de haberlas.
Puede encontrar más información acerca de los gastos en las secciones sobre costes del folleto de venta.
Los datos disponibles son insuficientes para proporcionarle una indicación de la rentabilidad histórica que resulte de utilidad.
La clase de acciones 2C de Xtrackers USD Corporate Green Bond UCITS ETF se constituyó en 2021. | # Past performance
Secondary market investors (those who buy or sell shares on a stock exchange) may be charged certain fees by their stock broker. These charges, if any, can be obtained from such stock broker. Authorised participants dealing directly with the fund will pay the transaction costs related to their subscriptions and redemptions.
The ongoing charges shown here are a cost estimate. It excludes portfolio transaction costs and performance fees, if any.
Additional information on costs can be found in the cost section(s) of the prospectus.
There is not yet sufficient data available to provide you with useful information regarding earlier performance.
The 2C share class of Xtrackers USD Corporate Green Bond UCITS ETF was launched in 2021. | en | es |
DOLFIN8646 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Information relating to OTC financial agreements:
Counterparties are leading credit institutions. They are selected and regularly assessed in accordance with the counterparty selection procedure, which is available upon request from the Management Company. These transactions are systematically covered by an agreement signed between the Fund and the counterparty that defines the procedures for reducing counterparty risk.
The counterparty or counterparties does/do not have any discretionary decision-making powers in respect of the composition or management of the Fund investment portfolio or the asset underlying the derivative.
- | # Informations relatives aux contrats financiers de gré à gré :
Les contreparties sont des établissements de crédit de premier rang. Elles sont sélectionnées et évaluées régulièrement conformément à la procédure de sélection des contreparties disponible sur simple demande auprès de la société de gestion. Ces opérations font systématiquement l’objet de la signature d’un contrat entre l’OPCVM et la contrepartie définissant les modalités de réduction du risque de contrepartie.
La ou les contreparties ne disposent pas d’un pouvoir de décision discrétionnaire sur la composition ou la gestion du portefeuille d’investissement de l’OPCVM ou sur l’actif sous-jacent de l’instrument dérivé.
- | # Information relating to OTC financial agreements:
Counterparties are leading credit institutions. They are selected and regularly assessed in accordance with the counterparty selection procedure, which is available upon request from the Management Company. These transactions are systematically covered by an agreement signed between the Fund and the counterparty that defines the procedures for reducing counterparty risk.
The counterparty or counterparties does/do not have any discretionary decision-making powers in respect of the composition or management of the Fund investment portfolio or the asset underlying the derivative.
- | en | fr |
DOLFIN8647 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| | Si vous encaissez votre argent après 1 an | Si vous encaissez votre argent après 3 an |
| --- | --- | --- |
| Total des frais | €416,13 | €636,21 |
| Impact sur les coûts annuels (*) | 4,16% | 2,07% | | | | Si liquida su inversión después de 1 año | Si liquida su inversión después de 3 año |
| --- | --- | --- |
| Coste total | €416,13 | €636,21 |
| Impacto del coste anual (*) | 4,16% | 2,07% | | | | Si vous encaissez votre argent après 1 an | Si vous encaissez votre argent après 3 an |
| --- | --- | --- |
| Total des frais | €416,13 | €636,21 |
| Impact sur les coûts annuels (*) | 4,16% | 2,07% | | fr | es |
DOLFIN8648 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| SECTOR | ALLOCATION | SELECTION | Total | | SECTOR | ALLOCATION | SELECTION | Total |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consumer Staples | 0.27% | 0.19% | 0.46% | | Financials | -0.92% | 5.64% | 4.72% |
| Health Care | 0.02% | 0.38% | 0.40% | | Information Technology | 1.27% | 3.06% | 4.34% |
| Communication Services | -0.03% | 0.43% | 0.40% | | Communication Services | 0.71% | 2.03% | 2.74% |
| Industrials | 0.22% | 0.15% | 0.37% | | Health Care | -0.25% | 2.99% | 2.74% |
| Consumer Discretionary | 0.09% | 0.15% | 0.24% | | Materials | 0.99% | 1.47% | 2.46% |
| Total | 0.74% | 1.50% | 2.24% | | Total | 2.41% | 12.77% | 15.19% |
| COUNTRY | ALLOCATION | SELECTION | Total | | COUNTRY | ALLOCATION | SELECTION | Total |
| Sweden | 0.10% | 0.45% | 0.55% | | Sweden | 1.53% | 2.04% | 3.57% |
| Netherlands | 0.00% | 0.44% | 0.44% | | Germany | 0.43% | 2.35% | 2.78% |
| United Kingdom | 0.02% | 0.40% | 0.42% | | United Kingdom | 1.87% | 0.84% | 2.70% |
| Switzerland | 0.12% | 0.28% | 0.40% | | Spain | 0.49% | 1.32% | 1.80% |
| Denmark | 0.00% | 0.18% | 0.17% | | Finland | 0.78% | 0.18% | 0.96% |
| Total | 0.44% | 1.80% | 2.24% | | Total | 4.57% | 10.62% | 15.19% | | | SEKTOREN | ALLOKATION | AUSWAHL | Gesamt | | SEKTOREN | ALLOKATION | AUSWAHL | Gesamt |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Basiskonsumgüter | 0.27% | 0.19% | 0.46% | | Finanzwesen | -0.92% | 5.64% | 4.72% |
| Gesundheitswesen | 0.02% | 0.38% | 0.40% | | IT | 1.27% | 3.06% | 4.34% |
| Kommunikationsdienste | -0.03% | 0.43% | 0.40% | | Kommunikationsdienste | 0.71% | 2.03% | 2.74% |
| Industrie | 0.22% | 0.15% | 0.37% | | Gesundheitswesen | -0.25% | 2.99% | 2.74% |
| Nicht-Basiskonsumgüter | 0.09% | 0.15% | 0.24% | | Roh- Hilfs- & Betriebsstoffe | 0.99% | 1.47% | 2.46% |
| Gesamt | 0.74% | 1.50% | 2.24% | | Gesamt | 2.41% | 12.77% | 15.19% |
| LÄNDERN | ALLOKATION | AUSWAHL | Gesamt | | LÄNDERN | ALLOKATION | AUSWAHL | Gesamt |
| Schweden | 0.10% | 0.45% | 0.55% | | Schweden | 1.53% | 2.04% | 3.57% |
| Niederlande | 0.00% | 0.44% | 0.44% | | Deutschland | 0.43% | 2.35% | 2.78% |
| Vereinigtes Königreich | 0.02% | 0.40% | 0.42% | | Vereinigtes Königreich | 1.87% | 0.84% | 2.70% |
| Schweiz | 0.12% | 0.28% | 0.40% | | Spanien | 0.49% | 1.32% | 1.80% |
| Dänemark | 0.00% | 0.18% | 0.17% | | Finnland | 0.78% | 0.18% | 0.96% |
| Gesamt | 0.44% | 1.80% | 2.24% | | Gesamt | 4.57% | 10.62% | 15.19% | | | SECTOR | ALLOCATION | SELECTION | Total | | SECTOR | ALLOCATION | SELECTION | Total |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consumer Staples | 0.27% | 0.19% | 0.46% | | Financials | -0.92% | 5.64% | 4.72% |
| Health Care | 0.02% | 0.38% | 0.40% | | Information Technology | 1.27% | 3.06% | 4.34% |
| Communication Services | -0.03% | 0.43% | 0.40% | | Communication Services | 0.71% | 2.03% | 2.74% |
| Industrials | 0.22% | 0.15% | 0.37% | | Health Care | -0.25% | 2.99% | 2.74% |
| Consumer Discretionary | 0.09% | 0.15% | 0.24% | | Materials | 0.99% | 1.47% | 2.46% |
| Total | 0.74% | 1.50% | 2.24% | | Total | 2.41% | 12.77% | 15.19% |
| COUNTRY | ALLOCATION | SELECTION | Total | | COUNTRY | ALLOCATION | SELECTION | Total |
| Sweden | 0.10% | 0.45% | 0.55% | | Sweden | 1.53% | 2.04% | 3.57% |
| Netherlands | 0.00% | 0.44% | 0.44% | | Germany | 0.43% | 2.35% | 2.78% |
| United Kingdom | 0.02% | 0.40% | 0.42% | | United Kingdom | 1.87% | 0.84% | 2.70% |
| Switzerland | 0.12% | 0.28% | 0.40% | | Spain | 0.49% | 1.32% | 1.80% |
| Denmark | 0.00% | 0.18% | 0.17% | | Finland | 0.78% | 0.18% | 0.96% |
| Total | 0.44% | 1.80% | 2.24% | | Total | 4.57% | 10.62% | 15.19% | | en | de |
DOLFIN8649 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: Refinitiv Global Focus Hedged (CHF) Convertible Bond Index, calculated with net coupons reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES A CHF H
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class CHF of the French Edmond de Rothschild GLOBAL CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class CHF of the Absorbed Sub-Fund. | ## Índice de referencia: Refinitiv Global Focus Hedged (CHF) Convertible Bond Index, calculado con cupones netos reinvertidos
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES A CHF H
Índice de referencia
A: El Subfondo y la Clase se crearon el 1 de febrero de 2016 tras la fusión por absorción de la Clase CHF del fondo francés Edmond de Rothschild GLOBAL CONVERTIBLES (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase CHF del Subfondo absorbido. | ## Benchmark: Refinitiv Global Focus Hedged (CHF) Convertible Bond Index, calculated with net coupons reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GLOBAL CONVERTIBLES A CHF H
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class CHF of the French Edmond de Rothschild GLOBAL CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class CHF of the Absorbed Sub-Fund. | en | es |
DOLFIN8650 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In order to limit significantly the overall counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral that will be deposited with the custodian and will not be reinvested.
All these instruments are used solely for hedging purposes. The UCITS will not use total return swaps.
- Securities with embedded derivatives:The UCITS may invest in financial instruments containing embedded derivatives, in order to expose it to international equity markets. The UCITS may purchase units in EMTNs (Euro Medium Term Notes) or index-linked bonds, warrants or certificates. | Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Tutti questi strumenti vengono utilizzati unicamente a fini di copertura. L'OICVM non utilizzerà Total Return Swap.
- Titoli che integrano derivati:L'OICVM potrà investire in strumenti finanziari contenenti derivati integrati, al fine di esporsi ai mercati azionari internazionali. L'OICVM potrà acquistare quote di EMTN (Euro Medium Term Note), obbligazioni indicizzate, warrant o certificati. | In order to limit significantly the overall counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral that will be deposited with the custodian and will not be reinvested.
All these instruments are used solely for hedging purposes. The UCITS will not use total return swaps.
- Securities with embedded derivatives:The UCITS may invest in financial instruments containing embedded derivatives, in order to expose it to international equity markets. The UCITS may purchase units in EMTNs (Euro Medium Term Notes) or index-linked bonds, warrants or certificates. | en | it |
DOLFIN8651 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Residence - Company
A company which has its central management and control in the Republic of Ireland (the "State") is resident in the State irrespective of where it is incorporated. A company which does not have its central management and control in the State but which is incorporated in the State is resident in the State except where:-
- the company or a related company carries on a trade in the State, and either the company is ultimately controlled by persons resident in EU Member States or, in countries with which the Republic of Ireland has a double taxation treaty, or the company or a related company are quoted companies on a recognised Stock Exchange in the EU or in a tax treaty country, provided that, in each case, the company is not centrally managed and controlled in a jurisdiction which does not apply a residency test based on central management and control; or
- the company is regarded as not resident in the State under a double taxation treaty between the Republic of Ireland and another country. | ## Résidence - Société
Une société dont la gestion et le contrôle central sont domiciliés en Irlande (l’« État ») est résidente de l’état, peu importe où la Société est immatriculée. Une société dont la gestion et le contrôle central ne sont pas immatriculée en Irlande, mais qui est immatriculée dans l'état, est réputée résidente de l'état, sauf lorsque :
- la société ou une société apparentée poursuivent une activité commerciale dans l’état, et la société est contrôlée de manière ultime par des résidents des états membres de l’Union européenne ou, dans les pays avec lesquels la République d’Irlande a conclu un traité de double imposition, ou la société ou une société liée sont cotées sur une Bourse de valeurs reconnue en Union européenne ou dans un pays lié par un traité de double imposition, sous réserve dans chaque cas que la société ne soit pas gérée et contrôlée dans une juridiction qui n’applique pas de test de résidence en fonction de la direction ou du contrôle central ; ou
- la société n’est pas considérée comme résidente dans l’état au titre d’un traité de double imposition entre la République d’Irlande et un autre pays. | ## Residence - Company
A company which has its central management and control in the Republic of Ireland (the "State") is resident in the State irrespective of where it is incorporated. A company which does not have its central management and control in the State but which is incorporated in the State is resident in the State except where:-
- the company or a related company carries on a trade in the State, and either the company is ultimately controlled by persons resident in EU Member States or, in countries with which the Republic of Ireland has a double taxation treaty, or the company or a related company are quoted companies on a recognised Stock Exchange in the EU or in a tax treaty country, provided that, in each case, the company is not centrally managed and controlled in a jurisdiction which does not apply a residency test based on central management and control; or
- the company is regarded as not resident in the State under a double taxation treaty between the Republic of Ireland and another country. | en | fr |
DOLFIN8652 | 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 provide investors with a total return, taking into account both capital and income returns, which reflects, before fees and expenses, the return of the Fidelity Electric Vehicles and Future Transportation ESG (the ‘‘Index’’).
- The Index is designed to reflect the performance of a global universe of companies engaged in the production of electric and/or autonomous vehicles and their components, technology, or energy systems or engaged in other initiatives that aim to change the future of transportation (the ‘‘Index Theme’’).
- The Index Theme comprises two sub-themes: (a) future transportation technologies, which covers activities such as manufacturing of electric vehicle, lithium batteries, electric vehicles charging stations or ride sharing apps; and (b) future transportation enablers, which covers activities such as power devices, application processors or electronic circuits semi-conductor company or supporting components and software manufacturing such as sensors, GPS, or autonomous software/electronics. The Index comprises equity securities of the relevant companies. For more information on the Index, please refer to the publicly available index methodology at https://moorgatebenchmarks.com
- To be eligible to be included in the Index, stocks must pass a screen particular to the Index Theme, meeting certain theme-specific criteria.
- The Index also applies environmental, social and governance (‘‘ESG’’) screens and integrates ESG rating in the index construction as part of its methodology so that a minimum of 50% of its constituents are deemed to maintain sustainable characteristics. The Index also applies an ESG controversies screen to exclude certain issuers based on data rating controversies depending on their impact on the environment and society as well as the risks to the issuer’s business. The fund promotes environmental and social characteristics pursuant to Article 8 of the SFDR
- The investment policy of the fund is to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the fund’s performance and that of the Index.
- The fund will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index.
- The securities in which the fund invests will be primarily listed or traded on recognised markets globally in accordance with the limits set out in the UCITS Regulations.
- The fund may use derivatives for efficient portfolio management and for currency hedging purposes.
- The fund uses a benchmark ‘‘index tracking’’ (also known as ‘‘passive’’) investment management approach by tracking the Index.
- Income will be retained in the share class to grow the value of your investment.
- You can buy and sell shares in the fund on any day the banks in London are open. | # Objetivos y política de inversión
- El Subfondo tiene como objetivo proporcionar a los inversores un rendimiento total, teniendo en cuenta los rendimientos de capital e ingresos, que refleje, antes de comisiones y gastos, el rendimiento del Fidelity Electric Vehicles and Future Transportation ESG Index NR (el«Índice»).
- El Índice está diseñado para reflejar la rentabilidad de un universo global de empresas implicadas en la fabricación de vehículos eléctricos o autónomos y sus piezas, tecnologías o sistemas energéticos, o bien, implicadas en otras iniciativas encaminadas a cambiar el futuro del transporte (el «Tema del Índice»).
- El Tema del Índice comprende dos subtemas: a) las tecnologías del transporte del futuro, que abarcan actividades como la fabricación de vehículos eléctricos, baterías de litio, estaciones de carga de vehículos eléctricos o aplicaciones de viajes compartidos; y b) futuros capacitadores del transporte, que cubre actividades tales como fabricación de dispositivos de energía, procesadores de aplicaciones o semiconductores de circuitos electrónicos o componentes de apoyo y fabricación de software como sensores, GPS o software / electrónica de movilidad autónoma. El Índice incluye valores de renta variable de las empresas correspondientes. Para saber más sobre el Índice, consulte la información sobre su metodología, disponible en abierto en https://moorgatebenchmarks.com.
- Para poder ser incluidos en el Índice, los valores deben superar el filtrado particular del Tema del Índice, y cumplir determinados criterios concretos del tema.
- El Índice también aplica filtros ambientales, sociales y de gobernanza («ESG») e integra la calificación ESG en la construcción del índice como parte de su metodología, de modo que se considera que al menos el 50% de sus componentes mantiene características sostenibles. El Índice también aplica un filtro de controversias ESG para excluir a ciertos emisores en función de los datos de calificación de controversias en función de su impacto en el medio ambiente y la sociedad, así como de los riesgos para la actividad del emisor. El Subfondo promueve las características medioambientales y sociales que exige el Artículo 8 del SFDR.
- La política de inversión de este Subfondo trata de seguir la evolución del Índice lo más de cerca posible, independientemente de si su nivel sube o baja, a la vez que intenta minimizar lo máximo posible el error de seguimiento entre la rentabilidad del Subfondo y la del Índice.
- El Subfondo intentará replicar el Índice manteniendo posiciones en todos sus valores en proporciones similares a su ponderación en el mismo.
- Los valores en los que invierte el Subfondo cotizarán o se negociarán fundamentalmente en mercados reconocidos de todo el mundo, de conformidad con las limitaciones establecidas en los Reglamentos sobre OICVM.
- El Subfondo puede usar derivados para lograr una gestión eficiente de la cartera y con fines de cobertura cambiaria.
- El Subfondo utiliza un enfoque de inversión basado en la replicación de un índice de referencia (también conocido como «gestión pasiva») en virtud del cual trata de replicar el Índice.
- Los ingresos se retendrán en la clase de acción para incrementar el valor de su inversión.
- Puede comprar y vender Acciones del Subfondo cualquier día de apertura de los bancos en Londres. | # Objectives and Investment Policy
- The fund aims to provide investors with a total return, taking into account both capital and income returns, which reflects, before fees and expenses, the return of the Fidelity Electric Vehicles and Future Transportation ESG (the ‘‘Index’’).
- The Index is designed to reflect the performance of a global universe of companies engaged in the production of electric and/or autonomous vehicles and their components, technology, or energy systems or engaged in other initiatives that aim to change the future of transportation (the ‘‘Index Theme’’).
- The Index Theme comprises two sub-themes: (a) future transportation technologies, which covers activities such as manufacturing of electric vehicle, lithium batteries, electric vehicles charging stations or ride sharing apps; and (b) future transportation enablers, which covers activities such as power devices, application processors or electronic circuits semi-conductor company or supporting components and software manufacturing such as sensors, GPS, or autonomous software/electronics. The Index comprises equity securities of the relevant companies. For more information on the Index, please refer to the publicly available index methodology at https://moorgatebenchmarks.com
- To be eligible to be included in the Index, stocks must pass a screen particular to the Index Theme, meeting certain theme-specific criteria.
- The Index also applies environmental, social and governance (‘‘ESG’’) screens and integrates ESG rating in the index construction as part of its methodology so that a minimum of 50% of its constituents are deemed to maintain sustainable characteristics. The Index also applies an ESG controversies screen to exclude certain issuers based on data rating controversies depending on their impact on the environment and society as well as the risks to the issuer’s business. The fund promotes environmental and social characteristics pursuant to Article 8 of the SFDR
- The investment policy of the fund is to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the fund’s performance and that of the Index.
- The fund will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index.
- The securities in which the fund invests will be primarily listed or traded on recognised markets globally in accordance with the limits set out in the UCITS Regulations.
- The fund may use derivatives for efficient portfolio management and for currency hedging purposes.
- The fund uses a benchmark ‘‘index tracking’’ (also known as ‘‘passive’’) investment management approach by tracking the Index.
- Income will be retained in the share class to grow the value of your investment.
- You can buy and sell shares in the fund on any day the banks in London are open. | en | es |
DOLFIN8653 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended minimum holding period: 3 years Investment 10 000 EUR |
| --- |
| Survival Scenarios Minimum: | 1 year | 3 years (recommended holding period) |
| Stress scenario | What might you get back after costs | 8 010 EUR | 8 430 EUR |
| | Average return each year | - 19.89 % | - 5.55 % |
| Unfavourable scenario | What might you get back after costs | 8 820 EUR | 8 430 EUR |
| | Average return each year | - 11.76% | - 5.55% |
| Moderate scenario | What might you get back after costs | 10 040 EUR | 10 370 EUR |
| | Average return each year | 0.4% | 1.21% |
| Favourable scenario | What might you get back after costs | 11 170 EUR | 11 400 EUR |
| | Average return each year | 11.71% | 4.47% | | | Período de mantenimiento mínimo recomendado: 3 años Inversión 10 000 EUR |
| --- |
| Escenarios en caso de supervivencia Mínimo: | 1 año | 3 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que puede recibir una vez deducidos los costes | 8 010 EUR | 8 430 EUR |
| | Rendimiento medio cada año | - 19,89 % | - 5,55 % |
| Escenario desfavorable | Lo que puede recibir una vez deducidos los costes | 8 820 EUR | 8 430 EUR |
| | Rendimiento medio cada año | - 11,76% | - 5,55% |
| Escenario moderado | Lo que puede recibir una vez deducidos los costes | 10 040 EUR | 10 370 EUR |
| | Rendimiento medio cada año | 0,4% | 1,21% |
| Escenario favorable | Lo que puede recibir una vez deducidos los costes | 11 170 EUR | 11 400 EUR |
| | Rendimiento medio cada año | 11,71% | 4,47% | | | Recommended minimum holding period: 3 years Investment 10 000 EUR |
| --- |
| Survival Scenarios Minimum: | 1 year | 3 years (recommended holding period) |
| Stress scenario | What might you get back after costs | 8 010 EUR | 8 430 EUR |
| | Average return each year | - 19.89 % | - 5.55 % |
| Unfavourable scenario | What might you get back after costs | 8 820 EUR | 8 430 EUR |
| | Average return each year | - 11.76% | - 5.55% |
| Moderate scenario | What might you get back after costs | 10 040 EUR | 10 370 EUR |
| | Average return each year | 0.4% | 1.21% |
| Favourable scenario | What might you get back after costs | 11 170 EUR | 11 400 EUR |
| | Average return each year | 11.71% | 4.47% | | en | es |
DOLFIN8654 | Translate the following text in en into es. 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
| 1 2 3 4 | 5 | 6 7 |
| --- | --- | --- |
| Lower risk Higher risk The risk indicator assumes you keep the product for 5 years. ! |
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level, and very poor market conditions will likely impact the capacity to pay you.
### The following is applicable if you subscribe for or settle shares in a different currency than the fund or share-class currency: Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
The following risks could be of particular significance for the fund: Derivatives risk, Conflicts of interest risk, Currency Hedging risk, Shares risk, Exceptional circumstances risk, Disruption/Adjustment events risk, Rules based index risk, Region Concentration risk. A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus and supplement. You may lose some or all of your investment. Your risk is limited to the amount invested. This product does not include any protection from future market performance so you could lose some or all of your investment.
## Performance Scenarios
What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate and favourable scenarios shown are illustrations using the worst, average and best performance of the product and a suitable benchmark over the last 10.00 years. Markets could develop very differently in the future.
| Recommended holding period: Example Investment: | 5 years 10,000 EUR |
| --- | --- |
| | If you exit after 1 year | If you exit after 5 years |
| Scenarios |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs Average return each year | 750 EUR -92.5 % | 3,010 EUR -21.4 % |
| Unfavourable | What you might get back after costs Average return each year | 7,760 EUR -22.4 % | 7,760 EUR -4.9 % |
| Moderate | What you might get back after costs Average return each year | 11,310 EUR 13.1 % | 16,790 EUR 10.9 % |
| Favourable | What you might get back after costs Average return each year | 15,690 EUR 56.9 % | 21,960 EUR 17.0 % |
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. The stress scenario shows what you might get back in extreme market circumstances. For the recommended holding period: This type of scenario (Favourable, Moderate, Unfavourable) occured for an investment with reference to MSCI USA TR Net between (Favourable: 31.10.2016-29.10.2021, Moderate: 31.05.2017-31.05.2022, Unfavourable: 31.12.2021-31.12.2022). | # ¿Qué riesgos corro y qué podría obtener a cambio?
## Indicador de riesgo
| 1 2 3 4 | 5 | 6 7 |
| --- | --- | --- |
| Menor riesgo Mayor riesgo El indicador de riesgo presupone que usted mantendrá el producto durante 5 años. ! |
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle. Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta, y es probable que unas condiciones del mercado muy desfavorables afecten a la capacidad de efectuar los pagos que se le deban.
### En caso de que suscriba o liquide acciones en una moneda diferente de la que corresponde al fondo o la clase de acciones, será de aplicación lo siguiente: Tenga presente el riesgo de cambio. Usted recibirá los pagos en una moneda diferente, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Riesgo de derivados, Riesgo de conflictos de interés, Riesgo de cobertura cambiaria, Riesgo de acciones, Riesgo de circunstancias excepcionales, Riesgo de sucesos disruptivos o de ajuste, Riesgo de índice basado en reglas, Riesgo de concentración regional. Puede encontrar una descripción detallada de los riesgos y otra información general en la sección sobre riesgos del folleto de venta y el suplemento. Puede perder parte o la totalidad de su inversión. El riesgo que asume se limita a la cantidad invertida. Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión. Si no se puede podemos pagarle lo que se le debe, podría perder toda su inversión.
## Escenarios de rentabilidad
Lo que obtenga de este producto dependerá de la evolución futura del mercado, la cual es incierta y no puede predecirse con exactitud. Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto y de un valor de referencia adecuado durante los últimos 10,00 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
| Período de mantenimiento recomendado: Ejemplo de inversión: | 5 años 10.000 EUR |
| --- | --- |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 750 EUR -92,5 % | 3.010 EUR -21,4 % |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.760 EUR -22,4 % | 7.760 EUR -4,9 % |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.310 EUR 13,1 % | 16.790 EUR 10,9 % |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 15.690 EUR 56,9 % | 21.960 EUR 17,0 % |
Las cifras presentadas incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba. El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados. Período de mantenimiento recomendado: Este tipo de escenario (Favorable, Moderado, Desfavorable) se produjo para una inversión MSCI USA TR Net entre (Favorable: 31.10.2016-29.10.2021, Moderado: 31.05.2017-31.05.2022, Desfavorable: 31.12.2021-31.12.2022). | # What are the risks and what could I get in return?
## Risk Indicator
| 1 2 3 4 | 5 | 6 7 |
| --- | --- | --- |
| Lower risk Higher risk The risk indicator assumes you keep the product for 5 years. ! |
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level, and very poor market conditions will likely impact the capacity to pay you.
### The following is applicable if you subscribe for or settle shares in a different currency than the fund or share-class currency: Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
The following risks could be of particular significance for the fund: Derivatives risk, Conflicts of interest risk, Currency Hedging risk, Shares risk, Exceptional circumstances risk, Disruption/Adjustment events risk, Rules based index risk, Region Concentration risk. A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus and supplement. You may lose some or all of your investment. Your risk is limited to the amount invested. This product does not include any protection from future market performance so you could lose some or all of your investment.
## Performance Scenarios
What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate and favourable scenarios shown are illustrations using the worst, average and best performance of the product and a suitable benchmark over the last 10.00 years. Markets could develop very differently in the future.
| Recommended holding period: Example Investment: | 5 years 10,000 EUR |
| --- | --- |
| | If you exit after 1 year | If you exit after 5 years |
| Scenarios |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs Average return each year | 750 EUR -92.5 % | 3,010 EUR -21.4 % |
| Unfavourable | What you might get back after costs Average return each year | 7,760 EUR -22.4 % | 7,760 EUR -4.9 % |
| Moderate | What you might get back after costs Average return each year | 11,310 EUR 13.1 % | 16,790 EUR 10.9 % |
| Favourable | What you might get back after costs Average return each year | 15,690 EUR 56.9 % | 21,960 EUR 17.0 % |
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. The stress scenario shows what you might get back in extreme market circumstances. For the recommended holding period: This type of scenario (Favourable, Moderate, Unfavourable) occured for an investment with reference to MSCI USA TR Net between (Favourable: 31.10.2016-29.10.2021, Moderate: 31.05.2017-31.05.2022, Unfavourable: 31.12.2021-31.12.2022). | en | es |
DOLFIN8655 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/04/2015-30/04/2020.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,524
5.2%
USD 12,591
4.7% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 30/04/2015-30/04/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 524 USD
5,2%
12 591 USD
4,7% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/04/2015-30/04/2020.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,524
5.2%
USD 12,591
4.7% | en | es |
DOLFIN8656 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Article 22 – Custodian
The custodian is appointed by the Board of Directors.
The custodian undertakes the duties incumbent upon it pursuant to the laws and regulations in force, as well as those that are contractually entrusted to it by the SICAV. In particular, it must ensure that the decisions taken by the SICAV and its delegated financial, administrative and accounting manager(s) are lawful. Where applicable, it must take all protective measures it deems necessary. It informs the Autorité des marchés financiers of any disputes between the SICAV and its delegated financial, administrative and accounting manager(s).
If the SICAV is a feeder SICAV, or has one or more feeder sub-fund(s), the custodian will have entered into an agreement to exchange information with the custodian of the master UCITS (or, if it is also acting as the custodian for the master UCITS, it will have established appropriate specifications). | ## Article 22 – Dépositaire
Le dépositaire est désigné par le Conseil d’Administration.
Le dépositaire assure les missions qui lui incombent en application des lois et règlements en vigueur ainsi que celles qui lui ont été contractuellement confiées par la SICAV. Il doit notamment s'assurer de la régularité des décisions de la SICAV ou du délégataire de la gestion financière, administrative et comptable de la SICAV. Il doit, le cas échéant, prendre toutes mesures conservatoires qu’il juge utiles. En cas de litige avec la SICAV ou le délégataire de la gestion financière, administrative et comptable de la SICAV, il en informe l’Autorité des marchés financiers.
Si la SICAV est une SICAV nourricière, ou comporte un ou plusieurs compartiment(s) nourricier(s), le dépositaire a conclu une convention d’échange d’information avec le dépositaire de l’OPCVM maître ou, le cas échéant, quand il est également dépositaire de l’OPCVM maître, il a établi un cahier des charges adapté. | ## Article 22 – Custodian
The custodian is appointed by the Board of Directors.
The custodian undertakes the duties incumbent upon it pursuant to the laws and regulations in force, as well as those that are contractually entrusted to it by the SICAV. In particular, it must ensure that the decisions taken by the SICAV and its delegated financial, administrative and accounting manager(s) are lawful. Where applicable, it must take all protective measures it deems necessary. It informs the Autorité des marchés financiers of any disputes between the SICAV and its delegated financial, administrative and accounting manager(s).
If the SICAV is a feeder SICAV, or has one or more feeder sub-fund(s), the custodian will have entered into an agreement to exchange information with the custodian of the master UCITS (or, if it is also acting as the custodian for the master UCITS, it will have established appropriate specifications). | en | fr |
DOLFIN8657 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 8 ans Exemple d'investissement: €10000 Si vous sortez après 1 Si vous sortez après 8 an ans Scénarios |
| --- |
| Minimum | Il n'existe aucune garantie de rendement si vous vendez votre placement avant une durée de 8 an(s). Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €790 | €230 |
| Rendement annuel moyen | -92.1% | -37.5% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €2130 | €1880 |
| Rendement annuel moyen | -78.7% | -18.9% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10070 | €15400 |
| Rendement annuel moyen | 0.7% | 5.5% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €30120 | €62590 |
| Rendement annuel moyen | 201.2% | 25.8% | | | Periodo de mantenimiento recomendado: 8 años Ejemplo de inversión: €10000 En caso de salida En caso de salida después de 1 año después de 8 años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida dentro de un período de 8 año(s). Puede perder la totalidad o parte de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €790 | €230 |
| Rendimiento medio cada año | -92.1% | -37.5% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €2130 | €1880 |
| Rendimiento medio cada año | -78.7% | -18.9% |
| Moderado | Lo que podría recibir tras deducir los costes | €10070 | €15400 |
| Rendimiento medio cada año | 0.7% | 5.5% |
| Favorable | Lo que podría recibir tras deducir los costes | €30120 | €62590 |
| Rendimiento medio cada año | 201.2% | 25.8% | | | Période de détention recommandée: 8 ans Exemple d'investissement: €10000 Si vous sortez après 1 Si vous sortez après 8 an ans Scénarios |
| --- |
| Minimum | Il n'existe aucune garantie de rendement si vous vendez votre placement avant une durée de 8 an(s). Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €790 | €230 |
| Rendement annuel moyen | -92.1% | -37.5% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €2130 | €1880 |
| Rendement annuel moyen | -78.7% | -18.9% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10070 | €15400 |
| Rendement annuel moyen | 0.7% | 5.5% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €30120 | €62590 |
| Rendement annuel moyen | 201.2% | 25.8% | | fr | es |
DOLFIN8658 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | Up to 500 EUR |
| Exit costs | There is no exit fee for this product, but the person selling you the product may charge such fee. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 2.15% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 215 EUR |
| Transaction costs | 0.26% 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. | 26 EUR |
| Incidental costs taken under specific conditions |
| Performance fees (*) | There is no performance fee for this product. | 0 EUR | | | Costi una tantum di ingresso o di uscita In caso di uscita dopo 1 anno |
| --- |
| Costi di ingresso | 5.00% dell'importo pagato al momento della sottoscrizione. | Fino a 500 EUR |
| Costi di uscita | Questo prodotto non prevede una commissione di uscita ma la persona che vende il prodotto potrebbe addebitare una commissione. | 0 EUR |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 2.15% del valore dell'investimento annuo. Si tratta di una stima basata su costi effettivi nell'arco dell'ultimo anno. | 215 EUR |
| Costi di transazione | 0.26% del valore dell'investimento annuo. Si tratta di una stima dei costi sostenuti al momento dell'acquisto e della vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varia a seconda dei volumi acquistati e venduti. | 26 EUR |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance (*) | Questo prodotto non prevede una commissione legata al rendimento. | 0 EUR | | | 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 | There is no exit fee for this product, but the person selling you the product may charge such fee. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 2.15% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 215 EUR |
| Transaction costs | 0.26% 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. | 26 EUR |
| Incidental costs taken under specific conditions |
| Performance fees (*) | There is no performance fee for this product. | 0 EUR | | en | it |
DOLFIN8659 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Les actions du Portefeuille peuvent être rachetées quotidiennement (chaque jour ouvrable) sur demande.
Le Portefeuille est géré activement et fait référence à ICE BofA Asian Dollar High Yield Corporate Sector & Issuer Constrained Index (Total Return Gross) (GBP-Hedged) (l'« Indice de référence ») afin de fixer des seuils de risque internes discrétionnaires et/ou des seuils de risque externes qui peuvent comporter des écarts par rapport à l'Indice de référence.
Le Conseiller en investissement a toute latitude quant à la composition des actifs du Portefeuille. Bien que le Portefeuille détienne généralement des actifs qui sont des composants de l'Indice de référence, il peut investir dans ces composants dans des proportions différentes. Le Portefeuille peut également détenir des actifs autres que ceux qui composent l'Indice de référence. Par conséquent, les rendements peuvent être sensiblement différents de la performance de l'Indice de référence spécifié.
Les revenus sont distribués mensuellement. La Catégorie d'Actions vise à distribuer un niveau stable de revenu net de commissions de gestion et, par conséquent, les frais courants sont effectivement déduits du capital. Il est porté à votre attention que cela peut entraîner une érosion du capital et peut réduire la croissance future du capital. Les investisseurs doivent être conscients que, lorsque des frais courants sont déduits du capital, cela peut avoir des implications fiscales pour un investisseur dont le revenu et les gains en capital sont soumis à un traitement et à des taux d'imposition personnel différents. Par conséquent, les investisseurs devraient consulter leur conseiller fiscal avant d'investir dans ces catégories. En outre, étant donné que le niveau de distribution stable est basé sur le revenu brut prévu, il existe un risque que ce niveau soit supérieur au revenu brut réel pour la période, ce qui peut entraîner une distribution supplémentaire du capital et une réduction de la croissance future du capital. | ### Las acciones de la Cartera podrán reembolsarse diariamente (cada Día hábil), a petición del interesado.
La Cartera se gestiona de forma activa y utiliza como referencia el ICE BofA Asian Dollar High Yield Corporate Sector & Issuer Constrained Index (Total Return Gross) (GBP-Hedged) (el “Índice de referencia”) a fin de establecer umbrales de riesgo interno discrecional que puedan servir de referencia para comprobar desviaciones con respecto al Índice de referencia.
El asesor de inversiones dispondrá de plena libertad para determinar la composición de los activos de la Cartera. Si bien la Cartera invertirá generalmente en activos que sean componentes del Índice de referencia, puede invertir en dichos componentes o tener exposiciones en diferentes proporciones. También puede mantener activos que no sean componentes del Índice de referencia. Por lo tanto, puede que la rentabilidad difieran sustancialmente de la lograda por el índice de referencia especificado.
Los ingresos se distribuyen mensualmente. La Clase de acciones trata de repartir un nivel estable de ingresos brutos de comisiones de gestión y gastos de operación y, por consiguiente, los gastos corrientes se deducirán efectivamente del capital. Debe tener en cuenta que esto podría provocar una erosión del capital y reducir el futuro crecimiento del mismo. Los inversores deben saber que, cuando los gastos corrientes se deducen del capital, esto podría tener consecuencias fiscales para el inversor en el caso de que los ingresos y las plusvalías generadas reciban un tratamiento distinto y se apliquen distintos tipos impositivos. Por lo tanto, se recomienda a los inversores que consulten a sus propios asesores fiscales antes de invertir en dichas clases. Además, dado que el nivel de distribución estable se basa en los ingresos brutos previstos, existe el riesgo de que estos sean superiores a los ingresos brutos reales del período, lo que podría dar lugar a una distribución adicional del capital y a una reducción de su futuro crecimiento. | ### Les actions du Portefeuille peuvent être rachetées quotidiennement (chaque jour ouvrable) sur demande.
Le Portefeuille est géré activement et fait référence à ICE BofA Asian Dollar High Yield Corporate Sector & Issuer Constrained Index (Total Return Gross) (GBP-Hedged) (l'« Indice de référence ») afin de fixer des seuils de risque internes discrétionnaires et/ou des seuils de risque externes qui peuvent comporter des écarts par rapport à l'Indice de référence.
Le Conseiller en investissement a toute latitude quant à la composition des actifs du Portefeuille. Bien que le Portefeuille détienne généralement des actifs qui sont des composants de l'Indice de référence, il peut investir dans ces composants dans des proportions différentes. Le Portefeuille peut également détenir des actifs autres que ceux qui composent l'Indice de référence. Par conséquent, les rendements peuvent être sensiblement différents de la performance de l'Indice de référence spécifié.
Les revenus sont distribués mensuellement. La Catégorie d'Actions vise à distribuer un niveau stable de revenu net de commissions de gestion et, par conséquent, les frais courants sont effectivement déduits du capital. Il est porté à votre attention que cela peut entraîner une érosion du capital et peut réduire la croissance future du capital. Les investisseurs doivent être conscients que, lorsque des frais courants sont déduits du capital, cela peut avoir des implications fiscales pour un investisseur dont le revenu et les gains en capital sont soumis à un traitement et à des taux d'imposition personnel différents. Par conséquent, les investisseurs devraient consulter leur conseiller fiscal avant d'investir dans ces catégories. En outre, étant donné que le niveau de distribution stable est basé sur le revenu brut prévu, il existe un risque que ce niveau soit supérieur au revenu brut réel pour la période, ce qui peut entraîner une distribution supplémentaire du capital et une réduction de la croissance future du capital. | fr | es |
DOLFIN8660 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 08/10/2003 and the unit in 2016.
Past performance has been calculated in EUR and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | Se muestra la rentabilidad histórica tras deducir los gastos corrientes. Las comisiones de entrada/salida están excluidas del cálculo.
El Subfondo se lanzó el 08/10/2003 y la participación en 2016.
La rentabilidad pasada ha sido calculada en EUR y se expresa como una variación porcentual del valor liquidativo del Subfondo al cierre de cada año. | Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 08/10/2003 and the unit in 2016.
Past performance has been calculated in EUR and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | en | es |
DOLFIN8661 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Cette restriction n’empêchera pas le Fonds (i) d’acheter des valeurs mobilières, des instruments monétaires ou autres instruments financiers mentionnés aux alinéas I. c), e) et f) qui ne sont pas intégralement payés et (ii) d’effectuer des activités de prêt de titres autorisées, opérations qui, dans un cas comme dans l’autre, ne seront pas réputées constituer l’octroi d’un prêt.
- Le Fonds ne peut effectuer de ventes à découvert de valeurs mobilières, instruments monétaires ou autres instruments financiers.
- Le Fonds ne peut acheter de biens mobiliers ou immobiliers.
- Le Fonds ne peut acheter de métaux précieux ou de certificats les représentant.
- a) Le Fonds n’est pas tenu de respecter les limites de la présente rubrique lors de l’exercice de droits de souscription attachés à des valeurs mobilières ou des instruments monétaires qui font partie de ses actifs. Tout en garantissant le principe de la répartition des risques, les Compartiments récemment créés peuvent déroger aux paragraphes III., IV. et VI. a), b) et c) pendant une période de six mois suivant leur date de création.
- Si les limites du paragraphe a) sont dépassées pour des raisons hors du contrôle du Fonds ou en conséquence de l’exercice de droits de souscription, le Fonds doit adopter comme objectif prioritaire pour ses opérations de vente de remédier à cette situation en tenant compte des intérêts de ses Actionnaires.
- Dans la mesure où un émetteur est une entité morale à compartiments multiples et que les actifs d’un compartiment sont exclusivement réservés aux investisseurs du compartiment et aux créanciers dont la demande est liée à la création, le fonctionnement ou la liquidation de ce compartiment, chaque compartiment doit être considéré comme un émetteur distinct aux fins de l’application des règles de répartition des risques présentées aux paragraphes III., IV. et VI. | Este límite no impedirá que el Fondo (i) adquiera Valores Mobiliarios, Instrumentos del Mercado Monetario u otros instrumentos financieros citados en I. c), e) y f) que no estén totalmente desembolsados, y (ii) lleve a cabo actividades de préstamo de títulos permitidas, ninguna de las cuales se considerará el otorgamiento de un préstamo.
- El Fondo no puede celebrar ventas en descubierto de Valores Mobiliarios, Instrumentos del Mercado Monetario u otros instrumentos financieros.
- El Fondo no puede adquirir bienes muebles o inmuebles.
- El Fondo no puede comprar metales preciosos ni certificados que los representen.
- a) No es necesario que el Fondo cumpla con los límites estipulados en esta sección al ejercer derechos de suscripción vinculados a Valores Mobiliarios o Instrumentos del Mercado Monetario que formen parte de sus activos. Siempre que respeten el principio de diversificación del riesgo, los Subfondos creados recientemente pueden apartarse de los párrafos III., IV. y VI. a), b) y c) durante un periodo de seis meses a partir de la fecha de su creación.
- Si se superan los límites indicados en el párrafo a) por motivos que escapan al control del Fondo o como resultado del ejercicio de los derechos de suscripción, el Fondo debe adoptar como objetivo prioritario para sus operaciones de venta la solución de tal situación, teniendo en cuenta los intereses de los accionistas.
- En la medida en que un emisor sea una entidad jurídica con múltiples compartimentos en los que los activos del compartimento estén reservados exclusivamente a los inversores en dicho compartimento y a los acreedores cuyos derechos hayan surgido en relación con la creación, la gestión o la liquidación de este, cada compartimento se considerará un emisor independiente a efectos de la aplicación de las normas de diversificación del riesgo descritas en los párrafos III., IV. y VI. | Cette restriction n’empêchera pas le Fonds (i) d’acheter des valeurs mobilières, des instruments monétaires ou autres instruments financiers mentionnés aux alinéas I. c), e) et f) qui ne sont pas intégralement payés et (ii) d’effectuer des activités de prêt de titres autorisées, opérations qui, dans un cas comme dans l’autre, ne seront pas réputées constituer l’octroi d’un prêt.
- Le Fonds ne peut effectuer de ventes à découvert de valeurs mobilières, instruments monétaires ou autres instruments financiers.
- Le Fonds ne peut acheter de biens mobiliers ou immobiliers.
- Le Fonds ne peut acheter de métaux précieux ou de certificats les représentant.
- a) Le Fonds n’est pas tenu de respecter les limites de la présente rubrique lors de l’exercice de droits de souscription attachés à des valeurs mobilières ou des instruments monétaires qui font partie de ses actifs. Tout en garantissant le principe de la répartition des risques, les Compartiments récemment créés peuvent déroger aux paragraphes III., IV. et VI. a), b) et c) pendant une période de six mois suivant leur date de création.
- Si les limites du paragraphe a) sont dépassées pour des raisons hors du contrôle du Fonds ou en conséquence de l’exercice de droits de souscription, le Fonds doit adopter comme objectif prioritaire pour ses opérations de vente de remédier à cette situation en tenant compte des intérêts de ses Actionnaires.
- Dans la mesure où un émetteur est une entité morale à compartiments multiples et que les actifs d’un compartiment sont exclusivement réservés aux investisseurs du compartiment et aux créanciers dont la demande est liée à la création, le fonctionnement ou la liquidation de ce compartiment, chaque compartiment doit être considéré comme un émetteur distinct aux fins de l’application des règles de répartition des risques présentées aux paragraphes III., IV. et VI. | fr | es |
DOLFIN8662 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The accounting records and the financial statements are denominated in the reference currencies of each Sub- Fund.
Transactions in currencies other than that in which the Sub-Fund is denominated are converted into the respective currency of the portfolio based on the exchange rate in effect at the date of the transaction.
Assets and liabilities denominated in other currencies are converted into the respective currency of the Sub- Fund at the last available rate of exchange at each balance sheet date.
For all AXA World Funds Sub-Funds, the exchange rates applied for the Net Asset Value calculation and to combine all Sub-Funds Net Asset Value are as follows: | Los registros contables y los estados financieros están expresados en la moneda de referencia de cada Subfondo.
Las transacciones en divisas distintas de la de denominación del Subfondo se convierten a la correspondiente divisa de la cartera utilizando el tipo de cambio vigente en la fecha de la transacción.
Los activos y pasivos denominados en otras divisas se convierten a la correspondiente divisa del Subfondo utilizando el último tipo de cambio disponible en la fecha de cada balance de situación.
Para todos los Subfondos de AXA World Funds, los tipos de cambio utilizados para calcular el patrimonio neto y consolidar el patrimonio neto de todos los Subfondos son los siguientes: | The accounting records and the financial statements are denominated in the reference currencies of each Sub- Fund.
Transactions in currencies other than that in which the Sub-Fund is denominated are converted into the respective currency of the portfolio based on the exchange rate in effect at the date of the transaction.
Assets and liabilities denominated in other currencies are converted into the respective currency of the Sub- Fund at the last available rate of exchange at each balance sheet date.
For all AXA World Funds Sub-Funds, the exchange rates applied for the Net Asset Value calculation and to combine all Sub-Funds Net Asset Value are as follows: | en | es |
DOLFIN8663 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise income on your investment consistent with maintaining capital and ensuring its underlying assets can easily be bought or sold in normal market conditions. Money invested in the Fund is not protected or guaranteed.
The Fund invests in a broad range of fixed income securities (such as bonds) and MMIs (i.e. debt securities with short term maturities). It may also invest in deposits with credit institutions (e.g. banks).
The investment manager will take into account certain environmental social and governance criteria when selecting investments, as detailed in the Fund’s prospectus.
The Fund is a “Short Term Low Volatility Variable Net Asset Value Money Market Fund” (or LVNAV) as defined by the EU Money Market Funds Regulations. Details of the current credit ratings (if any) attributed to the Fund are available from www.blackrock.com/cash.
The Fund’s assets may be issued or guaranteed by United States (US) or non-US issuers including governments, government agencies, companies and supranationals and shall always be denominated in US Dollars. They will be rated high quality (i.e. meet a specified level of credit worthiness) at the time of purchase.
The Fund will limit its investment to assets which have 397 days or less remaining until the full principal must be repaid. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to 60 days. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to 120 days.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The Fund is actively managed. The investment manager has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The Secured Overnight Financing Rate (SOFR) should be used by investors to compare the performance of the Fund.
LVNAV Funds are valued using a mixture of the amortised cost and mark-to-market method (i.e. a valuation based on current market prices) where possible, and, if not available, the mark to model method (i.e. a valuation based on a financial model). The NAV may be rounded for dealing purposes. A comparative NAV is also calculated using the mark-to-market method where possible, and if not, the mark-to-model method, to four decimal places daily.
Recommendation: This Fund may not be suitable for investors who seek long-term capital growth. Your shares will be accumulating shares (i.e. dividend income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The Fund is valued at multiple valuation points throughout each day in order to offer investors the ability to buy and sell shares at multiple times during the day. The minimum initial investment for this share class is US$25,000.
For more information on the Fund, share/unit classes, valuation methodology, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com. | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar los rendimientos de su inversión de manera compatible con el mantenimiento del capital y garantizando que los activos subyacentes en los que invierta el Fondo puedan comprarse o venderse fácilmente en condiciones normales de mercado. El dinero invertido en el Fondo no está protegido ni garantizado.
El Fondo invierte en una amplia gama de valores de renta fija (como bonos) e IMM (es decir, títulos de deuda con vencimientos a corto plazo). También podrá invertir en depósitos con entidades de crédito (como bancos).
La gestora de inversiones tendrá en cuenta una serie de criterios medioambientales, sociales y de gobierno corporativo a la hora de seleccionar las inversiones, tal como se detalla en el folleto del Fondo.
El Fondo es un «fondo del mercado monetario a corto plazo de valor liquidativo variable y baja volatilidad» (o LVNAV), tal como establecen los Reglamentos de la UE sobre fondos del mercado monetario. Los detalles de las actuales calificaciones de solvencia (si las hubiera) atribuidas al Fondo están disponibles en www.blackrock.com/cash.
Los activos del Fondo podrán ser emitidos o garantizados por emisores de Estados Unidos, o no estadounidenses, incluyendo gobiernos, agencias gubernamentales, empresas y organismos supranacionales, y siempre estarán denominados en dólares estadounidenses. Tendrán una alta calificación de calidad (o sea, cumplirán un nivel específico de solvencia) en el momento de la adquisición.
El Fondo limitará su inversión a los activos que cuenten con un periodo de tiempo igual o inferior a 397 días hasta que deba pagarse la totalidad del capital. El vencimiento medio ponderado (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital o, con respecto a las notas de tipo de interés, el tiempo medio hasta la siguiente revisión del tipo de interés según un tipo del mercado monetario) de todos los activos del Fondo será de hasta 60 días. La vida media ponderada (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital de los activos) de todos los activos del Fondo será de hasta 120 días.
El Fondo también puede celebrar acuerdos de recompra inversa a corto plazo. Se trata de contratos en virtud de los cuales el Fondo acuerda comprar en efectivo deuda pública a determinados terceros considerados elegibles, y acepta que el vendedor podrá recomprarlos en un momento y a un precio preestablecidos.
El Fondo se gestiona de forma activa. La gestora de inversiones tiene la potestad para seleccionar las inversiones del Fondo y no está limitada por ningún parámetro de referencia para llevar a cabo este proceso. Los inversores deberían utilizar el Secured Overnight Financing Rate (SOFR) para comparar la rentabilidad del Fondo.
Los Fondos LVNAV se valoran utilizando, siempre que sea posible, una combinación de los métodos de coste amortizado y valoración de mercado (es decir, una valoración basada en los precios actuales del mercado), y si no fuera posible, el método de valoración según modelo (es decir, una valoración basada en un modelo financiero). El valor liquidativo se puede redondear con fines de negociación. También se calcula diariamente un valor liquidativo comparativo utilizando, siempre que sea posible, el método de valoración de mercado, y si no es posible, el método de valoración según modelo, hasta alcanzar cuatro cifras decimales.
Recomendación: Este Fondo puede no ser adecuado para inversores que buscan una revalorización del capital a largo plazo. Sus acciones serán acumulativas (es decir, los rendimientos por dividendo se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. Se llevará a cabo una valoración del Fondo en diferentes puntos de valoración a lo largo de cada día para ofrecer a los inversores la posibilidad de comprar y vender acciones en diferentes momentos durante el día. La inversión mínima inicial para esta clase de participaciones es de 25 000 USD.
Para obtener más información sobre el Fondo, las clases de acciones/participaciones, la metodología de valoración, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise income on your investment consistent with maintaining capital and ensuring its underlying assets can easily be bought or sold in normal market conditions. Money invested in the Fund is not protected or guaranteed.
The Fund invests in a broad range of fixed income securities (such as bonds) and MMIs (i.e. debt securities with short term maturities). It may also invest in deposits with credit institutions (e.g. banks).
The investment manager will take into account certain environmental social and governance criteria when selecting investments, as detailed in the Fund’s prospectus.
The Fund is a “Short Term Low Volatility Variable Net Asset Value Money Market Fund” (or LVNAV) as defined by the EU Money Market Funds Regulations. Details of the current credit ratings (if any) attributed to the Fund are available from www.blackrock.com/cash.
The Fund’s assets may be issued or guaranteed by United States (US) or non-US issuers including governments, government agencies, companies and supranationals and shall always be denominated in US Dollars. They will be rated high quality (i.e. meet a specified level of credit worthiness) at the time of purchase.
The Fund will limit its investment to assets which have 397 days or less remaining until the full principal must be repaid. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to 60 days. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to 120 days.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The Fund is actively managed. The investment manager has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The Secured Overnight Financing Rate (SOFR) should be used by investors to compare the performance of the Fund.
LVNAV Funds are valued using a mixture of the amortised cost and mark-to-market method (i.e. a valuation based on current market prices) where possible, and, if not available, the mark to model method (i.e. a valuation based on a financial model). The NAV may be rounded for dealing purposes. A comparative NAV is also calculated using the mark-to-market method where possible, and if not, the mark-to-model method, to four decimal places daily.
Recommendation: This Fund may not be suitable for investors who seek long-term capital growth. Your shares will be accumulating shares (i.e. dividend income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The Fund is valued at multiple valuation points throughout each day in order to offer investors the ability to buy and sell shares at multiple times during the day. The minimum initial investment for this share class is US$25,000.
For more information on the Fund, share/unit classes, valuation methodology, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com. | en | es |
DOLFIN8664 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Remarks
The use of techniques and instruments for efficient portfolio management may give rise to various direct/indirect costs, which are charged to the relevant sub-fund's assets or reduce the respective sub-fund's assets. These costs may be incurred both in relation to third parties and parties associated with the Management Company or Depositary.
The above-mentioned techniques and instruments can, where appropriate, be supplemented by the Management Company or a fund manager appointed by it if new instruments corresponding to the investment objective are offered on the market, which the respective sub-fund may employ in accordance with the prudential supervisory and statutory provisions. | # Osservazioni
L'impiego di tecniche e strumenti per un'efficiente gestione del portafoglio può comportare dei costi diretti/indiretti per il patrimonio del Comparto, che sono addebitati a quest'ultimo e ne riducono il patrimonio. Tali costi sono volti a remunerare terze parti o soggetti collegati alla Società di gestione o al Depositario.
La gamma di tecniche e strumenti precedentemente menzionati può all'occorrenza essere ampliata dalla Società di gestione o dal Gestore del Fondo da essa incaricato allorché sul mercato vengono offerti nuovi strumenti compatibili con l'obiettivo d'investimento e con le disposizioni di vigilanza e di legge a cui il Fondo è chiamato a conformarsi. | # Remarks
The use of techniques and instruments for efficient portfolio management may give rise to various direct/indirect costs, which are charged to the relevant sub-fund's assets or reduce the respective sub-fund's assets. These costs may be incurred both in relation to third parties and parties associated with the Management Company or Depositary.
The above-mentioned techniques and instruments can, where appropriate, be supplemented by the Management Company or a fund manager appointed by it if new instruments corresponding to the investment objective are offered on the market, which the respective sub-fund may employ in accordance with the prudential supervisory and statutory provisions. | en | it |
DOLFIN8665 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Investment into the fund will acquire units/shares of the fund itself and not the underlying assets owned by the fund.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk. Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time. For further explanation of charges please visit our Fund Charges page at http://www.janushenderson.com.
Source for target returns (where applicable) – Janus Henderson. Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective. Availability of share classes shown may be limited by law in certain jurisdictions. Performance records are detailed on the specific KIID, fees and charges may vary and further information can be found in the fund’s prospectus and KIID which must be reviewed before investing. Please consult your local sales representative if you have any further queries.
The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. | L’investimento nel fondo acquisirà quote/azioni del fondo stesso e non le attività sottostanti possedute dal fondo.
Si fa presente che qualsiasi valore - dei titoli del portafoglio, delle classi di azioni e dei costi dovuti o rappresentati - espresso in una valuta diversa da quella di riferimento esporrà al rischio valutario. I costi e i rendimenti possono aumentare o diminuire a causa di fluttuazioni valutarie e dei tassi di cambio.
Le spese del Fondo avranno un impatto sul valore dell’investimento. In particolare, le spese correnti applicabili a ciascun fondo avranno un effetto diluitivo sulla performance dell’investimento, soprattutto con il passare del tempo. Per ulteriori dettagli sulle spese, consultare la pagina delle Spese del Fondo all’indirizzo www.janushenderson.com.
Fonte dei rendimenti target (dove applicabile) - Janus Henderson. La performance target viene perseguita nell'arco di uno specifico periodo di tempo su base annualizzata. A tale riguardo, si raccomanda di consultare l'obiettivo del fondo. La disponibilità delle classi di azioni può essere limitata per legge in alcune giurisdizioni. I dati sulla performance sono riportati sul KIID specifico, le commissioni e le spese possono variare e per ulteriori informazioni si rimanda al prospetto e al KIID del fondo, che devono essere consultati prima di investire. Per ulteriori domande si prega di consultare il proprio rappresentante commerciale locale.
Note riguardo alle informazioni qui riportate: (1) sono proprietà di Morningstar e/o dei suoi fornitori di contenuti; 2) non ne è consentita la riproduzione né la distribuzione; e
(3) non se ne garantisce l’accuratezza, l’esaustività né l’aggiornamento. Morningstar e i suoi fornitori di contenuti declinano ogni responsabilità per eventuali danni o perdite derivanti dall'uso delle suddette informazioni.
Le performance passate non sono indicative dei rendimenti futuri. Il valore di un investimento e il reddito derivante dallo stesso possono aumentare o diminuire ed è possibile che non si riesca a recuperare l'importo iniziale investito. | Investment into the fund will acquire units/shares of the fund itself and not the underlying assets owned by the fund.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk. Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time. For further explanation of charges please visit our Fund Charges page at http://www.janushenderson.com.
Source for target returns (where applicable) – Janus Henderson. Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective. Availability of share classes shown may be limited by law in certain jurisdictions. Performance records are detailed on the specific KIID, fees and charges may vary and further information can be found in the fund’s prospectus and KIID which must be reviewed before investing. Please consult your local sales representative if you have any further queries.
The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. | en | it |
DOLFIN8666 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Méthodes
Les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier sont les suivants :
Exclusion sectorielle : poids dans le fonds d’émetteurs opérant dans des secteurs jugés « non responsables sur le plan social et environnemental », identifiés sur la base de données fournies par des fournisseurs d’informations ESG et ISR spécialisés.
Exclusion d’émetteurs : poids dans le fonds des émetteurs fortement exposés aux risques environnementaux, sociaux et de gouvernance d’entreprise (ESG) (c’est-à-dire les émetteurs « critiques »), identifiés sur la base des données fournies par des fournisseurs d’informations ESG spécialisés.
Sovereign ESG integration : pourcentage d’actifs investis dans des émetteurs publics dépassant le critère de filtrage sur la base (i) des indicateurs fournis par le « Rapport de développement durable » évaluant les progrès réalisés par chaque pays vers la réalisation des 17 ODD de l’ONU, les effets induits négatifs potentiels de la réalisation de ces objectifs et (ii) des principales incidences négatives sur le plan environnemental et social des émetteurs publics. Les indicateurs de durabilité permettent de mesurer la manière dont les caractéristiques environnementales ou sociales promues par le produit sont atteintes. | # Métodos
Para medir la consecución de cada una de las características medioambientales o sociales que promueve este producto financiero se utilizan los siguientes indicadores de sostenibilidad:
Exclusión de sectores: ponderación en el fondo de emisores de sectores considerados no «social y medioambientalmente responsables», identificados a partir de datos facilitados por proveedores de información ASG y de ISR especializados.
Exclusión de emisores: ponderación en el fondo de emisores con una alta exposición a los riesgos medioambientales, sociales y de gobierno corporativo (ASG) (es decir: emisores «críticos»), identificados a partir de datos facilitados por proveedores de información ASG especializados.
Sovereign ESG integration: porcentaje de activos invertidos en emisores gubernamentales que superen la selección basada en (i) los indicadores proporcionados por el denominado «Informe de Desarrollo Sostenible», que evalúa los progresos realizados por cada país en la consecución de los 17 ODS promovidos por la ONU, los efectos indirectos potencialmente negativos con respecto a la consecución de dichos objetivos, así como (ii) las principales incidencias adversas medioambientales y sociales sobre los emisores gubernamentales. | # Méthodes
Les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier sont les suivants :
Exclusion sectorielle : poids dans le fonds d’émetteurs opérant dans des secteurs jugés « non responsables sur le plan social et environnemental », identifiés sur la base de données fournies par des fournisseurs d’informations ESG et ISR spécialisés.
Exclusion d’émetteurs : poids dans le fonds des émetteurs fortement exposés aux risques environnementaux, sociaux et de gouvernance d’entreprise (ESG) (c’est-à-dire les émetteurs « critiques »), identifiés sur la base des données fournies par des fournisseurs d’informations ESG spécialisés.
Sovereign ESG integration : pourcentage d’actifs investis dans des émetteurs publics dépassant le critère de filtrage sur la base (i) des indicateurs fournis par le « Rapport de développement durable » évaluant les progrès réalisés par chaque pays vers la réalisation des 17 ODD de l’ONU, les effets induits négatifs potentiels de la réalisation de ces objectifs et (ii) des principales incidences négatives sur le plan environnemental et social des émetteurs publics. Les indicateurs de durabilité permettent de mesurer la manière dont les caractéristiques environnementales ou sociales promues par le produit sont atteintes. | fr | es |
DOLFIN8667 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Securities which are not officially listed on a stock exchange but which are tra- ded on a market open to the public shall be valued at the last available price. If a security is traded on various markets open to the public, the last available price on the market with the highest liquidity shall be decisive.
- Securities or money market instruments with a residual term of less than 397 days can be written down or up on a straight-line basis at the difference between the cost price (purchase price) and the redemption price (price at final maturity). A valuation at the current market price can be omitted if the repayment price is known and fixed. Any changes in creditworthiness are also taken into account.
- Investments whose price is not in line with the market and those assets which do not fall under item 1, item 2 and item 3 above shall be valued at the price which would probably be obtained by diligent sale at the time of the valuation and which is determined in good faith by the management of the Management Company or under its direction or supervision by authorised agents.
- OTC derivatives shall be valued on a daily basis at a verifiable valuation to be determined by the Management Company, as determined by the Manage- ment Company in good faith and in accordance with generally accepted va- luation models verifiable by auditors, on the basis of the probable realisable va- lue.
- UCITS or undertakings for collective investment (UCI) shall be valued at the last determined and available redemption price. If the redemption of units is suspen- ded or if, in the case of closed-ended UCIs, there is no right of redemption or no redemption prices are fixed, these units and all other assets shall be valued at their current market value as determined by the Management Company in good faith and in accordance with generally accepted valuation models that can be verified by auditors.
- If no tradable price is available for the respective assets, these assets, as well as the other legally permissible assets, shall be valued at the respective market va- lue as determined by the Management Company in good faith and in ac- cordance with generally recognised valuation models verifiable by auditors on the basis of the sales value that can probably be achieved.
| | - Wertpapiere, die nicht an einer Börse amtlich notiert sind, die aber an einem dem Publikum offen stehenden Markt gehandelt werden, werden zum letzten verfügbaren Kurs bewertet. Wird ein Wertpapier an verschiedenen dem Publi- kum offen-stehenden Märkten gehandelt, ist grundsätzlich der zuletzt verfügba- re Kurs jenes Marktes massgebend, der die höchste Liquidität aufweist.
- Wertpapiere oder Geldmarktinstrumente mit einer Restlaufzeit von weniger als 397 Tagen können mit der Differenz zwischen Einstandspreis (Erwerbspreis) und Rückzahlungspreis (Preis bei Endfälligkeit) linear ab- oder zugeschrieben wer- den. Eine Bewertung zum aktuellen Marktpreis kann unterbleiben, wenn der Rückzahlungspreis bekannt und fixiert ist. Allfällige Bonitätsveränderungen wer- den zusätzlich berücksichtigt.
- Anlagen, deren Kurs nicht marktgerecht ist und diejenigen Vermögenswerte, die nicht unter Ziffer 1, Ziffer 2 und Ziffer 3 oben fallen, werden mit dem Preis ein- gesetzt, der bei sorgfältigem Verkauf im Zeitpunkt der Bewertung wahrschein- lich erzielt würde und der nach Treu und Glauben durch die Geschäftsleitung der Verwaltungsgesellschaft oder unter deren Leitung oder Aufsicht durch Be- auftragte bestimmt wird.
- OTC-Derivate werden auf einer von der Verwaltungsgesellschaft festzulegen- den und überprüfbaren Bewertung auf Tagesbasis bewertet, wie ihn die Ver- waltungsgesellschaft nach Treu und Glauben und nach allgemein anerkann- ten, von Wirtschaftsprüfern nachprüfbaren Bewertungsmodellen auf der Grund- lage des wahrscheinlich erreichbaren Verkaufswertes festlegt.
- OGAW bzw. Organismen für gemeinsame Anlagen (OGA) werden zum letzten festgestellten und erhältlichen Rücknahmepreis bewertet. Falls für Anteile die Rücknahme ausgesetzt ist oder bei geschlossenen OGA kein Rücknahme- anspruch besteht oder keine Rücknahmepreise festgelegt werden, werden diese Anteile ebenso wie alle anderen Vermögenswerte zum jeweiligen Ver- kehrswert bewertet, wie ihn die Verwaltungsgesellschaft nach Treu und Glau- ben und allgemein anerkannten, von Wirtschaftsprüfern nachprüfbaren Bewer- tungsmodellen festlegt.
- Falls für die jeweiligen Vermögensgegenstände kein handelbarer Kurs verfüg- bar ist, werden diese Vermögensgegenstände, ebenso wie die sonstigen ge- setzlich zulässigen Vermögenswerte zum jeweiligen Verkehrswert bewertet, wie ihn die Verwaltungsgesellschaft nach Treu und Glauben und nach allgemein anerkannten, von Wirtschaftsprüfern nachprüfbaren Bewertungsmodellen auf der Grundlage des wahrscheinlich erreichbaren Verkaufswertes festlegt.
| | - Securities which are not officially listed on a stock exchange but which are tra- ded on a market open to the public shall be valued at the last available price. If a security is traded on various markets open to the public, the last available price on the market with the highest liquidity shall be decisive.
- Securities or money market instruments with a residual term of less than 397 days can be written down or up on a straight-line basis at the difference between the cost price (purchase price) and the redemption price (price at final maturity). A valuation at the current market price can be omitted if the repayment price is known and fixed. Any changes in creditworthiness are also taken into account.
- Investments whose price is not in line with the market and those assets which do not fall under item 1, item 2 and item 3 above shall be valued at the price which would probably be obtained by diligent sale at the time of the valuation and which is determined in good faith by the management of the Management Company or under its direction or supervision by authorised agents.
- OTC derivatives shall be valued on a daily basis at a verifiable valuation to be determined by the Management Company, as determined by the Manage- ment Company in good faith and in accordance with generally accepted va- luation models verifiable by auditors, on the basis of the probable realisable va- lue.
- UCITS or undertakings for collective investment (UCI) shall be valued at the last determined and available redemption price. If the redemption of units is suspen- ded or if, in the case of closed-ended UCIs, there is no right of redemption or no redemption prices are fixed, these units and all other assets shall be valued at their current market value as determined by the Management Company in good faith and in accordance with generally accepted valuation models that can be verified by auditors.
- If no tradable price is available for the respective assets, these assets, as well as the other legally permissible assets, shall be valued at the respective market va- lue as determined by the Management Company in good faith and in ac- cordance with generally recognised valuation models verifiable by auditors on the basis of the sales value that can probably be achieved.
| | en | de |
DOLFIN8668 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Performance Passée
La performance passée n'est pas une indication de la performance future.
Le tableau illustre la performance annuelle du Fonds en EUR pour chaque année calendaire pour la période affichée dans le tableau. Elle est exprimée en pourcentage de la valeur d'inventaire nette du Fonds à chaque clôture d'exercice. Le Fonds a été lancé en 2015. La catégorie de parts de fonds a été lancée en 2017.
La performance indiquée est calculée après déduction des frais courants. Les frais d’entrée/de sortie ne sont pas inclus dans le calcul.
†¹MSCI World Index (USD)
Il n'est pas prévu que la performance du Fonds suive celle de l'indice.
Performance historique au 31 décembre 2021
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fonds | | -12,2 | 24,2 | 17,8 | 22,7 |
| Contrainte †¹ | | -8,7 | 27,7 | 15,9 | 21,8 |
Durant cette période, la performance a été réalisée dans des circonstances qui ne sont plus applicables.
*Le 13 mai 2020, le Fonds a modifié sa dénomination sociale, ainsi que son objectif et sa politique d’investissement. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en EUR para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 2015. La clase de acciones se lanzó en 2017.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹MSCI World Index (USD)
No está previsto que la rentabilidad del Fondo replique la del índice.
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fondo | | -12,2 | 24,2 | 17,8 | 22,7 |
| Limitación †¹ | | -8,7 | 27,7 | 15,9 | 21,8 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
*El 13 de mayo de 2020, el Fondo cambió su nombre, así como su objetivo y política de inversión. | # Performance Passée
La performance passée n'est pas une indication de la performance future.
Le tableau illustre la performance annuelle du Fonds en EUR pour chaque année calendaire pour la période affichée dans le tableau. Elle est exprimée en pourcentage de la valeur d'inventaire nette du Fonds à chaque clôture d'exercice. Le Fonds a été lancé en 2015. La catégorie de parts de fonds a été lancée en 2017.
La performance indiquée est calculée après déduction des frais courants. Les frais d’entrée/de sortie ne sont pas inclus dans le calcul.
†¹MSCI World Index (USD)
Il n'est pas prévu que la performance du Fonds suive celle de l'indice.
Performance historique au 31 décembre 2021
| | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- |
| Fonds | | -12,2 | 24,2 | 17,8 | 22,7 |
| Contrainte †¹ | | -8,7 | 27,7 | 15,9 | 21,8 |
Durant cette période, la performance a été réalisée dans des circonstances qui ne sont plus applicables.
*Le 13 mai 2020, le Fonds a modifié sa dénomination sociale, ainsi que son objectif et sa politique d’investissement. | fr | es |
DOLFIN8669 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Absolute VaR
The absolute VaR approach calculates a Sub-Fund’s VaR as a percentage of the Net Asset Value of the Sub-Fund as defined by the ESMA Guidelines 10-788. Absolute VaR is generally an appropriate approach in the absence of an identifiable reference portfolio or benchmark, for instance for funds using an absolute return target. Where indicated in the Relevant Supplement that a Sub-Fund uses absolute VaR, the absolute VaR of the Sub-Fund will not exceed 20% of the Net Asset Value of the Sub-Fund, using a one-tailed confidence interval of 99%, a holding period of one month (20 Business Days) and a historical observation period of three years.
The Management Company has a risk management process in respect of each Sub-Fund which enables it to accurately measure, monitor and manage the various risks associated with FDI, the use of efficient portfolio management techniques and the management of collateral. The Management Company will only employ FDI that are covered by the risk management process, as amended from time to time. A statement of this risk management process has been submitted to and cleared by the Central Bank. In the event of a Sub-Fund proposing to use additional types of FDI, the risk management process and the Relevant Supplement will be amended to reflect this intention and the Sub-Fund will not utilise such FDI until such time as the risk management process providing for its use has been submitted to the Central Bank. The Management Company will, on request, provide supplementary information to Shareholders relating to the risk management methods employed including the quantitative limits that are applied and any recent developments in the risk and yield characteristics of the main categories of investment.
The creation of leveraged exposure to an index via FDI, for the inclusion of a leverage feature in an index, shall be taken into account in assessing compliance with the Prospectus disclosure requirements of Regulation 53(4) of the Central Bank UCITS Regulations. | ## VaR absolue
La Valeur en Risque absolue d’un Compartiment est calculée en pourcentage de la Valeur liquidative du Compartiment telle que définie par les Directives 10-788 de l’ESMA. La VaR absolue est généralement une méthode adéquate en l'absence d'un portefeuille de référence ou d'un indice de référence identifiable, par exemple pour les fonds à objectif de performance absolue. Lorsque le Supplément pertinent mentionne le fait que le Compartiment utilise la VaR absolue, celle-ci ne devra pas dépasser 20% de la Valeur liquidative du Compartiment, avec un intervalle de confiance unilatéral de 99%, une période de détention d’un mois (20 Jours ouvrables) et une période d’observation historique de trois ans.
La Société de gestion dispose d’un processus de gestion des risques pour chaque Compartiment, qui lui permet de mesurer précisément, de surveiller et de gérer les divers risques associés aux IFD, l’utilisation des techniques de gestion efficace de portefeuille et la gestion des sûretés. La Société de gestion utilisera exclusivement des IFD qui sont couverts par le processus de gestion des risques, tel que modifié de temps à autre. Une déclaration de ce processus de gestion des risques a été soumise à la Banque centrale et validée par celle-ci. Au cas où la Société de gestion souhaiterait utiliser des IFD supplémentaires pour un Compartiment, le processus de gestion des risques et le Supplément pertinent seront modifiés pour refléter cette intention et le Compartiment n’utilisera pas ces IFD tant que le processus de gestion des risques prévoyant leur utilisation n’aura pas été soumis à la Banque centrale. La Société de gestion fournira sur demande aux Actionnaires des informations supplémentaires relatives aux méthodes de gestion des risques employées, notamment les limites quantitatives appliquées et les évolutions récentes des caractéristiques de rendement et de risque des principales catégories d’investissement.
L’initiation d’une exposition avec effet de levier à un indice au moyen d’IFD, ou l’intégration d’un mécanisme générant un effet de levier dans un indice, sera prise en compte pour apprécier le respect des exigences de déclaration du Prospectus prévues par la Règle 53(4) des Réglementations de la Banque centrale sur les OPCVM. | ## Absolute VaR
The absolute VaR approach calculates a Sub-Fund’s VaR as a percentage of the Net Asset Value of the Sub-Fund as defined by the ESMA Guidelines 10-788. Absolute VaR is generally an appropriate approach in the absence of an identifiable reference portfolio or benchmark, for instance for funds using an absolute return target. Where indicated in the Relevant Supplement that a Sub-Fund uses absolute VaR, the absolute VaR of the Sub-Fund will not exceed 20% of the Net Asset Value of the Sub-Fund, using a one-tailed confidence interval of 99%, a holding period of one month (20 Business Days) and a historical observation period of three years.
The Management Company has a risk management process in respect of each Sub-Fund which enables it to accurately measure, monitor and manage the various risks associated with FDI, the use of efficient portfolio management techniques and the management of collateral. The Management Company will only employ FDI that are covered by the risk management process, as amended from time to time. A statement of this risk management process has been submitted to and cleared by the Central Bank. In the event of a Sub-Fund proposing to use additional types of FDI, the risk management process and the Relevant Supplement will be amended to reflect this intention and the Sub-Fund will not utilise such FDI until such time as the risk management process providing for its use has been submitted to the Central Bank. The Management Company will, on request, provide supplementary information to Shareholders relating to the risk management methods employed including the quantitative limits that are applied and any recent developments in the risk and yield characteristics of the main categories of investment.
The creation of leveraged exposure to an index via FDI, for the inclusion of a leverage feature in an index, shall be taken into account in assessing compliance with the Prospectus disclosure requirements of Regulation 53(4) of the Central Bank UCITS Regulations. | en | fr |
DOLFIN8670 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Securities lending agreements will generally be entered into pursuant to industry standard master agreements such as the Global Master Securities Lending Agreement (commissioned by the International Securities Lending Association). In the event of a Sub-Fund entering into securities lending agreements, Unitholders should be aware that, as with any extensions of credit, there are risks of delay and recovery. Should the borrower of the securities fail financially or default on any of its obligations under a securities lending agreement, the collateral received by the Sub-Fund in connection with such transaction will be called upon. While it is intended that the value of the collateral received will be equal to or exceed the value of the securities loaned at all times, in the event of a sudden upward market movement, there is a risk that the value of the collateral may fall below the value of the securities transferred. There is also the risk that while cash is recovered in an event of default the actual stock cannot be re-purchased. In addition, engagement in securities lending transactions and associated collateral arrangements may expose a Sub-Fund to a greater degree of legal risk (being the risk associated with the unexpected application of law or regulation to a transaction or that arises where a contract underpinning a transaction is found not to be legally enforceable ordocumented correctly).
-
### Counterparty Risk | I contratti di prestito titoli saranno di norma conclusi conformemente agli accordi principali di riferimento di settore, quale il Global Master Securities Lending Agreement (commissionato dalla International Securities Lending Association). Nel caso in cui un Comparto concluda contratti di prestito di titoli, i Titolari di Quote devono essere consapevoli che, come in qualunque caso di estensione di credito, sussistono rischi di ritardo e recupero. Qualora il mutuatario dei titoli fallisse o non adempiesse ai suoi obblighi ai sensi del contratto di prestito titoli, sarà fatto ricorso alla garanzia finanziaria fornita dal Comparto in relazione a tale operazione. Mentre è inteso che il valore della garanzia finanziaria ricevuta sarà sempre uguale o superiore al valore dei titoli prestati, nel caso di un improvviso movimento al rialzo del mercato, vi è il rischio che il valore della garanzia finanziaria scenda al di sotto del valore dei titoli trasferiti. In caso di inadempienza, mentre la liquidità può essere recuperata, esiste il rischio di non poter riacquistare i titoli effettivi. Inoltre, il coinvolgimento in operazioni di prestito titoli e i contratti di garanzia finanziaria associati possono esporre un Comparto ad un maggior livello di rischio (essendo il rischio associato all'applicazione imprevista di leggi o regolamenti ad una transazione oppure un rischio che insorge ove un contratto alla base di una transazione risulta non legalmente eseguibile o non correttamente documentato).
-
### Rischio di Controparte | Securities lending agreements will generally be entered into pursuant to industry standard master agreements such as the Global Master Securities Lending Agreement (commissioned by the International Securities Lending Association). In the event of a Sub-Fund entering into securities lending agreements, Unitholders should be aware that, as with any extensions of credit, there are risks of delay and recovery. Should the borrower of the securities fail financially or default on any of its obligations under a securities lending agreement, the collateral received by the Sub-Fund in connection with such transaction will be called upon. While it is intended that the value of the collateral received will be equal to or exceed the value of the securities loaned at all times, in the event of a sudden upward market movement, there is a risk that the value of the collateral may fall below the value of the securities transferred. There is also the risk that while cash is recovered in an event of default the actual stock cannot be re-purchased. In addition, engagement in securities lending transactions and associated collateral arrangements may expose a Sub-Fund to a greater degree of legal risk (being the risk associated with the unexpected application of law or regulation to a transaction or that arises where a contract underpinning a transaction is found not to be legally enforceable ordocumented correctly).
-
### Counterparty Risk | en | it |
DOLFIN8671 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
Performance
The fund basically kept up with the market rise of 3%. The strongest contributions came from the small cap overweight in the fund, which is pleasing to see after a difficult period. It seems that some of the extreme pessimism in markets from earlier in the year has ended for now, and risk appetite has modestly recovered. The overweight in the broader technology area was also a positive factor and mirrors this upturn in sentiment. Individual stock names that stood out included software services company Shift. Also IC package specialist Ibiden. We remain bullish on the long term outlook for Ibiden as the volume of package material is a structural growth phase boosted by the move towards stacked or multi-layer IC chips. The household pet insurance leader Anicom was a notable outperformer, and a recent call with management has reminded us of their strong competitive position, and the ability to compete on service rather than price. Lastly the industrial conglomerate KHI, Kawasaki Heavy, as it was formally known, showed further strength. It has exposure to the recovery in passenger aircraft production and motorcycles.
Portfolio Activity
Activity was fairly light. We have taken some money out of some of the large cap names that have held up relatively well over this year, anticipating that the rotation back into riskier assets will continue. Toyota and Sompo Japan, the insurance group, were the main sales. We also took some profits in Daiichi Sankyo which has been a very strong performer this year.
Outlook
The outlook is still somewhat unclear given the confusing economic signals. Inflation is a concern still, although the rapid rise in interest rates should begin to slow the global economy down. Clearly rate rises are still off the table in Japan. We do not expect that Governor Kuroda will change Bank of Japan policy ahead of his retirement next April. Indeed, given that wages remain stagnant, there is little evidence to suggest that inflation in Japan is self-sustaining at present. There has also been a strong reversal in the direction of the Yen. After its dramatic fall through most of this year, it has strengthened noticeably since the Federal Reserve indicate that the pace of rate increases in the United States would start to slow. This modest recovery in the Yen should begin to ease some of the imported cost inflation that has been so damaging to Japanese consumers these last few months. This should ease the pressure on Japanese monetary policymakers to make any big changes to policy. In terms of the Japanese stock market, a recovery in the currency should also make Japanese assets look more attractive once again. Recent strong inflows from foreign investors into Japan is an early sign of this pick up in sentiment.
Source(s): AXA Investment Managers as at 30/11/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
Rentabilidad
El fondo siguió básicamente la subida del mercado, del 3 %. Las mayores contribuciones provinieron de la sobreponderación en valores de pequeña capitalización en el fondo, lo que es agradable de ver tras un periodo difícil. Parece que parte del pesimismo extremo de los mercados de principios de año ha terminado por ahora y la propensión al riesgo se ha recuperado moderadamente. La sobreponderación en el sector tecnológico en general también fue un factor positivo y refleja esta mejora de la confianza. Entre los valores más destacados figura la empresa de servicios de software Shift. También Ibiden, empresa especialista en paquetes de circuitos integrados. Seguimos siendo optimistas con respecto a las perspectivas a largo plazo de Ibiden, ya que el volumen de material de paquetes se encuentra en una fase de crecimiento estructural gracias a la tendencia a la adopción de chips de circuitos integrados apilados o multicapa.
Anicom, empresa líder en seguros para animales domésticos, obtuvo un destacado rendimiento superior, y una reciente conversación con la dirección nos ha recordado su sólida posición competitiva y su capacidad de competir en servicio más que en precio. Por último, el conglomerado industrial KHI, Kawasaki Heavy, como se lo conocía formalmente, mostró más fortaleza. Tiene exposición a la recuperación de la producción de aviones de pasajeros y motocicletas.
Cambios en la cartera
La actividad ha sido bastante escasa. Hemos retirado algo de dinero de algunos de los valores de gran capitalización que se han mantenido relativamente bien este año, anticipando que la rotación hacia activos de mayor riesgo continuará.
Toyota y Sompo Japan, el grupo asegurador, fueron las principales ventas. También recogimos beneficios en Daiichi Sankyo, que ha sido un valor muy rentable este año.
Perspectivas
Las perspectivas siguen siendo poco claras, dados los confusos indicios económicos. La inflación sigue preocupando, aunque la rápida subida de los tipos de interés debería empezar a ralentizar la economía mundial. Evidentemente, las subidas de tipos siguen estando fuera de discusión en Japón. No esperamos que el gobernador Kuroda cambie la política del Banco de Japón antes de su jubilación en abril del próximo año. De hecho, dado que los salarios siguen estancados, hay pocas pruebas que sugieran que la inflación en Japón sea autosostenible en la actualidad. También se produjo un fuerte cambio de rumbo en la dirección del yen. Tras su desplome durante la mayor parte de este año, se ha fortalecido notablemente desde que la Reserva Federal anunció que el ritmo de las subidas de tipos en Estados Unidos empezaría a ralentizarse. Esta modesta recuperación del yen debería comenzar a aliviar parte de la inflación de los costes de importación, que tanto ha perjudicado a los consumidores japoneses estos últimos meses. Esto debería aliviar la presión sobre los responsables de política monetaria de Japón para que introduzcan grandes cambios en la política monetaria. En cuanto al mercado bursátil japonés, una recuperación de la moneda también debería hacer que los activos japoneses vuelvan a resultar más atractivos. La fuerte afluencia de inversores extranjeros a Japón es un primer indicio de esta recuperación de la confianza.
Fuente(s) : AXA Investment Managers a 30/11/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
Performance
The fund basically kept up with the market rise of 3%. The strongest contributions came from the small cap overweight in the fund, which is pleasing to see after a difficult period. It seems that some of the extreme pessimism in markets from earlier in the year has ended for now, and risk appetite has modestly recovered. The overweight in the broader technology area was also a positive factor and mirrors this upturn in sentiment. Individual stock names that stood out included software services company Shift. Also IC package specialist Ibiden. We remain bullish on the long term outlook for Ibiden as the volume of package material is a structural growth phase boosted by the move towards stacked or multi-layer IC chips. The household pet insurance leader Anicom was a notable outperformer, and a recent call with management has reminded us of their strong competitive position, and the ability to compete on service rather than price. Lastly the industrial conglomerate KHI, Kawasaki Heavy, as it was formally known, showed further strength. It has exposure to the recovery in passenger aircraft production and motorcycles.
Portfolio Activity
Activity was fairly light. We have taken some money out of some of the large cap names that have held up relatively well over this year, anticipating that the rotation back into riskier assets will continue. Toyota and Sompo Japan, the insurance group, were the main sales. We also took some profits in Daiichi Sankyo which has been a very strong performer this year.
Outlook
The outlook is still somewhat unclear given the confusing economic signals. Inflation is a concern still, although the rapid rise in interest rates should begin to slow the global economy down. Clearly rate rises are still off the table in Japan. We do not expect that Governor Kuroda will change Bank of Japan policy ahead of his retirement next April. Indeed, given that wages remain stagnant, there is little evidence to suggest that inflation in Japan is self-sustaining at present. There has also been a strong reversal in the direction of the Yen. After its dramatic fall through most of this year, it has strengthened noticeably since the Federal Reserve indicate that the pace of rate increases in the United States would start to slow. This modest recovery in the Yen should begin to ease some of the imported cost inflation that has been so damaging to Japanese consumers these last few months. This should ease the pressure on Japanese monetary policymakers to make any big changes to policy. In terms of the Japanese stock market, a recovery in the currency should also make Japanese assets look more attractive once again. Recent strong inflows from foreign investors into Japan is an early sign of this pick up in sentiment.
Source(s): AXA Investment Managers as at 30/11/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN8672 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# ESG Approach
This fund promotes environmental, social and governance (ESG) characteristics (within the meaning of Art. 8 of Regulation (EU) 2019/2088). It applies the CSAM Sustainable Investing Policy (www.credit-suisse.com/esg), including norms-based, values-based and business conduct exclusions, to combine ESG factors with traditional financial analysis to calculate a CSAM ESG signal, which serves as the basis for a bottom-up security selection process. For further information about the ESG investment criteria and the sustainability-related aspects of the fund please consider the legal and regulatory documents of the fund (such as, e.g., the prospectus) and visit www.credit-suisse.com/esg. In addition to sustainability-related aspects, the decision to invest in the fund should take into account all objectives and characteristics of the fund as described in its prospectus, or in the information which is to be disclosed to investors in accordance with applicable regulations.
Certain data points disclosed in this factsheet are provided for mere transparency purposes and are not linked to a specific ESG investment process, nor to CSAM ESG methodology. For details about the fund’s ESG decision-making process, please refer to the fund’s prospectus. | # Approche ESG
Le fonds promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement UE 2019/2088). Il met en œuvre la politique d’investissement durable de CSAM (www.credit-suisse.com/esg) y compris les exclusions basées sur les normes, les valeurs et la conduite des affaires pour combiner les critères ESG à l’analyse financière traditionnelle afin de calculer la prise en compte des critères ESG par CSAM, servant ainsi de base à un processus de sélection de titres ascendant. Pour en savoir plus sur les critères d’investissement ESG et sur les aspects du fonds en matière de développement durable, veuillez consulter les documents juridiques et réglementaires du fonds (tels que, p. ex., le prospectus) et vous rendre sur le site www.credit-suisse.com/esg. Parallèlement aux aspects relatifs au développement durable, la décision d’investir dans le fonds devrait prendre en considération tous les objectifs et les caractéristiques décrits dans le prospectus ou les informations devant être communiquées aux investisseurs conformément à la réglementation en vigueur.
Certains points de données figurant dans la présente fact sheet sont fournis à la seule fin de transparence et ne se rapportent à aucun processus de placement ESG spécifique ni à la méthodologie ESG de CSAM. Pour de plus amples informations sur le processus de prise de décision du fonds en matière de placements ESG, veuillez vous reporter au prospectus du fonds. | # ESG Approach
This fund promotes environmental, social and governance (ESG) characteristics (within the meaning of Art. 8 of Regulation (EU) 2019/2088). It applies the CSAM Sustainable Investing Policy (www.credit-suisse.com/esg), including norms-based, values-based and business conduct exclusions, to combine ESG factors with traditional financial analysis to calculate a CSAM ESG signal, which serves as the basis for a bottom-up security selection process. For further information about the ESG investment criteria and the sustainability-related aspects of the fund please consider the legal and regulatory documents of the fund (such as, e.g., the prospectus) and visit www.credit-suisse.com/esg. In addition to sustainability-related aspects, the decision to invest in the fund should take into account all objectives and characteristics of the fund as described in its prospectus, or in the information which is to be disclosed to investors in accordance with applicable regulations.
Certain data points disclosed in this factsheet are provided for mere transparency purposes and are not linked to a specific ESG investment process, nor to CSAM ESG methodology. For details about the fund’s ESG decision-making process, please refer to the fund’s prospectus. | en | fr |
DOLFIN8673 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Such a merger will be subject to the conditions and procedures imposed by the 2010 Law, in particular concerning the merger project and the information to be provided to the Shareholders.
-
## The Sub-Funds | # Eine solche Fusion unterliegt den im Gesetz von 2010 festgelegten Bedingungen und Verfahren, insbesondere bezüglich des Fusionsprojekts und der den Anteilsinhabern zu erteilenden Auskünfte.
-
## Die Teilfonds | # Such a merger will be subject to the conditions and procedures imposed by the 2010 Law, in particular concerning the merger project and the information to be provided to the Shareholders.
-
## The Sub-Funds | en | de |
DOLFIN8674 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Secular forces are driving long-term societal change for brands
Go Sustainability – Electric vehicles
Go Asia – China’s beauty market
Go Digital – reinventing the shopping experience
Global sales of electric vehicles are set to drastically increase in the coming years. By 2030, 50% of the new vehicles sold in China will be EV. The future of electric cars will help drive the CLIC economy and will be a significant investment opportunity in our view. | ## Les forces séculaires entraînent des changements sociétaux à long terme pour les marques
Go Sustainability – véhicules électriques
Go Asia – le marché de la beauté en Chine
Go Digital – réinventer l’expérience d’achat
Les ventes mondiales de véhicules électriques devraient fortement augmenter dans les années à venir. D’ici 2030, 50% des nouveaux véhicules vendus en Chine seront électriques. L’avenir des voitures électriques contribuera à faire progresser l’économie CLIC™ et constituera selon nous une opportunité d’investissement importante. | ## Secular forces are driving long-term societal change for brands
Go Sustainability – Electric vehicles
Go Asia – China’s beauty market
Go Digital – reinventing the shopping experience
Global sales of electric vehicles are set to drastically increase in the coming years. By 2030, 50% of the new vehicles sold in China will be EV. The future of electric cars will help drive the CLIC economy and will be a significant investment opportunity in our view. | en | fr |
DOLFIN8675 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- The Board of Directors of the Management Company may also decide to merge another fund or sub-fund managed by the same or by another management company into the Fund.
- Mergers are possible between two Luxembourg funds or sub-funds (domestic merger) or between funds or sub-funds that are based in two different Member States of the European Union (cross-border merger).
- Such a merger may only be implemented if the investment policy of the fund or sub-fund to be absorbed does not contradict the investment policy of the absorbing UCITS.
- Mergers shall be implemented by way of the liquidation of the fund or sub-fund to be absorbed and a simultaneous takeover of all assets by the absorbing fund or sub-fund. The investors of the absorbed fund or sub-fund receive units in the absorbing fund or sub-fund; the number of these units is calculated on the basis of the ratio of the unit values of the funds or sub-funds in question at the time of merger, along with any settlement of fractional units.
- Both the absorbing fund or sub-fund and the absorbed fund or sub-fund will inform investors of the planned merger in an appropriate manner and in line with the legal requirements of the respective coun- tries of distribution of the absorbing or absorbed fund or sub-fund.
- The investors in the absorbing and the absorbed Fund or sub-Fund have the right, within 30 days and at no additional charge, to request the redemption of all or part of their units at the current net asset value or, if possible, the exchange for units of another Fund with a similar investment policy managed by the same Management Company or by another company with which the Management Company is linked by com- mon management or control or by a substantial direct or indirect holding. This right becomes effective on the date on which the unitholders of the absorbed and absorbing funds or sub-funds are informed of the planned merger, and expires five working days before the date of calculation of the exchange ratio.
- In the case of a merger between two or more funds or sub-funds, the funds or sub-funds in question may temporarily suspend the subscription, redemption and conversion of units if such suspension is justified for reasons of the protection of the unitholders.
- Implementation of the merger will be audited and confirmed by an independent auditor. A copy of the auditor's report will be made available at no charge to the investors in the absorbing and the absorbed funds or sub-funds, as well as to the respective supervisory authorities. | - De igual forma, el Consejo de administración de la sociedad gestora puede decidir absorber en el fondo otro fondo o subfondo gestionado por la misma sociedad gestora o por otra.
- Es posible fusionar tanto dos fondos o subfondos luxemburgueses (fusión en el ámbito nacional) como fondos o subfondos cuya sede se encuentre en dos Estados miembros diferentes de la Unión Europea (fu- sión en el ámbito internacional).
- Una fusión de este tipo solo se podrá realizar si la política de inversión del fondo o subfondo absorbido es compatible con la política de inversión del OICVM absorbente.
- La fusión se llevará a cabo como una disolución del fondo o subfondo absorbido y la adquisición simultá- nea de todos los activos por parte del fondo o subfondo absorbente. Los inversores del fondo o subfondo absorbido obtienen las participaciones del fondo o subfondo absorbente, cuyo número se calcula sobre la base de la relación del valor de participaciones de los fondos o subfondos afectados en el momento de la absorción, y, dado el caso, una compensación de saldos.
- Tanto el fondo o subfondo absorbente como el fondo o subfondo absorbido informarán a los inversores acerca de la fusión prevista de forma adecuada y conforme a las prescripciones de los países de distribu- ción del fondo o subfondo absorbente o absorbido respectivamente.
- Los inversores del fondo o subfondo absorbente o absorbido tienen durante treinta días el derecho a exigir sin costes adicionales el reembolso de todas o de una parte de sus participaciones al valor de participación que corresponda o, siempre que sea posible, el canje por participaciones de otro fondo o subfondo con una política de inversión similar, que a su vez esté gestionado por la misma sociedad gestora o por otra so- ciedad, y con la que la sociedad gestora esté vinculada a través de una gestión o control comunes o me- diante una participación esencial directa o indirecta. El derecho tendrá validez a partir del momento en el que se informe a los partícipes del fondo o subfondo absorbente y absorbido acerca de la fusión prevista y pierde su validez cinco días a efectos bancarios previos al momento en el que se calcule la relación de can- je.
- En la fusión de dos o varios fondos o subfondos, los fondos o subfondos en cuestión pueden interrumpir temporalmente las suscripciones, reembolsos o canjes de participaciones si dicha interrupción está justifi- cada con el fin de proteger a los partícipes.
- Un auditor de cuentas independiente comprobará y confirmará la realización de la fusión. Previa solicitud de los interesados, se pondrá a disposición de los inversores del fondo o subfondo absorbido y absorbente, así como del organismo de supervisión competente en cada caso, una copia del informe del auditor de cuentas. | - The Board of Directors of the Management Company may also decide to merge another fund or sub-fund managed by the same or by another management company into the Fund.
- Mergers are possible between two Luxembourg funds or sub-funds (domestic merger) or between funds or sub-funds that are based in two different Member States of the European Union (cross-border merger).
- Such a merger may only be implemented if the investment policy of the fund or sub-fund to be absorbed does not contradict the investment policy of the absorbing UCITS.
- Mergers shall be implemented by way of the liquidation of the fund or sub-fund to be absorbed and a simultaneous takeover of all assets by the absorbing fund or sub-fund. The investors of the absorbed fund or sub-fund receive units in the absorbing fund or sub-fund; the number of these units is calculated on the basis of the ratio of the unit values of the funds or sub-funds in question at the time of merger, along with any settlement of fractional units.
- Both the absorbing fund or sub-fund and the absorbed fund or sub-fund will inform investors of the planned merger in an appropriate manner and in line with the legal requirements of the respective coun- tries of distribution of the absorbing or absorbed fund or sub-fund.
- The investors in the absorbing and the absorbed Fund or sub-Fund have the right, within 30 days and at no additional charge, to request the redemption of all or part of their units at the current net asset value or, if possible, the exchange for units of another Fund with a similar investment policy managed by the same Management Company or by another company with which the Management Company is linked by com- mon management or control or by a substantial direct or indirect holding. This right becomes effective on the date on which the unitholders of the absorbed and absorbing funds or sub-funds are informed of the planned merger, and expires five working days before the date of calculation of the exchange ratio.
- In the case of a merger between two or more funds or sub-funds, the funds or sub-funds in question may temporarily suspend the subscription, redemption and conversion of units if such suspension is justified for reasons of the protection of the unitholders.
- Implementation of the merger will be audited and confirmed by an independent auditor. A copy of the auditor's report will be made available at no charge to the investors in the absorbing and the absorbed funds or sub-funds, as well as to the respective supervisory authorities. | en | es |
DOLFIN8676 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
Global markets fell in the third quarter, as the three-month period brought with it further volatility that tested investor mettle. Soaring inflation, rapidly rising interest rates, war and geopolitical tensions, an energy crisis, fresh COVID-19 outbreaks, and fears of an impending recession buffeted global equities. After a dismal 1st half of 2022, equity markets rallied this quarter, following hopes that the US Federal Reserve (Fed) would relax its aggressive interest rate rise policy, but any optimism was short lived as the central bank confirmed it would do whatever it takes to quell inflation – even if that meant pushing the US closer to recession.
The Fed was not the only central bank intent on tightening monetary policy, with the Bank of England (BoE) implementing two rate rises, and the European Central Bank raised rates for the first time in more than 11 years. The biggest drag on global markets came at the end of September when the combination of US rate rises, and unfunded UK tax cuts sent equity, bond, and currency markets into meltdown, forcing the BoE to step in to ensure market stability in the UK. Commodity prices continued to weaken over the quarter, with oil dropping below $85 a barrel as fears of a recession weigh on demand, although the OPEC kept the falls in check with expectations for a cut in production.
Regionally, the worst performance came from Asia and Emerging Markets, but US stocks also lagged global peers in local currency terms. Nearly all sectors declined in the third quarter, with only consumer discretionary stocks eking out a small gain. Energy stocks also bettered their peers but lost some of their year-to-date momentum and delivered negative returns for the quarter. The worst returns came from the communication services sector after a several high-profile earnings misses, while real estate also underperformed in an environment of sharply rising interest rates. From a factor return perspective, the sharp rally in growth stocks in July meant that in aggregate for the quarter high dividend yield, value and low volatility all underperformed, while stocks with the best near-term price momentum outperformed. This masked much better returns to value and high dividend yield as markets fell through August and September, while quality became increasingly important as the quarter ended and fears of recession grew.
The Fund fell in absolute terms but modestly outperformed its benchmark in the third quarter of the year, net of fees for the A USD share class. Headwinds came from the fundamental risk factor exposures of the Fund, with July’s underperformance of value hampering returns in aggregate for the review period. Over the quarter, industry exposures helped offset these losses, particularly overweighting banks and underweighting REITs and telecoms.
Stock selection was mixed bag again as sentiment oscillated over the quarter. The top contributor was an overweight holding of Cadence Design Systems, a software firm with a strong track record of beating earnings expectations, which was a sought-after trait in the third quarter. Selected healthcare firms were also in demand, with overweight holdings of Cardinal Health and Vertex Pharmaceuticals accretive to active performance, but holdings of GSK and Sanofi proved less helpful after their share prices fell sharply in August amid growing litigation around their Zantac indigestion drug.
Source(s): AXA Investment Managers - MSCI as at 30/09/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
Los mercados mundiales cayeron en el tercer trimestre, ya que el periodo de tres meses trajo consigo una mayor volatilidad que puso a prueba el temple de los inversores. El aumento de la inflación, el rápido aumento de los tipos de interés, la guerra y las tensiones geopolíticas, una crisis energética, los nuevos brotes de COVID-19 y el temor a una recesión inminente sacudieron la renta variable mundial. Tras un pésimo primer semestre de 2022, los mercados de renta variable repuntaron este trimestre, tras las esperanzas de que la Reserva Federal estadounidense relajara su política de subidas agresivas de los tipos de interés, pero el optimismo duró poco, ya que el banco central confirmó que haría todo lo posible para apaciguar la inflación, aunque eso signifique que la economía estadounidense entre en recesión.
La Fed no fue el único banco central con intenciones de endurecer su política monetaria, ya que el Banco de Inglaterra realizó dos subidas de tipos y el Banco Central Europeo subió los tipos por primera vez en más de 11 años. El mayor lastre para los mercados mundiales se produjo a finales de septiembre, cuando la combinación de subidas de tipos en EE. UU. y los recortes fiscales no financiados en el Reino Unido provocaron un desplome de los mercados de renta variable, renta fija y divisas, lo que obligó al Banco de Inglaterra a tomar medidas para garantizar la estabilidad del mercado en el Reino Unido. Los precios de las materias primas siguieron debilitándose durante el trimestre: el petróleo cayó por debajo de los 85 dólares por barril, ya que el temor a una recesión lastraba la demanda, aunque la OPEP mantuvo las caídas bajo control con expectativas de un recorte de la producción.
Por regiones, la peor rentabilidad provino de Asia y los mercados emergentes, pero las acciones estadounidenses también quedaron rezagadas con respecto a sus homólogas mundiales en moneda local. Casi todos los sectores cayeron en el tercer trimestre y solo los valores del consumo discrecional registraron pequeñas ganancias. Los valores energéticos también superaron a sus homólogos, pero perdieron parte de su dinámica de lo que va de año y arrojaron rentabilidades negativas en el trimestre. Las peores rentabilidades provinieron del sector de servicios de comunicación tras una serie de incumplimientos de beneficios de perfil elevado, mientras que el sector inmobiliario también se rezagó en un entorno de fuerte subida de los tipos de interés. Desde la perspectiva de la rentabilidad de los factores, el fuerte repunte de los valores de crecimiento en julio hizo que, en conjunto en el trimestre, el elevado rendimiento por dividendo, el valor y la baja volatilidad se rezagaran, mientras que los valores con la mejor dinámica de precios a corto plazo destacaron. Esto ocultó unas rentabilidades mucho mejores para el valor y el alto rendimiento por dividendo, ya que los mercados cayeron en agosto y septiembre, mientras que la calidad se tornó cada vez más importante a medida que avanzaba el trimestre y crecían los temores a una recesión.
El fondo cedió terreno en términos absolutos, pero obtuvo una rentabilidad ligeramente superior a la de su índice de referencia en el tercer trimestre del año, después de comisiones para la clase de participaciones A USD. Los obstáculos provinieron de la exposición fundamental a factores de riesgo del fondo, ya que el peor comportamiento relativo del valor en julio empañó las rentabilidades en total durante el periodo analizado. Durante el trimestre, las exposiciones sectoriales ayudaron a compensar estas pérdidas, sobre todo la sobreponderación en bancos y la infraponderación en socimis y telecomunicaciones.
La selección de valores volvió a ser heterogénea, ya que el sentimiento osciló durante el trimestre. La mayor contribución provino de la sobreponderación en Cadence Design Systems, una empresa de software con un sólido historial de superación de las expectativas de beneficios, que fue codiciada en el tercer trimestre. Algunas empresas sanitarias también estuvieron demandadas; así, las sobreponderaciones en Cardinal Health y Vertex Pharmaceuticals acrecentaron la rentabilidad activa, pero las posiciones en GSK y Sanofi resultaron menos favorables después de que sus cotizaciones se desplomaran en agosto ante el aumento de los litigios en torno a su medicamento para la indigestión Zantac.
Fuente(s) : AXA Investment Managers - MSCI a 30/09/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
Global markets fell in the third quarter, as the three-month period brought with it further volatility that tested investor mettle. Soaring inflation, rapidly rising interest rates, war and geopolitical tensions, an energy crisis, fresh COVID-19 outbreaks, and fears of an impending recession buffeted global equities. After a dismal 1st half of 2022, equity markets rallied this quarter, following hopes that the US Federal Reserve (Fed) would relax its aggressive interest rate rise policy, but any optimism was short lived as the central bank confirmed it would do whatever it takes to quell inflation – even if that meant pushing the US closer to recession.
The Fed was not the only central bank intent on tightening monetary policy, with the Bank of England (BoE) implementing two rate rises, and the European Central Bank raised rates for the first time in more than 11 years. The biggest drag on global markets came at the end of September when the combination of US rate rises, and unfunded UK tax cuts sent equity, bond, and currency markets into meltdown, forcing the BoE to step in to ensure market stability in the UK. Commodity prices continued to weaken over the quarter, with oil dropping below $85 a barrel as fears of a recession weigh on demand, although the OPEC kept the falls in check with expectations for a cut in production.
Regionally, the worst performance came from Asia and Emerging Markets, but US stocks also lagged global peers in local currency terms. Nearly all sectors declined in the third quarter, with only consumer discretionary stocks eking out a small gain. Energy stocks also bettered their peers but lost some of their year-to-date momentum and delivered negative returns for the quarter. The worst returns came from the communication services sector after a several high-profile earnings misses, while real estate also underperformed in an environment of sharply rising interest rates. From a factor return perspective, the sharp rally in growth stocks in July meant that in aggregate for the quarter high dividend yield, value and low volatility all underperformed, while stocks with the best near-term price momentum outperformed. This masked much better returns to value and high dividend yield as markets fell through August and September, while quality became increasingly important as the quarter ended and fears of recession grew.
The Fund fell in absolute terms but modestly outperformed its benchmark in the third quarter of the year, net of fees for the A USD share class. Headwinds came from the fundamental risk factor exposures of the Fund, with July’s underperformance of value hampering returns in aggregate for the review period. Over the quarter, industry exposures helped offset these losses, particularly overweighting banks and underweighting REITs and telecoms.
Stock selection was mixed bag again as sentiment oscillated over the quarter. The top contributor was an overweight holding of Cadence Design Systems, a software firm with a strong track record of beating earnings expectations, which was a sought-after trait in the third quarter. Selected healthcare firms were also in demand, with overweight holdings of Cardinal Health and Vertex Pharmaceuticals accretive to active performance, but holdings of GSK and Sanofi proved less helpful after their share prices fell sharply in August amid growing litigation around their Zantac indigestion drug.
Source(s): AXA Investment Managers - MSCI as at 30/09/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN8677 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Type: Ce Produit est un fonds commun éligible en tant que Compartiment OPCVM conformément au droit des OPCVM.
Durée: Ce Produit n’a pas de date d’échéance. Le Compartiment a été constitué pour une durée indéterminée. La Société de gestion est en droit de liquider, fusionner ou repositionner unilatéralement le Produit à tout moment si le Produit ne peut plus être géré dans l’intérêt des investisseurs. La somme perçue par l’investisseur en cas de résiliation anticipée peut être inférieure au montant investi.
Objectifs: Ce fonds mixte est géré activement, sans référence à un benchmark, et vise à générer un rendement approprié en EUR. Le Fonds investit dans des valeurs à revenu fixe (35%-85%), des actions et des titres similaires (15%-40%), des liquidités et des actifs similaires (0%-50%) ainsi que dans des placements alternatifs (0%-20%). Le Fonds réalise ses investissements sans être limité à une classe d'actifs, à un secteur géographique ou à un secteur économique spécifiques. Le Fonds peut utiliser des dérivés afin d’atteindre les objectifs précités. Le fonds promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement (UE) 2019/2088) grâce à une combinaison d’exclusions, d’intégration des critères ESG et d’actionnariat actif. Sur la base des facteurs ESG les plus importants, le gestionnaire de portefeuille effectue des recherches supplémentaires sur les titres, les secteurs et les régions dans l’univers de placement du fonds et applique différentes techniques d’optimisation en fonction des classes d’actifs sous-jacentes. L’investisseur peut acheter ou vendre des parts du fonds chaque jour, tel que défini dans le prospectus. Cette classe de parts ne verse pas de distributions. Le Fonds supporte les frais usuels de courtage et de banque encourus au titre des transactions portant sur les titres du portefeuille.
Investisseurs de détail visés: Ce produit est destiné aux investisseurs de détail et aux investisseurs institutionnels ayant une connaissance et une expérience suffisantes des placements collectifs de capitaux et des produits similaires, capables de supporter une perte d’avoirs mineure et ayant un horizon de placement à long terme.
Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
- | # Tipo: Este producto es un fondo común clasificado como subfondo OICVM de conformidad con la legislación sobre los OICVM.
Plazo: Este producto no tiene fecha de vencimiento. El subfondo se ha establecido por un periodo de tiempo indefinido. La sociedad gestora tiene derecho a liquidar, fusionar o reposicionar el producto en cualquier momento unilateralmente en caso de que el producto ya no se pueda gestionar en beneficio de los inversores. El importe que el inversor recibirá en caso de terminación anticipada podría ser inferior al importe invertido.
Objetivos: Este fondo mixto se gestiona de forma activa sin referencia a un índice de referencia con el objetivo de generar una rentabilidad adecuada en euros. El fondo invierte en valores de renta fija (35%-85%), acciones y valores similares a estas (15%-40%), efectivo y recursos equiparables (0%-50%), así como en inversiones alternativas (0%-20%). Las inversiones del fondo no están limitadas a determinadas clases de activos, regiones o sectores. El fondo puede utilizar derivados para lograr los objetivos mencionados anteriormente. El fondo promueve las características medioambientales, sociales y de gobierno corporativo (ESG), en el sentido del artículo 8 del Reglamento (UE) 2019/2088, mediante la combinación de exclusiones, integración de criterios ESG y activismo accionarial. Basándose en los factores ESG más relevantes, la entidad gestora realiza análisis adicionales de valores, sectores y regiones en todo el universo de inversión del fondo y aplica distintas técnicas de optimización en función de las clases de activos subyacentes. Los inversores pueden suscribir o reembolsar participaciones del fondo diariamente, tal y como se detalla en el folleto. Esta clase de acciones no realiza distribuciones. El fondo asumirá los gastos por comisiones bancarias y de corretaje que recaigan sobre las operaciones con valores de la cartera.
Inversor minorista al que va dirigido: Este producto está destinado a inversores minoristas, así como a inversores institucionales con suficiente conocimiento y experiencia en instituciones de inversión colectiva y productos similares, una capacidad para asumir una pérdida de inversión menor y un horizonte de inversión a largo plazo.
¿Qué riesgos corro y qué podría obtener a cambio?
- | # Type: Ce Produit est un fonds commun éligible en tant que Compartiment OPCVM conformément au droit des OPCVM.
Durée: Ce Produit n’a pas de date d’échéance. Le Compartiment a été constitué pour une durée indéterminée. La Société de gestion est en droit de liquider, fusionner ou repositionner unilatéralement le Produit à tout moment si le Produit ne peut plus être géré dans l’intérêt des investisseurs. La somme perçue par l’investisseur en cas de résiliation anticipée peut être inférieure au montant investi.
Objectifs: Ce fonds mixte est géré activement, sans référence à un benchmark, et vise à générer un rendement approprié en EUR. Le Fonds investit dans des valeurs à revenu fixe (35%-85%), des actions et des titres similaires (15%-40%), des liquidités et des actifs similaires (0%-50%) ainsi que dans des placements alternatifs (0%-20%). Le Fonds réalise ses investissements sans être limité à une classe d'actifs, à un secteur géographique ou à un secteur économique spécifiques. Le Fonds peut utiliser des dérivés afin d’atteindre les objectifs précités. Le fonds promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement (UE) 2019/2088) grâce à une combinaison d’exclusions, d’intégration des critères ESG et d’actionnariat actif. Sur la base des facteurs ESG les plus importants, le gestionnaire de portefeuille effectue des recherches supplémentaires sur les titres, les secteurs et les régions dans l’univers de placement du fonds et applique différentes techniques d’optimisation en fonction des classes d’actifs sous-jacentes. L’investisseur peut acheter ou vendre des parts du fonds chaque jour, tel que défini dans le prospectus. Cette classe de parts ne verse pas de distributions. Le Fonds supporte les frais usuels de courtage et de banque encourus au titre des transactions portant sur les titres du portefeuille.
Investisseurs de détail visés: Ce produit est destiné aux investisseurs de détail et aux investisseurs institutionnels ayant une connaissance et une expérience suffisantes des placements collectifs de capitaux et des produits similaires, capables de supporter une perte d’avoirs mineure et ayant un horizon de placement à long terme.
Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
- | fr | es |
DOLFIN8678 | 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 long-term capital growth on your investment.
The Fund seeks to gain at least 80% of its investment exposure to equity securities (e.g. shares) of companies incorporated or listed in either developed or emerging markets. This is achieved by investing at least 80% of its total assets in equity securities and other equity-related securities and may, when deemed appropriate, invest in money market instruments (MMIs)(i.e. debt securities with short term maturities), deposits and cash. The equity-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets).
The MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection. This means that stocks will be selected based on their expected contribution to portfolio returns when risk and transaction cost forecasts are taken into account.
The Fund is actively managed and the investment adviser (IA) has discretion to select the Fund's investments. In doing so, the IA may refer to the MSCI All Country World Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. The Fund’s portfolio holdings are expected to deviate materially from the Index. The Index should be used by shareholders to compare the performance 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
Este Fondo tiene por objetivo alcanzar una revalorización del capital a largo plazo en su inversión.
El Fondo trata de obtener al menos el 80% de la exposición de su inversión en valores de renta variable (p. ej., acciones) de empresas domiciliadas o cotizadas en mercados desarrollados o emergentes. Esto se logra invirtiendo al menos el 80% de sus activos totales en valores de renta variable y otros valores relacionados con renta variable y, cuando resulte oportuno, podrá invertir en instrumentos del mercado monetario (IMM) (es decir, títulos de deuda con vencimientos a corto plazo), depósitos y efectivo. Los valores relacionados con renta variable abarcan los instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes).
Los IMM podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento), y podrán tener la calificación de grado de inversión (es decir, cumplirán un nivel específico de solvencia), una calificación inferior al grado de inversión o carecer de calificación en el momento de la compra.
Para alcanzar su objetivo de inversión, el Fondo invertirá en varias estrategias e instrumentos de inversión. En particular, el Fondo utilizará modelos cuantitativos (es decir, matemáticos o estadísticos) para lograr un enfoque sistemático (basado en normas) de selección de valores. Esto significa que los valores se seleccionarán según su contribución a la rentabilidad de la cartera prevista, teniendo en cuenta el riesgo y los costes de transacción.
El Fondo se gestiona de forma activa y el asesor de inversiones (AI) tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI puede referirse al MSCI All Country World Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su poder discrecional para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. Está previsto que las posiciones de la cartera del Fondo se desvíen de forma considerable del Índice. Los accionistas deberían utilizar el Índice para comparar la rentabilidad 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 long-term capital growth on your investment.
The Fund seeks to gain at least 80% of its investment exposure to equity securities (e.g. shares) of companies incorporated or listed in either developed or emerging markets. This is achieved by investing at least 80% of its total assets in equity securities and other equity-related securities and may, when deemed appropriate, invest in money market instruments (MMIs)(i.e. debt securities with short term maturities), deposits and cash. The equity-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets).
The MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection. This means that stocks will be selected based on their expected contribution to portfolio returns when risk and transaction cost forecasts are taken into account.
The Fund is actively managed and the investment adviser (IA) has discretion to select the Fund's investments. In doing so, the IA may refer to the MSCI All Country World Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. The Fund’s portfolio holdings are expected to deviate materially from the Index. The Index should be used by shareholders to compare the performance 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 |
DOLFIN8679 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### This fixed fee covers the following fees and ex- penses:
- Fee for the management of the Fund (fund management, administrative activities);
- custodian bank fee;
- expenses for the publication and mailing of the certain sales documents (sales prospectus, key investor information, annual and semi-annual reports) prepared for investors;
- expenses for publication of the annual and semi-annual reports, issue and redemptionprices and, if applicable, distributions or rein- vestments, and the liquidation report;
- fees for the audit of the Fund by the Company’s auditor;
- expenses for the publication of the bases of taxation and of certification that the tax infor- mation was determined in accordance with German tax law;
- fees payable for the licence agreement;
- distribution costs. | ###### Mit dieser Pauschale sind folgende Vergütungen und Aufwendungen abgedeckt:
- Vergütung für die Verwaltung des Fonds (Fondsmanagement, administrative Tätigkei- ten),
- Vergütung der Verwahrstelle,
- Kosten für den Druck und Versand der für die Anleger bestimmten Verkaufsunterlagen (Ver- kaufsprospekt, wesentliche Anlegerinformatio- nen, Jahres- und Halbjahresberichte),
- Kosten der Bekanntmachung der Jahres- und Halbjahresberichte, der Ausgabe- und Rück- nahmepreise und ggf. der Ausschüttungen oder Thesaurierungen und des Auflösungsberichts,
- Kosten für die Prüfung des Fonds durch den Abschlussprüfer der Gesellschaft,
- Kosten für die Bekanntmachung der Besteue- rungsgrundlagen und der Bescheinigung, dass die steuerlichen Angaben nach den Regeln des deutschen Steuerrechts ermittelt wurden,
- die für den Lizenzvertrag zu zahlenden Gebüh- ren,
- Kosten für den Vertrieb. | ###### This fixed fee covers the following fees and ex- penses:
- Fee for the management of the Fund (fund management, administrative activities);
- custodian bank fee;
- expenses for the publication and mailing of the certain sales documents (sales prospectus, key investor information, annual and semi-annual reports) prepared for investors;
- expenses for publication of the annual and semi-annual reports, issue and redemptionprices and, if applicable, distributions or rein- vestments, and the liquidation report;
- fees for the audit of the Fund by the Company’s auditor;
- expenses for the publication of the bases of taxation and of certification that the tax infor- mation was determined in accordance with German tax law;
- fees payable for the licence agreement;
- distribution costs. | en | de |
DOLFIN8680 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| The value of an investment in the Fund and any income from it may fall as well as rise and investors may not get back the amount originally invested. Past performance is not necessarily a guide to future performance. Particularly if the performance refers to a period of less than 12 months (YTD performance data, Fund launch less than 12 months ago), the performance data is no guide to future performance due to the short comparison period. Potential initial or redemption charges are not reflected in the performance data. Any performance data is shown in the Fund currency and is based on the performance of the share class indicated. |
| --- |
| Where Macquarie has expressed views and opinions, these may change. Please refer to the latest relevant Full Prospectus and the Fund’s Key Investor Information Documents for more information. The distribution and the offering of funds in certain jurisdictions may be restricted by law. |
| Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions. |
| This does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Persons interested in acquiring shares in the Fund should inform themselves as to (i) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange controls; and (iii) any relevant tax consequences. The Fund is not registered under any US securities law and may not be offered or sold in the USA, its territories or possessions, nor to any US persons. The Fund is not publicly offered for sale in any jurisdiction in which the Fund is not authorised to be publicly sold. The Fund is available only in jurisdictions where its promotion and sale is permitted. |
| Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. |
| All third-party marks cited are the property of their respective owners. |
| Other than Macquarie Bank Limited (MBL), none of the entities noted in this document are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. |
| © 2020 Macquarie Group Limited | | | Der Wert einer Anlage im Fonds und etwaige Erträge daraus können sowohl steigen als auch fallen und Anleger erhalten möglicherweise nicht den ursprünglich investierten Betrag zurück. Die Wertentwicklung in der Vergangenheit ist nicht notwendigerweise ein Hinweis auf die zukünftige Wertentwicklung. Insbesondere wenn sich die Wertentwicklung auf einen Zeitraum von weniger als 12 Monaten bezieht (Performance-Daten seit Jahresanfang (YTD), Fondsauflegung vor weniger als 12 Monaten), sind die Performance-Daten aufgrund des kurzen Vergleichszeitraums kein Hinweis auf die zukünftige Performance. Mögliche Ausgabe- oder Rücknahmegebühren spiegeln sich nicht in den Performance-Daten wider. Alle Performance-Daten werden in der Fondswährung angegeben und basieren auf der Wertentwicklung der angegebenen Anteilsklasse. |
| --- |
| Von Macquarie zum Ausdruck gebrachte Ansichten und Meinungen können sich ändern. Bitte beachten Sie den neuesten relevanten vollständigen Prospekt und die wesentlichen Fondsinformationen für Anleger für weitere Informationen. Der Vertrieb und das Angebot von Fonds können in bestimmten Ländern gesetzlich beschränkt sein. |
| Personen, in deren Besitz dieses Dokument möglicherweise gelangt, sind verpflichtet, sich über maßgebliche Beschränkungen zu informieren und diese einzuhalten. |
| Dieses Dokument stellt kein Angebot bzw. Aufforderung von Personen oder Entitäten in Staaten dar, in denen solche Angebote untersagt sind oder an Personen, an die ein solches Angebot rechtlich nicht gestattet ist. Personen, die daran interessiert sind, Anteile am Fonds zu erwerben, haben sich selbst über (i) die rechtlichen Voraussetzungen in den Ländern ihrer Staatsangehörigkeit, ihres Wohnsitzes oder gewöhnlichen Aufenthalts; (ii) etwaige Devisenbeschränkungen; und (iii) alle relevanten steuerlichen Konsequenzen zu informieren. Der Fonds ist nicht gemäß dem US-Wertpapierrecht registriert und darf daher nicht auf dem Staatsgebiet der USA und deren Hoheitsgebieten und Besitzungen, sowie an US-Personen angeboten oder verkauft werden. Der Fonds wird in keinem Staat, in dem es untersagt ist den Fonds öffentlich zu verkaufen zum Vertrieb angeboten. Der Fonds ist nur in Staaten erhältlich, in denen er legal beworben und verkauft werden darf. |
| Bei Indexrenditen werden weder Verwaltungsgebühren noch Transaktionskosten oder sonstige Ausgaben berücksichtigt. Indizes werden nicht verwaltet und es ist nicht möglich, direkt in einen Index zu investieren. |
| Alle genannten Marken Dritter sind Eigentum ihrer jeweiligen Inhaber. |
| Außer Macquarie Bank Limited (MBL) ist keines der in diesem Dokument genannten Unternehmen ein lizenziertes Einlagenkreditinstitut im Sinne des Banking Act (Commonwealth of Australia) von 1959. Bei den Verpflichtungen dieser Unternehmen handelt es sich nicht um Kundeneinlagen oder sonstige Verbindlichkeiten von MBL. Soweit nichts Gegenteiliges erwähnt wurde, übernimmt MBL für die Verpflichtungen dieser Unternehmen keine Garantie oder anderweitige Gewährleistung. |
| ©2020 Macquarie Group Limited | | | The value of an investment in the Fund and any income from it may fall as well as rise and investors may not get back the amount originally invested. Past performance is not necessarily a guide to future performance. Particularly if the performance refers to a period of less than 12 months (YTD performance data, Fund launch less than 12 months ago), the performance data is no guide to future performance due to the short comparison period. Potential initial or redemption charges are not reflected in the performance data. Any performance data is shown in the Fund currency and is based on the performance of the share class indicated. |
| --- |
| Where Macquarie has expressed views and opinions, these may change. Please refer to the latest relevant Full Prospectus and the Fund’s Key Investor Information Documents for more information. The distribution and the offering of funds in certain jurisdictions may be restricted by law. |
| Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions. |
| This does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Persons interested in acquiring shares in the Fund should inform themselves as to (i) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange controls; and (iii) any relevant tax consequences. The Fund is not registered under any US securities law and may not be offered or sold in the USA, its territories or possessions, nor to any US persons. The Fund is not publicly offered for sale in any jurisdiction in which the Fund is not authorised to be publicly sold. The Fund is available only in jurisdictions where its promotion and sale is permitted. |
| Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. |
| All third-party marks cited are the property of their respective owners. |
| Other than Macquarie Bank Limited (MBL), none of the entities noted in this document are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. |
| © 2020 Macquarie Group Limited | | en | de |
DOLFIN8681 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund’s sustainable investment objective is to contribute to keeping global temperature rise well-below 2°C by reducing the carbon footprint of the fund. Climate change and sustainability considerations are incorporated in the investment process via exclusions, ESG integration and a carbon footprint target. The fund does not invest in companies that are in breach of international norms and applies the activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks as per Robeco’s exclusion policy. ESG factors, including climate change, are integrated in the bottom-up security analysis to assess the decarbonization potential and the impact of financially material ESG risks on the issuer's fundamental credit quality. In the portfolio construction the fund targets a carbon footprint at least equal to or better than the Solactive Paris Aligned Global Corporate Index. This is to ensure the fund is aligned with the desired decarbonization trajectory of an average 7% year on year. | # Sustentabilidad
El objetivo de inversión sostenible del fondo es contribuir a mantener el aumento de la temperatura del planeta por debajo de 2 °C mediante la reducción de la huella de carbono del fondo. Las consideraciones sobre cambio climático y sostenibilidad se incorporan al proceso de inversión mediante exclusiones, integración de criterios ASG y un objetivo de huella de carbono. El fondo no invierte en empresas que incumplen normas internacionales y aplica las exclusiones basadas en las actividades conforme al artículo 12 del reglamento de la UE en lo relativo a los índices de referencia de transición climática de la UE, los índices de referencia de la UE armonizados con el Acuerdo de París y la divulgación de información relativa a la sostenibilidad de los índices de referencia, según la política de exclusión de Robeco. Se integran factores ASG, incluyendo el cambio climático, en el análisis de valores bottom-up para evaluar el potencial de descarbonización y el impacto de los riesgos ASG financieramente relevantes en la calidad del análisis fundamental crediticio del emisor. En la elaboración de la cartera, el fondo tiene como objetivo una huella de carbono que sea como mínimo igual, sino mejor, que la del Solactive Paris Aligned Global Corporate Index. El propósito de esto es garantizar que el fondo sea coherente con la trayectoria de descarbonización deseada de una media del 7 % interanual. | # Sustainability
The fund’s sustainable investment objective is to contribute to keeping global temperature rise well-below 2°C by reducing the carbon footprint of the fund. Climate change and sustainability considerations are incorporated in the investment process via exclusions, ESG integration and a carbon footprint target. The fund does not invest in companies that are in breach of international norms and applies the activity-based exclusions of Article 12 of the EU regulation on Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks as per Robeco’s exclusion policy. ESG factors, including climate change, are integrated in the bottom-up security analysis to assess the decarbonization potential and the impact of financially material ESG risks on the issuer's fundamental credit quality. In the portfolio construction the fund targets a carbon footprint at least equal to or better than the Solactive Paris Aligned Global Corporate Index. This is to ensure the fund is aligned with the desired decarbonization trajectory of an average 7% year on year. | en | es |
DOLFIN8682 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Partial exclusions cover:
- distribution, transport and production companies of equipment and services, insofar as more than 33% (inclusive) of their turnover is achieved with customers of the strictly excluded sectors as set out above;
- companies achieving more than 33% (inclusive) of their turnover in one of the followingactivities: storage and landfill without capturing greenhouse gases (GHG), incineration without energy recovery, energy efficiency for non-renewable energy sources and energy savings linked to the optimisation of the extraction, transport and production of electricity from fossil fuels, logging (except if managed sustainably, and peat land farming). | #### Des exclusions partielles visent :
- les sociétés de distribution, transport et production d’équipements et de services, dans la mesure où plus de 33% (inclus) de leur chiffre d’affaires est réalisé auprès de clients des secteurs strictement exclus tels que définis ci-dessus ;
- les sociétés réalisant plus de 33% (inclus) de leur chiffre d’affaires dans une des activitéssuivantes : les centres de stockage et d’enfouissement sans capture de gaz à effet de serre (GES), l’incinération sans récupération d’énergie, l’efficience énergétique pour les sources d’énergie non renouvelables et les économies d’énergie liées à l’optimisation de l’extraction, du transport et de la production d’électricité à partir de combustibles fossiles, l’exploitation forestière (sauf si elle gérée de manière durable, et l’agriculture sur tourbière). | #### Partial exclusions cover:
- distribution, transport and production companies of equipment and services, insofar as more than 33% (inclusive) of their turnover is achieved with customers of the strictly excluded sectors as set out above;
- companies achieving more than 33% (inclusive) of their turnover in one of the followingactivities: storage and landfill without capturing greenhouse gases (GHG), incineration without energy recovery, energy efficiency for non-renewable energy sources and energy savings linked to the optimisation of the extraction, transport and production of electricity from fossil fuels, logging (except if managed sustainably, and peat land farming). | en | fr |
DOLFIN8683 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The FCP may invest 100% of its net assets in money market instruments, including negotiable debt securities or bonds, denominated in euro and/or other currencies (in which case systematic currency hedging through derivatives is used) issued by corporate, public or supranational issuers from any country. The FCP may invest up to 20% of the net assets in securities issued by companies headquartered in an emerging country.
The portfolio is made up of investment-grade securities. The investment manager uses an internal credit quality assessment process to ensure that the money market instruments in which the FCP invests qualify as investment grade. The investment manager uses internal resources to assess credit risk for the purposes of selecting the FCP’s securities; ratings issued by rating agencies are used neither exclusively nor systematically. External ratings are used as part of the overall assessment of the credit quality of an issue or issuer, which the investment manager uses as a basis when determining its own convictions regarding security selection. Corporate debt may represent up to 100% of the net assets.
The portfolio manager may invest in derivatives traded on regulated and/or over-the- counter, French and/or foreign futures markets in order to hedge the portfolio against interest rate and/or currency risk. Securities in foreign currencies are systematically hedged via derivatives. Investors residing in France or another Eurozone country have no exposure to currency risk.
Elements of the investment strategy aimed at attaining the environmental or social characteristics promoted by this financial product, described below, are systematically incorporated throughout the investment process. | Le FCP peut investir 100% de son actif net sur des instruments du marché monétaire, dont des titres de créances négociables ou obligations, libellés en Euro et/ou en devises (avec dans ce cas la mise en place d'une couverture de change systématique via l’utilisation des instruments dérivés) émis par des émetteurs privés, publics, supranationaux de tous pays. Le FCP peut investir jusqu'à 20% de l'actif net en titres émis par des sociétés dont le siège social est situé dans un pays émergent.
Le portefeuille est investi dans des titres de haute qualité. Le délégataire à la gestion financière s'assure que les instruments du marché monétaire dans lesquels le FCP investit soient de haute qualité selon un processus interne d'appréciation de la qualité de crédit. Le délégataire à la gestion financière dispose de moyens internes d'évaluation des risques de crédit pour sélectionner les titres du FCP et ne recourt pas exclusivement ou systématiquement aux notations émises par des agences de notation. L'utilisation des notations externes participe à l'évaluation globale de la qualité de crédit d'une émission ou d'un émetteur sur laquelle se fonde le délégataire à la gestion financière pour définir ses propres convictions en matière de sélection des titres. La dette privée peut représenter jusqu'à 100% de l'actif net.
Le gérant peut investir en instruments dérivés négociés sur les marchés à terme réglementés et/ou de gré à gré, français et/ou étrangers, pour couvrir le portefeuille contre les risques de taux et/ou de change. Les titres en devises font l'objet d'une couverture systématique via les dérivés. Il n'y a pas d'exposition au risque de change pour le résident français ou de l'un des pays de la zone Euro.
Les éléments de la stratégie d’investissement visant à atteindre les caractéristiques environnementales ou sociales promues par ce produit financier et décrites ci-dessous sont systématiquement intégrés tout au long du processus d’investissement. | The FCP may invest 100% of its net assets in money market instruments, including negotiable debt securities or bonds, denominated in euro and/or other currencies (in which case systematic currency hedging through derivatives is used) issued by corporate, public or supranational issuers from any country. The FCP may invest up to 20% of the net assets in securities issued by companies headquartered in an emerging country.
The portfolio is made up of investment-grade securities. The investment manager uses an internal credit quality assessment process to ensure that the money market instruments in which the FCP invests qualify as investment grade. The investment manager uses internal resources to assess credit risk for the purposes of selecting the FCP’s securities; ratings issued by rating agencies are used neither exclusively nor systematically. External ratings are used as part of the overall assessment of the credit quality of an issue or issuer, which the investment manager uses as a basis when determining its own convictions regarding security selection. Corporate debt may represent up to 100% of the net assets.
The portfolio manager may invest in derivatives traded on regulated and/or over-the- counter, French and/or foreign futures markets in order to hedge the portfolio against interest rate and/or currency risk. Securities in foreign currencies are systematically hedged via derivatives. Investors residing in France or another Eurozone country have no exposure to currency risk.
Elements of the investment strategy aimed at attaining the environmental or social characteristics promoted by this financial product, described below, are systematically incorporated throughout the investment process. | en | fr |
DOLFIN8684 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Les revenus du Fonds seront réinvestis et se refléteront dans les cours des actions du Fonds.
VIS est un fonds à compartiments multiples avec passif séparé entre ses compartiments. Cela signifie que les participations du Fonds sont conservées séparément, en vertu du droit irlandais, des participations d'autres compartiments de VIS et que votre investissement dans le Fonds ne sera pas affecté par des réclamations à l'encontre d'un autre compartiment de VIS.
Investisseurs de détail visés : Chaque Fonds est accessible à un large éventail d'investisseurs qui cherchent à accéder à un portefeuille géré conformément à un objectif et une politique d'investissement spécifiques. | ### Los ingresos del Fondo se reinvertirán y se verán reflejados en el precio de las acciones del Fondo.
VIS es un fondo paraguas con pasivos segregados entre subfondos. Es decir, las posiciones del Fondo se mantienen por separado, de conformidad con la legislación irlandesa, de las posiciones de otros subfondos de VIS, y, por lo tanto, su inversión en el Fondo no se verá afectada por ninguna reclamación contra otro subfondo de VIS.
Inversor minorista al que va dirigido: Cada Fondo está disponible para una amplia gama de inversores que buscan acceder a una cartera gestionada de acuerdo con un objetivo y una política de inversión específicos. | ### Les revenus du Fonds seront réinvestis et se refléteront dans les cours des actions du Fonds.
VIS est un fonds à compartiments multiples avec passif séparé entre ses compartiments. Cela signifie que les participations du Fonds sont conservées séparément, en vertu du droit irlandais, des participations d'autres compartiments de VIS et que votre investissement dans le Fonds ne sera pas affecté par des réclamations à l'encontre d'un autre compartiment de VIS.
Investisseurs de détail visés : Chaque Fonds est accessible à un large éventail d'investisseurs qui cherchent à accéder à un portefeuille géré conformément à un objectif et une politique d'investissement spécifiques. | fr | es |
DOLFIN8685 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Performance Scenarios
We have classified this Product as 2 out of 7, which is a low risk class. This rates the potential losses from future performance at a low level. Be aware of currency risk if your reference currency differs from the base currency of the fund as the final return you receive depends on the exchange rate between the two currencies. This risk is not considered in the indicator shown.
The rating reflects the risks of investing in a geographically concentrated portfolio of euro-denominated investment grade corporate and quasi-government debt instruments, other securities as described under “Investment Policy” above, and derivatives. It does not reflect the risk that these factors, as well as other factors such as liquidity, counterparty, and operational risk, change over time and can affect the fund’s returns differently in the future.
## This product does not include any protection from future market performance so you could lose some or all of your investment.
What you get from this Product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
Recommended Holding Period: 5 Years
| Investment EUR 10,000 | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- | --- |
| Scenarios | | | |
| Stress scenario | What you might get back after costs | 7,800 EUR | 7,460 EUR |
| Average return each year | -22.0% | -5.7% |
| | What you might get back after costs | 7,970 EUR | 8,700 EUR |
| Unfavourable scenario | | |
| | Average return each year | -20.3% | -2.8% |
| | What you might get back after costs | 10,240 EUR | 11,360 EUR |
| Moderate scenario | | |
| | Average return each year | 2.4% | 2.6% |
| | What you might get back after costs | 11,160 EUR | 11,900 EUR |
| Favourable scenario | | | |
| | Average return each year | 11.6% | 3.5% |
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 fund. The stress scenario 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. The figures shown include all the costs of the fund 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. | # Scenari di performance
Abbiamo classificato questo prodotto al livello 2 su 7, che corrisponde alla classe di rischio medio. Ciò significa che le perdite potenziali dovute alla performance futura sono classificate nel livello basso. Attenzione al rischio di cambio se la valuta di riferimento dell'investitore differisce dalla valuta di base del fondo, in quanto il rendimento finale che otterrete dipenderà dal tasso di cambio tra le due valute. Questo rischio non è considerato nell'indicatore mostrato.
Il rating riflette i rischi derivanti dall’investimento in un portafoglio concentrato su una particolare area geografica di strumenti di debito quasi governativi con rating investment grade denominati in euro, altri titoli di cui alla precedente sezione "Politica d'investimento" e derivati. Esso non riflette il rischio che questi fattori così come altri fattori quali la liquidità, la controparte e il rischio operativo cambino nel tempo e in futuro possano incidere diversamente sui rendimenti del fondo.
## Questo prodotto non comprende alcuna protezione dalla performance futura del mercato; pertanto potreste perdere il vostro intero investimento o parte di esso.
I risultati ottenuti da questo prodotto dipendono dalla performance futura del mercato. Gli sviluppi futuri del mercato sono incerti e non possono essere previsti con precisione.
Periodo di detenzione raccomandato: 5 anni
| IN CASO DI Investimento di EUR 10.000 USCITA DOPO 1 ANNO | IN CASO DI USCITA DOPO 5 ANNI |
| --- | --- |
| Scenari | | | |
| Scenario di stress | Quanto potrebbe essere l'importo rimborsato al netto dei costi | EUR 7.800 | EUR 7.460 |
| | Rendimento medio per ciascun anno | -22,0% | -5,7% |
| | Quanto potrebbe essere l'importo rimborsato al netto dei costi | EUR 7.970 | EUR 8.700 |
| Scenario sfavorevole | | |
| | Rendimento medio per ciascun anno | -20,3% | -2,8% |
| | Quanto potrebbe essere l'importo rimborsato al netto dei costi | EUR 10.240 | EUR 11.360 |
| Scenario moderato | | |
| | Rendimento medio per ciascun anno | 2,4% | 2,6% |
| | Quanto potrebbe essere l'importo rimborsato al netto dei costi | EUR 11.160 | EUR 11.900 |
| Scenario favorevole | | | |
| | Rendimento medio per ciascun anno | 11,6% | 3,5% |
La presente tabella mostra gli importi dei possibili rimborsi nei prossimi 5 anni, in scenari diversi, ipotizzando un investimento di EUR 10.000. 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 il fondo. Lo scenario di stress 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. 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. | # Performance Scenarios
We have classified this Product as 2 out of 7, which is a low risk class. This rates the potential losses from future performance at a low level. Be aware of currency risk if your reference currency differs from the base currency of the fund as the final return you receive depends on the exchange rate between the two currencies. This risk is not considered in the indicator shown.
The rating reflects the risks of investing in a geographically concentrated portfolio of euro-denominated investment grade corporate and quasi-government debt instruments, other securities as described under “Investment Policy” above, and derivatives. It does not reflect the risk that these factors, as well as other factors such as liquidity, counterparty, and operational risk, change over time and can affect the fund’s returns differently in the future.
## This product does not include any protection from future market performance so you could lose some or all of your investment.
What you get from this Product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
Recommended Holding Period: 5 Years
| Investment EUR 10,000 | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- | --- |
| Scenarios | | | |
| Stress scenario | What you might get back after costs | 7,800 EUR | 7,460 EUR |
| Average return each year | -22.0% | -5.7% |
| | What you might get back after costs | 7,970 EUR | 8,700 EUR |
| Unfavourable scenario | | |
| | Average return each year | -20.3% | -2.8% |
| | What you might get back after costs | 10,240 EUR | 11,360 EUR |
| Moderate scenario | | |
| | Average return each year | 2.4% | 2.6% |
| | What you might get back after costs | 11,160 EUR | 11,900 EUR |
| Favourable scenario | | | |
| | Average return each year | 11.6% | 3.5% |
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 fund. The stress scenario 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. The figures shown include all the costs of the fund 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. | en | it |
DOLFIN8686 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Unit classes
The investor may be offered one or more unit classes at the discretion of the Management Company.
All units classes of the fund shall be invested together in accordance with the investment objectives of the fund, but they may differ from each other, in particular with regard to their fee structure, the minimum investment requirements for initial and subsequent subscriptions, the cur- rency, the distribution policy, the conditions to be met by investors or other specific characteristics, such as hedging, as determined in each case by the Management Company.
The net asset value per unit is calculated individ- ually for each unit class issued for the fund. The fund does not keep a separate portfolio for the individual unit classes.
The Management Company reserves the right to offer only one unit class or only certain unit classes for sale to investors in certain jurisdictions so as to comply with the applicable laws, customs or business practices there. Furthermore, the Management Company reserves the right to adopt principles that apply to certain investor categories or transactions in respect of the acquisition of certain unit classes.
The unit classes FC, FD, IC, LC, LD, TFC and TFD are offered for the fund. The unit classes are denominated in euro. Further information on unit classes that are currently launched is available on the Internet at www.dws.com.
Unit classes in a currency other than the base currency – possible currency effects:
If the investor is offered unit classes in a currency other than the base currency (e.g., a fund in euro that offers a unit class in U.S. dollars), it is pointed out that possible currency effects on the net asset value per unit are not systematically hedged. These currency effects arise due to the time lag between the necessary processing and posting steps for orders in a non-base currency, which can lead to exchange rate fluctuations. This applies in particular to redemption orders. The possible effects on the net asset value per unit may be positive or nega- tive and are not limited to the particular unit class that is denominated in a currency other than the base currency, i.e., they may also affect the respective fund and all of the unit classes con- tained in it. | #### Anteilklassen
Dem Anleger können nach freiem Ermessen der Verwaltungsgesellschaft eine oder mehrere Anteilklassen angeboten werden.
Alle Anteilklassen des Fonds werden, im Einklang mit den Anlagezielen des Fonds, zusammen angelegt, allerdings können sie sich insbesondere im Hinblick auf ihre Gebührenstruktur, die Vorschrif ten für den Mindestanlagebetrag bei Erstzeichnung und bei Folgezeichnungen, die Währung, die Ausschüttungspolitik, die von den Anlegern zu erfüllenden Voraussetzungen oder sonstige beson dere Merkmale wie Absicherungen unterscheiden, wie jeweils von der Verwaltungsgesellschaft bestimmt wird.
Der Nettoinventarwert je Anteil wird für jede ausgegebene Anteilklasse des Fonds einzeln berechnet. Der Fonds führt für die einzelnen Anteilklassen kein gesondertes Portfolio.
Die Verwaltungsgesellschaft behält sich das Recht vor, Anlegern in bestimmten Rechtsord nungen nur eine bzw. nur bestimmte Anteilklas sen zum Kauf anzubieten, um den dort jeweils geltenden gesetzlichen Bestimmungen, Usancen oder Geschäftspraktiken zu entsprechen. Die Verwaltungsgesellschaft behält sich weiterhin das Recht vor, Grundsätze zu beschließen, die für bestimmte Anlegerkategorien bzw. Transaktionen im Hinblick auf den Erwerb bestimmter Anteil klassen gelten.
Für den Fonds werden die Anteilklassen FC, FD, IC, LC, LD, TFC und TFD angeboten. Die Anteil klassen lauten auf Euro. Weitere Informationen zu den gegenwärtig aufgelegten Anteilklassen sind im Internet unter www.dws.com verfügbar.
Anteilklassen in einer anderen Währung als der Basiswährung – mögliche Währungseinflüsse:
Sofern dem Anleger Anteilklassen in einer anderen Währung als der Basiswährung angeboten werden (wie z.B. ein Fonds in Euro, der eine Anteilklasse in USDollar anbietet), wird darauf hingewiesen, dass mögliche Währungseinflüsse auf den Anteilwert nicht systematisch abgesichert werden. Diese Währungseinflüsse entstehen aufgrund der zeit lichen Verzögerung bei den notwendigen Verarbei tungs und Buchungsschritten für Aufträge in einer NichtBasiswährung, die zu Wechselkursschwan kungen führen kann. Dies gilt insbesondere für Rücknahmeaufträge. Die möglichen Einflüsse auf den Anteilwert können positiv oder negativ sein und sind nicht auf die betroffene Anteilklasse, die auf eine andere Währung als die Basiswährung lautet, beschränkt, d.h., sie können sich auf den jeweiligen Fonds und alle darin enthaltenen Anteil klassen auswirken. | #### Unit classes
The investor may be offered one or more unit classes at the discretion of the Management Company.
All units classes of the fund shall be invested together in accordance with the investment objectives of the fund, but they may differ from each other, in particular with regard to their fee structure, the minimum investment requirements for initial and subsequent subscriptions, the cur- rency, the distribution policy, the conditions to be met by investors or other specific characteristics, such as hedging, as determined in each case by the Management Company.
The net asset value per unit is calculated individ- ually for each unit class issued for the fund. The fund does not keep a separate portfolio for the individual unit classes.
The Management Company reserves the right to offer only one unit class or only certain unit classes for sale to investors in certain jurisdictions so as to comply with the applicable laws, customs or business practices there. Furthermore, the Management Company reserves the right to adopt principles that apply to certain investor categories or transactions in respect of the acquisition of certain unit classes.
The unit classes FC, FD, IC, LC, LD, TFC and TFD are offered for the fund. The unit classes are denominated in euro. Further information on unit classes that are currently launched is available on the Internet at www.dws.com.
Unit classes in a currency other than the base currency – possible currency effects:
If the investor is offered unit classes in a currency other than the base currency (e.g., a fund in euro that offers a unit class in U.S. dollars), it is pointed out that possible currency effects on the net asset value per unit are not systematically hedged. These currency effects arise due to the time lag between the necessary processing and posting steps for orders in a non-base currency, which can lead to exchange rate fluctuations. This applies in particular to redemption orders. The possible effects on the net asset value per unit may be positive or nega- tive and are not limited to the particular unit class that is denominated in a currency other than the base currency, i.e., they may also affect the respective fund and all of the unit classes con- tained in it. | en | de |
DOLFIN8687 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
All revenues arising from efficient portfolio management techniques and total return swap agreements, net of direct and indirect operational costs and fees, will be returned to the relevant Sub-Fund. At least a majority of the gross revenues arising from efficient portfolio management techniques and total return swap agreements will be returned to the relevant Sub-Fund. In particular, fees and costs may be calculated as a percentage of the gross revenues earned by the relevant Sub-Fund and may be paid to agents of the Fund and other intermediaries providing services in connection with efficient portfolio management techniques and total return swap agreements as normal compensation of their services (including the Depositary, its related agent as the case may be, and the Management Company).
-
## Global exposure limits | Tous les revenus découlant des techniques de gestion efficace de portefeuille et des contrats de swap de rendement total, nets des commissions et frais opérationnels directs et indirects, seront reversés au Compartiment concerné. Au moins une majeure partie des revenus bruts découlant des techniques de gestion efficace de portefeuille et des contrats de swap de rendement total seront reversés au Compartiment concerné. En particulier, les commissions et les frais peuvent être calculés en pourcentage des revenus bruts perçus par le Compartiment concerné et peuvent être versés aux agents du Fonds et à d'autres intermédiaires fournissant des services liés aux techniques de gestion efficace de portefeuille et aux contrats de swap de rendement total en tant que rémunération normale de leurs services (y compris le Dépositaire, son agent associé le cas échéant, et la Société de gestion).
-
## Limites d'exposition globale | All revenues arising from efficient portfolio management techniques and total return swap agreements, net of direct and indirect operational costs and fees, will be returned to the relevant Sub-Fund. At least a majority of the gross revenues arising from efficient portfolio management techniques and total return swap agreements will be returned to the relevant Sub-Fund. In particular, fees and costs may be calculated as a percentage of the gross revenues earned by the relevant Sub-Fund and may be paid to agents of the Fund and other intermediaries providing services in connection with efficient portfolio management techniques and total return swap agreements as normal compensation of their services (including the Depositary, its related agent as the case may be, and the Management Company).
-
## Global exposure limits | en | fr |
DOLFIN8688 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Disclaimer:
This document serves as promotional material and is not mandatory in accordance with the German Capital Investment Code. The fund information provided in this factsheet has been prepared for investors' general information. It is not designed to replace the investor's own market research nor any other legal, tax or financial information or advice. This factsheet does not constitute an invitation to buy or sell, or investment advice. It does not contain all information required to make important economic decisions and may differ from information and estimates provided by other sources or market participants. We accept no liability for the accuracy, completeness or topicality of this document. All statements are based on our assessment of the present legal and tax situation. All opinions reflect the current views of the portfolio manager and can be changed without prior notice.
Full details of our funds can be found in the relevant current sales prospectus and, where appropriate, Key Investor Information Document (KIID), supplemented by the latest audited annual report and/or half-year report.
The relevant sales prospectus and Key Investor Information Document prepared in German are the sole legally-binding basis for the purchase of units in funds managed by Lupus alpha Investment GmbH.
You can obtain these documents free of charge from Lupus alpha Investment GmbH, P.O. Box 11 12 62, 60047 Frankfurt am Main, upon request by calling +49 69 365058-7000, by emailing [email protected] or via our website: www.lupusalpha.de or from the Austrian paying and information agent Credit Bank Austria AG based in A-1010 Vienna, Schottengasse 6-8. Fund units can be obtained from banks, savings banks and independent financial advisors. | ## Disclaimer:
Es handelt sich hierbei um eine Werbemitteilung und nicht um ein investmentrechtliches Pflichtdokument. Die in diesem Factsheet angegebenen Fondsinformationen sind zu allgemeinen Informationszwecken des Anlegers erstellt worden. Sie ersetzen weder eigene Marktrecherchen noch sonstige rechtliche, steuerliche oder finanzielle Information oder Beratung. Das Factsheet stellt keine Kauf- oder Verkaufsaufforderung oder Anlageberatung dar. Es enthält nicht alle für wirtschaftlich bedeutende Entscheidungen wesentlichen Angaben und kann von Informationen und Einschätzungen anderer Quellen/Marktteilnehmer abweichen. Für die Richtigkeit, Vollständigkeit oder Aktualität dieser Unterlage wird keine Gewähr übernommen. Sämtliche Ausführungen gehen von unserer Beurteilung der gegenwärtigen Rechts- und Steuerlage aus. Alle Meinungsaussagen geben die aktuelle Einschätzung des Portfolio Managers wieder, und können ohne vorherige Ankündigung geändert werden.
Die vollständigen Angaben zu dem Fonds sind dem jeweils aktuellen Verkaufsprospekt sowie ggf. den wesentlichen Anlegerinformationen, ergänzt durch den letzten geprüften Jahresbericht bzw. den letzten Halbjahresbericht, zu entnehmen.
Ausschließlich rechtsverbindliche Grundlage für den Erwerb von Anteilen an den von der Lupus alpha Investment GmbH verwalteten Fonds, sind der jeweils gültige Verkaufsprospekt und die wesentlichen Anlegerinformationen, die in deutscher Sprache verfasst sind. Diese erhalten Sie kostenlos bei der Lupus alpha Investment GmbH, Postfach 11 12 62, 60047 Frankfurt am Main, auf Anfrage telefonisch unter +49 69 365058-7000, per Email [email protected], über unsere Homepage www.lupusalpha.de. oder bei der österreichischen Zahl- und Informationsstelle, der Credit Bank Austria AG mit Sitz in A-1010 Wien, Schottengasse 6-8. Anteile der Fonds erhalten Sie bei Banken, Sparkassen und unabhängigen Finanzberatern. | ## Disclaimer:
This document serves as promotional material and is not mandatory in accordance with the German Capital Investment Code. The fund information provided in this factsheet has been prepared for investors' general information. It is not designed to replace the investor's own market research nor any other legal, tax or financial information or advice. This factsheet does not constitute an invitation to buy or sell, or investment advice. It does not contain all information required to make important economic decisions and may differ from information and estimates provided by other sources or market participants. We accept no liability for the accuracy, completeness or topicality of this document. All statements are based on our assessment of the present legal and tax situation. All opinions reflect the current views of the portfolio manager and can be changed without prior notice.
Full details of our funds can be found in the relevant current sales prospectus and, where appropriate, Key Investor Information Document (KIID), supplemented by the latest audited annual report and/or half-year report.
The relevant sales prospectus and Key Investor Information Document prepared in German are the sole legally-binding basis for the purchase of units in funds managed by Lupus alpha Investment GmbH.
You can obtain these documents free of charge from Lupus alpha Investment GmbH, P.O. Box 11 12 62, 60047 Frankfurt am Main, upon request by calling +49 69 365058-7000, by emailing [email protected] or via our website: www.lupusalpha.de or from the Austrian paying and information agent Credit Bank Austria AG based in A-1010 Vienna, Schottengasse 6-8. Fund units can be obtained from banks, savings banks and independent financial advisors. | en | de |
DOLFIN8689 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | 6.7 | 8.7 | 34.7 | -3.4 | -6.4 | 3.0 | 11.2 | -10.7 |
| Comparator †¹ | | | 0.5 | 0.6 | 0.5 | 0.3 | 0.7 | 0.8 | 0.3 | 0.1 |
| Comparator †² | | | 7.0 | -1.8 | 31.4 | 3.0 | 0.7 | 9.9 | 0.8 | -4.4 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is State Street Bank International GmbH, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Strategic Funds (BSF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BSF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BSF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BSF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BSF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BSF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 17 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | | 6,7 | 8,7 | 34,7 | -3,4 | -6,4 | 3,0 | 11,2 | -10,7 |
| Comparador †¹ | | | 0,5 | 0,6 | 0,5 | 0,3 | 0,7 | 0,8 | 0,3 | 0,1 |
| Comparador †² | | | 7,0 | -1,8 | 31,4 | 3,0 | 0,7 | 9,9 | 0,8 | -4,4 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
El depositario del Fondo es State Street Bank International GmbH, Luxembourg Branch.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Strategic Funds (BSF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BSF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BSF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BSF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BSF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BSF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 17 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | 6.7 | 8.7 | 34.7 | -3.4 | -6.4 | 3.0 | 11.2 | -10.7 |
| Comparator †¹ | | | 0.5 | 0.6 | 0.5 | 0.3 | 0.7 | 0.8 | 0.3 | 0.1 |
| Comparator †² | | | 7.0 | -1.8 | 31.4 | 3.0 | 0.7 | 9.9 | 0.8 | -4.4 |
During this period performance was achieved under circumstances that no longer apply.
The depositary of the Fund is State Street Bank International GmbH, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Strategic Funds (BSF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BSF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BSF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BSF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BSF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BSF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 17 February 2022 | en | es |
DOLFIN8690 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
An Extra-financial analysis process is used to assign an ESG score based on an internal analysis and/or on the data provided by an extra- financial rating agency in order to define the eligible investment universe.
Further information regarding the way the fund's sustainable investment objective is achieved is available in the fund's prospectus and accessible via www.mirabaud-am.com. The fund is subject to Mirabaud Sustainable and Responsible investment policy.
Share Class Policy
The Class is not entitled to any dividend distribution.
This Class is a hedged share class, which means that the currency risk between the Sub-Fund currency and the Class currency is reduced, but not completely eliminated.
Processing of subscription and redemption orders
The Sub-Fund offers daily liquidity, whereby you can subscribe to the Sub-Fund or redeem your assets on any business day in Luxembourg, with the exception of business days mentioned in the "No NAV Calendar" published on the website | Viene utilizzato un processo di analisi extra-finanziaria per assegnare un punteggio ESG in base a un'analisi interna e/o ai dati forniti da un'agenzia di rating extra-finanziaria al fine di definire l'universo d'investimento idoneo.
Ulteriori informazioni sul modo in cui viene perseguito l'obiettivo d'investimento sostenibile del fondo sono disponibili nel prospetto del fondo e sul sito www.mirabaud-am.com. Il fondo è soggetto alla politica d'investimento sostenibile e responsabile di Mirabaud.
Politica delle Categorie di azioni
La Categoria non ha diritto alla distribuzione dei dividendi.
Questa Categoria è una categoria di azioni con copertura; ciò significa che il rischio di cambio tra la valuta del Comparto e quella della Categoria è ridotto, ma non completamente eliminato.
Elaborazione degli ordini di sottoscrizione e rimborso
Il Comparto offre liquidità quotidiana; pertanto, è possibile sottoscrivere le attività del Comparto o richiederne il rimborso in qualunque giorno lavorativo in Lussemburgo, ad eccezione dei giorni lavorativi di cui al "Calendario no NAV" pubblicato sul sito Web | An Extra-financial analysis process is used to assign an ESG score based on an internal analysis and/or on the data provided by an extra- financial rating agency in order to define the eligible investment universe.
Further information regarding the way the fund's sustainable investment objective is achieved is available in the fund's prospectus and accessible via www.mirabaud-am.com. The fund is subject to Mirabaud Sustainable and Responsible investment policy.
Share Class Policy
The Class is not entitled to any dividend distribution.
This Class is a hedged share class, which means that the currency risk between the Sub-Fund currency and the Class currency is reduced, but not completely eliminated.
Processing of subscription and redemption orders
The Sub-Fund offers daily liquidity, whereby you can subscribe to the Sub-Fund or redeem your assets on any business day in Luxembourg, with the exception of business days mentioned in the "No NAV Calendar" published on the website | en | it |
DOLFIN8691 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The collateral received may be fully mobilised at any time without reference thereto to the counterparty or the need to obtain its agreement.
- Financial collateral in favour of the counterpartyCertain derivatives may initially require collateral to be lodged in favour of the counterparty (cash and/or securities).
- ValuationReverse repurchase and repurchase agreementsReverse repurchase and repurchase agreements are valued at cost plus interest. For contracts exceeding three months, the credit spread of the counterparty may be revalued. | Le garanzie ricevute potranno essere interamente smobilizzate in qualunque momento, senza che occorra riferirne alla controparte né ottenerne l’accordo.
- Garanzia finanziaria a favore della controparteAlcuni derivati possono essere sottoposti a depositi di garanzie collaterali iniziali a favore della controparte (in contanti e/o titoli).
- Valutazione Repo e reverse repoLe operazioni repo o reverse repo sono valorizzate in base al prezzo di vendita, maggiorato degli interessi. In caso di contratti superiori a tre mesi, lo spread di credito della controparte potrà essere rivalutato. | The collateral received may be fully mobilised at any time without reference thereto to the counterparty or the need to obtain its agreement.
- Financial collateral in favour of the counterpartyCertain derivatives may initially require collateral to be lodged in favour of the counterparty (cash and/or securities).
- ValuationReverse repurchase and repurchase agreementsReverse repurchase and repurchase agreements are valued at cost plus interest. For contracts exceeding three months, the credit spread of the counterparty may be revalued. | en | it |
DOLFIN8692 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 6.7 | -5.1 | 3.8 | -4.9 | 3.8 | 8.3 | -4.3 | 8.0 | 12.3 | 2.9 |
| Benchmark † | 6.9 | -4.8 | 4.1 | -4.7 | 4.0 | 8.5 | -4.1 | 8.2 | 12.5 | 3.1 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares III plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares III plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares III plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares III plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares III plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares III plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 15 December 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 6,7 | -5,1 | 3,8 | -4,9 | 3,8 | 8,3 | -4,3 | 8,0 | 12,3 | 2,9 |
| Índice † | 6,9 | -4,8 | 4,1 | -4,7 | 4,0 | 8,5 | -4,1 | 8,2 | 12,5 | 3,1 |
El depositario del Fondo es State Street Custodial Services (Ireland) Limited.
Puede obtenerse información adicional acerca del Fondo y de la Clase de acciones en el último informe anual y los últimos informes semestrales de iShares III plc. Dichos documentos están disponibles de forma gratuita en inglés y otros idiomas. Podrán obtenerse, junto con otra información como detalles de las principales inversiones subyacentes de la Clase de acciones y los precios de las acciones, en el sitio web de iShares cuya dirección es www.ishares.com o llamando al +44 (0) 845 357 7000, o de su intermediario bursátil o asesor financiero.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo y a la Clase de acciones puede repercutir en la posición fiscal personal de su inversión.
El Fondo es un compartimento de iShares III plc, una estructura paraguas compuesta de diferentes compartimentos. El Fondo tiene una o más clases de acciones. Este documento es específico del Fondo y de la Clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
iShares III plc únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
El valor de inventario neto intradía indicativo de la Clase de acciones está disponible en http://deutsche-boerse.com y/o http://www.reuters.com.
Con arreglo a la legislación irlandesa, iShares III plc mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de iShares III plc). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos. Los activos y pasivos específicos a una clase de acciones serían atribuibles solamente a esa clase de acciones, aunque con arreglo a la legislación irlandesa no hay segregación de los pasivos entre las clases de acciones.
El canje de acciones entre el Fondo y otros compartimentos de iShares III plc no está disponible para los inversores. Solamente los Participantes Autorizados que operan directamente con el Fondo podrán canjear acciones entre clases de acciones del Fondo, siempre y cuando se cumplan determinadas condiciones establecidas en el folleto del Fondo.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
El Fondo y su sociedad gestora, BlackRock Asset Management Ireland Limited, están autorizados en Irlanda y su autoridad reguladora es el Banco Central de Irlanda.
Estos Datos Fundamentales para el Inversor son exactos a 15 diciembre 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 6.7 | -5.1 | 3.8 | -4.9 | 3.8 | 8.3 | -4.3 | 8.0 | 12.3 | 2.9 |
| Benchmark † | 6.9 | -4.8 | 4.1 | -4.7 | 4.0 | 8.5 | -4.1 | 8.2 | 12.5 | 3.1 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares III plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares III plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares III plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares III plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares III plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares III plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 15 December 2022 | en | es |
DOLFIN8693 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Investment Manager may decide from time to time to invest in a country where the Depositary has no correspondent. In such a case, the Depositary will have to identify and appoint after due diligence a local custodian. This process may take time and in the meantime deprive the Investment Manager of investment opportunities.
In the same manner, the Depositary shall assess on an ongoing basis the custody risk of the country where the Fund’s assets are safe- kept. The Depositary may identify from time to time a custody risk in a jurisdiction and recommends to the Investment Manager to realize the investments immediately. In doing so, the price at which such assets will be sold may be lower than the price the Fund would have received in normal circumstances, potentially affecting the performance of the relevant Sub-Funds.
As a continuing security for the payment of its duties under the Depositary Agreement (like the fees to be paid to the Depositary for its services or also overdraft facilities offered by the Depositary), the Depositary shall have a first priority pledge granted by the Fund over the assets the Depositary or any third party may from time to time hold directly for the account of the Fund.
Under the UCITS V Directive, cash is to be considered as a third category of assets beside financial instruments that can be held in custody and other assets. The UCITS V Directive imposes specific cash flow monitoring obligations. Depending on their maturity, term deposits could be considered as an investment and consequently would be considered as other assets and not as cash.
-
## ESG / Sustainability Risks | Il Gestore degli investimenti può decidere di volta in volta di investire in un paese in cui il Depositario non ha banche corrispondenti. In tal caso, il Depositario dovrà individuare e nominare una banca depositaria locale dopo aver eseguito una due diligence. Tale processo può essere lungo e nel frattempo privare il Gestore degli investimenti di opportunità d'investimento.
Allo stesso modo, il Depositario valuterà continuamente il rischio di custodia del paese in cui sono custodite le attività del Fondo. Il Depositario può identificare di volta in volta un rischio di custodia in una giurisdizione e raccomandare al Gestore degli investimenti di realizzare immediatamente gli investimenti. In tal caso, il prezzo di vendita di tali attività potrebbe essere inferiore al prezzo che il Fondo avrebbe ottenuto in circostanze normali, incidendo potenzialmente sulla performance dei Comparti interessati.
A titolo di garanzia continua per la retribuzione dei suoi servizi ai sensi del Contratto di deposito (come ad esempio le commissioni dovute al Depositario a fronte dei suoi servizi o anche le linee di credito offerte dal Depositario), il Depositario otterrà dal Fondo un pegno di primo grado sulle attività che il Depositario o qualsiasi terza parte possa di volta in volta detenere direttamente per conto del Fondo.
Ai sensi della Direttiva OICVM V, la liquidità deve essere considerata una terza categoria di attività oltre agli strumenti finanziari che possono essere tenuti in custodia e alle altre attività. La Direttiva OICVM V impone obblighi specifici di monitoraggio dei flussi di cassa. A seconda della scadenza, i depositi vincolati potrebbero essere ritenuti un investimento e considerati pertanto come altre attività e non come contante.
-
## ESG/Rischi di sostenibilità | The Investment Manager may decide from time to time to invest in a country where the Depositary has no correspondent. In such a case, the Depositary will have to identify and appoint after due diligence a local custodian. This process may take time and in the meantime deprive the Investment Manager of investment opportunities.
In the same manner, the Depositary shall assess on an ongoing basis the custody risk of the country where the Fund’s assets are safe- kept. The Depositary may identify from time to time a custody risk in a jurisdiction and recommends to the Investment Manager to realize the investments immediately. In doing so, the price at which such assets will be sold may be lower than the price the Fund would have received in normal circumstances, potentially affecting the performance of the relevant Sub-Funds.
As a continuing security for the payment of its duties under the Depositary Agreement (like the fees to be paid to the Depositary for its services or also overdraft facilities offered by the Depositary), the Depositary shall have a first priority pledge granted by the Fund over the assets the Depositary or any third party may from time to time hold directly for the account of the Fund.
Under the UCITS V Directive, cash is to be considered as a third category of assets beside financial instruments that can be held in custody and other assets. The UCITS V Directive imposes specific cash flow monitoring obligations. Depending on their maturity, term deposits could be considered as an investment and consequently would be considered as other assets and not as cash.
-
## ESG / Sustainability Risks | en | it |
DOLFIN8694 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Country risk is the risk that, in spite of the ability to pay, a foreign debtor cannot make payments when due or at all because the country in which his registered offices are located lacks the ability or willingness to make transfers. For example, pay- ments to which the Investment Fund has a claim are not made or are made in a currency that is no longer convertible owing to currency restrictions.
-
###### Legal and tax risk | Vom Länderrisiko spricht man, wenn ein ausländi- scher Schuldner trotz Zahlungsfähigkeit aufgrund fehlender Transferfähigkeit oder –bereitschaft sei- nes Sitzlandes Leistungen nicht fristgerecht, oder überhaupt nicht erbringen kann. So können z.B. Zahlungen, auf die das Sondervermögen Anspruch hat, ausbleiben, oder in einer Währung erfolgen, die aufgrund von Devisenbeschränkungen nicht mehr konvertierbar ist.
-
###### Rechtliches und steuerliches Risiko | Country risk is the risk that, in spite of the ability to pay, a foreign debtor cannot make payments when due or at all because the country in which his registered offices are located lacks the ability or willingness to make transfers. For example, pay- ments to which the Investment Fund has a claim are not made or are made in a currency that is no longer convertible owing to currency restrictions.
-
###### Legal and tax risk | en | de |
DOLFIN8695 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The SICAV will take steps to ensure that any Fund will not knowingly finance cluster munitions, munitions and weapons containing depleted uranium, and anti- personnel mines, as well as biological and chemical weapons. This includes in particular not knowingly investing in any form of securities issued by an entity the main activities of which are the manufacturing, use, reparation, sale, exhibition, distribution, import or export, storing or transport of cluster munitions, munitions and weapons containing depleted uranium, and anti- personnel mines as well as biological and chemical weapons, and the Directors will therefore implement relevant internal investment guidelines.
- In addition, depending on where the Funds are authorised for distribution, the following additional restrictions may apply. For the avoidance of doubt, any restrictions applicable to the Funds registered for distribution in the countries mentioned below will be subject at all times to the restrictions and other requirements applicable to the Funds under the 2010 Law:
- TaiwanFor so long as the SICAV is registered in Taiwan, unless otherwise approved or exempted by the Financial Supervisory Commission (the “FSC”), the Funds offered and sold in Taiwan, other than offshore ETFs, will be subject to the following restrictions:
- The percentage of derivatives trading conducted by a Fund may not exceed the following percentages set by the FSC: (i) the risk exposure of the open position in derivative products held by the Fund for purposes of increase of investment efficiency shall not exceed 40% of NAV of such Fund and (ii) the total value of the open short position in derivative products held by the Fund for hedging purpose shall not exceed the total market value of the relevant securities held by such Fund;
- The Fund may not invest in gold, spot commodities or real estate;
- The percentages of the Fund’s total investments that are invested in securities in the Mainland China securities market may not exceed the percentages set by the FSC;
- The percentage of the investment in any Fund that is contributed by Taiwan investors may not exceed the limit set by the FSC;
- The investment portfolio of the Fund may not make Taiwan securities markets its primary investment area; a percentage limit for such investment shall be set by the FSC;
- The Fund may not be denominated in New Taiwan Dollars or Renminbi; and
- The Fund must have been established for one full year.
- If a Fund is classified as a Bond Fund and was initially registered in Taiwan after 1 March 2014, the aggregate amount of investments in stocks and equity securities is not permitted to exceed 10% of the Fund’s NAV. Upon request, information on which Funds are registered in Taiwan can be obtained from the Management Companyand/or the Registrar and Transfer Agent. | - Die SICAV wird Maßnahmen ergreifen, um sicherzustellen, dass die Fonds nicht wissentlich Streumunition, Munition und Waffen, die abgereichertes Uran enthalten, Anti-Personen- Minen sowie biologische und chemische Waffen finanzieren. Hierzu gehört es insbesondere, nicht wissentlich in Wertpapierarten anzulegen, die von einer Gesellschaft begeben wurden, deren Hauptaktivitäten die Herstellung, die Verwendung, die Reparatur, den Verkauf, die Ausstellung, den Vertrieb, den Im- oder Export, die Lagerung oder den Transport von Streumunition, abgereichertes Uran enthaltender Munition und Waffen oder Antipersonenminen sowie biologischen und chemischen Waffen umfassen, und der Verwaltungsrat wird daher entsprechende interne Anlagerichtlinien einführen.
- Darüber hinaus gelten je nachdem, wo die Fonds für einen Vertrieb zugelassen werden, gegebenenfalls die folgenden zusätzlichen Beschränkungen. Zur Klarstellung gilt: Alle Beschränkungen für Fonds, die zum Vertrieb in den nachfolgend erwähnten Ländern registriert sind, unterliegen jederzeit den Beschränkungen und sonstigen für die Fonds maßgeblichen Anforderungen des Gesetzes von 2010:
- TaiwanSolange die SICAV in Taiwan registriert ist, unterliegen die in Taiwan angebotenen und vertriebenen Fonds mit Ausnahme von Offshore-ETFs folgenden Beschränkungen, sofern nicht von der Financial Supervisory Commission (die „FSC“) eine anderslautende Genehmigung oder Befreiung erteilt wurde:
- Der Prozentsatz der von einem Fonds durchgeführten Derivategeschäfte darf die folgenden von der FSC festgelegten Grenzen nicht übersteigen: (i) das Risiko aus der offenen Position in Derivaten, die der Fonds zur Steigerung der Effizienz seiner Anlagen hält, darf 40 % des NIW des Fonds nicht übersteigen und (ii) der Gesamtwert der offenen Short-Position in Derivaten,die der Fonds zu Absicherungszwecken hält, darf den Gesamtmarktwert der entsprechenden Wertpapiere, die der Fonds hält, nicht übersteigen;
- Der Fonds darf nicht in Gold, im Kassamarkt gehandelte Waren/Rohstoffe oder Grundbesitz investieren;
- Die Prozentsätze der Gesamtanlagen des Fonds, die in Wertpapieren am Wertpapiermarkt in Festlandchina angelegt werden, dürfen die von der FSC festgelegten Grenzen nicht überschreiten;
- Der Prozentsatz der Anlagen in einen Fonds durch in Taiwan ansässige Anleger darf die von der FSC festgelegte Grenze nicht überschreiten;
- Taiwanesische Wertpapiermärkte dürfen im Portfolio des Fonds nicht die Hauptanlageregion darstellen; solche Anlagen unterliegen einer von der FSC festgelegten prozentualen Grenze;
- Die Fondswährung darf nicht der Neue Taiwan-Dollar oder Renminbi sein;
- Der Fonds muss seit einem vollen Jahr aufgelegt sein.
- Wenn ein Fonds als Rentenfonds eingestuft und ursprünglich in Taiwan nach dem 1. März 2014 registriert wurde, darf sich die Summe seiner Anlagen in Aktien und Dividendenpapieren auf maximal 10 % des NIWs des Fonds belaufen. Angaben dazu, welche Fonds in Taiwan registriert wurden, sind auf Anfrage bei der Verwaltungsgesellschaft / und/oder der Register- und Transferstelle erhältlich. | - The SICAV will take steps to ensure that any Fund will not knowingly finance cluster munitions, munitions and weapons containing depleted uranium, and anti- personnel mines, as well as biological and chemical weapons. This includes in particular not knowingly investing in any form of securities issued by an entity the main activities of which are the manufacturing, use, reparation, sale, exhibition, distribution, import or export, storing or transport of cluster munitions, munitions and weapons containing depleted uranium, and anti- personnel mines as well as biological and chemical weapons, and the Directors will therefore implement relevant internal investment guidelines.
- In addition, depending on where the Funds are authorised for distribution, the following additional restrictions may apply. For the avoidance of doubt, any restrictions applicable to the Funds registered for distribution in the countries mentioned below will be subject at all times to the restrictions and other requirements applicable to the Funds under the 2010 Law:
- TaiwanFor so long as the SICAV is registered in Taiwan, unless otherwise approved or exempted by the Financial Supervisory Commission (the “FSC”), the Funds offered and sold in Taiwan, other than offshore ETFs, will be subject to the following restrictions:
- The percentage of derivatives trading conducted by a Fund may not exceed the following percentages set by the FSC: (i) the risk exposure of the open position in derivative products held by the Fund for purposes of increase of investment efficiency shall not exceed 40% of NAV of such Fund and (ii) the total value of the open short position in derivative products held by the Fund for hedging purpose shall not exceed the total market value of the relevant securities held by such Fund;
- The Fund may not invest in gold, spot commodities or real estate;
- The percentages of the Fund’s total investments that are invested in securities in the Mainland China securities market may not exceed the percentages set by the FSC;
- The percentage of the investment in any Fund that is contributed by Taiwan investors may not exceed the limit set by the FSC;
- The investment portfolio of the Fund may not make Taiwan securities markets its primary investment area; a percentage limit for such investment shall be set by the FSC;
- The Fund may not be denominated in New Taiwan Dollars or Renminbi; and
- The Fund must have been established for one full year.
- If a Fund is classified as a Bond Fund and was initially registered in Taiwan after 1 March 2014, the aggregate amount of investments in stocks and equity securities is not permitted to exceed 10% of the Fund’s NAV. Upon request, information on which Funds are registered in Taiwan can be obtained from the Management Companyand/or the Registrar and Transfer Agent. | en | de |
DOLFIN8696 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
In certain cases where the Directors may determine that the market price of an investment does not fairly represent the value of that investment, or in cases where the value of any asset for which liquidation or third party market valuations are not available, the Directors may value such investment as they, in their discretion reasonably determine. In such cases, when calculating the NAV and Net Asset Value per Share, the Administrative Agent may entirely rely upon and use such value determined by the Directors. In addition, the Administrative Agent may rely solely on and use the valuations provided by the Investment Manager with whom the Fund has invested its assets or their agents or other intermediaries. In such circumstances, the Administrative Agent shall not, in the absence of fraud, negligence or willful default on the part of the Administrative Agent, be liable for any loss suffered by the Fund or any Shareholder by reason of any error in the calculation of the NAV and Net Asset Value per Share resulting from any inaccuracy in the information and/or value provided by the Directors, the Investment Manager, or their agents or other intermediary.
The liabilities of the Fund shall be deemed to include:
- all loans bills and notes payable and accounts payable;
- all accrued and payable administrative expenses (including but not limited to all fees payable to the representatives and agents of the Fund);
- 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 Fund where the Valuation Day falls on the record date for determination of the person entitled thereto or is subsequent thereto; and
- an appropriate provision for future taxes based on capital and income to the Valuation Day, as determined from time to time by the Fund, and other reserves, if any, authorized and approved by the Board of Directors. | En ciertos casos en que el Consejo puede determinar que el precio de mercado de una inversión no representa de forma equitativa el valor de esa inversión, o en los casos en que el valor de cualquier activo para el cual la liquidación o las valoraciones de mercado de terceros no están disponibles, los Consejeros podrán valorar dicha inversión tal como determinen según su criterio. En dichos casos, al calcular el Valor liquidativo y el Valor liquidativo de la Acción, el Agente administrativo podrá basarse enteramente en dicho valor determinado por los Consejeros, y utilizarlo. Además, el Agente administrativo podrá basarse únicamente en las valoraciones facilitadas por la Gestora de Inversiones con las que el Fondo ha invertido sus activos o sus agentes u otros intermediarios, así como utilizar dichas valoraciones. En dichas circunstancias, en ausencia de fraude, negligencia o dolo por parte del Agente administrativo, este no será responsable por cualquier pérdida sufrida por el Fondo o los Accionistas como consecuencia de cualquier error en el cálculo del Valor liquidativo y el Valor liquidativo de la Acción resultante de cualquier inexactitud en la información y/o el valor facilitados por el Consejo de administración, la Gestora de inversiones o sus agentes u otros intermediarios.
Se considerará que los pasivos del Fondo incluyen:
- todos los préstamos, letras y obligaciones por pagar y cuentas por pagar;
- todos los gastos administrativos devengados y por pagar (incluyendo, sin limitación, todas las comisiones pagaderas a los representantes y agentes del Fondo);
- todos los pasivos conocidos, presentes y futuros, incluidas todas las obligaciones contractuales vencidas para el pago de dinero o bienes, incluyendo el importe de los dividendos no pagados declarados por el Fondo cuando el Día de valoración caiga en la fecha de registro para la determinación de la persona con derecho a ello o sea posterior a la misma; y
- una provisión adecuada para impuestos futuros basados en el capital y los ingresos al Día de valoración, según lo determine oportunamente el Fondo, y otras reservas, en su caso, autorizadas y aprobadas por el Consejo de administración. | In certain cases where the Directors may determine that the market price of an investment does not fairly represent the value of that investment, or in cases where the value of any asset for which liquidation or third party market valuations are not available, the Directors may value such investment as they, in their discretion reasonably determine. In such cases, when calculating the NAV and Net Asset Value per Share, the Administrative Agent may entirely rely upon and use such value determined by the Directors. In addition, the Administrative Agent may rely solely on and use the valuations provided by the Investment Manager with whom the Fund has invested its assets or their agents or other intermediaries. In such circumstances, the Administrative Agent shall not, in the absence of fraud, negligence or willful default on the part of the Administrative Agent, be liable for any loss suffered by the Fund or any Shareholder by reason of any error in the calculation of the NAV and Net Asset Value per Share resulting from any inaccuracy in the information and/or value provided by the Directors, the Investment Manager, or their agents or other intermediary.
The liabilities of the Fund shall be deemed to include:
- all loans bills and notes payable and accounts payable;
- all accrued and payable administrative expenses (including but not limited to all fees payable to the representatives and agents of the Fund);
- 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 Fund where the Valuation Day falls on the record date for determination of the person entitled thereto or is subsequent thereto; and
- an appropriate provision for future taxes based on capital and income to the Valuation Day, as determined from time to time by the Fund, and other reserves, if any, authorized and approved by the Board of Directors. | en | es |
DOLFIN8697 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
(m)
Any body corporate which is a Member may authorise by resolution of its Directors or other governing body such person as it thinks fit to act as its representative at any meeting of the Company and the person so authorised shall be entitled to exercise the same powers on behalf of the body corporate which he/she represents as that body corporate could exercise if it were an individual Member and such body corporate shall for the purposes of these presents be deemed to be present in person at any such meeting if a person so authorised is present thereat.
-
## Clause 20(n) shall be included in the Memorandum of Association as follows: | (m)
Toute personne morale qui est un Membre pourra, sur résolution de ses Administrateurs ou d’un autre directoire, autoriser toute personne qu’elle juge appropriée à la représenter à toute assemblée de la Société, et la personne ainsi autorisée aura le droit d’exercer les pouvoirs que la personne morale qu’elle représente pourrait exercer si elle était un Membre individuel, et une telle personne morale sera jugée, aux fins des présents Statuts, être présente en personne à une telle assemblée si une personne ainsi autorisée y est présente.
-
## La clause 20(n) sera ajoutée à l’Acte Constitutif comme suit : | (m)
Any body corporate which is a Member may authorise by resolution of its Directors or other governing body such person as it thinks fit to act as its representative at any meeting of the Company and the person so authorised shall be entitled to exercise the same powers on behalf of the body corporate which he/she represents as that body corporate could exercise if it were an individual Member and such body corporate shall for the purposes of these presents be deemed to be present in person at any such meeting if a person so authorised is present thereat.
-
## Clause 20(n) shall be included in the Memorandum of Association as follows: | en | fr |
DOLFIN8698 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The board of directors may determine all other conditions that must be fulfilled by shareholders in order to attend any meeting of shareholders.
The business transacted at any meeting of the shareholders shall be limited to the matters contained in the agenda (which shall include all matters required by law) and business incidental to such matters.
Each share of whatever class is entitled to one vote, in compliance with Luxembourg law and these Articles of Incorporation. A shareholder may act at any meeting of shareholders by giving a proxy in writing, by telegram, telex, telefax or any other similar means of communication capable of evidencing the proxy to another person, who need not be a shareholder and who may be a director of the Company.
Under the conditions set forth in Luxembourg laws and regulations, the notice of any general meeting of shareholders may provide that the quorum and the majority at this general meeting shall be determined according to the shares issued and outstanding at a certain date and time preceding the general meeting (the «Record Date»), whereas the right of a shareholder to attend a general meeting of shareholders and to exercise the voting rights attaching to his/its/her shares shall be determined by reference to the shares held by this shareholder as at the Record Date. | # Le conseil d’administration pourra déterminer toutes autres conditions à remplir par les actionnaires pour prendre part aux assemblées.
Les points traités lors d’une assemblée des actionnaires se limiteront à ceux contenus dans l’ordre du jour (qui reprendra toutes les matières requises par la loi) ainsi qu’à toute question y relative.
Chaque action, quelle que soit la classe à laquelle elle appartient, donne droit à une voix, conformément au droit luxembourgeois et aux présents Statuts. Tout actionnaire peut prendre part aux assemblées des actionnaires en désignant une autre personne, qui ne doit pas nécessairement être un actionnaire mais qui peut être un administrateur de la Société, comme son mandataire en vertu d’une procuration écrite donnée par télégramme, télex, télécopie ou par tout autre moyen de communication similaire permettant d’attester de la procuration.
Conformément aux conditions fixées par la législation et la réglementation luxembourgeoises, l’avis de convocation à une assemblée générale des actionnaires pourra spécifier que le quorum et la majorité applicables lors de l’assemblée seront définis par rapport aux actions émises et en circulation à une certaine date précédant l’assemblée générale (la « Date de détermination ») et que le droit des actionnaires à participer à une assemblée générale et à exercer leurs droits de vote sera déterminé en fonction des actions détenues à la Date de détermination. | # The board of directors may determine all other conditions that must be fulfilled by shareholders in order to attend any meeting of shareholders.
The business transacted at any meeting of the shareholders shall be limited to the matters contained in the agenda (which shall include all matters required by law) and business incidental to such matters.
Each share of whatever class is entitled to one vote, in compliance with Luxembourg law and these Articles of Incorporation. A shareholder may act at any meeting of shareholders by giving a proxy in writing, by telegram, telex, telefax or any other similar means of communication capable of evidencing the proxy to another person, who need not be a shareholder and who may be a director of the Company.
Under the conditions set forth in Luxembourg laws and regulations, the notice of any general meeting of shareholders may provide that the quorum and the majority at this general meeting shall be determined according to the shares issued and outstanding at a certain date and time preceding the general meeting (the «Record Date»), whereas the right of a shareholder to attend a general meeting of shareholders and to exercise the voting rights attaching to his/its/her shares shall be determined by reference to the shares held by this shareholder as at the Record Date. | en | fr |
DOLFIN8699 | 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 investments, which reflect the return of the MSCI EM SRI Select Reduced Fossil Fuel Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and aims to invest so far as possible and practicable in equity securities (e.g. shares) that make up the Index.
The Index measures the performance of equity securities (e.g. shares) within three regional MSCI indices: the MSCI Emerging Markets Asia Index, the MSCI Emerging Markets Europe, Middle East & Africa Index and the MSCI Emerging Markets Latin America Index (the “Regional Indices”) which are issued by companies with higher environmental, social and governance (“ESG”) ratings than other sector peers within the Regional Indices, based on a series of exclusionary and ratings based criteria. Companies may be excluded from the Index if they are involved with controversial/conventional weapons, nuclear weapons/power, civilian firearms, tobacco, alcohol, gambling, adult entertainment, genetically modified organisms, thermal coal, oil sands, and unconventional/conventional oil and gas extraction / power generation, as further detailed in the "Benchmark Index” section of the Prospectus.
The remaining companies are rated by the index provider based on their ability to manage their ESG risks and opportunities and are given a MSCI ESG rating. Companies that are involved in very severe controversies are also excluded based on an MSCI ESG controversy score.
The Fund may obtain limited exposure to securities considered not to satisfy these ESG criteria.
The Fund will adopt a best-in-class approach to sustainable investing, this means that it is expected that the Fund will invest in the best issuers from an ESG / socially responsible investment (“SRI”) perspective (based on the ESG or SRI criteria of the Index) within each relevant sector of activities covered by the Index. The portfolio of the Fund is reduced by at least 20% compared to the Regional Indices. More than 90% of the issuers of securities the Fund invests in, excluding cash and money market funds, are ESG rated or have been analysed for ESG purposes.
Eligible constituents within each Global Industry Classification Standard (“GICS”) sector are ranked by the index provider and are weighted based on their free float adjusted market capitalisation. Free float-adjusted means that only shares available to international investors, rather than all of a company’s issued shares, are used in calculating the Index. Free float-adjusted market capitalisation is the share price of the company multiplied by the number of shares available to international investors.
The Index targets 5% issuer exposure capping. In order to reduce the risk of non-compliance with the 5% threshold due to market movements, the weight of each issuer is capped at 4.5% at the point of Index construction and at each rebalancing.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The investment manager may use financial derivative instruments (FDIs) to help achieve the Fund’s investment objective. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be 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 alcanzar una rentabilidad en su inversión, a través de una combinación de revalorización del capital y rendimientos de las inversiones del Fondo, que refleje la rentabilidad del MSCI EM SRI Select Reduced Fossil Fuel Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir en la medida de lo posible y realizable en los valores de renta variable (p. ej., acciones) que componen el Índice.
El Índice mide la rentabilidad de los valores de renta variable (por ejemplo, acciones) incluidos en tres índices regionales: el MSCI Emerging Markets Asia Index, el MSCI Emerging Markets Europe, Middle East & Africa Index y el MSCI Emerging Markets Latin America Index (los «Índices regionales»), que son emitidos por empresas con una clasificación superior en relación con los criterios medioambientales, sociales y de gobierno corporativo («ESG») en comparación con otras empresas del mismo sector pertenecientes a estos Índices regionales, en función de una serie de criterios de exclusión y clasificación. Las empresas pueden quedar excluidas del Índice si están implicadas en actividades relacionadas con armas controvertidas/convencionales, energía/armas nucleares, armas de fuego de uso civil, tabaco, alcohol, actividades relacionadas con el juego y las apuestas, entretenimiento para adultos, organismos modificados genéticamente, carbón térmico, arenas bituminosas y la generación de energía/extracción de petróleo y gas mediante métodos no convencionales o convencionales, tal como se indica de forma más detallada en el apartado «Índice de referencia» del Folleto.
El proveedor del índice califica a las restantes empresas según su capacidad para gestionar sus riesgos y oportunidades ESG, con una clasificación ESG de MSCI. Las empresas implicadas en controversias muy graves también quedan excluidas de acuerdo con su puntuación de controversia ESG de MSCI.
El Fondo puede obtener una exposición limitada a valores que se considere que no cumplen estos criterios ESG.
El Fondo adoptará un enfoque de inversión sostenible de máxima calidad, lo que significa que se espera que el Fondo invierta en los mejores emisores desde una perspectiva de inversión ESG / socialmente responsable («SRI») (basándose en los criterios ESG o SRI del Índice) dentro de cada sector relevante de las actividades cubiertas por el Índice. La cartera del Fondo se reduce al menos en un 20 % en comparación con los Índices regionales. Más del 90 % de los emisores de valores en los que invierte el Fondo, a excepción de los fondos de efectivo y del mercado monetario, tienen una clasificación ESG o sus criterios ESG se han analizado.
El proveedor del índice ofrece una calificación a los componentes elegibles dentro de cada estándar de clasificación industrial global (GICS, Global Industry Classification Standard), que reciben una ponderación en función de su capitalización bursátil ajustada a flotación libre. Ajustada a flotación libre significa que para el cálculo del Índice solamente se utilizan las acciones disponibles para inversores internacionales, en vez de todas las acciones emitidas por una empresa. La capitalización bursátil ajustada a flotación libre se obtiene multiplicando la cotización bursátil de las acciones de la empresa por el número de acciones disponibles para inversores internacionales.
El objetivo del Índice es alcanzar una exposición máxima por emisor del 5 %. Para reducir el riesgo de incumplimiento del umbral del 5 % debido a los movimientos del mercado, la ponderación de cada emisor se limita al 4,5 % en el momento de la elaboración del Índice y en cada reajuste.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) para alcanzar el objetivo de inversión del Fondo. Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de acciones, está previsto que la utilización de IFD sea limitada.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán 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 investments, which reflect the return of the MSCI EM SRI Select Reduced Fossil Fuel Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and aims to invest so far as possible and practicable in equity securities (e.g. shares) that make up the Index.
The Index measures the performance of equity securities (e.g. shares) within three regional MSCI indices: the MSCI Emerging Markets Asia Index, the MSCI Emerging Markets Europe, Middle East & Africa Index and the MSCI Emerging Markets Latin America Index (the “Regional Indices”) which are issued by companies with higher environmental, social and governance (“ESG”) ratings than other sector peers within the Regional Indices, based on a series of exclusionary and ratings based criteria. Companies may be excluded from the Index if they are involved with controversial/conventional weapons, nuclear weapons/power, civilian firearms, tobacco, alcohol, gambling, adult entertainment, genetically modified organisms, thermal coal, oil sands, and unconventional/conventional oil and gas extraction / power generation, as further detailed in the "Benchmark Index” section of the Prospectus.
The remaining companies are rated by the index provider based on their ability to manage their ESG risks and opportunities and are given a MSCI ESG rating. Companies that are involved in very severe controversies are also excluded based on an MSCI ESG controversy score.
The Fund may obtain limited exposure to securities considered not to satisfy these ESG criteria.
The Fund will adopt a best-in-class approach to sustainable investing, this means that it is expected that the Fund will invest in the best issuers from an ESG / socially responsible investment (“SRI”) perspective (based on the ESG or SRI criteria of the Index) within each relevant sector of activities covered by the Index. The portfolio of the Fund is reduced by at least 20% compared to the Regional Indices. More than 90% of the issuers of securities the Fund invests in, excluding cash and money market funds, are ESG rated or have been analysed for ESG purposes.
Eligible constituents within each Global Industry Classification Standard (“GICS”) sector are ranked by the index provider and are weighted based on their free float adjusted market capitalisation. Free float-adjusted means that only shares available to international investors, rather than all of a company’s issued shares, are used in calculating the Index. Free float-adjusted market capitalisation is the share price of the company multiplied by the number of shares available to international investors.
The Index targets 5% issuer exposure capping. In order to reduce the risk of non-compliance with the 5% threshold due to market movements, the weight of each issuer is capped at 4.5% at the point of Index construction and at each rebalancing.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The investment manager may use financial derivative instruments (FDIs) to help achieve the Fund’s investment objective. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be 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 |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.